Document and Entity Information
Document and Entity Information Document - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 01, 2017 | Jun. 30, 2016 | |
Entity Information [Line Items] | |||
Entity Registrant Name | ICAHN ENTERPRISES L.P. | ||
Entity Central Index Key | 813,762 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 155,912,253 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float (in millions) | $ 786 | ||
Icahn Enterprises Holdings | |||
Entity Information [Line Items] | |||
Entity Registrant Name | ICAHN ENTERPRISES HOLDINGS L.P. | ||
Entity Central Index Key | 1,034,563 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 0 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and cash equivalents | $ 1,833 | $ 2,078 |
Cash held at consolidated affiliated partnerships and restricted cash | 804 | 1,282 |
Investments | 9,881 | 15,351 |
Accounts receivable, net | 1,609 | 1,685 |
Inventories, net | 2,983 | 2,259 |
Property, plant and equipment, net | 10,122 | 9,535 |
Goodwill | 1,136 | 1,504 |
Intangible assets, net | 1,080 | 1,108 |
Assets held for sale | 1,366 | 154 |
Other assets | 2,521 | 1,451 |
Total Assets | 33,335 | 36,407 |
LIABILITIES AND EQUITY | ||
Accounts payable | 1,765 | 1,416 |
Accrued expenses and other liabilities | 2,998 | 1,823 |
Deferred tax liability | 1,613 | 1,201 |
Securities sold, not yet purchased, at fair value | 1,139 | 794 |
Due to brokers | 3,725 | 7,317 |
Post-employment benefit liability | 1,180 | 1,224 |
Liabilities held for sale | 1,779 | 5 |
Debt | 11,119 | 12,594 |
Total liabilities | 25,318 | 26,374 |
Commitments and contingencies (Note 17) | ||
Equity: | ||
Limited partners: Depositary units: 144,741,149 and 131,481,059 units issued and outstanding at December 31, 2016 and 2015, respectively | 2,448 | 4,244 |
General partner | (294) | (257) |
Equity attributable to Icahn Enterprises | 2,154 | 3,987 |
Equity attributable to non-controlling interests | 5,863 | 6,046 |
Total equity | 8,017 | 10,033 |
Total Liabilities and Equity | 33,335 | 36,407 |
Icahn Enterprises Holdings | ||
ASSETS | ||
Cash and cash equivalents | 1,833 | 2,078 |
Cash held at consolidated affiliated partnerships and restricted cash | 804 | 1,282 |
Investments | 9,881 | 15,351 |
Accounts receivable, net | 1,609 | 1,685 |
Inventories, net | 2,983 | 2,259 |
Property, plant and equipment, net | 10,122 | 9,535 |
Goodwill | 1,136 | 1,504 |
Intangible assets, net | 1,080 | 1,108 |
Assets held for sale | 1,366 | 154 |
Other assets | 2,546 | 1,475 |
Total Assets | 33,360 | 36,431 |
LIABILITIES AND EQUITY | ||
Accounts payable | 1,765 | 1,416 |
Accrued expenses and other liabilities | 2,998 | 1,823 |
Deferred tax liability | 1,613 | 1,201 |
Securities sold, not yet purchased, at fair value | 1,139 | 794 |
Due to brokers | 3,725 | 7,317 |
Post-employment benefit liability | 1,180 | 1,224 |
Liabilities held for sale | 1,779 | 5 |
Debt | 11,119 | 12,594 |
Total liabilities | 25,318 | 26,374 |
Commitments and contingencies (Note 17) | ||
Equity: | ||
Limited partners: Depositary units: 144,741,149 and 131,481,059 units issued and outstanding at December 31, 2016 and 2015, respectively | 2,498 | 4,310 |
General partner | (319) | (299) |
Equity attributable to Icahn Enterprises | 2,179 | 4,011 |
Equity attributable to non-controlling interests | 5,863 | 6,046 |
Total equity | 8,042 | 10,057 |
Total Liabilities and Equity | $ 33,360 | $ 36,431 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - shares | Dec. 31, 2016 | Dec. 31, 2015 |
Equity: | ||
Limited partners: Depositary units issued | 144,741,149 | 131,481,059 |
Limited partners: Depositary units outstanding | 144,741,149 | 131,481,059 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues: | |||
Net sales | $ 15,511 | $ 14,604 | $ 18,072 |
Other revenues from operations | 1,958 | 1,386 | 1,250 |
Net loss from investment activities | (1,373) | (987) | (564) |
Interest and dividend income | 131 | 194 | 217 |
Other income, net | 121 | 75 | 182 |
Total Revenues | 16,348 | 15,272 | 19,157 |
Expenses: | |||
Cost of goods sold | 13,412 | 12,741 | 16,485 |
Other expenses from operations | 1,159 | 643 | 613 |
Selling, general and administrative | 2,342 | 1,908 | 1,625 |
Restructuring | 32 | 97 | 84 |
Impairment | 709 | 788 | 135 |
Interest expense | 878 | 1,154 | 847 |
Total Expenses | 18,532 | 17,331 | 19,789 |
Loss before income tax (expense) benefit | (2,184) | (2,059) | (632) |
Income tax (expense) benefit | (36) | (68) | 103 |
Net loss | (2,220) | (2,127) | (529) |
Less: net loss attributable to non-controlling interests | 1,092 | 933 | 156 |
Net loss attributable to Icahn Enterprises | (1,128) | (1,194) | (373) |
Net loss attributable to Icahn Enterprises allocable to: | |||
Limited partners | (1,106) | (1,170) | (366) |
General partner | (22) | (24) | (7) |
Net loss attributable to Icahn Enterprises | $ (1,128) | $ (1,194) | $ (373) |
Basic loss per LP unit | $ (8.07) | $ (9.29) | $ (3.08) |
Basic weighted average LP units outstanding | 137 | 126 | 119 |
Diluted loss per LP unit | $ (8.07) | $ (9.29) | $ (3.08) |
Diluted weighted average LP units outstanding | 137 | 126 | 119 |
Cash distributions declared per LP unit | $ 6 | $ 6 | $ 6 |
Icahn Enterprises Holdings | |||
Revenues: | |||
Net sales | $ 15,511 | $ 14,604 | $ 18,072 |
Other revenues from operations | 1,958 | 1,386 | 1,250 |
Net loss from investment activities | (1,373) | (987) | (564) |
Interest and dividend income | 131 | 194 | 217 |
Other income, net | 121 | 75 | 182 |
Total Revenues | 16,348 | 15,272 | 19,157 |
Expenses: | |||
Cost of goods sold | 13,412 | 12,741 | 16,485 |
Other expenses from operations | 1,159 | 643 | 613 |
Selling, general and administrative | 2,342 | 1,908 | 1,625 |
Restructuring | 32 | 97 | 84 |
Impairment | 709 | 788 | 135 |
Interest expense | 877 | 1,153 | 846 |
Total Expenses | 18,531 | 17,330 | 19,788 |
Loss before income tax (expense) benefit | (2,183) | (2,058) | (631) |
Income tax (expense) benefit | (36) | (68) | 103 |
Net loss | (2,219) | (2,126) | (528) |
Less: net loss attributable to non-controlling interests | 1,092 | 933 | 156 |
Net loss attributable to Icahn Enterprises | (1,127) | (1,193) | (372) |
Net loss attributable to Icahn Enterprises allocable to: | |||
Limited partners | (1,116) | (1,181) | (368) |
General partner | (11) | (12) | (4) |
Net loss attributable to Icahn Enterprises | $ (1,127) | $ (1,193) | $ (372) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net loss | $ (2,220) | $ (2,127) | $ (529) |
Other comprehensive loss, net of tax: | |||
Post-employment benefits | 18 | 60 | (228) |
Hedge instruments | 3 | 1 | 0 |
Translation adjustments and other | (148) | (225) | (260) |
Other comprehensive loss, net of tax | (127) | (164) | (488) |
Comprehensive loss | (2,347) | (2,291) | (1,017) |
Less: Comprehensive loss attributable to non-controlling interests | 1,112 | 973 | 278 |
Comprehensive loss attributable to Icahn Enterprises | (1,235) | (1,318) | (739) |
Limited partners | |||
Net loss | (1,106) | (1,170) | (366) |
Other comprehensive loss, net of tax: | |||
Other comprehensive loss, net of tax | (104) | (122) | (358) |
Comprehensive loss attributable to Icahn Enterprises | (1,210) | (1,292) | (724) |
General partner | |||
Net loss | (22) | (24) | (7) |
Other comprehensive loss, net of tax: | |||
Other comprehensive loss, net of tax | (3) | (2) | (8) |
Comprehensive loss attributable to Icahn Enterprises | (25) | (26) | (15) |
Icahn Enterprises Holdings | |||
Net loss | (2,219) | (2,126) | (528) |
Other comprehensive loss, net of tax: | |||
Post-employment benefits | 18 | 60 | (228) |
Hedge instruments | 3 | 1 | 0 |
Translation adjustments and other | (148) | (225) | (260) |
Other comprehensive loss, net of tax | (127) | (164) | (488) |
Comprehensive loss | (2,346) | (2,290) | (1,016) |
Less: Comprehensive loss attributable to non-controlling interests | 1,112 | 973 | 278 |
Comprehensive loss attributable to Icahn Enterprises | (1,234) | (1,317) | (738) |
Icahn Enterprises Holdings | Limited partners | |||
Net loss | (1,116) | (1,181) | (368) |
Other comprehensive loss, net of tax: | |||
Other comprehensive loss, net of tax | (106) | (123) | (363) |
Comprehensive loss attributable to Icahn Enterprises | (1,222) | (1,304) | (731) |
Icahn Enterprises Holdings | General partner | |||
Net loss | (11) | (12) | (4) |
Other comprehensive loss, net of tax: | |||
Other comprehensive loss, net of tax | (1) | (1) | (3) |
Comprehensive loss attributable to Icahn Enterprises | $ (12) | $ (13) | $ (7) |
Consolidated Statements of Com6
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Accumulated other comprehensive loss | $ 1,584 | $ 1,457 |
Icahn Enterprises Holdings | ||
Accumulated other comprehensive loss | $ 1,584 | $ 1,457 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - USD ($) $ in Millions | Total | Icahn Enterprises Holdings | Limited partners | Limited partnersIcahn Enterprises Holdings | General partner | General partnerIcahn Enterprises Holdings | Total Partners' Equity | Total Partners' EquityIcahn Enterprises Holdings | Non-controlling Interests | Non-controlling InterestsIcahn Enterprises Holdings |
Equity at Dec. 31, 2013 | $ 13,309 | $ 13,331 | $ 6,308 | $ 6,393 | $ (216) | $ (279) | $ 6,092 | $ 6,114 | $ 7,217 | $ 7,217 |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Net loss | (529) | (528) | (366) | (368) | (7) | (4) | (373) | (372) | (156) | (156) |
Other comprehensive | (488) | (488) | (358) | (363) | (8) | (3) | (366) | (366) | (122) | (122) |
Partnership distributions | (125) | (125) | (123) | (124) | (2) | (1) | (125) | (125) | 0 | 0 |
Investment segment contributions | 500 | 500 | 0 | 0 | 0 | 0 | 0 | 0 | 500 | 500 |
Dividends and distributions to non-controlling interests in subsidiaries | (642) | (642) | 0 | 0 | 0 | 0 | 0 | 0 | (642) | (642) |
Proceeds from subsidiary equity issuance | 160 | 160 | 10 | 10 | 0 | 0 | 10 | 10 | 150 | 150 |
Changes in subsidiary equity and other | 205 | 205 | 201 | 203 | 4 | 2 | 205 | 205 | 0 | 0 |
Equity at Dec. 31, 2014 | 12,390 | 12,413 | 5,672 | 5,751 | (229) | (285) | 5,443 | 5,466 | 6,947 | 6,947 |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Net loss | (2,127) | (2,126) | (1,170) | (1,181) | (24) | (12) | (1,194) | (1,193) | (933) | (933) |
Other comprehensive | (164) | (164) | (122) | (123) | (2) | (1) | (124) | (124) | (40) | (40) |
Partnership distributions | (116) | (116) | (114) | (115) | (2) | (1) | (116) | (116) | 0 | 0 |
Investment segment contributions | 276 | 276 | 0 | 0 | 0 | 0 | 0 | 0 | 276 | 276 |
Investment segment distributions | (36) | (36) | 0 | 0 | 0 | 0 | 0 | 0 | (36) | (36) |
Dividends and distributions to non-controlling interests in subsidiaries | (252) | (252) | 0 | 0 | 0 | 0 | 0 | 0 | (252) | (252) |
Proceeds from subsidiary equity issuance | 31 | 31 | 0 | 0 | 0 | 0 | 0 | 0 | 31 | 31 |
Acquisitions | 90 | 90 | 0 | 0 | 0 | 0 | 0 | 0 | 90 | 90 |
Changes in subsidiary equity and other | (59) | (59) | (22) | (22) | 0 | 0 | (22) | (22) | (37) | (37) |
Equity at Dec. 31, 2015 | 10,033 | 10,057 | 4,244 | 4,310 | (257) | (299) | 3,987 | 4,011 | 6,046 | 6,046 |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Net loss | (2,220) | (2,219) | (1,106) | (1,116) | (22) | (11) | (1,128) | (1,127) | (1,092) | (1,092) |
Other comprehensive | (127) | (127) | (104) | (106) | (3) | (1) | (107) | (107) | (20) | (20) |
Partnership distributions | (103) | (103) | (101) | (102) | (2) | (1) | (103) | (103) | 0 | 0 |
Partnership contribution | 1 | 1 | 0 | 0 | 1 | 1 | 1 | 1 | 0 | 0 |
Investment segment contributions | 505 | 505 | 0 | 0 | 0 | 0 | 0 | 0 | 505 | 505 |
Investment segment distributions | (7) | (7) | 0 | 0 | 0 | 0 | 0 | 0 | (7) | (7) |
Dividends and distributions to non-controlling interests in subsidiaries | (86) | (86) | 0 | 0 | 0 | 0 | 0 | 0 | (86) | (86) |
Acquisitions | 60 | 60 | (518) | (523) | (11) | (6) | (529) | (529) | 589 | 589 |
LP unit issuance | 35 | 35 | 35 | 35 | 0 | 0 | 35 | 35 | 0 | 0 |
Changes in subsidiary equity and other | (74) | (74) | (2) | (2) | 0 | 0 | (2) | (2) | (72) | (72) |
Equity at Dec. 31, 2016 | $ 8,017 | $ 8,042 | $ 2,448 | $ 2,496 | $ (294) | $ (317) | $ 2,154 | $ 2,179 | $ 5,863 | $ 5,863 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||
Net loss | $ (2,220) | $ (2,127) | $ (529) |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Net (gain) loss from securities transactions | (266) | 1,737 | (614) |
Purchases of securities | (2,059) | (6,552) | (6,523) |
Proceeds from sales of securities | 7,630 | 4,281 | 5,079 |
Purchases to cover securities sold, not yet purchased | (361) | (577) | (980) |
Proceeds from securities sold, not yet purchased | 616 | 952 | 342 |
Changes in receivables and payables relating to securities transactions | (4,828) | 2,085 | 2,888 |
Depreciation and amortization | 1,034 | 863 | 809 |
Impairment | 709 | 788 | 135 |
Loss on extinguishment of debt | 5 | 2 | 162 |
Equity earnings from non-consolidated affiliates | (64) | (62) | (50) |
Deferred taxes | (99) | (30) | (191) |
Other, net | 58 | 4 | 48 |
Changes in cash held at consolidated affiliated partnerships and restricted cash | 447 | 168 | (1,045) |
Accounts receivable, net | 72 | 43 | 103 |
Inventories, net | (38) | (74) | 82 |
Other assets | 261 | (200) | (136) |
Accounts payable | 18 | (32) | (21) |
Accrued expenses and other liabilities | 740 | (521) | 51 |
Net cash provided by (used in) operating activities | 1,655 | 748 | (390) |
Cash flows from investing activities: | |||
Capital expenditures | (826) | (1,359) | (1,411) |
Acquisitions of businesses, net of cash acquired | (1,052) | (855) | (558) |
Purchases of investments | (100) | (345) | (78) |
Proceeds from sale of investments | 67 | 68 | 0 |
Other, net | 57 | 106 | 90 |
Net cash used in investing activities | (1,854) | (2,385) | (1,957) |
Cash flows from financing activities: | |||
Investment segment contributions | 505 | 276 | 500 |
Investment segment distributions | (7) | (36) | 0 |
Partnership contributions | 1 | 0 | 0 |
Partnership distributions | (103) | (116) | (125) |
Proceeds from offering of subsidiary equity | 0 | 31 | 188 |
Dividends and distributions to non-controlling interests in subsidiaries | (86) | (252) | (642) |
Proceeds from issuance of senior unsecured notes | 0 | 0 | 4,991 |
Repayments of senior unsecured notes | 0 | 0 | (3,625) |
Proceeds from other borrowings | 2,199 | 1,972 | 4,794 |
Repayments of borrowings | (2,352) | (972) | (4,031) |
Subsidiary repurchase of treasury stock | (72) | (57) | 0 |
Other, net | 2 | (20) | (42) |
Net cash provided by financing activities | 87 | 826 | 2,008 |
Effect of exchange rate changes on cash and cash equivalents | (31) | (7) | (10) |
Net change in cash of assets held for sale | (102) | (12) | 0 |
Net decrease in cash and cash equivalents | (245) | (830) | (349) |
Cash and cash equivalents, beginning of period | 2,078 | 2,908 | 3,257 |
Cash and cash equivalents, end of period | 1,833 | 2,078 | 2,908 |
Supplemental information: | |||
Cash payments for interest, net of amounts capitalized | 662 | 602 | 607 |
Net cash payments (refunds) for income taxes | 87 | (1) | 115 |
Capital expenditures included in accounts payable, accrued expenses and other liabilities | 89 | 88 | 93 |
Investment in Pep Boys prior to acquiring a controlling interest | 160 | 0 | 0 |
Investment in TER prior to acquiring a controlling interest | 126 | 0 | 0 |
LP unit issuance for remaining 25% interest in ARL | 35 | 0 | 0 |
Subsidiary common unit issuance for acquisition of CVR Nitrogen | 336 | 0 | 0 |
Fair value of investment in Ferrous Resources prior to acquisition of a controlling interest | 0 | 36 | 0 |
Icahn Enterprises Holdings | |||
Cash flows from operating activities: | |||
Net loss | (2,219) | (2,126) | (528) |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Net (gain) loss from securities transactions | (266) | 1,737 | (614) |
Purchases of securities | (2,059) | (6,552) | (6,523) |
Proceeds from sales of securities | 7,630 | 4,281 | 5,079 |
Purchases to cover securities sold, not yet purchased | (361) | (577) | (980) |
Proceeds from securities sold, not yet purchased | 616 | 952 | 342 |
Changes in receivables and payables relating to securities transactions | (4,828) | 2,085 | 2,888 |
Depreciation and amortization | 1,033 | 862 | 808 |
Impairment | 709 | 788 | 135 |
Loss on extinguishment of debt | 5 | 2 | 162 |
Equity earnings from non-consolidated affiliates | (64) | (62) | (50) |
Deferred taxes | (99) | (30) | (191) |
Other, net | 58 | 4 | 48 |
Changes in cash held at consolidated affiliated partnerships and restricted cash | 447 | 168 | (1,045) |
Accounts receivable, net | 72 | 43 | 103 |
Inventories, net | (38) | (74) | 82 |
Other assets | 261 | (200) | (136) |
Accounts payable | 18 | (32) | (21) |
Accrued expenses and other liabilities | 740 | (521) | 51 |
Net cash provided by (used in) operating activities | 1,655 | 748 | (390) |
Cash flows from investing activities: | |||
Capital expenditures | (826) | (1,359) | (1,411) |
Acquisitions of businesses, net of cash acquired | (1,052) | (855) | (558) |
Purchases of investments | (100) | (345) | (78) |
Proceeds from sale of investments | 67 | 68 | 0 |
Other, net | 57 | 106 | 90 |
Net cash used in investing activities | (1,854) | (2,385) | (1,957) |
Cash flows from financing activities: | |||
Investment segment contributions | 505 | 276 | 500 |
Investment segment distributions | (7) | (36) | 0 |
Partnership contributions | 1 | 0 | 0 |
Partnership distributions | (103) | (116) | (125) |
Proceeds from offering of subsidiary equity | 0 | 31 | 188 |
Dividends and distributions to non-controlling interests in subsidiaries | (86) | (252) | (642) |
Proceeds from issuance of senior unsecured notes | 0 | 0 | 4,991 |
Repayments of senior unsecured notes | 0 | 0 | (3,625) |
Proceeds from other borrowings | 2,199 | 1,972 | 4,794 |
Repayments of borrowings | (2,352) | (972) | (4,031) |
Subsidiary repurchase of treasury stock | (72) | (57) | 0 |
Other, net | 2 | (20) | (42) |
Net cash provided by financing activities | 87 | 826 | 2,008 |
Effect of exchange rate changes on cash and cash equivalents | (31) | (7) | (10) |
Net change in cash of assets held for sale | (102) | (12) | 0 |
Net decrease in cash and cash equivalents | (245) | (830) | (349) |
Cash and cash equivalents, beginning of period | 2,078 | 2,908 | 3,257 |
Cash and cash equivalents, end of period | 1,833 | 2,078 | 2,908 |
Supplemental information: | |||
Cash payments for interest, net of amounts capitalized | 662 | 602 | 607 |
Net cash payments (refunds) for income taxes | 87 | (1) | 115 |
Capital expenditures included in accounts payable, accrued expenses and other liabilities | 89 | 88 | 93 |
Investment in Pep Boys prior to acquiring a controlling interest | 160 | 0 | 0 |
Investment in TER prior to acquiring a controlling interest | 126 | 0 | 0 |
LP unit issuance for remaining 25% interest in ARL | 35 | 0 | 0 |
Subsidiary common unit issuance for acquisition of CVR Nitrogen | 336 | 0 | 0 |
Fair value of investment in Ferrous Resources prior to acquisition of a controlling interest | $ 0 | $ 36 | $ 0 |
Description of Business and Bas
Description of Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | Description of Business and Basis of Presentation . General Icahn Enterprises L.P. (“Icahn Enterprises”) is a master limited partnership formed in Delaware on February 17, 1987. Icahn Enterprises Holdings L.P. (“Icahn Enterprises Holdings”) is a limited partnership formed in Delaware on February 17, 1987. References to "we," "our" or "us" herein include both Icahn Enterprises and Icahn Enterprises Holdings and their subsidiaries, unless the context otherwise requires. Icahn Enterprises owns a 99% limited partner interest in Icahn Enterprises Holdings. Icahn Enterprises G.P. Inc. (“Icahn Enterprises GP”), which is owned and controlled by Mr. Carl C. Icahn, owns a 1% general partner interest in each of Icahn Enterprises and Icahn Enterprises Holdings as of December 31, 2016 . Icahn Enterprises Holdings and its subsidiaries own substantially all of our assets and liabilities and conduct substantially all of our operations. Therefore, the financial results of Icahn Enterprises and Icahn Enterprises Holdings are substantially the same, with differences relating primarily to debt, as discussed further in Note 10 , " Debt ," and the allocation of the general partner interest, which is reflected as an aggregate 1.99% general partner interest in the financial statements of Icahn Enterprises. In addition to the above, Mr. Icahn and his affiliates owned approximately 89.8% of Icahn Enterprises' outstanding depositary units as of December 31, 2016 . We are a diversified holding company owning subsidiaries currently engaged in the following continuing operating businesses: Investment, Automotive, Energy, Railcar, Gaming, Metals, Mining, Food Packaging, Real Estate and Home Fashion . We also report the results of our Holding Company, which includes the results of certain subsidiaries of Icahn Enterprises and Icahn Enterprises Holdings (unless otherwise noted), and investment activity and expenses associated with the Holding Company. Further information regarding our continuing reportable segments is contained in Note 3 , “ Operating Units ,” and Note 13 , “ Segment and Geographic Reporting .” We conduct and plan to continue to conduct our activities in such a manner as not to be deemed an investment company under the Investment Company Act of 1940, as amended (the “'40 Act”). Therefore, no more than 40% of our total assets can be invested in investment securities, as such term is defined in the '40 Act. In addition, we do not invest or intend to invest in securities as our primary business. We intend to structure our investments to continue to be taxed as a partnership rather than as a corporation under the applicable publicly traded partnership rules of the Internal Revenue Code, as amended. Acquisitions of Businesses Automotive Pep Boys Acquisition On February 3, 2016, pursuant to a tender offer, we acquired a majority of the outstanding shares of Pep Boys - Manny, Moe and Jack ("Pep Boys") and on February 3, 2016, we completed the acquisition of the remaining outstanding shares of Pep Boys. The primary reasons for the acquisition of Pep Boys were to add new product lines to our Automotive segment, to provide operating synergies, to strengthen distribution channels and to enhance our Automotive segment's ability to better service its customers. The total value for the acquisition of Pep Boys was approximately $1.2 billion , including the fair value of our equity interest in Pep Boys just prior to our acquisition of a controlling interest. Prior to obtaining a controlling interest, we remeasured our equity interest in Pep Boys to its acquisition-date fair value of $121 million . The difference between the carrying value and the acquisition-date fair value of our equity interest in Pep Boys was immaterial. We used a market approach to remeasure our equity interest based on the tender offer price for Pep Boys. A preliminary valuation of the net assets of the Pep Boys acquisition resulted in $993 million allocated to tangible net assets, which consisted of $998 million allocated to property, plant and equipment, $659 million allocated to inventory and $664 million to other tangible net liabilities, and $210 million allocated to goodwill and other intangible net assets as of the acquisition date. Our allocation to other intangible net assets includes $59 million allocated to unfavorable leases liability which is included in accrued expenses and other liabilities on the consolidated balance sheets. We are in the process of valuing the Pep Boys acquisition and have recorded provisional amounts based on preliminary estimates of fair value of net assets acquired, including goodwill. The provisional measurements of net assets are subject to change as we finalize the purchase price allocation. Our consolidated results for the year ended December 31, 2016 include total revenues of approximately $1.7 billion , net of intercompany eliminations, and net loss attributable to Icahn Enterprises and Icahn Enterprises Holdings of $8 million , net of intercompany eliminations, that are directly attributable to our acquisition of Pep Boys. After giving effect to the acquisition of Pep Boys as if it had occurred on January 1, 2015, Icahn Enterprises' pro forma revenue for the years ended December 31, 2016 and 2015 was approximately $16.5 billion and $17.4 billion , respectively, pro forma net loss was approximately $2.3 billion and $2.1 billion , respectively, and pro forma net loss attributable to Icahn Enterprises was approximately $1.2 billion and $1.2 billion , respectively. Additionally, pro forma basic and diluted loss per LP unit was $8.36 and $9.44 for the years ended December 31, 2016 and 2015 , respectively. Other Acquisition On May 26, 2016, Federal-Mogul completed the acquisition of the assets of a filter manufacturing business in Mexico, which primarily serves the Mexican market, for a purchase price of $25 million , net of cash acquired. The estimated fair value of net assets acquired at the acquisition date is $25 million . Federal-Mogul is in the process of finalizing certain customary post-closing adjustments which could affect the estimated fair value of assets acquired and liabilities assumed. Energy CVR Nitrogen, LP Acquisition On April 1, 2016, CVR Partners, LP ("CVR Partners") completed its acquisition of CVR Nitrogen, LP ("CVR Nitrogen") (formerly known as East Dubuque Nitrogen Partners, L.P. and also formerly known as Rentech Nitrogen Partners L.P.) and CVR Nitrogen GP, LLC (formerly known as East Dubuque Nitrogen GP, LLC and also formerly known as Rentech Nitrogen GP, LLC). In connection with this acquisition, CVR Partners issued approximately 40.2 million common units to CVR Nitrogen common unitholders with a fair market value of $336 million and paid $99 million in cash consideration and assumed $368 million fair value of debt. The total fair value of the purchase price consideration to be allocated was $440 million and the estimated fair value of net assets acquired at the acquisition date was $440 million . There were no identifiable intangible assets related to this acquisition. CVR Nitrogen's debt arrangements that remained in place after the closing date of the acquisition included $320 million of its 6.5% notes due 2021, the majority of which were purchased in June 2016, as discussed further in Note 10 , " Debt ." On April 1, 2016, in connection with the acquisition of CVR Nitrogen, CVR Partners entered into a new $320 million senior term loan facility with American Entertainment Properties Corp. (the "AEPC Facility"), a wholly owned subsidiary of Icahn Enterprises, as the lender. In connection with the repayment of the substantial majority of CVR Nitrogen's 6.5% notes due 2021, the AEPC Facility was terminated. CVR Nitrogen, located in East Dubuque, Illinois, owns and operates a nitrogen fertilizer facility, producing primarily ammonia and UAN using natural gas as its facility's primary feedstock. The primary reasons for the merger were to expand CVR Partners' geographical footprint, diversify its raw material feedstocks, widen its customer reach and increase its potential cash-flow generation. Gaming TER Acquisition On September 9, 2014, Trump Entertainment Resorts, Inc. (“TER”) and its subsidiaries filed voluntary Chapter 11 petitions in the United States Bankruptcy Court for the District of Delaware in Wilmington, Delaware. On February 26, 2016 (the "Effective Date"), TER emerged from bankruptcy. Icahn Enterprises was the sole holder of TER's senior secured debt. On the Effective Date, among other things, the existing pre-petition senior secured debt with a face amount of $286 million held by Icahn Enterprises was extinguished and converted into 100.0% of TER’s New Common Stock (as defined in the bankruptcy plan). As a result, we became the 100.0% owner of TER after reorganization and accordingly, obtained control and began consolidating the results of TER on February 26, 2016. TER owns the Trump Taj Mahal Casino Resort (the "Trump Taj Mahal"). The Trump Taj Mahal closed and ceased its casino and hotel operations on October 10, 2016. Prior to obtaining a controlling interest in TER upon its emergence from bankruptcy, we remeasured our interest in TER to its acquisition-date fair value of $126 million , resulting in a $16 million gain on investment activities. We used a market approach to remeasure our equity interest based on the trading price of TER's debt immediately prior to TER's emergence from bankruptcy on February 26, 2016. A valuation of the net assets of TER resulted in $109 million allocated to tangible net assets and $17 million to goodwill and intangible assets. As a result of the Trump Taj Mahal's closing, we recorded an aggregate impairment charge of $106 million for the year ended December 31, 2016 related to property, plant and equipment, goodwill and intangible assets for our Gaming segment. See Note 6 , " Fair Value Measurements ," and Note 8 , " Goodwill and Intangible Assets, Net ," for further discussion regarding these impairment charges. Disposition of Business Agreement to Sell ARL On December 19, 2016, we entered into a definitive agreement to sell American Railcar Leasing, LLC ("ARL") to SMBC Rail Services LLC ("SMBC Rail") for cash based on (i) a value of approximately $2.8 billion (subject to certain adjustments) and (ii) a fleet of approximately 29,000 railcars (the "ARL Initial Sale"). The ARL Initial sale is expected to close in the second quarter of 2017. For a period of three years thereafter, upon satisfaction of certain conditions, we will have an option to sell, and SMBC Rail will have an option to buy, approximately 4,800 additional railcars for an additional purchase price estimated to be approximately $586 million . In accordance with U.S. GAAP, the assets and liabilities to be disposed of in the ARL Initial Sale meet the criteria to be classified as held for sale in our consolidated balance sheet as of December 31, 2016 . Among other factors, we determined these criteria to be met upon execution of our definitive agreement to sell ARL to SMBC Rail on December 19, 2016. Upon meeting the criteria to be classified as held for sale, we considered whether the carrying amounts of the assets and liabilities were impaired and determined that no adjustments were necessary as the fair value of the assets and liabilities of the ARL Initial Sale exceeded their carrying amounts. In addition, we determined that the ARL Initial Sale, does not constitute a strategic shift that will have a major effect on our operations and consolidated financial results and thus, in accordance with U.S. GAAP, does not qualify for presentation and disclosure as discontinued operations. In arriving at our conclusion, we considered that following the closing of the ARL Initial Sale (i) we will continue to operate in the railcar business and report a Railcar segment, comprising railcar leasing, railcar manufacturing, and railcar services operations; (ii) our other businesses' operations and financial results are not expected to be materially, adversely affected and; (iii) our overall business strategy will not be affected, including our liquidity and compliance with financial covenants that include debt covenants. The assets and liabilities classified as held for sale on the consolidated balance sheet as of December 31, 2016 primarily consist of the assets and liabilities to be disposed of in the ARL Initial Sale. The table below includes the assets and liabilities classified as held for sale as of December 31, 2016 relating to the ARL Initial Sale and which are included within our Railcar segment. December 31, 2016 (in millions) Cash and cash equivalents $ 113 Property, plant and equipment, net (Note 9) 1,197 Other assets 41 $ 1,351 Accounts payable, accrued expenses and other liabilities $ 27 Debt (Note 10) 1,746 $ 1,773 Filing Status of Subsidiaries Federal-Mogul Holdings LLC (formerly known as Federal-Mogul Holdings Corporation and both referred to as "Federal-Mogul"), CVR Energy, Inc. ("CVR"), American Railcar Industries, Inc. (“ARI”) and Tropicana Entertainment Inc. (“Tropicana”) each file annual, quarterly and current reports and proxy and information statements with the Securities and Exchange Commission ("SEC"). Each of these reports is publicly available at www.sec.gov . |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Summary of Significant Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Summary of Significant Accounting Policies . As discussed in Note 1 , “ Description of Business and Basis of Presentation ,” we operate in several diversified segments. The accounting policies related to the specific segments or industries are differentiated, as required, in the list of significant accounting policies set out below. Principles of Consolidation As of December 31, 2016 , our consolidated financial statements include the accounts of (i) Icahn Enterprises and Icahn Enterprises Holdings and (ii) the wholly and majority owned subsidiaries of Icahn Enterprises and Icahn Enterprises Holdings, in addition to those entities in which we have a controlling interest as a general partner interest. In evaluating whether we have a controlling financial interest in entities that we consolidate, we consider the following: (1) for voting interest entities, we consolidate these entities in which we own a majority of the voting interests; and (2) for limited partnership entities, we consolidate these entities if we are the general partner of such entities and for which no substantive kick-out rights (the rights underlying the limited partners' ability to dissolve the limited partnership or otherwise remove the general partners are collectively referred to as “kick-out” rights) or participating rights exist. All material intercompany accounts and transactions have been eliminated in consolidation. Except for our Investment segment, for those investments in which we own 50% or less but greater than 20%, we account for such investments using the equity method, while investments in affiliates of 20% or less are accounted for under the cost method. Variable Interest Entities As further discussed below, the Financial Statement Accounting Standards Board's ("FASB") Accounting Standards Update ("ASU") No. 2015-02 became effective during the first quarter of 2016. ASU No. 2015-02 amended the consolidation guidance, including introducing a separate consolidation analysis specific to limited partnerships and other similar entities. Specifically, under the revised consolidation analysis, limited partnerships and other similar entities are considered VIEs unless the limited partners hold substantive kick-out rights or participating rights. Although ASU No. 2015-02 changed the status of certain of our limited partnership entities as VIEs (as discussed below), we continue to consolidate these entities because we are the primary beneficiaries of such entities. In addition, as further discussed below, we adopted ASU No. 2016-17, during the fourth quarter of 2016. The adoption of this new guidance, which amends the U.S. consolidation GAAP guidance requiring that all indirect interests be considered on a proportional basis regardless of whether the entity is under common control or not in an entity's evaluation as to whether an entity has the power and benefits over a VIE, did not change any of our primary beneficiary conclusions. Investment Our Investment segment is comprised of various private investment funds, including Icahn Partners L.P. and Icahn Partners Master Fund LP (together, the "Investment Funds"), through which we invest our proprietary capital. See Note 3 , " Operating Units - Investment," for further discussion regarding our Investment segment's business. 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 are the general partner 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. Substantially all of the assets and liabilities of our Investment segment pertain to the Investment Funds. See Note 13 , " Segment and Geographic Reporting ," for details of our condensed balance sheets for our Investment segment. Energy We conduct our Energy segment through our majority ownership in CVR Energy Inc. ("CVR"). CVR owns petroleum refining and nitrogen fertilizer manufacturing businesses held through CVR Refining, LP (“CVR Refining”) and CVR Partners, LP (“CVR Partners”), respectively, and each are considered VIEs. See Note 3 , " Operating Units - Energy," for further discussion regarding our Energy segment's business. Our Energy segment determined that CVR Refining and CVR Partners are each considered VIEs because each of these limited partnerships lack both substantive kick-out and participating rights. In addition, our Energy segment 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, CVR determined that it is the primary beneficiary of both CVR Refining and CVR Partners. Based upon this evaluation, CVR continues to consolidate both CVR Refining and CVR Partners. The assets and liabilities of our Energy segment that are directly related to CVR Refining and CVR Partners included in our consolidated balance sheets are as follows: December 31, 2016 2015 (in millions) Cash and cash equivalents $ 370 $ 237 Property, plant and equipment, net 3,331 2,674 Inventories 349 290 Goodwill — 574 Intangible assets, net 318 337 Other assets 85 115 Accounts payable, accrued expenses and other liabilities 534 333 Debt 1,165 667 Icahn Enterprises Holdings As discussed above, Icahn Enterprises Holdings and its subsidiaries own substantially all of our assets and liabilities and conduct substantially all of our operations. We determined that Icahn Enterprises Holdings is a VIE because it lacks both substantive kick-out and participating rights. Icahn Enterprises is the primary beneficiary of Icahn Enterprises Holdings principally based on its 99% limited partner interest in Icahn Enterprises Holdings and therefore continues to consolidate Icahn Enterprises Holdings. The consolidated financial statements of Icahn Enterprises Holdings are included in this Report. Reclassifications Certain reclassifications from the prior year presentation have been made to conform to the current year presentation. Use of Estimates in Preparation of Financial Statements The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the period. The more significant estimates include: (1) the valuation allowances of accounts receivable and inventory; (2) the valuation of goodwill, indefinite-lived intangible assets and long-lived assets; (3) deferred tax assets; (4) environmental liabilities; (5) fair value of investments and derivatives; and (6) post-employment benefit liabilities. Actual results may differ from the estimates and assumptions used in preparing the consolidated financial statements. Cash and Cash Equivalents We consider short-term investments, which are highly liquid with original maturities of three months or less at date of purchase, to be cash equivalents. Cash Held at Consolidated Affiliated Partnerships and Restricted Cash Cash held at consolidated affiliated partnerships primarily consists of cash and cash equivalents held by our Investment Funds (as defined herein) that, although not legally restricted, is not available to fund the general liquidity needs of the Investment segment or Icahn Enterprises. Restricted cash primarily relates to cash pledged and held for margin requirements on derivative transactions. Our restricted cash balance was $686 million and $966 million as of December 31, 2016 and 2015 , respectively. Investments and Related Transactions Investment Investment Transactions and Related Investment Income (Loss). Investment transactions of the Investment Funds are recorded on a trade date basis. Realized gains or losses on sales of investments are based on the first-in, first-out or the specific identification method. Realized and unrealized gains or losses on investments are recorded in the consolidated statements of operations. Interest income and expenses are recorded on an accrual basis and dividends are recorded on the ex-dividend date. Premiums and discounts on fixed income securities are amortized using the effective yield method. Investments held by the Investment segment are accounted for as trading securities. Our Investment segment applies the fair value option to those investments that are otherwise subject to the equity method. Valuation of Investments. Securities of the Investment Funds that are listed on a securities exchange are valued at their last sales price on the primary securities exchange on which such securities are traded on such date. Securities that are not listed on any exchange but are traded over-the-counter are valued at the mean between the last “bid” and “ask” price for such security on such date. Securities and other instruments for which market quotes are not readily available are valued at fair value as determined in good faith by the applicable General Partner. Foreign Currency Transactions. The books and records of the Investment Funds are maintained in U.S. dollars. Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the rate of exchange in effect at the balance sheet date. Transactions during the period denominated in currencies other than U.S. dollars are translated at the rate of exchange applicable on the date of the transaction. Foreign currency translation gains and losses are recorded in the consolidated statements of operations. The Investment Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities. Such fluctuations are reflected in net gain (loss) from investment activities in the consolidated statement of operations. Fair Values of Financial Instruments. The fair values of the Investment Funds' assets and liabilities that qualify as financial instruments under applicable U.S. GAAP approximate the carrying amounts presented in the consolidated balance sheets. Securities Sold, Not Yet Purchased. The Investment Funds may sell an investment they do not own in anticipation of a decline in the fair value of that investment. When the Investment Funds sell an investment short, they must borrow the investment sold short and deliver it to the broker-dealer through which they made the short sale. A gain, limited to the price at which the Investment Funds sold the investment short, or a loss, unlimited in amount, will be recognized upon the cover of the short sale. Due From Brokers. Due from brokers represents cash balances with the Investment Funds' clearing brokers and is included in other assets in the consolidated balance sheets. These funds as well as fully-paid for and marginable securities are essentially restricted to the extent that they serve as collateral against securities sold, not yet purchased. Due from brokers may also include unrestricted balances with derivative counterparties. Due To Brokers. Due to brokers represents margin debit balances collateralized by certain of the Investment Funds' investments in securities. Other Segments and Holding Company Investments in equity and debt securities are classified as either trading or available-for-sale based upon whether we intend to hold the investment for the foreseeable future. Trading securities are valued at quoted market value at each balance sheet date with the unrealized gains or losses reflected in the consolidated statements of operations. Available-for-sale securities are carried at fair value on our balance sheet. Unrealized holding gains and losses on available-for-sale securities are excluded from earnings and reported as a separate component of partners' equity and when sold are reclassified out of partners' equity to the consolidated statements of operations. For purposes of determining gains and losses, the cost of securities is based on specific identification. A decline in the market value of any available-for-sale security below cost that is deemed to be other than temporary results in an impairment that is charged to earnings and the establishment of a new cost basis for the investment. Dividend income is recorded when declared and interest income is recognized when earned. Fair Value of Financial Instruments The carrying values of cash and cash equivalents, cash held at consolidated affiliated partnerships and restricted cash, accounts receivable, due from brokers, accounts payable, accrued expenses and other liabilities and due to brokers are deemed to be reasonable estimates of their fair values because of their short-term nature. See Note 5 , “ Investments and Related Matters ,” and Note 6 , “ Fair Value Measurements ,” for a detailed discussion of our investments. The fair value of our long-term debt is based on the quoted market prices for the same or similar issues or on the current rates offered to us for debt of the same remaining maturities. The carrying value and estimated fair value of our long-term debt as of December 31, 2016 was approximately $11.1 billion and $11.2 billion , respectively. The carrying value and estimated fair value of our long-term debt as of December 31, 2015 was approximately $12.6 billion and $12.2 billion , respectively. Fair Value Option for Financial Assets and Financial Liabilities The fair value option gives entities the option to measure eligible financial assets, financial liabilities and firm commitments at fair value (i.e., the fair value option), on an instrument-by-instrument basis, that are otherwise not permitted to be accounted for at fair value pursuant to the provisions of 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 6 , “ Fair Value Measurements .” For our Investment segment, we apply the fair value option to our investments that would otherwise be accounted under the equity method. Derivatives From time to time, our subsidiaries enter into derivative contracts, including purchased and written option contracts, swap contracts, futures contracts and forward contracts. U.S. GAAP requires recognition of all derivatives as either assets or liabilities in the balance sheet at their fair value. The accounting for changes in fair value depends on the intended use of the derivative and its resulting designation. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation. Gains and losses related to a hedge are either recognized in income immediately to offset the gain or loss on the hedged item or are deferred and reported as a component of accumulated other comprehensive loss and subsequently recognized in earnings when the hedged item affects earnings. The change in fair value of the ineffective portion of a financial instrument, determined using the hypothetical derivative method, is recognized in earnings immediately. The gain or loss related to financial instruments that are not designated as hedges are recognized immediately in earnings. Cash flows related to hedging activities are included in the operating section of the consolidated statements of cash flows. For further information regarding our derivative contracts, see Note 7 , “ Financial Instruments ,” to the consolidated financial statements. Accounts Receivable, Net An allowance for doubtful accounts is determined through analysis of the aging of accounts receivable at the date of the consolidated financial statements, assessments of collectability based on an evaluation of historic and anticipated trends, the financial condition of our customers, and an evaluation of the impact of economic conditions. Our allowance for doubtful accounts is an estimate based on specifically identified accounts as well as general reserves based on historical experience. Inventories, Net Inventories, net consists of the following: December 31, 2016 2015 (in millions) Raw materials $ 483 $ 470 Work in process 299 305 Finished goods 2,201 1,484 $ 2,983 $ 2,259 Automotive, Railcar, Food Packaging, and Home Fashion Segment Inventories. Our Automotive, Railcar, Food Packaging and Home Fashion segment inventories are stated at the lower of cost or market. Cost is determined by using the first-in, first-out basis method ("FIFO"), except for IEH Auto which utilizes weighted-average cost and Pep Boys which utilizes the last-in, first-out method. The cost of manufactured goods includes the cost of materials, direct labor and manufacturing overhead. Our Automotive, Railcar, Food Packaging and Home Fashion segments reserve for estimated excess, slow-moving and obsolete inventory as well as inventory whose carrying value is in excess of net realizable value. Energy Segment Inventories. Our Energy segment inventories consist primarily of domestic and foreign crude oil, blending stock and components, work in progress, fertilizer products, and refined fuels and by-products. Inventories are valued at the lower of FIFO cost, or market for fertilizer products, refined fuels and by-products for all periods presented. Refinery unfinished and finished products inventory values were determined using the ability-to-bear process, whereby raw materials and production costs are allocated to work-in-process and finished goods based on their relative fair values. Other inventories, including other raw materials, spare parts and supplies, are valued at the lower of moving-average cost, which approximates FIFO, or market. The cost of inventories includes inbound freight costs. Due to the recent crude environment and subsequent reduction in sales price for our Energy segment's petroleum business' refined products, our Energy segment recorded a lower of FIFO cost or market inventory adjustment of $37 million for the year ended December 31, 2014. Metals Segment Inventories. Inventories at our Metals segment are stated at the lower of cost or market. Cost is determined using the average cost method. The production and accounting process utilized by our Metals segment to record recycled metals inventory quantities relies on significant estimates. Our Metals segment relies upon perpetual inventory records that utilize estimated recoveries and yields that are based upon historical trends and periodic tests for certain unprocessed metal commodities. Over time, these estimates are reasonably good indicators of what is ultimately produced; however, actual recoveries and yields can vary depending on product quality, moisture content and source of the unprocessed metal. To assist in validating the reasonableness of the estimates, our Metals segment performs periodic physical inventories which involve the use of estimation techniques. Physical inventories may detect significant variations in volume, but because of variations in product density and production processes utilized to manufacture the product, physical inventories will not generally detect smaller variations. To help mitigate this risk, our Metals segment adjusts its physical inventories when the volume of a commodity is low and a physical inventory can more accurately estimate the remaining volume. Mining Segment Inventories. Our Mining segment's inventories are valued at the lower of cost or market. Cost includes all costs incurred in the normal course of business in bringing each product to its present location and condition, including direct materials and direct labor costs, and an allocation of production overheads based on normal production capacity. Cost is calculated using weighted average unit cost. Property, Plant and Equipment, Net Buildings and improvements, and machinery, equipment and furniture are stated at cost less accumulated depreciation unless declines in the values of the fixed assets are considered other than temporary, at which time the property is written down to net realizable value. Depreciation is principally computed using the straight-line method over the estimated useful lives of the particular property or equipment, as follows: buildings and improvements, three to 40 years; furniture, fixtures and equipment, one to 30 years. Leasehold improvements are amortized over the life of the lease or the life of the improvement, whichever is shorter. Maintenance and repairs are charged to expense as incurred. The cost of additions and improvements is capitalized and depreciated over the remaining useful lives of the assets. Railcars leased to others are stated at cost less accumulated depreciation unless declines in the values of the leased railcars are considered other than temporary, at which time they are written down to net realizable value. Railcars leased to others that were transferred from entities under common control are stated at net book value. Railcars are depreciated on a straight-line basis over 30 years from the original date placed in service. Real estate properties held for use or investment purposes, other than those accounted for under the financing method, are carried at cost less accumulated depreciation. Where declines in the values of the properties are determined to be other than temporary, the cost basis of the property is written down to net realizable value. A property is classified as held for sale at the time management determines that certain criteria have been met in accordance with U.S. GAAP. Properties held for sale are carried at the lower of cost or net realizable value and are no longer depreciated. Land and construction in progress are stated at the lower of cost or net realizable value. Interest is capitalized on expenditures for long-term projects until a salable or ready-for-use condition is reached. The interest capitalization rate is based on the interest rate on specific borrowings to fund the projects. Mining Properties and Mine Development Expenditures - Mining The costs of acquiring mineral reserves and resources for our Mining segment are capitalized on the consolidated balance sheets as incurred. Capitalized mineral reserves and mine development expenditures are, upon commencement of commercial production, depreciated using a unit of production method based on the estimated economically recoverable reserves to which they relate, or are written off if abandoned. The net carrying amounts of the mineral reserves and resources and capitalized mine development expenditures at each mine property are reviewed for impairment either individually or at the cash-generating unit level when events and circumstances indicate that the carrying amount may not be recoverable. To the extent the carrying values exceed their recoverable amounts, the excess is recognized as an impairment charge in the statements of operations in the period this is determined. In our Mining segment's operations, it is necessary to remove overburden and other waste in order to access the ore body. During the pre-production phase, these costs are capitalized as part of the cost of the mine property and depreciated using a units of production method once the mine enters into a full commercial production phase. The costs of removal of the waste material during a mine's production phase are expensed as incurred. Exploration and Evaluation Expenditures - Mining Exploration and evaluation expenditures relate to costs incurred in the exploration and evaluation of potential mineral reserves and include costs such as exploratory drilling, sample testing and the costs of feasibility studies. For our Mining segment, exploration and evaluation expenditures other than that acquired through the purchase of another mining company, are expensed as incurred. Purchased exploration and evaluation assets are recognized as assets at their cost of acquisition or at fair value if purchased as part of a business combination. An impairment review is performed, either individually or at the cash-generating unit level, when there are indicators that the carrying amount of the assets may exceed their recoverable amounts. To the extent the carrying values exceed their recoverable amounts, the excess is recognized as an impairment charge in the statements of operations in the period this is determined. Exploration assets are reassessed on a regular basis and these costs are carried forward provided that certain conditions are met. Expenditures are transferred to mine development assets once the work completed supports the future development of the property, provided that technical feasibility and commercial viability studies have been successfully completed. Planned Major Maintenance Costs - Energy The direct-expense method of accounting is used for planned major maintenance activities. Maintenance costs are recognized as expense when maintenance services are performed. Planned major maintenance activities for CVR's nitrogen plant generally occur every two to three years. The required frequency of planned major maintenance activities varies by unit for the refineries, but generally is every four to five years. For the years ended December 31, 2016 , 2015 , and 2014 , our Energy segment incurred an aggregate of $38 million , $109 million , and $7 million , respectively, in turnaround expenses related to its refineries and nitrogen fertilizer plants. Goodwill and Intangible Assets, Net Goodwill and indefinite lived intangible assets primarily include trademarks and trade names acquired in acquisitions. For a complete discussion of the impairment of goodwill and indefinite-lived intangible assets related to our various segments see Note 8 , “ Goodwill and Intangible Assets, Net .” Impairment of Goodwill We evaluate the carrying value of goodwill annually and between annual evaluations if events occur or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying amount. Such circumstances could include, but are not limited to: (1) a significant adverse change in legal factors or in business climate, (2) unanticipated competition, or (3) an adverse action or assessment by a regulator. Goodwill impairment testing involves a two-step process. Step 1 compares the fair value of our reporting units to their carrying values. If the fair value of the reporting unit exceeds its carrying value, no further analysis is necessary. The reporting unit fair value is based upon consideration of various valuation methodologies, including guideline transaction multiples, multiples of current earnings, and projected future cash flows discounted at rates commensurate with the risk involved. If the carrying amount of the reporting unit exceeds its fair value, Step 2 must be completed to quantify the amount of impairment. Step 2 calculates the implied fair value of goodwill by deducting the fair value of all tangible and intangible assets, excluding goodwill, of the reporting unit, from the fair value of the reporting unit as determined in Step 1. The implied fair value of goodwill determined in this step is compared to the carrying value of goodwill. If the implied fair value of goodwill is less than the carrying value of goodwill, an impairment loss, equal to the difference, is recognized. Impairment of Intangible Assets We evaluate the recoverability of identifiable indefinite lived intangible assets annually or more frequently if impairment indicators exist. The impairment analysis compares the estimated fair value of these assets to the related carrying value, and an impairment charge is recorded for any excess of carrying value over estimated fair value. The estimated fair value is based on consideration of various valuation methodologies, including guideline transaction multiples, multiples of earnings, and projected future cash flows discounted at rates commensurate with risk involved. Impairment of Long-Lived Assets We evaluate the realizability of our long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Inherent in the reviews of the carrying amounts of the above assets are various estimates, including the expected usage of the asset. Assets must be tested at the lowest level for which identifiable cash flows exist. Future cash flow estimates are, by their nature, subjective and actual results may differ materially from our estimates. If our ongoing estimates of future cash flows are not met, we may have to record impairment charges in future accounting periods to write the asset down to fair value. Our estimates of cash flows are based on the current regulatory, social and economic climates, recent operating information and budgets of the operating properties. Asset Retirement Obligations We record conditional asset retirement obligations (“ARO”) in accordance with applicable U.S. GAAP. As defined in applicable U.S. GAAP, ARO refers to a legal obligation to perform an asset retirement activity in which the timing and/or method of settlement are conditional on a future event. An entity is required to recognize a liability for the estimated fair value of an ARO when incurred if the fair value can be reasonably estimated. Our Automotive segment's primary asset retirement activities relate to the removal of hazardous building materials at its facilities. Our Automotive segment records the ARO liability when the amount can be reasonably estimated, typically upon the expectation that a facility may be closed or sold. Pension and Other Post-Employment Benefit Obligations Pension and other post-employment benefit costs are dependent upon assumptions used in calculating such costs. These assumptions include discount rates, health care cost trends, expected returns on plan assets and other factors. In accordance with U.S. GAAP, actual results that differ from the assumptions used are accumulated and amortized over future periods and, accordingly, generally affect recognized expense and the recorded obligation in future periods. Allocation of Net Profits and Losses in Consolidated Affiliated Partnerships Investment Net investment income and net realized and unrealized gains and losses on investments of the Investment Funds are allocated to the respective partners of the Investment Funds based on their percentage ownership in such Investment Funds on a monthly basis. Except for our limited partner interest, such allocations made to the limited partners of the Investment Funds are represented as non-controlling interests in our consolidated statements of operations. Income Per LP Unit For Icahn Enterprises, basic income (loss) per LP unit is based on net income or loss attributable to Icahn Enterprises allocable to limited partners. Net income or loss allocable to limited partners is divided by the weighted-average number of LP units outstanding. Diluted income (loss) per LP unit, when applicable, is based on basic income (loss) adjusted for the potential effect of dilutive securities as well as the related weighted-average number of units and equivalent units outstanding. For accounting purposes, when applicable, earnings prior to dates of acquisitions or investments in joint ventures of entities under common control are excluded from the computation of basic and diluted income per LP unit as such earnings are allocated to our general partner or non-controlling interests. 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 va |
Operating Units
Operating Units | 12 Months Ended |
Dec. 31, 2016 | |
Operating Units [Abstract] | |
