(Commission File Number) | (Exact Name of Registrant as Specified in Its Charter) (Address of Principal Executive Offices) (Zip Code) (Telephone Number) | (State or Other Jurisdiction of Incorporation or Organization) | (IRS Employer Identification No.) |
1-9516 | ICAHN ENTERPRISES L.P. | Delaware | 13-3398766 |
767 Fifth Avenue, Suite 4700 New York, NY 10153 (212) 702-4300 | |||
333-118021-01 | ICAHN ENTERPRISES HOLDINGS L.P. | Delaware | 13-3398767 |
767 Fifth Avenue, Suite 4700 New York, NY 10153 (212) 702-4300 |
Icahn Enterprises L.P. | Icahn Enterprises Holdings L.P. | |||
Large Accelerated Filer o | Accelerated Filer x | Large Accelerated Filer o | Accelerated Filer o | |
Non-accelerated Filer o | Smaller reporting company o | Non-accelerated Filer x | Smaller reporting company o |
June 30, | December 31, | ||||||
2013 | 2012 | ||||||
ASSETS | (Unaudited) | ||||||
Cash and cash equivalents | $ | 3,340 | $ | 3,071 | |||
Cash held at consolidated affiliated partnerships and restricted cash | 1,635 | 1,419 | |||||
Investments | 9,604 | 5,491 | |||||
Accounts receivable, net | 2,017 | 1,841 | |||||
Inventories, net | 2,029 | 1,955 | |||||
Property, plant and equipment, net | 6,628 | 6,523 | |||||
Goodwill | 2,089 | 2,082 | |||||
Intangible assets, net | 1,159 | 1,206 | |||||
Other assets | 743 | 968 | |||||
Total Assets | $ | 29,244 | $ | 24,556 | |||
LIABILITIES AND EQUITY | |||||||
Accounts payable | $ | 1,352 | $ | 1,383 | |||
Accrued expenses and other liabilities | 2,237 | 1,496 | |||||
Deferred tax liability | 1,465 | 1,335 | |||||
Securities sold, not yet purchased, at fair value | 667 | 533 | |||||
Due to brokers | 2,414 | — | |||||
Post-employment benefit liability | 1,418 | 1,488 | |||||
Debt | 8,245 | 8,548 | |||||
Total liabilities | 17,798 | 14,783 | |||||
Commitments and contingencies (Note 17) | |||||||
Equity: | |||||||
Limited partners: Depositary units: 111,147,379 and 104,850,813 units issued and outstanding at June 30, 2013 and December 31, 2012, respectively | 5,488 | 4,913 | |||||
General partner | (232 | ) | (244 | ) | |||
Equity attributable to Icahn Enterprises | 5,256 | 4,669 | |||||
Equity attributable to non-controlling interests | 6,190 | 5,104 | |||||
Total equity | 11,446 | 9,773 | |||||
Total Liabilities and Equity | $ | 29,244 | $ | 24,556 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Revenues: | (Unaudited) | ||||||||||||||
Net sales | $ | 4,497 | $ | 3,707 | $ | 9,071 | $ | 6,106 | |||||||
Other revenues from operations | 203 | 204 | 392 | 396 | |||||||||||
Net (loss) gain from investment activities | (228 | ) | 299 | 350 | 357 | ||||||||||
Interest and dividend income | 52 | 17 | 76 | 42 | |||||||||||
Other income (loss), net | 94 | (1 | ) | 48 | 9 | ||||||||||
4,618 | 4,226 | 9,937 | 6,910 | ||||||||||||
Expenses: | |||||||||||||||
Cost of goods sold | 3,887 | 3,252 | 7,780 | 5,324 | |||||||||||
Other expenses from operations | 105 | 108 | 205 | 214 | |||||||||||
Selling, general and administrative | 313 | 336 | 682 | 645 | |||||||||||
Restructuring | 9 | 9 | 17 | 16 | |||||||||||
Impairment | 5 | 32 | 5 | 34 | |||||||||||
Interest expense | 126 | 129 | 260 | 246 | |||||||||||
4,445 | 3,866 | 8,949 | 6,479 | ||||||||||||
Income before income tax (expense) benefit | 173 | 360 | 988 | 431 | |||||||||||
Income tax (expense) benefit | (97 | ) | 101 | (217 | ) | 131 | |||||||||
Net income | 76 | 461 | 771 | 562 | |||||||||||
Less: net income attributable to non-controlling interests | (22 | ) | (204 | ) | (440 | ) | (256 | ) | |||||||
Net income attributable to Icahn Enterprises | $ | 54 | $ | 257 | $ | 331 | $ | 306 | |||||||
Net income attributable to Icahn Enterprises allocable to: | |||||||||||||||
Limited partners | $ | 53 | $ | 249 | $ | 324 | $ | 297 | |||||||
General partner | 1 | 8 | 7 | 9 | |||||||||||
$ | 54 | $ | 257 | $ | 331 | $ | 306 | ||||||||
Basic income per LP unit | $ | 0.48 | $ | 2.44 | $ | 3.00 | $ | 2.97 | |||||||
Basic weighted average LP units outstanding | 110 | 102 | 108 | 100 | |||||||||||
Diluted income per LP unit | $ | 0.48 | $ | 2.37 | $ | 2.99 | $ | 2.93 | |||||||
Diluted weighted average LP units outstanding | 111 | 107 | 109 | 105 | |||||||||||
Cash distributions declared per LP unit | $ | 1.00 | $ | 0.10 | $ | 2.00 | $ | 0.20 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
(Unaudited) | |||||||||||||||
Net income | $ | 76 | $ | 461 | $ | 771 | $ | 562 | |||||||
Other comprehensive (loss) income, net of tax: | |||||||||||||||
Post-employment benefits | (7 | ) | — | 6 | 9 | ||||||||||
Hedge instruments | (3 | ) | — | 3 | 14 | ||||||||||
Translation adjustments and other | (39 | ) | (110 | ) | (80 | ) | (26 | ) | |||||||
Other comprehensive loss, net of tax | (49 | ) | (110 | ) | (71 | ) | (3 | ) | |||||||
Comprehensive income | 27 | 351 | 700 | 559 | |||||||||||
Less: Comprehensive income attributable to non-controlling interests | (11 | ) | (181 | ) | (423 | ) | (260 | ) | |||||||
Comprehensive income attributable to Icahn Enterprises | $ | 16 | $ | 170 | $ | 277 | $ | 299 | |||||||
Comprehensive income attributable to Icahn Enterprises allocable to: | |||||||||||||||
Limited partners | $ | 15 | $ | 163 | $ | 271 | $ | 290 | |||||||
General partner | 1 | 7 | 6 | 9 | |||||||||||
$ | 16 | $ | 170 | $ | 277 | $ | 299 |
Equity Attributable to Icahn Enterprises | |||||||||||||||||||
General Partner's (Deficit) Equity | Limited Partners' Equity | Total Partners' Equity | Non-controlling Interests | Total Equity | |||||||||||||||
Balance, December 31, 2012 | $ | (244 | ) | $ | 4,913 | $ | 4,669 | $ | 5,104 | $ | 9,773 | ||||||||
Net income | 7 | 324 | 331 | 440 | 771 | ||||||||||||||
Other comprehensive loss | (1 | ) | (53 | ) | (54 | ) | (17 | ) | (71 | ) | |||||||||
Partnership distributions | (2 | ) | (121 | ) | (123 | ) | — | (123 | ) | ||||||||||
Proceeds from equity offerings | 6 | 311 | 317 | — | 317 | ||||||||||||||
Dividends paid to non-controlling interests in subsidiaries | — | — | — | (214 | ) | (214 | ) | ||||||||||||
Proceeds from subsidiary equity offerings | 2 | 87 | 89 | 902 | 991 | ||||||||||||||
Changes in subsidiary equity and other | — | 27 | 27 | (25 | ) | 2 | |||||||||||||
Balance, June 30, 2013 | $ | (232 | ) | $ | 5,488 | $ | 5,256 | $ | 6,190 | $ | 11,446 |
Six Months Ended June 30, | |||||||
2013 | 2012 | ||||||
Cash flows from operating activities: | (Unaudited) | ||||||
Net income | $ | 771 | $ | 562 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Net gain from securities transactions | (1,141 | ) | (786 | ) | |||
Purchases of securities | (3,625 | ) | (1,325 | ) | |||
Proceeds from sales of securities | 794 | 5,558 | |||||
Purchases to cover securities sold, not yet purchased | (1 | ) | (4,872 | ) | |||
Proceeds from securities sold, not yet purchased | 79 | 781 | |||||
Changes in receivables and payables relating to securities transactions | 2,495 | (2,088 | ) | ||||
Loss on disposal of assets | 52 | — | |||||
Depreciation and amortization | 330 | 253 | |||||
Deferred taxes | 64 | (194 | ) | ||||
Other, net | (16 | ) | 47 | ||||
Changes in cash held at consolidated affiliated partnerships and restricted cash | 384 | 3,608 | |||||
Changes in other operating assets and liabilities | 248 | (137 | ) | ||||
Net cash provided by operating activities | 434 | 1,407 | |||||
Cash flows from investing activities: | |||||||
Capital expenditures | (509 | ) | (429 | ) | |||
Net payments associated with business dispositions | (25 | ) | — | ||||
Acquisitions of businesses, net of cash acquired | — | (1,291 | ) | ||||
Proceeds from sale of investments | 13 | 170 | |||||
Purchases of investments | (46 | ) | (210 | ) | |||
Other, net | 4 | 17 | |||||
Net cash used in investing activities | (563 | ) | (1,743 | ) | |||
Cash flows from financing activities: | |||||||
Investment segment distributions | — | (17 | ) | ||||
Investment segment contributions | 45 | — | |||||
Proceeds from equity offerings | 317 | 510 | |||||
Partnership distributions | (13 | ) | (20 | ) | |||
Proceeds from offering of subsidiary equity | 1,242 | — | |||||
Distributions to non-controlling interests in subsidiaries | (259 | ) | — | ||||
Proceeds from issuance of senior unsecured notes | — | 716 | |||||
Proceeds from other borrowings | 145 | 163 | |||||
Repayments of borrowings | (456 | ) | (63 | ) | |||
Change in restricted cash relating to variable rate note discharge | (600 | ) | — | ||||
Other, net | (4 | ) | (22 | ) | |||
Net cash provided by financing activities | 417 | 1,267 | |||||
Effect of exchange rate changes on cash and cash equivalents | (19 | ) | — | ||||
Net increase in cash and cash equivalents | 269 | 931 | |||||
Cash and cash equivalents, beginning of period | 3,071 | 2,278 |
Cash and cash equivalents, end of period | $ | 3,340 | $ | 3,209 | |||
Supplemental information: | |||||||
Cash payments for interest, net of amounts capitalized | $ | 250 | $ | 192 | |||
Net cash payments for income taxes | $ | 86 | $ | 50 | |||
Distribution payable to LP unitholders | $ | 110 | $ | — | |||
Net unrealized gain (loss) on available-for-sale securities | $ | 2 | $ | (2 | ) |
June 30, | December 31, | ||||||
2013 | 2012 | ||||||
ASSETS | (Unaudited) | ||||||
Cash and cash equivalents | $ | 3,340 | $ | 3,071 | |||
Cash held at consolidated affiliated partnerships and restricted cash | 1,635 | 1,419 | |||||
Investments | 9,604 | 5,491 | |||||
Accounts receivable, net | 2,017 | 1,841 | |||||
Inventories, net | 2,029 | 1,955 | |||||
Property, plant and equipment, net | 6,628 | 6,523 | |||||
Goodwill | 2,089 | 2,082 | |||||
Intangible assets, net | 1,159 | 1,206 | |||||
Other assets | 759 | 982 | |||||
Total Assets | $ | 29,260 | $ | 24,570 | |||
LIABILITIES AND EQUITY | |||||||
Accounts payable | $ | 1,352 | $ | 1,383 | |||
Accrued expenses and other liabilities | 2,237 | 1,496 | |||||
Deferred tax liability | 1,465 | 1,335 | |||||
Securities sold, not yet purchased, at fair value | 667 | 533 | |||||
Due to brokers | 2,414 | — | |||||
Post-employment benefit liability | 1,418 | 1,488 | |||||
Debt | 8,239 | 8,540 | |||||
Total liabilities | 17,792 | 14,775 | |||||
Commitments and contingencies (Note 17) | |||||||
Equity: | |||||||
Limited partner | 5,563 | 4,984 | |||||
General partner | (285 | ) | (293 | ) | |||
Equity attributable to Icahn Enterprises Holdings | 5,278 | 4,691 | |||||
Equity attributable to non-controlling interests | 6,190 | 5,104 | |||||
Total equity | 11,468 | 9,795 | |||||
Total Liabilities and Equity | $ | 29,260 | $ | 24,570 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Revenues: | (Unaudited) | ||||||||||||||
Net sales | $ | 4,497 | $ | 3,707 | $ | 9,071 | $ | 6,106 | |||||||
Other revenues from operations | 203 | 204 | 392 | 396 | |||||||||||
Net (loss) gain from investment activities | (228 | ) | 299 | 350 | 357 | ||||||||||
Interest and dividend income | 52 | 17 | 76 | 42 | |||||||||||
Other income (loss), net | 94 | (1 | ) | 48 | 9 | ||||||||||
4,618 | 4,226 | 9,937 | 6,910 | ||||||||||||
Expenses: | |||||||||||||||
Cost of goods sold | 3,887 | 3,252 | 7,780 | 5,324 | |||||||||||
Other expenses from operations | 105 | 108 | 205 | 214 | |||||||||||
Selling, general and administrative | 313 | 336 | 682 | 645 | |||||||||||
Restructuring | 9 | 9 | 17 | 16 | |||||||||||
Impairment | 5 | 32 | 5 | 34 | |||||||||||
Interest expense | 126 | 129 | 260 | 246 | |||||||||||
4,445 | 3,866 | 8,949 | 6,479 | ||||||||||||
Income before income tax (expense) benefit | 173 | 360 | 988 | 431 | |||||||||||
Income tax (expense) benefit | (97 | ) | 101 | (217 | ) | 131 | |||||||||
Net income | 76 | 461 | 771 | 562 | |||||||||||
Less: net income attributable to non-controlling interests | (22 | ) | (204 | ) | (440 | ) | (256 | ) | |||||||
Net income attributable to Icahn Enterprises Holdings | $ | 54 | $ | 257 | $ | 331 | $ | 306 | |||||||
Net income attributable to Icahn Enterprises Holdings allocable to: | |||||||||||||||
Limited partner | $ | 54 | $ | 251 | $ | 328 | $ | 300 | |||||||
General partner | — | 6 | 3 | 6 | |||||||||||
$ | 54 | $ | 257 | $ | 331 | $ | 306 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
(Unaudited) | |||||||||||||||
Net income | $ | 76 | $ | 461 | $ | 771 | $ | 562 | |||||||
Other comprehensive (loss) income, net of tax: | |||||||||||||||
Post-employment benefits | (7 | ) | — | 6 | 9 | ||||||||||
Hedge instruments | (3 | ) | — | 3 | 14 | ||||||||||
Translation adjustments and other | (39 | ) | (110 | ) | (80 | ) | (26 | ) | |||||||
Other comprehensive loss, net of tax | (49 | ) | (110 | ) | (71 | ) | (3 | ) | |||||||
Comprehensive income | 27 | 351 | 700 | 559 | |||||||||||
Less: Comprehensive income attributable to non-controlling interests | (11 | ) | (181 | ) | (423 | ) | (260 | ) | |||||||
Comprehensive income attributable to Icahn Enterprises Holdings | $ | 16 | $ | 170 | $ | 277 | $ | 299 | |||||||
Comprehensive income attributable to Icahn Enterprises Holdings allocable to: | |||||||||||||||
Limited partner | $ | 17 | $ | 165 | $ | 275 | $ | 293 | |||||||
General partner | (1 | ) | 5 | 2 | 6 | ||||||||||
$ | 16 | $ | 170 | $ | 277 | $ | 299 |
Equity Attributable to Icahn Enterprises Holdings | |||||||||||||||||||
General Partner's Equity (Deficit) | Limited Partner's Equity | Total Partners' Equity | Non-controlling Interests | Total Equity | |||||||||||||||
Balance, December 31, 2012 | $ | (293 | ) | $ | 4,984 | $ | 4,691 | $ | 5,104 | $ | 9,795 | ||||||||
Net income | 3 | 328 | 331 | 440 | 771 | ||||||||||||||
Other comprehensive loss | (1 | ) | (53 | ) | (54 | ) | (17 | ) | (71 | ) | |||||||||
Partnership distributions | (1 | ) | (122 | ) | (123 | ) | — | (123 | ) | ||||||||||
Proceeds from equity offerings | 6 | 311 | 317 | — | 317 | ||||||||||||||
Dividends paid to non-controlling interests in subsidiaries | — | — | — | (214 | ) | (214 | ) | ||||||||||||
Proceeds from subsidiary equity offerings | 1 | 88 | 89 | 902 | 991 | ||||||||||||||
Changes in subsidiary equity and other | — | 27 | 27 | (25 | ) | 2 | |||||||||||||
Balance, June 30, 2013 | $ | (285 | ) | $ | 5,563 | $ | 5,278 | $ | 6,190 | $ | 11,468 |
Six Months Ended June 30, | |||||||
2013 | 2012 | ||||||
Cash flows from operating activities: | (Unaudited) | ||||||
Net income | $ | 771 | $ | 562 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Net gain from securities transactions | (1,141 | ) | (786 | ) | |||
Purchases of securities | (3,625 | ) | (1,325 | ) | |||
Proceeds from sales of securities | 794 | 5,558 | |||||
Purchases to cover securities sold, not yet purchased | (1 | ) | (4,872 | ) | |||
Proceeds from securities sold, not yet purchased | 79 | 781 | |||||
Changes in receivables and payables relating to securities transactions | 2,495 | (2,088 | ) | ||||
Loss on disposal of assets | 52 | — | |||||
Depreciation and amortization | 330 | 253 | |||||
Deferred taxes | 64 | (194 | ) | ||||
Other, net | (16 | ) | 47 | ||||
Changes in cash held at consolidated affiliated partnerships and restricted cash | 384 | 3,608 | |||||
Changes in other operating assets and liabilities | 248 | (137 | ) | ||||
Net cash provided by operating activities | 434 | 1,407 | |||||
Cash flows from investing activities: | |||||||
Capital expenditures | (509 | ) | (429 | ) | |||
Net payments associated with business dispositions | (25 | ) | — | ||||
Acquisitions of businesses, net of cash acquired | — | (1,291 | ) | ||||
Proceeds from sale of investments | 13 | 170 | |||||
Purchases of investments | (46 | ) | (210 | ) | |||
Other, net | 4 | 17 | |||||
Net cash used in investing activities | (563 | ) | (1,743 | ) | |||
Cash flows from financing activities: | |||||||
Investment segment distributions | — | (17 | ) | ||||
Investment segment contributions | 45 | — | |||||
Proceeds from equity offerings | 317 | 510 | |||||
Partnership distributions | (13 | ) | (20 | ) | |||
Proceeds from offering of subsidiary equity | 1,242 | — | |||||
Distributions to non-controlling interests in subsidiaries | (259 | ) | — | ||||
Proceeds from issuance of senior unsecured notes | — | 716 | |||||
Proceeds from other borrowings | 145 | 163 | |||||
Repayments of borrowings | (456 | ) | (63 | ) | |||
Change in restricted cash relating to variable rate note discharge | (600 | ) | — | ||||
Other, net | (4 | ) | (22 | ) | |||
Net cash provided by financing activities | 417 | 1,267 | |||||
Effect of exchange rate changes on cash and cash equivalents | (19 | ) | — | ||||
Net increase in cash and cash equivalents | 269 | 931 | |||||
Cash and cash equivalents, beginning of period | 3,071 | 2,278 |
Cash and cash equivalents, end of period | $ | 3,340 | $ | 3,209 | |||
Supplemental information: | |||||||
Cash payments for interest, net of amounts capitalized | $ | 250 | $ | 192 | |||
Net cash payments for income taxes | $ | 86 | $ | 50 | |||
Distribution payable to Icahn Enterprises LP unitholders | $ | 110 | $ | — | |||
Net unrealized gain (loss) on available-for-sale securities | $ | 2 | $ | (2 | ) |
1. | Description of Business and Basis of Presentation. |
2. | Operating Units. |
3. | Related Party Transactions. |
4. | Investments and Related Matters. |
June 30, 2013 | December 31, 2012 | ||||||
(in millions) | |||||||
Equity method investments | $ | 311 | $ | 299 | |||
Other investments | 170 | 108 | |||||
$ | 481 | $ | 407 |
5. | Fair Value Measurements. |
June 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
Assets | (in millions) | ||||||||||||||||||||||||||||||
Investments: | |||||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||
Basic materials | $ | 47 | $ | 26 | $ | — | $ | 73 | $ | 144 | $ | 9 | $ | — | $ | 153 | |||||||||||||||
Communications | 1,161 | 14 | — | 1,175 | 560 | 16 | — | 576 | |||||||||||||||||||||||
Consumer, non-cyclical | 2,093 | — | — | 2,093 | 1,340 | — | — | 1,340 | |||||||||||||||||||||||
Consumer, cyclical | 271 | — | — | 271 | 261 | — | — | 261 | |||||||||||||||||||||||
Diversified | 26 | — | — | 26 | — | — | — | — | |||||||||||||||||||||||
Energy | 1,901 | 123 | — | 2,024 | 1,052 | 55 | — | 1,107 | |||||||||||||||||||||||
Financial | 224 | — | — | 224 | 244 | — | — | 244 | |||||||||||||||||||||||
Funds | — | — | — | — | — | 308 | — | 308 | |||||||||||||||||||||||
Technology | 2,600 | 128 | — | 2,728 | 325 | — | — | 325 | |||||||||||||||||||||||
Utilities | — | — | — | — | 208 | — | — | 208 | |||||||||||||||||||||||
8,323 | 291 | — | 8,614 | 4,134 | 388 | — | 4,522 | ||||||||||||||||||||||||
Corporate debt: | |||||||||||||||||||||||||||||||
Consumer, cyclical | — | — | 289 | 289 | — | — | 288 | 288 | |||||||||||||||||||||||
Financial | — | 11 | — | 11 | — | 50 | — | 50 | |||||||||||||||||||||||
Sovereign debt | — | 4 | — | 4 | — | 5 | — | 5 | |||||||||||||||||||||||
Utilities | — | 30 | — | 30 | — | 31 | — | 31 | |||||||||||||||||||||||
— | 45 | 289 | 334 | — | 86 | 288 | 374 | ||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||
Financial | — | 175 | — | 175 | — | 188 | — | 188 | |||||||||||||||||||||||
8,323 | 511 | 289 | 9,123 | 4,134 | 662 | 288 | 5,084 | ||||||||||||||||||||||||
Derivative contracts, at fair value(1) | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
$ | 8,323 | $ | 511 | $ | 289 | $ | 9,123 | $ | 4,134 | $ | 662 | $ | 288 | $ | 5,084 | ||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||
Securities sold, not yet purchased, at fair value: | |||||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||
Consumer, cyclical | $ | 667 | $ | — | $ | — | $ | 667 | $ | 473 | $ | — | $ | — | $ | 473 | |||||||||||||||
Funds | — | — | — | — | — | 60 | — | 60 | |||||||||||||||||||||||
667 | — | — | 667 | 473 | 60 | — | 533 | ||||||||||||||||||||||||
Derivative contracts, at fair value(2) | — | 658 | — | 658 | — | 84 | — | 84 | |||||||||||||||||||||||
$ | 667 | $ | 658 | $ | — | $ | 1,325 | $ | 473 | $ | 144 | $ | — | $ | 617 |
(1) | Included in other assets in our consolidated balance sheets. |
(2) | Included in accrued expenses and other liabilities in our consolidated balance sheets. |
Six Months Ended June 30, | |||||||
2013 | 2012 | ||||||
(in millions) | |||||||
Balance at January 1 | $ | 288 | $ | 289 | |||
Gross realized and unrealized gains (losses) | 4 | 2 | |||||
Gross proceeds | (3 | ) | (4 | ) | |||
Balance at June 30 | $ | 289 | $ | 287 |
June 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
Assets | (in millions) | ||||||||||||||||||||||||||||||
Marketable equity and debt securities | $ | 22 | $ | — | $ | — | $ | 22 | $ | 1 | $ | — | $ | — | $ | 1 | |||||||||||||||
Trading securities | — | — | 114 | 114 | — | — | 60 | 60 | |||||||||||||||||||||||
Derivative contracts, at fair value(1) | — | 71 | — | 71 | — | 1 | 21 | 22 | |||||||||||||||||||||||
$ | 22 | $ | 71 | $ | 114 | $ | 207 | $ | 1 | $ | 1 | $ | 81 | $ | 83 | ||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||
Other liabilities | $ | — | $ | 43 | $ | — | $ | 43 | $ | — | $ | 1 | $ | — | $ | 1 | |||||||||||||||
Derivative contracts, at fair value(2) | — | 12 | — | 12 | — | 89 | — | 89 | |||||||||||||||||||||||
$ | — | $ | 55 | $ | — | $ | 55 | $ | — | $ | 90 | $ | — | $ | 90 |
(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. |
Six Months Ended June 30, | |||
2013 | |||
(in millions) | |||
Balance at January 1 | $ | 81 | |
Purchase | 46 | ||
Gross unrealized losses | (13 | ) | |
Balance at June 30 | $ | 114 |
June 30, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Category | Fair Value of Level 3 Asset | Recognized Impairment | Fair Value of Level 3 Asset | Recognized Impairment | ||||||||||||
(in millions) | ||||||||||||||||
Property, plant and equipment | $ | 23 | $ | 5 | $ | 29 | $ | 19 | ||||||||
Intangible assets | — | — | 62 | 15 |
6. | Financial Instruments. |
Long Notional Exposure | Short Notional Exposure | ||||||
Primary underlying risk: | (in millions) | ||||||
Equity swaps | $ | 1 | $ | 6,274 | |||
Foreign currency forwards | 93 | 2,180 | |||||
Interest rate swap contracts | 203 | — | |||||
Commodity contracts | 79 | 588 |
Derivatives Not Designated as Hedging Instruments | Asset Derivatives(1) | Liability Derivatives(2) | ||||||||||||||
June 30, 2013 | December 31, 2012 | June 30, 2013 | December 31, 2012 | |||||||||||||
(in millions) | ||||||||||||||||
Equity contracts | $ | — | $ | 21 | $ | 662 | $ | 35 | ||||||||
Foreign exchange contracts | 4 | — | 4 | 59 | ||||||||||||
Commodity contracts | 74 | 8 | 2 | 74 | ||||||||||||
Sub-total | 78 | 29 | 668 | 168 | ||||||||||||
Netting across contract types(3) | (6 | ) | (7 | ) | (6 | ) | (7 | ) | ||||||||
Total(3) | $ | 72 | $ | 22 | $ | 662 | $ | 161 |
(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 June 30, 2013 and December 31, 2012 was $270 million and $148 million, respectively, across all counterparties. |
Gain (Loss) Recognized in Income(1) | ||||||||||||||||
Derivatives Not Designated as Hedging Instruments | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(in millions) | ||||||||||||||||
Equity contracts | $ | (179 | ) | $ | (41 | ) | $ | (824 | ) | $ | (440 | ) | ||||
Foreign exchange contracts | (38 | ) | 66 | 30 | 25 | |||||||||||
Commodity contracts | 121 | (2 | ) | 101 | (2 | ) | ||||||||||
$ | (96 | ) | $ | 23 | $ | (693 | ) | $ | (417 | ) |
(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. |
Derivatives Designated as Cash Flow Hedging Instruments | Asset Derivatives(1) | Liability Derivatives(2) | ||||||||||||||
June 30, 2013 | December 31, 2012 | June 30, 2013 | December 31, 2012 | |||||||||||||
(in millions) | ||||||||||||||||
Interest rate swap contracts | $ | — | $ | — | $ | 3 | $ | 13 | ||||||||
Commodity contracts | — | 2 | 6 | 1 | ||||||||||||
Sub-total | — | 2 | 9 | 14 | ||||||||||||
Netting across contract types | — | (2 | ) | — | (2 | ) | ||||||||||
Total | $ | — | $ | — | $ | 9 | $ | 12 |
