Shareholders' Equity

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Shareholders' Equity

14. Shareholders' Equity

Common Stock

Common Stock Outstanding

The Company has authorized 175,000,000 shares ($0.01 par value) of Class A Common Stock at June 30, 2021 and December 31, 2020. The Company has authorized 25,000,000 shares ($0.01 par value) of Class B Common Stock at June 30, 2021 and December 31, 2020.

Total common stock outstanding and changes in common stock issued are as follows:

	Class A Common Stock		Class B Common Stock
	Six Months Ended June 30,		Six Months Ended June 30,
	2021	2020	2021	2020
Shares issued at beginning of period	75,714,163	71,727,061	20,308,454	23,793,669
Issued pursuant to benefit plans	790,467	458,855	—	—
Withheld for taxes pursuant to benefit plans	(249,015)	(124,440)	—	—
Class B common stock converted to Class A common stock	20,308,454	3,485,215	(20,308,454)	(3,485,215)
Shares issued at end of period	96,564,069	75,546,691	—	20,308,454
Treasury stock	14,592,888	14,592,888	—	—
Total shares outstanding	81,971,181	60,953,803	—	20,308,454

Class B Common Stock Conversion

During the six months ended June 30, 2021, Icahn Enterprises L.P. (“IEP”) and its affiliates converted all of its remaining 20,308,454 shares of the Company’s Class B Common Stock into 20,308,454 shares of Class A Common Stock. Based on information contained in filings with the SEC as of August 4, 2021, IEP and its affiliates hold less than 10% of the Company’s outstanding Class A Common Stock.

Shareholder Agreement

In connection with the closing of the Federal-Mogul LLC acquisition, on October 1, 2018, the Company, American Entertainment Properties Corporation, IEP, and Icahn Enterprises Holdings L.P. entered into a Shareholders Agreement (the “Shareholders Agreement”). There have been no changes to the Shareholders Agreement during the six months ended June 30, 2021.

Preferred Stock

The Company had 50,000,000 shares of preferred stock ($0.01 par value) authorized at both June 30, 2021 and December 31, 2020. No shares of preferred stock were issued or outstanding at those dates.

Accumulated Other Comprehensive Income (Loss)

The following represents the Company’s changes in accumulated other comprehensive income (loss) by component, net of tax for the three and six months ended June 30, 2021 and 2020:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Foreign currency translation adjustments:
Balance at beginning of period	$	(441)	$	(568)	$	(395)	$	(369)
Other comprehensive income (loss) before reclassifications	58		34		12		(165)
Reclassification from other comprehensive income (loss)	—		—		—		—
Other comprehensive income (loss)	58		34		12		(165)
Income tax benefit (provision)	—		1		—		1
Balance at end of period	(383)		(533)		(383)		(533)
Defined benefit plans:
Balance at beginning of period	(350)		(338)		(353)		(342)
Other comprehensive income (loss) before reclassifications	—		—		—		—
Reclassification from other comprehensive income (loss)	3		1		7		4
Other comprehensive income (loss)	3		1		7		4
Income tax benefit (provision)	—		(6)		(1)		(5)
Balance at end of period	(347)		(343)		(347)		(343)
Cash flow hedges:
Balance at beginning of period	2		(2)		4		—
Other comprehensive income (loss) before reclassifications	(1)		5		1		2
Reclassification from other comprehensive income (loss)	—		—		(4)		—
Other comprehensive income (loss)	(1)		5		(3)		2
Income tax benefit (provision)	—		(1)		—		—
Balance at end of period	1		2		1		2
Accumulated other comprehensive loss at end of period	$	(729)	$	(874)	$	(729)	$	(874)
Other comprehensive income (loss) attributable to noncontrolling interests	$	4	$	7	$	(2)	$	(13)