Operating Units | Operating Units . Investment Our Investment segment is comprised of various private investment funds, including Icahn Partners L.P. and Icahn Partners Master Fund LP (together, the "Investment Funds"), through which we invest our proprietary capital. We and certain of Mr. Icahn's wholly owned affiliates are the sole investors in the Investment Funds. Icahn Onshore LP and Icahn Offshore LP (together, the "General Partners") act as the general partner of Icahn Partners L.P. and Icahn Partners Master Fund LP, respectively. The General Partners provide investment advisory and certain administrative and back office services to the Investment Funds but do not provide such services to any other entities, individuals or accounts. Interests in the Investment Funds are not offered to outside investors. We had interests in the Investment Funds with a fair value of approximately $1.7 billion and $3.4 billion as of December 31, 2016 and 2015 , respectively. Automotive We conduct our Automotive segment through our wholly owned subsidiaries Federal-Mogul, IEH Auto Parts Holding LLC ("IEH Auto"), effective June 1, 2015, and Pep Boys, effective February 3, 2016. Prior to January 23, 2017, as discussed below, Federal-Mogul was a majority owned subsidiary of ours with publicly traded common stock. As of December 31, 2016 , we owned approximately 82.0% of the outstanding common stock of Federal-Mogul. Federal-Mogul is a leading global supplier of a broad range of components, accessories and systems to the automotive, small engine, heavy-duty, marine, railroad, agricultural, off-road, aerospace and energy, industrial and transport markets, including customers in both the original equipment manufacturers and servicers (“OE”) market and the replacement market (“aftermarket”). Federal-Mogul’s customers include the world’s largest automotive OEs and major distributors and retailers in the independent aftermarket. Federal-Mogul operates with two end-customer focused businesses. The Powertrain business unit focuses on original equipment products for automotive, heavy duty and industrial applications. The Motorparts business unit sells and distributes a broad portfolio of products in the global aftermarket, while also serving original equipment manufacturers with products including braking, chassis, wipers and other vehicle components. Pep Boys has 804 locations in the automotive aftermarket industry located throughout the United States and Puerto Rico. Pep Boys stores are organized into a hub and spoke network consisting of Supercenters and Service & Tire Centers. Supercenters average approximately 20,000 square feet and combine a parts and accessories store with professional service centers that perform a full range of automotive maintenance and repair services. Most of the Pep Boys Supercenters also have a commercial sales program that provides prompt delivery of parts, tires and equipment to automotive repair shops and dealers. Service & Tire Centers, which average approximately 6,000 square feet, provide automotive maintenance and repair services in neighborhood locations that are conveniently located where our customers live or work. IEH Auto has 21 distribution centers and 288 corporate-owned stores in the United States and supports a network of more than 2,000 independent wholesalers. Through its banner and technical support programs as well as its offering of premium auto parts, IEH Auto has built its reputation on being the partner of choice for independent entrepreneurs eager to tap into the strength of large network. Pep Boys and IEH Auto are being operated together under their parent company and wholly owned subsidiary of ours, IEP Auto Holdings LLC, in order to grow their sales to do-it-for-me ("DIFM") distributors and DIFM service professionals, to grow their automotive service business, and to maintain their do-it-yourself customer bases by offering the newest and broadest product assortment in the automotive aftermarket. In addition, Federal-Mogul is operated independently from Pep Boys and IEH Auto. Transactions among Federal-Mogul, Pep Boys and IEH Auto have been eliminated in consolidation. Federal-Mogul Rights Offering On March 26, 2015, Federal-Mogul received $250 million in connection with its previously announced common stock registered rights offering (the “Federal-Mogul Rights Offering”). In connection with the Federal-Mogul Rights Offering, we fully exercised our subscription rights under our basic and over subscription privileges to purchase additional shares of Federal-Mogul common stock, thereby increasing our ownership of Federal-Mogul, for an aggregate additional investment of $230 million . Federal-Mogul Tender Offer On September 6, 2016, we entered into an agreement and plan of merger with Federal-Mogul pursuant to which, and upon the terms and subject to the conditions thereof, we commenced a cash tender offer (the "Federal-Mogul Tender Offer") to acquire all of the issued and outstanding shares of Federal-Mogul’s common stock not already owned by us for a purchase price of $9.25 per share, net to the seller in cash, without interest, less any applicable tax withholding. The Federal-Mogul Tender Offer was subsequently extended to January 18, 2017 and the purchase price per share was subsequently increased to $10.00 per share. See Note 18 , " Subsequent Events ," for further discussion. Accounts Receivable, net Federal-Mogul's subsidiaries in Brazil, Canada, France, Germany, Italy, Canada and the United States are party to accounts receivable factoring and securitization facilities. Gross accounts receivable transferred under these facilities were $487 million and $408 million as of December 31, 2016 and 2015 , respectively. Of those gross amounts, $485 million and $401 million , respectively, qualify as sales as defined in FASB ASC Topic 860, Transfers and Servicing . The remaining transferred receivables were pledged as collateral and accounted for as secured borrowings and recorded in the consolidated balance sheets within accounts receivable, net and debt. Under the terms of these facilities, Federal-Mogul is not obligated to draw cash immediately upon the transfer of accounts receivable. As of December 31, 2016 and 2015 , Federal-Mogul had withdrawn cash related to such transferred receivables of zero and $1 million , respectively. Proceeds from the transfers of accounts receivable qualifying as sales were approximately $1.6 billion , $1.6 billion and $1.7 billion for the years ended December 31, 2016 , 2015 and 2014 , respectively. For the years ended December 31, 2016 , 2015 and 2014 , expenses associated with transfers of receivables were $12 million $9 million and $6 million , respectively, and were recorded in the consolidated statements of operations within other income (loss), net. Where Federal-Mogul receives a fee to service and monitor these transferred receivables, such fees are sufficient to offset the costs and as such, a servicing asset or liability is not recorded as a result of such activities. Federal-Mogul Restructuring During the years ended December 31, 2016 , 2015 and 2014 , Federal-Mogul recorded an aggregate of $27 million $89 million and $86 million in restructuring charges, respectively. These restructuring charges, primarily consisting of employee costs and headcount reductions, pertain to all restructuring programs that Federal-Mogul has initiated in order to improve its operating performance. Federal-Mogul has approved and initiated restructuring activities as a part of a broader initiative to improve operating performance and reduce costs. As such, Federal-Mogul will continue to evaluate its activities and opportunities to align its business with its executive management's strategy. Restructuring expenses for the year ended December 31, 2016 primarily related to Europe, Middle East and Africa locations aimed at optimizing Federal-Mogul's cost structures. Federal-Mogul expects to complete these programs in 2017 and does not expect to incur any additional restructuring related to these programs. For programs previously initiated in prior periods, Federal-Mogul expects to complete the majority of these programs in 2018 and does not expect to incur any additional restructuring charges related to these programs. Energy We conduct our Energy segment through our majority ownership in CVR. CVR is a diversified holding company primarily engaged in the petroleum refining and nitrogen fertilizer manufacturing industries through its holdings in CVR Refining ("CVR Refining") and CVR Partners, respectively. CVR Refining is an independent petroleum refiner and marketer of high value transportation fuels. CVR Partners produces and markets nitrogen fertilizers in the form of urea ammonium nitrate ("UAN") and ammonia. As of December 31, 2016 , CVR owned 100% of the general partners of CVR Refining and CVR Partners and approximately 66% of the common units of CVR Refining and approximately 34% of the common units of CVR Partners. As of December 31, 2016 , we owned approximately 82.0% of the total outstanding common stock of CVR. In addition, as of December 31, 2016 , we owned approximately 3.9% of the total outstanding common units of CVR Refining directly. CVR Refining Call Right On August 2, 2016, we sold 250,000 common units of CVR Refining. As a result of this transaction, we and our affiliates collectively own 69.99% of CVR. Pursuant to CVR Refining’s partnership agreement, in certain circumstances, the general partner of CVR Refining has the right to purchase all, but not less than all, of CVR Refining common units held by unaffiliated unit holders at a price not less than their then-current market price, as calculated pursuant to the terms of such partnership agreement (the “Call Right”). Pursuant to the terms of the partnership agreement, because our holdings were reduced to less than 70.0%, the ownership threshold for the application of such Call Right was permanently reduced from 95% to 80%. Accordingly, if at any time the general partner of CVR Refining and its affiliates owns more than 80% of CVR Refining common units, it will have the right, but not the obligation, to exercise such Call Right. CVR Refining Equity Offerings On January 23, 2013, CVR Refining completed its initial public offering of its common units representing limited partner interests. On June 30, 2014, CVR Refining completed an underwritten offering (the “CVR Refining Follow-on Offering”), resulting in gross proceeds of $170 million before giving effect to underwriting discounts and other offering expenses. On July 24, 2014, the underwriters exercised their option to purchase additional common units of CVR Refining, resulting in gross proceeds of $15 million . CVR Refining used this $15 million in gross proceeds to redeem an equal amount of common units from CVR Refining. Additionally, on July 24, 2014, CVR Refining sold common units to the public in connection with the underwriters' exercise of their remaining option to purchase additional common units, resulting in gross proceeds of $10 million . As a result of the CVR Refining Follow-on Offering during 2014, our consolidated equity increased by an aggregate of $160 million , of which $150 million was attributable to non-affiliated non-controlling interests and $10 million was attributable to us. These offerings are reflected in proceeds from subsidiary equity offering within the consolidated statement of equity changes. Railcar We conduct our Railcar segment through our majority ownership interests in ARI and our wholly owned subsidiary ARL. As discussed in Note 1 , " Description of Business and Basis of Presentation - Agreement to Sell ARL," the ARL Initial Sale is expected to close in the second quarter of 2017. Additionally, in accordance with U.S. GAAP, the transaction meets the criteria for classification as held for sale as of December 31, 2016 however, the transaction does not qualify for presentation and disclosure as a discontinued operation and therefore, continues to be classified within continuing operations in our consolidated financial statements until the closing of the ARL Initial Sale. ARI manufactures railcars that are offered for sale or lease, custom and standard railcar components and other industrial products, primarily aluminum and special alloy steel castings. These products are sold to various types of companies including shippers, leasing companies, industrial companies, and Class I railroads. ARI leases railcars that it manufactures to certain markets. ARI provides railcar services consisting of railcar repair services, ranging from full to light repair, engineering and on-site repairs and maintenance through its various repair facilities, including mini repair shops and mobile repair units. ARL is engaged in the business of leasing railcars to customers with specific requirements whose products require specialized railcars dedicated to transporting, storing, and preserving the integrity of their products. These products are primarily in the chemical, mineral, petrochemical, food and agriculture, and energy industries. Transactions between ARI and ARL have been eliminated in consolidation. As of December 31, 2016 , we owned approximately 62.2% of the total outstanding common stock of ARI. Gaming We conduct our Gaming segment through our majority ownership in Tropicana and our wholly owned subsidiary, TER, which owns and operates the Trump Taj Mahal. The Trump Taj Mahal closed and ceased its casino and hotel operations on October 10, 2016. As discussed below, we obtained control and began consolidating the results of TER upon its emergence from bankruptcy on February 26, 2016. Tropicana owns and operates a diversified, multi-jurisdictional collection of casino gaming properties. The eight casino facilities it operates feature approximately 392,000 square feet of gaming space with 7,900 slot machines, 300 table games and 5,500 hotel rooms with two casino facilities located in Nevada and one in each of Mississippi, Missouri, Indiana, Louisiana, New Jersey and Aruba. TER owns and operates Trump Taj Mahal which is located in Atlantic City, New Jersey. Trump Taj Mahal features approximately 160,000 square feet of gaming space with 2,500 slot machines, 130 table games and 2,000 hotel rooms. In addition, Trump Entertainment also owns an idled casino property in Atlantic City, New Jersey, Trump Plaza Hotel and Casino, which ceased operations in September 2014. As of December 31, 2016 , we owned approximately 72.5% of the total outstanding common stock of Tropicana. Metals We conduct our Metals segment through our indirect wholly owned subsidiary, PSC Metals, Inc. (“PSC Metals”). PSC Metals collects industrial and obsolete scrap metal, processes it into reusable forms and supplies the recycled metals to its customers, including electric-arc furnace mills, integrated steel mills, foundries, secondary smelters and metals brokers. PSC Metals' ferrous products include busheling, plate and structural, shredded, sheared and bundled scrap metal and other purchased scrap metal such as turnings (steel machining fragments), cast furnace iron and broken furnace iron. PSC Metals processes the scrap into a size, density and purity required by customers to meet their production needs. PSC Metals also processes non-ferrous metals, including aluminum, copper, brass, stainless steel and nickel-bearing metals. Non-ferrous products are a significant raw material in the production of aluminum and copper alloys used in manufacturing. PSC Metals also operates a steel products business that includes the supply of secondary plate and structural grade pipe that is sold into niche markets for counterweights, piling and foundations, construction materials and infrastructure end-markets. Mining We conduct our Mining segment through our majority ownership in Ferrous Resources. We obtained control of and consolidated the results of Ferrous Resources during the second quarter of 2015. Ferrous Resources acquired certain rights to iron ore mineral resources in Brazil and develops mining operations and related infrastructure to produce and sell iron ore products to the global steel industry. Ferrous Resources has acquired significant iron ore assets in the State of Minas Gerais, Brazil, known as Viga, Viga Norte, Esperança, Serrinha and Santanense. In addition, Ferrous Resources has acquired certain mineral rights near Jacuípe in the State of Bahia, Brazil. Of the assets acquired, Viga, Esperança and Santanense are already extracting and producing iron ore, while the other assets are at an early stage of exploration. In response to the depressed iron ore price environment, Ferrous Resources decided to temporarily suspend Esperança's and Santanense's operations in the first quarter of 2015 in order to study alternatives to further reduce cost of production and improve product quality and therefore to improve profitability and margin per metric ton. As of December 31, 2016 , we owned approximately 77.2% of the total outstanding common stock of Ferrous Resources. Food Packaging We conduct our Food Packaging segment through our majority ownership in Viskase Companies, Inc. ("Viskase"). Viskase is a worldwide leader in the production and sale of cellulosic, fibrous and plastic casings for the processed meat and poultry industry. As of December 31, 2016 , Viskase operated ten manufacturing facilities, six distribution centers and three service centers throughout North America, Europe, South America and Asia and derived approximately 70% of its total net sales from customers located outside the United States for the year ended December 31, 2016 . As of December 31, 2016 , we owned approximately 74.6% of the total outstanding common stock of Viskase. Real Estate Our Real Estate segment consists of rental real estate, property development and club activities. As of December 31, 2016 , we owned 15 commercial rental real estate properties. Our property development operations are run primarily through Bayswater Development LLC, a real estate investment, management and development subsidiary that focuses primarily on the construction and sale of single-family and multi-family homes, lots in subdivisions and planned communities and raw land for residential development. Our New Seabury development property in Cape Cod, Massachusetts and our Grand Harbor development property in Vero Beach, Florida include land for future residential development of approximately 272 and 1,128 units of residential housing, respectively. Both our developments operate golf and club operations as well. In addition, our Real Estate segment owns an unfinished development property which is located on approximately 23 acres in Las Vegas, Nevada. As of December 31, 2016 and 2015 , $24 million and $27 million , respectively, of the net investment in financing leases and net real estate leased to others which is included in property, plant and equipment, net, were pledged to collateralize the payment of nonrecourse mortgages payable. Home Fashion We conduct our Home Fashion segment through our indirect wholly owned subsidiary, WestPoint Home LLC (“WPH”), a manufacturer and distributor of home fashion consumer products. WPH is engaged in the business of designing, marketing, manufacturing, sourcing, distributing and selling home fashion consumer products. WPH markets a broad range of manufactured and sourced bed, bath, basic bedding, and other textile products, including sheets, pillowcases, bedspreads, quilts, comforters and duvet covers, bath and beach towels, bath accessories, bed skirts, bed pillows, flocked blankets, woven blankets and throws and mattress pads. WPH recognizes revenue primarily through the sale of home fashion products to a variety of retail and institutional customers. In addition, WPH receives a small portion of its revenues through the licensing of its trademarks. Consolidated Anticipated Future Receipts The following is a summary of the consolidated anticipated future receipts of the minimum lease payments receivable under the financing and operating method on a consolidated basis at December 31, 2016 : Year Amount (in millions) 2017 $ 255 2018 224 2019 165 2020 102 2021 51 Thereafter 63 $ 860 In connection with the ARL Initial Sale, which is expected to close in the second quarter of 2017, the table above excludes anticipated future receipts of minimum lease payments receivables aggregating $781 million relating to certain leased railcars at ARL that are classified as assets held for sale as of December 31, 2016 . |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transaction [Line Items] | |
Related Party Transactions | Related Party Transactions . Our amended and restated agreement of limited partnership expressly permits us to enter into transactions with our general partner or any of its affiliates, including, without limitation, buying or selling properties from or to our general partner and any of its affiliates and borrowing and lending money from or to our general partner and any of its affiliates, subject to limitations contained in our partnership agreement and the Delaware Revised Uniform Limited Partnership Act. The indentures governing our indebtedness contain certain covenants applicable to transactions with affiliates. Investment Mr. Icahn, along with his affiliates (excluding Icahn Enterprises and Icahn Enterprises Holdings), makes investments in the Investment Funds. During the years ended December 31, 2016 , 2015 and 2014 , affiliates of Mr. Icahn invested $505 million , $276 million and $500 million , respectively, in the Investment Funds. During the years ended December 31, 2016 and 2015 , certain affiliates of Mr. Icahn had redemptions of $7 million and $36 million , respectively, from the Investment Funds. As of December 31, 2016 and 2015 , the total fair market value of investments in the Investment Funds made by Mr. Icahn and his affiliates (excluding Icahn Enterprises and Icahn Enterprises Holdings) was approximately $3.7 billion and $4.1 billion , respectively, representing approximately 69% and 55% , respectively, of the Investment Funds' assets under management. Icahn Capital LP ("Icahn Capital") pays for expenses pertaining to the operation, administration and investment activities of our Investment segment for the benefit of the Investment Funds (including salaries, benefits and rent). Effective April 1, 2011, based on an expense-sharing arrangement, certain expenses borne by Icahn Capital are reimbursed by the Investment Funds. For the years ended December 31, 2016 , 2015 , and 2014 , $34 million , $235 million and $155 million , respectively, was allocated to the Investment Funds based on this expense-sharing arrangement. Railcar ARL On January 1, 2014, AEP Railcar Corp. ("AEP") contributed the fair market value of its 100% interest in AEP Leasing to ARL and in exchange, AEP received a 75% membership interest in ARL. ARL then incurred additional debt of $381 million (the "ARL Financing") in February 2014. Pursuant to a certain contribution agreement, ARL distributed $381 million to IRL Holding, LLC ("IRL"), an affiliate of Mr. Icahn, on February 24, 2014. In connection with this debt financing transaction, ACF Industries Holding LLC, an affiliate, has provided an unconditional guaranty in respect of the debt incurred for the ARL Financing. During the year ended December 31, 2015, ARL distributed an aggregate of $25 million in distributions to IRL and also made a non-resident withholding of $2 million on IRL's behalf. In addition, pursuant to a certain contribution agreement, ARL made a $3 million guaranteed payment to IRL during the year ended December 31, 2014. These transactions were approved by a special committee of independent members of our board of directors. The special committee was advised by its own legal counsel and independent financial adviser with respect to the transactions. The special committee received an opinion from its financial adviser as to the fairness to us, from a financial point of view, of the consideration paid by us. On February 29, 2016, Icahn Enterprises entered into a contribution agreement with IRL Holding, LLC ("IRL"), an affiliate of Mr. Icahn, to acquire the remaining 25% economic interest in ARL not already owned by us. Pursuant to this contribution agreement, we contributed 685,367 newly issued depositary units of Icahn Enterprises to IRL in exchange for the remaining 25% economic interest in ARL. As a result of the transaction, we own a 100% economic interest in ARL. This transaction was authorized by the independent committee of the board of directors of the general partner of Icahn Enterprises. The independent committee was advised by independent counsel and retained an independent financial advisor which rendered a fairness opinion. Railcar Component Purchases from ACF ARI has from time to time purchased components from ACF Industries LLC ("ACF"), an affiliate of Mr. Icahn, under a long-term agreement, as well as on a purchase order basis. ACF is a manufacturer and fabricator of specialty railcar parts and miscellaneous steel products. Under the manufacturing services agreement entered into in 1994 and amended in 2005, ACF agreed to manufacture and distribute, at ARI’s instruction, various railcar components. In consideration for these services, ARI agreed to pay ACF based on agreed upon rates. The agreement automatically renews unless written notice is provided by ARI. Also in April 2015, ARI entered into a parts purchasing and sale agreement with ACF. The agreement was unanimously approved by the independent directors of ARI’s and Icahn Enterprises' audit committee. Under this agreement, ARI and ACF may, from time to time, purchase and sell to each other certain parts for railcars ("Railcar Parts"). ARI also provides a non-exclusive and non-assignable license of certain intellectual property related to the manufacture and sale of Railcar Parts to ARI. The buyer under the agreement must pay the market price of the parts as determined in the agreement or as stated on a public website for all ARI buyers. ARI may provide designs, engineering and purchasing support, including all materials and components to ACF. Subject to certain early termination events, the agreement terminates on December 31, 2020. For the years ended December 31, 2016 , 2015 and 2014 , ARI purchased $7 million , $18 million and $5 million , respectively, of components from ACF. Railcar Component Sales to ACF In January 2013, ARI entered into a purchasing and engineering services agreement and license with ACF. The agreement was unanimously approved by the independent directors of ARI’s and Icahn Enterprises' audit committee on the basis that the terms of the agreement were not materially less favorable to ARI than those that could have been obtained in a comparable transaction with an unrelated person. Under this agreement, ARI provides purchasing support and engineering services to ACF in connection with ACF’s manufacture and sale of tank railcars at its facility in Milton, Pennsylvania. Additionally, ARI has granted ACF a nonexclusive, non-assignable license to certain of ARI’s intellectual property, including certain designs, specifications, processes and manufacturing know-how required to manufacture and sell tank railcars during the term of the agreement. In December 2016, ARI and ACF amended this agreement to, among other provisions, extend the termination date to December 31, 2017 from December 31, 2016, subject to certain early termination events. In consideration for the services and license provided by ARI to ACF in conjunction with the agreement, ACF pays ARI a royalty and, if any, a share of the net profits ("ACF Profits") earned on each railcar manufactured and sold by ACF under the agreement, in an aggregate amount equal to 30% of such ACF Profits, as calculated under the agreement. ACF Profits are net of certain of ACF’s start-up and shutdown expenses and certain maintenance capital. If no ACF Profits are realized on a railcar manufactured and sold by ACF pursuant to the agreement, ARI will still be entitled to the royalty for such railcar and will not share in any losses incurred by ACF in connection therewith. In addition, any railcar components supplied by ARI to ACF for the manufacture of these railcars are provided at fair market value. Under the agreement, ACF had the exclusive right to manufacture and sell subject tank railcars for any new orders scheduled for delivery to customers on or before January 31, 2014. ARI has the exclusive right to any sales opportunities for tank railcars for any new orders scheduled for delivery after that date and through termination of the agreement. ARI also has the right to assign any sales opportunity to ACF, and ACF has the right, but not the obligation, to accept such sales opportunity. Any sales opportunity accepted by ACF will not be reflected in ARI’s orders or backlog. Revenues of $1 million , $10 million and $19 million for the years ended December 31, 2016 , 2015 and 2014 , respectively, were recorded for sales of railcar components to ACF and for royalties and profits on railcars sold by ACF. Railcar Repair Services and Support for ACF In April 2015, ARI entered into a repair services and support agreement with ACF. The agreement was unanimously approved by the independent directors of ARI’s and Icahn Enterprises' audit committee. Under this agreement, ARI provides certain sales and administrative and technical services, materials and purchasing support and engineering services to ACF to provide repair and retrofit services ("Repair Services"). Additionally, ARI provides a non-exclusive and non-assignable license of certain intellectual property related to the Repair Services for railcars. ARI receives 30% of the net profits (as defined in the agreement) for Repair Services related to all railcars not owned by ARL or its subsidiaries and 20% of the net profits for Repair Services related to all railcars owned by ARL or its subsidiaries, if any, but does not absorb any losses incurred by ACF. Under the agreement, ARI has the exclusive right to sales opportunities related to Repair Services, except for any sales opportunity related to Repair Services presented to ACF by ARL with respect to ARL-owned railcars. ARI also has the right to assign any sales opportunities related to Repair Services to ACF, and ACF has the right, but not the obligation, to accept such sales opportunity. Subject to certain early termination events, the agreement terminates on December 31, 2020. After the consummation of the ARL Initial Sale, ARI expects to amend this agreement with ACF. ARI's revenues under this agreement were less than $1 million for both of the years ended December 31, 2016 and 2015 Railcar Purchases from ACF In April 2013, AEP Leasing entered into an agreement ("ACF Agreement") with ACF whereby AEP Leasing agreed to purchase railcars from ACF. The ACF Agreement was assumed by ARL in connection with our purchase of a 75% economic interest in ARL in September 2013. The ACF Agreement was unanimously approved by Icahn Enterprises' audit committee consisting of independent directors, who were advised by independent counsel and an independent financial advisor on the basis that the terms were not less favorable than those terms that could have been obtained in a comparable transaction with an unaffiliated third party. Under this agreement, purchases of railcars by our Railcar segment from ACF were zero , $9 million and $127 million for the years ended December 31, 2016 , 2015 and 2014 respectively. In addition to the above purchases, on a contract-by-contract basis, ARL purchased $14 million and $59 million of railcars from ACF for the years ended December 31, 2016 and 2015 , respectively. Railcar Management Transition Agreement On December 16, 2016, ARI entered into a railcar management transition agreement (the "RMTA") with ARL. In anticipation of the expected sale of ARL to SMBC Rail, ARI and ARL entered into the RMTA to manage the transition, from ARL to ARI, of the management of ARI's railcar leasing business, including the railcars owned by ARI. Insight Portfolio Group LLC Insight Portfolio Group LLC (“Insight Portfolio Group”) is an entity formed and controlled by Mr. Icahn in order to maximize the potential buying power of a group of entities with which Mr. Icahn has a relationship in negotiating with a wide range of suppliers of goods, services and tangible and intangible property at negotiated rates. In 2013, Icahn Enterprises Holdings acquired a minority equity interest in Insight Portfolio Group and agreed to pay a portion of Insight Portfolio Group's operating expenses. In addition to the minority equity interest held by Icahn Enterprises Holdings, certain subsidiaries of Icahn Enterprises Holdings, including Federal-Mogul, CVR, PSC Metals, ARI, ARL, Tropicana, Viskase and WPH also acquired minority equity interests in Insight Portfolio Group and agreed to pay a portion of Insight Portfolio Group's operating expenses. A number of other entities with which Mr. Icahn has a relationship also acquired equity interests in Insight Portfolio Group and also agreed to pay certain of Insight Portfolio Group's operating expenses. For each of the years ended December 31, 2016 , 2015 and 2014 , we and certain of our subsidiaries paid certain of the Insight Portfolio Group's operating expenses of approximately $2 million . |
Investments and Related Matters
Investments and Related Matters | 12 Months Ended |
Dec. 31, 2016 | |
Investments and Related Matters [Abstract] | |
Investments and Related Matters | Investments and Related Matters . Investment Investments, and securities sold, not yet purchased consist of equities, bonds, bank debt and other corporate obligations, all of which are reported at fair value in our consolidated balance sheets. These investments are considered trading securities. In addition, our Investment segment has certain derivative transactions which are discussed in Note 6 , " Fair Value Measurements - Investment." The carrying value and detail of security type and business sector with respect to investments and securities sold, not yet purchased held by our Investment segment consist of the following: December 31, 2016 2015 Assets (in millions) Investments: Equity securities: Basic materials $ 963 $ 563 Communications 169 407 Consumer, non-cyclical 2,677 3,684 Consumer, cyclical 408 115 Diversified 7 17 Energy 1,278 1,461 Financial 2,385 2,094 Industrial 214 188 Technology 911 5,795 Utilities 11 — 9,023 14,324 Corporate debt: Consumer, cyclical 186 55 Financial 4 4 Sovereign debt — 13 190 72 Mortgage-backed securities: Financial — 157 $ 9,213 $ 14,553 Liabilities Securities sold, not yet purchased, at fair value: Equity securities: Consumer, cyclical 968 794 Energy 19 — Industrial 100 — 1,087 794 Debt securities: Consumer, cyclical 52 — $ 1,139 $ 794 The portion of trading gains (loss) that relates to trading securities still held by our Investment segment was $340 million and $(2.2) billion for the years ended December 31, 2016 and 2015 , respectively. Our Investment segment assesses the applicability of equity method accounting with respect to their investments based on a combination of qualitative and quantitative factors, including overall stock ownership of the Investment Funds combined with those of our affiliates along with board of directors representation. As of December 31, 2016 , the Investment Funds and their affiliates collectively owned approximately 24.2% of Herbalife Ltd. ("Herbalife") and 35.3% of Hertz Global Holdings, Inc. ("Hertz"). Our Investment segment applied the fair value option to Herbalife and Hertz because these investments would have otherwise been subject to the equity method of accounting starting in the third quarter of 2016 and fourth quarter of 2016, respectively. Our Investment segment recorded an aggregate net loss of $502 million for the year ended December 31, 2016 with respect to its investment in Herbalife and Hertz. As of December 31, 2016 , the aggregate fair value of the Investment Funds' investment in Herbalife and Hertz was $1.4 billion and was included in investments in our consolidated balance sheets. We believe that the Investment Funds' investment in Herbalife or Hertz was not material, either individually or in the aggregate, to our consolidated financial statements . Other Segments The carrying value of investments held by our other segments and our Holding Company consist of the following: December 31, 2016 2015 (in millions) Equity method investments $ 302 $ 323 Other investments 366 475 $ 668 $ 798 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements . U.S. GAAP requires enhanced disclosures about investments and non-recurring non-financial assets and non-financial liabilities that are measured and reported at fair value and has established a hierarchal disclosure framework that prioritizes and ranks the level of market price observability used in measuring investments or non-financial assets and liabilities at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Investments and non-financial assets and/or liabilities measured and reported at fair value are classified and disclosed in one of the following categories: Level 1 - Quoted prices are available in active markets for identical investments as of the reporting date. The types of investments included in Level 1 include listed equities and listed derivatives. We do not adjust the quoted price for these investments, even in situations where we hold a large position. Level 2 - Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. Investments that are generally included in this category include corporate bonds and loans, less liquid and restricted equity securities and certain over-the-counter derivatives. The inputs and assumptions of our Level 2 investments are derived from market observable sources including reported trades, broker/dealer quotes and other pertinent data. Level 3 - Pricing inputs are unobservable for the investment and non-financial asset and/or liability and include situations where there is little, if any, market activity for the investment or non-financial asset and/or liability. The inputs into the determination of fair value require significant management judgment or estimation. Fair value is determined using comparable market transactions and other valuation methodologies, adjusted as appropriate for liquidity, credit, market and/or other risk factors. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment. Significant transfers, if any, between the levels within the fair value hierarchy are recognized at the beginning of the reporting period when changes in circumstances require such transfers. The following table summarizes the valuation of our investments, derivative contracts, securities sold not yet purchased and other liabilities by the above fair value hierarchy levels measured on a recurring and non-recurring basis as of December 31, 2016 and 2015 : December 31, 2016 December 31, 2015 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets (in millions) Investments (Note 5) $ 9,033 $ 306 $ 240 $ 9,579 $ 14,447 $ 289 $ 292 $ 15,028 Derivative contracts, at fair value (1) — 23 — 23 — 259 — 259 $ 9,033 $ 329 $ 240 $ 9,602 $ 14,447 $ 548 $ 292 $ 15,287 Liabilities Securities sold, not yet purchased (Note 5) $ 1,087 $ 52 $ — $ 1,139 $ 794 $ — $ — $ 794 Other liabilities $ — $ 187 $ — $ 187 $ — $ 3 $ — $ 3 Derivative contracts, at fair value (2) — 1,139 — 1,139 — 36 — 36 $ 1,087 $ 1,378 $ — $ 2,465 $ 794 $ 39 $ — $ 833 (1) Amounts are classified within other assets in our consolidated balance sheets. (2) Amounts are classified within accrued expenses and other liabilities in our consolidated balance sheets. Assets Measured at Fair Value on a Non-Recurring Basis for Which We Use Level 3 Inputs to Determine Fair Value We have certain investments in debt securities classified as held-to-maturity within our Gaming segment since we have the ability and intent to hold the bonds to maturity. The debt securities are classified as Level 3 investments measured at fair value on a non-recurring basis and therefore are excluded from the roll forward of Level 3 investments measured on a recurring basis below. As of December 31, 2016 and 2015 , the fair value of these debt securities was $28 million and $9 million , respectively, with the increase resulting primarily from our acquisition of TER during the first quarter of 2016. Certain assets measured at fair value using level 3 inputs on a nonrecurring basis for which impairment was recorded are described below. During 2016 , 2015 and 2014 , we recorded aggregate goodwill impairment charges of $577 million , $571 million and $103 million , respectively. Additionally, during 2016 and 2015 , we recorded intangible asset impairment charges of $16 million and $2 million , respectively. Refer to Note 8 , " Goodwill and Intangible Assets, Net ," for further discussion. During 2016 , we recorded an aggregate $99 million of impairment relating to property, plant and equipment at our Gaming, Automotive, Real Estate and Metals segments and our Holding Company. During 2015 , we recorded aggregate impairment charges of $201 million relating to property, plant and equipment at our Automotive, Metals, Mining and Real Estate segments. During 2014 we recorded aggregate impairment charges of $27 million relating to property, plant and equipment at our Automotive, Metals and Real Estate segments. 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. During 2016 and 2015 , we recorded aggregate impairment charges of $17 million and $14 million , respectively, relating to assets held for sale at our Automotive and Metals segments. During 2014 , we recorded an impairment charge of $5 million relating to equity method investments at our Automotive segment. Refer to Note 13 , " Segment and Geographic Reporting ," for total impairment recorded by each of our segments. 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, 2016 2015 (in millions) Balance at January 1 $ 283 $ 229 Net transfers out (131 ) (47 ) Realized and unrealized gains, net 10 1 Purchases 50 100 Balance at December 31 $ 212 $ 283 (1) Includes unrealized (losses) gains of $(6) million of $1 million for the years ended December 31, 2016 and 2015, respectively, relating to investments still held at December 31 of each respective period and which are included in net (loss) gain from investment activities in the consolidated statements of operations. During 2016 , we transferred out a Level 3 corporate debt investment in the amount of $126 million . See Note 3 , " Operating Units - Gaming," for further discussion regarding this transaction. During 2015, the Holding Company obtained control of, and consolidated, Ferrous Resources, which was previously considered a Level 3 investment due to unobservable market data. The fair value of our investment in Ferrous Resources immediately prior to obtaining control was $36 million , which was transferred out of Level 3 investments during the second quarter of 2015. In addition, during 2015 , our Gaming segment received $10 million as reimbursement for certain approved capital expenditures. During 2015, the Holding Company made a certain investment classified as trading securities in the amount of $100 million , which is considered a Level 3 investment due to unobservable market data and is measured at fair value on a recurring basis. We purchased an additional $50 million of this investment during 2016 . We determined the fair value of this investment using the Black-Scholes option pricing model as well as other valuation techniques. As of December 31, 2016 and 2015 , the fair value of this investment was $207 million and $157 million , respectively. The following table presents our Automotive segment's defined benefit plan assets measured at fair value on a recurring basis as of December 31, 2016 and 2015 : December 31, 2016 December 31, 2015 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (in millions) U.S. Plans: Cash $ 30 $ — $ — $ 30 $ 26 $ — $ — $ 26 Investments with registered investment companies: Equity securities 346 — — 346 310 — — 310 Fixed income securities 154 — — 154 149 — — 149 Real estate and other 41 — — 41 27 — — 27 Equity securities 204 — — 204 220 — — 220 Corporate and other — 21 — 21 — 22 — 22 Government 11 17 — 28 17 13 — 30 Hedge funds — — 32 32 — — 86 86 $ 786 $ 38 $ 32 $ 856 $ 749 $ 35 $ 86 $ 870 Non-U.S. Plans: Insurance contracts $ — $ — $ 42 $ 42 $ — $ — $ 40 $ 40 Investments with registered investment companies: Fixed income securities 19 — — 19 13 — — 13 Equity securities 2 — — 2 2 — — 2 Corporate bonds — — — — — 2 — 2 $ 21 $ — $ 42 $ 63 $ 15 $ 2 $ 40 $ 57 The changes in U.S. and Non-U.S. plan assets measured at fair value for which our Automotive segment has used Level 3 input to determine fair value are as follows: Year Ended December 31, 2016 2015 (in millions) U.S. Plans: Hedge funds: Balance at January 1 $ 86 $ 91 Realized/unrealized (losses) gains, net — (5 ) Purchases and settlements, net 48 — Sales, net (102 ) — Balance at December 31 $ 32 $ 86 Year Ended December 31, 2016 2015 (in millions) Non-U.S. Plans: Insurance contracts: Balance at January 1 $ 40 $ 41 Realized and unrealized gains, net 2 1 Purchases and settlements, net 3 6 Proceeds (2 ) (4 ) Foreign currency exchange rate movements (1 ) (4 ) Balance at December 31 $ 42 $ 40 The following table presents our Food Packaging and Railcar segment's defined benefit plan assets measured at fair value on a recurring basis as of December 31, 2016 and 2015 : December 31, 2016 December 31, 2015 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (in millions) U.S. and Non-U.S. Plans: Asset category: Cash equivalents $ 4 $ 1 $ — $ 5 $ 5 $ 1 $ — $ 6 Equity securities 54 27 — 81 51 27 — 78 Fixed income securities 18 2 — 20 7 12 — 19 Other 5 3 9 17 5 — 21 26 $ 81 $ 33 $ 9 $ 123 $ 68 $ 40 $ 21 $ 129 The changes in U.S. and Non-U.S. plan assets measured at fair value for which our Food Packaging and Railcar segments have used Level 3 input to determine fair value are as follows: Year Ended December 31, 2016 2015 (in millions) U.S. and Non-U.S. Plans: Balance at January 1 $ 21 $ 21 Realized and unrealized gains, net — — Purchases and settlements, net (12 ) — Balance at December 31 $ 9 $ 21 |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Financial Instruments [Abstract] | |
Financial Instruments | Financial Instruments . Certain derivative contracts executed by the Investment Funds with a single counterparty, by our Automotive segment with a single counterparty, by our Energy segment with a single counterparty, or by our Holding Company with a single counterparty are reported on a net-by-counterparty basis where a legal right of offset exists under an enforceable netting agreement. Values for the derivative financial instruments, principally swaps, forwards, over-the-counter options and other conditional and exchange contracts, are reported on a net-by-counterparty basis. As a result, the net exposure to counterparties is reported in either other assets or accrued expenses and other liabilities in our consolidated balance sheets. Investment Segment and Holding Company The Investment Funds currently maintain cash deposits and cash equivalents with financial institutions. Certain account balances may not be covered by the Federal Deposit Insurance Corporation, while other accounts may exceed federally insured limits. The Investment Funds have prime broker arrangements in place with multiple prime brokers as well as a custodian bank. The Investment Funds also have relationships with several financial institutions with which they trade derivative and other financial instruments. In the normal course of business, the Investment Funds and the Holding Company may trade various financial instruments and enter into certain investment activities, which may give rise to off-balance-sheet risks, with the objective of capital appreciation or as economic hedges against other securities or the market as a whole. The Investment Funds' and the Holding Company's investments may include futures, options, swaps and securities sold, not yet purchased. These financial instruments represent future commitments to purchase or sell other financial instruments or to exchange an amount of cash based on the change in an underlying instrument at specific terms at specified future dates. Risks arise with these financial instruments from potential counterparty non-performance and from changes in the market values of underlying instruments. Securities sold, not yet purchased, at fair value represent obligations to deliver the specified security, thereby creating a liability to repurchase the security in the market at prevailing prices. Accordingly, these transactions result in off-balance-sheet risk, as the satisfaction of the obligations may exceed the amount recognized in our consolidated balance sheets. Our investments in securities and amounts due from brokers are partially restricted until we satisfy the obligation to deliver the securities sold, not yet purchased. The Investment Funds and the Holding Company may enter into derivative contracts, including swap contracts, futures contracts and option contracts. The Investment Funds may also enter into foreign currency derivative contracts with the objective of capital appreciation or to economically hedge against foreign currency exchange rate risks on all or a portion of their non-U.S. dollar denominated investments. The Investment Funds and the Holding Company have entered into various types of swap contracts with other counterparties. These agreements provide that they are entitled to receive or are obligated to pay in cash an amount equal to the increase or decrease, respectively, in the value of the underlying shares, debt and other instruments that are the subject of the contracts, during the period from inception of the applicable agreement to its expiration. In addition, pursuant to the terms of such agreements, they are entitled to receive or obligated to pay other amounts, including interest, dividends and other distributions made in respect of the underlying shares, debt and other instruments during the specified time frame. They are also required to pay to the counterparty a floating interest rate equal to the product of the notional amount multiplied by an agreed-upon rate, and they receive interest on any cash collateral that they post to the counterparty at the federal funds or LIBOR rate in effect for such period. The Investment Funds and the Holding Company may trade futures contracts. A futures contract is a firm commitment to buy or sell a specified quantity of a standardized amount of a deliverable grade commodity, security, currency or cash at a specified price and specified future date unless the contract is closed before the delivery date. Payments (or variation margin) are made or received by the Investment Funds and the Holding Company each day, depending on the daily fluctuations in the value of the contract, and the whole value change is recorded as an unrealized gain or loss by the Investment Funds and the Holding Company. When the contract is closed, the Investment Funds and the Holding Company record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The Investment Funds and the Holding Company may utilize forward contracts to seek to protect their assets denominated in foreign currencies and precious metals holdings from losses due to fluctuations in foreign exchange rates and spot rates. The Investment Funds' and the Holding Company's exposure to credit risk associated with non-performance of such forward contracts is limited to the unrealized gains or losses inherent in such contracts, which are recognized in other assets and accrued expenses and other liabilities in our consolidated balance sheets. The Investment Funds may also enter into foreign currency contracts for purposes other than hedging denominated securities. When entering into a foreign currency forward contract, the Investment Funds agree to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date unless the contract is closed before such date. The Investment Funds record unrealized gains or losses on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into such contracts and the forward rates at the reporting date. The Investment Funds may also purchase and write option contracts. As a writer of option contracts, the Investment Funds receive a premium at the outset and then bear the market risk of unfavorable changes in the price of the underlying financial instrument. As a result of writing option contracts, the Investment Funds are obligated to purchase or sell, at the holder's option, the underlying financial instrument. Accordingly, these transactions result in off-balance-sheet risk, as the Investment Funds' satisfaction of the obligations may exceed the amount recognized in our consolidated balance sheets. At December 31, 2016 , the Investment Funds did not have any written put options. At December 31, 2015, the maximum payout amounts relating to certain put options written by the Investment Funds were approximately $5.9 billion , of which approximately $5.9 billion related to covered put options on existing short positions on certain stock and credit indices. As of December 31, 2015, there were unrealized gains of $67 million with respect to these put options. Certain terms of the Investment Funds' contracts with derivative counterparties, which are standard and customary to such contracts, contain certain triggering events that would give the counterparties the right to terminate the derivative instruments. In such events, the counterparties to the derivative instruments could request immediate payment on derivative instruments in net liability positions. The aggregate fair value of all of the Investment Funds' derivative instruments with credit-risk-related contingent features that are in a liability position at December 31, 2016 and 2015 was $21 million and $33 million , respectively. At December 31, 2016 and 2015 , the Investment Funds had $634 million and $883 million , respectively, posted as collateral for derivative positions, including those derivative instruments with credit-risk-related contingent features; these amounts are included in cash held at consolidated affiliated partnerships and restricted cash in our consolidated balance sheets. U.S. GAAP requires the disclosure of information about obligations under certain guarantee arrangements. Such guarantee arrangements requiring disclosure include contracts that contingently require the guarantor to make payments to the guaranteed party based on another entity's failure to perform under an agreement as well as indirect guarantees of the indebtedness of others. Each Investment Fund's assets may be held in one or more accounts maintained for the Investment Fund by its prime brokers or at other brokers or custodian banks, which may be located in various jurisdictions. The prime brokers, brokers and custodian banks are subject to various laws and regulations in the relevant jurisdictions in the event of their insolvency. Accordingly, the practical effect of these laws and their application to the Investment Funds' assets may be subject to substantial variations, limitations and uncertainties. The insolvency of any of the prime brokers, brokers, custodian banks or clearing corporations may result in the loss of all or a substantial portion of the Investment Funds' assets or in a significant delay in the Investment Funds' having access to those assets. Credit concentrations may arise from investment activities and may be impacted by changes in economic, industry or political factors. The Investment Funds and the Holding Company routinely execute transactions with counterparties in the financial services industry, resulting in credit concentration with respect to this industry. In the ordinary course of business, the Investment Funds and the Holding Company may also be subject to a concentration of credit risk to a particular counterparty. The Investment Funds and the Holding Company seek to mitigate these risks by actively monitoring exposures, collateral requirements and the creditworthiness of our counterparties. Automotive Commodity Price Risk Federal-Mogul's production processes are dependent upon the supply of certain raw materials exposed to price fluctuations on the open market. The primary purpose of Federal-Mogul's commodity price forward contract activity is to manage the volatility associated with forecasted purchases. Federal-Mogul monitors its commodity price risk exposures regularly to maximize the overall effectiveness of its commodity forward contracts. Principal raw materials hedged include copper, nickel, tin, zinc, high-grade aluminum and aluminum alloy. Forward contracts are used to mitigate commodity price risk associated with raw materials, generally related to purchases forecasts for up to 18 months in the future. Federal-Mogul had commodity price hedge contracts outstanding with combined notional values of $16 million and $28 million at December 31, 2016 and 2015 , respectively, substantially all of which mature within one year in each of the respective periods and all of which were designated as hedging instruments for accounting purposes. Federal-Mogul had recorded a net asset of $4 million and a net liability of $3 million as of December 31, 2016 and 2015 , respectively, with respect to these hedging positions. Unrealized net gains (losses) of $2 million and $(2) million were recorded in accumulated other comprehensive loss as of December 31, 2016 and 2015 , respectively. Foreign Currency Risk Federal-Mogul manufactures and sells its products in North America, South America, Asia, Europe and Africa. As a result, Federal-Mogul's financial results could be significantly affected by factors such as changes in foreign currency exchange rates or weak economic conditions in foreign markets in which it manufactures and sells its products. Federal-Mogul's operating results are primarily exposed to changes in exchange rates between the U.S. dollar and various global currencies. Federal-Mogul generally tries to use natural hedges within its foreign currency activities, including the matching of revenues and costs, to minimize foreign currency risk. Where natural hedges are not in place, Federal-Mogul considers managing certain aspects of its foreign currency activities and larger transactions through the use of foreign currency options or forward contracts. Principal currencies hedged have historically included the euro, British pound and Polish zloty. Foreign currency forwards are also used in conjunction with Federal-Mogul's commodity hedging program. As part of its hedging program, Federal-Mogul attempts to limit hedge ineffectiveness by matching terms of the commodity purchases with the hedging instrument. Federal-Mogul did not hold any foreign currency price hedge contracts as of December 31, 2016 or 2015 . Concentrations of Credit Risk Financial instruments including cash equivalents, derivative contracts, and accounts receivable, expose Federal-Mogul to counter-party credit risk for non-performance. Federal-Mogul’s counterparties for cash equivalents and derivative contracts are banks and financial institutions that meet its requirement of high credit standing. Federal-Mogul's counterparties for derivative contracts are substantial investment and commercial banks with significant experience using such derivatives. Federal-Mogul manages its credit risk through policies requiring minimum credit standing and limiting credit exposure to any one counter-party and through monitoring counter-party credit risks. Federal-Mogul's concentration of credit risk related to derivative contracts at December 31, 2016 and 2015 was not material. Energy CVR is subject to price fluctuations caused by supply conditions, weather, economic conditions, interest rate fluctuations and other factors. To manage price risk on crude oil and other inventories and to fix margins on certain future production, CVR from time to time enters into various commodity derivative transactions. CVR has adopted accounting standards that impose extensive record-keeping requirements in order to designate a derivative financial instrument as a hedge. CVR holds derivative instruments, such as exchange-traded crude oil futures and certain over-the-counter forward swap agreements, which it believes provide an economic hedge on future transactions, but such instruments are not designated as hedges for U.S. GAAP purposes. Gains or losses related to the change in fair value and periodic settlements of these derivative instruments are included in other income (loss), net in the consolidated statements of operations. Commodity Swaps CVR Refining enters into commodity swap contracts in order to fix the margin on a portion of future production. Additionally, CVR Refining may enter into price and basis swaps in order to fix the price on a portion of its commodity purchases and product sales. The physical volumes are not exchanged and these contracts are net settled with cash. The contract fair value of the commodity swaps is reflected on the consolidated balance sheets with changes in fair value currently recognized in the consolidated statement of operations. Quoted prices for similar assets or liabilities in active markets (Level 2) are considered to determine the fair values for the purpose of marking to market the hedging instruments at each period end. At December 31, 2016 and 2015, CVR Refining had open commodity hedging instruments consisting of 4.0 million and 2.5 million barrels of crack spreads, respectively, primarily to fix the margin on a portion of its future gasoline and distillate production. Additionally, at December 31, 2015, CVR Refining had open commodity hedging instruments consisting of 1.4 million barrels primarily to fix the price on a portion of its future crude oil purchase or the basis on a portion of its future product sales. The fair value of the outstanding contracts at December 31, 2016 and 2015 was a net (liability) asset of $(11) million and $45 million , respectively. CVR Refining recognized a net (loss) gain of $(19) million , $(36) million and $187 million for the years ended December 31, 2016 , 2015 and 2014 , respectively, which are included in other income (loss), net in the consolidated statements of operations. Interest Rate Swaps Coffeyville Resources Nitrogen Fertilizers, LLC ("CRNF"), a subsidiary of CVR Partners, had two floating-to-fixed interest rate swap agreements for the purpose of hedging the interest rate risk associated with a portion of its $125 million floating rate term debt, which matured in April 2016. The aggregate notional amount covered under these agreements totaled $62.5 million (split evenly between the two agreements) which commenced on August 12, 2011 and expired on February 12, 2016. The interest rate swaps agreements terminated in February 2016. The realized losses on the interest rate swaps reclassified from accumulated other comprehensive loss into interest expense was zero for the year ended December 31, 2016 and $1 million for each of the years ended December 31, 2015 and 2014. Consolidated Derivative Information The following table presents the consolidated fair values of our derivatives that are not designated as hedging instruments: Asset Derivatives (1) Liability Derivatives (2) December 31, December 31, 2016 2015 2016 2015 (in millions) Equity contracts $ 15 $ 339 $ 1,104 $ 122 Foreign exchange contracts — — — 19 Credit contracts 17 45 39 53 Commodity contracts 2 46 11 10 Sub-total 34 430 1,154 204 Netting across contract types (3) (15 ) (171 ) (15 ) (171 ) Total (3) $ 19 $ 259 $ 1,139 $ 33 (1) Net asset derivatives are located within other assets in our consolidated balance sheets. (2) Net liability derivatives are located within accrued expenses and other liabilities in our consolidated balance sheets. (3) Excludes netting of cash collateral received and posted. The total collateral posted at December 31, 2016 and 2015 was $634 million and $883 million , respectively, across all counterparties. The following table presents the effects of our derivative instruments not designated as hedging instruments on the statements of operations for the years ended December 31, 2016 , 2015 and 2014 : Gain (Loss) Recognized in Income (1) Year Ended December 31, 2016 2015 2014 (in millions) Equity contracts $ (1,609 ) $ (1 ) $ (1,251 ) Foreign exchange contracts 35 160 213 Credit contracts 44 489 70 Interest rate contracts (28 ) — — Commodity contracts (101 ) 57 186 $ (1,659 ) $ 705 $ (782 ) (1) Gains (losses) recognized on derivatives are classified in net gain from investment activities in our consolidated statements of operations for our Investment segment and are included in other income (loss), net for all other segments. At December 31, 2016 and 2015 , the volume of our derivative activities based on their notional exposure, categorized by primary underlying risk, are as follows: December 31, 2016 December 31, 2015 Long Notional Exposure Short Notional Exposure Long Notional Exposure Short Notional Exposure Primary underlying risk: (in millions) Credit swaps (1) $ 202 $ 472 $ 187 $ 2,306 Equity swaps 112 14,094 1,343 14,167 Foreign currency forwards — — — 842 Interest rate swap contracts (2) — — — 137 Commodity contracts 16 754 43 643 (1) The short notional amount on our credit default swap positions is approximately $2.6 billion and $10.0 billion as of December 31, 2016 and 2015 , respectively. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is approximately $0.5 billion and $2.3 billion as of December 31, 2016 and 2015 , respectively. (2) The short notional amount on certain of our interest rate contracts with a three month duration is approximately $16.0 billion as of December 31, 2015. We assume that interest rates will not fall below zero and therefore our downside short notional exposure to loss on these contracts is $74 million (of the total $137 million disclosed in the above table) as of December 31, 2015. |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets, Net | Goodwill and Intangible Assets, Net . Goodwill consists of the following: December 31, 2016 Automotive Energy Railcar Gaming Mining Food Packaging Consolidated (in millions) Gross carrying amount, January 1 $ 1,457 $ 930 $ 7 $ — $ 6 $ 3 $ 2,403 Acquisitions 205 — — 3 — 1 209 Foreign exchange — — — — — — — Gross carrying amount, December 31 1,662 930 7 3 6 4 2,612 Accumulated impairment, January 1 (537 ) (356 ) — — (6 ) — (899 ) Impairment — (574 ) — (3 ) — — (577 ) Accumulated impairment, December 31 (537 ) (930 ) — (3 ) (6 ) — (1,476 ) Net carrying value, December 31 $ 1,125 $ — $ 7 $ — $ — $ 4 $ 1,136 December 31, 2015 Automotive Energy Railcar Mining Food Packaging Consolidated (in millions) Gross carrying amount, January 1 $ 1,389 $ 930 $ 7 $ — $ 3 $ 2,329 Acquisitions 74 — — 6 — 80 Foreign exchange (6 ) — — — — (6 ) Gross carrying amount, December 31 1,457 930 7 6 3 2,403 Accumulated impairment, January 1 (225 ) (103 ) — — — (328 ) Impairment (312 ) (253 ) — (6 ) — (571 ) Accumulated impairment, December 31 (537 ) (356 ) — (6 ) — (899 ) Net carrying value, December 31 $ 920 $ 574 $ 7 $ — $ 3 $ 1,504 Intangible assets, net consists of the following: December 31, 2016 December 31, 2015 Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value (in millions) Definite-lived intangible assets: Customer relationships $ 1,060 $ (472 ) $ 588 $ 1,041 $ (408 ) $ 633 Developed technology 142 (104 ) 38 144 (90 ) 54 In-place leases 121 (83 ) 38 121 (73 ) 48 Gasification technology license 60 (11 ) 49 60 (9 ) 51 Other 46 (21 ) 25 44 (20 ) 24 $ 1,429 $ (691 ) $ 738 $ 1,410 $ (600 ) $ 810 Indefinite-lived intangible assets: Trademarks and brand names $ 304 $ 260 Gaming licenses 38 38 342 298 Intangible assets, net $ 1,080 $ 1,108 We recorded amortization expense associated with definite-lived intangible assets for the years ended December 31, 2016 , 2015 and 2014 of $91 million , $92 million and $83 million , respectively. We utilize the straight-line method of amortization, recognized over the estimated useful lives of the assets. The estimated future amortization expense for our definite-lived intangible assets is as follows: Year Amount (in millions) 2017 $ 91 2018 82 2019 81 2020 80 2021 71 Thereafter 333 $ 738 Acquisitions of Businesses In addition to below, acquisitions of businesses are further discussed in Note 1 , " Description of Business and Basis of Presentation - Acquisitions of Businesses." Automotive During the first quarter of 2016, we acquired Pep Boys and allocated $48 million to trademarks and brand names, $19 million to customer relationships, $3 million to other definite-lived intangible assets and $199 million to goodwill as of the acquisition date. None of the goodwill is expected to be deductible for income tax purposes. We continue to finalize the valuation of the Pep Boys acquisition and have recorded provisional amounts based on preliminary estimates of fair value of net assets acquired, including goodwill. The provisional measurements of net assets are subject to change as we finalize the purchase price allocation. Gaming During the first quarter of 2016, we acquired TER and allocated $13 million to trademarks and brand names, $1 million to customer relationships and $3 million to goodwill as of the acquisition date. Additionally, as discussed in Note 1 , " Description of Business and Basis of Presentation ," the Trump Taj Mahal closed and ceased its casino and hotel operations on October 10, 2016. As a result of this triggering event, for the year ended December 31, 2016 , we recorded an intangible asset impairment charge of $13 million , which represented the full amount of the trademark and brand names intangible assets allocated to TER and a goodwill impairment charge of $3 million , which represented the full amount of goodwill allocated to TER. Impairment of Goodwill 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. The first step of the impairment analysis involves comparing the fair values of our Automotive segment's reporting units' assets to their respective carrying values to determine the potential for goodwill impairment. The second step of the impairment test, if necessary, involves quantifying the level of goodwill impairment. As a result of our annual goodwill impairment analysis for our Automotive segment in 2015, our Automotive segment's motorparts reporting unit failed "Step 1" of the goodwill impairment analysis. Based on "Step 2" of the goodwill impairment analysis of our Automotive segment's motorparts reporting unit, we recorded a goodwill impairment charge of $312 million for the year ended December 31, 2015. Additionally, as a result of our recoverability analysis, there were no indications of impairment related to long-lived assets for our Automotive segment’s motorparts reporting unit for the year ended December 31, 2015. Based on "Step 1" of our annual goodwill impairment tests of our Automotive segment's reporting units as of October 1, 2016, the fair values of all of our reporting units within our Automotive segment were substantially in excess of their carrying values, except for our motorparts reporting unit whose fair value exceeded its carrying value by approximately 7% . Our motorparts reporting unit had $349 million of goodwill allocated to it as of December 31, 2016 . Energy We perform the annual goodwill impairment test for our Energy segment as of April 30 of each year, or more frequently if impairment indicators exist. The first step of the impairment analysis involves comparing the fair values of our Energy segment's reporting units' assets to their respective carrying values to determine the potential for goodwill impairment. The second step of the impairment test, if necessary, involves quantifying the level of goodwill impairment. During the fourth quarter of 2014, based on certain negative trends occurring in the energy markets, particularly with respect to the significant volatility in the oil markets as a result of a drop in forecasted worldwide demand for crude oil supply and inventories, we determined that goodwill impairment indicators existed in both of our Energy segment's petroleum and fertilizer reporting units. Accordingly, we performed a "Step 1" goodwill impairment analysis for our Energy segment's reporting units as of December 1, 2014. Our Energy segment’s petroleum reporting unit passed “Step 1” of the goodwill impairment analysis, and therefore, we did not perform “Step 2” of the goodwill impairment analysis for this reporting unit. However, our Energy segment's fertilizer reporting unit failed "Step 1" of the goodwill impairment analysis and as a result we performed "Step 2" of the goodwill impairment analysis. Based on "Step 2" results of the goodwill impairment analysis, we recognized a preliminary impairment charge of $103 million for our Energy segment's fertilizer reporting unit for the year ended December 31, 2014. During the fourth quarter of 2015, due to worsening sales trends for our Energy segment's fertilizer reporting unit, we performed an interim goodwill impairment analysis. Based on this analysis, our Energy segment recognized a goodwill impairment charge of $253 million , which represented the full amount of the remaining goodwill allocated to the fertilizer reporting unit. During the first quarter of 2016, due to worsening sales trends for our Energy segment's petroleum reporting unit, we performed an interim goodwill impairment analysis. Based on this analysis, our Energy segment recognized a goodwill impairment charge of $574 million , which represented the full amount of the remaining goodwill allocated to the petroleum reporting unit. Gaming As discussed above, in connection with the closing of the Trump Taj Mahal, we recorded a goodwill impairment charge of $3 million in 2016, which represented the full amount of goodwill allocated to TER. Mining During the fourth quarter of 2015, due to worsening demand and price trends for iron ore affecting our Mining segment, we performed an interim goodwill impairment analysis. Based on this analysis, our Mining segment recognized a goodwill impairment charge of $6 million , which represented the full amount of the goodwill allocated to the segment. |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2016 | |