(1) | Located within other assets in our consolidated balance sheets. |
(2) | Located within accrued expenses and other liabilities in our consolidated balance sheets. |
Three Months Ended June 30, 2013 | ||||||||||
Derivatives Designated as Hedging Instruments | Amount of (Loss) Gain Recognized in OCI on Derivatives (Effective Portion) | Amount of (Loss) Gain Reclassified from AOCI into Income (Effective Portion) | Location of (Loss) Gain Reclassified from AOCI into Income (Effective Portion) | |||||||
(in millions) | (in millions) | |||||||||
Interest rate swap contracts | $ | — | $ | (1 | ) | Interest expense | ||||
Commodity contracts | (6 | ) | (1 | ) | Cost of goods sold | |||||
Foreign currency contracts | — | — | ||||||||
$ | (6 | ) | $ | (2 | ) |
Three Months Ended June 30, 2012 | ||||||||||
Derivatives Designated as Hedging Instruments | Amount of (Loss) Gain Recognized in OCI on Derivatives (Effective Portion) | Amount of (Loss) Gain Reclassified from AOCI into Income (Effective Portion) | Location of (Loss) Gain Reclassified from AOCI into Income (Effective Portion) | |||||||
(in millions) | (in millions) | |||||||||
Interest rate swap contracts | $ | — | $ | (9 | ) | Interest expense | ||||
Commodity contracts | (6 | ) | (4 | ) | Cost of goods sold | |||||
Foreign currency contracts | 1 | 1 | Cost of goods sold | |||||||
$ | (5 | ) | $ | (12 | ) |
Six Months Ended June 30, 2013 | ||||||||||
Derivatives Designated as Hedging Instruments | Amount of (Loss) Gain Recognized in OCI on Derivatives (Effective Portion) | Amount of (Loss) Gain Reclassified from AOCI into Income (Effective Portion) | Location of (Loss) Gain Reclassified from AOCI into Income (Effective Portion) | |||||||
(in millions) | (in millions) | |||||||||
Interest rate swap contracts | $ | 1 | $ | (8 | ) | Interest expense | ||||
Commodity contracts | (8 | ) | (1 | ) | Cost of goods sold | |||||
Foreign currency contracts | — | — | ||||||||
$ | (7 | ) | $ | (9 | ) |
Six Months Ended June 30, 2012 | ||||||||||
Derivatives Designated as Hedging Instruments | Amount of (Loss) Gain Recognized in OCI on Derivatives (Effective Portion) | Amount of (Loss) Gain Reclassified from AOCI into Income (Effective Portion) | Location of (Loss) Gain Reclassified from AOCI into Income (Effective Portion) | |||||||
(in millions) | (in millions) | |||||||||
Interest rate swap contracts | $ | (3 | ) | $ | (19 | ) | Interest expense | |||
Commodity contracts | 2 | (6 | ) | Cost of goods sold | ||||||
Foreign currency contracts | (1 | ) | 1 | Cost of goods sold | ||||||
$ | (2 | ) | $ | (24 | ) |
7. | Inventories, Net. |
June 30, 2013 | December 31, 2012 | ||||||
(in millions) | |||||||
Raw materials | $ | 494 | $ | 495 | |||
Work in process | 278 | 248 | |||||
Finished goods | 1,257 | 1,212 | |||||
$ | 2,029 | $ | 1,955 |
8. | Goodwill and Intangible Assets, Net. |
June 30, 2013 | December 31, 2012 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Impairment | Net Carrying Value | Gross Carrying Amount | Accumulated Impairment | Net Carrying Value | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Automotive | $ | 1,375 | $ | (226 | ) | $ | 1,149 | $ | 1,368 | $ | (226 | ) | $ | 1,142 | |||||||||
Energy | 930 | — | 930 | 930 | — | 930 | |||||||||||||||||
Railcar | 7 | — | 7 | 7 | — | 7 | |||||||||||||||||
Food Packaging | 3 | — | 3 | 3 | — | 3 | |||||||||||||||||
$ | 2,315 | $ | (226 | ) | $ | 2,089 | $ | 2,308 | $ | (226 | ) | $ | 2,082 |
June 30, 2013 | December 31, 2012 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Value | Gross Carrying Amount | Accumulated Amortization | Net Carrying Value | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Definite-lived intangible assets: | |||||||||||||||||||||||
Customer relationships | $ | 919 | $ | (267 | ) | $ | 652 | $ | 921 | $ | (238 | ) | $ | 683 | |||||||||
Developed technology | 120 | (62 | ) | 58 | 121 | (57 | ) | 64 | |||||||||||||||
In-place leases | 121 | (48 | ) | 73 | 121 | (43 | ) | 78 | |||||||||||||||
Gasification technology license | 60 | (3 | ) | 57 | 60 | (2 | ) | 58 | |||||||||||||||
Other | 47 | (17 | ) | 30 | 47 | (15 | ) | 32 | |||||||||||||||
$ | 1,267 | $ | (397 | ) | $ | 870 | $ | 1,270 | $ | (355 | ) | $ | 915 | ||||||||||
Indefinite-lived intangible assets: | |||||||||||||||||||||||
Trademarks and brand names | $ | 260 | $ | 262 | |||||||||||||||||||
Gaming licenses | 29 | 29 | |||||||||||||||||||||
289 | 291 | ||||||||||||||||||||||
Intangible assets, net | $ | 1,159 | $ | 1,206 |
9. | Property, Plant and Equipment, Net. |
Useful Life | June 30, 2013 | December 31, 2012 | |||||||
(in years) | (in millions) | ||||||||
Land | $ | 460 | $ | 465 | |||||
Buildings and improvements | 4 - 40 | 2,078 | 2,064 | ||||||
Machinery, equipment and furniture | 1 - 30 | 4,785 | 4,519 | ||||||
Assets leased to others | 15 - 39 | 887 | 743 | ||||||
Construction in progress | 543 | 649 | |||||||
8,753 | 8,440 | ||||||||
Less: Accumulated depreciation and amortization | (2,125 | ) | (1,917 | ) | |||||
Property, plant and equipment, net | $ | 6,628 | $ | 6,523 |
10. | Debt. |
Icahn Enterprises | Icahn Enterprises Holdings | ||||||||||||||
June 30, 2013 | December 31, 2012 | June 30, 2013 | December 31, 2012 | ||||||||||||
(in millions) | (in millions) | ||||||||||||||
8% senior unsecured notes due 2018 - Icahn Enterprises/Icahn Enterprises Holdings | $ | 2,474 | $ | 2,476 | $ | 2,471 | $ | 2,471 | |||||||
7.75% senior unsecured notes due 2016 - Icahn Enterprises/Icahn Enterprises Holdings | 1,050 | 1,050 | 1,047 | 1,047 | |||||||||||
Senior unsecured variable rate convertible notes due 2013 - Icahn Enterprises/Icahn Enterprises Holdings | 556 | 556 | 556 | 556 | |||||||||||
Debt facilities - Automotive | 2,739 | 2,738 | 2,739 | 2,738 | |||||||||||
Debt facilities - Energy | 500 | 749 | 500 | 749 | |||||||||||
Credit facilities - Energy | 125 | 125 | 125 | 125 | |||||||||||
Senior unsecured notes and secured term loan facility - Railcar | 198 | 275 | 198 | 275 | |||||||||||
Credit facilities - Gaming | 170 | 171 | 170 | 171 | |||||||||||
Senior secured notes and revolving credit facility - Food Packaging | 214 | 214 | 214 | 214 | |||||||||||
Mortgages payable - Real Estate | 51 | 70 | 51 | 70 | |||||||||||
Other | 168 | 124 | 168 | 124 | |||||||||||
$ | 8,245 | $ | 8,548 | $ | 8,239 | $ | 8,540 |
11. | Pension, Other Post-employment Benefits and Employee Benefit Plans. |
Pension Benefits | OPEB | ||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
(in millions) | |||||||||||||||
Service cost | $ | 4 | $ | 7 | $ | — | $ | — | |||||||
Interest cost | 17 | 20 | 4 | 4 | |||||||||||
Expected return on plan assets | (18 | ) | (16 | ) | — | — | |||||||||
Amortization of actuarial losses | 7 | 9 | 1 | — | |||||||||||
Amortization of prior service credit | — | — | (3 | ) | (4 | ) | |||||||||
Settlement gain | — | — | — | — | |||||||||||
Curtailment gain | — | — | (19 | ) | — | ||||||||||
$ | 10 | $ | 20 | $ | (17 | ) | $ | — |
Pension Benefits | OPEB | ||||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
(in millions) | |||||||||||||||
Service cost | $ | 8 | $ | 14 | $ | — | $ | — | |||||||
Interest cost | 35 | 41 | 8 | 8 | |||||||||||
Expected return on plan assets | (35 | ) | (32 | ) | — | — | |||||||||
Amortization of actuarial losses | 13 | 19 | 3 | — | |||||||||||
Amortization of prior service credit | — | — | (6 | ) | (8 | ) | |||||||||
Settlement gain | — | (1 | ) | — | — | ||||||||||
Curtailment gain | — | — | (19 | ) | — | ||||||||||
$ | 21 | $ | 41 | $ | (14 | ) | $ | — |
12. | Net Income Per LP Unit. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
(in millions, except per unit data) | |||||||||||||||
Net income attributable to Icahn Enterprises | $ | 54 | $ | 257 | $ | 331 | $ | 306 | |||||||
Less: Net income attributable to Icahn Enterprises allocable to general partner(1) | — | (3 | ) | — | (3 | ) | |||||||||
Net income attributable to Icahn Enterprises net of portion allocable 100% to general partner | 54 | 254 | 331 | 303 | |||||||||||
Net income attributable to Icahn Enterprises allocable to limited partners (98.01% allocation) | $ | 53 | $ | 249 | $ | 324 | $ | 297 | |||||||
Basic income per LP unit | $ | 0.48 | $ | 2.44 | $ | 3.00 | $ | 2.97 | |||||||
Basic weighted average LP units outstanding | 110 | 102 | 108 | 100 | |||||||||||
Dilutive effect of variable rate convertible notes: | |||||||||||||||
Income | $ | 5 | $ | 2 | $ | 11 | |||||||||
Units | 5 | 1 | 5 | ||||||||||||
Dilutive effect of unit distribution declared: | |||||||||||||||
Income | $ | — | $ | — | |||||||||||
Units | 1 | — | |||||||||||||
Diluted income per LP unit | $ | 0.48 | $ | 2.37 | $ | 2.99 | $ | 2.93 | |||||||
Diluted weighted average LP units outstanding | 111 | 107 | 109 | 105 |
13. | Segment Reporting. |
Three Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||
Investment | Automotive | Energy | Metals | Railcar | Gaming | Food Packaging | Real Estate | Home Fashion | Holding Company | Consolidated | |||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | 1,786 | $ | 2,221 | $ | 230 | $ | 116 | $ | — | $ | 93 | $ | 1 | $ | 50 | $ | — | $ | 4,497 | |||||||||||||||||||||
Other revenues from operations | — | — | — | — | 34 | 149 | — | 20 | — | — | 203 | ||||||||||||||||||||||||||||||||
Net gain from investment activities | (217 | ) | — | — | — | — | — | — | — | — | (11 | ) | (228 | ) | |||||||||||||||||||||||||||||
Interest and dividend income | 49 | 1 | 1 | — | — | — | — | — | — | 1 | 52 | ||||||||||||||||||||||||||||||||
Other income (loss), net | — | — | 119 | — | (1 | ) | — | (24 | ) | — | 1 | (1 | ) | 94 | |||||||||||||||||||||||||||||
(168 | ) | 1,787 | 2,341 | 230 | 149 | 149 | 69 | 21 | 51 | (11 | ) | 4,618 | |||||||||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||||||||||
Cost of goods sold | — | 1,506 | 1,939 | 236 | 90 | — | 70 | 1 | 45 | — | 3,887 | ||||||||||||||||||||||||||||||||
Other expenses from operations | — | — | — | — | 19 | 73 | — | 13 | — | — | 105 | ||||||||||||||||||||||||||||||||
Selling, general and administrative | 12 | 175 | 34 | 6 | 4 | 56 | 12 | 2 | 8 | 4 | 313 | ||||||||||||||||||||||||||||||||
Restructuring | — | 8 | — | — | — | — | — | — | 1 | — | 9 | ||||||||||||||||||||||||||||||||
Impairment | — | 2 | — | — | — | 2 | — | 1 | — | — | 5 | ||||||||||||||||||||||||||||||||
Interest expense | 2 | 27 | 12 | — | 1 | 3 | 6 | 1 | — | 74 | 126 | ||||||||||||||||||||||||||||||||
14 | 1,718 | 1,985 | 242 | 114 | 134 | 88 | 18 | 54 | 78 | 4,445 | |||||||||||||||||||||||||||||||||
Income (loss) before income tax benefit (expense) | (182 | ) | 69 | 356 | (12 | ) | 35 | 15 | (19 | ) | 3 | (3 | ) | (89 | ) | 173 | |||||||||||||||||||||||||||
Income tax (expense) benefit | — | (13 | ) | (94 | ) | 5 | (14 | ) | 1 | 2 | — | — | 16 | (97 | ) | ||||||||||||||||||||||||||||
Net Income (loss) | (182 | ) | 56 | 262 | (7 | ) | 21 | 16 | (17 | ) | 3 | (3 | ) | (73 | ) | 76 | |||||||||||||||||||||||||||
Less: net (income) loss attributable to non-controlling interests | 110 | (14 | ) | (106 | ) | — | (11 | ) | (6 | ) | 5 | — | — | — | (22 | ) | |||||||||||||||||||||||||||
Net income (loss) attributable to Icahn Enterprises | $ | (72 | ) | $ | 42 | $ | 156 | $ | (7 | ) | $ | 10 | $ | 10 | $ | (12 | ) | $ | 3 | $ | (3 | ) | $ | (73 | ) | $ | 54 | ||||||||||||||||
Supplemental information: | |||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | $ | — | $ | 93 | $ | 51 | $ | 3 | $ | 55 | $ | 23 | $ | 4 | $ | 1 | $ | 1 | $ | — | $ | 231 | |||||||||||||||||||||
Depreciation and amortization(1) | $ | — | $ | 73 | $ | 51 | $ | 6 | $ | 8 | $ | 8 | $ | 6 | $ | 5 | $ | 2 | $ | — | $ | 159 |
Three Months Ended June 30, 2012 | |||||||||||||||||||||||||||||||||||||||||||
Investment | Automotive | Energy(2) | Metals | Railcar | Gaming | Food Packaging | Real Estate | Home Fashion | Holding Company | Consolidated | |||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | 1,704 | $ | 1,412 | $ | 303 | $ | 135 | $ | — | $ | 86 | $ | 3 | $ | 64 | $ | — | $ | 3,707 | |||||||||||||||||||||
Other revenues from operations | — | — | — | — | 20 | 164 | — | 20 | — | — | 204 | ||||||||||||||||||||||||||||||||
Net gain from investment activities | 280 | — | — | — | — | — | — | — | — | 19 | 299 | ||||||||||||||||||||||||||||||||
Interest and dividend income | 14 | 1 | — | — | 1 | — | — | — | — | 1 | 17 | ||||||||||||||||||||||||||||||||
Other (loss) income, net | 1 | 4 | (2 | ) | 1 | — | (6 | ) | (2 | ) | 1 | 1 | 1 | (1 | ) | ||||||||||||||||||||||||||||
295 | 1,709 | 1,410 | 304 | 156 | 158 | 84 | 24 | 65 | 21 | 4,226 | |||||||||||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||||||||||
Cost of goods sold | — | 1,450 | 1,261 | 311 | 107 | — | 67 | 1 | 55 | — | 3,252 | ||||||||||||||||||||||||||||||||
Other expenses from operations | — | — | — | — | 14 | 82 | — | 12 | — | — | 108 | ||||||||||||||||||||||||||||||||
Selling, general and administrative | 8 | 186 | 35 | 7 | 8 | 64 | 11 | 4 | 9 | 4 | 336 | ||||||||||||||||||||||||||||||||
Restructuring | — | 8 | — | — | — | — | — | — | 1 | — | 9 | ||||||||||||||||||||||||||||||||
Impairment | — | 28 | — | — | — | 2 | — | — | 2 | — | 32 | ||||||||||||||||||||||||||||||||
Interest expense | — | 35 | 10 | — | 5 | 4 | 5 | 1 | — | 69 | 129 | ||||||||||||||||||||||||||||||||
8 | 1,707 | 1,306 | 318 | 134 | 152 | 83 | 18 | 67 | 73 | 3,866 | |||||||||||||||||||||||||||||||||
Income (loss) before income tax (expense) benefit | 287 | 2 | 104 | (14 | ) | 22 | 6 | 1 | 6 | (2 | ) | (52 | ) | 360 | |||||||||||||||||||||||||||||
Income tax (expense) benefit | — | 29 | (35 | ) | — | (9 | ) | (2 | ) | — | — | — | 118 | 101 | |||||||||||||||||||||||||||||
Income (loss) | 287 | 31 | 69 | (14 | ) | 13 | 4 | 1 | 6 | (2 | ) | 66 | 461 | ||||||||||||||||||||||||||||||
Less: net income attributable to non-controlling interests | (171 | ) | (9 | ) | (16 | ) | — | (6 | ) | (2 | ) | — | — | — | — | (204 | ) | ||||||||||||||||||||||||||
Net income (loss) attributable to Icahn Enterprises | $ | 116 | $ | 22 | $ | 53 | $ | (14 | ) | $ | 7 | $ | 2 | $ | 1 | $ | 6 | $ | (2 | ) | $ | 66 | $ | 257 | |||||||||||||||||||
Supplemental information: | |||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | $ | — | $ | 93 | $ | 31 | $ | 7 | $ | 78 | $ | 11 | $ | 11 | $ | 1 | $ | — | $ | — | $ | 232 | |||||||||||||||||||||
Depreciation and amortization(1) | $ | — | $ | 71 | $ | 30 | $ | 6 | $ | 6 | $ | 7 | $ | 5 | $ | 6 | $ | 2 | $ | — | $ | 133 |
Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||
Investment | Automotive | Energy | Metals | Railcar | Gaming | Food Packaging | Real Estate | Home Fashion | Holding Company | Consolidated | |||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | 3,499 | $ | 4,573 | $ | 494 | $ | 226 | $ | — | $ | 181 | $ | 2 | $ | 96 | $ | — | $ | 9,071 | |||||||||||||||||||||
Other revenues from operations | — | — | — | — | 60 | 292 | — | 40 | — | — | 392 | ||||||||||||||||||||||||||||||||
Net gain from investment activities | 361 | — | — | — | 2 | — | — | — | — | (13 | ) | 350 | |||||||||||||||||||||||||||||||
Interest and dividend income | 72 | 1 | 1 | — | 1 | — | — | — | — | 1 | 76 | ||||||||||||||||||||||||||||||||
Other income (loss), net | 2 | (33 | ) | 105 | — | (2 | ) | — | (24 | ) | — | 1 | (1 | ) | 48 | ||||||||||||||||||||||||||||
435 | 3,467 | 4,679 | 494 | 287 | 292 | 157 | 42 | 97 | (13 | ) | 9,937 | ||||||||||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||||||||||
Cost of goods sold | — | 2,971 | 3,906 | 503 | 176 | — | 137 | 1 | 86 | — | 7,780 | ||||||||||||||||||||||||||||||||
Other expenses from operations | — | — | — | — | 36 | 145 | — | 24 | — | — | 205 | ||||||||||||||||||||||||||||||||
Selling, general and administrative | 40 | 374 | 68 | 14 | 15 | 117 | 23 | 6 | 16 | 9 | 682 | ||||||||||||||||||||||||||||||||
Restructuring | — | 16 | — | — | — | — | — | — | 1 | — | 17 | ||||||||||||||||||||||||||||||||
Impairment | — | 2 | — | — | — | 2 | — | 1 | — | — | 5 | ||||||||||||||||||||||||||||||||
Interest expense | 2 | 58 | 27 | — | 4 | 7 | 11 | 2 | — | 149 | 260 | ||||||||||||||||||||||||||||||||
42 | 3,421 | 4,001 | 517 | 231 | 271 | 171 | 34 | 103 | 158 | 8,949 | |||||||||||||||||||||||||||||||||
Income (loss) before income tax benefit (expense) | 393 | 46 | 678 | (23 | ) | 56 | 21 | (14 | ) | 8 | (6 | ) | (171 | ) | 988 | ||||||||||||||||||||||||||||
Income tax (expense) benefit | — | (24 | ) | (194 | ) | 10 | (26 | ) | (1 | ) | — | — | — | 18 | (217 | ) | |||||||||||||||||||||||||||
Net Income (loss) | 393 | 22 | 484 | (13 | ) | 30 | 20 | (14 | ) | 8 | (6 | ) | (153 | ) | 771 | ||||||||||||||||||||||||||||
Less: net (income) loss attributable to non-controlling interests | (232 | ) | (9 | ) | (177 | ) | — | (19 | ) | (7 | ) | 4 | — | — | — | (440 | ) | ||||||||||||||||||||||||||
Net income (loss) attributable to Icahn Enterprises | $ | 161 | $ | 13 | $ | 307 | $ | (13 | ) | $ | 11 | $ | 13 | $ | (10 | ) | $ | 8 | $ | (6 | ) | $ | (153 | ) | $ | 331 | |||||||||||||||||
Supplemental information: | |||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | $ | — | $ | 186 | $ | 115 | $ | 6 | $ | 156 | $ | 35 | $ | 9 | $ | 1 | $ | 1 | $ | — | $ | 509 | |||||||||||||||||||||
Depreciation and amortization(1) | $ | — | $ | 144 | $ | 101 | $ | 12 | $ | 15 | $ | 16 | $ | 11 | $ | 11 | $ | 4 | $ | — | $ | 314 |
Six Months Ended June 30, 2012 | |||||||||||||||||||||||||||||||||||||||||||
Investment | Automotive | Energy(2) | Metals | Railcar | Gaming | Food Packaging | Real Estate | Home Fashion | Holding Company | Consolidated | |||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | 3,468 | $ | 1,412 | $ | 635 | $ | 299 | $ | — | $ | 169 | $ | 3 | $ | 120 | $ | — | $ | 6,106 | |||||||||||||||||||||
Other revenues from operations | — | — | — | — | 37 | 319 | — | 40 | — | — | 396 | ||||||||||||||||||||||||||||||||
Net gain from investment activities | 330 | — | — | — | — | — | — | — | — | 27 | 357 | ||||||||||||||||||||||||||||||||
Interest and dividend income | 37 | 2 | — | — | 2 | — | — | — | — | 1 | 42 | ||||||||||||||||||||||||||||||||
Other (loss) income, net | (1 | ) | 13 | (2 | ) | 1 | — | (8 | ) | (2 | ) | 2 | 2 | 4 | 9 | ||||||||||||||||||||||||||||
366 | 3,483 | 1,410 | 636 | 338 | 311 | 167 | 45 | 122 | 32 | 6,910 | |||||||||||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||||||||||
Cost of goods sold | — | 2,937 | 1,261 | 642 | 244 | — | 130 | 1 | 109 | — | 5,324 | ||||||||||||||||||||||||||||||||
Other expenses from operations | — | — | — | — | 28 | 162 | — | 24 | — | — | 214 | ||||||||||||||||||||||||||||||||
Selling, general and administrative | 11 | 387 | 35 | 14 | 14 | 126 | 24 | 7 | 19 | 8 | 645 | ||||||||||||||||||||||||||||||||
Restructuring | — | 14 | — | — | — | — | — | — | 2 | — | 16 | ||||||||||||||||||||||||||||||||
Impairment | — | 29 | — | — | — | 2 | — | — | 3 | — | 34 | ||||||||||||||||||||||||||||||||
Interest expense | 2 | 71 | 10 | — | 10 | 6 | 10 | 2 | — | 135 | 246 | ||||||||||||||||||||||||||||||||
13 | 3,438 | 1,306 | 656 | 296 | 296 | 164 | 34 | 133 | 143 | 6,479 | |||||||||||||||||||||||||||||||||
Income (loss) before income tax (expense) benefit | 353 | 45 | 104 | (20 | ) | 42 | 15 | 3 | 11 | (11 | ) | (111 | ) | 431 | |||||||||||||||||||||||||||||
Income tax (expense) benefit | — | 20 | (35 | ) | 4 | (17 | ) | (1 | ) | (1 | ) | — | — | 161 | 131 | ||||||||||||||||||||||||||||
Income (loss) | 353 | 65 | 69 | (16 | ) | 25 | 14 | 2 | 11 | (11 | ) | 50 | 562 | ||||||||||||||||||||||||||||||
Less: net income attributable to non-controlling interests | (205 | ) | (19 | ) | (16 | ) | — | (11 | ) | (4 | ) | (1 | ) | — | — | — | (256 | ) | |||||||||||||||||||||||||
Net income (loss) attributable to Icahn Enterprises | $ | 148 | $ | 46 | $ | 53 | $ | (16 | ) | $ | 14 | $ | 10 | $ | 1 | $ | 11 | $ | (11 | ) | $ | 50 | $ | 306 | |||||||||||||||||||
Supplemental information: | |||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | $ | — | $ | 223 | $ | 31 | $ | 9 | $ | 119 | $ | 23 | $ | 23 | $ | 1 | $ | — | $ | — | $ | 429 | |||||||||||||||||||||
Depreciation and amortization(1) | $ | — | $ | 140 | $ | 30 | $ | 12 | $ | 11 | $ | 16 | $ | 9 | $ | 11 | $ | 4 | $ | — | $ | 233 |
(1) | Excludes amounts related to the amortization of deferred financing costs and debt discounts and premiums included in interest expense in the amounts of $7 million and $12 million for the three months ended June 30, 2013 and 2012, respectively, and $16 million and $20 million for the six months ended June 30, 2013 and 2012, respectively. |
(2) | Energy segment results are for the period May 5, 2012 through June 30, 2012. |
June 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||
Investment | Automotive | Energy | Metals | Railcar | Gaming | Food Packaging | Real Estate | Home Fashion | Holding Company | Consolidated | |||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 4 | $ | 375 | $ | 1,135 | $ | 14 | $ | 97 | $ | 244 | $ | 16 | $ | 33 | $ | 10 | $ | 1,412 | $ | 3,340 | |||||||||||||||||||||
Cash held at consolidated affiliated partnerships and restricted cash | 984 | — | — | 4 | 6 | 15 | 1 | 3 | 9 | 613 | 1,635 | ||||||||||||||||||||||||||||||||
Investments | 9,123 | 255 | 21 | — | 42 | 34 | — | — | 14 | 115 | 9,604 | ||||||||||||||||||||||||||||||||
Accounts receivable, net | — | 1,493 | 277 | 87 | 39 | 14 | 67 | 3 | 37 | — | 2,017 | ||||||||||||||||||||||||||||||||
Inventories, net | — | 1,101 | 589 | 111 | 93 | — | 72 | — | 63 | — | 2,029 | ||||||||||||||||||||||||||||||||
Property, plant and equipment, net | — | 1,936 | 2,653 | 136 | 566 | 440 | 154 | 660 | 80 | 3 | 6,628 | ||||||||||||||||||||||||||||||||
Goodwill and intangible assets, net | — | 1,760 | 1,317 | 10 | 7 | 67 | 11 | 73 | 3 | — | 3,248 | ||||||||||||||||||||||||||||||||
Other assets | 23 | 374 | 145 | 33 | 24 | 52 | 35 | 17 | 21 | 19 | 743 | ||||||||||||||||||||||||||||||||
Total assets | $ | 10,134 | $ | 7,294 | $ | 6,137 | $ | 395 | $ | 874 | $ | 866 | $ | 356 | $ | 789 | $ | 237 | $ | 2,162 | $ | 29,244 | |||||||||||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | $ | 712 | $ | 1,944 | $ | 1,579 | $ | 67 | $ | 155 | $ | 130 | $ | 77 | $ | 19 | $ | 32 | $ | 339 | $ | 5,054 | |||||||||||||||||||||
Securities sold, not yet purchased, at fair value | 667 | — | — | — | — | — | — | — | — | — | 667 | ||||||||||||||||||||||||||||||||
Due to brokers | 2,414 | — | — | — | — | — | — | — | — | — | 2,414 | ||||||||||||||||||||||||||||||||
Post-employment benefit liability | — | 1,342 | — | 3 | 9 | — | 64 | — | — | — | 1,418 | ||||||||||||||||||||||||||||||||
Debt | — | 2,849 | 677 | 3 | 198 | 170 | 215 | 53 | — | 4,080 | 8,245 | ||||||||||||||||||||||||||||||||
Total liabilities | 3,793 | 6,135 | 2,256 | 73 | 362 | 300 | 356 | 72 | 32 | 4,419 | 17,798 | ||||||||||||||||||||||||||||||||
Equity attributable to Icahn Enterprises | 2,543 | 820 | 2,179 | 322 | 335 | 392 | — | 717 | 205 | (2,257 | ) | 5,256 | |||||||||||||||||||||||||||||||
Equity attributable to non-controlling interests | 3,798 | 339 | 1,702 | — | 177 | 174 | — | — | — | — | 6,190 | ||||||||||||||||||||||||||||||||
Total equity | 6,341 | 1,159 | 3,881 | 322 | 512 | 566 | — | 717 | 205 | (2,257 | ) | 11,446 | |||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 10,134 | $ | 7,294 | $ | 6,137 | $ | 395 | $ | 874 | $ | 866 | $ | 356 | $ | 789 | $ | 237 | $ | 2,162 | $ | 29,244 |
December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||
Investment | Automotive | Energy | Metals | Railcar | Gaming | Food Packaging | Real Estate | Home Fashion | Holding Company | Consolidated | |||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 14 | $ | 467 | $ | 896 | $ | 14 | $ | 207 | $ | 243 | $ | 31 | $ | 87 | $ | 67 | $ | 1,045 | $ | 3,071 | |||||||||||||||||||||
Cash held at consolidated affiliated partnerships and restricted cash | 1,386 | — | — | 4 | 3 | 15 | 1 | 2 | 6 | 2 | 1,419 | ||||||||||||||||||||||||||||||||
Investments | 5,084 | 240 | — | — | 57 | 35 | — | — | 14 | 61 | 5,491 | ||||||||||||||||||||||||||||||||
Accounts receivable, net | — | 1,375 | 211 | 102 | 37 | 13 | 62 | 5 | 36 | — | 1,841 | ||||||||||||||||||||||||||||||||
Inventories, net | — | 1,074 | 528 | 122 | 110 | — | 61 | — | 60 | — | 1,955 | ||||||||||||||||||||||||||||||||
Property, plant and equipment, net | — | 1,971 | 2,648 | 142 | 426 | 431 | 154 | 665 | 83 | 3 | 6,523 | ||||||||||||||||||||||||||||||||
Goodwill and intangible assets, net | — | 1,782 | 1,327 | 11 | 7 | 68 | 12 | 78 | 3 | — | 3,288 | ||||||||||||||||||||||||||||||||
Other assets | 109 | 373 | 133 | 22 | 15 | 47 | 34 | 15 | 22 | 198 | 968 | ||||||||||||||||||||||||||||||||
Total assets | $ | 6,593 | $ | 7,282 | $ | 5,743 | $ | 417 | $ | 862 | $ | 852 | $ | 355 | $ | 852 | $ | 291 | $ | 1,309 | $ | 24,556 | |||||||||||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | $ | 152 | $ | 1,859 | $ | 1,535 | $ | 73 | $ | 156 | $ | 134 | $ | 74 | $ | 18 | $ | 35 | $ | 178 | $ | 4,214 | |||||||||||||||||||||
Securities sold, not yet purchased, at fair value | 533 | — | — | — | — | — | — | — | — | — | 533 | ||||||||||||||||||||||||||||||||
Due to brokers | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Post-employment benefit liability | — | 1,409 | — | 3 | 10 | — | 66 | — | — | — | 1,488 | ||||||||||||||||||||||||||||||||
Debt | — | 2,805 | 926 | 3 | 275 | 171 | 215 | 71 | — | 4,082 | 8,548 | ||||||||||||||||||||||||||||||||
Total liabilities | 685 | 6,073 | 2,461 | 79 | 441 | 305 | 355 | 89 | 35 | 4,260 | 14,783 | ||||||||||||||||||||||||||||||||
Equity attributable to Icahn Enterprises | 2,387 | 860 | 2,383 | 338 | 257 | 379 | (3 | ) | 763 | 256 | (2,951 | ) | 4,669 | ||||||||||||||||||||||||||||||
Equity attributable to non-controlling interests | 3,521 | 349 | 899 | — | 164 | 168 | 3 | — | — | — | 5,104 | ||||||||||||||||||||||||||||||||
Total equity | 5,908 | 1,209 | 3,282 | 338 | 421 | 547 | — | 763 | 256 | (2,951 | ) | 9,773 | |||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 6,593 | $ | 7,282 | $ | 5,743 | $ | 417 | $ | 862 | $ | 852 | $ | 355 | $ | 852 | $ | 291 | $ | 1,309 | $ | 24,556 |
Three Months Ended June 30, | |||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||
Interest Expense | Net Income (Loss) | Net Income (Loss) Attributable to Icahn Enterprises Holdings | Interest Expense | Net Income (Loss) | Net Income (Loss) Attributable to Icahn Enterprises Holdings | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Investment | $ | 2 | $ | (182 | ) | $ | (72 | ) | $ | — | $ | 287 | $ | 116 | |||||||||
Automotive | 27 | 56 | 42 | 35 | 31 | 22 | |||||||||||||||||
Energy | 12 | 262 | 156 | 10 | 69 | 53 | |||||||||||||||||
Metals | — | (7 | ) | (7 | ) | — | (14 | ) | (14 | ) | |||||||||||||
Railcar | 1 | 21 | 10 | 5 | 13 | 7 | |||||||||||||||||
Gaming | 3 | 16 | 10 | 4 | 4 | 2 | |||||||||||||||||
Food Packaging | 6 | (17 | ) | (12 | ) | 5 | 1 | 1 | |||||||||||||||
Real Estate | 1 | 3 | 3 | 1 | 6 | 6 | |||||||||||||||||
Home Fashion | — | (3 | ) | (3 | ) | — | (2 | ) | (2 | ) | |||||||||||||
Holding Company | 74 | (73 | ) | (73 | ) | 69 | 66 | 66 | |||||||||||||||
Consolidated | $ | 126 | $ | 76 | $ | 54 | $ | 129 | $ | 461 | $ | 257 |
Six Months Ended June 30, | June 30, | December 31, | |||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||
Interest Expense | Net Income (Loss) | Net Income (Loss) 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 | $ | 2 | $ | 393 | $ | 161 | $ | 2 | $ | 353 | $ | 148 | $ | 10,134 | $ | 6,593 | |||||||||||||||
Automotive | 58 | 22 | 13 | 71 | 65 | 46 | 7,294 | 7,282 | |||||||||||||||||||||||
Energy | 27 | 484 | 307 | 10 | 69 | 53 | 6,137 | 5,743 | |||||||||||||||||||||||
Metals | — | (13 | ) | (13 | ) | — | (16 | ) | (16 | ) | 395 | 417 | |||||||||||||||||||
Railcar | 4 | 30 | 11 | 10 | 25 | 14 | 874 | 862 | |||||||||||||||||||||||
Gaming | 7 | 20 | 13 | 6 | 14 | 10 | 866 | 852 | |||||||||||||||||||||||
Food Packaging | 11 | (14 | ) | (10 | ) | 10 | 2 | 1 | 356 | 355 | |||||||||||||||||||||
Real Estate | 2 | 8 | 8 | 2 | 11 | 11 | 789 | 852 | |||||||||||||||||||||||
Home Fashion | — | (6 | ) | (6 | ) | — | (11 | ) | (11 | ) | 237 | 291 | |||||||||||||||||||
Holding Company | 149 | (153 | ) | (153 | ) | 135 | 50 | 50 | 2,178 | 1,323 | |||||||||||||||||||||
Consolidated | $ | 260 | $ | 771 | $ | 331 | $ | 246 | $ | 562 | $ | 306 | $ | 29,260 | $ | 24,570 |
14. | Income Taxes. |
15. | Changes in Accumulated Other Comprehensive Loss. |
Post-Employment Benefits, Net of Tax | Hedge Instruments, Net of Tax | Translation Adjustments and Other, Net of Tax | Total | ||||||||||||
(in millions) | |||||||||||||||
Balance at December 31, 2012 | $ | (639 | ) | $ | (34 | ) | $ | (309 | ) | $ | (982 | ) | |||
Other comprehensive income (loss) before reclassifications, net of tax | 12 | (7 | ) | (78 | ) | (73 | ) | ||||||||
Reclassifications from accumulated other comprehensive loss to earnings(1) | (6 | ) | 10 | (2 | ) | 2 | |||||||||
Other comprehensive income (loss), net of tax | 6 | 3 | (80 | ) | (71 | ) | |||||||||
Balance at June 30, 2013 | $ | (633 | ) | $ | (31 | ) | $ | (389 | ) | $ | (1,053 | ) |
16. | Other Income (Loss), Net. |
Three Months Ended June 30, | |||||||
2013 | 2012 | ||||||
(in millions) | |||||||
Realized and unrealized gain (loss) on derivatives, net | $ | 120 | $ | (3 | ) | ||
Tax settlement loss | (23 | ) | — | ||||
Dividend expense related to securities sold, not yet purchased | — | (1 | ) | ||||
Loss on disposition of assets | (5 | ) | (2 | ) | |||
Equity earnings from non-consolidated affiliates | 9 | 13 | |||||
Foreign currency translation loss | (4 | ) | (5 | ) | |||
Other | (3 | ) | (3 | ) | |||
$ | 94 | $ | (1 | ) |
Six Months Ended June 30, | |||||||
2013 | 2012 | ||||||
(in millions) | |||||||
Gain (loss) on extinguishment of debt | $ | 5 | $ | (2 | ) | ||
Realized and unrealized gain (loss) on derivatives, net | 100 | (3 | ) | ||||
Tax settlement loss | (23 | ) | — | ||||
Dividend expense related to securities sold, not yet purchased | — | (3 | ) | ||||
(Loss) gain on disposition of assets | (52 | ) | 1 | ||||
Equity earnings from non-consolidated affiliates | 17 | 24 | |||||
Foreign currency translation loss | (2 | ) | (7 | ) | |||
Other | 3 | (1 | ) | ||||
$ | 48 | $ | 9 |
17. | Commitments and Contingencies. |
18. | Subsequent Events. |
Revenues | Net Income (Loss) | Net Income (Loss) Attributable to Icahn Enterprises/ Icahn Enterprises Holdings | |||||||||||||||||||||
Three Months Ended June 30, | Three Months Ended June 30, | Three Months Ended June 30, | |||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Investment | $ | (168 | ) | $ | 295 | $ | (182 | ) | $ | 287 | $ | (72 | ) | $ | 116 | ||||||||
Automotive | 1,787 | 1,709 | 56 | 31 | 42 | 22 | |||||||||||||||||
Energy(1) | 2,341 | 1,410 | 262 | 69 | 156 | 53 | |||||||||||||||||
Metals | 230 | 304 | (7 | ) | (14 | ) | (7 | ) | (14 | ) | |||||||||||||
Railcar | 149 | 156 | 21 | 13 | 10 | 7 | |||||||||||||||||
Gaming | 149 | 158 | 16 | 4 | 10 | 2 | |||||||||||||||||
Food Packaging | 69 | 84 | (17 | ) | 1 | (12 | ) | 1 | |||||||||||||||
Real Estate | 21 | 24 | 3 | 6 | 3 | 6 | |||||||||||||||||
Home Fashion | 51 | 65 | (3 | ) | (2 | ) | (3 | ) | (2 | ) | |||||||||||||
Holding Company | (11 | ) | 21 | (73 | ) | 66 | (73 | ) | 66 | ||||||||||||||
$ | 4,618 | $ | 4,226 | $ | 76 | $ | 461 | $ | 54 | $ | 257 |
Revenues | Net Income (Loss) | Net Income (Loss) Attributable to Icahn Enterprises/ Icahn Enterprises Holdings | |||||||||||||||||||||
Six Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Investment | $ | 435 | $ | 366 | $ | 393 | $ | 353 | $ | 161 | $ | 148 | |||||||||||
Automotive | 3,467 | 3,483 | 22 | 65 | 13 | 46 | |||||||||||||||||
Energy(1) | 4,679 | 1,410 | 484 | 69 | 307 | 53 | |||||||||||||||||
Metals | 494 | 636 | (13 | ) | (16 | ) | (13 | ) | (16 | ) | |||||||||||||
Railcar | 287 | 338 | 30 | 25 | 11 | 14 | |||||||||||||||||
Gaming | 292 | 311 | 20 | 14 | 13 | 10 | |||||||||||||||||
Food Packaging | 157 | 167 | (14 | ) | 2 | (10 | ) | 1 | |||||||||||||||
Real Estate | 42 | 45 | 8 | 11 | 8 | 11 | |||||||||||||||||
Home Fashion | 97 | 122 | (6 | ) | (11 | ) | (6 | ) | (11 | ) | |||||||||||||
Holding Company | (13 | ) | 32 | (153 | ) | 50 | (153 | ) | 50 | ||||||||||||||
$ | 9,937 | $ | 6,910 | $ | 771 | $ | 562 | $ | 331 | $ | 306 |
(1) | We consolidated CVR effective May 4, 2012. |
Returns | |||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||
Investment Funds | -2.8 | % | 5.2 | % | 6.7 | % | 6.2 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
(in millions) | |||||||||||||||
Net sales | $ | 1,786 | $ | 1,704 | $ | 3,499 | $ | 3,468 | |||||||
Cost of goods sold | 1,506 | 1,450 | 2,971 | 2,937 | |||||||||||
Gross margin | $ | 280 | $ | 254 | $ | 528 | $ | 531 |
Three Months Ended June 30, 2013 | Period May 5, 2012 through June 30, 2012 | ||||||||||||||||||||||
Petroleum | Fertilizer | Total | Petroleum | Fertilizer | Total | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Net sales | $ | 2,132 | $ | 89 | $ | 2,221 | $ | 1,363 | $ | 49 | $ | 1,412 | |||||||||||
Cost of goods sold | 1,890 | 49 | 1,939 | 1,214 | 24 | 1,238 | |||||||||||||||||
Gross margin | $ | 242 | $ | 40 | $ | 282 | $ | 149 | $ | 25 | $ | 174 |
Six Months Ended June 30, 2013 | |||||||||||
Petroleum | Fertilizer | Total | |||||||||
(in millions) | |||||||||||
Net sales | $ | 4,403 | $ | 170 | $ | 4,573 | |||||
Cost of goods sold | 3,815 | 91 | 3,906 | ||||||||
Gross margin | $ | 588 | $ | 79 | $ | 667 |
Three Months Ended June 30, 2013 | Six Months Ended June 30, 2013 | Period May 5, 2012 through June 30, 2012 | |||||||||
(in millions, except barrels metrics) | |||||||||||
Net sales | $ | 2,132 | $ | 4,403 | $ | 1,363 | |||||
Cost of goods sold | 1,890 | 3,815 | 1,214 | ||||||||
Gross margin | 242 | 588 | 149 | ||||||||
Add back: | |||||||||||
Direct operating expenses | 84 | 170 | 47 | ||||||||
Depreciation and amortization | 35 | 71 | 21 | ||||||||
Refining margin | 361 | 829 | 217 | ||||||||
FIFO impacts (favorable), unfavorable | (24 | ) | (29 | ) | 99 | ||||||
Refining margin adjusted for FIFO impacts | $ | 337 | $ | 800 | $ | 316 | |||||
Gross margin per barrel | $ | 13.76 | $ | 16.75 | $ | 13.50 | |||||
Refining margin per barrel | 20.56 | 23.63 | 19.89 | ||||||||
Refining margin per barrel adjusted for FIFO impacts | 19.18 | 22.80 | 28.85 | ||||||||
Total crude oil throughput (barrels per day) | 193,201 | 194,003 | 193,639 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
(in millions) | |||||||||||||||
Net sales | $ | 230 | $ | 303 | $ | 494 | $ | 635 | |||||||
Cost of goods sold | 236 | 311 | 503 | 642 | |||||||||||
Gross margin | $ | (6 | ) | $ | (8 | ) | $ | (9 | ) | $ | (7 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2013 | 2012 | 2013 | 2012 | ||||
(in 000s) | |||||||
Ferrous tons sold | 358 | 433 | 734 | 888 | |||
Non-ferrous pounds sold | 59,721 | 62,871 | 127,356 | 123,795 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
(in millions) | |||||||||||||||
Net Sales/Other Revenues From Operations: | |||||||||||||||
Manufacturing | $ | 178 | $ | 219 | $ | 406 | $ | 431 | |||||||
Railcar Leasing | 15 | 3 | 25 | 4 | |||||||||||
Railcar Services | 19 | 17 | 35 | 33 | |||||||||||
Eliminations | (62 | ) | (84 | ) | (180 | ) | (132 | ) | |||||||
$ | 150 | $ | 155 | $ | 286 | $ | 336 | ||||||||
Cost of Goods Sold/Other Expenses From Operations: | |||||||||||||||
Manufacturing | $ | 134 | $ | 177 | $ | 316 | $ | 353 | |||||||
Railcar Leasing | 5 | 1 | 9 | 2 | |||||||||||
Railcar Services | 14 | 13 | 27 | 26 | |||||||||||
Eliminations | (44 | ) | (70 | ) | (140 | ) | (109 | ) | |||||||
$ | 109 | $ | 121 | $ | 212 | $ | 272 | ||||||||
Gross Margin: | |||||||||||||||
Manufacturing | $ | 44 | $ | 42 | $ | 90 | $ | 78 | |||||||
Railcar Leasing | 10 | 2 | 16 | 2 | |||||||||||
Railcar Services | 5 | 4 | 8 | 7 | |||||||||||
Eliminations | (18 | ) | (14 | ) | (40 | ) | (23 | ) | |||||||
$ | 41 | $ | 34 | $ | 74 | $ | 64 |
Icahn Enterprises | Icahn Enterprises Holdings | ||||||||||||||
March 31, 2013 | December 31, 2012 | March 31, 2013 | December 31, 2012 | ||||||||||||
(in millions) | (in millions) | ||||||||||||||
8% senior unsecured notes due 2018 - Icahn Enterprises/Icahn Enterprises Holdings | $ | 2,474 | $ | 2,476 | $ | 2,471 | $ | 2,471 | |||||||
7.75% senior unsecured notes due 2016 - Icahn Enterprises/Icahn Enterprises Holdings | 1,050 | 1,050 | 1,047 | 1,047 | |||||||||||
Senior unsecured variable rate convertible notes due 2013 - Icahn Enterprises/Icahn Enterprises Holdings | 556 | 556 | 556 | 556 | |||||||||||
Debt facilities - Automotive | 2,739 | 2,738 | 2,739 | 2,738 | |||||||||||
Debt facilities - Energy | 500 | 749 | 500 | 749 | |||||||||||
Credit facilities - Energy | 125 | 125 | 125 | 125 | |||||||||||
Senior unsecured notes and secured term loan facility - Railcar | 198 | 275 | 198 | 275 | |||||||||||
Credit facilities - Gaming | 170 | 171 | 170 | 171 | |||||||||||
Senior secured notes and revolving credit facility - Food Packaging | 214 | 214 | 214 | 214 | |||||||||||
Mortgages payable - Real Estate | 51 | 70 | 51 | 70 | |||||||||||
Other | 168 | 124 | 168 | 124 | |||||||||||
$ | 8,245 | $ | 8,548 | $ | 8,239 | $ | 8,540 |
Six Months Ended June 30, 2013 | June 30, 2013 | ||||||||||||||
Net Cash Provided By (Used In) | |||||||||||||||
Operating Activities | Investing Activities | Financing Activities | Cash and Cash Equivalents | ||||||||||||
(in millions) | |||||||||||||||
Investment | $ | (50 | ) | $ | — | $ | 45 | $ | 4 | ||||||
Automotive | 116 | (215 | ) | 26 | 375 | ||||||||||
Energy | 373 | (115 | ) | 744 | 1,135 | ||||||||||
Metals | 6 | (6 | ) | — | 14 | ||||||||||
Railcar | 46 | (142 | ) | (82 | ) | 97 | |||||||||
Gaming | 34 | (32 | ) | (1 | ) | 244 | |||||||||
Food Packaging | (18 | ) | (9 | ) | — | 16 | |||||||||
Real Estate | 21 | (1 | ) | (19 | ) | 33 | |||||||||
Home Fashion | (15 | ) | 3 | — | 10 | ||||||||||
Holding Company | (79 | ) | (46 | ) | (296 | ) | 1,412 | ||||||||
$ | 434 | $ | (563 | ) | $ | 417 | $ | 3,340 |
• | Effectively transfer liabilities, contracts, facilities and employees to any purchaser; |
• | Identify and separate the assets (including intangible assets) to be divested from those that it wishes to retain; |
• | Reduce fixed costs previously associated with the divested assets or business; and |
• | Collect the proceeds from any divestitures. |
Exhibit No. | Description | |
15.1 | Letter of Grant Thornton LLP regarding unaudited interim financial information. | |
15.2 | Letter of KPMG LLP regarding unaudited interim financial information. | |
31.1 | Certification of Chief Executive Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002 and Rule 13a-14(a) of the Securities Exchange Act of 1934. | |
31.2 | Certification of Chief Financial Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002 and Rule 13a-14(a) of the Securities Exchange Act of 1934. | |
31.3 | Certification of Chief Executive Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002 and Rule 13a-14(a) of the Securities Exchange Act of 1934. | |
31.4 | Certification of Chief Financial Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002 and Rule 13a-14(a) of the Securities Exchange Act of 1934. | |
32.1 | Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350) and Rule 13a-14(b) of the Securities Exchange Act of 1934. | |
32.2 | Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350) and Rule 13a-14(b) of the Securities Exchange Act of 1934. | |
32.3 | Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350) and Rule 13a-14(b) of the Securities Exchange Act of 1934. | |
32.4 | Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350) and Rule 13a-14(b) of the Securities Exchange Act of 1934. | |
Exhibit 101(1) | The following financial information from Icahn Enterprises' and Icahn Enterprises Holdings' Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013, formatted in XBRL (Extensible Business Reporting Language) includes: (i) the Consolidated Balance Sheets as of June 30, 2013 and December 31, 2012, (ii) the Consolidated Statements of Operations for the three and six months ended June 30, 2013 and 2012, (iii) the Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2013 and 2012,(iv) the Consolidated Statements of Changes in Equity for the six months ended June 30, 2013, (v) the Consolidated Statements of Cash Flows for the three and six months ended June 30, 2013 and 2012 and (vi) the Notes to the Consolidated Financial Statements. |
(1) | Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, or deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections. |
Icahn Enterprises L.P. |
By: | Icahn Enterprises G.P. Inc., its general partner |
By: | /s/SungHwan Cho | |
SungHwan Cho, Chief Financial Officer and Director |
By: | Icahn Enterprises G.P. Inc., its general partner |
By: | /s/Peter Reck | |
Peter Reck, Chief Accounting Officer |
Icahn Enterprises Holdings L.P. |
By: | Icahn Enterprises G.P. Inc., its general partner |
By: | /s/SungHwan Cho | |
SungHwan Cho, Chief Financial Officer and Director |
By: | Icahn Enterprises G.P. Inc., its general partner |
By: | /s/Peter Reck | |
Peter Reck, Chief Accounting Officer |
/s/Daniel A. Ninivaggi |
Daniel A. Ninivaggi |
President, Chief Executive Officer and Director of Icahn Enterprises G.P. Inc., the general partner of Icahn Enterprises L.P. |
/s/SungHwan Cho |
SungHwan Cho |
Chief Financial Officer and Director of Icahn Enterprises G.P. Inc., the general partner of Icahn Enterprises L.P. |
/s/Daniel A. Ninivaggi |
Daniel A. Ninivaggi |
President, Chief Executive Officer and Director of Icahn Enterprises G.P. Inc., the general partner of Icahn Enterprises Holdings L.P. |
/s/SungHwan Cho |
SungHwan Cho |
Chief Financial Officer and Director of Icahn Enterprises G.P. Inc., the general partner of Icahn Enterprises Holdings L.P. |
/s/Daniel A. Ninivaggi |
Daniel A. Ninivaggi |
President, Chief Executive Officer and Director of Icahn Enterprises G.P. Inc., the general partner of Icahn Enterprises L.P. |
/s/SungHwan Cho |
SungHwan Cho |
Chief Financial Officer of Icahn Enterprises G.P. Inc., the general partner of Icahn Enterprises L.P. |
/s/Daniel A. Ninivaggi |
Daniel A. Ninivaggi |
President, Chief Executive Officer and Director of Icahn Enterprises G.P. Inc., the general partner of Icahn Enterprises Holdings L.P. |
/s/SungHwan Cho |
SungHwan Cho |
Chief Financial Officer of Icahn Enterprises G.P. Inc., the general partner of Icahn Enterprises Holdings L.P. |
Subsequent Events (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified |
0 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Feb. 11, 2013
Depositary units [Member]
|
Aug. 06, 2013
Depositary units [Member]
Limited partners
Dividend Declared [Member]
|
Apr. 29, 2013
Depositary units [Member]
Limited partners
Dividend Declared [Member]
|
Jul. 11, 2013
Federal-Mogul [Member]
|
Jun. 30, 2013
Federal-Mogul [Member]
|
Aug. 01, 2013
2020 Notes [Member]
Senior unsecured notes [Member]
|
|
Subsequent Event [Line Items] | ||||||
Distribution declared per depositary unit | $ 1.00 | $ 1.25 | $ 1.00 | |||
Term Loan Facility | $ 500 | |||||
Proceeds from issuance of subsidiary equity | 500 | |||||
Purchase of addtional subsidiary equity by parent company | 434 | |||||
Percentage of equity ownership in subsidiary | 80.70% | 77.60% | ||||
Defined Benefit Plan, Funded Status of Plan | $ (639) |
Debt Narrative - Other (Details) (Revolving Credit Facility [Member], Home Fashion Segment [Member], Secured Debt [Member], USD $)
|
Oct. 15, 2012
|
---|---|
Revolving Credit Facility [Member] | Home Fashion Segment [Member] | Secured Debt [Member]
|
|
Debt Instrument [Line Items] | |
Senior credit facility | $ 10,000,000 |
Line of credit facility, outstanding borowings | $ 6,000,000 |
Net Income Per LP Unit (Details) (USD $)
In Millions, except Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jul. 05, 2013
Depositary units [Member]
|
Apr. 16, 2013
Depositary units [Member]
|
Feb. 11, 2013
Depositary units [Member]
|
Jun. 30, 2013
Depositary units [Member]
|
Jun. 30, 2013
Icahn Enterprises G.P. [Member]
|
Aug. 05, 2013
Principal Owners and Affiliates [Member]
|
Jun. 30, 2013
Principal Owners and Affiliates [Member]
|
Jun. 12, 2013
Limited partners
Depositary units [Member]
|
Feb. 28, 2013
Limited partners
Depositary units [Member]
|
Jun. 30, 2013
Limited partners
Depositary units [Member]
|
Jun. 30, 2013
General partner
|
Aug. 06, 2013
Dividend Declared [Member]
Limited partners
Depositary units [Member]
|
Apr. 29, 2013
Dividend Declared [Member]
Limited partners
Depositary units [Member]
|
|||||||
Earnings Per LP Unit [Line Items] | |||||||||||||||||||||||
Net income attributable to Icahn Enterprises | $ 54 | $ 257 | $ 331 | $ 306 | |||||||||||||||||||
Less: Net income attributable to Icahn Enterprises allocable to general partner(1) | 0 | [1] | (3) | [1] | 0 | [1] | (3) | [1] | |||||||||||||||
Net income attributable to Icahn Enterprises net of portion allocable 100% to general partner | 54 | 254 | 331 | 303 | |||||||||||||||||||
Net income attributable to Icahn Enterprises allocable to limited partners (98.01% allocation) | 53 | 249 | 324 | 297 | |||||||||||||||||||
Basic income per LP unit | $ 0.48 | $ 2.44 | $ 3.00 | $ 2.97 | |||||||||||||||||||
Basic weighted average LP units outstanding | 110,000,000 | 102,000,000 | 108,000,000 | 100,000,000 | |||||||||||||||||||
Dilutive effect of variable rate convertible notes (income) | 5 | 2 | 11 | ||||||||||||||||||||
Dilutive effect of variable rate convertible notes (units) | 5,000,000 | 1,000,000 | 5,000,000 | ||||||||||||||||||||
Dilutive effect of unit distribution declared (income) | 0 | 0 | |||||||||||||||||||||
Dilutive effect of unit distribution declared (units) | 1,000,000 | 0 | |||||||||||||||||||||
Diluted income per LP unit | $ 0.48 | $ 2.37 | $ 2.99 | $ 2.93 | |||||||||||||||||||
Diluted weighted average LP units outstanding | 111,000,000 | 107,000,000 | 109,000,000 | 105,000,000 | |||||||||||||||||||
Units issues in connection with equity offering (ones) | 1,600,000 | 3,174,604 | |||||||||||||||||||||
Equity offering per share amount (ones) | $ 75.54 | $ 63.00 | |||||||||||||||||||||
Underwriter option to purchase additional depositary units | 240,000 | 476,191 | |||||||||||||||||||||
Proceeds from equity offering | 1,242 | 0 | 311 | ||||||||||||||||||||
Proceeds from equity offerings | 317 | 510 | 6 | ||||||||||||||||||||
General partner ownership percentage in Icahn Enterprises | 1.00% | ||||||||||||||||||||||
Distribution declared per depositary unit | $ 1.00 | $ 1.25 | $ 1.00 | ||||||||||||||||||||
Distribution Made to Limited Partner, Unit Distribution | 1,237,191 | 1,521,946 | |||||||||||||||||||||
Affiliate ownership interest in Icahn Enterprises | 89.40% | 89.30% | |||||||||||||||||||||
Distribution payable | $ 110 | ||||||||||||||||||||||
|
Property, Plant and Equipment, Net
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Net | Property, Plant and Equipment, Net. Property, plant and equipment, net consists of the following:
Depreciation and amortization expense related to property, plant and equipment for the three months ended June 30, 2013 and 2012 was $139 million and $115 million, respectively. Depreciation and amortization expense related to property, plant and equipment for the six months ended June 30, 2013 and 2012 was $273 million and $200 million, respectively. |