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 2016 2015 (in years) (in millions) Land $ 944 $ 549 Buildings and improvements 3 - 40 3,050 2,459 Machinery, equipment and furniture 1 - 30 7,538 6,044 Assets leased to others 15 - 39 1,939 3,994 Construction in progress 541 598 14,012 13,644 Less: Accumulated depreciation and amortization (3,890 ) (4,109 ) Property, plant and equipment, net $ 10,122 $ 9,535 Assets leased to others are related to our Railcar and Real Estate segments. Included in assets leased to others in the table above are our Railcar segment's railcars for lease in the amount of approximately $1.5 billion and 3.6 billion as of December 31, 2016 and 2015 , respectively. Additionally, included in assets leased to others in the table above are our Real Estate segment's properties on lease in the amount of $415 million and $423 million as of December 31, 2016 and 2015 , respectively. Aggregate accumulated depreciation pertaining to assets leased to others is approximately $224 million and approximately $1.1 billion as of December 31, 2016 and 2015 , respectively. Depreciation and amortization expense related to property, plant and equipment for the years ended December 31, 2016 , 2015 and 2014 was $917 million , $752 million and $701 million , respectively. In connection with the ARL Initial Sale, as described in Note 1 , " Description of Business and Basis of Presentation - Agreement to Sell ARL," our Railcar segment has railcars for lease of approximately $2.1 billion , net of accumulated depreciation of $950 million , which are classified as assets held for sale on the consolidated balance sheet as of December 31, 2016 . See Note 6 , " Fair Value Measurements ," for discussion regarding certain impairments to our property, plant and equipment. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt . Debt consists of the following: December 31, 2016 2015 (in millions) 5.875% senior unsecured notes due 2022 - Icahn Enterprises/Icahn Enterprises Holdings $ 1,340 $ 1,338 6.00% senior unsecured notes due 2020 - Icahn Enterprises/Icahn Enterprises Holdings 1,705 1,706 4.875% senior unsecured notes due 2019 - Icahn Enterprises/Icahn Enterprises Holdings 1,271 1,270 3.50% senior unsecured notes due 2017 - Icahn Enterprises/Icahn Enterprises Holdings 1,174 1,172 Debt and credit facilities - Automotive 3,249 3,121 Debt facilities - Energy 1,118 619 Debt and credit facilities - Railcar 571 2,671 Credit facilities - Gaming 287 289 Credit facilities - Food Packaging 265 267 Capital leases and other 139 141 $ 11,119 $ 12,594 Senior Unsecured Notes - Icahn Enterprises and Icahn Enterprises Holdings 5.875% Senior Unsecured Notes Due 2022 On January 29, 2014, we and a wholly owned subsidiary of ours, Icahn Enterprises Finance Corp. (“Icahn Enterprises Finance”), (collectively, the “Issuers”), issued $1.350 billion in aggregate principal amount of 5.875% Senior Notes due 2022 (the “2022 Notes”). The net proceeds from the sale of the 2022 Notes were approximately $1.340 billion after deducting the initial purchaser’s discount and commission and estimated fees and expenses related to the offering. Interest on the 2022 Notes are payable on February 1 and August 1 of each year, commencing August 1, 2014. The 2022 Notes Purchase Agreement contains customary representations, warranties and covenants of the parties and indemnification and contribution provisions whereby the Issuers and the Guarantor, on the one hand, and the 2022 Notes Purchaser, on the other, have agreed to indemnify each other against certain liabilities. The Issuers issued the 2022 Notes under the indenture dated January 29, 2014 (the “2022 Indenture”), among the Issuers, Icahn Enterprises Holdings (the "Guarantor"), and Wilmington Trust Company, as trustee. The 2022 Indenture contains customary events of defaults and covenants relating to, among other things, the incurrence of debt, affiliate transactions, liens and restricted payments. In connection with the sale of the 2022 Notes, the Issuers and the Guarantor entered into a certain registration rights agreement dated January 29, 2014. See below for further discussion of this registration rights agreement. 6.00% Senior Unsecured Notes Due 2020 On August 1, 2013, the Issuers issued $500 million aggregate principal amount of 6% Senior Notes due 2020 (the “Initial 2020 Notes”). In addition, on January 21, 2014, the Issuers issued $1.200 billion in aggregate principal amount of 6% Senior Notes due 2020 (the "Additional 2020 Notes" and together with the Initial 2020 Notes, the "2020 Notes"). The net proceeds from the sale of the Initial 2020 Notes and the Additional 2020 Notes were $493 million and approximately $1.217 billion , respectively, after deducting the initial purchasers' discount and commission and estimated fees and expenses related to the offerings. The Additional 2020 Notes constitute the same series of securities of the Initial 2020 Notes for purposes of the indenture governing the notes and vote together on all matters with such series. The Additional 2020 Notes have substantially identical terms as the Initial 2020 Notes. Interest on the 2020 Notes is payable on February 1 and August 1 of each year, commencing February 1, 2014. The Issuers issued the 2020 Notes under an indenture dated August 1, 2013 (the “2020 Indenture”), among the Issuers, the Guarantor and Wilmington Trust Company, as trustee. The 2020 Indenture contains customary events of defaults and covenants relating to, among other things, the incurrence of debt, affiliate transactions, liens and restricted payments. In connection with the sale of the Initial 2020 Notes, the Issuers and the Guarantor entered into a registration rights agreement dated August 1, 2013. In connection with the sale of the Additional 2020 Notes, the Issuers and the Guarantor entered into a certain registration rights agreement dated January 29, 2014. See below for further discussion of this registration rights agreements. 4.875% Senior Unsecured Notes Due 2019 and 3.50% Senior Notes due 2017 On January 21, 2014, the Issuers issued $1.275 billion in aggregate principal amount of our 4.875% Senior Notes due 2019 (the “2019 Notes”) and $1.175 billion in aggregate principal amount of our 3.500% Senior Notes due 2017 (the “2017 Notes”). The net proceeds from the sale of the 2019 Notes and the 2017 Notes were $1.269 billion and $1.169 billion , respectively, after deducting the initial purchasers' discount and commission and estimated fees and expenses related to the offering. Interest on the 2019 Notes and the 2017 Notes is payable on March 15 and September 15 of each year and commenced September 15, 2014. As described further in Note 18 , " Subsequent Events ," we repaid our 2017 Notes in full, including accrued interest, in January 2017. We used the proceeds from the issuance of the Additional 2020 Notes, the 2019 Notes, and the 2017 Notes to refinance prior senior unsecured notes outstanding at the time. As a result of this refinancing, we recognized a loss of $108 million on extinguishment of debt during the year ended December 31, 2014, which is reflected in other income, net in the consolidated statements of operations. The Issuers issued the 2019 Notes and the 2017 Notes under an indenture dated January 21, 2014 (the “2017 and 2019 Indenture”), among the Issuers, Icahn Enterprises Holdings, as guarantor, and Wilmington Trust Company, as trustee. The 2017 and 2019 Indenture contains customary events of defaults and covenants relating to, among other things, the incurrence of debt, affiliate transactions, liens and restricted payments. In connection with the sale of the 2019 Notes and the 2017 Notes, the Issuers and the Guarantor entered into a registration rights agreements dated January 21, 2014. See below for further discussion of this registration rights agreement. Registration Rights Agreements Each of our senior unsecured notes described above are subject to registration rights agreements agreed to by the Issuers, the Guarantor and initial purchasers of the respective notes. In accordance with such registration rights agreements, we filed registration statements on Form S-4 for the sole purpose of exchanging the unregistered notes for notes that are registered with the SEC, publicly tradable and which have substantially identical terms as the unregistered notes ("Exchange Notes"). Substantially all of the unregistered senior unsecured notes were properly tendered in the respective exchange offers and accepted by us in exchange for registered Exchange Notes. Ranking of Senior Unsecured Notes Issued by the Issuers All 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. Senior Unsecured Notes Restrictions and Covenants The indentures governing our senior unsecured notes described above restrict the payment of cash distributions, the purchase of equity interests or the purchase, redemption, defeasance or acquisition of debt subordinated to the senior unsecured notes. The indentures also restrict the incurrence of debt or the issuance of disqualified stock, as defined in the indentures, with certain exceptions. In addition, the indentures require that on each quarterly determination date we and the guarantor of the notes (currently only Icahn Enterprises Holdings) maintain certain minimum financial ratios, as defined therein. The indentures also restrict the creation of liens, mergers, consolidations and sales of substantially all of our assets, and transactions with affiliates. As of December 31, 2016 and 2015 , we were in compliance with all covenants, including maintaining certain minimum financial ratios, as defined in the indentures. Additionally, as of December 31, 2016 , based on covenants in the indentures governing our senior unsecured notes, we are not permitted to incur additional indebtedness. Debt Facilities - Automotive Federal-Mogul Federal-Mogul has a revolving line of credit in the U.S. ("Federal-Mogul Revolving Facility"), which provides for (i) aggregate commitments available of $600 million , (ii) a maturity date of December 6, 2018, subject to certain limited exceptions, and (iii) additional liquidity of Federal-Mogul's borrowing base. Advances under the Federal-Mogul Revolving Facility generally bear interest at a variable rate per annum equal to (i) the Alternate Base Rate (as defined in the Federal-Mogul Credit Agreement) plus an adjustable margin of 0.50% to 1.00% based on the average monthly availability under the Federal-Mogul Revolving Facility or (ii) Adjusted LIBOR Rate (as defined in the Federal-Mogul Credit Agreement) plus a margin of 1.50% to 2.00% based on the average monthly availability under the Federal-Mogul Revolving Facility. An unused commitment fee of 0.375% also is payable under the terms of the Federal-Mogul Revolving Facility. On April 15, 2014, Federal-Mogul entered into a tranche B term loan facility (the “Tranche B Facility”) and a tranche C term loan facility (the “Tranche C Facility,” and together with the Tranche B Facility, the “Federal-Mogul Term Facilities”). Immediately following the closing of the Federal-Mogul Term Facilities, Federal-Mogul repaid its then existing outstanding indebtedness. In connection with this debt refinancing, our Automotive segment recognized a non-cash loss on the extinguishment of debt of $36 million during the year ended December 31, 2014, which was attributable to the write-off of the unamortized fair value adjustment and unamortized debt issuance costs. The Federal-Mogul Term Facilities, among other things, (i) provide for aggregate commitments under the Tranche B Facility of $700 million with a maturity date of April 15, 2018, (ii) provide for aggregate commitments under the Tranche C Facility of approximately $1.9 billion with a maturity date of April 15, 2021, (iii) increase the interest rates applicable to the Federal-Mogul Facilities as described below, (iv) provide that for all outstanding letters of credit there is a corresponding decrease in borrowings available under the Federal-Mogul Revolving Facility, (v) provide that in the event that as of a particular determination date more than $700 million aggregate principal amount of existing term loans and certain related refinancing indebtedness will become due within 91 days of such determination date, the Federal-Mogul Revolving Facility will mature on such determination date, (vi) provide for additional incremental indebtedness, secured on a pari passu basis, of an unlimited amount of additional indebtedness if Federal-Mogul meets a financial covenant incurrence test, and (vii) amend certain other restrictive covenants. Borrowings under the Tranche B Facility generally bear interest at a variable rate per annum equal to (i) the Alternate Base Rate plus a margin of 2.00% or (ii) the Adjusted LIBOR Rate plus a margin of 3.00%, subject, in each case, to a minimum rate of 1.00% plus the applicable margin. Borrowings under the Tranche C Facility generally bear interest at a variable rate per annum equal to (i) the Alternate Base Rate plus a margin of 2.75% or (ii) the Adjusted LIBOR Rate plus a margin of 3.75%, subject, in each case, to a minimum rate of 1.00% plus the applicable margin. The obligations under the Federal-Mogul Revolving Facility and the Federal-Mogul Term Facilities agreement are guaranteed by substantially all of the domestic subsidiaries and certain foreign subsidiaries of Federal-Mogul, and are secured by substantially all personal property and certain real property of Federal-Mogul and such guarantors, subject to certain limitations. The liens granted to secure these obligations and certain cash management and hedging obligations have first priority. As such, Federal-Mogul's availability is limited by borrowing base conditions. The Federal-Mogul Revolving Facility and the Federal-Mogul Term Facilities agreement contains certain affirmative and negative covenants and events of default, including, subject to certain exceptions, restrictions on incurring additional indebtedness, mandatory prepayment provisions associated with specified asset sales and dispositions, and limitations on: i) investments; ii) certain acquisitions, mergers or consolidations; iii) sale and leaseback transactions; iv) certain transactions with affiliates; and v) dividends and other payments in respect of capital stock. Federal-Mogul was in compliance with all debt covenants as of December 31, 2016 and 2015. As of December 31, 2016 and 2015 , the borrowing availability under the Federal-Mogul Revolving Facility was $213 million and $170 million , respectively. As of December 31, 2016 and 2015 , the outstanding balance on the Federal-Mogul Revolving Facility was $345 million and $340 million , respectively. Federal-Mogul had $37 million and $40 million of letters of credit outstanding as December 31, 2016 and 2015 , respectively, pertaining to Federal-Mogul's term loan credit facility. To the extent letters of credit associated with the Federal-Mogul Revolving Facility are issued, there will be a corresponding decrease in borrowings available under this facility. Availability under the Federal-Mogul Revolving Facility was limited by borrowing base conditions as of December 31, 2016 . In addition, Federal-Mogul had additional availability under foreign lines of credit of $60 million and $59 million as of December 31, 2016 and 2015. The weighted average cash interest rates for Federal-Mogul's debt were approximately 4.3% and 4.4% as of December 31, 2016 and 2015 , respectively. IEP Auto On August 16, 2016, IEP Auto Holdings LLC, a wholly owned subsidiary of ours and parent company of IEH Auto and Pep Boys, executed a new loan and security agreement (the “IEP Auto Credit Facility”) providing for borrowings of up to $675 million . A portion of the proceeds from the new IEP Auto Credit Facility was used to repay in full both the IEH Auto Revolving Credit Facility and Pep Boys Revolving Credit Facility (each as defined and discussed below). In addition, the IEP Auto Credit Facility replaced both the IEH Auto Revolving Credit Facility and Pep Boys Revolving Credit Facility. The IEP Auto Credit Facility consists of an asset-based revolving credit facility of $600 million and a first in-last out revolving credit facility of $75 million with a schedule maturity date of August 16, 2021 and August 16, 2019, respectively. The interest rates on the IEP Auto Credit Facility range from LIBOR plus a margin of 1.25% to 2.75% for LIBOR Rate borrowings or Prime Rate plus 0.25% to 1.75% for Prime Rate borrowings at the election of IEP Auto. As of December 31, 2016 , IEP Auto had an aggregate $232 million outstanding under the IEP Auto Credit Facility. As of December 31, 2016 , there was $48 million in letters of credit outstanding with respect to the IEP Auto Credit Facility. To the extent letters of credit associated with the IEP Auto Credit Facility are issued, there will be a corresponding decrease in borrowings available under this facility. As of December 31, 2016 , taking into account the borrowing base requirements (including reduction for amounts outstanding under the trade payable program), there was $132 million of availability under the IEP Auto Credit Facility. IEH Auto Credit Facility On November 25, 2015, IEH Auto entered into a senior secured asset based revolving credit facility (the "IEH Auto Revolving Credit Facility") for $125 million . As discussed above, the IEH Auto Revolving Credit Facility was paid in full from a portion of the proceeds from the IEP Auto Credit Facility and terminated during the third quarter of 2016. Pep Boys Credit Facility Pep Boys had a revolving credit agreement (the "Pep Boys Revolving Credit Facility") providing for borrowings of up to $300 million, with an original maturity date of July 26, 2016 and subsequently extended to October 24, 2016. As discussed above, the Pep Boys Revolving Credit Facility was paid in full from a portion of the proceeds from the IEP Auto Credit Facility and terminated during the third quarter of 2016. Debt and Credit Facilities - Energy Senior Notes On October 23, 2012, CVR Refining issued $500 million in aggregate principal amount of 6.5% Senior Notes due 2022 (the "CVR Refining 2022 Notes"). CVR Refining received $493 million of cash proceeds, net of underwriting fees. The CVR Refining 2022 Notes are fully and unconditionally guaranteed by CVR Refining and each of CVR Refining's existing domestic subsidiaries on a joint and several basis. The CVR Refining 2022 Notes mature on November 1, 2022, unless earlier redeemed or repurchased by the issuers. Interest is payable on the CVR Refining 2022 Notes semi-annually on May 1 and November 1 of each year. The CVR Refining 2022 Notes contain customary covenants for a financing of this type that limit, subject to certain exceptions, the incurrence of additional indebtedness or guarantees, the creation of liens on assets, the ability to dispose of assets, the ability to make certain payments on contractually subordinated debt, the ability to merge, consolidate with or into another entity and the ability to enter into certain affiliate transactions. The CVR Refining 2022 Notes provide that CVR Refining can make distributions to holders of its common units provided, among other things, it has a minimum fixed charge coverage ratio and there is no default or event of default under the CVR Refining 2022 Notes. As of December 31, 2016 , CVR Refining was in compliance with the covenants contained in the CVR Refining 2022 Notes. Amended and Restated Asset Based ("ABL") Credit Facility CVR Refining has a senior secured asset based revolving credit facility (the "CVR ABL Credit Facility") with a group of lenders and Wells Fargo Bank, National Association, as administrative agent and collateral agent. The CVR ABL Credit Facility has an aggregate principal amount of up to $400 million with an incremental facility, which permits an increase in borrowings of up to $200 million subject to receipt of additional lender commitments and certain other conditions. The proceeds of the loans may be used for capital expenditures and working capital and general corporate purposes of CVR Refining and its subsidiaries. The CVR ABL Credit Facility provides for loans and letters of credit in an amount up to the aggregate availability under the facility, subject to meeting certain borrowing base conditions, with sub-limits of 10% of the total facility commitment for swingline loans and 90% of the total facility commitment for letters of credit. The CVR ABL Credit Facility is scheduled to mature on December 20, 2017. Borrowings under the CVR ABL Credit Facility bear interest at either a base rate or LIBOR plus an applicable margin. The applicable margin is (i) (a) 1.75% for LIBOR borrowings and (b) 0.75% for prime rate borrowings, in each case if quarterly average excess availability exceeds 50% of the lesser of the borrowing base and the total commitments and (ii) (a) 2.00% for LIBOR borrowings and (b) 1.00% for prime rate borrowings, in each case if quarterly average excess availability is less than or equal to 50% of the lesser of the borrowing base and the total commitments. The CVR ABL Credit Facility also requires the payment of customary fees, including an unused line fee of (i) 0.40% if the daily average amount of loans and letters of credit outstanding is less than 50% of the lesser of the borrowing base and the total commitments and (ii) 0.30% if the daily average amount of loans and letters of credit outstanding is equal to or greater than 50% of the lesser of the borrowing base and the total commitments. CVR Refining will also be required to pay customary letter of credit fees equal to, for standby letters of credit, the applicable margin on LIBOR loans on the maximum amount available to be drawn under and, for commercial letters of credit, the applicable margin on LIBOR loans less 0.50% on the maximum amount available to be drawn under, and customary facing fees equal to 0.125% of the face amount of, each letter of credit. The CVR ABL Credit Facility also contains customary covenants for a financing of this type that limit the ability of CVR Refining and its respective subsidiaries to, among other things, incur liens, engage in a consolidation, merger, purchase or sale of assets, pay dividends, incur indebtedness, make advances, investments and loans, enter into affiliate transactions, issue equity interests, or create subsidiaries and unrestricted subsidiaries. The CVR ABL Credit Facility also contains a fixed charge coverage ratio financial covenant, as defined therein. CVR Refining was in compliance with the covenants of the CVR ABL Credit Facility as of December 31, 2016 . As of December 31, 2016 , CVR Refining and its subsidiaries had availability under the CVR ABL Credit Facility of $312 million and had letters of credit outstanding of $28 million . There were no borrowings outstanding under the CVR ABL Credit Facility Credit Facility as of December 31, 2016 . Availability under the CVR ABL Credit Facility was limited by borrowing base conditions as of December 31, 2016 . CVR Partners 2023 Senior Secured Notes On June 10, 2016, CVR Partners issued $645 million aggregate principal amount of 9.25% Senior Secured Notes due 2023 (the "CVR Partners 2023 Notes"). The CVR Partners 2023 Notes mature on June 15, 2023, unless earlier redeemed or repurchased by the issuers. Interest on the CVR Partners 2023 Notes is payable semi-annually in arrears on June 15 and December 15 of each year, beginning on December 15, 2016. The CVR Partners 2023 Notes are guaranteed on a senior secured basis by all of the Nitrogen Fertilizer Partnership’s existing subsidiaries. CVR Partners received $623 million of cash proceeds, net of the original issue discount and underwriting fees, but before deducting other third-party fees and expenses associated with the offering. The net proceeds from the sale of the CVR Partners 2023 Notes were used to: (i) repay all amounts outstanding under the senior term loan credit facility with Coffeyville Resources, LLC; (ii) finance the CVR Nitrogen 2021 Notes tender offer (discussed below) and (iii) to pay related fees and expenses. The CVR Partners 2023 Notes contain customary covenants for a financing of this type that, among other things, restrict CVR Partners' ability and the ability of certain of its subsidiaries to: (i) sell assets; (ii) pay distributions on, redeem or repurchase CVR Partners' units or redeem or repurchase its subordinated debt; (iii) make investments; (iv) incur or guarantee additional indebtedness or issue preferred units; (v) create or incur certain liens; (vi) enter into agreements that restrict distributions or other payments from CVR Partners' restricted subsidiaries to CVR Partners; (vii) consolidate, merge or transfer all or substantially all of CVR Partners' assets; (viii) engage in transactions with affiliates; and (ix) create unrestricted subsidiaries. CVR Nitrogen 2021 Notes Prior to the acquisition of CVR Nitrogen by CVR Partners, CVR Nitrogen issued $320 million of 6.5% senior secured notes due 2021 (the "CVR Nitrogen 2021 Notes"). The CVR Nitrogen 2021 Notes are scheduled to mature on April 15, 2021, unless repurchased or redeemed earlier in accordance with their terms. Subsequent to our acquisition of CVR Nitrogen in 2016, CVR Nitrogen repurchased $315 million of the CVR Nitrogen 2021 Notes, plus $5 million in premiums and accrued and unpaid interest. The repurchase of a portion of the CVR Nitrogen 2021 Notes resulted in a loss on extinguishment of debt of $5 million for the year ended December 31, 2016 . As of December 31, 2016 , $2 million of the CVR Nitrogen 2021 Notes remained outstanding. CVR Partners 2016 Credit Facility On September 30, 2016, CVR Partners entered into a senior secured asset based revolving credit facility (the "CVR Partners Credit Facility") that provided availability of up to $50 million with an incremental facility, which permits an increase in borrowings of up to $25 million in the aggregate subject to additional lender commitments and certain other conditions. The proceeds of the loans may be used for capital expenditures and working capital and general corporate purposes of CVR Partners and its subsidiaries. The CVR Partners Credit Facility provides for loans and standby letters of credit in an amount up to the aggregate availability under the facility, subject to meeting certain borrowing base conditions, with sub-limits of the lesser of 10.0% of the total facility commitment and $5 million for swingline loans and $10 million for letters of credit. The CVR Partners Credit Facility is scheduled to mature on September 30, 2021. At the option of the borrowers, loans under the CVR Partners Credit Facility initially bear interest at an annual rate equal to (i) 2.0% plus LIBOR or (ii) 1.0% plus a base rate, subject to a 0.5% step-down based on the previous quarter’s excess availability. The borrowers must also pay a commitment fee on the unutilized commitments and also pay customary letter of credit fees. The CVR Partners Credit Facility also contains customary covenants for a financing of this type that limit the ability of the Nitrogen Fertilizer Partnership and its subsidiaries to, among other things, incur liens, engage in a consolidation, merger, purchase or sale of assets, pay dividends, incur indebtedness, make advances, investments and loans, enter into affiliate transactions, issue equity interests or create subsidiaries and unrestricted subsidiaries. The CVR Partners Credit Facility also contains a fixed charge coverage ratio financial covenant, as defined therein. As of December 31, 2016 , CVR Partners and its subsidiaries had availability under the CVR Partners Credit Facility of $49 million . There were no borrowings outstanding under the CVR Partners Credit Facility as of December 31, 2016 . CVR Partners 2011 Credit Facility CVR Partners' prior credit facility included a term loan in the amount of $125 million and a revolving credit facility with no amounts outstanding as of December 31, 2015. On April 1, 2016, CVR Partners repaid all amounts outstanding with respect to its term loan under the credit facility and the credit facility was terminated. Debt and Credit Facilities - Railcar ARI 2014 Lease Fleet Financing In connection with a certain refinancing transaction, ARI incurred a $2 million loss on extinguishment of debt in 2014, which is reflected in other income, net in our consolidated statements of operations. 2015 Lease Fleet Financing On January 29, 2015, ARI refinanced its lease fleet financing facilities to, among other things, increase the aggregate borrowings thereunder. In connection with the refinancing, a subsidiary of ARI completed a private placement of $626 million in aggregate principal amount of notes consisting of $250 million in aggregate principal amount of its 2.98% fixed rate secured railcar equipment notes and $376 million in aggregate principal amount of its 4.06% fixed rate secured railcar equipment notes (collectively, the "ARI 2015 Notes"). Of the aggregate principal amount, $409 million was used to refinance certain lease fleet financing facilities, resulting in net proceeds of $212 million . In conjunction with the refinancing, our Railcar segment incurred a $2 million loss on debt extinguishment in for the year ended December 31, 2015, which is reflected in other income, net in the consolidated statements of operations. As of December 31, 2016 , the outstanding principal balance on the ARI 2015 Notes was $576 million . The ARI 2015 Notes have a legal final maturity date of January 17, 2045 and an expected principal repayment date of January 15, 2025. Interest on the ARI 2015 Notes is payable monthly on the 15th calendar day of each month in accordance with the flow of funds provisions described in the ARI Indenture. While the legal final maturity date of the ARI 2015 Notes is January 17, 2045, cash flows from certain assets will be applied, pursuant to the flow of funds provisions of the indenture, so as to achieve monthly targeted principal balances. Also, under the flow of funds provisions of the indenture, early amortization of the ARI 2015 Notes may be required in certain circumstances. If the ARI 2015 Notes are not repaid by the expected principal repayment date on January 15, 2025, additional interest will accrue at a rate of 5.0% per annum and be payable monthly according to the flow of funds. ARI is required to maintain deposits in a liquidity reserve bank account equal to nine months of interest payments. As of both December 31, 2016 and 2015, the liquidity reserve amount was $17 million , and included within cash held at consolidated affiliated partnerships and restricted cash on the consolidated balance sheets. The ARI 2015 Notes contain covenants which limit, among other things, ARI's ability to incur additional indebtedness or encumbrances on its assets, pay dividends or make distributions, make certain investments, perform its business other than specified activities, enter into certain types of transactions with its affiliates, and sell assets or consolidate or merge with or into other companies. These covenants are subject to a number of exceptions and qualifications. ARI was in compliance with all of these covenants as of December 31, 2016 . 2015 Revolving Credit Facility In December 2015, ARI completed a financing of its railcar lease fleet with availability of up to $200 million under a credit agreement ("ARI 2015 Credit Agreement"). The initial amount drawn from the revolving credit facility ("ARI Revolving Loan") obtained at closing amounted to $100 million , net of fees and expenses. In February 2016, ARI repaid amounts outstanding under the ARI Revolving Loan in full and as of December 31, 2016 , ARI had borrowing availability of $200 million under the ARI Revolving Loan. The ARI Revolving Loan accrues interest at a rate per annum equal to Adjusted LIBOR (as defined in the ARI 2015 Credit Agreement) for the applicable interest period, plus 1.45%. Interest is payable on the last day of each 1, 2, or 3-month interest period, the day of any mandatory prepayment, and the maturity date. The ARI Revolving Loan and the other obligations under the ARI 2015 Credit Agreement are fully recourse to ARI and are secured by a first lien and security interest on certain specified railcars (together with specified replacement railcars), related leases, related receivables and related assets, subject to limited exceptions, a controlled bank account, and following an election by ARI, the Railcar Management Agreement with ARL. Subject to the provisions of the ARI 2015 Credit Agreement, the ARI Revolving Loan may be borrowed and reborrowed until the maturity date. The final scheduled maturity of the ARI Revolving Loan is December 10, 2018, or such earlier date as provided in the Credit Agreement. ARI was in compliance with all of its covenants under the ARI 2015 Credit Agreement as of December 31, 2016 . As of December 31, 2016 and 2015, the net book value of the railcars that were pledged as part of the Lease Fleet Financings was $544 million and $564 million , respectively. ARL Sale and Railcar Management Transition Agreement On December 16, 2016, ARI entered into the RMTA with ARL to manage the transition from ARL to ARI, of the management of ARI's railcar leasing business in anticipation of the ARL Initial Sale. The RMTA, among other things, (i) permits ARI to assume the management of its leased railcars following the consummation of the ARL Initial Sale; (ii) requires ARI to use commercially reasonable efforts to obtain the consent of noteholders (the “ARI Noteholder Consent”) for ARI to replace ARL as manager of the ARI's railcars under the Indenture and certain |
Pensions, Other Post-employment
Pensions, Other Post-employment Benefits and Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Pensions,Other Post-employment Benefits and Employee Benefit Plans | Pension, Other Post-employment Benefits and Employee Benefit Plans . Federal-Mogul, ARI and Viskase each sponsor several defined benefit pension plans (the ''Pension Benefits''). Additionally, Federal-Mogul and Viskase each sponsors health care and life insurance benefits (''Other Post-Employment Benefits'') for certain employees and retirees around the world. The Pension Benefits are funded based on the funding requirements of federal and international laws and regulations, as applicable, in advance of benefit payments and the Other Benefits as benefits are provided to participating employees. As prescribed by U.S. GAAP, Federal-Mogul, ARI and Viskase each uses, as applicable, appropriate actuarial methods and assumptions in accounting for its defined benefit pension plans, non-pension post-employment benefits, and disability, early retirement and other post-employment benefits. The measurement date for all defined benefit plans is December 31 of each year. Components of net periodic benefit cost (credit) for the years ended December 31, 2016 , 2015 and 2014 are as follows: Pension Benefits Other Post-Employment Benefits Year Ended December 31, Year Ended December 31, 2016 2015 2014 2016 2015 2014 (in millions) Service cost $ 18 $ 19 $ 16 $ — $ — $ — Interest cost 70 66 76 14 13 15 Expected return on plan assets (59 ) (71 ) (74 ) — — — Amortization of actuarial losses 22 26 10 2 5 3 Amortization of prior service credit — — — (4 ) (4 ) (5 ) Settlement (gain) loss — — (2 ) — — — Curtailment gain — (2 ) — — — — $ 51 $ 38 $ 26 $ 12 $ 14 $ 13 Automotive The following provides disclosures for our Automotive segment's benefit obligations, plan assets, funded status, recognition in the consolidated balance sheets and inputs and valuation assumptions: Pension Benefits Other Post-Employment Benefits United States Plans Non-U.S. Plans 2016 2015 2016 2015 2016 2015 (in millions) Change in benefit obligation: Benefit obligation, beginning of year $ 1,221 $ 1,291 $ 487 $ 575 $ 323 $ 368 Service cost 3 3 14 16 — — Interest cost 49 48 13 10 14 13 Benefits paid (98 ) (89 ) (21 ) (24 ) (24 ) (23 ) Medicare subsidies received — — — — 2 3 Curtailments — — (1 ) (3 ) — — Settlements — — (4 ) — — — Actuarial losses (gains) and changes in actuarial assumptions (8 ) (32 ) 39 (75 ) (21 ) (35 ) Net transfers in (out) — — — 45 — — Currency translation — — (17 ) (57 ) 1 (3 ) Benefit obligation, end of year 1,167 1,221 510 487 295 323 Change in plan assets: Fair value of plan assets, beginning of year 870 912 57 54 — — Actual return on plan assets 45 (27 ) 3 2 — — Settlements — — (4 ) — — — Company contributions 39 74 30 30 22 20 Benefits paid (98 ) (89 ) (21 ) (24 ) (24 ) (23 ) Acquisitions — — 1 — — — Medicare subsidies received — — — — 2 3 Currency translation — — (3 ) (5 ) — — Fair value of plan assets, end of year 856 870 63 57 — — Funded status of the plan $ (311 ) $ (351 ) $ (447 ) $ (430 ) $ (295 ) $ (323 ) Amounts recognized in the consolidated balance sheets: Net liability recognized $ (311 ) $ (351 ) $ (447 ) $ (430 ) $ (295 ) $ (323 ) Amounts recognized in accumulated other comprehensive loss, inclusive of tax impacts: Net actuarial loss $ 435 $ 452 $ 93 $ 72 $ 34 $ 56 Prior service cost (credit) — — 1 1 6 (10 ) Total $ 435 $ 452 $ 94 $ 73 $ 40 $ 46 Weighted-average assumptions used to determine the benefit obligation as of December 31, 2016 , 2015 and 2014 : Pension Benefits Other United States Plans Non-U.S. Plans December 31, December 31, 2016 2015 2014 2016 2015 2014 2016 2015 2014 (in millions) Discount rate 3.90 % 4.15 % 3.85 % 2.03 % 2.72 % 1.77 % 3.98 % 4.18 % 3.84 % Rate of compensation increase n/a n/a n/a 2.96 % 3.19 % 3.16 % n/a n/a n/a Weighted-average assumptions used to determine net periodic benefit cost (credit) for the years ended December 31, 2016 , 2015 and 2014 : Pension Benefits Other Post-Employment Benefits United States Plans Non-U.S. Plans Year Ended December 31, Year Ended December 31, 2016 2015 2014 2016 2015 2014 2016 2015 2014 (in millions) Discount rate 4.15 % 3.85 % 4.55 % 2.72 % 1.77 % 3.49 % 4.18 % 3.84 % 4.45 % Expected return on plan assets 5.65 % 6.55 % 6.95 % 3.22 % 3.52 % 4.18 % n/a n/a n/a Rate of compensation increase n/a n/a n/a 3.19 % 3.16 % 3.17 % n/a n/a n/a Long-term Rate of Return Federal-Mogul’s expected return on assets is established annually through analysis of anticipated future long-term investment performance for the plan based upon the asset allocation strategy and is primarily a long-term prospective rate. The study was performed in December 2016 resulting in changes to the expected long-term rate of return on assets. The weighted-average long-term rate of return on assets for the United States pension plans decreased from 5.65% at December 31, 2015 to 5.55% at December 31, 2016 . The expected long-term rate of return on plan assets used in determining pension expense for non-U.S. plans is determined in a similar manner to the U.S. plans and decreased from 3.22% at December 31, 2015 to 3.05% at December 31, 2016 . Plan Assets Certain pension plans sponsored by Federal-Mogul invest in a diversified portfolio consisting of an array of asset classes that attempts to maximize returns while minimizing volatility. These asset classes include developed market equities, emerging market equities, private equity, global high quality and high yield fixed income, real estate, and absolute return strategies. As of December 31, 2016 , plan assets were comprised of 64% equity investments, 24% fixed income investments, and 12% in other investments which include hedge funds. Approximately 63% of the U.S. plan assets were invested in actively managed investment funds. Federal-Mogul’s investment strategy includes a target asset allocation of 50% equity investments, 25% fixed income investments and 25% in other investment types including hedge funds. The U.S. investment strategy mitigates risk by incorporating diversification across appropriate asset classes to meet the plan’s objectives. It is intended to reduce risk, provide long-term financial stability for the plan, and maintain funded levels that meet long-term plan obligations while preserving sufficient liquidity for near-term benefit payments. Risk assumed is considered appropriate for the return anticipated and consistent with the diversification of plan assets. The insurance contracts guarantee a minimum rate of return. Federal-Mogul has no input into the investment strategy of the assets underlying the contracts, but they are typically heavily invested in active bond markets and are highly regulated by local law. The majority of the assets of the non-U.S. plans are invested through insurance contracts. The target asset allocation for the non-U.S. pension plans is 65% insurance contracts, 30% debt investments and 5% equity investments. Refer to Note 6 , “ Fair Value Measurements ,” for discussion of the fair value of each major category of plan assets, including the inputs and valuation techniques used to develop the fair value measurements of the plans' assets, at December 31, 2016 and 2015 . Information for defined benefit plans with projected benefit obligations in excess of plan assets: Pension Benefits Other Post-Employment Benefits United States Plans Non-U.S. Plans December 31, December 31, 2016 2015 2016 2015 2016 2015 (in millions) Projected benefit obligation $ 1,167 $ 1,221 $ 509 $ 486 $ 295 $ 323 Fair value of plan assets 856 870 62 56 — — Information for pension plans with accumulated benefit obligations in excess of plan assets: Pension Benefits United States Plans Non-U.S. Plans December 31, 2016 2015 2016 2015 (in millions) Projected benefit obligation $ 1,167 $ 1,221 $ 494 $ 482 Accumulated benefit obligation 1,167 1,221 459 445 Fair value of plan assets 856 870 50 53 The accumulated benefit obligation for all pension plans was approximately $1.6 billion and $1.7 billion as of December 31, 2016 and 2015 , respectively. The assumed health care and drug cost trend rates used to measure next year's post-employment healthcare benefits are as follows: Other Post-Employment Benefits 2016 2015 Initial health care cost trend rate 6.69% 6.97% Ultimate health care cost trend rate 5.00% 5.00% Year ultimate health care cost trend rate reached 2022 2022 The assumed health care cost trend rate has a significant impact on the amounts reported for OPEB plans. The following table illustrates the sensitivity to a change in the assumed health care cost trend rate: Total Service and Interest Cost APBO (in millions) 100 basis point (“bp”) increase in health care cost trend rate $ 1 $ 24 100 bp decrease in health care cost trend rate (1 ) (21 ) Estimated amounts to be amortized from accumulated other comprehensive loss into net period benefit cost for 2017 based on 2016 plan measurements are $9 million , consisting primarily of amortization of net actuarial loss in the U.S. pension plans. Federal-Mogul's projected benefit payments from the plans are estimated as follows: Pension Benefits Other Post-Employment Benefits Years United States Plans Non-U.S. Plans (in millions) 2017 $ 84 $ 22 $ 23 2018 84 22 23 2019 86 24 23 2020 87 24 23 2021 86 24 22 2022-2026 387 131 101 Federal-Mogul expects to contribute approximately $75 million to its pension plans in 2017. Federal-Mogul also maintains certain defined contribution pension plans for eligible employees. Effective January 1, 2013, Federal-Mogul amended its U.S. defined contribution plan to allow for an enhanced company match and company provided age-based contributions for eligible U.S. salaried and non-union hourly employees. The total expenses attributable to Federal-Mogul's defined contribution savings plan were $43 million , $45 million and $45 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Other Benefits Federal-Mogul accounts for benefits to former or inactive employees paid after employment but before retirement pursuant to FASB ASC Topic 712, Compensation - Nonretirement Post-employment Benefits . The liabilities for such U.S. and European post-employment benefits were $60 million and $59 million at December 31, 2016 and 2015 , respectively. Railcar and Food Packaging ARI is the sponsor of three defined benefit pension plans, two of which cover certain employees at designated repair facilities. All three of ARI's defined benefit pension plans are frozen and no additional benefits are accruing thereunder. Viskase and its subsidiaries have defined contribution and defined benefit plans varying by country and subsidiary. Viskase's operations in the United States, France, Germany and Canada have historically offered defined benefit retirement plans and post-retirement health care and life insurance benefits to their employees. Most of these benefits have been terminated, resulting in reductions in various liabilities. The following table provides disclosures for ARI's and Viskase's benefit obligations, plan assets, funded status, and recognition in the consolidated balance sheets. As pension costs for ARI and Viskase are not material to our consolidated financial position and results of operations, we do not provide information regarding their inputs and valuation assumptions. Pension Benefits 2016 2015 (in millions) Change in benefit obligation: Benefit obligation, beginning of year $ 191 $ 203 Service cost 1 1 Interest cost 8 8 Benefits paid (15 ) (10 ) Actuarial gain (loss) 4 (9 ) Curtailment gain — (1 ) Currency translation — (1 ) Benefit obligation, end of year 189 191 Change in plan assets: Fair value of plan assets, beginning of year 133 144 Actual return on plan assets 8 (3 ) Company contributions — 2 Currency translation — — Benefits paid (15 ) (10 ) Fair value of plan assets, end of year 126 133 Funded status of the plan $ (63 ) $ (58 ) Amounts recognized in the consolidated balance sheets: Net liability recognized $ (63 ) $ (58 ) Amounts recognized in accumulated other comprehensive loss, inclusive of tax impacts: Net actuarial loss $ (63 ) $ (58 ) Total $ (63 ) $ (58 ) |
Net Income Per LP Unit
Net Income Per LP Unit | 12 Months Ended |
Dec. 31, 2016 | |
Net Income Per LP Unit [Abstract] | |
Net Income Per LP Unit | Net Income Per LP Unit . The following table sets forth the allocation of net (loss) income attributable to Icahn Enterprises allocable to limited partners and the computation of basic and diluted (loss) income per LP unit of Icahn Enterprises for the periods indicated: Year Ended December 31, 2016 2015 2014 (in millions, except per unit data) Net loss attributable to Icahn Enterprises $ (1,128 ) $ (1,194 ) $ (373 ) Net loss attributable to Icahn Enterprises allocable to limited partners (98.01% allocation) $ (1,106 ) $ (1,170 ) $ (366 ) Basic and diluted loss per LP unit $ (8.07 ) $ (9.29 ) $ (3.08 ) Basic and diluted weighted average LP units outstanding 137 126 119 Unit Distributions During 2016 , we declared four quarterly distributions aggregating $6.00 per depositary unit. Depositary unitholders were given the option to make an election to receive the distributions in either cash or additional depositary units; if a holder did not make an election, it was automatically deemed to have elected to receive the distributions in cash. Icahn Enterprises depositary units outstanding during 2016 increased as a result of the four quarterly distributions in which we distributed an aggregate 12,574,723 of Icahn Enterprises' depositary units to those depositary unitholders who elected to receive such distributions in additional depositary units. Additionally, as described in Note 4 , " Related Party Transactions ," on February 29, 2016, Icahn Enterprises entered into a contribution agreement with an affiliate of Mr. Icahn, to acquire the remaining 25% economic interest in ARL not already owned by us. Pursuant to this contribution agreement, we contributed 685,367 newly issued depositary units of Icahn Enterprises to IRL in exchange for the remaining 25% economic interest in ARL. Mr. Icahn and his affiliates elected to receive a majority of their proportionate share of these distributions in depositary units. As of December 31, 2016 , Mr. Icahn and his affiliates owned approximately 89.8% of Icahn Enterprises outstanding depositary units. |
Segment and Geographic Reportin
Segment and Geographic Reporting | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment and Geographic Reporting . We are a diversified holding company owning subsidiaries currently engaged in the following continuing operating businesses: Investment, Automotive, Energy, Railcar, Gaming, Metals, Mining, Food Packaging, Real Estate and Home Fashion. We also report the results of our Holding Company, which includes the results of certain subsidiaries of Icahn Enterprises and Icahn Enterprises Holdings, and investment activity and expenses associated with the Holding Company. 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, as presented below. 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. See Note 3 , “ Operating Units ,” for a detailed description of each of our segments. Icahn Enterprises' condensed statements of operations by reporting segment for the years ended December 31, 2016 , 2015 and 2014 are presented below: Year Ended December 31, 2016 Investment Automotive Energy Railcar Gaming Metals Mining Food Packaging Real Estate Home Fashion Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 9,420 $ 4,782 $ 430 $ — $ 267 $ 71 $ 329 $ 17 $ 195 $ — $ 15,511 Other revenues from operations — 422 — 522 944 — — — 70 — — 1,958 Net (loss) income from investment activities (1,388 ) — 5 — — — — — — — 10 (1,373 ) Interest and dividend income 112 4 1 2 1 — 2 — — — 9 131 Other (loss) income, net 53 82 (24 ) 8 3 2 (10 ) 3 1 1 2 121 (1,223 ) 9,928 4,764 962 948 269 63 332 88 196 21 16,348 Expenses: Cost of goods sold — 7,658 4,618 366 — 284 56 249 13 168 — 13,412 Other expenses from operations — 430 — 223 460 — — — 46 — — 1,159 Selling, general and administrative 34 1,521 138 48 440 18 22 52 10 38 21 2,342 Restructuring — 27 — — — 2 — 3 — — — 32 Impairment — 18 574 — 106 1 — — 5 2 3 709 Interest expense 230 157 83 85 13 — 7 12 2 — 289 878 264 9,811 5,413 722 1,019 305 85 316 76 208 313 18,532 (Loss) income before income tax (expense) benefit (1,487 ) 117 (649 ) 240 (71 ) (36 ) (22 ) 16 12 (12 ) (292 ) (2,184 ) Income tax (expense) benefit — (40 ) 45 (57 ) (24 ) 16 (2 ) (8 ) — — 34 (36 ) Net (loss) income (1,487 ) 77 (604 ) 183 (95 ) (20 ) (24 ) 8 12 (12 ) (258 ) (2,220 ) Less: net loss (income) attributable to non-controlling interests 883 (24 ) 277 (33 ) (14 ) — 5 (2 ) — — — 1,092 Net (loss) income attributable to Icahn Enterprises $ (604 ) $ 53 $ (327 ) $ 150 $ (109 ) $ (20 ) $ (19 ) $ 6 $ 12 $ (12 ) $ (258 ) $ (1,128 ) Supplemental information: Capital expenditures $ — $ 418 $ 133 $ 133 $ 85 $ 5 $ 22 $ 18 $ 1 $ 11 $ — $ 826 Depreciation and amortization (1) $ — $ 473 $ 258 $ 134 $ 71 $ 22 $ 3 $ 20 $ 22 $ 8 $ — $ 1,011 Year Ended December 31, 2015 Investment Automotive Energy Railcar Gaming Metals Mining Food Packaging Real Estate Home Fashion Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 7,789 $ 5,433 $ 440 $ — $ 361 $ 30 $ 344 $ 14 $ 193 $ — $ 14,604 Other revenues from operations — — — 499 811 — — — 76 — — 1,386 Net gain (loss) from investment activities (1,041 ) — 36 — — — — — — — 18 (987 ) Interest and dividend income 178 6 2 2 1 — 1 — — — 4 194 Other (loss) income, net (2 ) 58 (29 ) 7 (1 ) 4 (3 ) (7 ) 41 1 6 75 (865 ) 7,853 5,442 948 811 365 28 337 131 194 28 15,272 Expenses: Cost of goods sold — 6,577 4,949 338 — 406 38 263 7 163 — 12,741 Other expenses from operations — — — 201 396 — — — 46 — — 643 Selling, general and administrative 237 1,001 127 45 338 20 12 50 13 34 31 1,908 Restructuring — 89 — — — 2 — 5 — 1 — 97 Impairment — 344 253 — — 20 169 — 2 — — 788 Interest expense 563 144 47 82 12 — 3 12 2 — 289 1,154 800 8,155 5,376 666 746 448 222 330 70 198 320 17,331 (Loss) income before income tax (expense) benefit (1,665 ) (302 ) 66 282 65 (83 ) (194 ) 7 61 (4 ) (292 ) (2,059 ) Income tax (expense) benefit — (50 ) (59 ) (69 ) (27 ) 32 (1 ) (10 ) — — 116 (68 ) Net (loss) income (1,665 ) (352 ) 7 213 38 (51 ) (195 ) (3 ) 61 (4 ) (176 ) (2,127 ) Less: net loss (income) attributable to non-controlling interests 905 53 18 (76 ) (12 ) — 45 — — — — 933 Net (loss) income attributable to Icahn Enterprises $ (760 ) $ (299 ) $ 25 $ 137 $ 26 $ (51 ) $ (150 ) $ (3 ) $ 61 $ (4 ) $ (176 ) $ (1,194 ) Supplemental information: Capital expenditures $ — $ 449 $ 219 $ 522 $ 94 $ 24 $ 20 $ 22 $ 3 $ 6 $ — $ 1,359 Depreciation and amortization (1) $ — $ 346 $ 229 $ 127 $ 63 $ 29 $ 8 $ 19 $ 21 $ 7 $ — $ 849 Year Ended December 31, 2014 Investment Automotive Energy Railcar Gaming Metals Food Packaging Real Estate Home Fashion Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 7,317 $ 9,109 $ 379 $ — $ 711 $ 365 $ 15 $ 176 $ — $ 18,072 Other revenues from operations — — — 411 759 — — 80 — — 1,250 Net gain from investment activities (421 ) — (6 ) — — — — — — (137 ) (564 ) Interest and dividend income 202 5 3 3 2 — — — — 2 217 Other (loss) income, net 1 2 186 16 88 — (19 ) 6 5 (103 ) 182 (218 ) 7,324 9,292 809 849 711 346 101 181 (238 ) 19,157 Expenses: Cost of goods sold — 6,260 8,774 288 — 728 275 8 152 — 16,485 Other expenses from operations — — — 175 387 — — 51 — — 613 Selling, general and administrative 167 825 136 42 327 23 45 12 29 19 1,625 Restructuring — 86 — — — — — — (2 ) — 84 Impairment — 24 103 — — 3 — 5 — — 135 Interest expense 299 128 38 60 13 — 14 3 — 292 847 466 7,323 9,051 565 727 754 334 79 179 311 19,789 Income (loss) before income tax benefit (expense) (684 ) 1 241 244 122 (43 ) 12 22 2 (549 ) (632 ) Income tax benefit (expense) — (91 ) (73 ) (56 ) 147 18 (3 ) — — 161 103 Net income (loss) (684 ) (90 ) 168 188 269 (25 ) 9 22 2 (388 ) (529 ) Less: net (income) loss attributable to non-controlling interests 379 3 (73 ) (66 ) (84 ) — (3 ) — — — 156 Net income (loss) attributable to Icahn Enterprises $ (305 ) $ (87 ) $ 95 $ 122 $ 185 $ (25 ) $ 6 $ 22 $ 2 $ (388 ) $ (373 ) Supplemental information: Capital expenditures $ — $ 418 $ 218 $ 626 $ 81 $ 41 $ 23 $ 1 $ 3 $ — $ 1,411 Depreciation and amortization (2) $ — $ 336 $ 219 $ 106 $ 50 $ 26 $ 22 $ 22 $ 7 $ — $ 788 (1) Excludes amounts related to the amortization of deferred financing costs and debt discounts and premiums included in interest expense in the consolidated amounts of $23 million , $14 million and $22 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Icahn Enterprises' condensed balance sheets by reporting segment as of December 31, 2016 and 2015 are presented below: December 31, 2016 Investment Automotive Energy Railcar Gaming Metals Mining Food Packaging Real Estate Home Fashion Holding Company Consolidated (in millions) ASSETS Cash and cash equivalents $ 13 $ 353 $ 736 $ 179 $ 244 $ 4 $ 14 $ 39 $ 24 $ 2 $ 225 $ 1,833 Cash held at consolidated affiliated partnerships and restricted cash 752 2 — 19 15 5 — 2 2 4 3 804 Investments 9,213 270 6 35 33 — — — — — 324 9,881 Accounts receivable, net — 1,270 152 40 12 29 5 63 3 35 — 1,609 Inventories, net — 2,353 349 75 — 38 25 72 — 71 — 2,983 Property, plant and equipment, net — 3,302 3,358 1,567 814 100 152 152 602 75 — 10,122 Goodwill and intangible assets, net — 1,765 318 7 75 4 — 8 38 1 — 2,216 Other assets 1,518 504 94 1,410 209 13 23 92 18 5 1 3,887 Total assets $ 11,496 $ 9,819 $ 5,013 $ 3,332 $ 1,402 $ 193 $ 219 $ 428 $ 687 $ 193 $ 553 $ 33,335 LIABILITIES AND EQUITY Accounts payable, accrued expenses and other liabilities $ 1,236 $ 2,834 $ 1,474 $ 2,100 $ 153 $ 34 $ 38 $ 69 $ 20 $ 29 $ 168 $ 8,155 Securities sold, not yet purchased, at fair value 1,139 — — — — — — — — — — 1,139 Due to brokers 3,725 — — — — — — — — — — 3,725 Post-employment benefit liability — 1,113 — 9 — 2 — 56 — — — 1,180 Debt — 3,259 1,165 571 287 2 55 265 25 — 5,490 11,119 Total liabilities 6,100 7,206 2,639 2,680 440 38 93 390 45 29 5,658 25,318 Equity attributable to Icahn Enterprises 1,669 2,292 1,034 444 730 155 104 25 642 164 (5,105 ) 2,154 Equity attributable to non-controlling interests 3,727 321 1,340 208 232 — 22 13 — — — 5,863 Total equity 5,396 2,613 2,374 652 962 155 126 38 642 164 (5,105 ) 8,017 Total liabilities and equity $ 11,496 $ 9,819 $ 5,013 $ 3,332 $ 1,402 $ 193 $ 219 $ 428 $ 687 $ 193 $ 553 $ 33,335 December 31, 2015 Investment Automotive Energy Railcar Gaming Metals Mining Food Packaging Real Estate Home Fashion Holding Company Consolidated (in millions) ASSETS Cash and cash equivalents $ 10 $ 201 $ 765 $ 623 $ 217 $ 12 $ 14 $ 37 $ 19 $ 14 $ 166 $ 2,078 Cash held at consolidated affiliated partnerships and restricted cash 1,199 — — 53 14 4 — 1 2 6 3 1,282 Investments 14,553 296 — 27 26 — — — — — 449 15,351 Accounts receivable, net — 1,418 96 36 9 26 4 60 2 34 — 1,685 Inventories, net — 1,656 290 97 — 39 32 77 — 68 — 2,259 Property, plant and equipment, net — 2,386 2,698 2,767 740 116 134 152 467 72 3 9,535 Goodwill and intangible assets, net — 1,556 911 7 74 5 — 8 48 3 — 2,612 Other assets 378 430 128 71 205 13 19 81 163 9 108 1,605 Total assets $ 16,140 $ 7,943 $ 4,888 $ 3,681 $ 1,285 $ 215 $ 203 $ 416 $ 701 $ 206 $ 729 $ 36,407 LIABILITIES AND EQUITY Accounts payable, accrued expenses and other liabilities $ 488 $ 2,061 $ 1,366 $ 299 $ 122 $ 30 $ 30 $ 62 $ 17 $ 30 $ (60 ) $ 4,445 Securities sold, not yet purchased, at fair value 794 — — — — — — — — — — 794 Due to brokers 7,317 — — — — — — — — — — 7,317 Post-employment benefit liability — 1,163 — 8 — 2 — 51 — — — 1,224 Debt — 3,135 667 2,671 289 1 50 267 28 — 5,486 12,594 Total liabilities 8,599 6,359 2,033 2,978 411 33 80 380 45 30 5,426 26,374 Equity attributable to Icahn Enterprises 3,428 1,270 1,508 742 604 182 95 23 656 176 (4,697 ) 3,987 Equity attributable to non-controlling interests 4,113 314 1,347 (39 ) 270 — 28 13 — — — 6,046 Total equity 7,541 1,584 2,855 703 874 182 123 36 656 176 (4,697 ) 10,033 Total liabilities and equity $ 16,140 $ 7,943 $ 4,888 $ 3,681 $ 1,285 $ 215 $ 203 $ 416 $ 701 $ 206 $ 729 $ 36,407 The following table presents our segments' geographic net sales from external customers, other revenues from operations and property, plant and equipment, net for the periods indicated: Net Sales Other Revenues From Operations Property, Plant and Equipment, Net Year Ended December 31, Year Ended December 31, December 31, 2016 2015 2014 2016 2015 2014 2016 2015 (in millions) United States $ 10,489 $ 9,672 $ 13,086 $ 1,886 $ 1,304 $ 1,169 $ 8,063 $ 7,221 Germany 1,455 1,480 1,507 — — — 458 464 Other 3,567 3,452 3,479 72 82 81 1,601 1,850 $ 15,511 $ 14,604 $ 18,072 $ 1,958 $ 1,386 $ 1,250 $ 10,122 $ 9,535 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. Icahn Enterprises Holdings Due to the structure of our business, the consolidated results of operations for Icahn Enterprises and Icahn Enterprises Holdings are substantially the same. Differences primarily relate to non-cash portions of interest expense, and are only reflected in the results of operations for our Holding Company. See Note 10 , " Debt ," for additional information. Segment information for Icahn Enterprises Holdings is presented below for significant financial statement line items affected by these differences. Year Ended December 31, December 31, 2016 2015 2014 2016 2015 Interest Expense Net (Loss) Income Net (Loss) Income Attributable to Icahn Enterprises Holdings Interest Expense Net (Loss) Income Net (Loss) Income Attributable to Icahn Enterprises Holdings Interest Expense Net Income (Loss) Net Income (Loss) Attributable to Icahn Enterprises Holdings Total Assets Total Assets (in millions) (in millions) Investment $ 230 $ (1,487 ) $ (604 ) $ 563 $ (1,665 ) $ (760 ) $ 299 $ (684 ) $ (305 ) $ 11,496 $ 16,140 Automotive 157 77 53 144 (352 ) (299 ) 128 (90 ) (87 ) 9,819 7,943 Energy 83 (604 ) (327 ) 47 7 25 38 168 95 5,013 4,888 Railcar 85 183 150 82 213 137 60 188 122 3,332 3,681 Gaming 13 (95 ) (109 ) 12 38 26 13 269 185 1,402 1,285 Metals — (20 ) (20 ) — (51 ) (51 ) — (25 ) (25 ) 193 215 Mining 7 (24 ) (19 ) 3 (195 ) (150 ) — — — 219 203 Food Packaging 12 8 6 12 (3 ) (3 ) 14 9 6 428 416 Real Estate 2 12 12 2 61 61 3 22 22 687 701 Home Fashion — (12 ) (12 ) — (4 ) (4 ) — 2 2 193 206 Holding Company 288 (257 ) (257 ) 288 (175 ) (175 ) 291 (387 ) (387 ) 578 753 Consolidated $ 877 $ (2,219 ) $ (1,127 ) $ 1,153 $ (2,126 ) $ (1,193 ) $ 846 $ (528 ) $ (372 ) $ 33,360 $ 36,431 Amounts related to the amortization of deferred financing costs and debt discounts and premiums included in interest expense for the consolidated results of Icahn Enterprises Holdings were $22 million , $13 million and $21 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 2015 2016 2015 (in millions) (in millions) Book basis of net assets $ 2,154 $ 3,987 $ 2,179 $ 4,011 Book/tax basis difference 1,888 (88 ) 1,888 (88 ) Tax basis of net assets $ 4,042 $ 3,899 $ 4,067 $ 3,923 Our corporate subsidiaries recorded the following income tax benefit (expense) attributable to continuing operations for our taxable subsidiaries: Year Ended December 31, 2016 2015 2014 (in millions) Current: Domestic $ (40 ) $ (17 ) $ (45 ) International (101 ) (55 ) (35 ) Total current (141 ) (72 ) (80 ) Deferred: Domestic 73 (15 ) 201 International 32 19 (18 ) Total deferred 105 4 183 $ (36 ) $ (68 ) $ 103 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, 2016 2015 (in millions) Deferred tax assets: Property, plant and equipment $ 312 $ 341 Net operating loss 1,981 1,511 Tax credits 139 133 Post-employment benefits, including pensions 334 347 Reorganization costs 7 5 Other 430 418 Total deferred tax assets 3,203 2,755 Less: Valuation allowance (1,821 ) (1,444 ) Net deferred tax assets $ 1,382 $ 1,311 Deferred tax liabilities: Property, plant and equipment $ (592 ) $ (354 ) Intangible assets (195 ) (163 ) Investment in partnerships (1,495 ) (1,376 ) Investment in U.S. subsidiaries (307 ) (307 ) Other (101 ) (13 ) Total deferred tax liabilities (2,690 ) (2,213 ) $ (1,308 ) $ (902 ) We recorded deferred tax assets and deferred tax liabilities of $305 million and $1,613 million , respectively, as of December 31, 2016 and $299 million and 1,201 million , respectively, as of December 31, 2015 . 