Fair Value Measurements Other Segments Fair Value (Details) (USD $)
In Millions, unless otherwise specified |
6 Months Ended | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
Other Segments and Holding Company [Member]
Recurring measurement [Member]
Level 1 [Member]
|
Dec. 31, 2012
Other Segments and Holding Company [Member]
Recurring measurement [Member]
Level 1 [Member]
|
Jun. 30, 2013
Other Segments and Holding Company [Member]
Recurring measurement [Member]
Level 2 [Member]
|
Dec. 31, 2012
Other Segments and Holding Company [Member]
Recurring measurement [Member]
Level 2 [Member]
|
Jun. 30, 2013
Other Segments and Holding Company [Member]
Recurring measurement [Member]
Level 3 [Member]
|
Dec. 31, 2012
Other Segments and Holding Company [Member]
Recurring measurement [Member]
Level 3 [Member]
|
Jun. 30, 2013
Other Segments and Holding Company [Member]
Recurring measurement [Member]
Total fair value [Member]
|
Dec. 31, 2012
Other Segments and Holding Company [Member]
Recurring measurement [Member]
Total fair value [Member]
|
Jun. 30, 2013
Property, plant and equipment
|
Jun. 30, 2012
Property, plant and equipment
|
Jun. 30, 2013
Intangible assets
|
Jun. 30, 2012
Intangible assets
|
|||||||||||||
Assets [Abstract] | ||||||||||||||||||||||||
Marketable equity and debt securities | $ 22 | $ 1 | $ 0 | $ 0 | $ 0 | $ 0 | $ 22 | $ 1 | ||||||||||||||||
Trading securities | 0 | 0 | 0 | 0 | 114 | 60 | 114 | 60 | ||||||||||||||||
Derivative contracts, at fair value (asset) | 0 | [1] | 0 | [1] | 71 | [1] | 1 | [1] | 0 | [1] | 21 | [1] | 71 | [1] | 22 | [1] | ||||||||
Fair value of investment and derivative assets | 22 | 1 | 71 | 1 | 114 | 81 | 207 | 83 | ||||||||||||||||
Fair Value of Level 3 Asset | 23 | 29 | 0 | 62 | ||||||||||||||||||||
Recognized Impairment | 5 | 19 | 0 | 15 | ||||||||||||||||||||
Liabilities [Abstract] | ||||||||||||||||||||||||
Other liabilities | 0 | 0 | 43 | 1 | 0 | 0 | 43 | 1 | ||||||||||||||||
Derivative contracts at fair value (liability) | 0 | [2] | 0 | [2] | 12 | [2] | 89 | [2] | 0 | [2] | 0 | [2] | 12 | [2] | 89 | [2] | ||||||||
Fair value of derivative and other liabilities | $ 0 | $ 0 | $ 55 | $ 90 | $ 0 | $ 0 | $ 55 | $ 90 | ||||||||||||||||
|
Operating Units
|
6 Months Ended |
---|---|
Jun. 30, 2013
|
|
Operating Units [Abstract] | |
Operating Units | Operating Units. Investment Our Investment segment is comprised of various private investment funds, including Icahn Partners L.P. ("Icahn Partners"), Icahn Partners Master Fund LP, Icahn Partners Master Fund II LP and Icahn Partners Master Fund III LP (collectively, the "Master Funds", and together with Icahn Partners, 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 and the Master Funds, 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 $2.5 billion and $2.4 billion as of June 30, 2013 and December 31, 2012, respectively. Mr. Icahn and his affiliates (excluding Icahn Enterprises and Icahn Enterprises Holdings) had direct investments in the Investment Funds of approximately $3.8 billion and $3.5 billion as of June 30, 2013, and December 31, 2012, respectively. Automotive We conduct our Automotive segment through our majority ownership in Federal-Mogul. Federal-Mogul is a leading global supplier of technology and innovation in vehicle and industrial products for fuel economy, emissions reduction and safety systems. Federal-Mogul serves the world's foremost original equipment manufacturers (“OEM”) and servicers (“OES”) (collectively “OE”) of automotive, light, medium and heavy-duty commercial vehicles, off-road, agricultural, marine, rail, aerospace, power generation and industrial equipment, as well as the worldwide aftermarket. Effective September 1, 2012, Federal-Mogul began operating as two end-customer focused business units. The Powertrain (“PT”) unit focuses on original equipment powertrain and systems protection products for automotive, heavy-duty and industrial applications. The Vehicle Components Solutions (“VCS”) unit sells and distributes a broad portfolio of products in the global vehicle aftermarket and OES market, while also serving OEMs with vehicle products including brake friction, chassis, wipers and other vehicle components. The new organizational model is designed to allow for a strong product line focus benefiting both original equipment and aftermarket customers and enable the global Federal-Mogul teams to be responsive to customers' needs for superior products and to promote greater identification with Federal-Mogul premium brands. The division of the global Federal-Mogul business into two business units is expected to enhance management focus to capitalize on opportunities for organic or acquisition growth, profit improvement, resource utilization and business model optimization in line with the unique requirements of the two different customer bases. As of June 30, 2013, we owned approximately 77.6% of the total outstanding common stock of Federal-Mogul. Subsequent to June 30, 2013, our ownership interest in Federal-Mogul increased as a result of Federal-Mogul's common stock registered rights offering. See Note 18, "Subsequent Events," for further details. Accounts Receivable, net Federal-Mogul's subsidiaries in Brazil, France, Germany, Italy, Japan and the United States are party to accounts receivable factoring and securitization facilities. Gross accounts receivable transferred under these facilities were $284 million and $217 million as of June 30, 2013 and December 31, 2012, respectively. Of those gross amounts, $260 million and $216 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 June 30, 2013 and December 31, 2012, Federal-Mogul had $1 million and zero, respectively, of outstanding transferred receivables for which cash had not yet been drawn. Proceeds from the transfers of accounts receivable qualifying as sales were $364 million and $363 million for the three months ended June 30, 2013 and 2012, respectively, and $697 million and $776 million for the six months ended June 30, 2013 and 2012, respectively. For the three months ended June 30, 2013 and 2012, expenses associated with transfers of receivables were $2 million and $2 million, respectively, and $3 million and $3 million for the six months ended June 30, 2013 and 2012, respectively. Such expenses 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 incurred as a result of such activities. Certain of the facilities contain terms that require Federal-Mogul to share in the credit risk of the sold receivables. The maximum exposures to Federal-Mogul associated with certain of these facilities' terms were $18 million and $19 million at June 30, 2013 and December 31, 2012, respectively. Based on Federal-Mogul's analysis of the creditworthiness of its customers on which such receivables were sold and outstanding as of June 30, 2013 and December 31, 2012, Federal-Mogul estimated the loss to be immaterial. Restructuring In June 2012, Federal-Mogul announced a restructuring plan ("Restructuring 2012") to reduce or eliminate capacity at several high-cost VCS facilities and transfer production to lower-cost locations. Restructuring 2012 is anticipated to be completed within two years. In connection with Restructuring 2012, Federal-Mogul recorded zero and $1 million in restructuring charges for the three and six months ended June 30, 2013, respectively, all of which pertain to employee costs. In February 2013, Federal-Mogul's Board of Directors approved the evaluation of restructuring opportunities in order to improve operating performance. Federal-Mogul obtained its Board of Director's approval to commence a restructuring plan ("Restructuring 2013"). Restructuring 2013 is intended to take place between 2013 and 2015 with an expected total cost of $79 million, of which $62 million and $17 million pertains to employee costs and facility costs, respectively. In connection with Restructuring 2013, Federal-Mogul recorded $9 million and $16 million in restructuring charges for the three and six months ended June 30, 2013, respectively, all of which pertain to employee costs. Energy We conduct our Energy segment through our majority ownership in CVR. We acquired a controlling interest in CVR on May 4, 2012. CVR is a diversified holding company primarily engaged in the petroleum refining and nitrogen fertilizer manufacturing industries through its holdings in CVR Refining, LP (“CVR Refining”) and CVR Partners, LP (“CVR Partners”), respectively. CVR Refining is an independent petroleum refiner and marketer of high value transportation fuels. CVR Partners produces nitrogen fertilizers in the form of ammonia and urea ammonium nitrate ("UAN"). As of June 30, 2013, following various equity offerings as discussed below, CVR owned the general partner and approximately 71% of the common units of CVR Refining (including 100% of CVR Refining GP, LLC, its general partner) and approximately 53% of the common units of CVR Partners (including 100% of CVR GP, LLC, its general partner). As of June 30, 2013, we owned approximately 82.0% of the total outstanding common stock of CVR. In addition, as of June 30, 2013, as a result of purchasing common units of CVR Refining, Icahn Enterprises and Icahn Enterprises Holdings owned approximately 4.0% of the total outstanding common units of CVR Refining directly. Equity Offerings On January 23, 2013, CVR Refining completed its initial public offering ("CVR Refining IPO") of its common units representing limited partner interests, resulting in gross proceeds of $600 million, before giving effect to underwriting discounts and other offering expenses. Included in these proceeds is $100 million paid by us for the purchase of common units of CVR Refining in connection with the CVR Refining IPO. Additionally, on January 30, 2013, additional common units of CVR Refining were issued pursuant to the underwriters' exercise of their overallotment option, resulting in gross proceeds of $90 million, before giving effect to underwriting discounts and other offering costs. On May 20, 2013, CVR Refining completed an underwritten offering of its common units representing limited partner interests, and on June 10, 2013 issued additional common units pursuant to the underwriters' exercise of their overallotment option, resulting in gross proceeds of $406 million before giving effect to underwriting discounts and offering expenses. In addition, we purchased approximately $62 million of common units of CVR Refining in a privately negotiated transaction with CVR. CVR Refining did not receive any of the proceeds from the sale of common units of CVR Refining to us. On May 28, 2013, Coffeyville Resources, LLC (“CRLLC”), a wholly owned subsidiary of CVR, completed a secondary offering of common units of CVR Partners. Additionally, the underwriters were granted an option to purchase additional units at the public offering price, which expired unexercised at the end of the option period. The gross proceeds to CRLLC from this secondary offering were $302 million. CVR Partners did not receive any of the proceeds from the sale of common units by CRLLC. Petroleum Business CVR Refining's petroleum business includes a 115,000 barrels per day ("bpd") complex full coking medium-sour crude oil refinery in Coffeyville, Kansas and a 70,000 bpd medium complexity crude oil unit refinery in Wynnewood, Oklahoma. The combined production capacity represents approximately 22% of the region's refining capacity. The Coffeyville refinery is situated on approximately 440 acres in southeast Kansas, approximately 100 miles from Cushing, Oklahoma, a major crude oil trading and storage hub. The Wynnewood refinery is situated on approximately 400 acres located approximately 65 miles south of Oklahoma City, Oklahoma and approximately 130 miles from Cushing, Oklahoma. In addition to the refineries, CVR's petroleum business owns and operates the following: (1) a crude oil gathering system with a gathering capacity of approximately 50,000 bpd serving Kansas, Oklahoma, Missouri, Nebraska and Texas, (2) a rack marketing division supplying product through tanker trucks directly to customers located in close geographic proximity to Coffeyville, Kansas and Wynnewood, Oklahoma and at throughput terminals on Magellan and NuStar Energy, LP's ("NuStar") refined products distribution systems, (3) a 145,000 bpd pipeline system (supported by approximately 350 miles of CVR's owned and leased pipeline) that transports crude oil to its Coffeyville refinery from its Broome Station tank farm and associated crude oil storage tanks with a capacity of 1.2 million barrels, (4) crude oil storage tanks with a capacity of 0.5 million barrels in Wynnewood, Oklahoma, (5) an additional 3.3 million barrels of leased storage capacity located in Cushing, Oklahoma and other locations, (6) 1.0 million barrels of company owned crude oil storage in Cushing, Oklahoma and (7) approximately 4.5 million barrels of combined refinery related storage capacity. Nitrogen Fertilizer Business CVR Partners' nitrogen fertilizer business consists of a nitrogen fertilizer manufacturing facility that utilizes a petroleum coke, or pet coke, gasification process to produce nitrogen fertilizer. The facility includes a 1,225 ton-per-day ammonia unit, a 3,000 ton-per-day UAN unit and a gasifier complex having a capacity of 84 million standard cubic feet per day of hydrogen. The gasifier is a dual-train facility, with each gasifier able to function independently of the other, thereby providing redundancy and improving reliability. 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. Railcar We conduct our Railcar segment through our majority ownership in ARI and our indirect wholly owned subsidiary, AEP Leasing LLC ("AEP Leasing"). ARI manufactures railcars, which are offered for sale or lease, custom designed railcar parts and other industrial products, primarily aluminum and special alloy steel castings. These products are sold to various types of companies including leasing companies, railroads, industrial companies and other non-rail companies. ARI leases railcars that it manufactures to certain markets. ARI provides railcar repair and maintenance services for railcar fleets. In addition, ARI provides fleet management, maintenance, engineering and field services for railcars owned by certain customers. Such services include maintenance planning, project management, tracking and tracing, regulatory compliance, mileage audit, rolling stock taxes and online service access. On August 17, 2012, AEP Leasing was formed for the purpose of leasing railcars. AEP Leasing's business is managed by American Railcar Leasing LLC ("ARL"), an entity controlled by Mr. Icahn that also manages ARI's leasing business. AEP Leasing began purchasing railcars from ARI in the third quarter of 2012 with terms and pricing not less favorable to ARI than the terms and pricing available to unaffiliated third parties. Transactions between AEP Leasing and ARI have been eliminated in consolidation. As of June 30, 2013, we owned approximately 55.6% of the total outstanding common stock of ARI. Gaming We conduct our Gaming segment through our majority ownership in Tropicana. Tropicana currently owns and operates a diversified, multi-jurisdictional collection of casino gaming properties. The eight casino facilities it operates feature approximately 370,000 square feet of gaming space with 7,000 slot machines, 210 table games and 6,000 hotel rooms with three casino facilities located in Nevada and one in each of Indiana, Louisiana, Mississippi, New Jersey and Aruba. As of June 30, 2013, we owned approximately 67.9% of the total outstanding common stock of Tropicana. 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. Viskase currently operates eight manufacturing facilities and ten distribution centers throughout North America, Europe, South America and Asia and derives approximately 71% of its total net sales from customers located outside the United States. As of June 30, 2013, we owned approximately 70.8% of the total outstanding common stock of Viskase. Real Estate Our Real Estate segment consists of rental real estate, property development and resort activities. As of June 30, 2013, we owned 29 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 and Oak Harbor development property in Vero Beach, Florida include land for future residential development of approximately 295 and 870 units of residential housing, respectively. Both developments operate golf and resort 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 June 30, 2013 and December 31, 2012, $60 million and $73 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 manufacturing, sourcing, designing, marketing, distributing and selling home fashion consumer products. WPH markets a broad range of manufactured and sourced bed and bath 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. |
Other Income (Loss), Net
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Other (Loss) Income, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other (Loss) Income, Net | Other Income (Loss), Net. Other income (loss), net consists of the following:
During the first quarter of 2013, our Automotive segment recorded a loss on disposal of assets of $47 million related to the disposal of its sintered components operations located in France. During the second quarter of 2013, our Automotive segment recorded a loss on disposal of assets of $5 million related to the disposal of its connecting rod manufacturing facility located in Canada and its camshaft foundry located in the United Kingdom. Because the financial results from the disposal of these businesses were not material, individually or in the aggregate, to our consolidated financial statements, we did not reflect the dispositions of these businesses as discontinued operations in either the current period or on a retrospective basis. During the second quarter of 2013, our Food Packaging segment recorded a loss of $23 million related to the settlement of a certain tax matter. See Note 17, "Commitments and Contingencies - Food Packaging," for further discussion. |
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Debt | Debt. Debt consists of the following:
Senior Unsecured Notes - Icahn Enterprises and Icahn Enterprises Holdings 8% Senior Unsecured Notes Due 2018 and 7.75% Senior Unsecured Notes Due 2016 On January 15, 2010, we and Icahn Enterprises Finance Corp. (“Icahn Enterprises Finance”) (collectively, the “Issuers”), issued $850 million aggregate principal amount of 7.75% Senior Unsecured Notes due 2016 (the “2016 Notes”) and $1,150 million aggregate principal amount of 8% Senior Unsecured Notes due 2018 (the “2018 Notes” and, together with the 2016 Notes, referred to as the “Initial Notes”) pursuant to the purchase agreement, dated January 12, 2010, by and among the Issuers, Icahn Enterprises Holdings, as guarantor (the “Guarantor”), and Jefferies & Company, Inc., as initial purchaser. The gross proceeds from the sale of the Initial Notes were $1,987 million, a portion of which was used to retire certain notes during 2010. Interest on the 2016 Notes and 2018 Notes is payable on January 15 and July 15 of each year, commencing July 15, 2010. On November 12, 2010, the Issuers issued an additional $200 million aggregate principal amount of the 2016 Notes and $300 million aggregate principal amount of the 2018 Notes (such notes are collectively referred to as the “2010 Additional Notes”), pursuant to the purchase agreement, dated November 8, 2010, by and among the Issuers, Icahn Enterprises Holdings, as guarantor, and Jefferies & Company, Inc., as initial purchaser. The gross proceeds from the sale of the 2010 Additional Notes were $512 million. On January 17, 2012, February 6, 2012 and July 12, 2012, the Issuers issued an additional aggregate $1,000 million principal amount of the 2018 Notes (such notes are collectively referred to as the “2012 Additional Notes”), pursuant to their respective purchase agreements, by and among the Issuers, Icahn Enterprises Holdings, as guarantor, and Jefferies & Company, Inc., as initial purchaser. The 2010 Additional Notes and 2012 Additional Notes constitute the same series of securities as the Initial Notes for purposes of the indenture governing the notes and vote together on all matters with such series. The 2010 Additional Notes and the 2012 Additional Notes have substantially identical terms as the Initial Notes. The Initial Notes, 2010 Additional Notes and 2012 Additional Notes (referred to collectively as the notes) were issued under and are governed by an indenture, dated January 15, 2010 (the “Indenture”), among the Issuers, 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. On or after January 15, 2013, the Issuers may redeem all of the 2016 Notes at a price equal to 103.875% of the principal amount of the 2016 Notes, plus accrued and unpaid interest, with such optional redemption prices decreasing to 101.938% on and after January 15, 2014 and 100% on and after January 15, 2015. On or after January 15, 2014, the Issuers may redeem all of the 2018 Notes at a price equal to 104.000% of the principal amount of the 2018 Notes, plus accrued and unpaid interest, with such option redemption prices decreasing to 102.000% on and after January 15, 2015 and 100% on and after January 15, 2016. Before January 15, 2013, the Issuers may redeem up to 35% of the aggregate principal amount of each of the 2016 Notes and 2018 Notes with the net proceeds of certain equity offerings at a price equal to 107.750% and 108.000%, respectively, of the aggregate principal amount thereof, plus accrued and unpaid interest to the date of redemption, provided that at least 65% of the aggregate principal amount of the 2016 Notes or 2018 Notes, as the case may be, originally issued remains outstanding immediately after such redemption. If the Issuers experience a change of control, the Issuers must offer to purchase for cash all or any part of each holder's notes at a purchase price equal to 101% of the principal amount of the notes, plus accrued and unpaid interest. The notes and the related guarantee are the senior unsecured obligations of the Issuers and the Guarantor and rank equally with all of the Issuers' and the Guarantor's existing and future senior unsecured indebtedness and rank senior to all of the Issuers' and the Guarantor's existing and future subordinated indebtedness. The notes and the related guarantee are effectively subordinated to the Issuers' and the Guarantor's existing and future secured indebtedness to the extent of the collateral securing such indebtedness. The notes and the related guarantee are also effectively subordinated to all indebtedness and other liabilities of the Issuers' subsidiaries other than the Guarantor. Senior Unsecured Variable Rate Convertible Notes Due 2013 - Icahn Enterprises and Icahn Enterprises Holdings In April 2007, we issued an aggregate of $600 million of variable rate senior convertible notes due 2013 (“variable rate notes”). The variable rate notes were sold in a private placement pursuant to Section 4(2) of the Securities Act, and issued pursuant to an indenture dated as of April 5, 2007, by and among us, as issuer, Icahn Enterprises Finance, as co-issuer, and Wilmington Trust Company, as trustee. Other than Icahn Enterprises Holdings, no other subsidiaries guaranteed payment on the variable rate notes. The variable rate notes bear interest at a rate of three-month LIBOR minus 125 basis points, but the all-in-rate can be no less than 4.0% nor more than 5.5%, and were eligible to be convertible into our depositary units. As of June 30, 2013, the interest rate was 4.0%. The interest on the variable rate notes is payable quarterly on each January 15, April 15, July 15 and October 15. The variable rate notes mature on August 15, 2013. As discussed below, as a result of our delivery of notice of satisfaction and discharge (the "Notice") with respect to the variable rate notes on January 25, 2013, the holders of the variable rate notes will continue to have the right to receive payment of principal and interest on the variable notes through maturity, but no longer have the right to convert variable rate notes into Icahn Enterprises' depositary units. Prior to our delivery of Notice, in the event that we declared a cash dividend or similar cash distribution in any calendar quarter with respect to our depositary units in an amount in excess of $0.10 per depositary unit (as adjusted for splits, reverse splits and/or stock dividends) ("Excess Dividends"), the indenture governing the variable rate notes required that we simultaneously make such distribution to holders of the variable rate notes in accordance with a formula set forth in the indenture. As discussed below, this provision was satisfied and discharged on the Discharge Date (as hereinafter defined). Accordingly, no distributions in respect of Excess Dividends will be paid to holders of the variable rate notes during the year ending December 31, 2013. In addition, because there were no Excess Dividends during the year ended December 31, 2012, no such distributions were paid to holders of the variable rate notes for that period. On January 25, 2013, Icahn Enterprises and Icahn Enterprises Holdings delivered the Notice to the registered holders of our outstanding variable rate notes in accordance with the terms of the indenture dated as of April 5, 2007, among Icahn Enterprises, as issuer, Icahn Enterprises Finance Corp., as co-issuer, Icahn Enterprises Holdings, as guarantor, and Wilmington Trust Company, as trustee, governing the variable rate notes. The aggregate outstanding principal amount of the variable rate notes prior to the satisfaction and discharge was $600 million, of which $44 million was held directly by Icahn Enterprises Holdings. As set forth in the Notice, on January 29, 2013 (the “Discharge Date”), Icahn Enterprises deposited with Wilmington Trust Company, to be held in trust by it in accordance with the provisions of the variable rate notes and the indenture dated as of April 5, 2007, cash in the amount sufficient to pay and discharge all indebtedness on the outstanding variable rate notes consisting of: (a) all accrued and unpaid interest payable on the quarterly interest payment dates on April 15 and July 15, 2013, and (b) all principal and accrued and unpaid interest payable upon maturity of the variable rate notes on August 15, 2013. On and after the Discharge Date, (a) the indenture dated as of April 5, 2007 was satisfied and discharged and ceased to be of further effect as to all variable rate notes and Note Guarantees (as defined in such indenture) issued thereunder and (b) holders will continue to have the right to receive payment of principal and interest on the variable rate notes through maturity, but will no longer have the right to convert variable rate notes into our depositary units. In addition, the holders of the variable rate notes will no longer receive the right to receive Excess Dividends in respect to our declaration of dividends. Senior Unsecured Notes Restrictions and Covenants The indenture governing both the 2016 Notes and the 2018 Notes (including the 2010 Additional Notes and the 2012 Additional Notes) restricts 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 indenture also restricts the incurrence of debt or the issuance of disqualified stock, as defined in the indenture, with certain exceptions. In addition, the indenture requires 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 indenture also restricts the creation of liens, mergers, consolidations and sales of substantially all of our assets, and transactions with affiliates. As of June 30, 2013 and December 31, 2012, we were in compliance with all covenants, including maintaining certain minimum financial ratios, as defined in the indenture. Additionally, as of June 30, 2013, based on covenants in the indenture governing our senior unsecured notes, we are permitted to incur approximately $2.6 billion in additional indebtedness. Debt Facilities - Automotive On December 27, 2007, Federal-Mogul entered into a Term Loan and Revolving Credit Agreement (“Federal-Mogul Debt Facilities”) with Citicorp U.S.A. Inc. as Administrative Agent, JPMorgan Chase Bank, N.A. as Syndication Agent and certain lenders. The Federal-Mogul Debt Facilities include a $540 million revolving credit facility (which is subject to a borrowing base and can be increased under certain circumstances and subject to certain conditions) and a $2,960 million term loan credit facility divided into a $1,960 million tranche B loan and a $1,000 million tranche C loan. The obligations under the revolving credit facility mature December 27, 2013 and bear interest in accordance with a pricing grid based on availability under the revolving credit facility. Interest rates on the pricing grid range from LIBOR plus 1.50% to LIBOR plus 2.00% and ABR plus 0.50% to ABR plus 1.00%. The tranche B term loans mature December 27, 2014 and the tranche C term loans mature December 27, 2015. All of the Federal-Mogul Debt Facilities term loans bear interest at LIBOR plus 1.9375% or at ABR plus 0.9375% at Federal-Mogul's election. As of June 30, 2013 and December 31, 2012, the borrowing availability under Federal-Mogul's revolving credit facility was $492 million and $451 million, respectively. Federal-Mogul had $40 million and $37 million of letters of credit outstanding as June 30, 2013 and December 31, 2012, respectively, pertaining to Federal-Mogul's term loan credit facility. To the extent letters of credit associated with the revolving credit facility are issued, there is a corresponding decrease in borrowings available under this facility. The obligations of Federal-Mogul under the Federal-Mogul Debt Facilities are guaranteed by substantially all of its domestic subsidiaries and certain foreign subsidiaries, 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. The Federal-Mogul Debt Facilities contain certain affirmative and negative covenants and events of default, including, subject to certain exceptions, restrictions on incurring additional indebtedness, mandatory prepayment provisions associated with specified asset sales and dispositions, and limitations on (i) investments; (ii) certain acquisitions, mergers or consolidations; (iii) sale and leaseback transactions; (iv) certain transactions with affiliates, and (v) dividends and other payments in respect of capital stock. Pursuant to the terms of the Federal-Mogul Debt Facilities, $50 million of the Tranche C Term Loan proceeds were deposited in a term letter of credit account. At June 30, 2013 and December 31, 2012, Federal-Mogul was in compliance with all debt covenants under the Federal-Mogul Debt Facilities. Debt and Credit Facilities - Energy Senior Secured Notes On April 6, 2010, Coffeyville Resources, LLC ("CRLLC") and its then wholly owned subsidiary, Coffeyville Finance Inc. (together the "CVR Issuers"), completed a private offering of $275 million aggregate principal amount of 9.0% First Lien Senior Secured Notes due 2015 (the "CVR First Lien Notes") and $225 million aggregate principal amount of 10.875% Second Lien Senior Secured Notes due 2017 ("CVR Second Lien Notes" and, together with the CVR First Lien Notes, the "CVR Notes"). On December 15, 2011, the CVR Issuers sold an additional $200 million aggregate principal amount of 9.0% First Lien Senior Secured Notes due 2015 ("New CVR Notes"). The New CVR Notes were issued as "Additional CVR Notes" pursuant to the indenture dated April 6, 2010 (the "CVR Indenture") and, together with the existing CVR First Lien Notes, are treated as a single class for all purposes under the CVR Indenture including, without limitation, waivers, amendments, redemptions and other offers to purchase. Unless otherwise indicated, the New CVR Notes and the existing first lien notes are collectively referred to herein as the "CVR First Lien Notes." The CVR First Lien Notes were scheduled to mature on April 1, 2015, unless earlier redeemed or repurchased by the CVR Issuers. See further discussion below related to the tender and redemption of all the outstanding CVR First Lien Notes in the fourth quarter of 2012. The CVR Second Lien Notes mature on April 1, 2017, unless earlier redeemed or repurchased by the CVR Issuers. On January 23, 2013, a portion of the proceeds from CVR Refining's IPO were utilized to satisfy and discharge the indenture governing the CVR Second Lien Notes. As a result, all of the outstanding CVR Second Lien Notes were redeemed on January 23, 2013 resulting in a gain on extinguishment of debt of $5 million for our Energy segment in the first quarter of 2013. Interest was payable on the Notes semi-annually on April 1 and October 1 of each year. The CVR Notes were fully and unconditionally guaranteed by each of CRLLC's subsidiaries other than CVR Partners and CRNF. As a result of our acquisition of CVR on May 4, 2012, we revalued the CVR Notes to their acquisition date fair values, resulting in the recognition of premiums aggregating $54 million which was amortized to interest expense on a straight line basis over the life of the CVR Notes. As a result of redemption of the CVR Second Lien Notes discussed above, the premium balance of $25 million was written off during the first quarter of 2013. In addition, our acquisition of a controlling interest in CVR constituted a change of control requiring the CVR Issuers to make an offer to repurchase all of its outstanding CVR Notes at 101.0% of the principal amount of notes tendered. On June 4, 2012, the CVR Issuers offered to purchase all or any part of the CVR Notes, at a cash purchase price of 101% of the aggregate principal amount of the CVR Notes, plus accrued and unpaid interest, if any. The offer expired on July 5, 2012 with none of the outstanding CVR Notes tendered. On October 23, 2012, CVR Refining LLC (“Refining LLC”) and its wholly owned subsidiary, Coffeyville Finance Inc., completed a private offering of $500 million in aggregate principal amount of 6.50% Second Lien Secured Notes due 2022 (the "2022 Notes"). The 2022 Notes were issued at par. Refining LLC received approximately $493 million of cash proceeds, net of underwriting fees, but before deducting other third-party fees and expenses associated with the offering. The 2022 Notes were secured by substantially the same assets that secured the then outstanding CVR Second Lien Notes, subject to exceptions, until such time that the outstanding CVR Second Lien Notes were satisfied and discharged in full which occurred on January 23, 2013. The 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. CVR Refining has no independent assets or operations and Refining LLC is a 100% owned finance subsidiary of CVR Refining. Prior to the satisfaction and discharge of the CVR Second Lien Notes, which occurred on January 23, 2013, the 2022 Notes were also guaranteed by CRLLC. CVR, CVR Partners and CRNF are not guarantors of the 2022 Notes. $348 million of the net proceeds from the offering was used to fund a completed and settled tender offer resulting in the purchase of $323 million of the 9.0% First Lien Notes due April 1, 2015 and to settle accrued interest of $2 million through October 23, 2012 and to pay related fees and expenses. A premium of $23 million was incurred associated with the tender. The 2022 Notes mature on November 1, 2022, unless earlier redeemed or repurchased by the issuers. Interest is payable on the 2022 Notes semi-annually on May 1 and November 1 of each year, commencing on May 1, 2013. The 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 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 2022 Notes. As of June 30, 2013, CVR Refining was in compliance with the covenants contained in the 2022 Notes. Amended and Restated Asset Backed (ABL) Credit Facility On December 20, 2012, CRLLC, CVR Refining and Refining LLC and each of the operating subsidiaries of Refining LLC (collectively, the “Credit Parties”) entered into an amended and restated ABL credit agreement (“Amended and Restated ABL Credit Facility") with a group of lenders and Wells Fargo Bank, National Association (“Wells Fargo”), as administrative agent and collateral agent. The Amended and Restated ABL Credit Facility replaced a previous ABL credit facility and is scheduled to mature on December 20, 2017. Under the Amended and Restated ABL Credit Facility, CVR Refining assumed CVR's position as borrower and CVR's obligations under the facility upon the closing of CVR Refining's IPO on January 23, 2013. The Amended and Restated ABL Credit Facility is a senior secured asset based revolving credit facility in 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 additional lender commitments and certain other conditions. The proceeds of the loans may be used for capital expenditures and working capital and general purposes of the Credit Parties and their subsidiaries. The Amended and Restated 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. Borrowings under the Amended and Restated 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 Amended and Restated 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 Amended and Restated ABL Credit Facility also contains customary covenants for a financing of this type that limit the ability of the Credit Parties and their respective subsidiaries to, among other things, incur liens, engage in a consolidation, merger, purchase or sale of assets, pay dividends, incur indebtedness, make advances, investment and loans, enter into affiliate transactions, issue equity interests or create subsidiaries and unrestricted subsidiaries. The amended and restated facility also contains a fixed charge coverage ratio financial covenant, as defined under the facility. The Credit Parties were in compliance with the covenants of the Amended and Restated ABL Credit Facility as of June 30, 2013. As of June 30, 2013, CRLLC had availability under the Amended and Restated ABL Credit Facility of $373 million and had letters of credit outstanding of $27 million. There were no borrowings outstanding under the Amended and Restated ABL Credit Facility as of June 30, 2013. CVR Partners Credit Facility On April 13, 2011, CRNF, as borrower, and CVR Partners, as guarantor, entered into a new credit facility with a group of lenders including Goldman Sachs Lending Partners LLC, as administrative and collateral agent. The credit facility includes a term loan facility of $125 million and a revolving credit facility of $25 million, which was undrawn as of June 30, 2013, with an uncommitted incremental facility of up to $50 million. No amounts were outstanding under the revolving credit facility at June 30, 2013. Borrowings under the credit facility bear interest based on a pricing grid determined by the trailing four quarter leverage ratio. The initial pricing for Eurodollar rate loans under the credit facility is the Eurodollar rate plus a margin of 3.50% or, for base rate loans, the prime rate plus 2.50%. Under its terms, the lenders under the credit facility were granted a first priority security interest (subject to certain customary exceptions) in substantially all of the assets of CRNF and CVR Partners. The credit facility requires CVR Partners to maintain a minimum interest coverage ratio and a maximum leverage ratio and contains 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 and the ability of CVR Partners to dispose of assets, to make restricted payments, investments and acquisitions, or enter into sale-leaseback transactions and affiliate transactions. The credit facility provides that CVR Partners can make distributions to holders of its common units provided, among other things, it is in compliance with the leverage ratio and interest coverage ratio on a pro forma basis after giving effect to any distribution and there is no default or event of default under the credit facility. As of June 30, 2013, CRNF was in compliance with the covenants contained in the credit facility. Senior Unsecured Notes and Secured Term Loan Facility - Railcar In February 2007, ARI issued $275 million senior unsecured fixed rate notes that were subsequently exchanged for registered notes in March 2007 (the “ARI Notes”). In September 2012, ARI completed a voluntary partial early redemption of $100 million of the ARI Notes at a rate of 101.875% of the principal amount, plus any accrued interest and unpaid interest. On March 1, 2013, ARI voluntarily redeemed the remaining $175 million of ARI Notes outstanding at par value. In connection with the redemption, ARI recorded a loss of less than $1 million on debt extinguishment in the first quarter of 2013. In December 2012, ARI, through its wholly owned subsidiary, entered into a senior secured delayed draw term loan facility ("ARI Term Loan") that is secured by a portfolio of railcars, railcar leases, the receivables associated with those railcars and leases and certain other related assets. The ARI Term Loan provided for an initial draw at closing ("Initial Draw") and allows for up to two additional draws. Upon closing, the Initial Draw was $98 million, net of fees and expenses. During the first half of 2013, ARI made two additional draws, which resulted in aggregate net proceeds of $100 million, fully utilizing the capacity of the ARI Term Loan. As of June 30, 2013 and December 31, 2012, the outstanding principal balance on the ARI Term Loan was $198 million and $100 million, respectively. The ARI Term Loan bears interest at one-month LIBOR plus 2.5%, subject to an alternative fee as set forth in the credit agreement, and is payable on the 15th of each month. The interest rate increases by 2.0% following certain events of default. ARI is required to pay principal at an annual rate of 3.33% of the borrowed amount via monthly payments that are due on the Payment Date, with any remaining balance payable on the final scheduled maturity date. The ARI Term Loan may be prepaid at any time without premium or penalty, other than customary LIBOR breakage fees. A subsidiary of ARI is required to maintain a loan value ratio of at least 75% of the Net Aggregate Equipment Value, as defined in the ARI Term Loan. The ARI Term Loan contains restrictive covenants that limit a subsidiary of ARI's ability to, among other things, incur additional debt, issue additional equity, sell certain assets, make certain restricted payments and enter into certain significant transactions with stockholders and affiliates. Certain covenants, including those that restrict a subsidiary of ARI's ability to incur additional indebtedness and issue equity, become more restrictive if a subsidiary of ARI's debt service coverage ratio, as defined, is less than 1.05 to 1.00 as measured on a rolling three-quarter basis beginning on or after September 30, 2013. ARI was in compliance with all of its covenants under the ARI Term Loan as of June 30, 2013. As of June 30, 2013 and December 31, 2012, the net book value of ARI's railcars that were pledged as part of the ARI Term Loan was $224 million and $112 million, respectively. Credit Facilities - Gaming Credit Facilities In March 2012, Tropicana entered into credit facilities (the "Tropicana Credit Facilities"), which consist of (i) a senior secured first lien term loan facility in an aggregate principal amount of $175 million, issued at a discount of 2% (the "Tropicana Term Loan") and (ii) a cash collateralized letter of credit facility in a maximum aggregate amount of $15 million (the "Tropicana Letter of Credit"). Commencing on June 30, 2012, the Tropicana Term Loan requires quarterly principal payments of 0.25% of the original principal amount with any remaining outstanding amounts due on the maturity date, which is March 16, 2018. The Tropicana Term Loan is secured by substantially all of Tropicana's assets and is guaranteed by all of its domestic subsidiaries. At the election of Tropicana and subject to certain conditions, the amount available under the Tropicana Term Loan may be increased by up to $75 million, which increased amount may be comprised of additional term loans and up to $20 million of revolving loans. The Tropicana Letter of Credit provides for the issuance of letters of credit with an aggregate stated amount of up to $15 million, through a termination date of March 16, 2017. The letters of credit issued under the Tropicana Letter of Credit will be secured by cash collateral in an amount no less than 103% of the face amounts of such letters of credit. The obligations under the Tropicana Term Loan bear interest, at Tropicana's election, at an annual rate equal to either: (i) the sum of (a) the Adjusted LIBOR Rate (as defined in the Tropicana Term Loan) (subject to a 1.50% floor); plus (b) a margin of 6.00%; or (ii) the sum of: (a) the alternate base rate, which is equal to the greatest of: (1) the corporate base rate of UBS AG, Stamford Branch; (2) the Federal Funds Effective Rate (as defined in the Tropicana Term Loan) plus 0.50%; or (3) the Adjusted LIBOR Rate (as defined in the Tropicana Term Loan) for one month plus 1.00% (all subject to a 2.50% floor); plus (b) a margin of 5.00%; such that, in either case, the applicable interest rate shall not be less than 7.50%. An additional 2% default rate also applies in certain instances described in the Tropicana Term Loan. As of June 30, 2013, the interest rate was 7.5%. The Tropicana Term Loan may be prepaid at the option of Tropicana at any time without penalty (other than customary breakage fees). The Tropicana Term Loan contains mandatory prepayment provisions from proceeds received by Tropicana and its subsidiaries as a result of asset sales, the incurrence of indebtedness and issuance of equity, casualty events and excess cash flow (subject in each case to certain exceptions). Key covenants binding Tropicana and its subsidiaries include (i) limitations on indebtedness, liens, investments, acquisitions, asset sales, dividends and other restricted payments, and affiliate and extraordinary transactions, (ii) compliance with a first lien net leverage ratio, measured quarterly on a trailing twelve-month basis (3.25:1.00 for the quarter ended March 31, 2013, and reducing annually over time to 2.50:1.00 beginning as of the quarter ending March 31, 2016), and (iii) compliance with a total net leverage ratio, measured quarterly on a trailing twelve-month basis, of 5.00:1.00. Tropicana was in compliance with the covenants of the Tropicana Term Loan at June 30, 2013. Senior secured Notes and Revolving Credit Facility - Food Packaging In December 2009, Viskase issued $175 million of 9.875% Senior Secured Notes due 2018 (the “Viskase Notes”). The Viskase Notes bear interest at a rate of 9.875% per annum, payable semi-annually in cash on January 15 and July 15, commencing on July 15, 2010. The Viskase Notes have a maturity date of January 15, 2018. In May 2010, Viskase issued an additional $40 million aggregate principal amount of Viskase Notes under the indenture governing the Viskase Notes (the “Viskase Notes Indenture”). The additional notes constitute the same series of securities as the initial Viskase Notes. Holders of the initial and additional Viskase Notes vote together on all matters and the initial and additional Viskase Notes are equally and ratably secured by all collateral. The Viskase Notes and related guarantees by any of Viskase's future domestic restricted subsidiaries are secured by substantially all of Viskase's and such domestic restricted subsidiaries' current and future tangible and intangible assets. The Viskase Notes Indenture permits Viskase to incur other senior secured indebtedness and to grant liens on its assets under certain circumstances. Prior to January 15, 2014, Viskase may redeem, at its option, up to 35% of the aggregate principal amount of the Viskase Notes issued under the Viskase Notes Indenture with the net proceeds of any equity offering at 109.875% of their principal amount, plus accrued and unpaid interest to the date of redemption, provided that at least 65% of the aggregate principal amount of the Viskase Notes issued under the Viskase Notes Indenture dated December 21, 2009 remains outstanding immediately following the redemption. In its foreign operations, Viskase has unsecured lines of credit with various banks providing approximately $8 million of availability. There were no borrowings under the lines of credit at June 30, 2013 and December 31, 2012. Letters of credit in the amount of $1 million were outstanding under facilities with a commercial bank, and were cash collateralized at each of June 30, 2013 and December 31, 2012. Mortgages Payable - Real Estate Mortgages payable, all of which are non-recourse to us, bear interest at rates between 4.97% and 7.99% and have maturities between March 31, 2014 and October 31, 2028. Other Letter of Credit Facility - Home Fashion On October 15, 2012, upon the expiration of a certain senior secured revolving credit facility of WPH, WPH entered into a letter of credit facility (the "WPH Letter of Credit") with a nationally recognized bank (the "LC Issuer"). The one-year WPH Letter of Credit has a $10 million credit line. Issuance of letters of credit under the WPH Letter of Credit is subject to 0.50% annual fee on the outstanding face amount of the letters of credit issued under the WPH Letter of Credit, which face amount as of June 30, 2013 was $6 million. Obligations under the WPH Letter of Credit are secured by a cash collateral account pledged by WPH to LC Issuer. The WPH Letter of Credit does not contain any financial covenants. |