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, 2016 we had a valuation allowance of approximately $1,821 million primarily related to tax loss and credit carryforwards, post-retirement benefits and other deferred tax assets. The current and future provisions for income taxes may be significantly impacted by changes to valuation allowances. These allowances will be maintained until it is more likely than not that the deferred tax assets will be realized. For the year ended December 31, 2016 , the valuation allowance on deferred tax assets increased by $377 million . The increase was attributable to $356 million increase from the acquisition of TER, a $59 million increase from the acquisition of Pep Boys, offset by an aggregate decrease of $38 million recorded by our Automotive, Mining and Gaming segments. For the year ended December 31, 2015, the valuation allowance on deferred tax assets increased by $385 million . The increase was attributable to $394 million increase from the acquisition of Ferrous Resources and a $7 million increase recorded by American Entertainment Properties (“AEPC”), an indirect wholly owned subsidiary of ours, offset by a decrease of $16 million recorded by our Automotive segment. A reconciliation of the effective tax rate on continuing operations as shown in the consolidated statements of operations to the federal statutory rate is as follows: Year Ended December 31, 2016 2015 2014 Federal statutory rate 35.0 % 35.0 % 35.0 % Foreign operations 1.8 1.4 6.7 Valuation allowance (2.1 ) (5.5 ) 21.5 Non-controlling interest (0.3 ) 2.0 7.5 Goodwill (10.3 ) (9.5 ) (5.7 ) Gain on settlement of liabilities subject to compromise (0.4 ) 0.2 4.9 Income not subject to taxation (23.4 ) (25.4 ) (47.2 ) Other (1.9 ) (1.5 ) (6.4 ) (1.6 )% (3.3 )% 16.3 % Automotive Federal-Mogul did not record taxes on its undistributed earnings from foreign subsidiaries of $778 million at December 31, 2016 since these earnings are considered to be permanently reinvested. If at some future date, these earnings cease to be permanently reinvested, Federal-Mogul may be subject to U.S. income taxes and foreign withholding taxes on such amounts. Determining the unrecognized deferred tax liability on the potential distribution of these earnings is not practicable as such liability, if any, is dependent on circumstances existing when remittance occurs. As of December 31, 2016 , Federal-Mogul had $300 million of cash and cash equivalents, of which $166 million was held by foreign subsidiaries. In accordance with FASB ASC 740-30-25-17 through 19, Federal-Mogul asserts that these funds are indefinitely reinvested due to operational and investing needs of the foreign locations. Furthermore, Federal-Mogul will accrue any applicable taxes in the period when it no longer intends to indefinitely reinvest these funds. Federal-Mogul expects that the impact on cash taxes would be immaterial due to: the availability of net operation loss carryforwards and related valuation allowances; earnings considered previously taxed; and applicable tax treaties. Federal-Mogul continues to maintain a valuation allowance related to its net deferred tax assets in multiple jurisdictions. As of December 31, 2016 , our Automotive segment had valuation allowances of $867 million related to tax loss and credit carryforwards. The current and future provisions for income taxes may be significantly impacted by changes to valuation allowances in certain countries. These allowances will be maintained until it is more likely than not that the deferred tax assets will be realized. The future provision for income taxes will include no tax benefit with respect to losses incurred and no tax expense with respect to income generated in these countries until the respective valuation allowance is eliminated. At December 31, 2016 , our Automotive segment had a deferred tax asset before valuation allowance of approximately $1.0 billion for tax loss carryforwards and tax credits, including approximately $628 million in the United States with expiration dates from 2017 through 2035 ; $124 million in the United Kingdom with no expiration date; and $287 million in other jurisdictions with various expiration dates. During 2013, IEH FM Holdings LLC, the parent company of Federal-Mogul, was contributed to American Entertainment Properties Corp. ("AEPC") in a tax-free transaction. Pursuant to the contribution and additional shares purchased, AEPC owns more than 80% of Federal-Mogul and Federal-Mogul is now included in the federal income tax consolidated group of AEPC. Positive and negative evidence was evaluated and AEPC was able to conclude that it was more likely than not to realize a portion of the Federal-Mogul deferred tax assets as part of the consolidated U.S. tax filing and released $18 million of valuation allowance during the year ended December 31, 2014. Energy On May 19, 2012, CVR became a member of the consolidated federal tax group of AEPC. At December 31, 2016 , CVR has Oklahoma state income tax credits of approximately $26 million which are available to reduce future Oklahoma state regular income taxes. These credits have an indefinite life. American Entertainment Properties Corp. At December 31, 2016 , AEPC, which includes all or parts of our Automotive, Energy, Railcar, Metals, Home Fashion and Real Estate segments had approximately $1.5 billion of net operating loss carryforwards with expiration dates from years 2026 through 2035 . AEPC did not record taxes on its undistributed earnings from our Metals and Home Fashion segments' foreign subsidiaries of $23 million as of December 31, 2016 since these earnings are considered to be permanently reinvested. AEPC may be subject to U.S. income taxes and foreign withholding taxes on such amounts. Determining the unrecognized deferred tax liability on the potential distribution of these earnings is not practicable as such liability, if any, is dependent on circumstances existing when remittance occurs. At December 31, 2016 , Viskase had U.S. federal and state net operating loss carryforwards of $91 million which will begin expiring in the year 2024 and forward, and foreign net operating loss carryforwards of $19 million with an unlimited carryforward period. Viskase did not record taxes on its undistributed earnings from foreign subsidiaries of $81 million at December 31, 2016 since these earnings are considered to be permanently reinvested. Viskase may be subject to U.S. income taxes and foreign withholding taxes on such amounts. Determining the unrecognized deferred tax liability on the potential distribution of these earnings is not practicable as such liability, if any, is dependent on circumstances existing when remittance occurs. ARI considers its Canadian earnings to be permanently reinvested, and therefore has not recorded a provision for U.S. income tax or foreign withholding taxes on the cumulative earnings of its Canadian subsidiary. Such undistributed earnings from ARI's Canadian subsidiary have been included in consolidated equity in the amount $4 million and $3 million as of December 31, 2016 and 2015, respectively. If ARI were to change its intentions and such earnings were remitted to the U.S., these earnings would be subject to U.S. income taxes. However, as of December 31, 2016 and 2015 foreign tax credits would be available to offset these taxes such that the U.S. tax impact would be insignificant. Our Gaming segment has federal NOL carryforwards pursuant to the purchase of Adamar of New Jersey, Inc. (“Adamar”). Internal Revenue Code Section 382 (“Code 382”) places certain limitations on the annual amount of NOL carryforwards that can be utilized when a change of ownership occurs. Our Gaming segment believes its purchase of Adamar was a change in ownership pursuant to Code 382. As a result of the annual limitation, the NOL carryforward amount available to be used in future periods is $148 million and will begin to expire in the year 2027 and forward. As of March 8, 2010, Tropicana had various net deferred tax assets made up primarily of the expected future tax benefit of net operating loss carryforwards and excess tax basis not yet deductible for tax purposes. A valuation allowance was provided in full against these net deferred tax assets upon emergence from bankruptcy. During the year ended December 31, 2014, our Gaming segment reversed the valuation allowance related to the net deferred tax assets by $196 million . The reduction in the valuation allowance is a result of our Gaming segment analyzing all positive and negative evidence and concluding that it is more likely than not to realize the benefit of this portion of its net deferred tax assets. The reduction in the valuation allowance was recorded as an income tax benefit during the year ended December 31, 2014. Additionally, during the year ended December 31, 2016 , AEPC acquired the stock of TER. As of December 31, 2016 , TER has $270 million of deferred tax assets related to federal and state net operating loss carryforwards and tax credits. A valuation allowance is recorded in full on the deferred tax assets of TER. 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, 2016 , 2015 and 2014 are as follows: Years Ended December 31, 2016 2015 2014 (in millions) Balance at January 1 $ 94 $ 113 $ 132 Addition based on tax positions related to the current year 7 19 18 Increase for tax positions of prior years 8 6 10 Decrease for tax positions of prior years (1 ) (10 ) (14 ) Decrease for statute of limitation expiration (6 ) (21 ) (3 ) Settlements — (8 ) (25 ) Impact of currency translation and other (1 ) (5 ) (5 ) Balance at December 31 $ 101 $ 94 $ 113 At December 31, 2016 , 2015 and 2014 , we had unrecognized tax benefits of $101 million , $94 million and $113 million , respectively. Of these totals, $70 million , $68 million and $76 million represents the amount of unrecognized tax benefits that if recognized, would affect the annual effective tax rate in the respective periods. The total unrecognized tax benefits differ from the amount which would affect the effective tax rate primarily due to the impact of valuation allowances. During the next 12 months, Federal-Mogul believes that it is reasonably possible that unrecognized tax benefits of Federal-Mogul may decrease by approximately $3 million due to audit settlements or statute expirations, of which approximately $3 million , if recognized, could impact the effective tax rate. We do not anticipate any significant changes to the amount of our unrecognized tax benefits in our other business segments during the next 12 months. We recognize interest and penalties accrued related to unrecognized tax benefits as a component of income tax expense. We recorded $16 million , $15 million and $19 million as of December 31, 2016 , 2015 and 2014 , respectively, in liabilities for tax related net interest and penalties in our consolidated balance sheets. Income tax (benefit) expense related to interest and penalties were $1 million , $(4) million and $(11) million for the years December 31, 2016 , 2015 and 2014 , respectively. We or certain of our subsidiaries file income tax returns in the U.S. federal jurisdiction, various state jurisdictions and various non-U.S. jurisdictions. We and our subsidiaries are no longer subject to U.S. federal tax examinations for years before 2011 or state and local examinations for years before 2008, with limited exceptions. We, or our subsidiaries, are currently under various income tax examinations in several states and foreign jurisdictions, but are no longer subject to income tax examinations in major foreign jurisdictions for years prior to 2005. |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2016 | |
Changes in Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Income (Loss) [Text Block] | Changes in Accumulated Other Comprehensive Loss . Changes in accumulated other comprehensive loss consists of the following: Post-Employment Benefits, Net of Tax Hedge Instruments, Net of Tax Translation Adjustments and Other, Net of Tax Total (in millions) Balance, December 31, 2015 $ (632 ) $ (25 ) $ (800 ) $ (1,457 ) Other comprehensive income (loss) before reclassifications, net of tax (1 ) 2 (147 ) (146 ) Reclassifications from accumulated other comprehensive income (loss) to earnings 19 1 (1 ) 19 Other comprehensive income (loss), net of tax 18 3 (148 ) (127 ) Balance, December 31, 2016 $ (614 ) $ (22 ) $ (948 ) $ (1,584 ) |
Other Income (Loss), Net
Other Income (Loss), Net | 12 Months Ended |
Dec. 31, 2016 | |
Other (Loss) Income, Net [Abstract] | |
Other (Loss) Income, Net | Other Income, Net . Other income, net consists of the following: Year Ended December 31, 2016 2015 2014 (in millions) Gain on acquisition $ — $ 5 $ — Realized and unrealized (loss) gain on derivatives, net (Note 7) (19 ) (29 ) 186 Other derivative income 66 — — Gain on disposition of assets 14 40 25 Loss on extinguishment of debt (Note 10) (5 ) (2 ) (162 ) Equity earnings from non-consolidated affiliates 64 62 50 Foreign currency transaction loss (1 ) (10 ) (10 ) Tax settlement gain — — 32 Predecessor claim settlement 3 — 53 Other (1 ) 9 8 $ 121 $ 75 $ 182 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Commitments and Contingencies . Automotive Environmental Matters Federal-Mogul is a defendant in lawsuits filed, or the recipient of administrative orders issued or demand letters received, in various jurisdictions pursuant to the Federal Comprehensive Environmental Response Compensation and Liability Act of 1980 (“CERCLA”) or other similar national, provincial or state environmental remedial laws. These laws provide that responsible parties may be liable to pay for remediating contamination resulting from hazardous substances that were discharged into the environment by them, by prior owners or occupants of property they currently own or operate, or by others to whom they sent such substances for treatment or other disposition at third party locations. Federal-Mogul has been notified by the United States Environmental Protection Agency, other national environmental agencies, and various provincial and state agencies that it may be a potentially responsible party (“PRP”) under such laws for the cost of remediating hazardous substances pursuant to CERCLA and other national and state or provincial environmental laws. PRP designation often results in the funding of site investigations and subsequent remedial activities. Many of the sites that are likely to be the costliest to remediate are often current or former commercial waste disposal facilities to which numerous companies sent wastes. Despite the potential joint and several liability which might be imposed on Federal-Mogul under CERCLA and some of the other laws pertaining to these sites, its share of the total waste sent to these sites has generally been small. Federal-Mogul believes its exposure for liability at these sites is limited. Federal-Mogul has also identified certain other present and former properties at which it may be responsible for cleaning up or addressing environmental contamination, in some cases as a result of contractual commitments and/or federal or state environmental laws. Federal-Mogul is actively seeking to resolve these actual and potential statutory, regulatory and contractual obligations. Although difficult to quantify based on the complexity of the issues, Federal-Mogul has accrued amounts corresponding to its best estimate of the costs associated with such regulatory and contractual obligations on the basis of available information from site investigations and the professional judgment of consultants. Total environmental liabilities, determined on an undiscounted basis, were $16 million and $14 million as of December 31, 2016 and 2015, respectively, and are included in accrued expenses and other liabilities in our consolidated balance sheets. Federal-Mogul believes that recorded environmental liabilities will be adequate to cover its estimated liability for its exposure in respect to such matters. In the event that such liabilities were to significantly exceed the amounts recorded by Federal-Mogul, our Automotive segment's results of operations could be materially affected. At December 31, 2016 , Federal-Mogul estimates reasonably possible material additional losses, above and beyond its best estimate of required remediation costs as recorded, to approximate $41 million . Asset Retirement Obligations Our Automotive segment has identified sites with contractual obligations and several sites that are closed or expected to be closed and sold. In connection with these sites, our Automotive segment has accrued $21 million and $16 million as of December 31, 2016 and 2015, respectively, for asset retirement obligations ("ARO"), primarily related to anticipated costs of removing hazardous building materials at its facilities, and has considered impairment issues that may result from capitalization of these ARO amounts. Other Matters On April 25, 2014, a group of plaintiffs brought an action against Federal-Mogul Products, Inc. (“FM Products”), a wholly-owned subsidiary of Federal-Mogul, alleging injuries and damages associated with the discharge of chlorinated hydrocarbons by the former owner of a facility located in Kentucky. Since 1998, when FM Products acquired the facility, it has been cooperating with the applicable regulatory agencies on remediating the prior discharges pursuant to an order entered into by the facility’s former owner. Federal-Mogul does not currently believe the outcome of this litigation will have a material impact on its financial statements. On September 29, 2016, September 30, 2016, October 12, 2016 and October 19, 2016, respectively, four putative class actions, captioned Skybo v. Ninivaggi et al. , C.A. No. 12790, Lemanchek v. Ninivaggi et al. , C.A. No. 12791, Raul v. Ninivaggi et al. , C.A. No. 12821 and Mercado v. Ninivaggi et al. , C.A. No. 12837, were filed in the Court of Chancery of the State of Delaware against the Board, Icahn Enterprises L.P. and certain of its affiliates, including Parent and the Offeror (the “Icahn Defendants”), and, in the case of Raul , Federal-Mogul. The complaints allege that, among other things, the Board breached its fiduciary duties by approving the proposed Merger Agreement, that the Icahn Defendants breached their fiduciary duties to the minority stockholders and/or aided and abetted the Board’s breaches of its fiduciary duties, as well as alleging certain material misstatements and omissions in the Schedule 14D-9. The complaints allege that, among other things, the then-Offer Price was inadequate and, together with that the Merger Agreement, was the result of a flawed and unfair sales process and conflicts of interest of the Board and the Special Committee, alleging that the Special Committee and Federal-Mogul’s management lacked independence from the Icahn Defendants. In addition, the complaints allege that the Merger Agreement contains certain allegedly preclusive deal protection provisions, including a no-solicitation provision, an information rights provision and a matching rights provision. Among other things, the complaints sought to enjoin the transactions contemplated by the Merger Agreement, as well as award costs and disbursements, including reasonable attorneys’ and experts’ fees. The Raul and Mercado complaints further seek to rescind the transaction or award rescissory damages, or (in the case of Raul ) award a quasi-appraisal remedy in the event that the transaction was consummated, as well as award money damages. On October 28, 2016, all four actions were consolidated under the caption In re Federal-Mogul Holdings, Inc. Stockholder Litigation , C.A. No. 12790-CB (the “Delaware Action”). On February 3, 2017, an order was entered requiring plaintiffs to file their amended complaint by March 6, 2017. On October 5, 2016, a putative class action captioned Sanders v. Federal-Mogul Holdings Corporation et al. , C.A. No. 16-155387 was filed in the Circuit Court for Oakland County of the State of Michigan against the Company, the Board and the Icahn Defendants (the “Michigan Action”). The complaint alleges, among other things, that the Board breached its fiduciary duties and that Federal-Mogul and the Icahn Defendants aided and abetted the Board’s breaches of its fiduciary duties, as well as alleging certain material misstatements and omissions in the Schedule 14D-9. The complaint alleges that, among other things, the then-Offer Price was unfair and the result of an unfair sales process that included conflicts of interest. In addition, the complaint alleges that the Merger Agreement contains certain allegedly preclusive deal protection provisions, including a no-solicitation provision, an information rights provision and a matching rights provision. Among other things, the complaint sought to enjoin the transactions contemplated by the Merger Agreement, or, in the event that the transactions were consummated, rescind the transactions or award rescissory damages, as well as award money damages and costs, including reasonable attorneys’ and experts’ fees. On February 10, 2017, an order was entered providing that plaintiff shall have through March 6, 2016, to file his First Amended Complaint. Federal-Mogul believes that the claims in the Delaware and Michigan Actions are without merit and intends to defend against them vigorously. Energy Unconditional Purchase Obligations The minimum required payments for CVR's unconditional purchase obligations are as follows: Unconditional Purchase Obligations (1) (in millions) 2017 $ 150 2018 129 2019 126 2020 109 2021 97 Thereafter 640 $ 1,251 (1) This amount includes $734 million payable ratably over 14 years pursuant to petroleum transportation service agreements between CRRM and each of TransCanada Keystone Limited Partnership and TransCanada Keystone Pipeline, LP (together, "TransCanada"). The purchase obligation reflects the exchange rate between the Canadian dollar and the U.S. dollar as of December 31, 2016 , where applicable. Under the agreements, CRRM receives transportation of at least 25,000 barrels per day of crude oil with a delivery point at Cushing, Oklahoma for a term of 20 years on TransCanada's Keystone pipeline system. CRRM began receiving crude oil under the agreements in the first quarter of 2011. Unconditional Purchase Obligations CVR leases various equipment, including railcars, and real properties under long-term operating leases expiring at various dates. For the years ended December 31, 2016 , 2015 and 2014 lease expense was $8 million , $9 million and $9 million respectively. The lease agreements have various remaining terms. Some agreements are renewable, at CVR's option, for additional periods. It is expected, in the ordinary course of business, that leases will be renewed or replaced as they expire. Additionally, in the normal course of business, CVR has long-term commitments to purchase oxygen, nitrogen, electricity, storage capacity and pipeline transportation services. Crude Oil Supply Agreement On August 31, 2012, CRRM and Vitol Inc. ("Vitol"), entered into an Amended and Restated Crude Oil Supply Agreement (as amended, the "Vitol Agreement"). Under the Vitol Agreement, Vitol supplies the petroleum business with crude oil and intermediation logistics, which helps to reduce CVR Refining's inventory position and mitigate crude oil pricing risk. The Vitol Agreement will automatically renew for successive one-year terms (each such term, a "Renewal Term") unless either party provides the other with notice of nonrenewal at least 180 days prior to expiration of any Renewal Term. The Vitol Agreement currently extends through December 31, 2017. Litigation From time to time, CVR is involved in various lawsuits arising in the normal course of business, including matters such as those described below under, "Environmental, Health and Safety Matters." Liabilities related to such litigation are recognized when the related costs are probable and can be reasonably estimated. These provisions are reviewed at least quarterly and adjusted to reflect the impacts of negotiations, settlements, rulings, advice of legal counsel and other information and events pertaining to a particular case. It is possible that CVR's management estimates of the outcomes will change within the next year due to uncertainties inherent in litigation and settlement negotiations. In the opinion of CVR management, the ultimate resolution of any other litigation matters is not expected to have a material adverse effect on the accompanying consolidated financial statements. There can be no assurance that CVR management's beliefs or opinions with respect to liability for potential litigation matters will prove to be accurate. On August 29, 2015, Mike Mustard, a purported unitholder of Rentech Nitrogen Partners, L.P. ("Rentech Nitrogen"), filed a class action complaint on behalf of the public unitholders of Rentech Nitrogen against Rentech Nitrogen, Rentech Nitrogen GP, LLC ("Rentech Nitrogen GP"), Rentech Nitrogen Holdings, Inc., Rentech, Inc., DSHC, LLC, CVR Partners, two subsidiaries of CVR Partners, and the members of the board of directors of Rentech Nitrogen GP (the "Rentech Nitrogen Board"), in the Court of Chancery of the State of Delaware (the "Mustard Lawsuit"). On October 6, 2015, Jesse Sloan, a purported unitholder of Rentech Nitrogen, filed a class action complaint on behalf of the public unitholders of Rentech Nitrogen against Rentech Nitrogen, Rentech Nitrogen GP, CVR Partners, two subsidiaries of CVR Partners, and the members of the Rentech Nitrogen Board, in the United States District Court for the Central District of California (the "Sloan Lawsuit"). Both lawsuits alleged, among other things, that the attempted sale of Rentech Nitrogen to CVR Partners was conducted by means of an unfair process and for an unfair price. In July 2016, the Mustard Lawsuit was dismissed. In October 2016, the United States District Court for the Central District of California issued an order and judgment approving the settlement of the Sloan Lawsuit. Under the terms of the settlement, the defendants made certain supplemental disclosures related to the East Dubuque Merger, and in return, the settlement resolves and releases all claims by unitholders of Rentech Nitrogen challenging the East Dubuque Merger. CRNF received a ten year property tax abatement from Montgomery County, Kansas (the "County") in connection with the construction of the Coffeyville fertilizer facility that expired on December 31, 2007. In connection with the expiration of the abatement, the County reclassified and reassessed CRNF's nitrogen fertilizer plant for property tax purposes. The reclassification and reassessment resulted in an increase in CRNF's annual property tax expense by an average of $11 million per year for each of the years ended December 31, 2008 and 2009, $12 million for the year ended December 31, 2010 and $11 million for each of the years ended December 31, 2011 and 2012. CRNF protested the classification and resulting valuation for each of those years to the Kansas Board of Tax Appeals ("BOTA"), followed by an appeal to the Kansas Court of Appeals. However, CRNF fully accrued and paid the property taxes the county claims are owed for the years ended December 31, 2008 through 2012. The Kansas Court of Appeals, in a memorandum opinion dated August 9, 2013, reversed the BOTA decision in part and remanded the case to BOTA, instructing BOTA to classify each asset on an asset by asset basis instead of making a broad determination that the entire plant was real property as BOTA did originally. The County filed a motion for rehearing with the Kansas Court of Appeals and a petition for review with the Kansas Supreme Court, both of which have been denied. In March 2015, BOTA concluded that based upon an asset by asset determination, a substantial majority of the assets in dispute will be classified as personal property for the 2008 tax year. The parties stipulated to the value of the real property, following which BOTA issued its final decision. The County has appealed the decision with respect to classification to the Kansas Court of Appeals. No amounts have been received or recognized in these consolidated financial statements related to the 2008 property tax matter or BOTA’s decision. On February 25, 2013, the County and CRNF agreed to a settlement for tax years 2009 through 2012, which has lowered and will lower CRNF's property taxes by about $11 million per year (as compared to the 2012 tax year) for tax years 2013 to 2016 based on current mill levy rates. In addition, the settlement provides the County will support CRNF's application before BOTA for a ten-year tax exemption for the UAN expansion. Finally, the settlement provides that CRNF will continue its appeal of the 2008 reclassification and reassessment discussed above. The SEC conducted an investigation in connection with respect to CVR's disclosures (which were prepared by CVR’s outside counsel) following the announcement of a tender offer for CVR's stock initiated in February 2012. CVR cooperated with the SEC and produced, at the SEC's request, documents pertaining to the tender offer and CVR's disclosures. On February 14, 2017, the SEC issued an order instituting cease and desist proceedings that require CVR to prospectively comply with certain disclosure obligations in response to tender offers for CVR’s securities. No civil penalty was issued. Flood, Crude Oil Discharge and Insurance Crude oil was discharged from the Coffeyville refinery on July 1, 2007, due to the short amount of time available to shutdown and secure the refinery in preparation for the flood that occurred on June 30, 2007. On October 25, 2010, the Company received a letter from the United States Coast Guard on behalf of the EPA seeking approximately $1.8 million in oversight cost reimbursement. The Company responded by asserting defenses to the Coast Guard's claim for oversight costs. On September 23, 2011, the United States Department of Justice ("DOJ"), acting on behalf of the EPA and the United States Coast Guard, filed suit against CRRM in the United States District Court for the District of Kansas seeking recovery from CRRM related to alleged non-compliance with the Clean Air Act's Risk Management Program ("RMP"), the Clean Water Act ("CWA") and the Oil Pollution Act of 1990 ("OPA"). CRRM reached an agreement with the DOJ resolving its claims under CWA and OPA. The agreement was memorialized in a Consent Decree that was filed with and approved by the Court on February 12, 2013 and March 25, 2013, respectively (the "2013 Consent Decree"). On April 19, 2013, CRRM paid a civil penalty (including accrued interest) in the amount of $0.6 million related to the CWA claims and reimbursed the Coast Guard for oversight costs under OPA in the amount of $1.7 million. The 2013 Consent Decree also requires CRRM to make small capital upgrades to the Coffeyville refinery crude oil tank farm, develop flood procedures and provide employee training, the majority of which have already been completed. The parties also reached an agreement to settle DOJ’s claims related to alleged non-compliance with RMP. The agreement is memorialized in a separate consent decree that was filed with and approved by the Court on May 21, 2013 and July 2, 2013, respectively, and provided for a civil penalty of $0.3 million. On July 29, 2013, CRRM paid the civil penalty related to the RMP claims. In 2015, CRRM continued to implement the recommendations of several audits required by the RMP Consent Decree, which were related to compliance with RMP requirements. CRRM sought insurance coverage for the crude oil release and for the ultimate costs for remediation and third-party property damage claims. On July 10, 2008, CVR filed a lawsuit in the United States District Court for the District of Kansas (the "Court") against certain of CVR's environmental insurance carriers requesting insurance coverage indemnification for the June/July 2007 flood and crude oil discharge losses. Each insurer reserved its rights under various policy exclusions and limitations and cited potential coverage defenses. The Court issued summary judgment opinions that eliminated the majority of the insurance defendants' reservations and defenses. CRRM has received $25 million of insurance proceeds under its primary environmental liability insurance policy, which constitutes full payment of the primary pollution liability policy limit. During the second quarter of 2015, CRRM entered into a settlement agreement and release with the insurance carriers involved in the lawsuit, pursuant to which (i) CRRM received settlement proceeds of approximately $31 million, (ii) the parties mutually released each other from all claims relating to the flood and crude oil discharge and (iii) all pending appeals have been dismissed. Of the settlement proceeds received, $27 million were recorded as a flood insurance recovery located in other income within the consolidated statements of operations for the year ended December 31, 2015. The remaining $4 million of settlement proceeds reduced $4 million of receivable related to this matter, which was included in other assets on the consolidated balance sheets as of December 31, 2014. Environmental, Health and Safety Matters The petroleum and nitrogen fertilizer businesses are subject to various stringent federal, state, and local Environmental, Health and Safety ("EHS") rules and regulations. Liabilities related to EHS matters are recognized when the related costs are probable and can be reasonably estimated. Estimates of these costs are based upon currently available facts, existing technology, site-specific costs and currently enacted laws and regulations. In reporting EHS liabilities, no offset is made for potential recoveries. CRRM, CRNF, Coffeyville Resources Crude Transportation, LLC ("CRCT"), Wynnewood Refining Company, LLC ("WRC"), East Dubuque Nitrogen Fertilizers, LLC ("EDNF") and Coffeyville Resources Terminal, LLC ("CRT") own and/or operate manufacturing and ancillary operations at various locations directly related to petroleum refining and distribution and nitrogen fertilizer manufacturing. Therefore, CRRM, CRNF, CRCT, WRC, EDNF and CRT have exposure to potential EHS liabilities related to past and present EHS conditions at these locations. Under the Comprehensive Environmental Response, Compensation, and Liability Act ("CERCLA"), the Resource Conservation and Recovery Act (“RCRA”), and related state laws, certain persons may be liable for the release or threatened release of hazardous substances. These persons can include the current owner or operator of property where a release or threatened release occurred, any persons who owned or operated the property when the release occurred, and any persons who disposed of, or arranged for the transportation or disposal of, hazardous substances at a contaminated property. Liability under CERCLA is strict, and under certain circumstances, joint and several, so that any responsible party may be held liable for the entire cost of investigating and remediating the release of hazardous substances. Similarly, the OPA generally subjects owners and operators of facilities to strict, joint and several liability for all containment and clean-up costs, natural resource damages, and potential governmental oversight costs arising from oil spills into waters of the United States, which has been broadly interpreted to include most water bodies including intermittent streams. CRRM, CRNF, CRCT, WRC, EDNF and CRT are subject to extensive and frequently changing federal, state and local, environmental and health and safety laws and regulations governing the emission and release of hazardous substances into the environment, the treatment and discharge of waste water, and the storage, handling, use and transportation of petroleum and nitrogen products, and the characteristics and composition of gasoline and diesel fuels. The ultimate impact of complying with evolving laws and regulations is not always clearly known or determinable due in part to the fact that CVR's operations may change over time and certain implementing regulations for laws, such as the federal Clean Air Act, have not yet been finalized, are under governmental or judicial review or are being revised. These laws and regulations could result in increased capital, operating and compliance costs for our Energy segment. On August 1, 2016, CRCT received a Notice of Probable Violation, Proposed Civil Penalty and Proposed Compliance Order (the "NOPV") from the U.S. Department of Transportation's Pipeline and Hazardous Materials Safety Administration (the "PHMSA"). The NOPV alleges violations of the Pipeline Safety Regulations, Title 49, Code of Federal Regulations. The alleged violations include alleged failures (during various time periods) to (i) conduct quarterly notification drills, (ii) maintain certain required records, (iii) utilize certain required safety equipment (including line markers), (iv) take certain pipeline integrity management activities, (v) conduct certain cathodic protection testing, and (vi) make certain atmospheric corrosion inspections. The preliminary assessed civil penalty is approximately $0.5 million and the NOPV contained a compliance order outlining remedial compliance steps to be undertaken by CRCT. CRCT paid approximately $160,000 of the preliminary assessed civil penalty, is contesting and requesting mitigation of the remainder, and is also requesting reconsideration of the proposed compliance order. Although our Energy segment cannot predict with certainty the ultimate resolution of the claims asserted, it does not believe that the claims in the NOPV will have a material adverse effect on its operations. CRRM and CRT have agreed to perform corrective actions at the Coffeyville, Kansas refinery and the now-closed Phillipsburg, Kansas terminal facility, pursuant to Administrative Orders on Consent issued under RCRA to address historical contamination by the prior owners (RCRA Docket No. VII-94-H-20 and Docket No. VII-95-H-11, respectively). WRC and the Oklahoma Department of Environmental Quality ("ODEQ") have entered into a Consent Order (Case No. 15-056) to resolve certain legacy environmental issues related to historical groundwater contamination and the operation of a wastewater conveyance. As of December 31, 2016 and 2015, our Energy segment had environmental accruals of $5 million and $4 million , respectively, which were reflected in the consolidated balance sheets for probable and estimated costs for remediation of environmental contamination under the RCRA Administrative Orders and the ODEQ Consent Order. Accruals were determined based on an estimate of payment costs through 2026, for which the scope of remediation was arranged with the EPA and ODEQ, and were discounted at the appropriate risk free rates at December 31, 2016 and 2015. The accruals include estimated closure and post-closure costs of less than $1 million for the two landfills at both December 31, 2016 and 2015. CVR's management periodically reviews and, as appropriate, revises its environmental accruals. Based on current information and regulatory requirements, CVR's management believes that the accruals established for environmental expenditures are adequate. In 2007, the EPA promulgated the Mobile Source Air Toxic II ("MSAT II") rule that requires the reduction of benzene in gasoline by 2011. The MSAT II projects for CRRM and WRC were completed within the compliance deadline of November 1, 2014. The projects were completed at a total cost, excluding capitalized interest, of $48 million for CRRM and $89 million for WRC. In April 2014, the EPA promulgated the Tier 3 Motor Vehicle Emission and Fuel Standards, which will require that gasoline contain no more than ten parts per million of sulfur on an annual average basis. Refineries must be in compliance with the more stringent emission standards by January 1, 2017; however, compliance with the rule is extended until January 1, 2020 for approved small volume refineries and small refiners. In March 2015, the EPA approved the Wynnewood refinery's application requesting "small volume refinery" status. In June 2016, because it exceeded the EPA’s specified throughput limit for a “small volume refinery.” the Wynnewood refinery became disqualified as a “small volume refinery.” Therefore, the Wynnewood refinery’s compliance deadline was accelerated to December 21, 2018. It is not anticipated that the refineries will require additional controls or capital expenditures to meet the anticipated new standard. CVR Refining is subject to the Renewable Fuel Standard ("RFS") which requires refiners to either blend "renewable fuels" with their transportation fuels or purchase renewable fuel credits, known as RINs in lieu of blending. Due to mandates in the RFS requiring increasing volumes of renewable fuels to replace petroleum products in the U.S. transportation fuel market, there may be a decrease in demand for petroleum products. Beginning in 2011, the Coffeyville refinery was required to blend renewable fuels into its transportation fuel or purchase RINs in lieu of blending. In 2013, the Wynnewood refinery was subject to the RFS for the first time. CVR Refining is not able to blend the substantial majority of its transportation fuels and has to purchase RINs on the open market, as well as waiver credits for cellulosic biofuels from the EPA, in order to comply with the RFS. The cost of RINs has been extremely volatile as the EPA's proposed renewable fuel volume mandates approached the "blend wall." The blend wall refers to the point at which the amount of ethanol blended into the transportation fuel supply exceeds the demand for transportation fuel containing such levels of ethanol. The blend wall is generally considered to be reached when more than 10% ethanol by volume ("E10 gasoline") is blended into transportation fuel. On December 14, 2015, the EPA published in the Federal Register a final rule establishing the renewable fuel volume mandates for 2014, 2015 and 2016, and the biomass-based diesel mandate for 2017. On December 12, 2016, the EPA published in the Federal Register a final rule establishing the renewable fuel volume mandates for 2017, and the biomass-based diesel mandate for 2018. The volumes included in the EPA's final rule increase each year, but are lower, with the exception of the volumes for biomass-based diesel, than the volumes required by the Clean Air Act. The EPA used its waiver authorities to lower the volumes, but its decision to do so for the 2014-2016 compliance years has been challenged in the U.S. Court of Appeals for the District of Columbia Circuit. In addition, the EPA has articulated a policy to incentivize additional investments in renewable fuel blending and distribution infrastructure by increasing the price of RINs. The cost of RINs was $206 million , $124 million and $127 million for years ended December 31, 2016 , 2015 and 2014, respectively. As of December 31, 2016 and 2015, the petroleum business' biofuel blending obligation was $186 million and $10 million , respectively, which is included in accrued expenses and other liabilities on the consolidated balance sheets. The price of RINs has been extremely volatile and has increased over the last year. The future cost of RINs is difficult to estimate. Additionally, the cost of RINs is dependent upon a variety of factors, which include the availability of RINs for purchase, the price at which RINs can be purchased, transportation fuel production levels, the mix of the petroleum business' petroleum products, as well as the fuel blending performed at the its refineries and downstream terminals, all of which can vary significantly from period to period. In March 2004, CRRM and CRT entered into a Consent Decree (the "2004 Consent Decree") with the EPA and the Kansas Department of Health and Environment (the "KDHE") to resolve air compliance concerns raised by the EPA and KDHE related to Farmland Industries Inc.'s prior ownership and operation of the Coffeyville crude oil refinery and the now-closed Phillipsburg terminal facilities. Under the 2004 Consent Decree, CRRM agreed to reduce emissions of sulfur dioxide, nitrogen oxides and particulate matter from its fluid catalytic cracking unit ("FCCU") by January 1, 2011. In addition, pursuant to the 2004 Consent Decree, CRRM and CRT assumed clean-up obligations at the Coffeyville refinery and the now-closed Phillipsburg terminal facilities. In March 2012, CRRM entered into a second consent decree (the "Second Consent Decree") with the EPA and KDHE, which replaced the 2004 Consent Decree (other than certain financial assurance provisions associated with corrective action at the refinery and terminal under RCRA). The Second Consent Decree was entered by the U.S. District Court for the District of Kansas on April 19, 2012. The Second Consent Decree gave CRRM more time to install the FCCU controls from the 2004 Consent Decree and expands the scope of the settlement so that it is now considered a "global settlement" under the EPA's "National Petroleum Refining Initiative." Under the National Petroleum Refining Initiative, the EPA alleged industry-wide non-compliance with four "marquee" issues under the Clean Air Act: New Source Review, Flaring, Leak Detection and Repair, and Benzene Waste Operations NESHAP. The National Petroleum Refining Initiative has resulted in most U.S. refineries (representing more than 95% of the U.S. refining capacity) entering into consent decrees requiring the payment of civil penalties and the installation of air pollution control equipment and enhanced operating procedures. Under the Second Consent Decree, C |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events . Icahn Enterprises Distribution On February 27, 2017 , the Board of Directors of the general partner of Icahn Enterprises declared a quarterly distribution in the amount of $1.50 per depositary unit, which will be paid on or about April 18, 2017 to depositary unitholders of record at the close of business on March 13, 2017 . Depositary unitholders will have until April 5, 2017 to make an election to receive either cash or additional depositary units; if a holder does not make an election, it will automatically be deemed to have elected to receive the dividend in cash. Depositary unitholders who elect to receive additional depositary units will receive units valued at the volume weighted average trading price of the units on NASDAQ during the 5 consecutive trading days ending April 12, 2017 . No fractional depositary units will be issued pursuant to the distribution payment. Icahn Enterprises will make a cash payment in lieu of issuing fractional depositary units to any holders electing to receive depositary units. Any holders that would only be eligible to receive a fraction of a depositary unit based on the above calculation will receive a cash payment. Refinancing of 3.50% Senior Unsecured Notes Due 2017 On January 18, 2017, we and a wholly owned subsidiary of ours, Icahn Enterprises Finance (collectively, the “Issuers”), issued $695 million in aggregate principal amount of 6.250% senior notes due 2022 and $500 million in aggregate principal amount of 6.750% senior notes due 2024 (collectively, the "New Notes"). The net proceeds from the sale of the New Notes were approximately $1.192 billion , after deducting the initial purchaser’s discount and commission and estimated fees and expenses related to the offering. These proceeds were used to repay our existing 2017 Notes, including accrued interest, resulting in a de minimis loss on extinguishment during the first quarter of 2017. Interest on the New Notes are payable on February 1 and August 1 of each year, commencing August 1, 2017. The Issuers issued the New Notes under an indenture dated January 18, 2017, among the Issuers, Icahn Enterprises Holdings (the "Guarantor"), and Wilmington Trust Company, as trustee. The indenture contains customary events of defaults and covenants relating to, among other things, the incurrence of debt, affiliate transactions, liens and restricted payments. Prior to maturity of the New Notes, the Issuers may redeem some or all of the notes at certain times by paying a premium as specified in the indenture, plus accrued and unpaid interest. The New Notes and the related guarantee are the senior unsecured obligations of the Issuers and rank equally with all of the Issuers’ and the Guarantor’s existing and future senior unsecured indebtedness and senior to all of the Issuers’ and the Guarantor’s existing and future subordinated indebtedness. All of our senior unsecured notes and the related guarantees are effectively subordinated to the Issuers’ and the Guarantor’s existing and future secured indebtedness to the extent of the collateral securing such indebtedness. All of our senior unsecured notes and the related guarantees are also effectively subordinated to all indebtedness and other liabilities of the Issuers’ subsidiaries other than the Guarantor. In connection with the sale of the New Notes, the Issuers and the Guarantor entered into a certain registration rights agreement dated January 18, 2017 in which the Issuers and the Guarantor have agreed to file a registration statement with the SEC within 120 days of the date of the registration rights agreement and to make an offer to exchange the unregistered New Notes for registered, publicly tradable notes that have substantially identical terms as the New Notes. Icahn Enterprises Rights Offering Subsequent to December 31, 2016, Icahn Enterprises commenced a rights offering entitling holders of the rights to acquire newly issued depositary units of Icahn Enterprises. The purposes of the rights offering are to (i) to enhance Icahn Enterprises' depositary unit holder equity; (ii) to endeavor to improve Icahn Enterprises' credit ratings; and (iii) to raise equity capital to be used for general partnership purposes. The rights offering, which expired on February 22, 2017, was fully subscribed with total basic subscription rights and over-subscription rights being exercised resulting in a total of 11,171,104 depositary units to be issued on or about March 1, 2017 and for aggregate proceeds of $600 million . Affiliates of Mr. Icahn fully exercised all of the basic subscription rights and over-subscription rights allocated to them in the rights offering aggregating 10,525,105 additional depositary units. Mr. Icahn and his affiliates owned approximately 90.1% of Icahn Enterprises' outstanding depositary units as of March 1, 2017 . Investment On February 1, 2017, an affiliate of Mr. Icahn invested $600 million in the Investment Funds. On March 1, 2017, we invested $500 million in the Investment Funds. Automotive Federal-Mogul Tender Offer As discussed in Note 3 , " Operating Units - Automotive," we commenced the Federal-Mogul Tender Offer which expired on January 18, 2017. As of the expiration, the tendered shares of Federal-Mogul's common stock not already owned by us together with the shares of Federal-Mogul's common stock already owned by us represented approximately 92.4% of the outstanding shares of Federal-Mogul's common stock. Icahn Enterprises accepted for payment all validly tendered shares of Federal-Mogul's common stock that were not properly withdrawn and paid for such shares promptly in accordance with the terms of the Federal-Mogul Tender Offer. The completion of the Federal-Mogul Tender Offer was the first step in Icahn Enterprises' two-step acquisition of Federal-Mogul pursuant to our agreement and plan of merger with Federal-Mogul. All conditions set forth in the agreement and plan of merger with Federal-Mogul were satisfied and, on January 23, 2017, Icahn Enterprises completed the second and final step of the acquisition, a short-form merger under Delaware law. In the short-form merger, a wholly owned subsidiary of ours merged with and into Federal-Mogul and each share of Federal-Mogul common stock not tendered in the Federal-Mogul Tender Offer, other than those as to which holders exercise appraisal rights under Delaware law and those already held by us, were canceled and automatically converted into the right to receive $10.00 per share in cash, without interest and less any applicable tax withholding. This is the same price per share paid in the Federal-Mogul Tender Offer. Following the merger, Federal Mogul's common stock ceased to be traded on the NASDAQ Global Select Market. The Federal-Mogul Tender Offer and subsequent short form merger resulted in an aggregate purchase price of $305 million. As further discussed in 14 , " Income Taxes ," we have disclosed the details of our Automotive segment's deferred tax assets, including the amount of its tax loss carryforwards and tax credits and the valuation allowance related to these deferred tax assets. In assessing the recoverability of deferred tax assets, we consider whether some portion or all of the deferred tax assets will not be realized based on the recognition threshold and measurement of a tax position in accordance with FASB ASC Topic 740, Income Taxes . The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. We consider the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. In accordance with FASB ASC Topic 740, based upon the level of historic taxable losses and limitations in utilizing the losses generated, we have maintained a deferred tax valuation allowance against a significant portion of our Automotive segment's U.S. tax loss carryforwards and credits. Pursuant to the completion of the Federal-Mogul Tender Offer and short-form merger on January 23, 2017, Federal-Mogul is now wholly owned by us, which may impact the estimated realization of our Automotive segment's deferred tax assets. If future consolidated corporate taxable income increases as expected, which may include the income related to the ARL Initial Sale, we will likely realize the benefits of a significant portion of our Automotive segment's U.S. deferred tax assets. The ARL Initial Sale is expected to close in the second quarter of 2017. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Data (Unaudited) [Abstract] | |
Quarterly Financial Information [Text Block] | Quarterly Financial Data (Unaudited) . Quarterly financial data for Icahn Enterprises is presented below: For the Three Months Ended (1) March 31, June 30, September 30, December 31, 2016 2015 2016 2015 2016 2015 2016 2015 (in millions, except per unit data) Net sales $ 3,548 $ 3,565 $ 4,094 $ 3,979 $ 3,904 $ 3,720 $ 3,965 $ 3,340 Gross margin on net sales 425 440 646 655 526 496 502 272 Total revenues 3,127 4,511 4,350 4,984 4,899 3,212 3,972 2,565 Net income (loss) (1,609 ) 422 (285 ) 541 238 (940 ) (564 ) (2,150 ) Net (income) loss attributable to non-controlling interests 772 (261 ) 216 (329 ) (254 ) 500 358 1,023 Net income (loss) attributable to Icahn Enterprises (837 ) 161 (69 ) 212 (16 ) (440 ) (206 ) (1,127 ) Basic income (loss) per LP unit (2) $ (6.21 ) $ 1.28 $ (0.50 ) $ 1.68 $ (0.12 ) $ (3.40 ) $ (1.42 ) $ (8.56 ) Diluted income (loss) per LP unit (2) $ (6.21 ) $ 1.27 $ (0.50 ) $ 1.68 $ (0.12 ) $ (3.40 ) $ (1.42 ) $ (8.56 ) (1) The comparability of our quarterly financial data is impacted by the acquisitions of certain businesses during both of the years December 31, 2016 and 2015 as discussed in Note 1 , " Description of Business and Basis of Presentation ." (2) Basic and diluted income (loss) per LP unit is computed separately for each quarter and therefore, the sum of such quarterly per LP unit amounts may differ from the total for the year. |
Schedule I
Schedule I | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 2015 (In millions, except unit amounts) ASSETS Investments in subsidiaries, net $ 7,750 $ 9,579 Total Assets $ 7,750 $ 9,579 LIABILITIES AND EQUITY Accrued expenses and other liabilities $ 106 $ 106 Debt 5,490 5,486 5,596 5,592 Commitments and contingencies (Note 3) Equity: Limited partners: Depositary units: 144,741,149 and 131,481,059 units issued and outstanding at December 31, 2016 and 2015, respectively 2,448 4,244 General partner (294 ) (257 ) Total equity 2,154 3,987 Total Liabilities and Equity $ 7,750 $ 9,579 See notes to condensed financial statements. SCHEDULE I ICAHN ENTERPRISES, L.P. (Parent Company) CONDENSED STATEMENTS OF OPERATIONS Year Ended December 31, 2016 2015 2014 (In millions) Interest expense $ (289 ) $ (289 ) $ (292 ) Loss on extinguishment of debt — — (108 ) Equity in (loss) earnings of subsidiaries (839 ) (905 ) 27 Net loss $ (1,128 ) $ (1,194 ) $ (373 ) Net loss allocable to: Limited partners $ (1,106 ) $ (1,170 ) $ (366 ) General partner (22 ) (24 ) (7 ) $ (1,128 ) $ (1,194 ) $ (373 ) See notes to condensed financial statements. SCHEDULE I ICAHN ENTERPRISES, L.P. (Parent Company) CONDENSED STATEMENTS OF CASH FLOWS Year Ended December 31, 2016 2015 2014 (In millions) Cash flows from operating activities: Net loss $ (1,128 ) $ (1,194 ) $ (373 ) Adjustments to reconcile net loss to net cash used in operating activities: Amortization of deferred financing costs 1 1 1 Loss on extinguishment of debt — — 108 Equity in loss (income) of subsidiary 839 905 (27 ) Net cash used in operating activities (288 ) (288 ) (291 ) Cash flows from investing activities: Net investment in and advances from subsidiary 390 404 (951 ) Net cash provided by (used in) investing activities 390 404 (951 ) Cash flows from financing activities: Partnership distributions (103 ) (116 ) (125 ) Partnership contributions 1 — — Proceeds from borrowings — — 4,991 Repayments of borrowings — — (3,624 ) Net cash (used in) provided by financing activities (102 ) (116 ) 1,242 Net change in cash and cash equivalents — — — Cash and cash equivalents, beginning of period — — — Cash and cash equivalents, end of period $ — $ — $ — See notes to condensed financial statements. ICAHN ENTERPRISES L.P. (Parent Company) NOTES TO CONDENSED FINANCIAL STATEMENTS 1. Description of Business and Basis of Presentation. Icahn Enterprises, L.P. (“Icahn Enterprises”) is a master limited partnership formed in Delaware on February 17, 1987. We own a 99% limited partner interest in Icahn Enterprises Holdings L.P. (''Icahn Enterprises Holdings''). Icahn Enterprises Holdings and its subsidiaries own substantially all of our assets and liabilities and conduct substantially all of our operations. Icahn Enterprises G.P. Inc. (''Icahn Enterprises GP''), our sole general partner, which is owned and controlled by Carl C. Icahn, owns a 1% general partner interest in both us and Icahn Enterprises Holdings, representing an aggregate 1.99% general partner interest in us and Icahn Enterprises Holdings. As of December 31, 2016 , Icahn Enterprises Holdings is engaged in the following continuing operating businesses: Investment, Automotive, Energy, Railcar, Gaming, Metals, Mining, Food Packaging, Real Estate and Home Fashion . For the years ended December 31, 2016 , 2015 and 2014 , Icahn Enterprises received $390 million , $404 million and $416 million , respectively, in dividends and distributions from consolidated subsidiaries. The condensed financial statements of Icahn Enterprises should be read in conjunction with the consolidated financial statements and notes thereto included in Item 8 of this Report. 2. Debt. See Note 10 , “ Debt ,” to the consolidated financial statements located in Item 8 of this Report. Icahn Enterprises' Parent company debt consists of the following: December 31, 2016 2015 (in millions) Senior unsecured 5.875% notes due 2022 $ 1,340 $ 1,338 Senior unsecured 6.00% notes due 2020 1,705 1,706 Senior unsecured 4.875% notes due 2019 1,271 1,270 Senior unsecured 3.5% notes due 2017 1,174 1,172 Total debt $ 5,490 $ 5,486 3. Commitments and Contingencies. See Note 17 , “ Commitments and Contingencies ,” to the consolidated financial statements. |
Icahn Enterprises Holdings (Parent) | |
Condensed Financial Statements, Captions [Line Items] | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | SCHEDULE I ICAHN ENTERPRISES HOLDINGS L.P. (Parent Company) CONDENSED BALANCE SHEETS December 31, 2016 2015 (in millions) ASSETS Cash and cash equivalents $ 65 $ 51 Other assets 94 219 Investments in subsidiaries, net 7,642 9,363 Total Assets $ 7,801 $ 9,633 LIABILITIES AND EQUITY Accounts payable, accrued expenses and other liabilities $ 108 $ 109 Debt 5,514 5,513 5,622 5,622 Commitments and contingencies (Note 3) Equity: Limited partner 2,498 4,310 General partner (319 ) (299 ) Total equity 2,179 4,011 Total Liabilities and Equity $ 7,801 $ 9,633 See notes to condensed financial statements. SCHEDULE I ICAHN ENTERPRISES HOLDINGS L.P. (Parent Company) CONDENSED STATEMENTS OF OPERATIONS Year Ended December 31, 2016 2015 2014 (in millions) Interest and dividend income $ 1 $ — $ 1 Loss on extinguishment of debt — — (108 ) Equity in (loss) earnings of subsidiaries (818 ) (903 ) 28 Other income, net 8 28 20 (809 ) (875 ) (59 ) Interest expense 290 291 290 Selling, general and administrative 28 27 23 318 318 313 Net loss $ (1,127 ) $ (1,193 ) $ (372 ) Net loss allocable to: Limited partner $ (1,116 ) $ (1,181 ) $ (368 ) General partner (11 ) (12 ) (4 ) $ (1,127 ) $ (1,193 ) $ (372 ) See notes to condensed financial statements. SCHEDULE I ICAHN ENTERPRISES HOLDINGS L.P. (Parent Company) CONDENSED STATEMENTS OF CASH FLOWS Year Ended December 31, 2016 2015 2014 (in millions) Cash flows from operating activities: Net loss $ (1,127 ) $ (1,193 ) $ (372 ) Adjustments to reconcile net loss to net cash used in operating activities: Equity in (income) loss of subsidiary 818 903 (28 ) Loss on extinguishment of debt — — 108 Depreciation and amortization 3 2 5 Other, net 7 (16 ) — Change in operating assets and liabilities (6 ) (4 ) (47 ) Net cash used in operating activities (305 ) (308 ) (334 ) Cash flows from investing activities: Net investment in subsidiaries 421 155 (661 ) Purchase of investments — (96 ) — Other, net — 28 9 Net cash provided by (used in) investing activities 421 87 (652 ) Cash flows from financing activities: Partnership distributions (103 ) (116 ) (125 ) Partner contribution 1 — — Proceeds from borrowings — — 4,991 Repayments of borrowings — — (3,634 ) Net cash (used in) provided by financing activities (102 ) (116 ) 1,232 Net change in cash and cash equivalents 14 (337 ) 246 Cash and cash equivalents, beginning of period 51 388 142 Cash and cash equivalents, end of period $ 65 $ 51 $ 388 See notes to condensed financial statements. ICAHN ENTERPRISES HOLDINGS L.P. (Parent Company) NOTES TO CONDENSED FINANCIAL STATEMENTS 1. Description of Business and Basis of Presentation. Icahn Enterprises Holdings L.P. (“Icahn Enterprises Holdings”) is a limited partnership formed in Delaware on February 17, 1987. Our sole limited partner is Icahn Enterprises L.P. (“Icahn Enterprises”), a master limited partnership which owns a 99% interest in us. Icahn Enterprises G.P. Inc. (“Icahn Enterprises GP''), our sole 1% general partner, is a Delaware corporation which is owned and controlled by Carl C. Icahn. As of December 31, 2016 , Icahn Enterprises Holdings is engaged in the following continuing operating businesses: Investment, Automotive, Energy, Railcar, Gaming, Metals, Mining, Food Packaging, Real Estate and Home Fashion . For the years ended December 31, 2016 , 2015 and 2014 , Icahn Enterprises Holdings received $421 million , $155 million and $696 million , respectively, in dividends and distributions from consolidated subsidiaries. The condensed financial statements of Icahn Enterprises Holdings should be read in conjunction with the consolidated financial statements and notes thereto included in Item 8 of this Report. 2. Debt. See Note 10 , “ Debt ,” to the consolidated financial statements located in Item 8 of this Report. Icahn Enterprises Holdings' Parent company debt consists of the following: December 31, 2016 2015 (in millions) Senior unsecured 5.875% notes due 2022 $ 1,340 1,338 Senior unsecured 6.00% notes due 2020 1,705 1,706 Senior unsecured 4.875% notes due 2019 1,271 1,270 Senior unsecured 3.5% notes due 2017 1,174 1,172 Mortgages payable 24 27 Total debt $ 5,514 $ 5,513 3. Commitments and Contingencies. See Note 17 , “ Commitments and Contingencies ,” to the consolidated financial statements. |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule of Significant Accounting Policies [Line Items] | |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | Principles of Consolidation As of December 31, 2016 , our consolidated financial statements include the accounts of (i) Icahn Enterprises and Icahn Enterprises Holdings and (ii) the wholly and majority owned subsidiaries of Icahn Enterprises and Icahn Enterprises Holdings, in addition to those entities in which we have a controlling interest as a general partner interest. In evaluating whether we have a controlling financial interest in entities that we consolidate, we consider the following: (1) for voting interest entities, we consolidate these entities in which we own a majority of the voting interests; and (2) for limited partnership entities, we consolidate these entities if we are the general partner of such entities and for which no substantive kick-out rights (the rights underlying the limited partners' ability to dissolve the limited partnership or otherwise remove the general partners are collectively referred to as “kick-out” rights) or participating rights exist. All material intercompany accounts and transactions have been eliminated in consolidation. Except for our Investment segment, for those investments in which we own 50% or less but greater than 20%, we account for such investments using the equity method, while investments in affiliates of 20% or less are accounted for under the cost method. |