Related Party Transactions (Details) (USD $)
|
3 Months Ended | 6 Months Ended | 3 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||
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Jun. 30, 2013
Icahn Capital [Member]
Investment Funds [Member]
Expense sharing agreement [Member]
|
Jun. 30, 2012
Icahn Capital [Member]
Investment Funds [Member]
Expense sharing agreement [Member]
|
Jun. 30, 2013
Icahn Capital [Member]
Investment Funds [Member]
Expense sharing agreement [Member]
|
Jun. 30, 2012
Icahn Capital [Member]
Investment Funds [Member]
Expense sharing agreement [Member]
|
Jun. 30, 2013
Investment Funds [Member]
Principal Owners and Affiliates [Member]
|
Jun. 30, 2013
Investment Funds [Member]
Principal Owners and Affiliates [Member]
Investment in Funds [Member]
|
Dec. 31, 2012
Investment Funds [Member]
Principal Owners and Affiliates [Member]
Investment in Funds [Member]
|
Jun. 30, 2013
ARI [Member]
ACF [Member]
Railcar Sales [Member]
|
Jun. 30, 2013
ARI [Member]
ACF [Member]
Railcar Sales [Member]
|
Jun. 30, 2013
ARI [Member]
ARL [Member]
|
Dec. 31, 2012
ARI [Member]
ARL [Member]
|
Jun. 30, 2012
ARI [Member]
ARL [Member]
Railcar Sales [Member]
|
Jun. 30, 2012
ARI [Member]
ARL [Member]
Railcar Sales [Member]
|
Jun. 30, 2013
ARI [Member]
ARL [Member]
Railcar services [Member]
|
Jun. 30, 2012
ARI [Member]
ARL [Member]
Railcar services [Member]
|
Jun. 30, 2013
ARI [Member]
ARL [Member]
Railcar services [Member]
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Jun. 30, 2012
ARI [Member]
ARL [Member]
Railcar services [Member]
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Jun. 30, 2013
AEP Leasing [Member]
ACF [Member]
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Jun. 30, 2013
AEP Leasing [Member]
ACF [Member]
Railcar Sales [Member]
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Jun. 30, 2013
AEP Leasing [Member]
ACF [Member]
Railcar Sales [Member]
|
Jun. 30, 2013
AEP Leasing [Member]
ACF [Member]
Purchase of railcars [Member]
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|
Related Party Transaction [Line Items] | |||||||||||||||||||||
Investment in funds | $ 45,000,000 | ||||||||||||||||||||
Related party transaction, balance | 3,800,000,000 | 3,500,000,000 | |||||||||||||||||||
Expenses charged by related party | 13,000,000 | 7,000,000 | 40,000,000 | 11,000,000 | |||||||||||||||||
Related Party Transaction, Other Revenues from Transactions with Related Party | 3,000,000 | 3,000,000 | 11,000,000 | 11,000,000 | 5,000,000 | 6,000,000 | 9,000,000 | 11,000,000 | |||||||||||||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required | 1,050 | ||||||||||||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | 5,000,000 | 5,000,000 | |||||||||||||||||||
Unrecorded Unconditional Purchase Obligation | 150,000,000 | ||||||||||||||||||||
Option to purchase additinal railcars, number of cars | 500 | ||||||||||||||||||||
Option to purchase additional railcars | 70,000,000 | ||||||||||||||||||||
Term of service agreement (in years) | 3 years | ||||||||||||||||||||
Renewal period of service agreement (in years) | 1 year | ||||||||||||||||||||
Written notice requirment period to terminate services agreement (in days) | 60 days | ||||||||||||||||||||
Accounts receivable due from related parties | $ 4,000,000 | $ 2,000,000 |
Financial Instruments Energy (Details) (Energy Segment [Member], USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||
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Jun. 30, 2013
Commodity contracts
Not Designated as Hedging Instrument [Member]
Accrued expenses and other liabilities [Member]
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Jun. 30, 2013
Swap [Member]
Commodity contracts
Not Designated as Hedging Instrument [Member]
bbl
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Dec. 31, 2012
Swap [Member]
Commodity contracts
Not Designated as Hedging Instrument [Member]
bbl
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Jun. 30, 2013
Swap [Member]
Commodity contracts
Not Designated as Hedging Instrument [Member]
Accrued expenses and other liabilities [Member]
|
Dec. 31, 2012
Swap [Member]
Commodity contracts
Not Designated as Hedging Instrument [Member]
Accrued expenses and other liabilities [Member]
|
Jun. 30, 2013
Other income (loss), net [Member]
Commodity contracts
Not Designated as Hedging Instrument [Member]
|
Jun. 30, 2013
Other income (loss), net [Member]
Commodity contracts
Not Designated as Hedging Instrument [Member]
|
Jun. 30, 2013
Other income (loss), net [Member]
Swap [Member]
Commodity contracts
Not Designated as Hedging Instrument [Member]
|
Jun. 30, 2013
Other income (loss), net [Member]
Swap [Member]
Commodity contracts
Not Designated as Hedging Instrument [Member]
|
Jun. 30, 2013
Cash Flow Hedging [Member]
Interest rate swap contracts
Designated as Hedging Instrument [Member]
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Jul. 02, 2012
Cash Flow Hedging [Member]
Interest rate swap contracts
Designated as Hedging Instrument [Member]
|
Jun. 30, 2013
Debt Facility [Member]
Term Loan [Member]
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Derivatives, Fair Value [Line Items] | ||||||||||||
Derivative contract at fair value (liability) | $ 1 | $ 72 | $ 67 | |||||||||
Realized loss on commodity derivatives | 1 | 2 | 121 | 103 | ||||||||
Barrels of crack spreads hedging margin on future gasoline and distillate production | 20,000,000 | 23,300,000 | ||||||||||
Balance of debt partially hedged | 125 | |||||||||||
Notional value of interest rate swap agreements | 63 | |||||||||||
Lower fixed interest rate paid on interest rate swaps | 1.94% | 1.975% | ||||||||||
Frequency of interest rate swap settlements | 90 days | |||||||||||
Average fixed interest rate paid on interest rate swaps | 1.96% | |||||||||||
Effective interest rate on debt hedged | 4.60% | |||||||||||
Realized loss on interest rate swaps reclassified from AOCI into interest expense | $ 1 |
Net Income Per LP Unit (Tables)
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Jun. 30, 2013
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Net Income Per LP Unit [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Earnings Per LP Unit | The following table sets forth the allocation of net income attributable to Icahn Enterprises allocable to limited partners and the computation of basic and diluted income per LP unit of Icahn Enterprises for the periods indicated:
(1) Amount represents net income allocable to the general partner for the period May 5, 2012 through June 30, 2012, the period in which Mr. Icahn and his affiliates' ownership in IEP Energy, other than Icahn Enterprises' ownership, were considered under common control. On August 24, 2012, Mr. Icahn and his affiliates contributed this interest to us in exchange for our depositary units. |
Description of Business and Basis of Presentation (Policies)
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6 Months Ended |
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Jun. 30, 2013
|
|
Accounting Policies [Abstract] | |
Reclassification, Policy [Policy Text Block] | Reclassifications Certain reclassifications from the prior year presentation have been made to conform to the current year presentation. |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | Principles of Consolidation Our consolidated financial statements include the accounts of (i) Icahn Enterprises and (ii) the wholly and majority owned subsidiaries of Icahn Enterprises, in addition to those entities in which we have a controlling interest as a general partner interest or in which we may be the primary beneficiary of a variable interest entity (“VIE”). In evaluating whether we have a controlling financial interest in entities in which we would 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 that are not considered VIEs, 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. |
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, 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 4, “Investments and Related Matters,” and Note 5, “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 June 30, 2013 was approximately $8.2 billion and $8.3 billion, respectively. The carrying value and estimated fair value of our long-term debt as of December 31, 2012 was approximately $8.5 billion and $8.6 billion, respectively. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash Our restricted cash balance was approximately $1.6 billion and $0.7 billion as of June 30, 2013 and December 31, 2012, respectively. |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Adoption of New Accounting Standards In December 2011, the FASB issued ASU No. 2011-11, which amends FASB ASC Topic 210, Balance Sheet. This ASU requires companies to disclose both gross and net information about instruments and transactions eligible for offset in the statement of financial position as well as instruments and transactions subject to an agreement similar to a master netting arrangement. In January 2013, the FASB issued ASU No. 2013-01, Balance Sheet (Topic 210) - Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. This ASU limits the scope of the original guidance. These ASUs are effective retrospectively for interim and annual periods beginning on or after January 1, 2013. We adopted these additional disclosure requirements effective January 1, 2013 which had minimal impact on our disclosures. In February 2013, the FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income. This ASU requires an entity to provide information about amounts reclassified out of accumulated other comprehensive income by component. The guidance is effective prospectively for interim and annual periods beginning after December 15, 2012. We adopted these additional disclosure requirements effective January 1, 2013. See Note15, "Changes in Accumulated Other Comprehensive Loss," for additional information. |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | Recently Issued Accounting Standards In February 2013, the FASB issued ASU No. 2013-04, which amends FASB ASC Topic 405, Liabilities. This ASU requires the measurement of obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date as the sum of (1) the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and (2) any additional amount the reporting entity expects to pay on behalf of its co-obligors. This guidance also requires the disclosure of the nature and amount of the obligation as well as other information about those obligations. The guidance is effective for interim and annual periods beginning after December 15, 2013. We anticipate that the adoption of this guidance will not have a material impact on our consolidated financial position, results of operations and cash flows. In March 2013, the FASB issued ASU No. 2013-05, which amends FASB ASC Topic 830, Foreign Currency Matters. This ASU resolves the accounting for certain foreign currency matters with respect to the release of cumulative translation adjustment into net income within a foreign entity under certain circumstances. This ASU is effective prospectively for fiscal years (and interim reporting periods within those years) beginning after December 15, 2013. This ASU should be applied prospectively to derecognition events occurring after the effective date. Early adoption is permitted provided that if the entity early adopts this guidance, it applies it as of the beginning of the entity's fiscal year of adoption. The adoption of this ASU will not have a material impact on our consolidated financial position, results of operations or cash flows. In June 2013, the FASB issued ASU No. 2013-08, which amends FASB ASC Topic 940, Financial Services - Investment Companies. This ASU clarifies the characteristics of an investment company, and provides comprehensive guidance for assessing whether an entity is an investment company. This ASU is effective for fiscal years (and interim reporting periods within those years) beginning after December 15, 2013. Earlier adoption is prohibited. The adoption of this ASU will not have any impact on our consolidated financial position, results of operations or cash flows. |
Subsequent Events
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6 Months Ended |
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Jun. 30, 2013
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Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events. Icahn Enterprises Distribution On August 6, 2013, the Board of Directors of the general partner of Icahn Enterprises declared a quarterly distribution in the amount of $1.25 per depositary unit, which will be paid on or about October 9, 2013 to depositary unit holders of record at the close of business on August 16, 2013. Depositary unit holders will have until September 6, 2013 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 unit holders who elect to receive additional depositary units will receive units valued at the volume weighted average trading price of the units on NASDAQ during the 20 consecutive trading days ending October 4, 2013. No fractional depositary units will be issued pursuant to the dividend payment. Icahn Enterprises will make a cash payment in lieu of issuing fractional depositary units to any holders electing to receive depositary units. Any holders that would only be eligible to receive a fraction of a depositary unit based on the above calculation will receive a cash payment. Debt Offering On August 1, 2013, we issued $500 million aggregate principal amount of Senior Notes due 2020 (the “2020 Notes”) in a private placement not registered under the Securities Act of 1933, as amended. The proceeds from the offering will be used for general partnership purposes. Automotive Rights Offering On July 11, 2013, Federal-Mogul received $500 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 for an aggregate of $434 million, which will be eliminated in our consolidated statement of cash flows. As a result of the exercise of our subscription rights, we indirectly owned approximately 80.7% of the outstanding common stock of Federal-Mogul as of July 11, 2013. Other Subsequent to June 30, 2013, as discussed above, as a result of obtaining approximately 80.7% of the outstanding common stock of Federal-Mogul, we and our subsidiaries are subject to the pension liabilities of Federal-Mogul and as members of the controlled group, we would be liable for any failure of Federal-Mogul to make ongoing pension contributions or to pay the unfunded liabilities upon a termination of its pension plans. If the plans of Federal-Mogul were voluntarily terminated, based on the most recent information provided the plans' actuaries, they would be underfunded by approximately $639 million as of June 30, 2013. These liabilities could increase or decrease, depending on a number of factors, including future changes in benefits, investment returns, and the assumptions used to calculate the liability. |
Operating Units Gaming Segment (Details) (Tropicana [Member])
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6 Months Ended |
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Jun. 30, 2013
slot_machines
sqft
hotel_rooms
table_games
casinos
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Segment Reporting Information [Line Items] | |
Number of casinos | 8 |
Square footage of casino space | 370,000 |
Number of slot machines | 7,000 |
Number of table games | 210 |
Number of hotel rooms | 6,000 |
Percentage of equity ownership in subsidiary | 67.90% |
LOUISIANA
|
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Segment Reporting Information [Line Items] | |
Number of casinos | 1 |
NEVADA
|
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Segment Reporting Information [Line Items] | |
Number of casinos | 3 |
INDIANA
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Segment Reporting Information [Line Items] | |
Number of casinos | 1 |
NEW JERSEY
|
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Segment Reporting Information [Line Items] | |
Number of casinos | 1 |
ARUBA
|
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Segment Reporting Information [Line Items] | |
Number of casinos | 1 |
MISSISSIPPI
|
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Segment Reporting Information [Line Items] | |
Number of casinos | 1 |
Goodwill and Intangible Assets, Net (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | Goodwill consists of the following:
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Schedule of Definite-Lived and Infinite-Lived Intangible Assets | Intangible assets, net consists of the following:
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Changes in Accumulated Other Comprehensive Loss (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in accumulated other comprehensive loss consists of the following:
(1) Refer to Note 11, "Pension, Other Post-employment Benefits and Employee Benefit Plans," and Note 6, "Financial Instruments," for additional information with respect to reclassifications from accumulated other comprehensive loss to earnings relating to post-employment benefits, net of tax and hedge instruments, net of tax, respectively. Such items do not represent reclassifications in their entirety. |
Investments and Related Matters Investment Segment (Details) (Investment Segment [Member], USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||||
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Dec. 31, 2012
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Jun. 30, 2013
Hain [Member]
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Jun. 30, 2013
Equity Method Investments [Member]
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Jun. 30, 2012
Equity Method Investments [Member]
|
Jun. 30, 2013
Equity Method Investments [Member]
|
Jun. 30, 2012
Equity Method Investments [Member]
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Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Fair value of equity method investment under fair value option | $ 376 | |||||
Fair value option, recorded gains (losses) | $ 22 | $ 46 | $ 62 | $ 167 | ||
Fair value option investment ownership percentage | 15.00% |
Fair Value Measurements (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] | Assets measured at fair value on a nonrecurring basis during the six months ended June 30, 2013 and 2012 are set forth in the table below:
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Investment Segment [Member]
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Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | Investment The following table summarizes the valuation of the Investment Funds' investments and derivative contracts by the above fair value hierarchy levels as of June 30, 2013 and December 31, 2012:
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Schedule of investments measured at fair value with Level 3 Input | The changes in investments measured at fair value for which our Investment segment has used Level 3 input to determine fair value are as follows:
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Other Segments and Holding Company [Member]
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Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | Other Segments and Holding Company The following table summarizes the valuation of our Automotive and Energy segments and our Holding Company investments, derivative contracts and other liabilities by the above fair value hierarchy levels as of June 30, 2013 and December 31, 2012:
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Holding Company [Member]
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Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of investments measured at fair value with Level 3 Input | The changes in trading securities measured at fair value for which our Holding Company have used Level 3 input to determine fair value are as follows:
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Goodwill and Intangible Assets, Net Goodwill Table (Details) (USD $)
In Millions, unless otherwise specified |
Jun. 30, 2013
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Dec. 31, 2012
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Goodwill [Line Items] | ||
Goodwill, Gross | $ 2,315 | $ 2,308 |
Goodwill, Accumulated Impairment | (226) | (226) |
Goodwill, Net Carrying Value | 2,089 | 2,082 |
Automotive Segment [Member]
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Goodwill [Line Items] | ||
Goodwill, Gross | 1,375 | 1,368 |
Goodwill, Accumulated Impairment | (226) | (226) |
Goodwill, Net Carrying Value | 1,149 | 1,142 |
Energy Segment [Member]
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Goodwill [Line Items] | ||
Goodwill, Gross | 930 | 930 |
Goodwill, Accumulated Impairment | 0 | 0 |
Goodwill, Net Carrying Value | 930 | 930 |
Railcar Segment [Member]
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Goodwill [Line Items] | ||
Goodwill, Gross | 7 | 7 |
Goodwill, Accumulated Impairment | 0 | 0 |
Goodwill, Net Carrying Value | 7 | 7 |
Food Packaging Segment [Member]
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Goodwill [Line Items] | ||
Goodwill, Gross | 3 | 3 |
Goodwill, Accumulated Impairment | 0 | 0 |
Goodwill, Net Carrying Value | $ 3 | $ 3 |
Debt Narrative - Senior Unsecured Notes and Secured Term Loan Facility - Railcar (Details) (Railcar Segment [Member], USD $)
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0 Months Ended | 1 Months Ended | 6 Months Ended | 6 Months Ended | |||
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Mar. 01, 2013
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Sep. 30, 2012
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Jun. 30, 2013
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Feb. 28, 2007
Senior unsecured notes [Member]
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Jun. 30, 2013
Term Loan [Member]
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Dec. 31, 2012
Term Loan [Member]
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Dec. 01, 2012
Term Loan [Member]
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Debt Instrument [Line Items] | |||||||
Aggregate principal amount issued, long-term debt | $ 275,000,000 | ||||||
Draw on term loan, initial draw | 98,000,000 | ||||||
Long-term Debt | 198,000,000 | 100,000,000 | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ||||||
Pledged assets | 224,000,000 | 112,000,000 | |||||
Repayments of debt | 175,000,000 | 100,000,000 | |||||
Gains (Losses) on Extinguishment of Debt | 1,000,000 | ||||||
Gross proceeds from sale of senior unsecured notes | $ 100,000,000 |
Inventories, Net (Details) (USD $)
In Millions, unless otherwise specified |
Jun. 30, 2013
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Dec. 31, 2012
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Inventories, Net [Abstract] | ||
Raw materials | $ 494 | $ 495 |
Work in process | 278 | 248 |
Finished goods | 1,257 | 1,212 |
Inventory, net | $ 2,029 | $ 1,955 |
Operating Units Investment Segment (Details) (Investment Funds [Member], USD $)
In Billions, unless otherwise specified |
Jun. 30, 2013
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Dec. 31, 2012
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Segment Reporting Information [Line Items] | ||
Fair value of our interest in Funds of subsidiary | $ 2.5 | $ 2.4 |
Investment in Funds [Member] | Principal Owners and Affiliates [Member]
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Segment Reporting Information [Line Items] | ||
Related party transaction, balance | $ 3.8 | $ 3.5 |
Debt Narrative - Senior Unsecured Notes - Icahn Enterprises (Details) (Senior unsecured notes [Member], USD $)
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0 Months Ended | 6 Months Ended | 0 Months Ended | 0 Months Ended | 6 Months Ended | 6 Months Ended | 0 Months Ended | ||||||||||||||||||
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Jun. 30, 2013
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Jan. 15, 2010
Initial Notes [Member]
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Jun. 30, 2013
Initial Notes [Member]
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Nov. 12, 2010
2016 Additional Notes [Member]
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Jan. 15, 2010
7.75% senior unsecured notes due 2016 [Member]
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Jan. 15, 2010
8% senior unsecured notes due 2018 [Member]
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Nov. 12, 2010
2018 Additional Notes [Member]
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Nov. 12, 2010
2010 Additional Notes [Member]
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Jul. 02, 2012
2012 Additional Notes [Member]
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Jan. 25, 2013
Variable Rate Senior Unsecured Convertible Notes [Member]
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Jun. 30, 2013
Variable Rate Senior Unsecured Convertible Notes [Member]
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Jun. 30, 2012
Variable Rate Senior Unsecured Convertible Notes [Member]
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Apr. 30, 2007
Variable Rate Senior Unsecured Convertible Notes [Member]
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Jun. 30, 2013
Debt repurchase date range, from January 15, 2013 to January 14, 2014 [Member]
7.75% senior unsecured notes due 2016 [Member]
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Jun. 30, 2013
Debt repurchase date range, from January 15, 2014 to January 14, 2015 [Member]
7.75% senior unsecured notes due 2016 [Member]
|
Jun. 30, 2013
Debt repurchase date range, from January 15, 2014 to January 14, 2015 [Member]
8% senior unsecured notes due 2018 [Member]
|
Jun. 30, 2013
Debt repurchase date range, on or after January 15, 2015 [Member]
7.75% senior unsecured notes due 2016 [Member]
|
Jun. 30, 2013
Debt repurchase date range, from January 15, 2015 to January 14, 2016 [Member]
8% senior unsecured notes due 2018 [Member]
|
Jun. 30, 2013
Debt repurchase date range, on or after January 15, 2016 [Member]
8% senior unsecured notes due 2018 [Member]
|
Jun. 30, 2013
Debt repurchase percentage of principal amount authorized pursuant to additional requirements [Member]
7.75% senior unsecured notes due 2016 [Member]
|
Jun. 30, 2013
Debt repurchase percentage of principal amount authorized pursuant to additional requirements [Member]
8% senior unsecured notes due 2018 [Member]
|
Jun. 30, 2013
Debt repurchase percentage of principal amount authorized if change of control [Member]
Initial Notes [Member]
|
Apr. 05, 2007
Minimum [Member]
Variable Rate Senior Unsecured Convertible Notes [Member]
|
Apr. 05, 2007
Maximum [Member]
Variable Rate Senior Unsecured Convertible Notes [Member]
|
Jan. 25, 2013
Icahn Enterprises Holdings [Member]
Variable Rate Senior Unsecured Convertible Notes [Member]
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Debt Instrument [Line Items] | |||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||||||||||||||||||||||
Term Loan Facility | $ 200,000,000 | $ 850,000,000 | $ 1,150,000,000 | $ 300,000,000 | $ 1,000,000,000 | $ 600,000,000 | |||||||||||||||||||
Interest rate, long-term debt | 7.75% | 8.00% | |||||||||||||||||||||||
Gross proceeds from sale of senior unsecured notes | 1,987,000,000 | 512,000,000 | |||||||||||||||||||||||
Redemption percentage of principal amount | 103.875% | 101.938% | 104.00% | 100.00% | 102.00% | 100.00% | 107.75% | 108.00% | 101.00% | ||||||||||||||||
Redemption percentage of aggregate principal amount authorized to be redeemed at higher percenatge of principal amount | 35.00% | ||||||||||||||||||||||||
Percentage of aggregate principal amount required to remain outstanding if debt redeemed at higher percenatge of principal amount | 65.00% | ||||||||||||||||||||||||
Variable interest rate | 4.00% | 4.00% | 5.50% | ||||||||||||||||||||||
Variable rate notes, depositary unit, maximum dividends, per share, declared, before matching distribution to variable rate noteholders required | $ 0.10 | ||||||||||||||||||||||||
Variable rate notes, distribution amount | 0 | 0 | |||||||||||||||||||||||
Repayments of debt | 600,000,000 | 44,000,000 | |||||||||||||||||||||||
Additional indebtedness allowed per debt covenants | $ 2,600,000,000 |
Commitments and Contingencies
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6 Months Ended |
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Jun. 30, 2013
|
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Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies. Investment Dynegy Inc. On March 28, 2012 an action was filed in the U.S. District Court, Southern District of New York, entitled Silsby v. Icahn et. al. Defendants include Carl C. Icahn and two officers of Dynegy Inc ("Dynegy") and certain of its directors. As initially filed, the action purports to be brought as a class action on behalf of Dynegy shareholders who acquired their shares between September 2011 and March 2012. The Complaint alleges violations of the federal securities laws by defendants' allegedly making false and misleading statements in securities filings that artificially inflated the price of Dynegy stock. The individual defendants are alleged to have been controlling persons of Dynegy. Plaintiff is seeking damages in an unspecified amount. Subsequent to the filing of this action, Dynegy filed for bankruptcy, and a U.S. bankruptcy court has approved a Plan of Reorganization. Plaintiff is proceeding with the action and has filed an amended complaint that purports to be a class action on behalf of Dynegy shareholders who acquired their securities between July 10, 2011 and March 9, 2012. However, we believe that we have meritorious defenses to the claims and filed a motion to dismiss on July 19, 2013. At present, the case is being held in temporary abeyance pending a decision by the federal court as to the scope of plaintiff's right to proceed with this action. Dell Inc. On August 1, 2013, High River Limited Partnership and each of the Investment Funds (collectively, the “Icahn Parties”), filed an action in the Court of Chancery of the State of Delaware against Dell Inc., (“Dell”), and the members of its board of directors, including Michael Dell (the “Dell Board”). The complaint challenges certain actions taken by the Dell Board in relation to a going-private merger (the “Merger”) and an alternative recapitalization of Dell proposed by the Icahn Parties and others. In particular the complaint challenges actions taken by the Dell Board in relation to a special meeting to vote on the Merger and the failure of the Dell Board to hold an annual meeting of stockholders at which the Icahn Parties and others intend to seek the stockholders of Dell to vote for new directors who would support the recapitalization proposal. The complaint seeks both injunctive and declaratory relief. The Icahn Parties expect defendants to vigorously defend against the complaint and there can be no assurances as to the ultimate outcome of the matter. Icahn Enterprises, Mr. Icahn and others are opposing the Merger, and have stated that they will nominate a slate of directors for election at the 2013 annual meeting of Dell stockholders with the intention of implementing their proposal for Dell to engage in a self-tender for approximately 1.1 billion shares of Dell common stock at $14 per share plus warrants. Icahn Capital would provide up to approximately $2.7 billion of debt financing to Dell for such transaction and would not tender its shares in the tender offer. For more information, see the Schedule 13-D originally filed on May 10, 2013, as amended, filed by us and certain of our and Mr. Icahn’s affiliates. 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 that 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 best professional judgment of consultants. Total environmental liabilities, determined on an undiscounted basis, were $14 million and $15 million at June 30, 2013 and December 31, 2012, 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 June 30, 2013, Federal-Mogul estimates reasonably possible material additional losses, above and beyond its best estimate of required remediation costs as recorded, to approximate $44 million. Asset Retirement Obligations Federal-Mogul has identified sites with contractual obligations and several sites that are closed or expected to be closed and sold. In connection with these sites, Federal-Mogul has accrued $29 million at each of June 30, 2013 and December 31, 2012 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. Federal-Mogul has conditional asset retirement obligations ("CARO"), primarily related to removal costs of hazardous materials in buildings, for which it believes reasonable cost estimates cannot be made at this time because it does not believe it has a reasonable basis to assign probabilities to a range of potential settlement dates for these retirement obligations. Accordingly, Federal-Mogul is currently unable to determine amounts to accrue for CARO at such sites. Energy Unconditional Purchase Obligations CVR leases various equipment, including rail cars, and real properties under long-term operating leases expiring at various dates. For the six months ended June 30, 2013, lease expense was approximately $5 million. 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, Coffeyville Resources Refining & Marketing, LLC ("CRRM") and Vitol Inc. (“Vitol”), entered into an Amended and Restated Crude Oil Supply Agreement (the “Vitol Agreement”). The Vitol Agreement amends and restates the Crude Oil Supply Agreement between CRRM and Vitol dated March 30, 2011, as amended. 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 has an initial term commencing on August 31, 2012 and extending through December 31, 2014 (the "Initial Term"). Following the Initial Term, 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 the Initial Term or any Renewal Term. 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 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. There can be no assurance that CVR management's beliefs or opinions with respect to liability for potential litigation matters are accurate. In May 2010, separate groups of plaintiffs (the "Anstine and Arrow cases") filed two lawsuits against CRRM and other defendants in state court in Oklahoma and Kansas. Both lawsuits were removed to federal court and were then transferred to the Bankruptcy Court for the United States District Court for the District of Delaware. The Anstine and Arrow cases alleged the respective plaintiffs sold crude oil to a group of companies, which generally are known as SemCrude or SemGroup (collectively, “Sem”), which later declared bankruptcy and that Sem did not pay such plaintiffs for all of the crude oil purchased by Sem. Both lawsuits sought the same remedy, the imposition of a trust, an accounting and the return of crude oil or the proceeds therefrom. In February 2013, CRRM agreed to a settlement in the Anstine and Arrow cases, which was finalized with the plaintiffs in June 2013 and CRRM has been dismissed with prejudice. The settlement did not have a material adverse effect on our consolidated financial statements. On June 21, 2012, Goldman, Sachs & Co. (“GS”) filed suit against CVR in state court in New York, alleging that CVR failed to pay GS approximately $18.5 million in fees allegedly due to GS by CVR pursuant to an engagement letter dated March 21, 2012, which according to the allegations set forth in the complaint, provided that GS was engaged by CVR to assist CVR and the CVR board of directors in connection with a tender offer for CVR's common stock made by Carl C. Icahn and certain of his affiliates. CVR believes it has meritorious defenses and intends to vigorously defend against the suit. This amount has been fully accrued as of June 30, 2013 and December 31, 2012. On August 10, 2012, Deutsche Bank (“DB”) filed suit against CVR in state court in New York, alleging that CVR failed to pay DB $18.5 million in fees allegedly due to DB by CVR pursuant to an engagement letter dated March 23, 2012, which according to the allegations set forth in the complaint, provided that DB was engaged by CVR to assist CVR and the CVR board of directors in connection with a tender offer for CVR's stock made by Carl C. Icahn and certain of his affiliates. CVR believes it has meritorious defenses and intends to vigorously defend against the suit. This amount has been fully accrued as of June 30, 2013 and December 31, 2012. On December 17, 2012, Gary Community Investment Company, f/k/a The Gary-Williams Company and GWEC Holding Company, Inc. (referred to herein collectively as “Gary-Williams”) filed a lawsuit in the Supreme Court of New York, New York County (Gary Community Investment Co. v. CVR Energy, Inc., No. 654401/12) against CVR and CRLLC (referred to collectively for purposes of this paragraph as “CVR”). The action arises out of claims relating to CVR's purchase of the Wynnewood, Oklahoma refinery pursuant to the Purchase and Sale Agreement entered into by the parties on November 2, 2011 (the “Purchase Agreement”). Specifically, CVR provided notice to Gary-Williams that it sought indemnification for various breaches of the Purchase Agreement and subsequently made a claim notice for payment of the entire escrow property pursuant to the Escrow Agreement by and among Gary-Williams, CRLLC and the escrow agent, dated as of December 15, 2011. Gary-Williams, in its lawsuit, alleges that CVR breached the Purchase Agreement and the Escrow Agreement, and is seeking a declaratory judgment that CVR's claims are without any legal basis, damages in an unspecified amount and release of the full amount of the escrow property to Gary-Williams. CRNF received a ten-year property tax abatement from Montgomery County, Kansas in connection with the construction of the nitrogen fertilizer plant 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 Court of Tax Appeals ("COTA"), followed by an appeal to the Kansas Court of Appeals. However, CRNF fully accrued and paid the property taxes the county claimed were owed for the years ended December 31, 2008 through 2012. On February 25, 2013, Montgomery County and CRNF agreed to a settlement for tax years 2009 through 2012, which will lower CRNF's property taxes by about $11 million per year for tax years 2013 through 2016 based on current mill levy rates. In addition, the settlement provides that Montgomery County will support CRNF's application before COTA 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. Flood, Crude Oil Discharge and Insurance Crude oil was discharged from CVR's Coffeyville refinery on July 1, 2007, due to the short amount of time available to shut down and secure the refinery in preparation for the flood that occurred on June 30, 2007. In May 2008, in connection with the discharge, CVR received notices of claims from 16 private claimants under the Oil Pollution Act ("OPA") in an aggregate amount of approximately $4 million (plus punitive damages). In August 2008, those claimants filed suit against CVR in the United States District Court for the District of Kansas in Wichita (the "Angleton Case"). In October 2009 and June 2010, companion cases to the Angleton Case were filed in the United States District Court for the District of Kansas in Wichita, seeking a total of approximately $3 million (plus punitive damages) for three additional plaintiffs as a result of the July 1, 2007 crude oil discharge. CVR has settled all of the claims with the plaintiffs from the Angleton Case and has settled all of the claims except for one of the plaintiffs from the companion cases. The settlements did not have a material adverse effect on our consolidated financial statements. CVR believes that the resolution of the remaining claim will not have a material adverse effect on our Energy segment's financial results. On October 25, 2010, CVR received a letter from the United States Coast Guard on behalf of the EPA seeking $2 million in oversight cost reimbursement. CVR 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 U.S. Environmental Protection Agency ("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 OPA. CRRM has reached an agreement with the DOJ resolving its claims under the CWA and the OPA. The agreement is 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 plus accrued interest in the amount of $0.6 million for the CWA violations 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 parties also reached an agreement to settle DOJ's RMP claims. The agreement was filed and approved with 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 settlement agreement. CVR is seeking insurance coverage for this 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 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. Although the Court has now issued summary judgment opinions that eliminate the majority of the insurance defendants' reservations and defenses, CVR cannot be certain of the ultimate amount or timing of such recovery because of the difficulty inherent in projecting the ultimate resolution of CVR's claims. CVR has received $25 million of insurance proceeds under its primary environmental liability insurance policy, which constitutes full payment to CVR of the primary pollution liability policy limit. The lawsuit with the insurance carriers under the environmental policies remains the only unsettled lawsuit with the insurance carriers related to these events. 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 ("CRCT"), Wynnewood Refining Company, LLC ("WRC") 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 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 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 the waters of the United States. 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-0020 and Docket No. VII-95-H-011, respectively). As of both June 30, 2013 and December 31, 2012, environmental accruals of $2 million were reflected in the consolidated balance sheets for probable and estimated costs for remediation of environmental contamination under the RCRA Administrative Orders. Accruals were determined based on an estimate of payment costs through 2031, for which the scope of remediation was arranged with the EPA, and were discounted at the appropriate risk free rates at June 30, 2013 and December 31, 2012. The accruals include estimated closure and post-closure costs of $1 million for two landfills as of both June 30, 2013 and December 31, 2012. 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. CRRM, CRNF, CRCT, WRC and CRT are subject to extensive and frequently changing federal, state and local EHS laws and regulations governing the emission and release of hazardous substances into the environment, the treatment and discharge of waste water, the storage, handling, use and transportation of petroleum and nitrogen products, and the characteristics and composition of gasoline and diesel fuels. The ultimate impact on CVR's business of complying with evolving laws and regulations is not always clearly known or determinable due in part to the fact that our 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. In 2007, the EPA promulgated the Mobile Source Air Toxic II (“MSAT II”) rule that requires the reduction of benzene in gasoline by 2011. CRRM and WRC are considered to be small refiners under the MSAT II rule and compliance with the rule is extended until 2015 for small refiners. As a result of our purchase of a controlling interest in CVR on May 4, 2012, CVR's MSATII projects have been accelerated by three months due to the loss of small refiner status. Capital expenditures to comply with the rule are expected to be approximately $59 million for CRRM and approximately $98 million for WRC. The petroleum refining industry is subject to the Renewable Fuel Standard ("RFS"), which requires refiners to blend "renewable fuels" in with their transportation fuels or purchase renewable energy credits, known as renewable identification numbers ("RINs"), in lieu of blending. The EPA is required to determine and publish the applicable annual renewable fuel percentage standards for each compliance year by November 30 for the forthcoming year. The percentage standards represent the ratio of renewable fuel volume to gasoline and diesel volume. The EPA has not yet finalized the 2013 renewable fuel percentage standard, but has proposed to raise it to 9.6%. Beginning in 2011, the Coffeyville refinery was required to blend renewable fuels into its gasoline and diesel fuel or purchase RINs in lieu of blending, and in 2013, the Wynnewood refinery was required to comply. From time to time, CVR may purchase RINs on the open market or waiver credits for cellulosic biofuels from the EPA in order to comply with RFS. While the petroleum business cannot predict the future prices of RINs or waiver credits, the cost of purchasing RINs has been extremely volatile and has significantly increased over the last year. The cost of RINs for the period May 5, 2012 through December 31, 2012 was $14 million and the cost of RINs for the three and six months ended June 30, 2013 was $66 million and $98 million, respectively. As of June 30, 2013 and December 31, 2012, the petroleum business' biofuel blending obligation was $83 million and $1 million, respectively, which was recorded in accrued expenses and other liabilities on the consolidated balance sheets. The petroleum business expects that the cost of RINs will continue to be substantially higher in 2013 as compared to the corresponding prior year period. The ultimate cost of RINs for the petroleum business in 2013 is difficult to estimate. In particular, the cost of RINs is dependent upon a variety of factors, which include 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, all of which can vary significantly from quarter to quarter. In 2013, the EPA proposed "Tier 3" gasoline sulfur standards. Based on the proposed standards, CRRM anticipates it will incur less than $20 million of capital expenditures to install controls in order to meet the anticipated new standards. The project is expected to be completed during the Coffeyville refinery's next scheduled turnaround in 2016. It is not anticipated that the Wynnewood refinery would require additional controls or capital expenditures to meet the anticipated new standard. 