Reclassification, Policy [Policy Text Block] | Reclassifications Certain reclassifications from the prior year presentation have been made to conform to the current year presentation. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates in Preparation of Financial Statements The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the period. The more significant estimates include: (1) the valuation allowances of accounts receivable and inventory; (2) the valuation of goodwill, indefinite-lived intangible assets and long-lived assets; (3) deferred tax assets; (4) environmental liabilities; (5) fair value of investments and derivatives; and (6) post-employment benefit liabilities. Actual results may differ from the estimates and assumptions used in preparing the consolidated financial statements. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents We consider short-term investments, which are highly liquid with original maturities of three months or less at date of purchase, to be cash equivalents. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Held at Consolidated Affiliated Partnerships and Restricted Cash Cash held at consolidated affiliated partnerships primarily consists of cash and cash equivalents held by our Investment Funds (as defined herein) that, although not legally restricted, is not available to fund the general liquidity needs of the Investment segment or Icahn Enterprises. Restricted cash primarily relates to cash pledged and held for margin requirements on derivative transactions. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments The carrying values of cash and cash equivalents, cash held at consolidated affiliated partnerships and restricted cash, accounts receivable, due from brokers, accounts payable, accrued expenses and other liabilities and due to brokers are deemed to be reasonable estimates of their fair values because of their short-term nature. See Note 5 , “ Investments and Related Matters ,” and Note 6 , “ Fair Value Measurements ,” for a detailed discussion of our investments. The fair value of our long-term debt is based on the quoted market prices for the same or similar issues or on the current rates offered to us for debt of the same remaining maturities. The carrying value and estimated fair value of our long-term debt as of December 31, 2016 was approximately $11.1 billion and $11.2 billion , respectively. The carrying value and estimated fair value of our long-term debt as of December 31, 2015 was approximately $12.6 billion and $12.2 billion , respectively. Fair Value Option for Financial Assets and Financial Liabilities The fair value option gives entities the option to measure eligible financial assets, financial liabilities and firm commitments at fair value (i.e., the fair value option), on an instrument-by-instrument basis, that are otherwise not permitted to be accounted for at fair value pursuant to the provisions of 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 6 , “ Fair Value Measurements .” For our Investment segment, we apply the fair value option to our investments that would otherwise be accounted under the equity method. |
Derivatives, Policy [Policy Text Block] | Derivatives From time to time, our subsidiaries enter into derivative contracts, including purchased and written option contracts, swap contracts, futures contracts and forward contracts. U.S. GAAP requires recognition of all derivatives as either assets or liabilities in the balance sheet at their fair value. The accounting for changes in fair value depends on the intended use of the derivative and its resulting designation. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation. Gains and losses related to a hedge are either recognized in income immediately to offset the gain or loss on the hedged item or are deferred and reported as a component of accumulated other comprehensive loss and subsequently recognized in earnings when the hedged item affects earnings. The change in fair value of the ineffective portion of a financial instrument, determined using the hypothetical derivative method, is recognized in earnings immediately. The gain or loss related to financial instruments that are not designated as hedges are recognized immediately in earnings. Cash flows related to hedging activities are included in the operating section of the consolidated statements of cash flows. For further information regarding our derivative contracts, see Note 7 , “ Financial Instruments ,” |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Accounts Receivable, Net An allowance for doubtful accounts is determined through analysis of the aging of accounts receivable at the date of the consolidated financial statements, assessments of collectability based on an evaluation of historic and anticipated trends, the financial condition of our customers, and an evaluation of the impact of economic conditions. Our allowance for doubtful accounts is an estimate based on specifically identified accounts as well as general reserves based on historical experience. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment, Net Buildings and improvements, and machinery, equipment and furniture are stated at cost less accumulated depreciation unless declines in the values of the fixed assets are considered other than temporary, at which time the property is written down to net realizable value. Depreciation is principally computed using the straight-line method over the estimated useful lives of the particular property or equipment, as follows: buildings and improvements, three to 40 years; furniture, fixtures and equipment, one to 30 years. Leasehold improvements are amortized over the life of the lease or the life of the improvement, whichever is shorter. Maintenance and repairs are charged to expense as incurred. The cost of additions and improvements is capitalized and depreciated over the remaining useful lives of the assets. Railcars leased to others are stated at cost less accumulated depreciation unless declines in the values of the leased railcars are considered other than temporary, at which time they are written down to net realizable value. Railcars leased to others that were transferred from entities under common control are stated at net book value. Railcars are depreciated on a straight-line basis over 30 years from the original date placed in service. Real estate properties held for use or investment purposes, other than those accounted for under the financing method, are carried at cost less accumulated depreciation. Where declines in the values of the properties are determined to be other than temporary, the cost basis of the property is written down to net realizable value. A property is classified as held for sale at the time management determines that certain criteria have been met in accordance with U.S. GAAP. Properties held for sale are carried at the lower of cost or net realizable value and are no longer depreciated. Land and construction in progress are stated at the lower of cost or net realizable value. Interest is capitalized on expenditures for long-term projects until a salable or ready-for-use condition is reached. The interest capitalization rate is based on the interest rate on specific borrowings to fund the projects. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Intangible Assets, Net Goodwill and indefinite lived intangible assets primarily include trademarks and trade names acquired in acquisitions. For a complete discussion of the impairment of goodwill and indefinite-lived intangible assets related to our various segments see Note 8 , “ Goodwill and Intangible Assets, Net .” Impairment of Goodwill We evaluate the carrying value of goodwill annually and between annual evaluations if events occur or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying amount. Such circumstances could include, but are not limited to: (1) a significant adverse change in legal factors or in business climate, (2) unanticipated competition, or (3) an adverse action or assessment by a regulator. Goodwill impairment testing involves a two-step process. Step 1 compares the fair value of our reporting units to their carrying values. If the fair value of the reporting unit exceeds its carrying value, no further analysis is necessary. The reporting unit fair value is based upon consideration of various valuation methodologies, including guideline transaction multiples, multiples of current earnings, and projected future cash flows discounted at rates commensurate with the risk involved. If the carrying amount of the reporting unit exceeds its fair value, Step 2 must be completed to quantify the amount of impairment. Step 2 calculates the implied fair value of goodwill by deducting the fair value of all tangible and intangible assets, excluding goodwill, of the reporting unit, from the fair value of the reporting unit as determined in Step 1. The implied fair value of goodwill determined in this step is compared to the carrying value of goodwill. If the implied fair value of goodwill is less than the carrying value of goodwill, an impairment loss, equal to the difference, is recognized. Impairment of Intangible Assets We evaluate the recoverability of identifiable indefinite lived intangible assets annually or more frequently if impairment indicators exist. The impairment analysis compares the estimated fair value of these assets to the related carrying value, and an impairment charge is recorded for any excess of carrying value over estimated fair value. The estimated fair value is based on consideration of various valuation methodologies, including guideline transaction multiples, multiples of earnings, and projected future cash flows discounted at rates commensurate with risk involved. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets We evaluate the realizability of our long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Inherent in the reviews of the carrying amounts of the above assets are various estimates, including the expected usage of the asset. Assets must be tested at the lowest level for which identifiable cash flows exist. Future cash flow estimates are, by their nature, subjective and actual results may differ materially from our estimates. If our ongoing estimates of future cash flows are not met, we may have to record impairment charges in future accounting periods to write the asset down to fair value. Our estimates of cash flows are based on the current regulatory, social and economic climates, recent operating information and budgets of the operating properties. |
Asset Retirement Obligations, Policy [Policy Text Block] | Asset Retirement Obligations We record conditional asset retirement obligations (“ARO”) in accordance with applicable U.S. GAAP. As defined in applicable U.S. GAAP, ARO refers to a legal obligation to perform an asset retirement activity in which the timing and/or method of settlement are conditional on a future event. An entity is required to recognize a liability for the estimated fair value of an ARO when incurred if the fair value can be reasonably estimated. Our Automotive segment's primary asset retirement activities relate to the removal of hazardous building materials at its facilities. Our Automotive segment records the ARO liability when the amount can be reasonably estimated, typically upon the expectation that a facility may be closed or sold. |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | Pension and Other Post-Employment Benefit Obligations Pension and other post-employment benefit costs are dependent upon assumptions used in calculating such costs. These assumptions include discount rates, health care cost trends, expected returns on plan assets and other factors. In accordance with U.S. GAAP, actual results that differ from the assumptions used are accumulated and amortized over future periods and, accordingly, generally affect recognized expense and the recorded obligation in future periods. |
Earnings Per Share, Policy [Policy Text Block] | Income Per LP Unit For Icahn Enterprises, basic income (loss) per LP unit is based on net income or loss attributable to Icahn Enterprises allocable to limited partners. Net income or loss allocable to limited partners is divided by the weighted-average number of LP units outstanding. Diluted income (loss) per LP unit, when applicable, is based on basic income (loss) adjusted for the potential effect of dilutive securities as well as the related weighted-average number of units and equivalent units outstanding. For accounting purposes, when applicable, earnings prior to dates of acquisitions or investments in joint ventures of entities under common control are excluded from the computation of basic and diluted income per LP unit as such earnings are allocated to our general partner or non-controlling interests. |
Business Combinations Policy [Policy Text Block] | Acquisitions of Businesses We account for business combinations under the acquisition method of accounting (other than acquisitions of businesses under common control), which requires us to recognize separately from goodwill the assets acquired and the liabilities assumed at their acquisition date fair values. While we use our best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date as well as contingent consideration, where applicable, our estimates are inherently uncertain and subject to refinement. Accounting for business combinations requires us to make significant estimates and assumptions, especially at the acquisition date including our estimates for intangible assets, contractual obligations assumed, pre-acquisition contingencies, and contingent consideration, where applicable. In valuing our acquisitions we estimate fair values based on industry data and trends and by reference to relevant market rates and transactions, and discounted cash flow valuation methods, among other factors. The discount rates used were commensurate with the inherent risks associated with each type of asset and the level and timing of cash flows appropriately reflect market participant assumptions. The primary items that generate goodwill include the value of the synergies between the acquired company and our existing businesses and the value of the acquired assembled workforce, neither of which qualifies for recognition as an intangible asset. |
Common control acquisitions and dispositions [Policy Text Block] | Acquisition, Investments and Disposition of Entities under Common Control Acquisitions or investments of entities under common control are reflected in a manner similar to pooling of interests. The general partner's capital account or non-controlling interests, as applicable, are charged or credited for the difference between the consideration we pay for the entity and the related entity's basis prior to our acquisition or investment. Net gains or losses of an acquired entity prior to its acquisition or investment date are allocated to the general partner's capital account or non-controlling interests, as applicable. In allocating gains and losses upon the sale of a previously acquired common control entity, we allocate a gain or loss for financial reporting purposes by first restoring the general partner's capital account or non-controlling interests, as applicable, for the cumulative charges or credits relating to prior periods recorded at the time of our acquisition or investment and then allocating the remaining gain or loss ("Common Control Gains or Losses") among our general partner, limited partners and non-controlling interests, as applicable, in accordance with their respective ownership percentages. In the case of acquisitions of entities under common control, such Common Control Gains or Losses are allocated in accordance with their respective partnership percentages under the Amended and Restated Agreement of Limited Partnership dated as of May 12, 1987, as amended from time to time (together with the partnership agreement of Icahn Enterprises Holdings, the “Partnership Agreement”) (i.e., 98.01% to the limited partners and 1.99% to the general partner). |
General partnership policy [Policy Text Block] | General Partnership Interest of Icahn Enterprises and Icahn Enterprises Holdings The general partner's capital account generally consists of its cumulative share of our net income less cash distributions plus capital contributions. Additionally, in acquisitions of common control companies accounted for at historical cost similar to a pooling of interests, the general partner's capital account would be charged (or credited) in a manner similar to a distribution (or contribution) for the excess (or deficit) of the fair value of consideration paid over historical basis in the business acquired. Capital Accounts, as defined under the Partnership Agreement, are maintained for our general partner and our limited partners. The capital account provisions of our Partnership Agreement incorporate principles established for U.S. federal income tax purposes and are not comparable to the equity accounts reflected under U.S. GAAP in our consolidated financial statements. Under our Partnership Agreement, the general partner is required to make additional capital contributions to us upon the issuance of any additional depositary units in order to maintain a capital account balance equal to 1.99% (1.00% in the case of Icahn Enterprises Holdings) of the total capital accounts of all partners. Generally, net earnings for U.S. federal income tax purposes are allocated 1.99% (1.00% in the case of Icahn Enterprises Holdings) and 98.01% (99.00% in the case of Icahn Enterprises Holdings) between the general partner and the limited partners, respectively, in the same proportion as aggregate cash distributions made to the general partner and the limited partners during the period. This is generally consistent with the manner of allocating net income under our Partnership Agreement; however, it is not comparable to the allocation of net income reflected in our consolidated financial statements. Pursuant to the Partnership Agreement, in the event of our dissolution, after satisfying our liabilities, our remaining assets would be divided among our limited partners and the general partner in accordance with their respective percentage interests under the Partnership Agreement. If a deficit balance still remains in the general partner's capital account after all allocations are made between the partners, the general partner would not be required to make whole any such deficit. |
Income Tax, Policy [Policy Text Block] | Income Taxes Except as described below, no provision has been made for federal, state, local or foreign income taxes on the results of operations generated by partnership activities, as such taxes are the responsibility of the partners. Provision has been made for federal, state, local or foreign income taxes on the results of operations generated by our corporate subsidiaries and these are reflected within continuing and discontinued operations. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred tax assets are limited to amounts considered to be realizable in future periods. A valuation allowance is recorded against deferred tax assets if management does not believe that we have met the “more-likely-than-not” standard to allow recognition of such an asset. U.S. GAAP provides that the tax effects from an uncertain tax position can be recognized in the financial statements only if the position is “more-likely-than-not” to be sustained if the position were to be challenged by a taxing authority. The assessment of the tax position is based solely on the technical merits of the position, without regard to the likelihood that the tax position may be challenged. If an uncertain tax position meets the “more-likely-than-not” threshold, the largest amount of tax benefit that is greater than 50 percent likely to be recognized upon ultimate settlement with the taxing authority is recorded. See Note 14 , “ Income Taxes ,” for additional information. |
Environmental Costs, Policy [Policy Text Block] | Environmental Liabilities We recognize environmental liabilities when a loss is probable and reasonably estimable. Such accruals are estimated based on currently available information, existing technology and enacted laws and regulations. Such estimates are based primarily upon the estimated cost of investigation and remediation required and the likelihood that other potentially responsible parties will be able to fulfill their commitments at the sites where we may be jointly and severally liable with such parties. We regularly evaluate and revise estimates for environmental obligations based on expenditures against established reserves and the availability of additional information. |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Adoption of New Accounting Standards In February 2015, the FASB issued ASU No. 2015-02, Amendments to the Consolidation Analysis , which amends FASB ASC Topic 810, Consolidations . This ASU amends the current consolidation guidance, including introducing a separate consolidation analysis specific to limited partnerships and other similar entities. This ASU requires that limited partnerships and similar legal entities provide partners with either substantive kick-out rights or substantive participating rights over the general partner in order to be considered a voting interest entity. The specialized consolidation model and guidance for limited partnerships and similar legal entities have been eliminated. There is no longer a presumption that a general partner should consolidate a limited partnership. For limited partnerships and similar legal entities that qualify as voting interest entities, a limited partner with a controlling financial interest should consolidate a limited partnership. A controlling financial interest may be achieved through holding a limited partner interest that provides substantive kick-out rights. The standard is effective for annual periods beginning after December 15, 2015. As a result of adopting this guidance in the first quarter of 2016, while certain of our limited partnership entities are now considered VIEs, we continue to consolidate these limited partnerships. See above for further discussion regarding our VIEs. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, which amends FASB ASC Subtopic 835-30, Interest - Imputation of Interest. The new standard requires that all costs incurred to issue debt be presented in the balance sheet as a direct deduction from the carrying value of the debt. Given the absence of authoritative guidance within this ASU regarding debt issuance costs related to line-of-credit, the SEC staff has stated that it would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred issuance costs ratably over the term of the line-of-credit arrangement. The standard is effective for interim and annual periods beginning after December 15, 2015 and is required to be applied on a retrospective basis. Early adoption is permitted. The adoption of this guidance resulted in a reclassification of debt issuance costs on our consolidated balance sheets to debt in the amount of $39 million as of December 31, 2015. In September 2015, the FASB issued ASU No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments , which amends FASB ASC Topic 805, Business Combinations . This ASU eliminates the requirement to retrospectively adjust provisional amounts recognized at the acquisition dates of business combinations. Rather, this ASU requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. This ASU is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The amendments in this ASU should be applied prospectively to adjustments to provisional amounts that occur after the effective date with earlier application permitted for financial statements that have not been issued. The adoption of this guidance in the first quarter of 2016 did not have a material impact on our consolidated financial position, results of operations, comprehensive income, cash flows and disclosures. In October 2016, the FASB issued ASU No. 2016-17, Interests Held Through Related Parties That Are Under Common Control, which amends FASB ASC Topic 810, Consolidation . This ASU requires that a reporting entity, in determining whether it satisfies the characteristics of a primary beneficiary, to include all of its direct variable interests in a VIE and, on a proportionate basis, its indirect variable interests in a VIE held through related parties, including related parties that are under common control with the reporting entity. Current U.S. GAAP requires that a single decision maker to consider indirect interests in the entity held through related parties to be the equivalent of direct interests in their entirety. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. We adopted ASU No. 2016-17 during the fourth quarter of 2016. The adoption of this new guidance did not change any of our primary beneficiary conclusions and therefore, did not have any impact on our consolidated financial position, results of operations, comprehensive income, cash flows and disclosures. |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | Recently Issued Accounting Standards In May 2014, the FASB issued ASU No. 2014-09, creating a new topic, FASB ASC Topic 606, Revenue from Contracts with Customers , superseding revenue recognition requirements in FASB ASC Topic 605, Revenue Recognition . This ASU requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. In addition, an entity is required to disclose sufficient information to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. This ASU was amended by ASU No. 2015-14, issued in August 2015, which deferred the original effective date by one year; the effective date of this ASU is for fiscal years, and interim reporting periods within those years, beginning after December 15, 2017, using one of two retrospective application methods. In addition, the FASB issued other amendments during 2016 to FASB ASC Topic 606, Revenue from Contracts with Customers , that include implementation guidance to principal versus agent considerations, guidance to identifying performance obligations and licensing guidance and other narrow scope improvements. Early adoption is permitted only as of the annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. We have developed an implementation plan to adopt this new ASU. As part of this plan, we are currently assessing the impact of this new standard on our business processes, business and accounting systems, and consolidated financial statements and related disclosures. We currently expect to complete our analysis, including implementing changes to existing business processes and systems to accommodate these new standards, during 2017. We will adopt these new standards on January 1, 2018 using the modified retrospective application method. To date, we have not identified any material differences in our existing revenue recognition methods that would require modification under the new standards. In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory , which amends FASB ASC Topic 330, Inventory . This ASU requires entities to measure inventory at the lower of cost or net realizable value and eliminates the option that currently exists for measuring inventory at market value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. This ASU is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. This ASU should be applied prospectively with earlier application permitted as of the beginning of an interim period or annual reporting period. We anticipate that the adoption of this guidance will have minimal impact on our consolidated financial position, results of operations, comprehensive income, cash flows and disclosures. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall , which amends FASB ASC Topic 825, Financial Instruments . This ASU requires that equity investments (except those accounted for under the equity method of accounting or those that result in the consolidation of the investee) to be measured at fair value with changes recognized in earnings. However, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment. In addition, there were other amendments to certain disclosure and presentation matters pertaining to financial instruments, including the requirement of an entity to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. This ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The amendments in this ASU should be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The amendments related to equity securities without readily determinable fair values should be applied prospectively to equity investments that exist as of the date of adoption. Early application is permitted for certain matters only. We are currently evaluating the impact of this guidance on our consolidated financial position, results of operations, comprehensive income, cash flows and disclosures. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which supersedes FASB ASC Topic 840, Leases . This ASU requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous guidance. In addition, among other changes to the accounting for leases, this ASU retains the distinction between finance leases and operating leases. The classification criteria for distinguishing between finance leases and operating leases are substantially similar to the classification criteria for distinguishing between capital leases and operating leases in the previous guidance. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The amendments in this ASU should be applied using a modified retrospective approach. Early application is permitted. We are currently evaluating the impact of this guidance on our consolidated financial position, results of operations, comprehensive income, cash flows and disclosures. In March 2016, the FASB issued ASU No. 2016-07, Simplifying the transition to equity method of accounting , which amends FASB ASC Topic 323, Investments - Equity Method and Joint Ventures . This ASU eliminates the retroactive adjustment of an investment that qualifies for the equity method as a result of an increase in the level of ownership or degree of influence as if the equity method had been in effect during all previous periods that the investment had been held. The amendments in this ASU are effective for interim and annual fiscal years beginning after December 15, 2016. Earlier application is permitted. We anticipate that the adoption of this guidance will have minimal impact on our consolidated financial position, results of operations, comprehensive income, cash flows and disclosures. In June 2016, the FASB issued ASU No. 2016-13, Measurement of credit losses on financial instruments , which amends FASB ASC Topic 326, Financial Instruments - Credit Losses. This ASU requires financial assets measured at amortized cost to be presented at the net amount to be collected and broadens the information, including forecasted information incorporating more timely information, that an entity must consider in developing its expected credit loss estimate for assets measured. We are currently evaluating the impact of this guidance on our consolidated financial position, results of operations, comprehensive income, cash flows and disclosures. In August 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payment s, which amends FASB ASC Topic 230, Statement of Cash Flows. This ASU seeks to reduce the diversity currently in practice by providing guidance on the presentation of eight specific cash flow issues in the statement of cash flows. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. We are currently evaluating the impact of this guidance on our consolidated statement of cash flows. In October 2016, the FASB issued ASU No. 2016-16, Intra-Entity Transfers of Assets Other Than Inventory , which amends FASB ASC Topic 740, Income Taxes . This ASU requires the recognition of income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. Current U.S. GAAP prohibits the recognition of current and deferred incomes taxes for an intra-entity asset transfer until the asset has been sold to an outside party. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial position, results of operations, comprehensive income, cash flows and disclosures. In November 2016, the FASB issued ASU No. 2016-18, Restricted Cash , which amends FASB ASC Topic 230, Statement of Cash Flows . This ASU requires that the statement of cash flows explain the change during the period total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial position, results of operations, comprehensive income, cash flows and disclosures. In January 2017, the FASB issued ASU No. 2017-01, Clarifying the Definition of a Business , which amends FASB ASC Topic 805, Business Combinations . This ASU provides guidance on what constitutes a business for purposes of applying FASB ASC Topic 805. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The adoption of this ASU is not expected to have a material impact to our consolidated financial position, results of operations, comprehensive income, cash flows and disclosures. In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment , which amends FASB ASC Topic 350, Intangibles - Goodwill and Other . This ASU simplifies the subsequent measurement of goodwill by eliminating "Step 2" from the goodwill impairment test which, prior to adoption of this ASU, requires comparing the implied fair value of goodwill with its carrying value. This ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted beginning for interim and annual goodwill impairment tests performed on testing dates after January 1, 2017. By eliminating "Step 2" from the goodwill impairment test, the quantitative analysis of goodwill will result in an impairment loss for the amount that the carrying value of a reporting unit, including goodwill, exceeds its fair value, limited to the total amount of goodwill allocated to the tested reporting unit. While this ASU reduces the complexity and cost of our goodwill impairment tests, it may result in significant differences in the recognition of goodwill impairment. For example, should our reporting units fail "Step 1" of the impairment tests but pass the current "Step 2" impairment tests, we may have more impairments of goodwill under the new guidance. This ASU principally affects our Automotive segment as substantially all of our goodwill balance pertained to our Automotive segment as of December 31, 2016. We have elected to early adopt this ASU for our interim and annual goodwill impairment tests to be performed on testing dates beginning in 2017. |
Variable Interest Entity Disclosure [Text Block] | Variable Interest Entities As further discussed below, the Financial Statement Accounting Standards Board's ("FASB") Accounting Standards Update ("ASU") No. 2015-02 became effective during the first quarter of 2016. ASU No. 2015-02 amended the consolidation guidance, including introducing a separate consolidation analysis specific to limited partnerships and other similar entities. Specifically, under the revised consolidation analysis, limited partnerships and other similar entities are considered VIEs unless the limited partners hold substantive kick-out rights or participating rights. Although ASU No. 2015-02 changed the status of certain of our limited partnership entities as VIEs (as discussed below), we continue to consolidate these entities because we are the primary beneficiaries of such entities. In addition, as further discussed below, we adopted ASU No. 2016-17, during the fourth quarter of 2016. The adoption of this new guidance, which amends the U.S. consolidation GAAP guidance requiring that all indirect interests be considered on a proportional basis regardless of whether the entity is under common control or not in an entity's evaluation as to whether an entity has the power and benefits over a VIE, did not change any of our primary beneficiary conclusions. Investment Our Investment segment is comprised of various private investment funds, including Icahn Partners L.P. and Icahn Partners Master Fund LP (together, the "Investment Funds"), through which we invest our proprietary capital. See Note 3 , " Operating Units - Investment," for further discussion regarding our Investment segment's business. 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 are the general partner 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. Substantially all of the assets and liabilities of our Investment segment pertain to the Investment Funds. See Note 13 , " Segment and Geographic Reporting ," for details of our condensed balance sheets for our Investment segment. Energy We conduct our Energy segment through our majority ownership in CVR Energy Inc. ("CVR"). CVR owns petroleum refining and nitrogen fertilizer manufacturing businesses held through CVR Refining, LP (“CVR Refining”) and CVR Partners, LP (“CVR Partners”), respectively, and each are considered VIEs. See Note 3 , " Operating Units - Energy," for further discussion regarding our Energy segment's business. Our Energy segment determined that CVR Refining and CVR Partners are each considered VIEs because each of these limited partnerships lack both substantive kick-out and participating rights. In addition, our Energy segment 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, CVR determined that it is the primary beneficiary of both CVR Refining and CVR Partners. Based upon this evaluation, CVR continues to consolidate both CVR Refining and CVR Partners. The assets and liabilities of our Energy segment that are directly related to CVR Refining and CVR Partners included in our consolidated balance sheets are as follows: December 31, 2016 2015 (in millions) Cash and cash equivalents $ 370 $ 237 Property, plant and equipment, net 3,331 2,674 Inventories 349 290 Goodwill — 574 Intangible assets, net 318 337 Other assets 85 115 Accounts payable, accrued expenses and other liabilities 534 333 Debt 1,165 667 Icahn Enterprises Holdings As discussed above, Icahn Enterprises Holdings and its subsidiaries own substantially all of our assets and liabilities and conduct substantially all of our operations. We determined that Icahn Enterprises Holdings is a VIE because it lacks both substantive kick-out and participating rights. Icahn Enterprises is the primary beneficiary of Icahn Enterprises Holdings principally based on its 99% limited partner interest in Icahn Enterprises Holdings and therefore continues to consolidate Icahn Enterprises Holdings. The consolidated financial statements of Icahn Enterprises Holdings are included in this Report. |
Metals Segment | |
Schedule of Significant Accounting Policies [Line Items] | |
Inventory, Policy [Policy Text Block] | Metals Segment Inventories. Inventories at our Metals segment are stated at the lower of cost or market. Cost is determined using the average cost method. The production and accounting process utilized by our Metals segment to record recycled metals inventory quantities relies on significant estimates. Our Metals segment relies upon perpetual inventory records that utilize estimated recoveries and yields that are based upon historical trends and periodic tests for certain unprocessed metal commodities. Over time, these estimates are reasonably good indicators of what is ultimately produced; however, actual recoveries and yields can vary depending on product quality, moisture content and source of the unprocessed metal. To assist in validating the reasonableness of the estimates, our Metals segment performs periodic physical inventories which involve the use of estimation techniques. Physical inventories may detect significant variations in volume, but because of variations in product density and production processes utilized to manufacture the product, physical inventories will not generally detect smaller variations. To help mitigate this risk, our Metals segment adjusts its physical inventories when the volume of a commodity is low and a physical inventory can more accurately estimate the remaining volume. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition: PSC Metals' primary source of revenue is from the sale of processed ferrous scrap metal, non-ferrous scrap metals, steel pipe and steel plate. PSC Metals also generates revenues from sales of secondary plate and pipe, the brokering of scrap metals and from services performed. All sales are recognized when title passes to the customer. Revenues from services are recognized as the service is performed. Sales adjustments related to price and weight differences are reflected as a reduction of revenues when settled. |
Mining Segment | |
Schedule of Significant Accounting Policies [Line Items] | |
Inventory, Policy [Policy Text Block] | Mining Segment Inventories. Our Mining segment's inventories are valued at the lower of cost or market. Cost includes all costs incurred in the normal course of business in bringing each product to its present location and condition, including direct materials and direct labor costs, and an allocation of production overheads based on normal production capacity. Cost is calculated using weighted average unit cost. |
Mining exploration and evaluation expenditures, Policy [Policy Text Block] | Exploration and Evaluation Expenditures - Mining Exploration and evaluation expenditures relate to costs incurred in the exploration and evaluation of potential mineral reserves and include costs such as exploratory drilling, sample testing and the costs of feasibility studies. For our Mining segment, exploration and evaluation expenditures other than that acquired through the purchase of another mining company, are expensed as incurred. Purchased exploration and evaluation assets are recognized as assets at their cost of acquisition or at fair value if purchased as part of a business combination. An impairment review is performed, either individually or at the cash-generating unit level, when there are indicators that the carrying amount of the assets may exceed their recoverable amounts. To the extent the carrying values exceed their recoverable amounts, the excess is recognized as an impairment charge in the statements of operations in the period this is determined. Exploration assets are reassessed on a regular basis and these costs are carried forward provided that certain conditions are met. Expenditures are transferred to mine development assets once the work completed supports the future development of the property, provided that technical feasibility and commercial viability studies have been successfully completed. |
Revenue Recognition, Policy [Policy Text Block] | Revenue recognition: Our Mining segment recognizes revenue when title, ownership, and risk of loss pass to the customer, all of which occurs upon shipment or delivery of the product and is based on the applicable shipping terms. Revenue is measured at the fair value of the consideration received or receivable, with any adjustments as a result of provisional pricing recorded against revenue. |
Railcar Segment | |
Schedule of Significant Accounting Policies [Line Items] | |
Revenue Recognition, Policy [Policy Text Block] | Revenue recognition: Revenues from manufactured railcar sales are recognized following completion of manufacturing, inspection, customer acceptance and title transfer, which is when the risk for any damage or loss with respect to the railcars passes to the customer, in accordance with our Railcar segment's contractual terms. Revenues from railcar and industrial components are recorded at the time of product shipment, in accordance with our Railcar segment's contractual terms. Revenues from railcar leasing are generated from operating leases that are priced as an integrated service that includes amounts related to executory costs, such as certain maintenance, insurance, and ad valorem taxes and are recognized on a straight-line basis per terms of the underlying lease. If railcars are sold under a lease that is less than one year old, the proceeds from the railcars sold that were on lease will be shown on a gross basis in revenues and cost of revenues at the time of sale. Sales of leased railcars that have been on lease for more than one year are recognized as a net gain or loss from the disposal of the long-term asset as a component of earnings from operations. Revenues from railcar maintenance services are recognized upon completion and shipment of railcars from our Railcar segment's plants. Our Railcar segment does not currently bundle railcar service contracts with new railcar sales. Revenues from engineering and field services are recognized as performed. Amounts billed prior to meeting revenue recognition criteria are accounted for as deferred revenue. Our Railcar segment records amounts billed to customers for shipping and handling as part of net sales and other revenues from operations in our consolidated statements of operations and records related costs in cost of goods sold and other expenses from operations. Our Railcar segment presents any sales tax assessed by a governmental authority that is directly imposed on a revenue-producing transaction between a seller and a customer on a net basis. |
Food Packaging Segment | |
Schedule of Significant Accounting Policies [Line Items] | |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition: Revenues are recognized at the time products are shipped to the customer, under F.O.B. shipping point or F.O.B. port terms, which is the point at which title is transferred, the customer has the assumed risk of loss, and payment has been received or collection is reasonably assumed. Revenues are net of discounts, rebates and allowances. Viskase records all labor, raw materials, in-bound freight, plant receiving and purchasing, warehousing, handling and distribution costs as a component of costs of goods sold. |
Energy Segment | |
Schedule of Significant Accounting Policies [Line Items] | |
Inventory, Policy [Policy Text Block] | Energy Segment Inventories. Our Energy segment inventories consist primarily of domestic and foreign crude oil, blending stock and components, work in progress, fertilizer products, and refined fuels and by-products. Inventories are valued at the lower of FIFO cost, or market for fertilizer products, refined fuels and by-products for all periods presented. Refinery unfinished and finished products inventory values were determined using the ability-to-bear process, whereby raw materials and production costs are allocated to work-in-process and finished goods based on their relative fair values. Other inventories, including other raw materials, spare parts and supplies, are valued at the lower of moving-average cost, which approximates FIFO, or market. The cost of inventories includes inbound freight costs. |
Planned Major Maintenance Activities, Policy [Policy Text Block] | Planned Major Maintenance Costs - Energy The direct-expense method of accounting is used for planned major maintenance activities. Maintenance costs are recognized as expense when maintenance services are performed. Planned major maintenance activities for CVR's nitrogen plant generally occur every two to three years. The required frequency of planned major maintenance activities varies by unit for the refineries, but generally is every four to five years. For the years ended December 31, 2016 , 2015 , and 2014 , our Energy segment incurred an aggregate of $38 million , $109 million , and $7 million , respectively, in turnaround expenses related to its refineries and nitrogen fertilizer plants. |
Revenue Recognition, Policy [Policy Text Block] | Revenue recognition: For our Energy segment, revenues for products sold are recorded upon delivery of the products to customers, which is the point at which title is transferred, the customer has the assumed risk of loss, and when payment has been received or collection is reasonably assumed. Deferred revenue represents customer prepayments under contracts to guarantee a price and supply of nitrogen fertilizer in quantities expected to be delivered in the next 12 months in the normal course of business. Excise and other taxes collected from customers and remitted to governmental authorities are not included in reported revenues. Non-monetary product exchanges and certain buy/sell crude oil transactions which are entered into in the normal course of business are included on a net cost basis in cost of goods sold in the consolidated statement of operations. Our Energy segment also engages in trading activities, whereby it enters into agreements to purchase and sell refined products with third parties. Our Energy segment acts as a principal in these transactions, taking title to the products in purchases from counterparties, and accepting the risks and rewards of ownership. Our Energy segment records revenue for the gross amount of the sales transactions, and records cost of goods sold in our consolidated financial statements. |
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping Costs: For our Energy segment, pass-through finished goods delivery costs reimbursed by customers are reported in net sales, while an offsetting expense is included in cost of goods sold. |
Gaming Segment | |
Schedule of Significant Accounting Policies [Line Items] | |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition and Promotional Allowances: Casino revenue represents the difference between wins and losses from gaming activities, and is reported net of cash and free play incentives redeemed by customers. Room, food and beverage and other operating revenues are recognized at the time the goods or services are provided. Tropicana collects taxes from customers at the point of sale on transactions subject to sales and other taxes. Revenues are recorded net of any taxes collected. The majority of our casino revenue is counted in the form of cash and chips and, therefore, is not subject to any significant or complex estimation. The retail value of rooms, food and beverage and other services provided to customers on a complimentary basis is included in gross revenues and then deducted as promotional allowances. |
Automotive Segment | |
Schedule of Significant Accounting Policies [Line Items] | |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition: Our Automotive segment records sales when products are shipped and the risks and rewards of ownership have transferred to the customer, the sales price is fixed and determinable, and the collectability of revenue is reasonably assured. Accruals for sales returns and other allowances are provided at point of sale based upon past experience. Adjustments to such returns and allowances are made as new information becomes available. |
Revenue Recognition, Incentives [Policy Text Block] | Rebates: Our Automotive segment accrues for rebates pursuant to specific arrangements with certain of its customers, primarily in the aftermarket. Rebates generally provide for price reductions based upon the achievement of specified purchase volumes and are recorded as a reduction of sales as earned by such customers. |
Sales and sales related tax [Policy Text Block] | Sales and Sales Related Taxes: Our Automotive segment collects and remits taxes assessed by various governmental authorities that are both imposed on and concurrent with revenue-producing transactions with its customers. These taxes may include, but are not limited to, sales, use, value-added, and some excise taxes. The collection of these taxes is reported on a net basis (excluded from revenues). |
Engineering and tooling [Policy Text Block] | Engineering and Tooling Costs: Pre-production tooling and engineering costs that Federal-Mogul will not own and that will be used in producing products under long-term supply arrangements are expensed as incurred unless the supply arrangement provides it with the noncancelable right to use the tools, or the reimbursement of such costs is agreed to by the customer. Pre-production tooling costs owned by Federal-Mogul are capitalized as part of machinery and equipment, and are depreciated over the shorter of the tool’s expected life or the duration of the related program. |
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and Handling Costs: Our Automotive segment recognizes shipping and handling costs as incurred as a component of cost of products sold in the consolidated statements of operations. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development: Federal-Mogul expenses research and development (“R&D”) costs as incurred. R&D expense, including product engineering and validation costs, was $192 million , $189 million and $192 million for the year ended December 31, 2016 , 2015 and 2014 , respectively. |
Restructuring [Policy Text Block] | Restructuring: Federal-Mogul's restructuring costs are comprised of two types: employee costs (contractual termination benefits) and facility closure costs. Termination benefits are accounted for in accordance with FASB ASC Topic 712, Compensation - Nonretirement Postemployment Benefits , and are recorded when it is probable that employees will be entitled to benefits and the amounts can be reasonably estimated. Estimates of termination benefits are based on the frequency of past termination benefits, the similarity of benefits under the current plan and prior plans, and the existence of statutory required minimum benefits. Termination benefits are also accounted for in accordance with FASB ASC Topic 420, Exit or Disposal Cost Obligations , for one-time termination benefits and are recorded dependent upon future service requirements. Facility closure and other costs are accounted for in accordance with FASB ASC Topic 420 and are recorded when the liability is incurred. |
Other Segments and Holding Company [Member] | |
Schedule of Significant Accounting Policies [Line Items] | |
Equity Method Investments, Policy [Policy Text Block] | Except for our Investment segment, for those investments in which we own 50% or less but greater than 20%, we account for such investments using the equity method |
Cost Method Investments, Policy [Policy Text Block] | investments in affiliates of 20% or less are accounted for under the cost method |
Investment, Policy [Policy Text Block] | Other Segments and Holding Company Investments in equity and debt securities are classified as either trading or available-for-sale based upon whether we intend to hold the investment for the foreseeable future. Trading securities are valued at quoted market value at each balance sheet date with the unrealized gains or losses reflected in the consolidated statements of operations. Available-for-sale securities are carried at fair value on our balance sheet. Unrealized holding gains and losses on available-for-sale securities are excluded from earnings and reported as a separate component of partners' equity and when sold are reclassified out of partners' equity to the consolidated statements of operations. For purposes of determining gains and losses, the cost of securities is based on specific identification. A decline in the market value of any available-for-sale security below cost that is deemed to be other than temporary results in an impairment that is charged to earnings and the establishment of a new cost basis for the investment. Dividend income is recorded when declared and interest income is recognized when earned. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation Exchange adjustments related to international currency transactions and translation adjustments for international subsidiaries whose functional currency is the U.S. dollar (principally those located in highly inflationary economies) are reflected in the consolidated statements of operations. Translation adjustments of international subsidiaries for which the local currency is the functional currency are reflected in the consolidated balance sheets as a component of accumulated other comprehensive income. Deferred taxes are not provided on translation adjustments as the earnings of the subsidiaries are considered to be permanently reinvested. |
Automotive, Railcar, Food Packaging and Home Fashion Segments [Member] | |
Schedule of Significant Accounting Policies [Line Items] | |
Inventory, Policy [Policy Text Block] | Automotive, Railcar, Food Packaging, and Home Fashion Segment Inventories. Our Automotive, Railcar, Food Packaging and Home Fashion segment inventories are stated at the lower of cost or market. Cost is determined by using the first-in, first-out basis method ("FIFO"), except for IEH Auto which utilizes weighted-average cost and Pep Boys which utilizes the last-in, first-out method. The cost of manufactured goods includes the cost of materials, direct labor and manufacturing overhead. Our Automotive, Railcar, Food Packaging and Home Fashion segments reserve for estimated excess, slow-moving and obsolete inventory as well as inventory whose carrying value is in excess of net realizable value. |
Investment Segment | |
Schedule of Significant Accounting Policies [Line Items] | |
Investment, Policy [Policy Text Block] | Investment Transactions and Related Investment Income (Loss). Investment transactions of the Investment Funds are recorded on a trade date basis. Realized gains or losses on sales of investments are based on the first-in, first-out or the specific identification method. Realized and unrealized gains or losses on investments are recorded in the consolidated statements of operations. Interest income and expenses are recorded on an accrual basis and dividends are recorded on the ex-dividend date. Premiums and discounts on fixed income securities are amortized using the effective yield method. Investments held by the Investment segment are accounted for as trading securities. Our Investment segment applies the fair value option to those investments that are otherwise subject to the equity method. Valuation of Investments. Securities of the Investment Funds that are listed on a securities exchange are valued at their last sales price on the primary securities exchange on which such securities are traded on such date. Securities that are not listed on any exchange but are traded over-the-counter are valued at the mean between the last “bid” and “ask” price for such security on such date. Securities and other instruments for which market quotes are not readily available are valued at fair value as determined in good faith by the applicable General Partner. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Transactions. The books and records of the Investment Funds are maintained in U.S. dollars. Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the rate of exchange in effect at the balance sheet date. Transactions during the period denominated in currencies other than U.S. dollars are translated at the rate of exchange applicable on the date of the transaction. Foreign currency translation gains and losses are recorded in the consolidated statements of operations. The Investment Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities. Such fluctuations are reflected in net gain (loss) from investment activities in the consolidated statement of operations. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Values of Financial Instruments. The fair values of the Investment Funds' assets and liabilities that qualify as financial instruments under applicable U.S. GAAP approximate the carrying amounts presented in the consolidated balance sheets. |
Securities sold, not yet purchased [Policy Text Block] | Securities Sold, Not Yet Purchased. The Investment Funds may sell an investment they do not own in anticipation of a decline in the fair value of that investment. When the Investment Funds sell an investment short, they must borrow the investment sold short and deliver it to the broker-dealer through which they made the short sale. A gain, limited to the price at which the Investment Funds sold the investment short, or a loss, unlimited in amount, will be recognized upon the cover of the short sale. |
Due to and from Broker [Policy Text Block] | Due From Brokers. Due from brokers represents cash balances with the Investment Funds' clearing brokers and is included in other assets in the consolidated balance sheets. These funds as well as fully-paid for and marginable securities are essentially restricted to the extent that they serve as collateral against securities sold, not yet purchased. Due from brokers may also include unrestricted balances with derivative counterparties. Due To Brokers. Due to brokers represents margin debit balances collateralized by certain of the Investment Funds' investments in securities. |
Allocation of profits and losses in consolidated affiliated partnerships [Policy Text Block] | Allocation of Net Profits and Losses in Consolidated Affiliated Partnerships Investment Net investment income and net realized and unrealized gains and losses on investments of the Investment Funds are allocated to the respective partners of the Investment Funds based on their percentage ownership in such Investment Funds on a monthly basis. Except for our limited partner interest, such allocations made to the limited partners of the Investment Funds are represented as non-controlling interests in our consolidated statements of operations. |
Home Fashion Segment | |
Schedule of Significant Accounting Policies [Line Items] | |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition: WPH records revenue when the following criteria are met: persuasive evidence of an arrangement exists, delivery has occurred, the price to the customer is fixed and determinable and collectability is reasonably assured. Unless otherwise agreed in writing, title and risk of loss pass from WPH to the customer when WPH delivers the merchandise to the designated point of delivery, to the designated point of destination or to the designated carrier, free on board. Provisions for certain rebates, sales incentives, product returns and discounts to customers are recorded in the same period the related revenue is recorded. |
Revenue Recognition, Incentives [Policy Text Block] | Sales Incentives: Customer incentives are provided to major WPH customers. These incentives begin to accrue when a commitment has been made to the customer and are recorded as a reduction to sales. |
Real Estate Segment | |
Schedule of Significant Accounting Policies [Line Items] | |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition: Revenue from real estate sales and related costs are recognized at the time of closing primarily by specific identification. Substantially all of the property comprising our net lease portfolio is leased to others under long-term net leases and we account for these leases in accordance with applicable U.S. GAAP. We account for our leases as follows: (i) under the financing method, (x) minimum lease payments to be received plus the estimated value of the property at the end of the lease are considered the gross investment in the lease and (y) unearned income, representing the difference between gross investment and actual cost of the leased property, is amortized to income over the lease term so as to produce a constant periodic rate of return on the net investment in the lease; and (ii) under the operating method, revenue is recognized as rentals become due, and expenses (including depreciation) are charged to operations as incurred. |
Goodwill and Intangible Asset30
Goodwill and Intangible Assets, Net (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
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 Report31
Segment and Geographic Reporting (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
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, as presented below. |
Description of Business and B32
Description of Business and Basis of Presentation Assets Held For Sale (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Railcar Segment | |
Long Lived Assets Held-for-sale [Line Items] | |
Disclosure of Long Lived Assets Held-for-sale [Table Text Block] | The table below includes the assets and liabilities classified as held for sale as of December 31, 2016 relating to the ARL Initial Sale and which are included within our Railcar segment. December 31, 2016 (in millions) Cash and cash equivalents $ 113 Property, plant and equipment, net (Note 9) 1,197 Other assets 41 $ 1,351 Accounts payable, accrued expenses and other liabilities $ 27 Debt (Note 10) 1,746 $ 1,773 |
Summary of Significant Accoun33
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule of Significant Accounting Policies [Line Items] | |
Schedule of Inventory, Current [Table Text Block] | Inventories, Net Inventories, net consists of the following: December 31, 2016 2015 (in millions) Raw materials $ 483 $ 470 Work in process 299 305 Finished goods 2,201 1,484 $ 2,983 $ 2,259 |
Energy Segment | |
Schedule of Significant Accounting Policies [Line Items] | |
Schedule of Variable Interest Entities [Table Text Block] | December 31, 2016 2015 (in millions) Cash and cash equivalents $ 370 $ 237 Property, plant and equipment, net 3,331 2,674 Inventories 349 290 Goodwill — 574 Intangible assets, net 318 337 Other assets 85 115 Accounts payable, accrued expenses and other liabilities 534 333 Debt 1,165 667 |
Operating Units (Tables)
Operating Units (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Operating Units [Abstract] | |
Schedule of Future Minimum Rental Receipts [Table Text Block] | Consolidated Anticipated Future Receipts The following is a summary of the consolidated anticipated future receipts of the minimum lease payments receivable under the financing and operating method on a consolidated basis at December 31, 2016 : Year Amount (in millions) 2017 $ 255 2018 224 2019 165 2020 102 2021 51 Thereafter 63 $ 860 |
Investments and Related Matte35
Investments and Related Matters (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investment Segment | |
Investment and Related Matters [Line Items] | |
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 , " Fair Value Measurements - Investment." The carrying value and detail of security type and business sector with respect to investments and securities sold, not yet purchased held by our Investment segment consist of the following: December 31, 2016 2015 Assets (in millions) Investments: Equity securities: Basic materials $ 963 $ 563 Communications 169 407 Consumer, non-cyclical 2,677 3,684 Consumer, cyclical 408 115 Diversified 7 17 Energy 1,278 1,461 Financial 2,385 2,094 Industrial 214 188 Technology 911 5,795 Utilities 11 — 9,023 14,324 Corporate debt: Consumer, cyclical 186 55 Financial 4 4 Sovereign debt — 13 190 72 Mortgage-backed securities: Financial — 157 $ 9,213 $ 14,553 Liabilities Securities sold, not yet purchased, at fair value: Equity securities: Consumer, cyclical 968 794 Energy 19 — Industrial 100 — 1,087 794 Debt securities: Consumer, cyclical 52 — $ 1,139 $ 794 |
Other segments | |
Investment and Related Matters [Line Items] | |
Investment | The carrying value of investments held by our other segments and our Holding Company consist of the following: December 31, 2016 2015 (in millions) Equity method investments $ 302 $ 323 Other investments 366 475 $ 668 $ 798 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Schedule of fair value, assets and liabilities measured on a recurring and nonrecurring basis [Table Text Block] | December 31, 2016 December 31, 2015 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets (in millions) Investments (Note 5) $ 9,033 $ 306 $ 240 $ 9,579 $ 14,447 $ 289 $ 292 $ 15,028 Derivative contracts, at fair value (1) — 23 — 23 — 259 — 259 $ 9,033 $ 329 $ 240 $ 9,602 $ 14,447 $ 548 $ 292 $ 15,287 Liabilities Securities sold, not yet purchased (Note 5) $ 1,087 $ 52 $ — $ 1,139 $ 794 $ — $ — $ 794 Other liabilities $ — $ 187 $ — $ 187 $ — $ 3 $ — $ 3 Derivative contracts, at fair value (2) — 1,139 — 1,139 — 36 — 36 $ 1,087 $ 1,378 $ — $ 2,465 $ 794 $ 39 $ — $ 833 (1) Amounts are classified within other assets in our consolidated balance sheets. (2) Amounts are classified within accrued expenses and other liabilities in our consolidated balance sheets. |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Year Ended December 31, 2016 2015 (in millions) Balance at January 1 $ 283 $ 229 Net transfers out (131 ) (47 ) Realized and unrealized gains, net 10 1 Purchases 50 100 Balance at December 31 $ 212 $ 283 (1) Includes unrealized (losses) gains of $(6) million of $1 million for the years ended December 31, 2016 and 2015, respectively, relating to investments still held at December 31 of each respective period and which are included in net (loss) gain from investment activities in the consolidated statements of operations. |
Automotive Segment | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Schedule of fair value of defined benefit plan asset [Table Text Block] | The following table presents our Automotive segment's defined benefit plan assets measured at fair value on a recurring basis as of December 31, 2016 and 2015 : December 31, 2016 December 31, 2015 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (in millions) U.S. Plans: Cash $ 30 $ — $ — $ 30 $ 26 $ — $ — $ 26 Investments with registered investment companies: Equity securities 346 — — 346 310 — — 310 Fixed income securities 154 — — 154 149 — — 149 Real estate and other 41 — — 41 27 — — 27 Equity securities 204 — — 204 220 — — 220 Corporate and other — 21 — 21 — 22 — 22 Government 11 17 — 28 17 13 — 30 Hedge funds — — 32 32 — — 86 86 $ 786 $ 38 $ 32 $ 856 $ 749 $ 35 $ 86 $ 870 Non-U.S. Plans: Insurance contracts $ — $ — $ 42 $ 42 $ — $ — $ 40 $ 40 Investments with registered investment companies: Fixed income securities 19 — — 19 13 — — 13 Equity securities 2 — — 2 2 — — 2 Corporate bonds — — — — — 2 — 2 $ 21 $ — $ 42 $ 63 $ 15 $ 2 $ 40 $ 57 |
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block] | The changes in U.S. and Non-U.S. plan assets measured at fair value for which our Automotive segment has used Level 3 input to determine fair value are as follows: Year Ended December 31, 2016 2015 (in millions) U.S. Plans: Hedge funds: Balance at January 1 $ 86 $ 91 Realized/unrealized (losses) gains, net — (5 ) Purchases and settlements, net 48 — Sales, net (102 ) — Balance at December 31 $ 32 $ 86 Year Ended December 31, 2016 2015 (in millions) Non-U.S. Plans: Insurance contracts: Balance at January 1 $ 40 $ 41 Realized and unrealized gains, net 2 1 Purchases and settlements, net 3 6 Proceeds (2 ) (4 ) Foreign currency exchange rate movements (1 ) (4 ) Balance at December 31 $ 42 $ 40 |
Railcar and Food Packaging | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Schedule of fair value of defined benefit plan asset [Table Text Block] | The following table presents our Food Packaging and Railcar segment's defined benefit plan assets measured at fair value on a recurring basis as of December 31, 2016 and 2015 : December 31, 2016 December 31, 2015 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (in millions) U.S. and Non-U.S. Plans: Asset category: Cash equivalents $ 4 $ 1 $ — $ 5 $ 5 $ 1 $ — $ 6 Equity securities 54 27 — 81 51 27 — 78 Fixed income securities 18 2 — 20 7 12 — 19 Other 5 3 9 17 5 — 21 26 $ 81 $ 33 $ 9 $ 123 $ 68 $ 40 $ 21 $ 129 |
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block] | The changes in U.S. and Non-U.S. plan assets measured at fair value for which our Food Packaging and Railcar segments have used Level 3 input to determine fair value are as follows: Year Ended December 31, 2016 2015 (in millions) U.S. and Non-U.S. Plans: Balance at January 1 $ 21 $ 21 Realized and unrealized gains, net — — Purchases and settlements, net (12 ) — Balance at December 31 $ 9 $ 21 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Financial Instruments [Abstract] | |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table presents the consolidated fair values of our derivatives that are not designated as hedging instruments: Asset Derivatives (1) Liability Derivatives (2) December 31, December 31, 2016 2015 2016 2015 (in millions) Equity contracts $ 15 $ 339 $ 1,104 $ 122 Foreign exchange contracts — — — 19 Credit contracts 17 45 39 53 Commodity contracts 2 46 11 10 Sub-total 34 430 1,154 204 Netting across contract types (3) (15 ) (171 ) (15 ) (171 ) Total (3) $ 19 $ 259 $ 1,139 $ 33 (1) Net asset derivatives are located within other assets in our consolidated balance sheets. (2) Net liability derivatives are located within accrued expenses and other liabilities in our consolidated balance sheets. (3) Excludes netting of cash collateral received and posted. The total collateral posted at December 31, 2016 and 2015 was $634 million and $883 million , respectively, across all counterparties. The following table presents the effects of our derivative instruments not designated as hedging instruments on the statements of operations for the years ended December 31, 2016 , 2015 and 2014 : Gain (Loss) Recognized in Income (1) Year Ended December 31, 2016 2015 2014 (in millions) Equity contracts $ (1,609 ) $ (1 ) $ (1,251 ) Foreign exchange contracts 35 160 213 Credit contracts 44 489 70 Interest rate contracts (28 ) — — Commodity contracts (101 ) 57 186 $ (1,659 ) $ 705 $ (782 ) (1) Gains (losses) recognized on derivatives are classified in net gain from investment activities in our consolidated statements of operations for our Investment segment and are included in other income (loss), net for all other segments. |
Schedule of Notional Amounts of Outstanding Derivative Positions | At December 31, 2016 and 2015 , the volume of our derivative activities based on their notional exposure, categorized by primary underlying risk, are as follows: December 31, 2016 December 31, 2015 Long Notional Exposure Short Notional Exposure Long Notional Exposure Short Notional Exposure Primary underlying risk: (in millions) Credit swaps (1) $ 202 $ 472 $ 187 $ 2,306 Equity swaps 112 14,094 1,343 14,167 Foreign currency forwards — — — 842 Interest rate swap contracts (2) — — — 137 Commodity contracts 16 754 43 643 (1) The short notional amount on our credit default swap positions is approximately $2.6 billion and $10.0 billion as of December 31, 2016 and 2015 , respectively. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is approximately $0.5 billion and $2.3 billion as of December 31, 2016 and 2015 , respectively. (2) The short notional amount on certain of our interest rate contracts with a three month duration is approximately $16.0 billion as of December 31, 2015. We assume that interest rates will not fall below zero and therefore our downside short notional exposure to loss on these contracts is $74 million (of the total $137 million disclosed in the above table) as of December 31, 2015. |
Goodwill and Intangible Asset38
Goodwill and Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Goodwill consists of the following: December 31, 2016 Automotive Energy Railcar Gaming Mining Food Packaging Consolidated (in millions) Gross carrying amount, January 1 $ 1,457 $ 930 $ 7 $ — $ 6 $ 3 $ 2,403 Acquisitions 205 — — 3 — 1 209 Foreign exchange — — — — — — — Gross carrying amount, December 31 1,662 930 7 3 6 4 2,612 Accumulated impairment, January 1 (537 ) (356 ) — — (6 ) — (899 ) Impairment — (574 ) — (3 ) — — (577 ) Accumulated impairment, December 31 (537 ) (930 ) — (3 ) (6 ) — (1,476 ) Net carrying value, December 31 $ 1,125 $ — $ 7 $ — $ — $ 4 $ 1,136 December 31, 2015 Automotive Energy Railcar Mining Food Packaging Consolidated (in millions) Gross carrying amount, January 1 $ 1,389 $ 930 $ 7 $ — $ 3 $ 2,329 Acquisitions 74 — — 6 — 80 Foreign exchange (6 ) — — — — (6 ) Gross carrying amount, December 31 1,457 930 7 6 3 2,403 Accumulated impairment, January 1 (225 ) (103 ) — — — (328 ) Impairment (312 ) (253 ) — (6 ) — (571 ) Accumulated impairment, December 31 (537 ) (356 ) — (6 ) — (899 ) Net carrying value, December 31 $ 920 $ 574 $ 7 $ — $ 3 $ 1,504 |
Schedule of Definite-Lived and Infinite-Lived Intangible Assets | Intangible assets, net consists of the following: December 31, 2016 December 31, 2015 Gross Carrying Amount Accumulated Amortization Net Carrying Value Gross Carrying Amount Accumulated Amortization Net Carrying Value (in millions) Definite-lived intangible assets: Customer relationships $ 1,060 $ (472 ) $ 588 $ 1,041 $ (408 ) $ 633 Developed technology 142 (104 ) 38 144 (90 ) 54 In-place leases 121 (83 ) 38 121 (73 ) 48 Gasification technology license 60 (11 ) 49 60 (9 ) 51 Other 46 (21 ) 25 44 (20 ) 24 $ 1,429 $ (691 ) $ 738 $ 1,410 $ (600 ) $ 810 Indefinite-lived intangible assets: Trademarks and brand names $ 304 $ 260 Gaming licenses 38 38 342 298 Intangible assets, net $ 1,080 $ 1,108 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The estimated future amortization expense for our definite-lived intangible assets is as follows: Year Amount (in millions) 2017 $ 91 2018 82 2019 81 2020 80 2021 71 Thereafter 333 $ 738 |
Property, Plant and Equipment39
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment, Net | Property, plant and equipment, net consists of the following: December 31, Useful Life 2016 2015 (in years) (in millions) Land $ 944 $ 549 Buildings and improvements 3 - 40 3,050 2,459 Machinery, equipment and furniture 1 - 30 7,538 6,044 Assets leased to others 15 - 39 1,939 3,994 Construction in progress 541 598 14,012 13,644 Less: Accumulated depreciation and amortization (3,890 ) (4,109 ) Property, plant and equipment, net $ 10,122 $ 9,535 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Instrument [Line Items] | |
Schedule of Long-term Debt Instruments | Debt consists of the following: December 31, 2016 2015 (in millions) 5.875% senior unsecured notes due 2022 - Icahn Enterprises/Icahn Enterprises Holdings $ 1,340 $ 1,338 6.00% senior unsecured notes due 2020 - Icahn Enterprises/Icahn Enterprises Holdings 1,705 1,706 4.875% senior unsecured notes due 2019 - Icahn Enterprises/Icahn Enterprises Holdings 1,271 1,270 3.50% senior unsecured notes due 2017 - Icahn Enterprises/Icahn Enterprises Holdings 1,174 1,172 Debt and credit facilities - Automotive 3,249 3,121 Debt facilities - Energy 1,118 619 Debt and credit facilities - Railcar 571 2,671 Credit facilities - Gaming 287 289 Credit facilities - Food Packaging 265 267 Capital leases and other 139 141 $ 11,119 $ 12,594 |
Schedule of Maturities of Long-term Debt | Consolidated Maturities The following is a summary of the maturities of our debt and capital lease obligations as of: Year Debt Capital Leases (in millions) 2017 $ 1,378 $ 10 2018 1,110 7 2019 1,348 6 2020 2,047 4 2021 2,263 3 Thereafter 2,976 35 $ 11,122 $ 65 In connection with the ARL Initial Sale, which is expected to close in the second quarter of 2017, the table above excludes maturities of debt aggregating approximately $1.8 billion pertaining to debt held by ARL that is classified as liabilities held for sale as of December 31, 2016 . |
Pensions, Other Post-employme41
Pensions, Other Post-employment Benefits and Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Net Periodic Benefit Costs | Components of net periodic benefit cost (credit) for the years ended December 31, 2016 , 2015 and 2014 are as follows: Pension Benefits Other Post-Employment Benefits Year Ended December 31, Year Ended December 31, 2016 2015 2014 2016 2015 2014 (in millions) Service cost $ 18 $ 19 $ 16 $ — $ — $ — Interest cost 70 66 76 14 13 15 Expected return on plan assets (59 ) (71 ) (74 ) — — — Amortization of actuarial losses 22 26 10 2 5 3 Amortization of prior service credit — — — (4 ) (4 ) (5 ) Settlement (gain) loss — — (2 ) — — — Curtailment gain — (2 ) — — — — $ 51 $ 38 $ 26 $ 12 $ 14 $ 13 |
Automotive Segment | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The following provides disclosures for our Automotive segment's benefit obligations, plan assets, funded status, recognition in the consolidated balance sheets and inputs and valuation assumptions: Pension Benefits Other Post-Employment Benefits United States Plans Non-U.S. Plans 2016 2015 2016 2015 2016 2015 (in millions) Change in benefit obligation: Benefit obligation, beginning of year $ 1,221 $ 1,291 $ 487 $ 575 $ 323 $ 368 Service cost 3 3 14 16 — — Interest cost 49 48 13 10 14 13 Benefits paid (98 ) (89 ) (21 ) (24 ) (24 ) (23 ) Medicare subsidies received — — — — 2 3 Curtailments — — (1 ) (3 ) — — Settlements — — (4 ) — — — Actuarial losses (gains) and changes in actuarial assumptions (8 ) (32 ) 39 (75 ) (21 ) (35 ) Net transfers in (out) — — — 45 — — Currency translation — — (17 ) (57 ) 1 (3 ) Benefit obligation, end of year 1,167 1,221 510 487 295 323 Change in plan assets: Fair value of plan assets, beginning of year 870 912 57 54 — — Actual return on plan assets 45 (27 ) 3 2 — — Settlements — — (4 ) — — — Company contributions 39 74 30 30 22 20 Benefits paid (98 ) (89 ) (21 ) (24 ) (24 ) (23 ) Acquisitions — — 1 — — — Medicare subsidies received — — — — 2 3 Currency translation — — (3 ) (5 ) — — Fair value of plan assets, end of year 856 870 63 57 — — Funded status of the plan $ (311 ) $ (351 ) $ (447 ) $ (430 ) $ (295 ) $ (323 ) Amounts recognized in the consolidated balance sheets: Net liability recognized $ (311 ) $ (351 ) $ (447 ) $ (430 ) $ (295 ) $ (323 ) Amounts recognized in accumulated other comprehensive loss, inclusive of tax impacts: Net actuarial loss $ 435 $ 452 $ 93 $ 72 $ 34 $ 56 Prior service cost (credit) — — 1 1 6 (10 ) Total $ 435 $ 452 $ 94 $ 73 $ 40 $ 46 |
Schedule of Assumptions Used [Table Text Block] | Weighted-average assumptions used to determine the benefit obligation as of December 31, 2016 , 2015 and 2014 : Pension Benefits Other United States Plans Non-U.S. Plans December 31, December 31, 2016 2015 2014 2016 2015 2014 2016 2015 2014 (in millions) Discount rate 3.90 % 4.15 % 3.85 % 2.03 % 2.72 % 1.77 % 3.98 % 4.18 % 3.84 % Rate of compensation increase n/a n/a n/a 2.96 % 3.19 % 3.16 % n/a n/a n/a Weighted-average assumptions used to determine net periodic benefit cost (credit) for the years ended December 31, 2016 , 2015 and 2014 : Pension Benefits Other Post-Employment Benefits United States Plans Non-U.S. Plans Year Ended December 31, Year Ended December 31, 2016 2015 2014 2016 2015 2014 2016 2015 2014 (in millions) Discount rate 4.15 % 3.85 % 4.55 % 2.72 % 1.77 % 3.49 % 4.18 % 3.84 % 4.45 % Expected return on plan assets 5.65 % 6.55 % 6.95 % 3.22 % 3.52 % 4.18 % n/a n/a n/a Rate of compensation increase n/a n/a n/a 3.19 % 3.16 % 3.17 % n/a n/a n/a |
Schedule of projected benefit obligation in excess of plan assets [Table Text Block] | Information for defined benefit plans with projected benefit obligations in excess of plan assets: Pension Benefits Other Post-Employment Benefits United States Plans Non-U.S. Plans December 31, December 31, 2016 2015 2016 2015 2016 2015 (in millions) Projected benefit obligation $ 1,167 $ 1,221 $ 509 $ 486 $ 295 $ 323 Fair value of plan assets 856 870 62 56 — — |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | Information for pension plans with accumulated benefit obligations in excess of plan assets: Pension Benefits United States Plans Non-U.S. Plans December 31, 2016 2015 2016 2015 (in millions) Projected benefit obligation $ 1,167 $ 1,221 $ 494 $ 482 Accumulated benefit obligation 1,167 1,221 459 445 Fair value of plan assets 856 870 50 53 |
Schedule of Health Care Cost Trend Rates [Table Text Block] | The assumed health care and drug cost trend rates used to measure next year's post-employment healthcare benefits are as follows: Other Post-Employment Benefits 2016 2015 Initial health care cost trend rate 6.69% 6.97% Ultimate health care cost trend rate 5.00% 5.00% Year ultimate health care cost trend rate reached 2022 2022 |
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | The assumed health care cost trend rate has a significant impact on the amounts reported for OPEB plans. The following table illustrates the sensitivity to a change in the assumed health care cost trend rate: Total Service and Interest Cost APBO (in millions) 100 basis point (“bp”) increase in health care cost trend rate $ 1 $ 24 100 bp decrease in health care cost trend rate (1 ) (21 ) |
Schedule of Expected Benefit Payments [Table Text Block] | Federal-Mogul's projected benefit payments from the plans are estimated as follows: Pension Benefits Other Post-Employment Benefits Years United States Plans Non-U.S. Plans (in millions) 2017 $ 84 $ 22 $ 23 2018 84 22 23 2019 86 24 23 2020 87 24 23 2021 86 24 22 2022-2026 387 131 101 |
Railcar and Food Packaging | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | The following table provides disclosures for ARI's and Viskase's benefit obligations, plan assets, funded status, and recognition in the consolidated balance sheets. As pension costs for ARI and Viskase are not material to our consolidated financial position and results of operations, we do not provide information regarding their inputs and valuation assumptions. Pension Benefits 2016 2015 (in millions) Change in benefit obligation: Benefit obligation, beginning of year $ 191 $ 203 Service cost 1 1 Interest cost 8 8 Benefits paid (15 ) (10 ) Actuarial gain (loss) 4 (9 ) Curtailment gain — (1 ) Currency translation — (1 ) Benefit obligation, end of year 189 191 Change in plan assets: Fair value of plan assets, beginning of year 133 144 Actual return on plan assets 8 (3 ) Company contributions — 2 Currency translation — — Benefits paid (15 ) (10 ) Fair value of plan assets, end of year 126 133 Funded status of the plan $ (63 ) $ (58 ) Amounts recognized in the consolidated balance sheets: Net liability recognized $ (63 ) $ (58 ) Amounts recognized in accumulated other comprehensive loss, inclusive of tax impacts: Net actuarial loss $ (63 ) $ (58 ) Total $ (63 ) $ (58 ) |
Net Income Per LP Unit (Tables)
Net Income Per LP Unit (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Net Income Per LP Unit [Abstract] | |
Schedule Of Earnings Per LP Unit | The following table sets forth the allocation of net (loss) income attributable to Icahn Enterprises allocable to limited partners and the computation of basic and diluted (loss) income per LP unit of Icahn Enterprises for the periods indicated: Year Ended December 31, 2016 2015 2014 (in millions, except per unit data) Net loss attributable to Icahn Enterprises $ (1,128 ) $ (1,194 ) $ (373 ) Net loss attributable to Icahn Enterprises allocable to limited partners (98.01% allocation) $ (1,106 ) $ (1,170 ) $ (366 ) Basic and diluted loss per LP unit $ (8.07 ) $ (9.29 ) $ (3.08 ) Basic and diluted weighted average LP units outstanding 137 126 119 |
Segment and Geographic Report43
Segment and Geographic Reporting (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |
Schedule of Condensed Income Statement by Segment | Icahn Enterprises' condensed statements of operations by reporting segment for the years ended December 31, 2016 , 2015 and 2014 are presented below: Year Ended December 31, 2016 Investment Automotive Energy Railcar Gaming Metals Mining Food Packaging Real Estate Home Fashion Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 9,420 $ 4,782 $ 430 $ — $ 267 $ 71 $ 329 $ 17 $ 195 $ — $ 15,511 Other revenues from operations — 422 — 522 944 — — — 70 — — 1,958 Net (loss) income from investment activities (1,388 ) — 5 — — — — — — — 10 (1,373 ) Interest and dividend income 112 4 1 2 1 — 2 — — — 9 131 Other (loss) income, net 53 82 (24 ) 8 3 2 (10 ) 3 1 1 2 121 (1,223 ) 9,928 4,764 962 948 269 63 332 88 196 21 16,348 Expenses: Cost of goods sold — 7,658 4,618 366 — 284 56 249 13 168 — 13,412 Other expenses from operations — 430 — 223 460 — — — 46 — — 1,159 Selling, general and administrative 34 1,521 138 48 440 18 22 52 10 38 21 2,342 Restructuring — 27 — — — 2 — 3 — — — 32 Impairment — 18 574 — 106 1 — — 5 2 3 709 Interest expense 230 157 83 85 13 — 7 12 2 — 289 878 264 9,811 5,413 722 1,019 305 85 316 76 208 313 18,532 (Loss) income before income tax (expense) benefit (1,487 ) 117 (649 ) 240 (71 ) (36 ) (22 ) 16 12 (12 ) (292 ) (2,184 ) Income tax (expense) benefit — (40 ) 45 (57 ) (24 ) 16 (2 ) (8 ) — — 34 (36 ) Net (loss) income (1,487 ) 77 (604 ) 183 (95 ) (20 ) (24 ) 8 12 (12 ) (258 ) (2,220 ) Less: net loss (income) attributable to non-controlling interests 883 (24 ) 277 (33 ) (14 ) — 5 (2 ) — — — 1,092 Net (loss) income attributable to Icahn Enterprises $ (604 ) $ 53 $ (327 ) $ 150 $ (109 ) $ (20 ) $ (19 ) $ 6 $ 12 $ (12 ) $ (258 ) $ (1,128 ) Supplemental information: Capital expenditures $ — $ 418 $ 133 $ 133 $ 85 $ 5 $ 22 $ 18 $ 1 $ 11 $ — $ 826 Depreciation and amortization (1) $ — $ 473 $ 258 $ 134 $ 71 $ 22 $ 3 $ 20 $ 22 $ 8 $ — $ 1,011 Year Ended December 31, 2015 Investment Automotive Energy Railcar Gaming Metals Mining Food Packaging Real Estate Home Fashion Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 7,789 $ 5,433 $ 440 $ — $ 361 $ 30 $ 344 $ 14 $ 193 $ — $ 14,604 Other revenues from operations — — — 499 811 — — — 76 — — 1,386 Net gain (loss) from investment activities (1,041 ) — 36 — — — — — — — 18 (987 ) Interest and dividend income 178 6 2 2 1 — 1 — — — 4 194 Other (loss) income, net (2 ) 58 (29 ) 7 (1 ) 4 (3 ) (7 ) 41 1 6 75 (865 ) 7,853 5,442 948 811 365 28 337 131 194 28 15,272 Expenses: Cost of goods sold — 6,577 4,949 338 — 406 38 263 7 163 — 12,741 Other expenses from operations — — — 201 396 — — — 46 — — 643 Selling, general and administrative 237 1,001 127 45 338 20 12 50 13 34 31 1,908 Restructuring — 89 — — — 2 — 5 — 1 — 97 Impairment — 344 253 — — 20 169 — 2 — — 788 Interest expense 563 144 47 82 12 — 3 12 2 — 289 1,154 800 8,155 5,376 666 746 448 222 330 70 198 320 17,331 (Loss) income before income tax (expense) benefit (1,665 ) (302 ) 66 282 65 (83 ) (194 ) 7 61 (4 ) (292 ) (2,059 ) Income tax (expense) benefit — (50 ) (59 ) (69 ) (27 ) 32 (1 ) (10 ) — — 116 (68 ) Net (loss) income (1,665 ) (352 ) 7 213 38 (51 ) (195 ) (3 ) 61 (4 ) (176 ) (2,127 ) Less: net loss (income) attributable to non-controlling interests 905 53 18 (76 ) (12 ) — 45 — — — — 933 Net (loss) income attributable to Icahn Enterprises $ (760 ) $ (299 ) $ 25 $ 137 $ 26 $ (51 ) $ (150 ) $ (3 ) $ 61 $ (4 ) $ (176 ) $ (1,194 ) Supplemental information: Capital expenditures $ — $ 449 $ 219 $ 522 $ 94 $ 24 $ 20 $ 22 $ 3 $ 6 $ — $ 1,359 Depreciation and amortization (1) $ — $ 346 $ 229 $ 127 $ 63 $ 29 $ 8 $ 19 $ 21 $ 7 $ — $ 849 Year Ended December 31, 2014 Investment Automotive Energy Railcar Gaming Metals Food Packaging Real Estate Home Fashion Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 7,317 $ 9,109 $ 379 $ — $ 711 $ 365 $ 15 $ 176 $ — $ 18,072 Other revenues from operations — — — 411 759 — — 80 — — 1,250 Net gain from investment activities (421 ) — (6 ) — — — — — — (137 ) (564 ) Interest and dividend income 202 5 3 3 2 — — — — 2 217 Other (loss) income, net 1 2 186 16 88 — (19 ) 6 5 (103 ) 182 (218 ) 7,324 9,292 809 849 711 346 101 181 (238 ) 19,157 Expenses: Cost of goods sold — 6,260 8,774 288 — 728 275 8 152 — 16,485 Other expenses from operations — — — 175 387 — — 51 — — 613 Selling, general and administrative 167 825 136 42 327 23 45 12 29 19 1,625 Restructuring — 86 — — — — — — (2 ) — 84 Impairment — 24 103 — — 3 — 5 — — 135 Interest expense 299 128 38 60 13 — 14 3 — 292 847 466 7,323 9,051 565 727 754 334 79 179 311 19,789 Income (loss) before income tax benefit (expense) (684 ) 1 241 244 122 (43 ) 12 22 2 (549 ) (632 ) Income tax benefit (expense) — (91 ) (73 ) (56 ) 147 18 (3 ) — — 161 103 Net income (loss) (684 ) (90 ) 168 188 269 (25 ) 9 22 2 (388 ) (529 ) Less: net (income) loss attributable to non-controlling interests 379 3 (73 ) (66 ) (84 ) — (3 ) — — — 156 Net income (loss) attributable to Icahn Enterprises $ (305 ) $ (87 ) $ 95 $ 122 $ 185 $ (25 ) $ 6 $ 22 $ 2 $ (388 ) $ (373 ) Supplemental information: Capital expenditures $ — $ 418 $ 218 $ 626 $ 81 $ 41 $ 23 $ 1 $ 3 $ — $ 1,411 Depreciation and amortization (2) $ — $ 336 $ 219 $ 106 $ 50 $ 26 $ 22 $ 22 $ 7 $ — $ 788 (1) Excludes amounts related to the amortization of deferred financing costs and debt discounts and premiums included in interest expense in the consolidated amounts of $23 million , $14 million and $22 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. |
Schedule of Condensed Financial Statements by Segment | Icahn Enterprises' condensed balance sheets by reporting segment as of December 31, 2016 and 2015 are presented below: December 31, 2016 Investment Automotive Energy Railcar Gaming Metals Mining Food Packaging Real Estate Home Fashion Holding Company Consolidated (in millions) ASSETS Cash and cash equivalents $ 13 $ 353 $ 736 $ 179 $ 244 $ 4 $ 14 $ 39 $ 24 $ 2 $ 225 $ 1,833 Cash held at consolidated affiliated partnerships and restricted cash 752 2 — 19 15 5 — 2 2 4 3 804 Investments 9,213 270 6 35 33 — — — — — 324 9,881 Accounts receivable, net — 1,270 152 40 12 29 5 63 3 35 — 1,609 Inventories, net — 2,353 349 75 — 38 25 72 — 71 — 2,983 Property, plant and equipment, net — 3,302 3,358 1,567 814 100 152 152 602 75 — 10,122 Goodwill and intangible assets, net — 1,765 318 7 75 4 — 8 38 1 — 2,216 Other assets 1,518 504 94 1,410 209 13 23 92 18 5 1 3,887 Total assets $ 11,496 $ 9,819 $ 5,013 $ 3,332 $ 1,402 $ 193 $ 219 $ 428 $ 687 $ 193 $ 553 $ 33,335 LIABILITIES AND EQUITY Accounts payable, accrued expenses and other liabilities $ 1,236 $ 2,834 $ 1,474 $ 2,100 $ 153 $ 34 $ 38 $ 69 $ 20 $ 29 $ 168 $ 8,155 Securities sold, not yet purchased, at fair value 1,139 — — — — — — — — — — 1,139 Due to brokers 3,725 — — — — — — — — — — 3,725 Post-employment benefit liability — 1,113 — 9 — 2 — 56 — — — 1,180 Debt — 3,259 1,165 571 287 2 55 265 25 — 5,490 11,119 Total liabilities 6,100 7,206 2,639 2,680 440 38 93 390 45 29 5,658 25,318 Equity attributable to Icahn Enterprises 1,669 2,292 1,034 444 730 155 104 25 642 164 (5,105 ) 2,154 Equity attributable to non-controlling interests 3,727 321 1,340 208 232 — 22 13 — — — 5,863 Total equity 5,396 2,613 2,374 652 962 155 126 38 642 164 (5,105 ) 8,017 Total liabilities and equity $ 11,496 $ 9,819 $ 5,013 $ 3,332 $ 1,402 $ 193 $ 219 $ 428 $ 687 $ 193 $ 553 $ 33,335 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | The following table presents our segments' geographic net sales from external customers, other revenues from operations and property, plant and equipment, net for the periods indicated: Net Sales Other Revenues From Operations Property, Plant and Equipment, Net Year Ended December 31, Year Ended December 31, December 31, 2016 2015 2014 2016 2015 2014 2016 2015 (in millions) United States $ 10,489 $ 9,672 $ 13,086 $ 1,886 $ 1,304 $ 1,169 $ 8,063 $ 7,221 Germany 1,455 1,480 1,507 — — — 458 464 Other 3,567 3,452 3,479 72 82 81 1,601 1,850 $ 15,511 $ 14,604 $ 18,072 $ 1,958 $ 1,386 $ 1,250 $ 10,122 $ 9,535 |
Icahn Enterprises Holdings | |
Segment Reporting Information [Line Items] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Icahn Enterprises Holdings Due to the structure of our business, the consolidated results of operations for Icahn Enterprises and Icahn Enterprises Holdings are substantially the same. Differences primarily relate to non-cash portions of interest expense, and are only reflected in the results of operations for our Holding Company. See Note 10 , " Debt ," for additional information. Segment information for Icahn Enterprises Holdings is presented below for significant financial statement line items affected by these differences. Year Ended December 31, December 31, 2016 2015 2014 2016 2015 Interest Expense Net (Loss) Income Net (Loss) Income Attributable to Icahn Enterprises Holdings Interest Expense Net (Loss) Income Net (Loss) Income Attributable to Icahn Enterprises Holdings Interest Expense Net Income (Loss) Net Income (Loss) Attributable to Icahn Enterprises Holdings Total Assets Total Assets (in millions) (in millions) Investment $ 230 $ (1,487 ) $ (604 ) $ 563 $ (1,665 ) $ (760 ) $ 299 $ (684 ) $ (305 ) $ 11,496 $ 16,140 Automotive 157 77 53 144 (352 ) (299 ) 128 (90 ) (87 ) 9,819 7,943 Energy 83 (604 ) (327 ) 47 7 25 38 168 95 5,013 4,888 Railcar 85 183 150 82 213 137 60 188 122 3,332 3,681 Gaming 13 (95 ) (109 ) 12 38 26 13 269 185 1,402 1,285 Metals — (20 ) (20 ) — (51 ) (51 ) — (25 ) (25 ) 193 215 Mining 7 (24 ) (19 ) 3 (195 ) (150 ) — — — 219 203 Food Packaging 12 8 6 12 (3 ) (3 ) 14 9 6 428 416 Real Estate 2 12 12 2 61 61 3 22 22 687 701 Home Fashion — (12 ) (12 ) — (4 ) (4 ) — 2 2 193 206 Holding Company 288 (257 ) (257 ) 288 (175 ) (175 ) 291 (387 ) (387 ) 578 753 Consolidated $ 877 $ (2,219 ) $ (1,127 ) $ 1,153 $ (2,126 ) $ (1,193 ) $ 846 $ (528 ) $ (372 ) $ 33,360 $ 36,431 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Contingency [Line Items] | |
difference in book basis and tax basis of net assets not subject to income taxes [Table Text Block] | The difference between the book basis and the tax basis of our net assets, not directly subject to income taxes, is as follows: Icahn Enterprises Icahn Enterprises Holdings December 31, December 31, 2016 2015 2016 2015 (in millions) (in millions) Book basis of net assets $ 2,154 $ 3,987 $ 2,179 $ 4,011 Book/tax basis difference 1,888 (88 ) 1,888 (88 ) Tax basis of net assets $ 4,042 $ 3,899 $ 4,067 $ 3,923 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Our corporate subsidiaries recorded the following income tax benefit (expense) attributable to continuing operations for our taxable subsidiaries: Year Ended December 31, 2016 2015 2014 (in millions) Current: Domestic $ (40 ) $ (17 ) $ (45 ) International (101 ) (55 ) (35 ) Total current (141 ) (72 ) (80 ) Deferred: Domestic 73 (15 ) 201 International 32 19 (18 ) Total deferred 105 4 183 $ (36 ) $ (68 ) $ 103 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The tax effect of significant differences representing deferred tax assets (liabilities) (the difference between financial statement carrying value and the tax basis of assets and liabilities) is as follows: December 31, 2016 2015 (in millions) Deferred tax assets: Property, plant and equipment $ 312 $ 341 Net operating loss 1,981 1,511 Tax credits 139 133 Post-employment benefits, including pensions 334 347 Reorganization costs 7 5 Other 430 418 Total deferred tax assets 3,203 2,755 Less: Valuation allowance (1,821 ) (1,444 ) Net deferred tax assets $ 1,382 $ 1,311 Deferred tax liabilities: Property, plant and equipment $ (592 ) $ (354 ) Intangible assets (195 ) (163 ) Investment in partnerships (1,495 ) (1,376 ) Investment in U.S. subsidiaries (307 ) (307 ) Other (101 ) (13 ) Total deferred tax liabilities (2,690 ) (2,213 ) $ (1,308 ) $ (902 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | A reconciliation of the effective tax rate on continuing operations as shown in the consolidated statements of operations to the federal statutory rate is as follows: Year Ended December 31, 2016 2015 2014 Federal statutory rate 35.0 % 35.0 % 35.0 % Foreign operations 1.8 1.4 6.7 Valuation allowance (2.1 ) (5.5 ) 21.5 Non-controlling interest (0.3 ) 2.0 7.5 Goodwill (10.3 ) (9.5 ) (5.7 ) Gain on settlement of liabilities subject to compromise (0.4 ) 0.2 4.9 Income not subject to taxation (23.4 ) (25.4 ) (47.2 ) Other (1.9 ) (1.5 ) (6.4 ) (1.6 )% (3.3 )% 16.3 % |
Schedule of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns Roll Forward [Table Text Block] | A summary of the changes in the gross amounts of unrecognized tax benefits for the years ended December 31, 2016 , 2015 and 2014 are as follows: Years Ended December 31, 2016 2015 2014 (in millions) Balance at January 1 $ 94 $ 113 $ 132 Addition based on tax positions related to the current year 7 19 18 Increase for tax positions of prior years 8 6 10 Decrease for tax positions of prior years (1 ) (10 ) (14 ) Decrease for statute of limitation expiration (6 ) (21 ) (3 ) Settlements — (8 ) (25 ) Impact of currency translation and other (1 ) (5 ) (5 ) Balance at December 31 $ 101 $ 94 $ 113 |
Changes in Accumulated Other 45
Changes in Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Changes in Accumulated Other Comprehensive Loss [Abstract] | |
Schedule of changes in accumulated other comprehensive income [Table Text Block] | Changes in accumulated other comprehensive loss consists of the following: Post-Employment Benefits, Net of Tax Hedge Instruments, Net of Tax Translation Adjustments and Other, Net of Tax Total (in millions) Balance, December 31, 2015 $ (632 ) $ (25 ) $ (800 ) $ (1,457 ) Other comprehensive income (loss) before reclassifications, net of tax (1 ) 2 (147 ) (146 ) Reclassifications from accumulated other comprehensive income (loss) to earnings 19 1 (1 ) 19 Other comprehensive income (loss), net of tax 18 3 (148 ) (127 ) Balance, December 31, 2016 $ (614 ) $ (22 ) $ (948 ) $ (1,584 ) |
Other Income (Loss), Net (Table
Other Income (Loss), Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other (Loss) Income, Net [Abstract] | |
Schedule of Other Nonoperating Income (Expense) | Other income, net consists of the following: Year Ended December 31, 2016 2015 2014 (in millions) Gain on acquisition $ — $ 5 $ — Realized and unrealized (loss) gain on derivatives, net (Note 7) (19 ) (29 ) 186 Other derivative income 66 — — Gain on disposition of assets 14 40 25 Loss on extinguishment of debt (Note 10) (5 ) (2 ) (162 ) Equity earnings from non-consolidated affiliates 64 62 50 Foreign currency transaction loss (1 ) (10 ) (10 ) Tax settlement gain — — 32 Predecessor claim settlement 3 — 53 Other (1 ) 9 8 $ 121 $ 75 $ 182 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Long-term Purchase Commitment [Line Items] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Consolidated future minimum lease payments under operating leases with initial terms of one or more years consist of the following at December 31, 2016 : Year Amount (in millions) 2017 $ 245 2018 225 2019 183 2020 155 2021 130 Thereafter 356 $ 1,294 In connection with the ARL Initial Sale, which is expected to close in the second quarter of 2017, the table above excludes future minimum lease payments under operating leases with initial terms of one or more years aggregating $17 million relating to ARL as of December 31, 2016 . |
Energy Segment | |
Long-term Purchase Commitment [Line Items] | |
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block] | The minimum required payments for CVR's unconditional purchase obligations are as follows: Unconditional Purchase Obligations (1) (in millions) 2017 $ 150 2018 129 2019 126 2020 109 2021 97 Thereafter 640 $ 1,251 (1) This amount includes $734 million payable ratably over 14 years pursuant to petroleum transportation service agreements between CRRM and each of TransCanada Keystone Limited Partnership and TransCanada Keystone Pipeline, LP (together, "TransCanada"). The purchase obligation reflects the exchange rate between the Canadian dollar and the U.S. dollar as of December 31, 2016 , where applicable. Under the agreements, CRRM receives transportation of at least 25,000 barrels per day of crude oil with a delivery point at Cushing, Oklahoma for a term of 20 years on TransCanada's Keystone pipeline system. CRRM began receiving crude oil under the agreements in the first quarter of 2011. |
Quarterly Financial Data (Una48
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Data (Unaudited) [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | For the Three Months Ended (1) March 31, June 30, September 30, December 31, 2016 2015 2016 2015 2016 2015 2016 2015 (in millions, except per unit data) Net sales $ 3,548 $ 3,565 $ 4,094 $ 3,979 $ 3,904 $ 3,720 $ 3,965 $ 3,340 Gross margin on net sales 425 440 646 655 526 496 502 272 Total revenues 3,127 4,511 4,350 4,984 4,899 3,212 3,972 2,565 Net income (loss) (1,609 ) 422 (285 ) 541 238 (940 ) (564 ) (2,150 ) Net (income) loss attributable to non-controlling interests 772 (261 ) 216 (329 ) (254 ) 500 358 1,023 Net income (loss) attributable to Icahn Enterprises (837 ) 161 (69 ) 212 (16 ) (440 ) (206 ) (1,127 ) Basic income (loss) per LP unit (2) $ (6.21 ) $ 1.28 $ (0.50 ) $ 1.68 $ (0.12 ) $ (3.40 ) $ (1.42 ) $ (8.56 ) Diluted income (loss) per LP unit (2) $ (6.21 ) $ 1.27 $ (0.50 ) $ 1.68 $ (0.12 ) $ (3.40 ) $ (1.42 ) $ (8.56 ) (1) The comparability of our quarterly financial data is impacted by the acquisitions of certain businesses during both of the years December 31, 2016 and 2015 as discussed in Note 1 , " Description of Business and Basis of Presentation ." (2) Basic and diluted income (loss) per LP unit is computed separately for each quarter and therefore, the sum of such quarterly per LP unit amounts may differ from the total for the year. |
Schedule I (Tables)
Schedule I (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 2015 (In millions, except unit amounts) ASSETS Investments in subsidiaries, net $ 7,750 $ 9,579 Total Assets $ 7,750 $ 9,579 LIABILITIES AND EQUITY Accrued expenses and other liabilities $ 106 $ 106 Debt 5,490 5,486 5,596 5,592 Commitments and contingencies (Note 3) Equity: Limited partners: Depositary units: 144,741,149 and 131,481,059 units issued and outstanding at December 31, 2016 and 2015, respectively 2,448 4,244 General partner (294 ) (257 ) Total equity 2,154 3,987 Total Liabilities and Equity $ 7,750 $ 9,579 |
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, 2016 2015 2014 (In millions) Interest expense $ (289 ) $ (289 ) $ (292 ) Loss on extinguishment of debt — — (108 ) Equity in (loss) earnings of subsidiaries (839 ) (905 ) 27 Net loss $ (1,128 ) $ (1,194 ) $ (373 ) Net loss allocable to: Limited partners $ (1,106 ) $ (1,170 ) $ (366 ) General partner (22 ) (24 ) (7 ) $ (1,128 ) $ (1,194 ) $ (373 ) |
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, 2016 2015 2014 (In millions) Cash flows from operating activities: Net loss $ (1,128 ) $ (1,194 ) $ (373 ) Adjustments to reconcile net loss to net cash used in operating activities: Amortization of deferred financing costs 1 1 1 Loss on extinguishment of debt — — 108 Equity in loss (income) of subsidiary 839 905 (27 ) Net cash used in operating activities (288 ) (288 ) (291 ) Cash flows from investing activities: Net investment in and advances from subsidiary 390 404 (951 ) Net cash provided by (used in) investing activities 390 404 (951 ) Cash flows from financing activities: Partnership distributions (103 ) (116 ) (125 ) Partnership contributions 1 — — Proceeds from borrowings — — 4,991 Repayments of borrowings — — (3,624 ) Net cash (used in) provided by financing activities (102 ) (116 ) 1,242 Net change in cash and cash equivalents — — — Cash and cash equivalents, beginning of period — — — Cash and cash equivalents, end of period $ — $ — $ — |
Financial Statement Schedule, Parent Company Debt Note [Table Text Block] | See Note 10 , “ Debt ,” to the consolidated financial statements located in Item 8 of this Report. Icahn Enterprises' Parent company debt consists of the following: December 31, 2016 2015 (in millions) Senior unsecured 5.875% notes due 2022 $ 1,340 $ 1,338 Senior unsecured 6.00% notes due 2020 1,705 1,706 Senior unsecured 4.875% notes due 2019 1,271 1,270 Senior unsecured 3.5% notes due 2017 1,174 1,172 Total debt $ 5,490 $ 5,486 |
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, 2016 2015 (in millions) ASSETS Cash and cash equivalents $ 65 $ 51 Other assets 94 219 Investments in subsidiaries, net 7,642 9,363 Total Assets $ 7,801 $ 9,633 LIABILITIES AND EQUITY Accounts payable, accrued expenses and other liabilities $ 108 $ 109 Debt 5,514 5,513 5,622 5,622 Commitments and contingencies (Note 3) Equity: Limited partner 2,498 4,310 General partner (319 ) (299 ) Total equity 2,179 4,011 Total Liabilities and Equity $ 7,801 $ 9,633 |
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, 2016 2015 2014 (in millions) Interest and dividend income $ 1 $ — $ 1 Loss on extinguishment of debt — — (108 ) Equity in (loss) earnings of subsidiaries (818 ) (903 ) 28 Other income, net 8 28 20 (809 ) (875 ) (59 ) Interest expense 290 291 290 Selling, general and administrative 28 27 23 318 318 313 Net loss $ (1,127 ) $ (1,193 ) $ (372 ) Net loss allocable to: Limited partner $ (1,116 ) $ (1,181 ) $ (368 ) General partner (11 ) (12 ) (4 ) $ (1,127 ) $ (1,193 ) $ (372 ) |
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, 2016 2015 2014 (in millions) Cash flows from operating activities: Net loss $ (1,127 ) $ (1,193 ) $ (372 ) Adjustments to reconcile net loss to net cash used in operating activities: Equity in (income) loss of subsidiary 818 903 (28 ) Loss on extinguishment of debt — — 108 Depreciation and amortization 3 2 5 Other, net 7 (16 ) — Change in operating assets and liabilities (6 ) (4 ) (47 ) Net cash used in operating activities (305 ) (308 ) (334 ) Cash flows from investing activities: Net investment in subsidiaries 421 155 (661 ) Purchase of investments — (96 ) — Other, net — 28 9 Net cash provided by (used in) investing activities 421 87 (652 ) Cash flows from financing activities: Partnership distributions (103 ) (116 ) (125 ) Partner contribution 1 — — Proceeds from borrowings — — 4,991 Repayments of borrowings — — (3,634 ) Net cash (used in) provided by financing activities (102 ) (116 ) 1,232 Net change in cash and cash equivalents 14 (337 ) 246 Cash and cash equivalents, beginning of period 51 388 142 Cash and cash equivalents, end of period $ 65 $ 51 $ 388 |
Financial Statement Schedule, Parent Company Debt Note [Table Text Block] | See Note 10 , “ Debt ,” to the consolidated financial statements located in Item 8 of this Report. Icahn Enterprises Holdings' Parent company debt consists of the following: December 31, 2016 2015 (in millions) Senior unsecured 5.875% notes due 2022 $ 1,340 1,338 Senior unsecured 6.00% notes due 2020 1,705 1,706 Senior unsecured 4.875% notes due 2019 1,271 1,270 Senior unsecured 3.5% notes due 2017 1,174 1,172 Mortgages payable 24 27 Total debt $ 5,514 $ 5,513 |
Presentation (Details)
Presentation (Details) $ / shares in Units, shares in Millions | May 26, 2016USD ($) | Apr. 01, 2016USD ($)shares | Feb. 26, 2016USD ($) | Feb. 04, 2016USD ($) | Dec. 31, 2016USD ($)$ / shares | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2014USD ($) | Dec. 19, 2016USD ($) |
Entity Information [Line Items] | ||||||||
Impairment | $ 709,000,000 | $ 788,000,000 | $ 135,000,000 | |||||
Assets held for sale | 1,366,000,000 | 154,000,000 | ||||||
Liabilities held for sale | $ 1,779,000,000 | 5,000,000 | ||||||
Mr. Icahn and affiliates | ||||||||
Entity Information [Line Items] | ||||||||
Affiliate ownership interest in Icahn Enterprises | 89.80% | |||||||
Icahn Enterprises G.P. | ||||||||
Entity Information [Line Items] | ||||||||
General partner ownership percentage in Icahn Enterprises | 1.00% | |||||||
General partner ownership interest in Icahn Enterprises Holdings | 1.00% | |||||||
Aggregate general partner ownership interest of parent and operating subsidiary | 1.99% | |||||||
Icahn Enterprises Holdings | ||||||||
Entity Information [Line Items] | ||||||||
Percentage of equity ownership in operating subsidiary | 99.00% | |||||||
Impairment | $ 709,000,000 | 788,000,000 | 135,000,000 | |||||
Assets held for sale | 1,366,000,000 | 154,000,000 | ||||||
Liabilities held for sale | 1,779,000,000 | 5,000,000 | ||||||
Automotive Segment | ||||||||
Entity Information [Line Items] | ||||||||
Impairment | 18,000,000 | 344,000,000 | 24,000,000 | |||||
Automotive Segment | Pep Boys | ||||||||
Entity Information [Line Items] | ||||||||
Total value of consideration transferred to acquire business | $ 1,200,000,000 | |||||||
Fair value of equity interest in acquired business prior to acquiring a controlling interest | 121,000,000 | |||||||
Value assigned to net tangible assets acquired | 993,000,000 | |||||||
Value assigned to property, plant and equipment | 998,000,000 | |||||||
Value assigned to inventory | 659,000,000 | |||||||
Value assigned to other tangible net liabilities | 664,000,000 | |||||||
Value assigned to goodwill and other intangible assets acquired | 210,000,000 | |||||||
Value assigned to unfavorable lease intangible liability acquired | $ 59,000,000 | |||||||
Revenue of acquiree since acquisition date | 1,700,000,000 | |||||||
Income (loss) of acquiree attributable to parent since acquisition date | (8,000,000) | |||||||
Pro forma revenue | 16,500,000,000 | 17,400,000,000 | ||||||
Pro forma net income (loss) | (2,300,000,000) | (2,100,000,000) | ||||||
Pro forma net income (loss) attributable to parent as if the acquisition had been completed at the beginning of the earliest pro forma information presented. | $ (1,200,000,000) | $ (1,200,000,000) | ||||||
Pro forma basic earnings per share | $ / shares | $ (8.36) | $ (9.44) | ||||||
Pro forma diluted earnings per share | $ / shares | $ (8.36) | $ (9.44) | ||||||
Automotive Segment | Other acquisition | ||||||||
Entity Information [Line Items] | ||||||||
Total value of consideration transferred to acquire business | $ 25,000,000 | |||||||
Value assigned to net tangible assets acquired | $ 25,000,000 | |||||||
Energy Segment | ||||||||
Entity Information [Line Items] | ||||||||
Impairment | $ 574,000,000 | $ 253,000,000 | 103,000,000 | |||||
Energy Segment | CVR Nitrogen | ||||||||
Entity Information [Line Items] | ||||||||
Total value of consideration transferred to acquire business | $ 440,000,000 | |||||||
Value assigned to net tangible assets acquired | $ 440,000,000 | |||||||
Subsidiary units issued to acquire business | shares | 40.2 | |||||||
Value of equity issued to acquire business | $ 336,000,000 | |||||||
Cash paid to acquire business | 99,000,000 | |||||||
Faiv value of liabilities assumed to acquire business | 368,000,000 | |||||||
Debt face amount | 320,000,000 | |||||||
Intercompany debt, face amount | $ 320,000,000 | |||||||
Gaming Segment | ||||||||
Entity Information [Line Items] | ||||||||
Impairment | $ 106,000,000 | 0 | 0 | |||||
Gaming Segment | TER | ||||||||
Entity Information [Line Items] | ||||||||
Percentage of equity ownership in operating subsidiary | 100.00% | |||||||
Fair value of equity interest in acquired business prior to acquiring a controlling interest | $ 126,000,000 | |||||||
Gain on remeasurement of equity interest in acquired business to acquisition date fair value | 16,000,000 | |||||||
Value assigned to net tangible assets acquired | 109,000,000 | |||||||
Value assigned to goodwill and other intangible assets acquired | 17,000,000 | |||||||
Face value of pre-petition debt | $ 286,000,000 | |||||||
Railcar Segment | ||||||||
Entity Information [Line Items] | ||||||||
Impairment | $ 0 | $ 0 | $ 0 | |||||
Value of business to be disposed of | $ 2,800,000,000 | |||||||
Estimated number of railcars to be disposed of (number of railcars) | 29,000 | |||||||
Estimated number of additional railcars with option to sell (number of railcars) | 4,800 | |||||||
Estimated value of additional railcars with option to sell | $ 586,000,000 | |||||||
Cash and cash equivalents held for sale | 113,000,000 | |||||||
Property, plant and equipment held for sale | 1,197,000,000 | |||||||
Other assets held for sale | 41,000,000 | |||||||
Assets held for sale | 1,351,000,000 | |||||||
Accounts payable, accrued expenses and other liabilities held for sale | 27,000,000 | |||||||
Debt held for sale | 1,746,000,000 | |||||||
Liabilities held for sale | $ 1,773,000,000 |
Summary of Significant Accoun51
Summary of Significant Accounting Policies Variable Interest Entities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Energy Segment | Cash and cash equivalents | ||
Variable Interest Entity [Line Items] | ||
Carrying amount of assets of VIE's | $ 370 | $ 237 |
Energy Segment | Property, plant and equipment | ||
Variable Interest Entity [Line Items] | ||
Carrying amount of assets of VIE's | 3,331 | 2,674 |
Energy Segment | Inventories | ||
Variable Interest Entity [Line Items] | ||
Carrying amount of assets of VIE's | 349 | 290 |
Energy Segment | Goodwill | ||
Variable Interest Entity [Line Items] | ||
Carrying amount of assets of VIE's | 0 | 574 |
Energy Segment | Intangible assets, net | ||
Variable Interest Entity [Line Items] | ||
Carrying amount of assets of VIE's | 318 | 337 |
Energy Segment | Other assets | ||
Variable Interest Entity [Line Items] | ||
Carrying amount of assets of VIE's | 85 | 115 |
Energy Segment | Accounts payable, accrued expenses and other liabilities | ||
Variable Interest Entity [Line Items] | ||
Carrying amount of liabilities of VIE's | 534 | 333 |
Energy Segment | Debt | ||
Variable Interest Entity [Line Items] | ||
Carrying amount of liabilities of VIE's | $ 1,165 | $ 667 |
Icahn Enterprises Holdings | ||
Variable Interest Entity [Line Items] | ||
Percentage of equity ownership in operating subsidiary | 99.00% |
Summary of Significant Accoun52
Summary of Significant Accounting Policies Inventories, Net (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Inventories, Net [Abstract] | ||
Raw materials | $ 483 | $ 470 |
Work in process | 299 | 305 |
Finished goods | 2,201 | 1,484 |
Inventories, net | $ 2,983 | $ 2,259 |
Summary of Significant Accoun53
Summary of Significant Accounting Policies Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Significant Accounting Policies [Line Items] | |||
Cash held at consolidated affiliated partnerships and restricted cash | $ 804 | $ 1,282 | |
Debt | 11,119 | 12,594 | |
Fair value of long-term debt | 11,200 | 12,200 | |
Restricted cash | |||
Schedule of Significant Accounting Policies [Line Items] | |||
Cash held at consolidated affiliated partnerships and restricted cash | 686 | 966 | |
Automotive Segment | |||
Schedule of Significant Accounting Policies [Line Items] | |||
Cash held at consolidated affiliated partnerships and restricted cash | 2 | 0 | |
Debt | 3,259 | 3,135 | |
Research and development expense | 192 | 189 | $ 192 |
Energy Segment | |||
Schedule of Significant Accounting Policies [Line Items] | |||
Cash held at consolidated affiliated partnerships and restricted cash | 0 | 0 | |
Debt | 1,165 | 667 | |
Inventory adjustments | 37 | ||
Planned major maintenance | $ 38 | $ 109 | $ 7 |
Maximum | Nitrogen Fertilizer | Energy Segment | |||
Schedule of Significant Accounting Policies [Line Items] | |||
Planned major maintenance, frequency (in years) | 3 years | ||
Maximum | Refineries | Energy Segment | |||
Schedule of Significant Accounting Policies [Line Items] | |||
Planned major maintenance, frequency (in years) | 5 years | ||
Minimum | Nitrogen Fertilizer | Energy Segment | |||
Schedule of Significant Accounting Policies [Line Items] | |||
Planned major maintenance, frequency (in years) | 2 years | ||
Minimum | Refineries | Energy Segment | |||
Schedule of Significant Accounting Policies [Line Items] | |||
Planned major maintenance, frequency (in years) | 4 years | ||
Buildings and improvements | Maximum | |||
Schedule of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful life (in years) | 40 years | 40 years | |
Buildings and improvements | Minimum | |||
Schedule of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful life (in years) | 3 years | 3 years | |
Machinery, equipment and furniture | Maximum | |||
Schedule of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful life (in years) | 30 years | 30 years | |
Machinery, equipment and furniture | Minimum | |||
Schedule of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful life (in years) | 1 year | 1 year | |
Assets lease to others | Maximum | |||
Schedule of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful life (in years) | 30 years | ||
Assets lease to others | Minimum | |||
Schedule of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful life (in years) | 30 years | ||
Debt | |||
Schedule of Significant Accounting Policies [Line Items] | |||
Reclass to prior year balance as a result of adoption of accounting principle in the current year | $ 39 |
Operating Units Automotive Segm
Operating Units Automotive Segment (Details) | Jan. 18, 2017$ / shares | Sep. 16, 2016$ / shares | Mar. 26, 2015USD ($) | Dec. 31, 2016USD ($)ft² | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Segment Reporting Information [Line Items] | ||||||
Restructuring | $ 32,000,000 | $ 97,000,000 | $ 84,000,000 | |||
Automotive Segment | ||||||
Segment Reporting Information [Line Items] | ||||||
Gross amount of transferred receivables under factoring arrangement | 487,000,000 | 408,000,000 | ||||
Gross amount of transferred receivables under factoring arrangements qualifying as sales | 485,000,000 | 401,000,000 | ||||
Undrawn cash with respect to transferred receivables | 0 | 1,000,000 | ||||
Proceeds from transferred receivables under factoring arrangements qualifying as sales | 1,600,000,000 | 1,600,000,000 | 1,700,000,000 | |||
Expenses associated with transferred receivables under factoring arrangements | 12,000,000 | 9,000,000 | 6,000,000 | |||
Restructuring | $ 27,000,000 | $ 89,000,000 | $ 86,000,000 | |||
Federal-Mogul | Automotive Segment | ||||||
Segment Reporting Information [Line Items] | ||||||
Percentage of equity ownership in subsidiary | 82.00% | |||||
Proceeds from subsidiary rights offering | $ 250,000,000 | |||||
Payments to acquire additional interest in consolidated subsidiary | $ 230,000,000 | |||||
Tender offer price (per share) | $ / shares | $ 9.25 | |||||
Pep Boys | Automotive Segment | ||||||
Segment Reporting Information [Line Items] | ||||||
Number of locations | 804 | |||||
Automotive supercenter, square footge | ft² | 20,000 | |||||
Service center, square footage | ft² | 6,000 | |||||
IEH Auto | Automotive Segment | ||||||
Segment Reporting Information [Line Items] | ||||||
Number of distribution centers | 21 | |||||
Number of Stores | 288 | |||||
Number of independent wholesalers in network | 2,000 | |||||
Subsequent event | Federal-Mogul | Automotive Segment | ||||||
Segment Reporting Information [Line Items] | ||||||
Tender offer price (per share) | $ / shares | $ 10 |
Operating Units Energy Segment
Operating Units Energy Segment (Details) - USD ($) $ in Millions | Jul. 24, 2014 | Jun. 30, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | |||||
Proceeds from subsidiary equity issuance | $ 31 | $ 160 | |||
Energy Segment | |||||
Segment Reporting Information [Line Items] | |||||
Proceeds from subsidiary equity issuance | 160 | ||||
CVR Refining, LP | |||||
Segment Reporting Information [Line Items] | |||||
Percentage of equity ownership in subsidiary | 3.90% | ||||
CVR Refining, LP | Energy Segment | |||||
Segment Reporting Information [Line Items] | |||||
Percentage of equity ownership in subsidiary | 66.00% | ||||
Proceeds from subsidiary equity issuance | $ 15 | $ 170 | |||
CVR Partners, LP | Energy Segment | |||||
Segment Reporting Information [Line Items] | |||||
Percentage of equity ownership in subsidiary | 34.00% | ||||
CVR Energy, Inc. | |||||
Segment Reporting Information [Line Items] | |||||
Percentage of equity ownership in subsidiary | 82.00% | ||||
Non-controlling Interests | Energy Segment | |||||
Segment Reporting Information [Line Items] | |||||
Proceeds from subsidiary equity issuance | 150 | ||||
Total Partners' Equity | Energy Segment | |||||
Segment Reporting Information [Line Items] | |||||
Proceeds from subsidiary equity issuance | $ 10 | ||||
Secondary offering | CVR Refining, LP | Energy Segment | |||||
Segment Reporting Information [Line Items] | |||||
Proceeds from subsidiary equity issuance | $ 10 |
Operating Units Other Segments
Operating Units Other Segments and Other Information (Details) $ in Millions | Oct. 02, 2013 | Dec. 31, 2016USD ($)ft²table_gameshotel_roomsreal_estate_propertiesdistribution_centersreal_estate_property_unitsmanufacturing_facilitiescasinosslot_machines | Dec. 31, 2015USD ($) |
Segment Reporting Information [Line Items] | |||
2,017 | $ 255 | ||
2,018 | 224 | ||
2,019 | 165 | ||
2,020 | 102 | ||
2,021 | 51 | ||
Thereafter | 63 | ||
Operating Leases, Future Minimum Payments Receivable | $ 860 | ||
Real Estate Segment | |||
Segment Reporting Information [Line Items] | |||
Number of Real Estate Properties | real_estate_properties | 15 | ||
Real estate assets pledged to collateralize mortgages | $ 24 | $ 27 | |
Investment Funds | |||
Segment Reporting Information [Line Items] | |||
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest, Fair Value | $ 1,700 | $ 3,400 | |
ARI | |||
Segment Reporting Information [Line Items] | |||
Percentage of equity ownership in subsidiary | 62.20% | ||
Tropicana | Gaming Segment | |||
Segment Reporting Information [Line Items] | |||
Percentage of equity ownership in subsidiary | 72.50% | ||
Number of Casinos | casinos | 8 | ||
Casino space, square footage | ft² | 392,000 | ||
Number of Slot Machines | slot_machines | 7,900 | ||
Number of Table Games | table_games | 300 | ||
Number of Hotel Rooms | hotel_rooms | 5,500 | ||
TER | Gaming Segment | |||
Segment Reporting Information [Line Items] | |||
Percentage of equity ownership in subsidiary | 100.00% | ||
Casino space, square footage | ft² | 160,000 | ||
Number of Slot Machines | slot_machines | 2,500 | ||
Number of Table Games | table_games | 130 | ||
Number of Hotel Rooms | hotel_rooms | 2,000 | ||
Ferrous Resources | |||
Segment Reporting Information [Line Items] | |||
Percentage of equity ownership in subsidiary | 77.20% | ||
Viskase | |||
Segment Reporting Information [Line Items] | |||
Percentage of equity ownership in subsidiary | 74.60% | ||
Number of manufacturing facilities | manufacturing_facilities | 10 | ||
Number of distribution centers | distribution_centers | 6 | ||
Percentage of revenues from foreign countries | 70.00% | ||
ARL | |||
Segment Reporting Information [Line Items] | |||
Percentage of equity ownership in subsidiary | 75.00% | 100.00% | |
ARL | Railcar Segment | |||
Segment Reporting Information [Line Items] | |||
Operating Leases, Future Minimum Payments Receivable | $ 781 | ||
LOUISIANA | Tropicana | |||
Segment Reporting Information [Line Items] | |||
Number of Casinos | casinos | 1 | ||
NEVADA | Tropicana | Gaming Segment | |||
Segment Reporting Information [Line Items] | |||
Number of Casinos | casinos | 2 | ||
INDIANA | Tropicana | Gaming Segment | |||
Segment Reporting Information [Line Items] | |||
Number of Casinos | casinos | 1 | ||
MASSACHUSETTS | Real Estate Segment | |||
Segment Reporting Information [Line Items] | |||
Number of residential units for future development | real_estate_property_units | 272 | ||
FLORIDA | Real Estate Segment | |||
Segment Reporting Information [Line Items] | |||
Number of residential units for future development | real_estate_property_units | 1,128 | ||
NEW JERSEY | Tropicana | |||
Segment Reporting Information [Line Items] | |||
Number of Casinos | casinos | 1 | ||
ARUBA | Tropicana | |||
Segment Reporting Information [Line Items] | |||
Number of Casinos | casinos | 1 | ||
MISSISSIPPI | Tropicana | |||
Segment Reporting Information [Line Items] | |||
Number of Casinos | casinos | 1 | ||
MISSOURI | Tropicana | |||
Segment Reporting Information [Line Items] | |||
Number of Casinos | casinos | 1 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | Feb. 29, 2016 | Oct. 02, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Mr. Icahn and affiliates | |||||
Related Party Transaction [Line Items] | |||||
Percentage fair value of investments in Funds that is attributable to Mr. Icahn | 69.00% | 55.00% | |||
Insight Portfolio Group LLC | |||||
Related Party Transaction [Line Items] | |||||
Expenses for transactions with related parties | $ 2 | $ 2 | |||
ARL | |||||
Related Party Transaction [Line Items] | |||||
Equity issued to acquire additional interest in consolidated subsidiary (number of units) | 685,367 | ||||
Percentage of equity ownership in subsidiary | 75.00% | 100.00% | |||
Investment in funds | Mr. Icahn and affiliates | |||||
Related Party Transaction [Line Items] | |||||
Amount of transaction with related party | $ 505 | 276 | 500 | ||
Redemption from funds | Mr. Icahn and affiliates | |||||
Related Party Transaction [Line Items] | |||||
Amount of transaction with related party | 7 | 36 | |||
Investment balance in funds | Mr. Icahn and affiliates | |||||
Related Party Transaction [Line Items] | |||||
Related party transaction, balance | 3,700 | 4,100 | |||
Expense sharing arrangement | Consolidated VIE | |||||
Related Party Transaction [Line Items] | |||||
Amount of transaction with related party | 34 | 235 | 155 | ||
Railcar component purchases | ACF | |||||
Related Party Transaction [Line Items] | |||||
Expenses for transactions with related parties | 7 | 18 | 5 | ||
Railcar component sales | ACF | |||||
Related Party Transaction [Line Items] | |||||
Revenues from transactions with related parties | 1 | 10 | 19 | ||
Railcar repair services and support | ACF | |||||
Related Party Transaction [Line Items] | |||||
Revenues from transactions with related parties | 1 | 1 | |||
Purchase of railcars | ACF | |||||
Related Party Transaction [Line Items] | |||||
Expenses for transactions with related parties | 14 | 59 | |||
Buying group operating expenses | Insight Portfolio Group LLC | |||||
Related Party Transaction [Line Items] | |||||
Expenses for transactions with related parties | 2 | ||||
Railcar purchase agreement | Purchase of railcars | ACF | |||||
Related Party Transaction [Line Items] | |||||
Expenses for transactions with related parties | $ 0 | $ 9 | $ 127 |
Investments and Related Matte58
Investments and Related Matters Investment Segment (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Investments [Line Items] | ||
Investments | $ 9,881 | $ 15,351 |
Securities sold, not yet purchased, at fair value | 1,139 | 794 |
Investment Segment | ||
Schedule of Investments [Line Items] | ||
Investments | 9,213 | 14,553 |
Securities sold, not yet purchased, at fair value | 1,139 | 794 |
Portion of trading (losses) gains that relates to trading securities still held at balance sheet date | 340 | (2,200) |
Unrealized Gain on Securities | (502) | |
Fair Value of Equity Method Investment Under Fair Value Option | 1,400 | |
Investment Segment | Equity securities | ||
Schedule of Investments [Line Items] | ||
Investments | 9,023 | 14,324 |
Securities sold, not yet purchased, at fair value | 1,087 | 794 |
Investment Segment | Debt securities | ||
Schedule of Investments [Line Items] | ||
Investments | 190 | 72 |
Basic materials | Investment Segment | Equity securities | ||
Schedule of Investments [Line Items] | ||
Investments | 963 | 563 |
Communications | Investment Segment | Equity securities | ||
Schedule of Investments [Line Items] | ||
Investments | 169 | 407 |
Consumer, non-cyclical | Investment Segment | Equity securities | ||
Schedule of Investments [Line Items] | ||
Investments | 2,677 | 3,684 |
Consumer, cyclical | Investment Segment | Equity securities | ||
Schedule of Investments [Line Items] | ||
Investments | 408 | 115 |
Securities sold, not yet purchased, at fair value | 968 | 794 |
Consumer, cyclical | Investment Segment | Debt securities | ||
Schedule of Investments [Line Items] | ||
Investments | 186 | 55 |
Securities sold, not yet purchased, at fair value | 52 | 0 |
Diversified | Investment Segment | Equity securities | ||
Schedule of Investments [Line Items] | ||
Investments | 7 | 17 |
Energy | Investment Segment | Equity securities | ||
Schedule of Investments [Line Items] | ||
Investments | 1,278 | 1,461 |
Securities sold, not yet purchased, at fair value | 19 | 0 |
Financial | Investment Segment | Equity securities | ||
Schedule of Investments [Line Items] | ||
Investments | 2,385 | 2,094 |
Financial | Investment Segment | Debt securities | ||
Schedule of Investments [Line Items] | ||
Investments | 4 | 4 |
Financial | Investment Segment | Mortgage backed securities | ||
Schedule of Investments [Line Items] | ||
Investments | 0 | 157 |
Industrial | Investment Segment | Equity securities | ||
Schedule of Investments [Line Items] | ||
Investments | 214 | 188 |
Securities sold, not yet purchased, at fair value | 100 | 0 |
Technology | Investment Segment | Equity securities | ||
Schedule of Investments [Line Items] | ||
Investments | 911 | 5,795 |
Sovereign debt | Investment Segment | Debt securities | ||
Schedule of Investments [Line Items] | ||
Investments | 0 | 13 |
Utilities | Investment Segment | Equity securities | ||
Schedule of Investments [Line Items] | ||
Investments | $ 11 | $ 0 |
Herbalife | Investment Segment | ||
Schedule of Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 24.20% | |
Hertz | Investment Segment | ||
Schedule of Investments [Line Items] | ||
Equity Method Investment, Ownership Percentage | 35.30% |
Investments and Related Matte59
Investments and Related Matters Other Segments (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Investments [Line Items] | ||
Investments | $ 9,881 | $ 15,351 |
Other segments | ||
Schedule of Investments [Line Items] | ||
Investments | 668 | 798 |
Equity method investments | Other segments | ||
Schedule of Investments [Line Items] | ||
Investments | 302 | 323 |
Other investments | Other segments | ||
Schedule of Investments [Line Items] | ||
Investments | $ 366 | $ 475 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurement (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Assets | ||||
Investments | $ 9,579,000,000 | $ 15,028,000,000 | ||
Derivative contracts, at fair value(1) | [1] | 23,000,000 | 259,000,000 | |
Assets, Fair Value Disclosure | 9,602,000,000 | 15,287,000,000 | ||
Liabilities | ||||
Securities sold, not yet purchased, at fair value | 1,139,000,000 | 794,000,000 | ||
Other Liabilities, Fair Value Disclosure | 187,000,000 | 3,000,000 | ||
Derivative contracts, at fair value(2) | [2] | 1,139,000,000 | 36,000,000 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 2,465,000,000 | 833,000,000 | ||
Level 1 | ||||
Assets | ||||
Investments | 9,033,000,000 | 14,447,000,000 | ||
Derivative contracts, at fair value(1) | [1] | 0 | 0 | |
Assets, Fair Value Disclosure | 9,033,000,000 | 14,447,000,000 | ||
Liabilities | ||||
Securities sold, not yet purchased, at fair value | 1,087,000,000 | 794,000,000 | ||
Other Liabilities, Fair Value Disclosure | 0 | 0 | ||
Derivative contracts, at fair value(2) | [2] | 0 | 0 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1,087,000,000 | 794,000,000 | ||
Level 2 | ||||
Assets | ||||
Investments | 306,000,000 | 289,000,000 | ||
Derivative contracts, at fair value(1) | [1] | 23,000,000 | 259,000,000 | |
Assets, Fair Value Disclosure | 329,000,000 | 548,000,000 | ||
Liabilities | ||||
Securities sold, not yet purchased, at fair value | 52,000,000 | 0 | ||
Other Liabilities, Fair Value Disclosure | 187,000,000 | 3,000,000 | ||
Derivative contracts, at fair value(2) | [2] | 1,139,000,000 | 36,000,000 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1,378,000,000 | 39,000,000 | ||
Level 3 | ||||
Assets | ||||
Investments | 240,000,000 | 292,000,000 | ||
Derivative contracts, at fair value(1) | [1] | 0 | 0 | |
Assets, Fair Value Disclosure | 240,000,000 | 292,000,000 | ||
Liabilities | ||||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Other Liabilities, Fair Value Disclosure | 0 | 0 | ||
Derivative contracts, at fair value(2) | [2] | 0 | 0 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | ||
Automotive Segment | ||||
Liabilities | ||||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Railcar and Food Packaging | Recurring measurement | ||||
Assets | ||||
Fair value of plan assets | 123,000,000 | 129,000,000 | ||
Railcar and Food Packaging | Recurring measurement | Level 1 | ||||
Assets | ||||
Fair value of plan assets | 81,000,000 | 68,000,000 | ||
Railcar and Food Packaging | Recurring measurement | Level 2 | ||||
Assets | ||||
Fair value of plan assets | 33,000,000 | 40,000,000 | ||
Railcar and Food Packaging | Recurring measurement | Level 3 | ||||
Assets | ||||
Fair value of plan assets | 9,000,000 | 21,000,000 | ||
United States Plans | Automotive Segment | ||||
Assets | ||||
Fair value of plan assets | 856,000,000 | 870,000,000 | $ 912,000,000 | |
United States Plans | Automotive Segment | Recurring measurement | ||||
Assets | ||||
Fair value of plan assets | 856,000,000 | 870,000,000 | ||
United States Plans | Automotive Segment | Recurring measurement | Level 1 | ||||
Assets | ||||
Fair value of plan assets | 786,000,000 | 749,000,000 | ||
United States Plans | Automotive Segment | Recurring measurement | Level 2 | ||||
Assets | ||||
Fair value of plan assets | 38,000,000 | 35,000,000 | ||
United States Plans | Automotive Segment | Recurring measurement | Level 3 | ||||
Assets | ||||
Fair value of plan assets | 32,000,000 | 86,000,000 | ||
Non-U.S. Plans | Automotive Segment | ||||
Assets | ||||
Fair value of plan assets | 63,000,000 | 57,000,000 | $ 54,000,000 | |
Non-U.S. Plans | Automotive Segment | Recurring measurement | ||||
Assets | ||||
Fair value of plan assets | 63,000,000 | 57,000,000 | ||
Non-U.S. Plans | Automotive Segment | Recurring measurement | Level 1 | ||||
Assets | ||||
Fair value of plan assets | 21,000,000 | 15,000,000 | ||
Non-U.S. Plans | Automotive Segment | Recurring measurement | Level 2 | ||||
Assets | ||||
Fair value of plan assets | 0 | 2,000,000 | ||
Non-U.S. Plans | Automotive Segment | Recurring measurement | Level 3 | ||||
Assets | ||||
Fair value of plan assets | 42,000,000 | 40,000,000 | ||
Cash and cash equivalents | Railcar and Food Packaging | Recurring measurement | ||||
Assets | ||||
Fair value of plan assets | 5,000,000 | 6,000,000 | ||
Cash and cash equivalents | Railcar and Food Packaging | Recurring measurement | Level 1 | ||||
Assets | ||||
Fair value of plan assets | 4,000,000 | 5,000,000 | ||
Cash and cash equivalents | Railcar and Food Packaging | Recurring measurement | Level 2 | ||||
Assets | ||||
Fair value of plan assets | 1,000,000 | 1,000,000 | ||
Cash and cash equivalents | Railcar and Food Packaging | Recurring measurement | Level 3 | ||||
Assets | ||||
Fair value of plan assets | 0 | 0 | ||
Cash and cash equivalents | United States Plans | Automotive Segment | Recurring measurement | ||||
Assets | ||||
Fair value of plan assets | 30,000,000 | 26,000,000 | ||
Cash and cash equivalents | United States Plans | Automotive Segment | Recurring measurement | Level 1 | ||||
Assets | ||||
Fair value of plan assets | 30,000,000 | 26,000,000 | ||
Cash and cash equivalents | United States Plans | Automotive Segment | Recurring measurement | Level 2 | ||||
Assets | ||||
Fair value of plan assets | 0 | 0 | ||
Cash and cash equivalents | United States Plans | Automotive Segment | Recurring measurement | Level 3 | ||||
Assets | ||||
Fair value of plan assets | 0 | 0 | ||
Equity securities | United States Plans | Automotive Segment | Recurring measurement | ||||
Assets | ||||
Fair value of plan assets | 346,000,000 | 310,000,000 | ||
Equity securities | United States Plans | Automotive Segment | Recurring measurement | Level 1 | ||||
Assets | ||||
Fair value of plan assets | 346,000,000 | 310,000,000 | ||
Equity securities | United States Plans | Automotive Segment | Recurring measurement | Level 2 | ||||
Assets | ||||
Fair value of plan assets | 0 | 0 | ||
Equity securities | United States Plans | Automotive Segment | Recurring measurement | Level 3 | ||||
Assets | ||||
Fair value of plan assets | 0 | 0 | ||
Fixed income securities | Railcar and Food Packaging | Recurring measurement | ||||
Assets | ||||
Fair value of plan assets | 20,000,000 | 19,000,000 | ||
Fixed income securities | Railcar and Food Packaging | Recurring measurement | Level 1 | ||||
Assets | ||||
Fair value of plan assets | 18,000,000 | 7,000,000 | ||
Fixed income securities | Railcar and Food Packaging | Recurring measurement | Level 2 | ||||
Assets | ||||
Fair value of plan assets | 2,000,000 | 12,000,000 | ||
Fixed income securities | Railcar and Food Packaging | Recurring measurement | Level 3 | ||||
Assets | ||||
Fair value of plan assets | 0 | 0 | ||
Fixed income securities | United States Plans | Automotive Segment | Recurring measurement | ||||
Assets | ||||
Fair value of plan assets | 154,000,000 | 149,000,000 | ||
Fixed income securities | United States Plans | Automotive Segment | Recurring measurement | Level 1 | ||||
Assets | ||||
Fair value of plan assets | 154,000,000 | 149,000,000 | ||
Fixed income securities | United States Plans | Automotive Segment | Recurring measurement | Level 2 | ||||
Assets | ||||
Fair value of plan assets | 0 | 0 | ||
Fixed income securities | United States Plans | Automotive Segment | Recurring measurement | Level 3 | ||||
Assets | ||||
Fair value of plan assets | 0 | 0 | ||
Fixed income securities | Non-U.S. Plans | Automotive Segment | Recurring measurement | ||||
Assets | ||||
Fair value of plan assets | 19,000,000 | 13,000,000 | ||
Fixed income securities | Non-U.S. Plans | Automotive Segment | Recurring measurement | Level 1 | ||||
Assets | ||||
Fair value of plan assets | 19,000,000 | 13,000,000 | ||
Fixed income securities | Non-U.S. Plans | Automotive Segment | Recurring measurement | Level 2 | ||||
Assets | ||||
Fair value of plan assets | 0 | 0 | ||
Fixed income securities | Non-U.S. Plans | Automotive Segment | Recurring measurement | Level 3 | ||||
Assets | ||||
Fair value of plan assets | 0 | 0 | ||
Real estate and other | United States Plans | Automotive Segment | Recurring measurement | ||||
Assets | ||||
Fair value of plan assets | 41,000,000 | 27,000,000 | ||
Real estate and other | United States Plans | Automotive Segment | Recurring measurement | Level 1 | ||||
Assets | ||||
Fair value of plan assets | 41,000,000 | 27,000,000 | ||
Real estate and other | United States Plans | Automotive Segment | Recurring measurement | Level 2 | ||||
Assets | ||||
Fair value of plan assets | 0 | 0 | ||
Real estate and other | United States Plans | Automotive Segment | Recurring measurement | Level 3 | ||||
Assets | ||||
Fair value of plan assets | 0 | 0 | ||
Equity securities | Railcar and Food Packaging | Recurring measurement | ||||
Assets | ||||
Fair value of plan assets | 81,000,000 | 78,000,000 | ||
Equity securities | Railcar and Food Packaging | Recurring measurement | Level 1 | ||||
Assets | ||||
Fair value of plan assets | 54,000,000 | 51,000,000 | ||
Equity securities | Railcar and Food Packaging | Recurring measurement | Level 2 | ||||
Assets | ||||
Fair value of plan assets | 27,000,000 | 27,000,000 | ||
Equity securities | Railcar and Food Packaging | Recurring measurement | Level 3 | ||||
Assets | ||||
Fair value of plan assets | 0 | 0 | ||
Equity securities | United States Plans | Automotive Segment | Recurring measurement | ||||
Assets | ||||
Fair value of plan assets | 204,000,000 | 220,000,000 | ||
Equity securities | United States Plans | Automotive Segment | Recurring measurement | Level 1 | ||||
Assets | ||||
Fair value of plan assets | 204,000,000 | 220,000,000 | ||
Equity securities | United States Plans | Automotive Segment | Recurring measurement | Level 2 | ||||
Assets | ||||
Fair value of plan assets | 0 | 0 | ||
Equity securities | United States Plans | Automotive Segment | Recurring measurement | Level 3 | ||||
Assets | ||||
Fair value of plan assets | 0 | 0 | ||
Equity securities | Non-U.S. Plans | Automotive Segment | Recurring measurement | ||||
Assets | ||||
Fair value of plan assets | 2,000,000 | 2,000,000 | ||
Equity securities | Non-U.S. Plans | Automotive Segment | Recurring measurement | Level 1 | ||||
Assets | ||||
Fair value of plan assets | 2,000,000 | 2,000,000 | ||
Equity securities | Non-U.S. Plans | Automotive Segment | Recurring measurement | Level 2 | ||||
Assets | ||||
Fair value of plan assets | 0 | 0 | ||
Equity securities | Non-U.S. Plans | Automotive Segment | Recurring measurement | Level 3 | ||||
Assets | ||||
Fair value of plan assets | 0 | 0 | ||
Corporate and other | United States Plans | Automotive Segment | Recurring measurement | ||||
Assets | ||||
Fair value of plan assets | 21,000,000 | 22,000,000 | ||
Corporate and other | United States Plans | Automotive Segment | Recurring measurement | Level 1 | ||||
Assets | ||||
Fair value of plan assets | 0 | 0 | ||
Corporate and other | United States Plans | Automotive Segment | Recurring measurement | Level 2 | ||||
Assets | ||||
Fair value of plan assets | 21,000,000 | 22,000,000 | ||
Corporate and other | United States Plans | Automotive Segment | Recurring measurement | Level 3 | ||||
Assets | ||||
Fair value of plan assets | 0 | 0 | ||
Government | United States Plans | Automotive Segment | Recurring measurement | ||||
Assets | ||||
Fair value of plan assets | 28,000,000 | 30,000,000 | ||
Government | United States Plans | Automotive Segment | Recurring measurement | Level 1 | ||||
Assets | ||||
Fair value of plan assets | 11,000,000 | 17,000,000 | ||
Government | United States Plans | Automotive Segment | Recurring measurement | Level 2 | ||||
Assets | ||||
Fair value of plan assets | 17,000,000 | 13,000,000 | ||
Government | United States Plans | Automotive Segment | Recurring measurement | Level 3 | ||||
Assets | ||||
Fair value of plan assets | 0 | 0 | ||
Hedge funds | United States Plans | Automotive Segment | Recurring measurement | ||||
Assets | ||||
Fair value of plan assets | 32,000,000 | 86,000,000 | ||
Hedge funds | United States Plans | Automotive Segment | Recurring measurement | Level 1 | ||||
Assets | ||||
Fair value of plan assets | 0 | 0 | ||
Hedge funds | United States Plans | Automotive Segment | Recurring measurement | Level 2 | ||||
Assets | ||||
Fair value of plan assets | 0 | 0 | ||
Hedge funds | United States Plans | Automotive Segment | Recurring measurement | Level 3 | ||||
Assets | ||||
Fair value of plan assets | 32,000,000 | 86,000,000 | ||
Insurance contracts | Non-U.S. Plans | Automotive Segment | Recurring measurement | ||||
Assets | ||||
Fair value of plan assets | 42,000,000 | 40,000,000 | ||
Insurance contracts | Non-U.S. Plans | Automotive Segment | Recurring measurement | Level 1 | ||||
Assets | ||||
Fair value of plan assets | 0 | 0 | ||
Insurance contracts | Non-U.S. Plans | Automotive Segment | Recurring measurement | Level 2 | ||||
Assets | ||||
Fair value of plan assets | 0 | 0 | ||
Insurance contracts | Non-U.S. Plans | Automotive Segment | Recurring measurement | Level 3 | ||||
Assets | ||||
Fair value of plan assets | 42,000,000 | 40,000,000 | ||
Corporate bonds | Non-U.S. Plans | Automotive Segment | Recurring measurement | ||||
Assets | ||||
Fair value of plan assets | 0 | 2,000,000 | ||
Corporate bonds | Non-U.S. Plans | Automotive Segment | Recurring measurement | Level 1 | ||||
Assets | ||||
Fair value of plan assets | 0 | 0 | ||
Corporate bonds | Non-U.S. Plans | Automotive Segment | Recurring measurement | Level 2 | ||||
Assets | ||||
Fair value of plan assets | 0 | 2,000,000 | ||
Corporate bonds | Non-U.S. Plans | Automotive Segment | Recurring measurement | Level 3 | ||||
Assets | ||||
Fair value of plan assets | 0 | 0 | ||
Other securities | Railcar and Food Packaging | Recurring measurement | ||||
Assets | ||||
Fair value of plan assets | 17,000,000 | 26,000,000 | ||
Other securities | Railcar and Food Packaging | Recurring measurement | Level 1 | ||||
Assets | ||||
Fair value of plan assets | 5,000,000 | 5,000,000 | ||
Other securities | Railcar and Food Packaging | Recurring measurement | Level 2 | ||||
Assets | ||||
Fair value of plan assets | 3,000,000 | 0 | ||
Other securities | Railcar and Food Packaging | Recurring measurement | Level 3 | ||||
Assets | ||||
Fair value of plan assets | $ 9,000,000 | $ 21,000,000 | ||
[1] | Amounts are classified within other assets in our consolidated balance sheets. | |||
[2] | Amounts are classified within accrued expenses and other liabilities in our consolidated balance sheets. |
Fair Value Measurements Changes
Fair Value Measurements Changes in Fair Value Level 3 (Details) - Level 3 - Recurring measurement - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of asset measured on a recurring basis | $ 212 | $ 283 | $ 229 | |
Net transfers in (out) | (131) | (47) | ||
Realized and unrealized gains (losses), net | [1] | 10 | 1 | |
Change in unrealized gain (loss) of assets measured on a recurring basis | 6 | (1) | ||
Purchases (settlements), net | 50 | 100 | ||
Railcar and Food Packaging | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of asset measured on a recurring basis | 9 | 21 | 21 | |
Realized and unrealized gains (losses), net | 0 | 0 | ||
Purchases (settlements), net | (12) | 0 | ||
Non-U.S. Plans | Automotive Segment | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of asset measured on a recurring basis | 42 | 40 | 41 | |
Realized and unrealized gains (losses), net | 2 | 1 | ||
Purchases (settlements), net | 3 | 6 | ||
Proceeds from sales | (2) | (4) | ||
Foreign currency exchange rate movements | 1 | 4 | ||
United States Plans | Automotive Segment | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair value of asset measured on a recurring basis | 32 | 86 | $ 91 | |
Realized and unrealized gains (losses), net | 0 | (5) | ||
Purchases (settlements), net | 48 | 0 | ||
Proceeds from sales | $ (102) | $ 0 | ||
[1] | Includes unrealized (losses) gains of $(6) million of $1 million for the years ended December 31, 2016 and 2015, respectively, relating to investments still held at December 31 of each respective period and which are included in net (loss) gain from investment activities in the consolidated statements of operations. |
Fair Value Measurements Narrati
Fair Value Measurements Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment of goodwill | $ 577 | $ 571 | |
Fair value of investment in Ferrous Resources prior to acquisition of a controlling interest | 0 | 36 | $ 0 |
Nonrecurring measurement | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment of goodwill | 577 | 571 | 103 |
Impairment of intangible assets (excluding goodwill) | 16 | 2 | |
Impairment of property, plant and equipment | 99 | 201 | 27 |
Impairment of assets held for sale | 17 | 14 | $ 5 |
Gaming Segment | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment of goodwill | 3 | ||
Gaming Segment | Nonrecurring measurement | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment of goodwill | 3 | ||
Impairment of intangible assets (excluding goodwill) | 13 | ||
Mining Segment | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment of goodwill | 0 | 6 | |
Mining Segment | Nonrecurring measurement | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment of goodwill | 6 | ||
Mining Segment | Recurring measurement | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of investment in Ferrous Resources prior to acquisition of a controlling interest | 36 | ||
Held-to-maturity securities | Gaming Segment | Nonrecurring measurement | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of assets measured on a nonrecurring basis | 28 | 9 | |
Corporate debt securities | Gaming Segment | Recurring measurement | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Transfers out of Level 3 | 126 | ||
Trading securities | Holding Company | Recurring measurement | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Purchases (settlements), net | 50 | 100 | |
Fair value of asset measured on a recurring basis | $ 207 | $ 157 |
Financial Instruments Investmen
Financial Instruments Investment Segment and Holding Company Narrative (Details) - Investment Segment - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2016 | |
Derivative [Line Items] | ||
Covered put options on existing short positions | $ 5,900 | |
Fair value of derivative instruments with credit-risk related contingent features in a liability position | 33 | $ 21 |
Collateral posted on certain derivative positions | 883 | $ 634 |
Put option | ||
Derivative [Line Items] | ||
Potential payout amount on put options | 5,900 | |
Unrealized gain (loss) on derivatives | $ 67 |
Financial Instruments Automotiv
Financial Instruments Automotive Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative [Line Items] | |||
Derivative contracts, at fair value(1) | [1] | $ 23 | $ 259 |
Derivative contracts, at fair value(2) | [2] | 1,139 | 36 |
Commodity contracts | Automotive Segment | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 16 | 28 | |
Accumulated other comprehensive income (loss) commodity price hedges. | 2 | (2) | |
Other assets | Commodity contracts | Automotive Segment | |||
Derivative [Line Items] | |||
Derivative contracts, at fair value(1) | $ 4 | ||
Accrued expenses and other liabilities | Commodity contracts | Automotive Segment | |||
Derivative [Line Items] | |||
Derivative contracts, at fair value(2) | $ 3 | ||
[1] | Amounts are classified within other assets in our consolidated balance sheets. | ||
[2] | Amounts are classified within accrued expenses and other liabilities in our consolidated balance sheets. |
Financial Instruments Energy (D
Financial Instruments Energy (Details) bbl in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)bbl | Dec. 31, 2014USD ($) | ||
Derivatives, Fair Value [Line Items] | ||||
Derivative contracts, at fair value(2) | [1] | $ 1,139 | $ 36 | |
Derivative contracts, at fair value(1) | [2] | 23 | 259 | |
Not designated as hedging instrument | Other assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative contracts, at fair value(1) | [3],[4] | 19 | 259 | |
Not designated as hedging instrument | Accrued expenses and other liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative contracts, at fair value(2) | [3],[5] | 1,139 | $ 33 | |
Commodity contracts | Energy Segment | Not designated as hedging instrument | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative volume (barrels) | bbl | 2.5 | |||
Commodity contracts | Energy Segment | Not designated as hedging instrument | Other assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative contracts, at fair value(1) | $ 45 | |||
Commodity contracts | Energy Segment | Not designated as hedging instrument | Accrued expenses and other liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative contracts, at fair value(2) | (11) | |||
Interest rate contracts(2) | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Notional Amount | 16,000 | |||
Interest rate contracts(2) | Energy Segment | Designated as hedging instrument | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative, Notional Amount | 62.5 | |||
Other comprehensive income (loss), reclassification adjustment from AOCI on derivatives, before Tax | 0 | (1) | ||
Other Income (Loss) [Member] | Commodity contracts | Energy Segment | Not designated as hedging instrument | ||||
Derivatives, Fair Value [Line Items] | ||||
Realized (loss) gain on interest rate swaps reclassified from AOCI into interest expense | (19) | $ (36) | $ 187 | |
Term loan | Energy Segment | ||||
Derivatives, Fair Value [Line Items] | ||||
Balance of debt partially hedged | $ 125 | |||
[1] | Amounts are classified within accrued expenses and other liabilities in our consolidated balance sheets. | |||
[2] | Amounts are classified within other assets in our consolidated balance sheets. | |||
[3] | Excludes netting of cash collateral received and posted. The total collateral posted at December 31, 2016 and 2015 was $634 million and $883 million, respectively, across all counterparties. | |||
[4] | Net asset derivatives are located within other assets in our consolidated balance sheets. | |||
[5] | Net liability derivatives are located within accrued expenses and other liabilities in our consolidated balance sheets. |
Financial Instruments Derivativ
Financial Instruments Derivatives Not Designated as Hedging, Fair Value Table (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Derivative contracts, at fair value(1) | [1] | $ 23 | $ 259 |
Derivative contracts, at fair value(2) | [2] | 1,139 | 36 |
Not designated as hedging instrument | Other assets | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Asset derivatives, Gross | [3] | 34 | 430 |
Derivative, Fair Value, Amount Offset Against Collateral, Net | [3],[4] | (15) | (171) |
Derivative contracts, at fair value(1) | [3],[4] | 19 | 259 |
Not designated as hedging instrument | Accrued expenses and other liabilities | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Liability derivatives, Gross | [5] | 1,154 | 204 |
Derivative, Fair Value, Amount Offset Against Collateral, Net | [4],[5] | (15) | (171) |
Derivative contracts, at fair value(2) | [4],[5] | 1,139 | 33 |
Not designated as hedging instrument | Equity contracts | Other assets | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Asset derivatives, Gross | [3] | 15 | 339 |
Not designated as hedging instrument | Equity contracts | Accrued expenses and other liabilities | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Liability derivatives, Gross | [5] | 1,104 | 122 |
Not designated as hedging instrument | Foreign exchange contracts | Other assets | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Asset derivatives, Gross | [3] | 0 | 0 |
Not designated as hedging instrument | Foreign exchange contracts | Accrued expenses and other liabilities | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Liability derivatives, Gross | [5] | 0 | 19 |
Not designated as hedging instrument | Credit contracts | Other assets | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Asset derivatives, Gross | [3] | 17 | 45 |
Not designated as hedging instrument | Credit contracts | Accrued expenses and other liabilities | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Liability derivatives, Gross | [5] | 39 | 53 |
Not designated as hedging instrument | Commodity contracts | Other assets | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Asset derivatives, Gross | [3] | 2 | 46 |
Not designated as hedging instrument | Commodity contracts | Accrued expenses and other liabilities | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Liability derivatives, Gross | [5] | 11 | 10 |
Investment Segment | |||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | |||
Collateral posted on certain derivative positions | $ 634 | $ 883 | |
[1] | Amounts are classified within other assets in our consolidated balance sheets. | ||
[2] | Amounts are classified within accrued expenses and other liabilities in our consolidated balance sheets. | ||
[3] | Net asset derivatives are located within other assets in our consolidated balance sheets. | ||
[4] | Excludes netting of cash collateral received and posted. The total collateral posted at December 31, 2016 and 2015 was $634 million and $883 million, respectively, across all counterparties. | ||
[5] | Net liability derivatives are located within accrued expenses and other liabilities in our consolidated balance sheets. |
Financial Instruments Gain (Los
Financial Instruments Gain (Loss) Recognized on Derivatives Not Designated as Hedging Table (Details) - Not designated as hedging instrument - Net gain (loss) from investment activities - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Derivative [Line Items] | ||||
Gain (Loss) Recognized in Income | [1] | $ (1,659) | $ 705 | $ (782) |
Equity contracts | ||||
Derivative [Line Items] | ||||
Gain (Loss) Recognized in Income | [1] | (1,609) | (1) | (1,251) |
Foreign exchange contracts | ||||
Derivative [Line Items] | ||||
Gain (Loss) Recognized in Income | [1] | 35 | 160 | 213 |
Credit contracts | ||||
Derivative [Line Items] | ||||
Gain (Loss) Recognized in Income | [1] | 44 | 489 | 70 |
Futures Index Spread | ||||
Derivative [Line Items] | ||||
Gain (Loss) Recognized in Income | [1] | (28) | 0 | 0 |
Commodity contracts | ||||
Derivative [Line Items] | ||||
Gain (Loss) Recognized in Income | [1] | $ (101) | $ 57 | $ 186 |
[1] | Gains (losses) recognized on derivatives are classified in net gain from investment activities in our consolidated statements of operations for our Investment segment and are included in other income (loss), net for all other segments. |
Financial Instruments Derivat68
Financial Instruments Derivative Activities Table (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | |
Credit swaps(1) | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 2,600 | $ 10,000 | |
Primary underlying risk: | |||
Long Notional Exposure | [1] | 202 | 187 |
Short Notional Exposure | [1] | 472 | 2,306 |
Equity swaps | |||
Primary underlying risk: | |||
Long Notional Exposure | 112 | 1,343 | |
Short Notional Exposure | 14,094 | 14,167 | |
Foreign currency forwards | |||
Primary underlying risk: | |||
Long Notional Exposure | 0 | 0 | |
Short Notional Exposure | 0 | 842 | |
Interest rate contracts(2) | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 16,000 | ||
Notional Exposure of Derivatives, Short Position, less than three months | 74 | ||
Primary underlying risk: | |||
Long Notional Exposure | [2] | 0 | 0 |
Short Notional Exposure | [2] | 0 | 137 |
Commodity contracts | |||
Primary underlying risk: | |||
Long Notional Exposure | 16 | 43 | |
Short Notional Exposure | $ 754 | $ 643 | |
[1] | The short notional amount on our credit default swap positions is approximately $2.6 billion and $10.0 billion as of December 31, 2016 and 2015, respectively. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is approximately $0.5 billion and $2.3 billion as of December 31, 2016 and 2015, respectively. | ||
[2] | The short notional amount on certain of our interest rate contracts with a three month duration is approximately $16.0 billion as of December 31, 2015. We assume that interest rates will not fall below zero and therefore our downside short notional exposure to loss on these contracts is $74 million (of the total $137 million disclosed in the above table) as of December 31, 2015. |
Goodwill and Intangible Asset69
Goodwill and Intangible Assets, Net Goodwill Table (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Line Items] | |||
Gross carrying amount of goodwill | $ 2,612 | $ 2,403 | $ 2,329 |
Goodwill arising from acquisitions | 209 | 80 | |
Foreign exchange adjustments to goodwill | 0 | (6) | |
Accumulated impairment of goodwill | (1,476) | (899) | (328) |
Impairment of goodwill | (577) | (571) | |
Net carrying value of goodwill | 1,136 | 1,504 | |
Automotive Segment | |||
Goodwill [Line Items] | |||
Gross carrying amount of goodwill | 1,662 | 1,457 | 1,389 |
Goodwill arising from acquisitions | 205 | 74 | |
Foreign exchange adjustments to goodwill | 0 | (6) | |
Accumulated impairment of goodwill | (537) | (537) | (225) |
Impairment of goodwill | 0 | (312) | |
Net carrying value of goodwill | 1,125 | 920 | |
Energy Segment | |||
Goodwill [Line Items] | |||
Gross carrying amount of goodwill | 930 | 930 | 930 |
Goodwill arising from acquisitions | 0 | 0 | |
Foreign exchange adjustments to goodwill | 0 | 0 | |
Accumulated impairment of goodwill | (930) | (356) | (103) |
Impairment of goodwill | (574) | (253) | |
Net carrying value of goodwill | 0 | 574 | |
Railcar Segment | |||
Goodwill [Line Items] | |||
Gross carrying amount of goodwill | 7 | 7 | 7 |
Goodwill arising from acquisitions | 0 | 0 | |
Foreign exchange adjustments to goodwill | 0 | 0 | |
Accumulated impairment of goodwill | 0 | 0 | 0 |
Impairment of goodwill | 0 | 0 | |
Net carrying value of goodwill | 7 | 7 | |
Gaming Segment | |||
Goodwill [Line Items] | |||
Gross carrying amount of goodwill | 3 | 0 | |
Goodwill arising from acquisitions | 3 | ||
Foreign exchange adjustments to goodwill | 0 | ||
Accumulated impairment of goodwill | (3) | 0 | |
Impairment of goodwill | (3) | ||
Net carrying value of goodwill | 0 | ||
Mining Segment | |||
Goodwill [Line Items] | |||
Gross carrying amount of goodwill | 6 | 6 | 0 |
Goodwill arising from acquisitions | 0 | 6 | |
Foreign exchange adjustments to goodwill | 0 | 0 | |
Accumulated impairment of goodwill | (6) | (6) | 0 |
Impairment of goodwill | 0 | (6) | |
Net carrying value of goodwill | 0 | 0 | |
Food Packaging Segment | |||
Goodwill [Line Items] | |||
Gross carrying amount of goodwill | 4 | 3 | 3 |
Goodwill arising from acquisitions | 1 | 0 | |
Foreign exchange adjustments to goodwill | 0 | 0 | |
Accumulated impairment of goodwill | 0 | 0 | $ 0 |
Impairment of goodwill | 0 | 0 | |
Net carrying value of goodwill | $ 4 | $ 3 |
Goodwill and Intangible Asset70
Goodwill and Intangible Assets, Net Definite-lived and Indefinite-lived Intangible Assets Table (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Definite-lived intangible assets: [Abstract] | ||
Gross Carrying Amount | $ 1,429 | $ 1,410 |
Accumulated Amortization | (691) | (600) |
Net Carrying Value | 738 | 810 |
Indefinite-lived intangible assets: [Abstract] | ||
Net Carrying Value | 342 | 298 |
Intangible assets, net | 1,080 | 1,108 |
Trademarks and brand names | ||
Indefinite-lived intangible assets: [Abstract] | ||
Net Carrying Value | 304 | 260 |
Gaming licenses | ||
Indefinite-lived intangible assets: [Abstract] | ||
Net Carrying Value | 38 | 38 |
Customer relationships | ||
Definite-lived intangible assets: [Abstract] | ||
Gross Carrying Amount | 1,060 | 1,041 |
Accumulated Amortization | (472) | (408) |
Net Carrying Value | 588 | 633 |
Developed technology | ||
Definite-lived intangible assets: [Abstract] | ||
Gross Carrying Amount | 142 | 144 |
Accumulated Amortization | (104) | (90) |
Net Carrying Value | 38 | 54 |
In-place leases | ||
Definite-lived intangible assets: [Abstract] | ||
Gross Carrying Amount | 121 | 121 |
Accumulated Amortization | (83) | (73) |
Net Carrying Value | 38 | 48 |
Gasification technology license | ||
Definite-lived intangible assets: [Abstract] | ||
Gross Carrying Amount | 60 | 60 |
Accumulated Amortization | (11) | (9) |
Net Carrying Value | 49 | 51 |
Other | ||
Definite-lived intangible assets: [Abstract] | ||
Gross Carrying Amount | 46 | 44 |
Accumulated Amortization | (21) | (20) |
Net Carrying Value | $ 25 | $ 24 |
Goodwill and Intangible Asset71
Goodwill and Intangible Assets, Net Narrative (Details) - USD ($) $ in Millions | Feb. 26, 2016 | Feb. 04, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Oct. 01, 2016 |
Goodwill and Intangible Assets [Line Items] | ||||||
Amortization expense associated with definite-lived intangible assets | $ 91 | $ 92 | $ 83 | |||
2,017 | 91 | |||||
2,018 | 82 | |||||
2,019 | 81 | |||||
2,020 | 80 | |||||
2,021 | 71 | |||||
Thereafter | 333 | |||||
Total estimated future amortization expense for definite-lived intangible assets | 738 | |||||
Business combination, allocation to goodwill | 209 | 80 | ||||
Impairment of goodwill | 577 | 571 | ||||
Goodwill | 1,136 | 1,504 | ||||
Automotive Segment | ||||||
Goodwill and Intangible Assets [Line Items] | ||||||
Business combination, allocation to goodwill | 205 | 74 | ||||
Impairment of goodwill | 0 | 312 | ||||
Goodwill | 1,125 | 920 | ||||
Gaming Segment | ||||||
Goodwill and Intangible Assets [Line Items] | ||||||
Business combination, allocation to goodwill | 3 | |||||
Impairment of goodwill | 3 | |||||
Goodwill | 0 | |||||
Energy Segment | ||||||
Goodwill and Intangible Assets [Line Items] | ||||||
Business combination, allocation to goodwill | 0 | 0 | ||||
Impairment of goodwill | 574 | 253 | ||||
Goodwill | 0 | 574 | ||||
Mining Segment | ||||||
Goodwill and Intangible Assets [Line Items] | ||||||
Business combination, allocation to goodwill | 0 | 6 | ||||
Impairment of goodwill | 0 | 6 | ||||
Goodwill | 0 | 0 | ||||
Pep Boys | Automotive Segment | ||||||
Goodwill and Intangible Assets [Line Items] | ||||||
Business combination, allocation to goodwill | $ 199 | |||||
Business combination, goodwill expected to be tax deductible | 0 | |||||
Pep Boys | Customer relationships | Automotive Segment | ||||||
Goodwill and Intangible Assets [Line Items] | ||||||
Business combination, allocation to definite-lived Intangible assets | 19 | |||||
Pep Boys | Other intangible assets | Automotive Segment | ||||||
Goodwill and Intangible Assets [Line Items] | ||||||
Business combination, allocation to indefinite-lived Intangible assets | 3 | |||||
Pep Boys | Trademarks and brand names | Automotive Segment | ||||||
Goodwill and Intangible Assets [Line Items] | ||||||
Business combination, allocation to indefinite-lived Intangible assets | $ 48 | |||||
TER | Gaming Segment | ||||||
Goodwill and Intangible Assets [Line Items] | ||||||
Business combination, allocation to goodwill | $ 3 | |||||
TER | Customer relationships | Gaming Segment | ||||||
Goodwill and Intangible Assets [Line Items] | ||||||
Business combination, allocation to definite-lived Intangible assets | 1 | |||||
TER | Trademarks and brand names | Gaming Segment | ||||||
Goodwill and Intangible Assets [Line Items] | ||||||
Business combination, allocation to indefinite-lived Intangible assets | $ 13 | |||||
Nonrecurring measurement | ||||||
Goodwill and Intangible Assets [Line Items] | ||||||
Impairment of goodwill | 577 | 571 | 103 | |||
Impairment of intangible assets (excluding goodwill) | 16 | 2 | ||||
Nonrecurring measurement | Automotive Segment | ||||||
Goodwill and Intangible Assets [Line Items] | ||||||
Impairment of goodwill | 312 | |||||
Nonrecurring measurement | Gaming Segment | ||||||
Goodwill and Intangible Assets [Line Items] | ||||||
Impairment of goodwill | 3 | |||||
Impairment of intangible assets (excluding goodwill) | 13 | |||||
Nonrecurring measurement | Energy Segment | ||||||
Goodwill and Intangible Assets [Line Items] | ||||||
Impairment of goodwill | 574 | 253 | $ 103 | |||
Nonrecurring measurement | Mining Segment | ||||||
Goodwill and Intangible Assets [Line Items] | ||||||
Impairment of goodwill | $ 6 | |||||
Motorparts | Automotive Segment | ||||||
Goodwill and Intangible Assets [Line Items] | ||||||
Reporting unit goodwill fair value in excess of carrying value (percent) | 7.00% | |||||
Goodwill | $ 349 |
Property, Plant and Equipment72
Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 14,012 | $ 13,644 | |
Less: Accumulated depreciation and amortization | (3,890) | (4,109) | |
Property, plant and equipment, net | 10,122 | 9,535 | |
Depreciation and amortization expense related to property, plant and equipment | 917 | 752 | $ 701 |
Railcar Segment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, net | 1,567 | 2,767 | |
Assets leased to others | Railcar Segment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment held for sale, gross | 2,100 | ||
Accumulated depreciation of property, plant and equipment held for sale | 950 | ||
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 944 | 549 | |
Buildings and improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 3,050 | $ 2,459 | |
Buildings and improvements | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life (in years) | 3 years | 3 years | |
Buildings and improvements | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life (in years) | 40 years | 40 years | |
Machinery, equipment and furniture | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 7,538 | $ 6,044 | |
Machinery, equipment and furniture | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life (in years) | 1 year | 1 year | |
Machinery, equipment and furniture | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life (in years) | 30 years | 30 years | |
Assets leased to others | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 1,939 | $ 3,994 | |
Less: Accumulated depreciation and amortization | (224) | (1,100) | |
Assets leased to others | Railcars | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 1,500 | 3,600 | |
Assets leased to others | Real estate properties [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 415 | $ 423 | |
Assets leased to others | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life (in years) | 15 years | ||
Assets leased to others | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life (in years) | 39 years | ||
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 541 | $ 598 |
Debt Table (Details)
Debt Table (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Debt | $ 11,119 | $ 12,594 |
Holding Company | ||
Debt Instrument [Line Items] | ||
Debt | 5,490 | 5,486 |
Automotive Segment | ||
Debt Instrument [Line Items] | ||
Debt | 3,259 | 3,135 |
Energy Segment | ||
Debt Instrument [Line Items] | ||
Debt | 1,165 | 667 |
Railcar Segment | ||
Debt Instrument [Line Items] | ||
Debt | 571 | 2,671 |
Gaming Segment | ||
Debt Instrument [Line Items] | ||
Debt | 287 | 289 |
Food Packaging Segment | ||
Debt Instrument [Line Items] | ||
Debt | 265 | 267 |
Senior unsecured notes | Holding Company | 5.875% senior unsecured notes due 2022 - Icahn Enterprises/Icahn Enterprises Holdings | ||
Debt Instrument [Line Items] | ||
Debt | 1,340 | 1,338 |
Senior unsecured notes | Holding Company | 6.00% senior unsecured notes due 2020 - Icahn Enterprises/Icahn Enterprises Holdings | ||
Debt Instrument [Line Items] | ||
Debt | 1,705 | 1,706 |
Senior unsecured notes | Holding Company | 4.875% senior unsecured notes due 2019 - Icahn Enterprises/Icahn Enterprises Holdings | ||
Debt Instrument [Line Items] | ||
Debt | 1,271 | 1,270 |
Senior unsecured notes | Holding Company | 3.50% senior unsecured notes due 2017 - Icahn Enterprises/Icahn Enterprises Holdings | ||
Debt Instrument [Line Items] | ||
Debt | 1,174 | 1,172 |
Debt and credit facilities | Automotive Segment | ||
Debt Instrument [Line Items] | ||
Debt | 3,249 | 3,121 |
Debt and credit facilities | Energy Segment | ||
Debt Instrument [Line Items] | ||
Debt | 1,118 | 619 |
Debt and credit facilities | Railcar Segment | ||
Debt Instrument [Line Items] | ||
Debt | 571 | 2,671 |
Debt and credit facilities | Gaming Segment | ||
Debt Instrument [Line Items] | ||
Debt | 287 | 289 |
Debt and credit facilities | Food Packaging Segment | ||
Debt Instrument [Line Items] | ||
Debt | 265 | 267 |
Capital leases and other debt obligations | ||
Debt Instrument [Line Items] | ||
Debt | $ 139 | $ 141 |
Debt Narrative - Senior Unsecur
Debt Narrative - Senior Unsecured Notes - Icahn Enterprises and Icahn Enterprises Holdings (Details) - USD ($) $ in Millions | Jan. 29, 2014 | Jan. 21, 2014 | Aug. 02, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Aug. 01, 2013 |
Debt Instrument [Line Items] | |||||||
Loss on extinguishment of debt | $ (5) | $ (2) | $ (162) | ||||
Holding Company | 5.875% senior unsecured notes due 2022 - Icahn Enterprises/Icahn Enterprises Holdings | |||||||
Debt Instrument [Line Items] | |||||||
Debt face amount | $ 1,350 | ||||||
Interest rate, long-term debt | 5.875% | ||||||
Proceeds from issuance of debt | $ 1,340 | ||||||
Holding Company | 6.00% senior unsecured notes due 2020 - Icahn Enterprises/Icahn Enterprises Holdings | |||||||
Debt Instrument [Line Items] | |||||||
Debt face amount | $ 500 | ||||||
Interest rate, long-term debt | 6.00% | 6.00% | |||||
Proceeds from issuance of debt | $ 493 | ||||||
Holding Company | Additional 2020 Notes | |||||||
Debt Instrument [Line Items] | |||||||
Debt face amount | $ 1,200 | ||||||
Proceeds from issuance of debt | 1,217 | ||||||
Holding Company | 4.875% senior unsecured notes due 2019 - Icahn Enterprises/Icahn Enterprises Holdings | |||||||
Debt Instrument [Line Items] | |||||||
Debt face amount | $ 1,275 | ||||||
Interest rate, long-term debt | 4.875% | ||||||
Proceeds from issuance of debt | $ 1,269 | ||||||
Holding Company | 3.50% senior unsecured notes due 2017 - Icahn Enterprises/Icahn Enterprises Holdings | |||||||
Debt Instrument [Line Items] | |||||||
Debt face amount | $ 1,175 | ||||||
Interest rate, long-term debt | 3.50% | ||||||
Proceeds from issuance of debt | $ 1,169 | ||||||
Holding Company | 2010-2012 Notes | |||||||
Debt Instrument [Line Items] | |||||||
Loss on extinguishment of debt | $ (108) |
Debt Narrative - Automotive (De
Debt Narrative - Automotive (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Nov. 25, 2015 | Apr. 15, 2014 | |
Debt Instrument [Line Items] | |||||
Loss on extinguishment of debt | $ (5) | $ (2) | $ (162) | ||
Federal-Mogul Credit Facility | Automotive Segment | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility | 600 | ||||
Borrowing availability under revolving credit facilities | 213 | 170 | |||
Revolving debt outstanding | 345 | 340 | |||
Letters of credit outstanding | 37 | 40 | |||
Federal-Mogul Term Facilities | Automotive Segment | |||||
Debt Instrument [Line Items] | |||||
Loss on extinguishment of debt | $ (36) | ||||
Tranche B Loan | Automotive Segment | |||||
Debt Instrument [Line Items] | |||||
Debt face amount | $ 700 | ||||
Tranche C Loan | Automotive Segment | |||||
Debt Instrument [Line Items] | |||||
Debt face amount | $ 1,900 | ||||
Revolving credit facility | Automotive Segment | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility Aggregate Principal Amount Upon Acceleration | 700 | ||||
Foreign Line of Credit | Automotive Segment | |||||
Debt Instrument [Line Items] | |||||
Borrowing availability under revolving credit facilities | 60 | $ 59 | |||
IEP Auto Credit Facility | Automotive Segment | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility | 675 | ||||
Borrowing availability under revolving credit facilities | 132 | ||||
Revolving debt outstanding | 232 | ||||
Letters of credit outstanding | 48 | ||||
IEH Auto Credit Facility | Automotive Segment | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility | $ 125 | ||||
Revolving credit facility | Automotive Segment | |||||
Debt Instrument [Line Items] | |||||
Line of credit, refinancing indebtedness due, period | 91 days | ||||
Asset based revolver | IEP Auto Credit Facility | Automotive Segment | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility | 600 | ||||
First-in last-out revolver | IEP Auto Credit Facility | Automotive Segment | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility | $ 75 | ||||
Federal-Mogul | Automotive Segment | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate on debt | 4.30% | 4.40% |
Debt Narrative - Energy (Detail
Debt Narrative - Energy (Details) - USD ($) $ in Millions | Jun. 10, 2016 | Dec. 20, 2012 | Oct. 23, 2012 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||||||
Loss on extinguishment of debt | $ (5) | $ (2) | $ (162) | |||
CVR 2022 Notes | Energy Segment | ||||||
Debt Instrument [Line Items] | ||||||
Debt face amount | $ 500 | |||||
Interest rate, long-term debt | 6.50% | |||||
Proceeds from issuance of debt | $ 493 | |||||
CVR Refining Credit Facility | Energy Segment | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility | $ 400 | |||||
Line of Credit Facility, Increase (Decrease), Net | $ 200 | |||||
Letters of credit outstanding | 28 | |||||
Line of credit current borrowing capacity | 312 | |||||
CVR Partners 2023 Notes | Energy Segment | ||||||
Debt Instrument [Line Items] | ||||||
Debt face amount | $ 645 | |||||
Interest rate, long-term debt | 9.25% | |||||
Proceeds from Issuance of Senior Long-term Debt | $ 623 | |||||
CVR Nitrogen 2021 Notes | Energy Segment | ||||||
Debt Instrument [Line Items] | ||||||
Debt face amount | $ 320 | 2 | ||||
Interest rate, long-term debt | 6.50% | |||||
Loss on extinguishment of debt | (5) | |||||
Debt Instrument, Repurchased Face Amount | $ 315 | |||||
Gain (Loss) on Extinguishment of Debt, before Write off of Debt Issuance Cost | $ 5 | |||||
CVR Partners 2016 Credit Facility | Energy Segment | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility | 50 | |||||
Additional borrowing availability | 25 | |||||
Borrowing availability under revolving credit facilities | 49 | |||||
Revolving debt outstanding | $ 0 |
Debt Narrative - Railcar (Detai
Debt Narrative - Railcar (Details) - USD ($) $ in Millions | Dec. 19, 2014 | Dec. 12, 2012 | Jan. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 30, 2015 | Jan. 29, 2015 | Jun. 25, 2014 |
Debt Instrument [Line Items] | |||||||||
Loss on extinguishment of debt | $ (5) | $ (2) | $ (162) | ||||||
Railcar Segment | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt held for sale | 1,746 | ||||||||
Lease Fleet Financings | Railcar Segment | |||||||||
Debt Instrument [Line Items] | |||||||||
Loss on extinguishment of debt | 2 | $ 2 | |||||||
Use of portion of debt proceeds | 409 | ||||||||
Proceeds from (Repayments of) Debt | 212 | ||||||||
Railcars pledged to collateralize mortgages | 544 | 564 | |||||||
ARI 2015 Notes | Railcar Segment | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt face amount | $ 626 | ||||||||
Long-term Debt | 576 | ||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | 5.00% | ||||||||
Interest reserve amount | 17 | ||||||||
Class A-1 Notes | Railcar Segment | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt face amount | $ 250 | ||||||||
Interest rate, long-term debt | 2.98% | ||||||||
Class A-2 Notes | Railcar Segment | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt face amount | $ 376 | ||||||||
Interest rate, long-term debt | 4.06% | ||||||||
ARI Revolving Loan | Railcar Segment | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility | $ 200 | ||||||||
Borrowing availability under revolving credit facilities | 200 | ||||||||
Letters of credit outstanding | $ 100 | ||||||||
Citizen Bank Revolver | Railcar Segment | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of credit facility | $ 350 | ||||||||
Revolving debt outstanding | 243 | 250 | |||||||
Line of credit current borrowing capacity | 250 | ||||||||
Additional borrowing availability | $ 100 | ||||||||
ARL Term Loans | Railcar Segment | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt face amount | 1,100 | 1,300 | |||||||
ARL Bond Securitization [Member] | Railcar Segment | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt face amount | $ 444 | $ 474 | $ 325 | ||||||
ARL Bond Securitization [Member] | ARL Class A-1 Notes [Member] | Railcar Segment | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt face amount | $ 110 | ||||||||
Interest rate, long-term debt | 3.81% | ||||||||
ARL Bond Securitization [Member] | ARL Class A-2 Notes [Member] | Railcar Segment | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt face amount | $ 106 | ||||||||
LIBOR | Citizen Bank Revolver | Railcar Segment | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.45% | ||||||||
LIBOR | ARL Bond Securitization [Member] | ARL Class A-2 Notes [Member] | Railcar Segment | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||||||||
Minimum | ARL Term Loans | Railcar Segment | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate, long-term debt | 3.07% | ||||||||
Minimum | ARL Bond Securitization [Member] | Railcar Segment | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate, long-term debt | 2.92% | ||||||||
Maximum | ARL Term Loans | Railcar Segment | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate, long-term debt | 6.95% | ||||||||
Maximum | ARL Bond Securitization [Member] | Railcar Segment | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate, long-term debt | 3.97% | ||||||||
ARL | Railcar Segment | |||||||||
Debt Instrument [Line Items] | |||||||||
Weighted average interest rate on debt | 3.28% | 3.41% |
Debt Narrative - Gaming (Detail
Debt Narrative - Gaming (Details) - USD ($) | Nov. 27, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||||
Amortization included in interest expense | $ 23,000,000 | $ 14,000,000 | $ 22,000,000 | |
Gaming Segment | Tropicana term loan | ||||
Debt Instrument [Line Items] | ||||
Debt face amount | $ 300,000,000 | |||
Amortization included in interest expense | 750,000 | |||
Interest rate, long-term debt | 4.00% | |||
Gaming Segment | Letter of Credit | ||||
Debt Instrument [Line Items] | ||||
Letter of credit facility, maximum aggregate amount | $ 15,000,000 | |||
Borrowing availability under revolving credit facilities | $ 15,000,000 |
Debt Narrative - Food Packaging
Debt Narrative - Food Packaging (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jan. 30, 2014 | |
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt | $ (5) | $ (2) | $ (162) | |
Food Packaging Segment | ||||
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt | $ (16) | |||
Line of credit facility | $ 8 | |||
Food Packaging Segment | Term loan | ||||
Debt Instrument [Line Items] | ||||
Debt face amount | $ 275 |
Debt Narrative - Other (Details
Debt Narrative - Other (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Nov. 24, 2015 | |
Debt Instrument [Line Items] | ||
2,017 | $ 1,378 | |
2,018 | 1,110 | |
2,019 | 1,348 | |
2,020 | 2,047 | |
2,021 | 2,263 | |
Thereafter | 2,976 | |
Future maturiites due on debt | 11,122 | |
2,017 | 10 | |
2,018 | 7 | |
2,019 | 6 | |
2,020 | 4 | |
2,021 | 3 | |
Thereafter | 35 | |
Future maturities due on capital leases | 65 | |
ARL | Railcar Segment | ||
Debt Instrument [Line Items] | ||
Future maturiites due on debt | $ 1,800 | |
WPH Facility | Home Fashion Segment | ||
Debt Instrument [Line Items] | ||
Line of credit current borrowing capacity | $ 30 | |
Letter of credit facility, maximum aggregate amount | 10 | |
Senior credit facility | $ 55 | |
Line of credit annual fee on borrowed amount | 0.25% | |
Letters of credit outstanding | $ 0 | |
Letter of credit annual fee on borrowed amount | 0.50% | |
Letters of credit outstanding | $ 5 |
Pensions, Other Post-employme81
Pensions, Other Post-employment Benefits and Employee Benefit Plans Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Benefits | |||
Net Periodic Benefit Cost [Line Items] | |||
Service cost | $ 18 | $ 19 | $ 16 |
Interest cost | 70 | 66 | 76 |
Expected return on plan assets | (59) | (71) | (74) |
Amortization of actuarial losses | 22 | 26 | 10 |
Amortization of prior service credit | 0 | 0 | 0 |
Settlement (gain) loss | 0 | 0 | (2) |
Curtailment gain | 0 | (2) | 0 |
Net periodic benefit cost | 51 | 38 | 26 |
Other Post-Employment Benefits | |||
Net Periodic Benefit Cost [Line Items] | |||
Service cost | 0 | 0 | 0 |
Interest cost | 14 | 13 | 15 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of actuarial losses | 2 | 5 | 3 |
Amortization of prior service credit | (4) | (4) | (5) |
Settlement (gain) loss | 0 | 0 | 0 |
Curtailment gain | 0 | 0 | 0 |
Net periodic benefit cost | $ 12 | $ 14 | $ 13 |
Pensions, Other Post-employme82
Pensions, Other Post-employment Benefits and Employee Benefit Plans Benefit Obligations and Plan Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Funded status of the plan | $ (613) | $ (589) | |
United States Plans | Automotive Segment | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit obligation | 1,167 | 1,221 | $ 1,291 |
Service cost | 3 | 3 | |
Interest cost | 49 | 48 | |
Benefits paid | (98) | (89) | |
Medicare subsidies received | 0 | 0 | |
Curtailments | 0 | 0 | |
Settlements | 0 | 0 | |
Actuarial losses (gains) and changes in actuarial assumptions | (8) | (32) | |
Net transfers in (out) | 0 | 0 | |
Currency translation | 0 | 0 | |
Fair value of plan assets | 856 | 870 | $ 912 |
Actual return on plan assets | 45 | (27) | |
Settlements | 0 | 0 | |
Company contributions | 39 | 74 | |
Acquisitions | 0 | 0 | |
Currency translation | 0 | 0 | |
Funded status of the plan | (311) | (351) | |
Net liability recognized | (311) | (351) | |
Actuarial losses included in Accumulated other comprehensive income | 435 | 452 | |
Prior service cost (credit) | 0 | 0 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | $ 435 | $ 452 | |
Defined benefit plan, assumption used calculated projected benefit obligation, discount rate | 3.90% | 4.15% | 3.85% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.15% | 3.85% | 4.55% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 5.65% | 6.55% | 6.95% |
Defined benefit plan, plans with projected benefit obligations in excess of plan assets, aggregate projected benefit obligation | $ 0 | $ 0 | |
Defined benefit plan, plans with projected benefit obligations in excess of plan assets, fair value of plan assets | 0 | 0 | |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Projected Benefit Obligation | 0 | 0 | |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Accumulated Benefit Obligation | 0 | 0 | |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Fair Value of Plan Assets | 0 | 0 | |
2,017 | 84 | ||
2,018 | 84 | ||
2,019 | 86 | ||
2,020 | 87 | ||
2,021 | 86 | ||
2021-2026 | 387 | ||
Non-U.S. Plans | Automotive Segment | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit obligation | 510 | 487 | $ 575 |
Service cost | 14 | 16 | |
Interest cost | 13 | 10 | |
Benefits paid | (21) | (24) | |
Medicare subsidies received | 0 | 0 | |
Curtailments | (1) | (3) | |
Settlements | (4) | 0 | |
Actuarial losses (gains) and changes in actuarial assumptions | 39 | (75) | |
Net transfers in (out) | 0 | 45 | |
Currency translation | (17) | (57) | |
Fair value of plan assets | 63 | 57 | $ 54 |
Actual return on plan assets | 3 | 2 | |
Settlements | 4 | 0 | |
Company contributions | 30 | 30 | |
Acquisitions | 1 | 0 | |
Currency translation | (3) | (5) | |
Funded status of the plan | (447) | (430) | |
Net liability recognized | (447) | (430) | |
Actuarial losses included in Accumulated other comprehensive income | 93 | 72 | |
Prior service cost (credit) | (1) | (1) | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | $ 94 | $ 73 | |
Defined benefit plan, assumption used calculated projected benefit obligation, discount rate | 2.03% | 2.72% | 1.77% |
Defined benefit plan, assumption used calculated projected benefit obligation, rate of compensation increase | 2.96% | 3.19% | 3.16% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 2.72% | 1.77% | 3.49% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 3.22% | 3.52% | 4.18% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 3.19% | 3.16% | 3.17% |
Defined benefit plan, plans with projected benefit obligations in excess of plan assets, aggregate projected benefit obligation | $ 0 | $ 0 | |
Defined benefit plan, plans with projected benefit obligations in excess of plan assets, fair value of plan assets | 0 | 0 | |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Projected Benefit Obligation | 0 | 0 | |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Accumulated Benefit Obligation | 0 | 0 | |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Fair Value of Plan Assets | 0 | 0 | |
2,017 | 22 | ||
2,018 | 22 | ||
2,019 | 24 | ||
2,020 | 24 | ||
2,021 | 24 | ||
2021-2026 | 131 | ||
Other Post-Employment Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 0 | 0 | $ 0 |
Interest cost | 14 | 13 | 15 |
Other Post-Employment Benefits | Automotive Segment | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit obligation | 295 | 323 | 368 |
Service cost | 0 | 0 | |
Interest cost | 14 | 13 | |
Benefits paid | (24) | (23) | |
Medicare subsidies received | 2 | 3 | |
Curtailments | 0 | 0 | |
Settlements | 0 | 0 | |
Actuarial losses (gains) and changes in actuarial assumptions | (21) | (35) | |
Net transfers in (out) | 0 | 0 | |
Currency translation | 1 | (3) | |
Fair value of plan assets | 0 | 0 | $ 0 |
Actual return on plan assets | 0 | 0 | |
Settlements | 0 | 0 | |
Company contributions | 22 | 20 | |
Acquisitions | 0 | 0 | |
Currency translation | 0 | 0 | |
Funded status of the plan | (295) | (323) | |
Net liability recognized | (295) | (323) | |
Actuarial losses included in Accumulated other comprehensive income | 34 | 56 | |
Prior service cost (credit) | (6) | 10 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | $ 40 | $ 46 | |
Defined benefit plan, assumption used calculated projected benefit obligation, discount rate | 3.98% | 4.18% | 3.84% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.18% | 3.84% | 4.45% |
Defined benefit plan, plans with projected benefit obligations in excess of plan assets, aggregate projected benefit obligation | $ 0 | $ 0 | |
Defined benefit plan, plans with projected benefit obligations in excess of plan assets, fair value of plan assets | $ 0 | $ 0 | |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 6.69% | 6.97% | |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 5.00% | 5.00% | |
Defined Benefit Plan, Year that Rate Reaches Ultimate Trend Rate | 2,022 | 2,022 | |
Defined Benefit Plan, Effect of One Percentage Point Increase on Service and Interest Cost Components | $ 1 | ||
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 24 | ||
Defined Benefit Plan, Effect of One Percentage Point Decrease on Service and Interest Cost Components | (1) | ||
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | (21) | ||
2,017 | 23 | ||
2,018 | 23 | ||
2,019 | 23 | ||
2,020 | 23 | ||
2,021 | 22 | ||
2021-2026 | 101 | ||
Pension Benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 18 | $ 19 | $ 16 |
Interest cost | 70 | 66 | 76 |
Pension Benefits | Railcar and Food Packaging | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit obligation | 189 | 191 | 203 |
Service cost | 1 | 1 | |
Interest cost | 8 | 8 | |
Benefits paid | (15) | (10) | |
Curtailments | 0 | (1) | |
Actuarial losses (gains) and changes in actuarial assumptions | 4 | (9) | |
Currency translation | 0 | (1) | |
Fair value of plan assets | 126 | 133 | $ 144 |
Actual return on plan assets | 8 | (3) | |
Company contributions | 0 | 2 | |
Currency translation | 0 | 0 | |
Funded status of the plan | (63) | (58) | |
Net liability recognized | (63) | (58) | |
Actuarial losses included in Accumulated other comprehensive income | (63) | (58) | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | $ (63) | $ (58) |
Pensions, Other Post-employme83
Pensions, Other Post-employment Benefits and Employee Benefit Plans Narrative (Details) - Automotive Segment - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 1,600 | $ 1,700 | |
Defined Benefit Plan, Amount to be Amortized from Accumulated Other Comprehensive Income (Loss) Next Fiscal Year | 9 | ||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 75 | ||
Defined Contribution Plan, Cost Recognized | 43 | 45 | $ 45 |
Supplemental Unemployment Benefits, Other Postemployment | $ 60 | $ 59 |
Net Income Per LP Unit (Details
Net Income Per LP Unit (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 29, 2016 | Dec. 31, 2016 | Sep. 30, 2016 | [1] | Jun. 30, 2016 | [1] | Mar. 31, 2016 | [1] | Dec. 31, 2015 | [1] | Sep. 30, 2015 | [1] | Jun. 30, 2015 | [1] | Mar. 31, 2015 | [1] | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per LP Unit [Line Items] | ||||||||||||||||||||
Net loss attributable to Icahn Enterprises | $ (206) | [1] | $ (16) | $ (69) | $ (837) | $ (1,127) | $ (440) | $ 212 | $ 161 | $ (1,128) | $ (1,194) | $ (373) | ||||||||
Net loss attributable to Icahn Enterprises allocable to limited partners (98.01% allocation) | $ (1,106) | $ (1,170) | $ (366) | |||||||||||||||||
Basic loss per LP unit | $ (1.42) | $ (0.12) | [2] | $ (0.50) | [2] | $ (6.21) | [2] | $ (8.56) | [2] | $ (3.40) | [2] | $ 1.68 | [2] | $ 1.28 | [2] | $ (8.07) | $ (9.29) | $ (3.08) | ||
Basic weighted average LP units outstanding | 137,000,000 | 126,000,000 | 119,000,000 | |||||||||||||||||
Diluted loss per LP unit | $ (1.42) | $ (0.12) | [2] | $ (0.50) | [2] | $ (6.21) | [2] | $ (8.56) | [2] | $ (3.40) | [2] | $ 1.68 | [2] | $ 1.27 | [2] | $ (8.07) | $ (9.29) | $ (3.08) | ||
Diluted weighted average LP units outstanding | 137,000,000 | 126,000,000 | 119,000,000 | |||||||||||||||||
Distribution declared per unit | $ 6 | |||||||||||||||||||
Units distributed to LP unitholders | 12,574,723 | |||||||||||||||||||
Mr. Icahn and affiliates | ||||||||||||||||||||
Earnings Per LP Unit [Line Items] | ||||||||||||||||||||
Affiliate ownership interest in Icahn Enterprises | 89.80% | |||||||||||||||||||
ARL | ||||||||||||||||||||
Earnings Per LP Unit [Line Items] | ||||||||||||||||||||
Equity issued to acquire additional interest in consolidated subsidiary (number of units) | 685,367 | |||||||||||||||||||
[1] | The comparability of our quarterly financial data is impacted by the acquisitions of certain businesses during both of the years December 31, 2016 and 2015 as discussed in Note 1, "Description of Business and Basis of Presentation." | |||||||||||||||||||
[2] | Basic and diluted income (loss) per LP unit is computed separately for each quarter and therefore, the sum of such quarterly per LP unit amounts may differ from the total for the year. |
Segment Reporting, Income State
Segment Reporting, Income Statements (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2016 | [1] | Sep. 30, 2016 | [1] | Jun. 30, 2016 | [1] | Mar. 31, 2016 | [1] | Dec. 31, 2015 | [1] | Sep. 30, 2015 | [1] | Jun. 30, 2015 | [1] | Mar. 31, 2015 | [1] | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues: | |||||||||||||||||||
Net sales | $ 3,965 | $ 3,904 | $ 4,094 | $ 3,548 | $ 3,340 | $ 3,720 | $ 3,979 | $ 3,565 | $ 15,511 | $ 14,604 | $ 18,072 | ||||||||
Other revenues from operations | 1,958 | 1,386 | 1,250 | ||||||||||||||||
Net loss from investment activities | (1,373) | (987) | (564) | ||||||||||||||||
Interest and dividend income | 131 | 194 | 217 | ||||||||||||||||
Other (loss) income, net | 121 | 75 | 182 | ||||||||||||||||
Total Revenues | 3,972 | 4,899 | 4,350 | 3,127 | 2,565 | 3,212 | 4,984 | 4,511 | 16,348 | 15,272 | 19,157 | ||||||||
Expenses: | |||||||||||||||||||
Cost of goods sold | 13,412 | 12,741 | 16,485 | ||||||||||||||||
Other expenses from operations | 1,159 | 643 | 613 | ||||||||||||||||
Selling, general and administrative | 2,342 | 1,908 | 1,625 | ||||||||||||||||
Restructuring | 32 | 97 | 84 | ||||||||||||||||
Impairment | 709 | 788 | 135 | ||||||||||||||||
Interest expense | 878 | 1,154 | 847 | ||||||||||||||||
Total Expenses | 18,532 | 17,331 | 19,789 | ||||||||||||||||
Income before income tax benefit (expense) | (2,184) | (2,059) | (632) | ||||||||||||||||
Income tax (expense) benefit | (36) | (68) | 103 | ||||||||||||||||
Net loss | (564) | 238 | (285) | (1,609) | (2,150) | (940) | 541 | 422 | (2,220) | (2,127) | (529) | ||||||||
Less: net loss attributable to non-controlling interests | 358 | (254) | 216 | 772 | 1,023 | 500 | (329) | (261) | 1,092 | 933 | 156 | ||||||||
Net loss attributable to Icahn Enterprises | $ (206) | $ (16) | $ (69) | $ (837) | $ (1,127) | $ (440) | $ 212 | $ 161 | (1,128) | (1,194) | (373) | ||||||||
Supplemental information: | |||||||||||||||||||
Capital expenditures | 826 | 1,359 | 1,411 | ||||||||||||||||
Depreciation and amortization | 1,011 | 849 | 788 | ||||||||||||||||
Amortization included in interest expense | 23 | 14 | 22 | ||||||||||||||||
Icahn Enterprises Holdings | |||||||||||||||||||
Revenues: | |||||||||||||||||||
Net sales | 15,511 | 14,604 | 18,072 | ||||||||||||||||
Other revenues from operations | 1,958 | 1,386 | 1,250 | ||||||||||||||||
Net loss from investment activities | (1,373) | (987) | (564) | ||||||||||||||||
Interest and dividend income | 131 | 194 | 217 | ||||||||||||||||
Other (loss) income, net | 121 | 75 | 182 | ||||||||||||||||
Total Revenues | 16,348 | 15,272 | 19,157 | ||||||||||||||||
Expenses: | |||||||||||||||||||
Cost of goods sold | 13,412 | 12,741 | 16,485 | ||||||||||||||||
Other expenses from operations | 1,159 | 643 | 613 | ||||||||||||||||
Selling, general and administrative | 2,342 | 1,908 | 1,625 | ||||||||||||||||
Restructuring | 32 | 97 | 84 | ||||||||||||||||
Impairment | 709 | 788 | 135 | ||||||||||||||||
Interest expense | 877 | 1,153 | 846 | ||||||||||||||||
Total Expenses | 18,531 | 17,330 | 19,788 | ||||||||||||||||
Income before income tax benefit (expense) | (2,183) | (2,058) | (631) | ||||||||||||||||
Income tax (expense) benefit | (36) | (68) | 103 | ||||||||||||||||
Net loss | (2,219) | (2,126) | (528) | ||||||||||||||||
Less: net loss attributable to non-controlling interests | 1,092 | 933 | 156 | ||||||||||||||||
Net loss attributable to Icahn Enterprises | (1,127) | (1,193) | (372) | ||||||||||||||||
Supplemental information: | |||||||||||||||||||
Amortization included in interest expense | 22 | 13 | 21 | ||||||||||||||||
Investment Segment | |||||||||||||||||||
Revenues: | |||||||||||||||||||
Net sales | 0 | 0 | 0 | ||||||||||||||||
Other revenues from operations | 0 | 0 | 0 | ||||||||||||||||
Net loss from investment activities | (1,388) | (1,041) | (421) | ||||||||||||||||
Interest and dividend income | 112 | 178 | 202 | ||||||||||||||||
Other (loss) income, net | 53 | (2) | 1 | ||||||||||||||||
Total Revenues | (1,223) | (865) | (218) | ||||||||||||||||
Expenses: | |||||||||||||||||||
Cost of goods sold | 0 | 0 | 0 | ||||||||||||||||
Other expenses from operations | 0 | 0 | 0 | ||||||||||||||||
Selling, general and administrative | 34 | 237 | 167 | ||||||||||||||||
Restructuring | 0 | 0 | 0 | ||||||||||||||||
Impairment | 0 | 0 | 0 | ||||||||||||||||
Interest expense | 230 | 563 | 299 | ||||||||||||||||
Total Expenses | 264 | 800 | 466 | ||||||||||||||||
Income before income tax benefit (expense) | (1,487) | (1,665) | (684) | ||||||||||||||||
Income tax (expense) benefit | 0 | 0 | 0 | ||||||||||||||||
Net loss | (1,487) | (1,665) | (684) | ||||||||||||||||
Less: net loss attributable to non-controlling interests | 883 | 905 | 379 | ||||||||||||||||
Net loss attributable to Icahn Enterprises | (604) | (760) | (305) | ||||||||||||||||
Supplemental information: | |||||||||||||||||||
Capital expenditures | 0 | 0 | 0 | ||||||||||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||||||||||
Investment Segment | Icahn Enterprises Holdings | |||||||||||||||||||
Expenses: | |||||||||||||||||||
Interest expense | 230 | 563 | 299 | ||||||||||||||||
Net loss | (1,487) | (1,665) | (684) | ||||||||||||||||
Net loss attributable to Icahn Enterprises | (604) | (760) | (305) | ||||||||||||||||
Automotive Segment | |||||||||||||||||||
Revenues: | |||||||||||||||||||
Net sales | 9,420 | 7,789 | 7,317 | ||||||||||||||||
Other revenues from operations | 422 | 0 | 0 | ||||||||||||||||
Net loss from investment activities | 0 | 0 | 0 | ||||||||||||||||
Interest and dividend income | 4 | 6 | 5 | ||||||||||||||||
Other (loss) income, net | 82 | 58 | 2 | ||||||||||||||||
Total Revenues | 9,928 | 7,853 | 7,324 | ||||||||||||||||
Expenses: | |||||||||||||||||||
Cost of goods sold | 7,658 | 6,577 | 6,260 | ||||||||||||||||
Other expenses from operations | 430 | 0 | 0 | ||||||||||||||||
Selling, general and administrative | 1,521 | 1,001 | 825 | ||||||||||||||||
Restructuring | 27 | 89 | 86 | ||||||||||||||||
Impairment | 18 | 344 | 24 | ||||||||||||||||
Interest expense | 157 | 144 | 128 | ||||||||||||||||
Total Expenses | 9,811 | 8,155 | 7,323 | ||||||||||||||||
Income before income tax benefit (expense) | 117 | (302) | 1 | ||||||||||||||||
Income tax (expense) benefit | 40 | (50) | (91) | ||||||||||||||||
Net loss | 77 | (352) | (90) | ||||||||||||||||
Less: net loss attributable to non-controlling interests | (24) | 53 | 3 | ||||||||||||||||
Net loss attributable to Icahn Enterprises | 53 | (299) | (87) | ||||||||||||||||
Supplemental information: | |||||||||||||||||||
Capital expenditures | 418 | 449 | 418 | ||||||||||||||||
Depreciation and amortization | 473 | 346 | 336 | ||||||||||||||||
Automotive Segment | Icahn Enterprises Holdings | |||||||||||||||||||
Expenses: | |||||||||||||||||||
Interest expense | 157 | 144 | 128 | ||||||||||||||||
Net loss | 77 | (352) | (90) | ||||||||||||||||
Net loss attributable to Icahn Enterprises | 53 | (299) | (87) | ||||||||||||||||
Energy Segment | |||||||||||||||||||
Revenues: | |||||||||||||||||||
Net sales | 4,782 | 5,433 | 9,109 | ||||||||||||||||
Other revenues from operations | 0 | 0 | 0 | ||||||||||||||||
Net loss from investment activities | 5 | 36 | (6) | ||||||||||||||||
Interest and dividend income | 1 | 2 | 3 | ||||||||||||||||
Other (loss) income, net | (24) | (29) | 186 | ||||||||||||||||
Total Revenues | 4,764 | 5,442 | 9,292 | ||||||||||||||||
Expenses: | |||||||||||||||||||
Cost of goods sold | 4,618 | 4,949 | 8,774 | ||||||||||||||||
Other expenses from operations | 0 | 0 | 0 | ||||||||||||||||
Selling, general and administrative | 138 | 127 | 136 | ||||||||||||||||
Restructuring | 0 | 0 | 0 | ||||||||||||||||
Impairment | 574 | 253 | 103 | ||||||||||||||||
Interest expense | 83 | 47 | 38 | ||||||||||||||||
Total Expenses | 5,413 | 5,376 | 9,051 | ||||||||||||||||
Income before income tax benefit (expense) | (649) | 66 | 241 | ||||||||||||||||
Income tax (expense) benefit | (45) | (59) | (73) | ||||||||||||||||
Net loss | (604) | 7 | 168 | ||||||||||||||||
Less: net loss attributable to non-controlling interests | 277 | 18 | (73) | ||||||||||||||||
Net loss attributable to Icahn Enterprises | (327) | 25 | 95 | ||||||||||||||||
Supplemental information: | |||||||||||||||||||
Capital expenditures | 133 | 219 | 218 | ||||||||||||||||
Depreciation and amortization | 258 | 229 | 219 | ||||||||||||||||
Energy Segment | Icahn Enterprises Holdings | |||||||||||||||||||
Expenses: | |||||||||||||||||||
Interest expense | 83 | 47 | 38 | ||||||||||||||||
Net loss | (604) | 7 | 168 | ||||||||||||||||
Net loss attributable to Icahn Enterprises | (327) | 25 | 95 | ||||||||||||||||
Railcar Segment | |||||||||||||||||||
Revenues: | |||||||||||||||||||
Net sales | 430 | 440 | 379 | ||||||||||||||||
Other revenues from operations | 522 | 499 | 411 | ||||||||||||||||
Net loss from investment activities | 0 | 0 | 0 | ||||||||||||||||
Interest and dividend income | 2 | 2 | 3 | ||||||||||||||||
Other (loss) income, net | 8 | 7 | 16 | ||||||||||||||||
Total Revenues | 962 | 948 | 809 | ||||||||||||||||
Expenses: | |||||||||||||||||||
Cost of goods sold | 366 | 338 | 288 | ||||||||||||||||
Other expenses from operations | 223 | 201 | 175 | ||||||||||||||||
Selling, general and administrative | 48 | 45 | 42 | ||||||||||||||||
Restructuring | 0 | 0 | 0 | ||||||||||||||||
Impairment | 0 | 0 | 0 | ||||||||||||||||
Interest expense | 85 | 82 | 60 | ||||||||||||||||
Total Expenses | 722 | 666 | 565 | ||||||||||||||||
Income before income tax benefit (expense) | 240 | 282 | 244 | ||||||||||||||||
Income tax (expense) benefit | 57 | (69) | (56) | ||||||||||||||||
Net loss | 183 | 213 | 188 | ||||||||||||||||
Less: net loss attributable to non-controlling interests | (33) | (76) | (66) | ||||||||||||||||
Net loss attributable to Icahn Enterprises | 150 | 137 | 122 | ||||||||||||||||
Supplemental information: | |||||||||||||||||||
Capital expenditures | 133 | 522 | 626 | ||||||||||||||||
Depreciation and amortization | 134 | 127 | 106 | ||||||||||||||||
Railcar Segment | Icahn Enterprises Holdings | |||||||||||||||||||
Expenses: | |||||||||||||||||||
Interest expense | 85 | 82 | 60 | ||||||||||||||||
Net loss | 183 | 213 | 188 | ||||||||||||||||
Net loss attributable to Icahn Enterprises | 150 | 137 | 122 | ||||||||||||||||
Gaming Segment | |||||||||||||||||||
Revenues: | |||||||||||||||||||
Net sales | 0 | 0 | 0 | ||||||||||||||||
Other revenues from operations | 944 | 811 | 759 | ||||||||||||||||
Net loss from investment activities | 0 | 0 | 0 | ||||||||||||||||
Interest and dividend income | 1 | 1 | 2 | ||||||||||||||||
Other (loss) income, net | 3 | (1) | 88 | ||||||||||||||||
Total Revenues | 948 | 811 | 849 | ||||||||||||||||
Expenses: | |||||||||||||||||||
Cost of goods sold | 0 | 0 | 0 | ||||||||||||||||
Other expenses from operations | 460 | 396 | 387 | ||||||||||||||||
Selling, general and administrative | 440 | 338 | 327 | ||||||||||||||||
Restructuring | 0 | 0 | 0 | ||||||||||||||||
Impairment | 106 | 0 | 0 | ||||||||||||||||
Interest expense | 13 | 12 | 13 | ||||||||||||||||
Total Expenses | 1,019 | 746 | 727 | ||||||||||||||||
Income before income tax benefit (expense) | (71) | 65 | 122 | ||||||||||||||||
Income tax (expense) benefit | 24 | (27) | 147 | ||||||||||||||||
Net loss | (95) | 38 | 269 | ||||||||||||||||
Less: net loss attributable to non-controlling interests | (14) | (12) | (84) | ||||||||||||||||
Net loss attributable to Icahn Enterprises | (109) | 26 | 185 | ||||||||||||||||
Supplemental information: | |||||||||||||||||||
Capital expenditures | 85 | 94 | 81 | ||||||||||||||||
Depreciation and amortization | 71 | 63 | 50 | ||||||||||||||||
Gaming Segment | Icahn Enterprises Holdings | |||||||||||||||||||
Expenses: | |||||||||||||||||||
Interest expense | 13 | 12 | 13 | ||||||||||||||||
Net loss | (95) | 38 | 269 | ||||||||||||||||
Net loss attributable to Icahn Enterprises | (109) | 26 | 185 | ||||||||||||||||
Metals Segment | |||||||||||||||||||
Revenues: | |||||||||||||||||||
Net sales | 267 | 361 | 711 | ||||||||||||||||
Other revenues from operations | 0 | 0 | 0 | ||||||||||||||||
Net loss from investment activities | 0 | 0 | 0 | ||||||||||||||||
Interest and dividend income | 0 | 0 | 0 | ||||||||||||||||
Other (loss) income, net | 2 | 4 | 0 | ||||||||||||||||
Total Revenues | 269 | 365 | 711 | ||||||||||||||||
Expenses: | |||||||||||||||||||
Cost of goods sold | 284 | 406 | 728 | ||||||||||||||||
Other expenses from operations | 0 | 0 | 0 | ||||||||||||||||
Selling, general and administrative | 18 | 20 | 23 | ||||||||||||||||
Restructuring | 2 | 2 | 0 | ||||||||||||||||
Impairment | 1 | 20 | 3 | ||||||||||||||||
Interest expense | 0 | 0 | 0 | ||||||||||||||||
Total Expenses | 305 | 448 | 754 | ||||||||||||||||
Income before income tax benefit (expense) | (36) | (83) | (43) | ||||||||||||||||
Income tax (expense) benefit | (16) | 32 | 18 | ||||||||||||||||
Net loss | (20) | (51) | (25) | ||||||||||||||||
Less: net loss attributable to non-controlling interests | 0 | 0 | 0 | ||||||||||||||||
Net loss attributable to Icahn Enterprises | (20) | (51) | (25) | ||||||||||||||||
Supplemental information: | |||||||||||||||||||
Capital expenditures | 5 | 24 | 41 | ||||||||||||||||
Depreciation and amortization | 22 | 29 | 26 | ||||||||||||||||
Metals Segment | Icahn Enterprises Holdings | |||||||||||||||||||
Expenses: | |||||||||||||||||||
Interest expense | 0 | 0 | 0 | ||||||||||||||||
Net loss | (20) | (51) | (25) | ||||||||||||||||
Net loss attributable to Icahn Enterprises | (20) | (51) | (25) | ||||||||||||||||
Mining Segment | |||||||||||||||||||
Revenues: | |||||||||||||||||||
Net sales | 71 | 30 | |||||||||||||||||
Other revenues from operations | 0 | 0 | |||||||||||||||||
Net loss from investment activities | 0 | 0 | |||||||||||||||||
Interest and dividend income | 2 | 1 | |||||||||||||||||
Other (loss) income, net | (10) | (3) | |||||||||||||||||
Total Revenues | 63 | 28 | |||||||||||||||||
Expenses: | |||||||||||||||||||
Cost of goods sold | 56 | 38 | |||||||||||||||||
Other expenses from operations | 0 | 0 | |||||||||||||||||
Selling, general and administrative | 22 | 12 | |||||||||||||||||
Restructuring | 0 | 0 | |||||||||||||||||
Impairment | 0 | 169 | |||||||||||||||||
Interest expense | 7 | 3 | |||||||||||||||||
Total Expenses | 85 | 222 | |||||||||||||||||
Income before income tax benefit (expense) | (22) | (194) | |||||||||||||||||
Income tax (expense) benefit | 2 | 1 | |||||||||||||||||
Net loss | (24) | (195) | |||||||||||||||||
Less: net loss attributable to non-controlling interests | 5 | 45 | |||||||||||||||||
Net loss attributable to Icahn Enterprises | (19) | (150) | |||||||||||||||||
Supplemental information: | |||||||||||||||||||
Capital expenditures | 22 | 20 | |||||||||||||||||
Depreciation and amortization | 3 | 8 | |||||||||||||||||
Mining Segment | Icahn Enterprises Holdings | |||||||||||||||||||
Expenses: | |||||||||||||||||||
Interest expense | 7 | 3 | 0 | ||||||||||||||||
Net loss | (24) | (195) | 0 | ||||||||||||||||
Net loss attributable to Icahn Enterprises | (19) | (150) | 0 | ||||||||||||||||
Food Packaging Segment | |||||||||||||||||||
Revenues: | |||||||||||||||||||
Net sales | 329 | 344 | 365 | ||||||||||||||||
Other revenues from operations | 0 | 0 | 0 | ||||||||||||||||
Net loss from investment activities | 0 | 0 | 0 | ||||||||||||||||
Interest and dividend income | 0 | 0 | 0 | ||||||||||||||||
Other (loss) income, net | 3 | (7) | (19) | ||||||||||||||||
Total Revenues | 332 | 337 | 346 | ||||||||||||||||
Expenses: | |||||||||||||||||||
Cost of goods sold | 249 | 263 | 275 | ||||||||||||||||
Other expenses from operations | 0 | 0 | 0 | ||||||||||||||||
Selling, general and administrative | 52 | 50 | 45 | ||||||||||||||||
Restructuring | 3 | 5 | 0 | ||||||||||||||||
Impairment | 0 | 0 | 0 | ||||||||||||||||
Interest expense | 12 | 12 | 14 | ||||||||||||||||
Total Expenses | 316 | 330 | 334 | ||||||||||||||||
Income before income tax benefit (expense) | 16 | 7 | 12 | ||||||||||||||||
Income tax (expense) benefit | 8 | (10) | (3) | ||||||||||||||||
Net loss | 8 | (3) | 9 | ||||||||||||||||
Less: net loss attributable to non-controlling interests | (2) | 0 | (3) | ||||||||||||||||
Net loss attributable to Icahn Enterprises | 6 | (3) | 6 | ||||||||||||||||
Supplemental information: | |||||||||||||||||||
Capital expenditures | 18 | 22 | 23 | ||||||||||||||||
Depreciation and amortization | 20 | 19 | 22 | ||||||||||||||||
Food Packaging Segment | Icahn Enterprises Holdings | |||||||||||||||||||
Expenses: | |||||||||||||||||||
Interest expense | 12 | 12 | 14 | ||||||||||||||||
Net loss | 8 | (3) | 9 | ||||||||||||||||
Net loss attributable to Icahn Enterprises | 6 | (3) | 6 | ||||||||||||||||
Real Estate Segment | |||||||||||||||||||
Revenues: | |||||||||||||||||||
Net sales | 17 | 14 | 15 | ||||||||||||||||
Other revenues from operations | 70 | 76 | 80 | ||||||||||||||||
Net loss from investment activities | 0 | 0 | 0 | ||||||||||||||||
Interest and dividend income | 0 | 0 | 0 | ||||||||||||||||
Other (loss) income, net | 1 | 41 | 6 | ||||||||||||||||
Total Revenues | 88 | 131 | 101 | ||||||||||||||||
Expenses: | |||||||||||||||||||
Cost of goods sold | 13 | 7 | 8 | ||||||||||||||||
Other expenses from operations | 46 | 46 | 51 | ||||||||||||||||
Selling, general and administrative | 10 | 13 | 12 | ||||||||||||||||
Restructuring | 0 | 0 | 0 | ||||||||||||||||
Impairment | 5 | 2 | 5 | ||||||||||||||||
Interest expense | 2 | 2 | 3 | ||||||||||||||||
Total Expenses | 76 | 70 | 79 | ||||||||||||||||
Income before income tax benefit (expense) | 12 | 61 | 22 | ||||||||||||||||
Income tax (expense) benefit | 0 | 0 | 0 | ||||||||||||||||
Net loss | 12 | 61 | 22 | ||||||||||||||||
Less: net loss attributable to non-controlling interests | 0 | 0 | 0 | ||||||||||||||||
Net loss attributable to Icahn Enterprises | 12 | 61 | 22 | ||||||||||||||||
Supplemental information: | |||||||||||||||||||
Capital expenditures | 1 | 3 | 1 | ||||||||||||||||
Depreciation and amortization | 22 | 21 | 22 | ||||||||||||||||
Real Estate Segment | Icahn Enterprises Holdings | |||||||||||||||||||
Expenses: | |||||||||||||||||||
Interest expense | 2 | 2 | 3 | ||||||||||||||||
Net loss | 12 | 61 | 22 | ||||||||||||||||
Net loss attributable to Icahn Enterprises | 12 | 61 | 22 | ||||||||||||||||
Home Fashion Segment | |||||||||||||||||||
Revenues: | |||||||||||||||||||
Net sales | 195 | 193 | 176 | ||||||||||||||||
Other revenues from operations | 0 | 0 | 0 | ||||||||||||||||
Net loss from investment activities | 0 | 0 | 0 | ||||||||||||||||
Interest and dividend income | 0 | 0 | 0 | ||||||||||||||||
Other (loss) income, net | 1 | 1 | 5 | ||||||||||||||||
Total Revenues | 196 | 194 | 181 | ||||||||||||||||
Expenses: | |||||||||||||||||||
Cost of goods sold | 168 | 163 | 152 | ||||||||||||||||
Other expenses from operations | 0 | 0 | 0 | ||||||||||||||||
Selling, general and administrative | 38 | 34 | 29 | ||||||||||||||||
Restructuring | 0 | 1 | (2) | ||||||||||||||||
Impairment | 2 | 0 | 0 | ||||||||||||||||
Interest expense | 0 | 0 | 0 | ||||||||||||||||
Total Expenses | 208 | 198 | 179 | ||||||||||||||||
Income before income tax benefit (expense) | (12) | (4) | 2 | ||||||||||||||||
Income tax (expense) benefit | 0 | 0 | 0 | ||||||||||||||||
Net loss | (12) | (4) | 2 | ||||||||||||||||
Less: net loss attributable to non-controlling interests | 0 | 0 | 0 | ||||||||||||||||
Net loss attributable to Icahn Enterprises | (12) | (4) | 2 | ||||||||||||||||
Supplemental information: | |||||||||||||||||||
Capital expenditures | 11 | 6 | 3 | ||||||||||||||||
Depreciation and amortization | 8 | 7 | 7 | ||||||||||||||||
Home Fashion Segment | Icahn Enterprises Holdings | |||||||||||||||||||
Expenses: | |||||||||||||||||||
Interest expense | 0 | 0 | 0 | ||||||||||||||||
Net loss | (12) | (4) | 2 | ||||||||||||||||
Net loss attributable to Icahn Enterprises | (12) | (4) | 2 | ||||||||||||||||
Holding Company | |||||||||||||||||||
Revenues: | |||||||||||||||||||
Net sales | 0 | 0 | 0 | ||||||||||||||||
Other revenues from operations | 0 | 0 | 0 | ||||||||||||||||
Net loss from investment activities | 10 | 18 | (137) | ||||||||||||||||
Interest and dividend income | 9 | 4 | 2 | ||||||||||||||||
Other (loss) income, net | 2 | 6 | (103) | ||||||||||||||||
Total Revenues | 21 | 28 | (238) | ||||||||||||||||
Expenses: | |||||||||||||||||||
Cost of goods sold | 0 | 0 | 0 | ||||||||||||||||
Other expenses from operations | 0 | 0 | 0 | ||||||||||||||||
Selling, general and administrative | 21 | 31 | 19 | ||||||||||||||||
Restructuring | 0 | 0 | 0 | ||||||||||||||||
Impairment | 3 | 0 | 0 | ||||||||||||||||
Interest expense | 289 | 289 | 292 | ||||||||||||||||
Total Expenses | 313 | 320 | 311 | ||||||||||||||||
Income before income tax benefit (expense) | (292) | (292) | (549) | ||||||||||||||||
Income tax (expense) benefit | (34) | 116 | 161 | ||||||||||||||||
Net loss | (258) | (176) | (388) | ||||||||||||||||
Less: net loss attributable to non-controlling interests | 0 | 0 | 0 | ||||||||||||||||
Net loss attributable to Icahn Enterprises | (258) | (176) | (388) | ||||||||||||||||
Supplemental information: | |||||||||||||||||||
Capital expenditures | 0 | 0 | 0 | ||||||||||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||||||||||
Holding Company | Icahn Enterprises Holdings | |||||||||||||||||||
Expenses: | |||||||||||||||||||
Interest expense | 288 | 288 | 291 | ||||||||||||||||
Net loss | (257) | (175) | (387) | ||||||||||||||||
Net loss attributable to Icahn Enterprises | $ (257) | $ (175) | $ (387) | ||||||||||||||||
[1] | The comparability of our quarterly financial data is impacted by the acquisitions of certain businesses during both of the years December 31, 2016 and 2015 as discussed in Note 1, "Description of Business and Basis of Presentation." |
Segment Reporting, Balance Shee
Segment Reporting, Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
ASSETS | ||||
Cash and cash equivalents | $ 1,833 | $ 2,078 | $ 2,908 | $ 3,257 |
Cash held at consolidated affiliated partnerships and restricted cash | 804 | 1,282 | ||
Investments | 9,881 | 15,351 | ||
Accounts receivable, net | 1,609 | 1,685 | ||
Inventories, net | 2,983 | 2,259 | ||
Property, plant and equipment, net | 10,122 | 9,535 | ||
Goodwill and intangible assets, net | 2,216 | 2,612 | ||
Other assets | 3,887 | 1,605 | ||
Total Assets | 33,335 | 36,407 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 8,155 | 4,445 | ||
Securities sold, not yet purchased, at fair value | 1,139 | 794 | ||
Due to brokers | 3,725 | 7,317 | ||
Post-employment benefit liability | 1,180 | 1,224 | ||
Debt | 11,119 | 12,594 | ||
Total liabilities | 25,318 | 26,374 | ||
Equity attributable to Icahn Enterprises | 2,154 | 3,987 | ||
Equity attributable to non-controlling interests | 5,863 | 6,046 | ||
Total equity | 8,017 | 10,033 | 12,390 | 13,309 |
Total Liabilities and Equity | 33,335 | 36,407 | ||
Icahn Enterprises Holdings | ||||
ASSETS | ||||
Cash and cash equivalents | 1,833 | 2,078 | 2,908 | 3,257 |
Cash held at consolidated affiliated partnerships and restricted cash | 804 | 1,282 | ||
Investments | 9,881 | 15,351 | ||
Accounts receivable, net | 1,609 | 1,685 | ||
Inventories, net | 2,983 | 2,259 | ||
Property, plant and equipment, net | 10,122 | 9,535 | ||
Total Assets | 33,360 | 36,431 | ||
LIABILITIES AND EQUITY | ||||
Securities sold, not yet purchased, at fair value | 1,139 | 794 | ||
Due to brokers | 3,725 | 7,317 | ||
Post-employment benefit liability | 1,180 | 1,224 | ||
Debt | 11,119 | 12,594 | ||
Total liabilities | 25,318 | 26,374 | ||
Equity attributable to Icahn Enterprises | 2,179 | 4,011 | ||
Equity attributable to non-controlling interests | 5,863 | 6,046 | ||
Total equity | 8,042 | 10,057 | $ 12,413 | $ 13,331 |
Total Liabilities and Equity | 33,360 | 36,431 | ||
Investment Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 13 | 10 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 752 | 1,199 | ||
Investments | 9,213 | 14,553 | ||
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 | 1,518 | 378 | ||
Total Assets | 11,496 | 16,140 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 1,236 | 488 | ||
Securities sold, not yet purchased, at fair value | 1,139 | 794 | ||
Due to brokers | 3,725 | 7,317 | ||
Post-employment benefit liability | 0 | 0 | ||
Debt | 0 | 0 | ||
Total liabilities | 6,100 | 8,599 | ||
Equity attributable to Icahn Enterprises | 1,669 | 3,428 | ||
Equity attributable to non-controlling interests | 3,727 | 4,113 | ||
Total equity | 5,396 | 7,541 | ||
Total Liabilities and Equity | 11,496 | 16,140 | ||
Investment Segment | Icahn Enterprises Holdings | ||||
ASSETS | ||||
Total Assets | 11,496 | 16,140 | ||
Automotive Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 353 | 201 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 2 | 0 | ||
Investments | 270 | 296 | ||
Accounts receivable, net | 1,270 | 1,418 | ||
Inventories, net | 2,353 | 1,656 | ||
Property, plant and equipment, net | 3,302 | 2,386 | ||
Goodwill and intangible assets, net | 1,765 | 1,556 | ||
Other assets | 504 | 430 | ||
Total Assets | 9,819 | 7,943 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 2,834 | 2,061 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Post-employment benefit liability | 1,113 | 1,163 | ||
Debt | 3,259 | 3,135 | ||
Total liabilities | 7,206 | 6,359 | ||
Equity attributable to Icahn Enterprises | 2,292 | 1,270 | ||
Equity attributable to non-controlling interests | 321 | 314 | ||
Total equity | 2,613 | 1,584 | ||
Total Liabilities and Equity | 9,819 | 7,943 | ||
Automotive Segment | Icahn Enterprises Holdings | ||||
ASSETS | ||||
Total Assets | 9,819 | 7,943 | ||
Energy Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 736 | 765 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 0 | 0 | ||
Investments | 6 | 0 | ||
Accounts receivable, net | 152 | 96 | ||
Inventories, net | 349 | 290 | ||
Property, plant and equipment, net | 3,358 | 2,698 | ||
Goodwill and intangible assets, net | 318 | 911 | ||
Other assets | 94 | 128 | ||
Total Assets | 5,013 | 4,888 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 1,474 | 1,366 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Post-employment benefit liability | 0 | 0 | ||
Debt | 1,165 | 667 | ||
Total liabilities | 2,639 | 2,033 | ||
Equity attributable to Icahn Enterprises | 1,034 | 1,508 | ||
Equity attributable to non-controlling interests | 1,340 | 1,347 | ||
Total equity | 2,374 | 2,855 | ||
Total Liabilities and Equity | 5,013 | 4,888 | ||
Energy Segment | Icahn Enterprises Holdings | ||||
ASSETS | ||||
Total Assets | 5,013 | 4,888 | ||
Railcar Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 179 | 623 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 19 | 53 | ||
Investments | 35 | 27 | ||
Accounts receivable, net | 40 | 36 | ||
Inventories, net | 75 | 97 | ||
Property, plant and equipment, net | 1,567 | 2,767 | ||
Goodwill and intangible assets, net | 7 | 7 | ||
Other assets | 1,410 | 71 | ||
Total Assets | 3,332 | 3,681 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 2,100 | 299 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Post-employment benefit liability | 9 | 8 | ||
Debt | 571 | 2,671 | ||
Total liabilities | 2,680 | 2,978 | ||
Equity attributable to Icahn Enterprises | 444 | 742 | ||
Equity attributable to non-controlling interests | 208 | (39) | ||
Total equity | 652 | 703 | ||
Total Liabilities and Equity | 3,332 | 3,681 | ||
Railcar Segment | Icahn Enterprises Holdings | ||||
ASSETS | ||||
Total Assets | 3,332 | 3,681 | ||
Gaming Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 244 | 217 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 15 | 14 | ||
Investments | 33 | 26 | ||
Accounts receivable, net | 12 | 9 | ||
Inventories, net | 0 | 0 | ||
Property, plant and equipment, net | 814 | 740 | ||
Goodwill and intangible assets, net | 75 | 74 | ||
Other assets | 209 | 205 | ||
Total Assets | 1,402 | 1,285 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 153 | 122 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Post-employment benefit liability | 0 | 0 | ||
Debt | 287 | 289 | ||
Total liabilities | 440 | 411 | ||
Equity attributable to Icahn Enterprises | 730 | 604 | ||
Equity attributable to non-controlling interests | 232 | 270 | ||
Total equity | 962 | 874 | ||
Total Liabilities and Equity | 1,402 | 1,285 | ||
Gaming Segment | Icahn Enterprises Holdings | ||||
ASSETS | ||||
Total Assets | 1,402 | 1,285 | ||
Metals Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 4 | 12 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 5 | 4 | ||
Investments | 0 | 0 | ||
Accounts receivable, net | 29 | 26 | ||
Inventories, net | 38 | 39 | ||
Property, plant and equipment, net | 100 | 116 | ||
Goodwill and intangible assets, net | 4 | 5 | ||
Other assets | 13 | 13 | ||
Total Assets | 193 | 215 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 34 | 30 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Post-employment benefit liability | 2 | 2 | ||
Debt | 2 | 1 | ||
Total liabilities | 38 | 33 | ||
Equity attributable to Icahn Enterprises | 155 | 182 | ||
Equity attributable to non-controlling interests | 0 | 0 | ||
Total equity | 155 | 182 | ||
Total Liabilities and Equity | 193 | 215 | ||
Metals Segment | Icahn Enterprises Holdings | ||||
ASSETS | ||||
Total Assets | 193 | 215 | ||
Mining Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 14 | 14 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 0 | 0 | ||
Investments | 0 | 0 | ||
Accounts receivable, net | 5 | 4 | ||
Inventories, net | 25 | 32 | ||
Property, plant and equipment, net | 152 | 134 | ||
Goodwill and intangible assets, net | 0 | 0 | ||
Other assets | 23 | 19 | ||
Total Assets | 219 | 203 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 38 | 30 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Post-employment benefit liability | 0 | 0 | ||
Debt | 55 | 50 | ||
Total liabilities | 93 | 80 | ||
Equity attributable to Icahn Enterprises | 104 | 95 | ||
Equity attributable to non-controlling interests | 22 | 28 | ||
Total equity | 126 | 123 | ||
Total Liabilities and Equity | 219 | 203 | ||
Mining Segment | Icahn Enterprises Holdings | ||||
ASSETS | ||||
Total Assets | 219 | 203 | ||
Food Packaging Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 39 | 37 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 2 | 1 | ||
Investments | 0 | 0 | ||
Accounts receivable, net | 63 | 60 | ||
Inventories, net | 72 | 77 | ||
Property, plant and equipment, net | 152 | 152 | ||
Goodwill and intangible assets, net | 8 | 8 | ||
Other assets | 92 | 81 | ||
Total Assets | 428 | 416 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 69 | 62 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Post-employment benefit liability | 56 | 51 | ||
Debt | 265 | 267 | ||
Total liabilities | 390 | 380 | ||
Equity attributable to Icahn Enterprises | 25 | 23 | ||
Equity attributable to non-controlling interests | 13 | 13 | ||
Total equity | 38 | 36 | ||
Total Liabilities and Equity | 428 | 416 | ||
Food Packaging Segment | Icahn Enterprises Holdings | ||||
ASSETS | ||||
Total Assets | 428 | 416 | ||
Real Estate Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 24 | 19 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 2 | 2 | ||
Investments | 0 | 0 | ||
Accounts receivable, net | 3 | 2 | ||
Inventories, net | 0 | 0 | ||
Property, plant and equipment, net | 602 | 467 | ||
Goodwill and intangible assets, net | 38 | 48 | ||
Other assets | 18 | 163 | ||
Total Assets | 687 | 701 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 20 | 17 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Post-employment benefit liability | 0 | 0 | ||
Debt | 25 | 28 | ||
Total liabilities | 45 | 45 | ||
Equity attributable to Icahn Enterprises | 642 | 656 | ||
Equity attributable to non-controlling interests | 0 | 0 | ||
Total equity | 642 | 656 | ||
Total Liabilities and Equity | 687 | 701 | ||
Real Estate Segment | Icahn Enterprises Holdings | ||||
ASSETS | ||||
Total Assets | 687 | 701 | ||
Home Fashion Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 2 | 14 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 4 | 6 | ||
Investments | 0 | 0 | ||
Accounts receivable, net | 35 | 34 | ||
Inventories, net | 71 | 68 | ||
Property, plant and equipment, net | 75 | 72 | ||
Goodwill and intangible assets, net | 1 | 3 | ||
Other assets | 5 | 9 | ||
Total Assets | 193 | 206 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 29 | 30 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Post-employment benefit liability | 0 | 0 | ||
Debt | 0 | 0 | ||
Total liabilities | 29 | 30 | ||
Equity attributable to Icahn Enterprises | 164 | 176 | ||
Equity attributable to non-controlling interests | 0 | 0 | ||
Total equity | 164 | 176 | ||
Total Liabilities and Equity | 193 | 206 | ||
Home Fashion Segment | Icahn Enterprises Holdings | ||||
ASSETS | ||||
Total Assets | 193 | 206 | ||
Holding Company | ||||
ASSETS | ||||
Cash and cash equivalents | 225 | 166 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 3 | 3 | ||
Investments | 324 | 449 | ||
Accounts receivable, net | 0 | 0 | ||
Inventories, net | 0 | 0 | ||
Property, plant and equipment, net | 0 | 3 | ||
Goodwill and intangible assets, net | 0 | 0 | ||
Other assets | 1 | 108 | ||
Total Assets | 553 | 729 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 168 | (60) | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Post-employment benefit liability | 0 | 0 | ||
Debt | 5,490 | 5,486 | ||
Total liabilities | 5,658 | 5,426 | ||
Equity attributable to Icahn Enterprises | (5,105) | (4,697) | ||
Equity attributable to non-controlling interests | 0 | 0 | ||
Total equity | (5,105) | (4,697) | ||
Total Liabilities and Equity | 553 | 729 | ||
Holding Company | Icahn Enterprises Holdings | ||||
ASSETS | ||||
Total Assets | $ 578 | $ 753 |
Segment and Geographic Report87
Segment and Geographic Reporting Geographic Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | [1] | Jun. 30, 2016 | [1] | Mar. 31, 2016 | [1] | Dec. 31, 2015 | Sep. 30, 2015 | [1] | Jun. 30, 2015 | [1] | Mar. 31, 2015 | [1] | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||||
Net sales | $ 3,965 | [1] | $ 3,904 | $ 4,094 | $ 3,548 | $ 3,340 | [1] | $ 3,720 | $ 3,979 | $ 3,565 | $ 15,511 | $ 14,604 | $ 18,072 | ||||||
Other revenues from operations | 1,958 | 1,386 | 1,250 | ||||||||||||||||
Property, plant and equipment, net | 10,122 | 9,535 | 10,122 | 9,535 | |||||||||||||||
United States | |||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||||
Net sales | 10,489 | 9,672 | 13,086 | ||||||||||||||||
Other revenues from operations | 1,886 | 1,304 | 1,169 | ||||||||||||||||
Property, plant and equipment, net | 8,063 | 7,221 | 8,063 | 7,221 | |||||||||||||||
Germany | |||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||||
Net sales | 1,455 | 1,480 | 1,507 | ||||||||||||||||
Other revenues from operations | 0 | 0 | 0 | ||||||||||||||||
Property, plant and equipment, net | 458 | 464 | 458 | 464 | |||||||||||||||
Other geographical locations | |||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||||||
Net sales | 3,567 | 3,452 | 3,479 | ||||||||||||||||
Other revenues from operations | 72 | 82 | $ 81 | ||||||||||||||||
Property, plant and equipment, net | $ 1,601 | $ 1,850 | $ 1,601 | $ 1,850 | |||||||||||||||
[1] | The comparability of our quarterly financial data is impacted by the acquisitions of certain businesses during both of the years December 31, 2016 and 2015 as discussed in Note 1, "Description of Business and Basis of Presentation." |
Income Taxes Effective Income T
Income Taxes Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Effective Income Tax Rate Reconcilation [Abstract] | |||
Federal statutory rate | 35.00% | 35.00% | 35.00% |
Foreign operations | 1.80% | 1.40% | 6.70% |
Valuation allowance | (2.10%) | (5.50%) | 21.50% |
Noncontrolling interest | (0.30%) | 2.00% | 7.50% |
Goodwill | (10.30%) | (9.50%) | (5.70%) |
Gain on settlement of liabilities subject to compromise | (0.40%) | 0.20% | 4.90% |
Income not subject to taxation | (23.40%) | (25.40%) | (47.20%) |
Other | (1.90%) | (1.50%) | (6.40%) |
Effective Income Tax Rate, Continuing Operations | (1.60%) | (3.30%) | 16.30% |
Income Taxes Accounting for Unc
Income Taxes Accounting for Uncertainty in Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Uncertainty in Income Taxes [Abstract] | ||||
Unrecognized tax benefits balance | $ 101 | $ 94 | $ 113 | $ 132 |
Addition based on tax positions related to the current year | 7 | 19 | 18 | |
Increase for tax positions of prior years | 8 | 6 | 10 | |
Decrease for tax positions of prior years | (1) | (10) | (14) | |
Decrease for statute of limitation expiration | (6) | (21) | (3) | |
Settlements | 0 | (8) | (25) | |
Impact of currency translation and other | $ (1) | $ (5) | $ (5) |
Income Taxes Narrative (Details
Income Taxes Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Contingency [Line Items] | ||||
Book basis of net assets | $ 2,154 | $ 3,987 | ||
Book/tax basis difference | 1,888 | (88) | ||
Tax basis of net assets | 4,042 | 3,899 | ||
Current income tax (expense) benefit | (141) | (72) | $ (80) | |
Deferred income tax (expense) benefit | 105 | 4 | 183 | |
Income tax benefit (expense) | (36) | (68) | 103 | |
Deferred tax assets, Property, pland and equipment | 312 | 341 | ||
Deferred tax asset, net operating loss | 1,981 | 1,511 | ||
deferred tax asset, Tax credits | 139 | 133 | ||
Deferred tax asset, Post-employment benefits, including pensions | 334 | 347 | ||
Deferred tax asset, Reoganization costs | 7 | 5 | ||
Deferred tax asset, Other | 430 | 418 | ||
Deferred Tax Assets, Gross | 3,203 | 2,755 | ||
Deferred Tax Assets, Valuation Allowance | (1,821) | (1,444) | ||
Deferred Tax Assets, Net of Valuation Allowance | 1,382 | 1,311 | ||
Deferred tax liabilities, Property, plant and equipment | (592) | (354) | ||
Deferred tax liabilities, Intangible assets | (195) | (163) | ||
Deferred tax liability, Investment in partnerships | (1,495) | (1,376) | ||
Deferred tax liabilities, Investment in U.S. subsidiaries | (307) | (307) | ||
Deferred tax liabilities, Other | (101) | (13) | ||
Deferred Tax Liabilities, Gross | (2,690) | (2,213) | ||
deferred tax liabilities, net of deferred tax assets | (1,308) | (902) | ||
Deferred tax asset | 305 | 299 | ||
Deferred tax liability | 1,613 | 1,201 | ||
Changes in valuation allowance on deferred tax assets | 377 | 385 | ||
Cash and cash equivalents | 1,833 | 2,078 | 2,908 | $ 3,257 |
Income tax expense related to interest and penalties related to unrecognized tax benefits | 1 | (4) | (11) | |
Unrecognized tax benefits balance | 101 | 94 | 113 | 132 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 70 | 68 | 76 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 16 | 15 | 19 | |
TER | ||||
Income Tax Contingency [Line Items] | ||||
Changes in valuation allowance on deferred tax assets | 356 | |||
Pep Boys | ||||
Income Tax Contingency [Line Items] | ||||
Changes in valuation allowance on deferred tax assets | 59 | |||
ARI | ||||
Income Tax Contingency [Line Items] | ||||
Undistributed earnings of foreign subsidiaries | 4 | 3 | 3 | |
American Entertainment Properties Corp. [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Changes in valuation allowance on deferred tax assets | 7 | |||
Undistributed earnings of foreign subsidiaries | 23 | |||
Deferred tax asst for tax loss carryforwrds and credits, subject to expiration | 1,500 | |||
Icahn Enterprises Holdings | ||||
Income Tax Contingency [Line Items] | ||||
Book basis of net assets | 2,179 | 4,011 | ||
Book/tax basis difference | 1,888 | (88) | ||
Tax basis of net assets | 4,067 | 3,923 | ||
Income tax benefit (expense) | (36) | (68) | 103 | |
Deferred tax liability | 1,613 | 1,201 | ||
Cash and cash equivalents | 1,833 | 2,078 | 2,908 | $ 3,257 |
Federal-Mogul | ||||
Income Tax Contingency [Line Items] | ||||
Deferred Tax Assets, Valuation Allowance | (867) | |||
Undistributed earnings of foreign subsidiaries | 778 | |||
Cash and cash equivalents | 300 | |||
Cash and cash equivalents held by foreign subsidiaries | 166 | |||
Deferred tax asst for tax loss carryforwrds and credits, subject to expiration | 1,000 | |||
Domestic deferred tax asst for tax loss carryforwards and credits, subject to expiration | 628 | |||
Release of deferred tax allowance | 18 | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 3 | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 3 | |||
Tropicana | ||||
Income Tax Contingency [Line Items] | ||||
Deferred tax asst for tax loss carryforwrds and credits, subject to expiration | 148 | |||
Viskase | ||||
Income Tax Contingency [Line Items] | ||||
Undistributed earnings of foreign subsidiaries | 81 | |||
Domestic deferred tax asst for tax loss carryforwards and credits, subject to expiration | 91 | |||
Ferrous Resources | ||||
Income Tax Contingency [Line Items] | ||||
Changes in valuation allowance on deferred tax assets | 394 | |||
United Kingdom | Federal-Mogul | ||||
Income Tax Contingency [Line Items] | ||||
Foreign deferred tax asst for tax loss carryforwards and credits, subject to expiration | 124 | |||
Other foreign jurisdictions | Federal-Mogul | ||||
Income Tax Contingency [Line Items] | ||||
Foreign deferred tax asst for tax loss carryforwards and credits, subject to expiration | 287 | |||
Foreign tax authority | Viskase | ||||
Income Tax Contingency [Line Items] | ||||
Foreign deferred tax asst for tax loss carryforwards and credits, subject to expiration | 19 | |||
Domestic tax authority | ||||
Income Tax Contingency [Line Items] | ||||
Current income tax (expense) benefit | (40) | (17) | (45) | |
Deferred income tax (expense) benefit | 73 | (15) | 201 | |
Foreign tax authority | ||||
Income Tax Contingency [Line Items] | ||||
Current income tax (expense) benefit | (101) | (55) | (35) | |
Deferred income tax (expense) benefit | 32 | 19 | (18) | |
Oklahoma | CVR Energy, Inc. | ||||
Income Tax Contingency [Line Items] | ||||
Domestic tax credits | $ 26 | |||
Minimum | American Entertainment Properties Corp. [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Operating Loss Carryforwards, Expiration Dates | 2,026 | |||
Minimum | Tropicana | ||||
Income Tax Contingency [Line Items] | ||||
Operating Loss Carryforwards, Expiration Dates | 2,027 | |||
Minimum | United States | Federal-Mogul | ||||
Income Tax Contingency [Line Items] | ||||
Operating Loss Carryforwards, Expiration Dates | 2,017 | |||
Minimum | United States | Viskase | ||||
Income Tax Contingency [Line Items] | ||||
Operating Loss Carryforwards, Expiration Dates | 2,024 | |||
Maximum | American Entertainment Properties Corp. [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Operating Loss Carryforwards, Expiration Dates | 2,035 | |||
Maximum | United States | Federal-Mogul | ||||
Income Tax Contingency [Line Items] | ||||
Operating Loss Carryforwards, Expiration Dates | 2,035 | |||
Automotive, Mining and Gaming segments [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Changes in valuation allowance on deferred tax assets | $ (38) | |||
Automotive Segment | ||||
Income Tax Contingency [Line Items] | ||||
Income tax benefit (expense) | 40 | (50) | (91) | |
Changes in valuation allowance on deferred tax assets | 16 | |||
Cash and cash equivalents | 353 | 201 | ||
Gaming Segment | ||||
Income Tax Contingency [Line Items] | ||||
Income tax benefit (expense) | 24 | (27) | 147 | |
Cash and cash equivalents | $ 244 | $ 217 | ||
Valuation allowance, deferred tax asset, change in balance | $ 196 |
Changes in Accumulated Other 91
Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Changes in Accumulated Other Comprehensive Loss [Abstract] | |||
AOCI, Post-employment Benefits, net of tax | $ (614) | $ (632) | |
AOCI, Hedge instruments, net of tax | (22) | (25) | |
AOCI, Translation adjustments and other, net of tax | (948) | (800) | |
Accumulated other comprehensive loss | (1,584) | (1,457) | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Reclassification Adjustments, Net of Tax | (1) | ||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 2 | ||
Other comprehensive income, translation adjustments and other, before reclassificaitons, net of tax | (147) | ||
Other comprehensive income, before reclassifications to income | (146) | ||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Net of Tax | 19 | ||
Amount of Loss Reclassified from AOCI into Income (Effective Portion) | 1 | ||
Reclassificaion of translation adjustments and other in AOCI into earnings, net of tax | (1) | ||
Other comprehensive income, portion representing reclassificaitons to earnings | 19 | ||
Post-employment benefits | 18 | 60 | $ (228) |
Hedge instruments | 3 | 1 | 0 |
Translation adjustments and other | (148) | (225) | (260) |
Other comprehensive loss, net of tax | $ (127) | $ (164) | $ (488) |
Other Income (Loss), Net (Detai
Other Income (Loss), Net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Component of Other Income (Loss), Net [Line Items] | |||
Other (loss) income, net | $ 121 | $ 75 | $ 182 |
Gain on acquisition | |||
Component of Other Income (Loss), Net [Line Items] | |||
Other (loss) income, net | 0 | 5 | 0 |
Realized and unrealized (loss) gain on derivatives, net (Note 7) | |||
Component of Other Income (Loss), Net [Line Items] | |||
Other (loss) income, net | (19) | (29) | 186 |
Other derivative income | |||
Component of Other Income (Loss), Net [Line Items] | |||
Other (loss) income, net | 66 | 0 | 0 |
Gain on disposition of assets | |||
Component of Other Income (Loss), Net [Line Items] | |||
Other (loss) income, net | 14 | 40 | 25 |
Loss on extinguishment of debt (Note 10) | |||
Component of Other Income (Loss), Net [Line Items] | |||
Other (loss) income, net | (5) | (2) | (162) |
Equity earnings from non-consolidated affiliates | |||
Component of Other Income (Loss), Net [Line Items] | |||
Other (loss) income, net | 64 | 62 | 50 |
Foreign currency transaction loss | |||
Component of Other Income (Loss), Net [Line Items] | |||
Other (loss) income, net | (1) | (10) | (10) |
Tax settlement gain | |||
Component of Other Income (Loss), Net [Line Items] | |||
Other (loss) income, net | 0 | 0 | 32 |
Predecessor claim settlement | |||
Component of Other Income (Loss), Net [Line Items] | |||
Other (loss) income, net | 3 | 0 | 53 |
Other | |||
Component of Other Income (Loss), Net [Line Items] | |||
Other (loss) income, net | $ (1) | $ 9 | $ 8 |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies (Details) - USD ($) $ in Millions | Oct. 25, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Loss Contingencies [Line Items] | ||||
Funded status of the plan | $ (613) | $ (589) | ||
2,017 | 245 | |||
2,018 | 225 | |||
2,019 | 183 | |||
2,020 | 155 | |||
2,021 | 130 | |||
Thereafter | 356 | |||
Future minimum payments due on operating leases | 1,294 | |||
Rent expense | 237 | 145 | $ 112 | |
Automotive Segment | ||||
Loss Contingencies [Line Items] | ||||
Environmental loss contingency accrual | 16 | 14 | ||
Estimate of additional remediation costs | 41 | |||
Asset retirement obligations | 21 | 16 | ||
Railcar Segment | ||||
Loss Contingencies [Line Items] | ||||
Litigation claim gain amount | $ 25 | |||
Litigation counterclaim amount | $ 10 | |||
Railcar loss contingency accrual | 16 | |||
Metals Segment | ||||
Loss Contingencies [Line Items] | ||||
Environmental loss contingency accrual | 28 | $ 29 | ||
ARL | Railcar Segment | ||||
Loss Contingencies [Line Items] | ||||
Future minimum payments due on operating leases | $ 17 | |||
Mr. Icahn and affiliates | ||||
Loss Contingencies [Line Items] | ||||
Affiliate ownership interest | 89.80% | |||
Mr. Icahn and affiliates | Icahn Enterprises G.P. | ||||
Loss Contingencies [Line Items] | ||||
Affiliate ownership in parent company general partner | 100.00% | |||
Starfire Holding Corporation [Member] | ||||
Loss Contingencies [Line Items] | ||||
Ownership percentage by principal owner | 99.40% | |||
Pension funding indemnity agreement with subsidiary | $ 250 |
Commitments and Contingencies E
Commitments and Contingencies Energy Minimum Required Payments Table (Details) - Energy Segment $ in Millions | Dec. 31, 2016USD ($) | |
Loss Contingencies [Line Items] | ||
2,017 | $ 150 | |
2,018 | 129 | |
2,019 | 126 | |
2,020 | 109 | |
2,021 | 97 | |
Thereafter | 640 | |
Minimum required payments for unconditional purchase obligations | $ 1,251 | [1] |
[1] | This amount includes $734 million payable ratably over 14 years pursuant to petroleum transportation service agreements between CRRM and each of TransCanada Keystone Limited Partnership and TransCanada Keystone Pipeline, LP (together, "TransCanada"). The purchase obligation reflects the exchange rate between the Canadian dollar and the U.S. dollar as of December 31, 2016, where applicable. Under the agreements, CRRM receives transportation of at least 25,000 barrels per day of crude oil with a delivery point at Cushing, Oklahoma for a term of 20 years on TransCanada's Keystone pipeline system. CRRM began receiving crude oil under the agreements in the first quarter of 2011. |
Commitments and Contingencies95
Commitments and Contingencies Energy Narrative (Details) - Energy Segment - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Loss Contingencies [Line Items] | |||
Rent expense | $ 8 | $ 9 | $ 9 |
Environmental loss contingency accrual | 5 | 4 | |
Cost of RINs | 206 | 124 | 127 |
Biofuel blending obligation | 186 | 10 | |
Capital expenditures incurred for environmental compliance | 17 | 36 | $ 101 |
CRRM and CRT | |||
Loss Contingencies [Line Items] | |||
Estimated closure and post-closure costs accrued | $ 1 | $ 1 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions | Mar. 01, 2017 | Feb. 27, 2017 | Jan. 18, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Subsequent event | |||||||
Subsequent Event [Line Items] | |||||||
Distribution declared per LP unit | $ 1.50 | ||||||
New depositary units issued in connection with rights offering (number of units) | 11,171,104 | ||||||
Proceeds from rights offering | $ 600 | ||||||
New 2022 Notes | Holding Company | Subsequent event | |||||||
Subsequent Event [Line Items] | |||||||
Debt face amount | $ 695 | ||||||
Interest rate, long-term debt | 6.25% | ||||||
2024 Notes | Holding Company | Subsequent event | |||||||
Subsequent Event [Line Items] | |||||||
Debt face amount | $ 500 | ||||||
Interest rate, long-term debt | 6.75% | ||||||
New 2022 and 2024 Notes | Holding Company | Subsequent event | |||||||
Subsequent Event [Line Items] | |||||||
Proceeds from issuance of debt | $ 1,192 | ||||||
Mr. Icahn and affiliates | |||||||
Subsequent Event [Line Items] | |||||||
Affiliate ownership interest in Icahn Enterprises | 89.80% | ||||||
Mr. Icahn and affiliates | Subsequent event | |||||||
Subsequent Event [Line Items] | |||||||
New depositary units issued in connection with rights offering (number of units) | 10,525,105 | ||||||
Affiliate ownership interest in Icahn Enterprises | 90.10% | ||||||
Mr. Icahn and affiliates | Investment in funds | |||||||
Subsequent Event [Line Items] | |||||||
Amount of transaction with related party | $ 505 | $ 276 | $ 500 | ||||
Mr. Icahn and affiliates | Investment in funds | Subsequent event | |||||||
Subsequent Event [Line Items] | |||||||
Amount of transaction with related party | $ 600 |
Quarterly Financial Data (Una97
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||||||||
Quarterly Financial Data (Unaudited) [Abstract] | ||||||||||||||||||||
Net sales | $ 3,965 | [1] | $ 3,904 | [1] | $ 4,094 | [1] | $ 3,548 | [1] | $ 3,340 | [1] | $ 3,720 | [1] | $ 3,979 | [1] | $ 3,565 | [1] | $ 15,511 | $ 14,604 | $ 18,072 | |
Gross margin on net sales | [1] | 502 | 526 | 646 | 425 | 272 | 496 | 655 | 440 | |||||||||||
Total Revenues | 3,972 | [1] | 4,899 | [1] | 4,350 | [1] | 3,127 | [1] | 2,565 | [1] | 3,212 | [1] | 4,984 | [1] | 4,511 | [1] | 16,348 | 15,272 | 19,157 | |
Net loss | (564) | [1] | 238 | [1] | (285) | [1] | (1,609) | [1] | (2,150) | [1] | (940) | [1] | 541 | [1] | 422 | [1] | (2,220) | (2,127) | (529) | |
Less: net loss attributable to non-controlling interests | 358 | [1] | (254) | [1] | 216 | [1] | 772 | [1] | 1,023 | [1] | 500 | [1] | (329) | [1] | (261) | [1] | 1,092 | 933 | 156 | |
Net loss attributable to Icahn Enterprises | $ (206) | [1] | $ (16) | [1] | $ (69) | [1] | $ (837) | [1] | $ (1,127) | [1] | $ (440) | [1] | $ 212 | [1] | $ 161 | [1] | $ (1,128) | $ (1,194) | $ (373) | |
Basic loss per LP unit | $ (1.42) | $ (0.12) | [1],[2] | $ (0.50) | [1],[2] | $ (6.21) | [1],[2] | $ (8.56) | [1],[2] | $ (3.40) | [1],[2] | $ 1.68 | [1],[2] | $ 1.28 | [1],[2] | $ (8.07) | $ (9.29) | $ (3.08) | ||
Diluted loss per LP unit | $ (1.42) | $ (0.12) | [1],[2] | $ (0.50) | [1],[2] | $ (6.21) | [1],[2] | $ (8.56) | [1],[2] | $ (3.40) | [1],[2] | $ 1.68 | [1],[2] | $ 1.27 | [1],[2] | $ (8.07) | $ (9.29) | $ (3.08) | ||
[1] | The comparability of our quarterly financial data is impacted by the acquisitions of certain businesses during both of the years December 31, 2016 and 2015 as discussed in Note 1, "Description of Business and Basis of Presentation." | |||||||||||||||||||
[2] | Basic and diluted income (loss) per LP unit is computed separately for each quarter and therefore, the sum of such quarterly per LP unit amounts may differ from the total for the year. |
Schedule I Condensed Financial
Schedule I Condensed Financial Information of Parent - Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Cash and cash equivalents | $ 1,833 | $ 2,078 | $ 2,908 | $ 3,257 |
Other assets | 2,521 | 1,451 | ||
Total Assets | 33,335 | 36,407 | ||
Accrued expenses and other liabilities | 2,998 | 1,823 | ||
Debt | 11,119 | 12,594 | ||
Total liabilities | 25,318 | 26,374 | ||
Commitments and contingencies (Note 17) | ||||
Limited partners: Depositary units: 144,741,149 and 131,481,059 units issued and outstanding at December 31, 2016 and 2015, respectively | 2,448 | 4,244 | ||
General partner | (294) | (257) | ||
Total equity | 8,017 | 10,033 | 12,390 | 13,309 |
Total Liabilities and Equity | 33,335 | 36,407 | ||
Icahn Enterprises (Parent) | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Investments in subsidiaries, net | 7,750 | 9,579 | ||
Total Assets | 7,750 | 9,579 | ||
Accrued expenses and other liabilities | 106 | 106 | ||
Debt | 5,490 | 5,486 | ||
Total liabilities | 5,596 | 5,592 | ||
Commitments and contingencies (Note 17) | ||||
Limited partners: Depositary units: 144,741,149 and 131,481,059 units issued and outstanding at December 31, 2016 and 2015, respectively | 2,448 | 4,244 | ||
General partner | (294) | (257) | ||
Total equity | 2,154 | 3,987 | ||
Total Liabilities and Equity | 7,750 | 9,579 | ||
Icahn Enterprises Holdings (Parent) | ||||
Cash and cash equivalents | 65 | 51 | $ 388 | $ 142 |
Other assets | 94 | 219 | ||
Investments in subsidiaries, net | 7,642 | 9,363 | ||
Total Assets | 7,801 | 9,633 | ||
Accrued expenses and other liabilities | 108 | 109 | ||
Debt | 5,514 | 5,513 | ||
Total liabilities | 5,622 | 5,622 | ||
Commitments and contingencies (Note 17) | ||||
Limited partners: Depositary units: 144,741,149 and 131,481,059 units issued and outstanding at December 31, 2016 and 2015, respectively | 2,498 | 4,310 | ||
General partner | (319) | (299) | ||
Total equity | 2,179 | 4,011 | ||
Total Liabilities and Equity | $ 7,801 | $ 9,633 |
Schedule I (Parentheticals) (De
Schedule I (Parentheticals) (Details) - shares | Dec. 31, 2016 | Dec. 31, 2015 |
Limited partners: Depositary units issued | 144,741,149 | 131,481,059 |
Limited partners: Depositary units outstanding | 144,741,149 | 131,481,059 |
Icahn Enterprises (Parent) | ||
Limited partners: Depositary units issued | 144,741,149 | 131,481,059 |
Limited partners: Depositary units outstanding | 144,741,149 | 131,481,059 |
Schedule I Condensed Financi100
Schedule I Condensed Financial Information of Parent - Statements of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2016 | [1] | Sep. 30, 2016 | [1] | Jun. 30, 2016 | [1] | Mar. 31, 2016 | [1] | Dec. 31, 2015 | [1] | Sep. 30, 2015 | [1] | Jun. 30, 2015 | [1] | Mar. 31, 2015 | [1] | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest and dividend income | $ 131 | $ 194 | $ 217 | ||||||||||||||||
Loss on extinguishment of debt | (5) | (2) | (162) | ||||||||||||||||
Other income, net | 121 | 75 | 182 | ||||||||||||||||
Total Revenues | $ 3,972 | $ 4,899 | $ 4,350 | $ 3,127 | $ 2,565 | $ 3,212 | $ 4,984 | $ 4,511 | 16,348 | 15,272 | 19,157 | ||||||||
Interest expense | 878 | 1,154 | 847 | ||||||||||||||||
Selling, general and administrative | 2,342 | 1,908 | 1,625 | ||||||||||||||||
Total Expenses | 18,532 | 17,331 | 19,789 | ||||||||||||||||
Net loss | $ (564) | $ 238 | $ (285) | $ (1,609) | $ (2,150) | $ (940) | $ 541 | $ 422 | (2,220) | (2,127) | (529) | ||||||||
Limited partners | (1,106) | (1,170) | (366) | ||||||||||||||||
General partner | (22) | (24) | (7) | ||||||||||||||||
Icahn Enterprises (Parent) | |||||||||||||||||||
Loss on extinguishment of debt | 0 | 0 | (108) | ||||||||||||||||
Equity in (loss) earnings of subsidiaries | (839) | (905) | 27 | ||||||||||||||||
Interest expense | 289 | 289 | 292 | ||||||||||||||||
Net loss | (1,128) | (1,194) | (373) | ||||||||||||||||
Limited partners | (1,106) | (1,170) | (366) | ||||||||||||||||
General partner | (22) | (24) | (7) | ||||||||||||||||
Icahn Enterprises Holdings (Parent) | |||||||||||||||||||
Interest and dividend income | 1 | 0 | 1 | ||||||||||||||||
Loss on extinguishment of debt | 0 | 0 | (108) | ||||||||||||||||
Equity in (loss) earnings of subsidiaries | (818) | (903) | 28 | ||||||||||||||||
Other income, net | 8 | 28 | 20 | ||||||||||||||||
Total Revenues | (809) | (875) | (59) | ||||||||||||||||
Interest expense | 290 | 291 | 290 | ||||||||||||||||
Selling, general and administrative | 28 | 27 | 23 | ||||||||||||||||
Total Expenses | 318 | 318 | 313 | ||||||||||||||||
Net loss | (1,127) | (1,193) | (372) | ||||||||||||||||
Limited partners | (1,116) | (1,181) | (368) | ||||||||||||||||
General partner | $ (11) | $ (12) | $ (4) | ||||||||||||||||
[1] | The comparability of our quarterly financial data is impacted by the acquisitions of certain businesses during both of the years December 31, 2016 and 2015 as discussed in Note 1, "Description of Business and Basis of Presentation." |
Schedule I Condensed Financi101
Schedule I Condensed Financial Information of Parent - Statements of Cash Flows (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | [1] | Jun. 30, 2016 | [1] | Mar. 31, 2016 | [1] | Dec. 31, 2015 | Sep. 30, 2015 | [1] | Jun. 30, 2015 | [1] | Mar. 31, 2015 | [1] | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Net loss | $ (564) | [1] | $ 238 | $ (285) | $ (1,609) | $ (2,150) | [1] | $ (940) | $ 541 | $ 422 | $ (2,220) | $ (2,127) | $ (529) | |||||||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||||||||||||||||||
Loss on extinguishment of debt | (5) | (2) | (162) | |||||||||||||||||
Depreciation and amortization | 1,034 | 863 | 809 | |||||||||||||||||
Other, net | 58 | 4 | 48 | |||||||||||||||||
Net cash used in operating activities | 1,655 | 748 | (390) | |||||||||||||||||
Payments to Acquire Investments | 100 | 345 | 78 | |||||||||||||||||
Net cash provided by (used in) investing activities | (1,854) | (2,385) | (1,957) | |||||||||||||||||
Partnership distributions | (103) | (116) | (125) | |||||||||||||||||
Partnership contributions | 1 | 0 | 0 | |||||||||||||||||
Proceeds from other borrowings | 2,199 | 1,972 | 4,794 | |||||||||||||||||
Repayments of borrowings | (2,352) | (972) | (4,031) | |||||||||||||||||
Net cash (used in) provided by financing activities | 87 | 826 | 2,008 | |||||||||||||||||
Net change in cash and cash equivalents | (245) | (830) | (349) | |||||||||||||||||
Cash and cash equivalents | 1,833 | 2,078 | 1,833 | 2,078 | 2,908 | $ 3,257 | ||||||||||||||
Icahn Enterprises (Parent) | ||||||||||||||||||||
Net loss | (1,128) | (1,194) | (373) | |||||||||||||||||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||||||||||||||||||
Amortization of deferred financing costs | 1 | 1 | 1 | |||||||||||||||||
Loss on extinguishment of debt | 0 | 0 | (108) | |||||||||||||||||
Equity in loss (income) of subsidiary | 839 | 905 | (27) | |||||||||||||||||
Net cash used in operating activities | (288) | (288) | (291) | |||||||||||||||||
Net investment in subsidiaries | 390 | 404 | (951) | |||||||||||||||||
Net cash provided by (used in) investing activities | 390 | 404 | (951) | |||||||||||||||||
Partnership distributions | (103) | (116) | (125) | |||||||||||||||||
Partnership contributions | 1 | 0 | 0 | |||||||||||||||||
Proceeds from other borrowings | 0 | 0 | 4,991 | |||||||||||||||||
Repayments of borrowings | 0 | 0 | (3,624) | |||||||||||||||||
Net cash (used in) provided by financing activities | (102) | (116) | 1,242 | |||||||||||||||||
Net change in cash and cash equivalents | 0 | 0 | 0 | |||||||||||||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Icahn Enterprises Holdings (Parent) | ||||||||||||||||||||
Net loss | (1,127) | (1,193) | (372) | |||||||||||||||||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||||||||||||||||||
Loss on extinguishment of debt | 0 | 0 | (108) | |||||||||||||||||
Equity in loss (income) of subsidiary | 818 | 903 | (28) | |||||||||||||||||
Depreciation and amortization | 3 | 2 | 5 | |||||||||||||||||
Other, net | 7 | (16) | 0 | |||||||||||||||||
Change in operating assets and liabilities | (6) | (4) | (47) | |||||||||||||||||
Net cash used in operating activities | (305) | (308) | (334) | |||||||||||||||||
Net investment in subsidiaries | 421 | 155 | (661) | |||||||||||||||||
Payments to Acquire Investments | 0 | (96) | 0 | |||||||||||||||||
Other, net | 0 | 28 | 9 | |||||||||||||||||
Net cash provided by (used in) investing activities | 421 | 87 | (652) | |||||||||||||||||
Partnership distributions | (103) | (116) | (125) | |||||||||||||||||
Partnership contributions | 1 | 0 | 0 | |||||||||||||||||
Proceeds from other borrowings | 0 | 0 | 4,991 | |||||||||||||||||
Repayments of borrowings | 0 | 0 | (3,634) | |||||||||||||||||
Net cash (used in) provided by financing activities | (102) | (116) | 1,232 | |||||||||||||||||
Net change in cash and cash equivalents | 14 | (337) | 246 | |||||||||||||||||
Cash and cash equivalents | $ 65 | $ 51 | $ 65 | $ 51 | $ 388 | $ 142 | ||||||||||||||
[1] | The comparability of our quarterly financial data is impacted by the acquisitions of certain businesses during both of the years December 31, 2016 and 2015 as discussed in Note 1, "Description of Business and Basis of Presentation." |
Schedule I Condensed Financi102
Schedule I Condensed Financial Information of Parent - Footnote (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt | $ 11,119 | $ 12,594 | |
Icahn Enterprises (Parent) | |||
Debt | 5,490 | 5,486 | |
Aggregate cash dividends paid to Parent by consolidated subsidiaries | $ 390 | 404 | $ 416 |
Icahn Enterprises Holdings (Parent) | |||
Affiliate ownership interest | 99.00% | ||
Debt | $ 5,514 | 5,513 | |
Aggregate cash dividends paid to Parent by consolidated subsidiaries | 421 | 155 | $ 696 |
5.875% senior unsecured notes due 2022 - Icahn Enterprises/Icahn Enterprises Holdings | Icahn Enterprises (Parent) | |||
Debt | 1,340 | 1,338 | |
5.875% senior unsecured notes due 2022 - Icahn Enterprises/Icahn Enterprises Holdings | Icahn Enterprises Holdings (Parent) | |||
Debt | 1,340 | 1,338 | |
3.50% senior unsecured notes due 2017 - Icahn Enterprises/Icahn Enterprises Holdings | Icahn Enterprises (Parent) | |||
Debt | 1,174 | 1,172 | |
3.50% senior unsecured notes due 2017 - Icahn Enterprises/Icahn Enterprises Holdings | Icahn Enterprises Holdings (Parent) | |||
Debt | 1,174 | 1,172 | |
6.00% senior unsecured notes due 2020 - Icahn Enterprises/Icahn Enterprises Holdings | Icahn Enterprises (Parent) | |||
Debt | 1,705 | 1,706 | |
6.00% senior unsecured notes due 2020 - Icahn Enterprises/Icahn Enterprises Holdings | Icahn Enterprises Holdings (Parent) | |||
Debt | 1,705 | 1,706 | |
4.875% senior unsecured notes due 2019 - Icahn Enterprises/Icahn Enterprises Holdings | Icahn Enterprises (Parent) | |||
Debt | 1,271 | 1,270 | |
4.875% senior unsecured notes due 2019 - Icahn Enterprises/Icahn Enterprises Holdings | Icahn Enterprises Holdings (Parent) | |||
Debt | 1,271 | 1,270 | |
Mortgages payable | Icahn Enterprises Holdings (Parent) | |||
Debt | $ 24 | $ 27 | |
Icahn Enterprises G.P. | |||
General partner ownership percentage in Icahn Enterprises | 1.00% | ||
Aggregate general partner ownership interest of parent and operating subsidiary | 1.99% | ||
Icahn Enterprises G.P. | Icahn Enterprises (Parent) | |||
General partner ownership percentage in Icahn Enterprises | 1.00% | ||
Aggregate general partner ownership interest of parent and operating subsidiary | 1.99% | ||
Icahn Enterprises G.P. | Icahn Enterprises Holdings (Parent) | |||
General partner ownership percentage in Icahn Enterprises | 1.00% |