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 install controls to reduce emissions of sulfur dioxide, nitrogen oxides and particulate matter from its 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" with the EPA, which replaces the 2004 Consent Decree, as amended (other than certain financial assurance provisions associated with corrective action at the refinery and terminal under RCRA). The Second Consent Decree gives 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 identified industry-wide noncompliance 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 90% of the US refining capacity) entering into consent decrees imposing civil penalties and requiring the installation of pollution control equipment and enhanced operating procedures. Under the Second Consent Decree, CVR was required to pay a civil penalty of less than $1 million and complete the installation of FCCU controls required under the 2004 Consent Decree, add controls to certain heaters and boilers and enhance certain work practices relating to wastewater and fugitive emissions. The remaining costs of complying with the Second Consent Decree are expected to be approximately $40 million. CRRM also agreed to complete a voluntary environmental project that will reduce air emissions and conserve water at an estimated cost of $1 million. Additional incremental capital expenditures associated with the Second Consent Decree will not be material and will be limited primarily to the retrofit and replacement of heaters and boilers over a five to seven year time-frame. The Second Consent Decree was entered by the U.S. District Court for the District of Kansas on April 19, 2012. WRC's refinery has not entered into a global settlement with the EPA and the Oklahoma Department of Environmental Quality (the "ODEQ") under the National Petroleum Refining Initiative, although it had discussions with the EPA and the ODEQ about doing so. Instead, WRC entered into a Consent Order with the ODEQ in August 2011 (the "Wynnewood Consent Order"). The Wynnewood Consent Order addresses some, but not all, of the traditional marquee issues under the National Petroleum Refining Initiative and addresses certain historic Clean Air Act compliance issues that are generally beyond the scope of a traditional global settlement. Under the Wynnewood Consent Order, WRC paid a civil penalty of $950,000 and agreed to install certain controls, enhance certain compliance programs, and undertake additional testing and auditing. A substantial portion of the costs of complying with the Wynnewood Consent Order were expended during the last turnaround. The remaining costs are expected to be $3 million. In consideration for entering into the Wynnewood Consent Order, WRC received a release from liability from ODEQ for matters described in the ODEQ order. From time to time, the EPA has conducted inspections and issued information requests to CRNF with respect to CVR's compliance with the RMP and the release reporting requirements under CERCLA and the EPCRA. These previous investigations have resulted in the issuance of preliminary findings regarding CRNF's compliance status. In the fourth quarter of 2010, following CRNF's reported release of ammonia from its cooling water system and the rupture of its UAN vessel (which released ammonia and other regulated substances), the EPA conducted its most recent inspection and issued an additional request for information to CRNF. The EPA has not made any formal claims against CVR and CVR has not accrued for any liability associated with the investigations or releases. WRC has entered into a series of Clean Water Act consent orders with ODEQ. The latest Consent Order (the "CWA Consent Order"), which supersedes other consent orders, became effective in September 2011. The CWA Consent Order addresses alleged noncompliance by WRC with its Oklahoma Pollutant Discharge Elimination System permit limits. The CWA Consent Order requires WRC to take corrective action steps, including undertaking studies to determine whether the Wynnewood refinery's wastewater treatment plant capacity is sufficient. The Wynnewood refinery may need to install additional controls or make operational changes to satisfy the requirements of the CWA Consent Order. The cost of additional controls, if any, cannot be predicted at this time. However, based on CVR's experience with wastewater treatment and controls, CVR does not anticipate that the costs of any required additional controls or operational changes would be material. Environmental expenditures are capitalized when such expenditures are expected to result in future economic benefits. For the six months ended June 30, 2013, capital expenditures were $38 million and were incurred to improve the environmental compliance and efficiency of the operations. CRRM, CRNF, CRCT, WRC and CRT each believes it is in substantial compliance with existing EHS rules and regulations. There can be no assurance that the EHS matters described above or other EHS matters which may develop in the future will not have a material adverse effect on CVR's business, financial condition or results of operations. On September 28, 2012, the Wynnewood refinery experienced an explosion in a boiler unit during startup after a short outage as part of the turnaround process. Two employees were fatally injured. Damage at the refinery was limited to the boiler. Additionally, there was no environmental impact. The refinery was in the final stages of shutdown for turnaround maintenance at the time of the incident. The petroleum business completed an internal investigation of the incident and continues to cooperate with OSHA and Oklahoma Department of Labor investigations. OSHA also conducted a general inspection of the facility during the boiler incident investigation. In March 2013, OSHA completed its investigation and communicated its citations to WRC. OSHA also placed WRC in its Severe Violators Enforcement Program (the “SVEP”). WRC has filed its notice of contest against the citations, and will vigorously defend against the citations and OSHA's placement of WRC in the SVEP. WRC is in the process of reviewing the citations and no settlement has been reached. Any penalties associated with OSHA's citations are not expected to have a material adverse effect on the condensed consolidated financial statements. Metals Environmental Matters Certain of PSC Metals' facilities are environmentally impaired in part as a result of operating practices at the sites prior to their acquisition by PSC Metals and as a result of PSC Metals' operations. PSC Metals has established procedures to periodically evaluate these sites, giving consideration to the nature and extent of the contamination. PSC Metals has provided for the remediation of these sites based upon management's judgment and prior experience. PSC Metals has estimated the liability to remediate these sites to be $29 million at each of June 30, 2013 and December 31, 2012. Management believes, based on past experience, that the vast majority of these environmental liabilities and costs will be assessed and paid over an extended period of time. PSC Metals believes that it will be able to fund such costs in the ordinary course of business. Estimates of PSC Metals' liability for remediation of a particular site and the method and ultimate cost of remediation require a number of assumptions that are inherently difficult to make, and the ultimate outcome may be materially different from current estimates. Moreover, because PSC Metals has disposed of waste materials at numerous third-party disposal facilities, it is possible that PSC Metals will be identified as a PRP at additional sites. The impact of such future events cannot be estimated at the current time. PSC Metals has been designated as a PRP under U.S. federal and state superfund laws with respect to certain sites with which PSC Metals may have had a direct or indirect involvement. It is alleged that PSC Metals and its subsidiaries or their predecessors transported waste to the sites, disposed of waste at the sites or operated the sites in question. PSC Metals has negotiated a settlement with the EPA that resolves PSC Metals and its predecessors' liability associated with the Port Refinery superfund site in the Village of Rye Brook, NY. PSC Metals made a one-time payment of $225,000 in August 2012 to resolve the matter. In addition, PSC Metals recently learned that its Knoxville location was the subject of a Site Assessment under the federal Superfund law. This Site Assessment was performed in 2012 by the State of Tennessee pursuant to a contract with EPA. Tennessee recommended to EPA that an expanded Site Assessment be performed at this location due to the presence of contamination. At this point, PSC Metals cannot assess any cost or liability associated with this investigation. With respect to all other matters in which PSC Metals has been designated as a PRP under U.S. federal and state superfund laws, PSC Metals has reviewed the nature and extent of the allegations, the number, connection and financial ability of other named and unnamed PRPs and the nature and estimated cost of the likely remedy. Based on reviewing the nature and extent of the allegations, PSC Metals has estimated its liability to remediate these sites to be immaterial at each of June 30, 2013 and December 31, 2012. If it is determined that PSC Metals has liability to remediate those sites and that more expensive remediation approaches are required in the future, PSC Metals could incur additional obligations, which could be material. In November and December of 2011, PSC Metals received three notices of violation from the Missouri Department of Natural Resources ("MDNR") for hazardous waste and water violations related to its Festus, Missouri location. PSC Metals has responded to the notices of violation and is cooperating with MDNR. PSC Metals is in the process of negotiating a settlement with MDNR that will resolve the three notices of violation referenced above. PSC Metals cannot estimate the cost of any settlement with MDNR at this time. PSC Metals believes that it has a claim for indemnification against the prior owner of the facility associated with the above-referenced notices of violation. MDNR has undertaken sampling for lead at residences near PSC Metals' Festus yard. MDNR has indicated to PSC Metals that this sampling was initiated in response to citizen complaints regarding its Festus yard. MDNR has received the results of this sampling. PSC Metals has been provided with the MDNR sampling results and is undertaking a technical review with its environmental experts. PSC Metals has been informed by MDNR that of the approximately 50 residences that were sampled and tested, 15 tested above residential standards for lead contamination and may require some amount of limited soil remediation. Neither MDNR nor PSC Metals has undertaken a lead isotope or similar analysis that would tie the lead contamination that was discovered to a specific location or source. MDNR has requested that PSC Metals sample 19 additional residential properties to assess whether those sites are above residential standards for lead contamination. PSC Metals and MDNR are discussing the scope and extent of any future sampling and the potential for limited soil remediation. At this time, PSC Metals believes that it has adequately reserved for the cost of remediation associated with its Festus yard and the residential areas near the yard, should such remediation be required. However, as negotiations with MDNR are on-going and additional sampling could be required, PSC Metals cannot assess its liability with certainty at this time. To the extent that MDNR does seek to hold PSC Metals liable for off-site contamination, PSC Metals believes that such liability was retained by the prior owner of the Festus yard and it would have a claim for indemnification against the prior owner. In 2011, PSC Metals entered into a consent decree with the EPA regarding PSC Metals' scrap processing facility located in Cleveland, Ohio. The EPA alleged that PSC Metals violated the requirements of Section 608 of the Clean Air Act, 42 USC Section 761, which requires scrap processors to either recover refrigerants from appliances in accordance with the procedures described in the applicable federal regulations or verify through certifications that refrigerants have previously been evacuated. The consent decree includes injunctive relief that, among other things, will require PSC Metals to offer refrigerant extraction services at 11 of its scrap processing facilities through October 2015. PSC Metals estimates that the cost associated with the required injunctive relief will range from $0.8 million to $1.7 million, exclusive of a civil penalty of $199,000 assessed in connection with the consent decree which PSC Metals paid in 2011. On April 3, 2013, two citizen groups filed a citizen suit under the Clean Water Act (the “CWA”) for alleged storm water and process water discharges at PSC Metals' Nashville, TN facility that the citizen groups allege violate the CWA and PSC Metals' storm water discharge permit. The CWA requires that to maintain a citizen suit, the citizen plaintiff must be able to show that the violations are on-going or are reasonably likely to reoccur. PSC Metals believes, based on its investigation to date, that the citizen plaintiffs cannot meet this burden. Based on reviewing the nature and extent of the allegations, PSC Metals currently cannot reasonably provide an estimate of range of loss. Railcar Environmental Matters ARI is subject to comprehensive federal, state, local and international environmental laws and regulations relating to the release or discharge of materials into the environment, the management, use, processing, handling, storage, transport or disposal of hazardous materials and wastes, or otherwise relating to the protection of human health and the environment. These laws and regulations not only expose ARI to liability for the environmental condition of its current or formerly owned or operated facilities, and its own negligent acts, but also may expose ARI to liability for the conduct of others or for ARI's actions that were in compliance with all applicable laws at the time these actions were taken. In addition, these laws may require significant expenditures to achieve compliance, and are frequently modified or revised to impose new obligations. Civil and criminal fines and penalties and other sanctions may be imposed for non-compliance with these environmental laws and regulations. ARI's operations that involve hazardous materials also raise potential risks of liability under common law. Management believes that there are no current environmental issues identified that would have a material adverse effect on ARI. Certain real property ARI acquired from ACF in 1994 has been involved in investigation and remediation activities to address contamination. Substantially all of the issues identified relate to the use of these properties prior to their transfer to ARI by ACF and for which ACF has retained liability for environmental contamination that may have existed at the time of transfer to ARI. ACF has also agreed to indemnify ARI for any cost that might be incurred with those existing issues. As of June 30, 2013, ARI does not believe it will incur material costs in connection with any investigation or remediation activities relating to these properties, but it cannot assure that this will be the case. If ACF fails to honor its obligations to ARI, ARI could be responsible for the cost of such remediation. ARI believes that its operations and facilities are in substantial compliance with applicable laws and regulations and that any noncompliance is not likely to have a material adverse effect on its operations or financial condition. Other Matters On September 2, 2009, a complaint was filed by George Tedder ("Plaintiff") against ARI in the U.S. District Court, Eastern District of Arkansas. The Plaintiff alleged that ARI was liable for an injury that resulted during the Plaintiff's break on April 24, 2008. At trial on April 9, 2012, the jury ruled in favor of the Plaintiff, which was subsequently appealed. As a result of the appeal, the judge reduced the amount awarded to the plaintiff, which was fully accrued as of June 30, 2013 and December 31, 2012. In the first quarter of 2013, ARI filed an appeal of the revised ruling. Gaming Aztar v. Marsh On August 12, 2010, Aztar filed a broker malpractice and breach of contract action in the Superior Court of New Jersey, Atlantic County, Law Division (the “Court”), against Marsh & McLennan Companies, Marsh, Inc., Marsh USA, Inc. and various fictitious Marsh entities (together, the "Marsh Defendants"). The claim seeks $100 million or more in compensatory damages against the Marsh Defendants, Aztar's risk management and insurance brokers at the time of a 2002 expansion of Tropicana AC by Aztar, including, but not limited to, lost profits, expenses arising from the interruption of operations, attorneys' fees, loss of the use of the insurance proceeds at issue, and litigation expenses resulting from the Marsh Defendants' failure to secure for Aztar business interruption and property damage coverage covering losses sustained by Aztar from the collapse of a parking garage that occurred at Tropicana AC on October 30, 2003. The Marsh Defendants filed an answer on October 20, 2010 denying the material allegations of the complaint and subsequently filed a Motion to Dismiss for Forum Non Conveniens in December 2010, which motion was denied by the Court on April 12, 2011. On August 18, 2011 the Marsh Defendants filed a Motion for Summary Judgment arguing that the Court should apply the Arizona Statue of Limitations to the action. Aztar filed an objection to the Marsh Defendants' motion on September 23, 2011 arguing, inter alia, that the New Jersey Statute of Limitations applies to the action. The Marsh Defendants filed its Reply on October 3, 2011. The motion was argued in January 2012. In April 2012, the Court granted the Marsh Defendants' motion for Summary Judgment dismissing Aztar's complaint with prejudice. Aztar subsequently filed a Motion for Reconsideration with the Court, which was denied. In September 2012, Aztar filed an appeal of the Court's decision to dismiss the case with the Superior Court of New Jersey, Appellate Division, which appeal is currently pending. A hearing on the appeal was held in May 2013. Any recovery obtained by Aztar in this action will be recoverable by Tropicana as the current owner of Tropicana AC. Tropicana AC Tax Appeal Settlement In January 2013 we settled outstanding real estate tax appeals involving our Tropicana AC property with the City of Atlantic City. The settlement involves the tax years 2008 through 2012 and also covers negotiated real estate assessments for 2013 and 2014. Under the terms of the settlement, Tropicana AC will receive a refund of approximately $50 million in the form of credits against future year real estate tax bills beginning in 2013 and ending in 2017. The credits are front-loaded in 2013 and 2014 with the remainder of the credits spread over the remaining three years, 2015 through 2017. Tropicana will recognize these credits as a reduction to operating expenses in the periods they are utilized. Food Packaging Tax Matter During 2005, Viskase Brasil Embalagens Ltda. (“Viskase Brazil”) received three tax assessments by São Paulo tax authorities with respect to Viskase Brazil's alleged failure to pay value added and sales and services tax (“ICMS”) levied on the importation of raw materials, and sales of goods in and out of the State of São Paulo, and alleged improper credits taken, from 2000 through 2005. In late December 2012, São Paulo issued a decree announcing a special settlement program (“Settlement Program”) for eligible companies that wish to settle alleged ICMS liabilities arising prior to July 31, 2012. The Settlement Program offers significant reductions in interest and penalties to companies that choose to participate. On May 29, 2013, after consulting with its legal and tax advisors and considering the inherent uncertainty surrounding the outcome of the ongoing litigation, Viskase Brazil accepted participation in the Settlement Program, which allowed it to satisfy all of its remaining ICMS liabilities and related costs for $23 million. Home Fashion Environmental Matters WPH is subject to various federal, state and local environmental laws and regulations governing, among other things, the discharge, storage, handling and disposal of a variety of hazardous and nonhazardous substances and wastes used in or resulting from its operations and potential remediation obligations. WPH's operations are also governed by U.S. federal, state, local and foreign laws, rules and regulations relating to employee safety and health which, among other things, establish exposure limitation for cotton dust, formaldehyde, asbestos and noise, and which regulate chemical, physical and ergonomic hazards in the workplace. WPH estimated its environmental accruals to be $1 million at both June 30, 2013 and December 31, 2012. Other Matters Mr. Icahn, through certain affiliates, owns 100% of Icahn Enterprises GP and approximately 89.3% of Icahn Enterprises' outstanding depositary units as of June 30, 2013. Applicable pension and tax laws make each member of a “controlled group” of entities, generally defined as entities in which there is at least an 80% common ownership interest, jointly and severally liable for certain pension plan obligations of any member of the controlled group. These pension obligations include ongoing contributions to fund the plan, as well as liability for any unfunded liabilities that may exist at the time the plan is terminated. In addition, the failure to pay these pension obligations when due may result in the creation of liens in favor of the pension plan or the Pension Benefit Guaranty Corporation ("PBGC") against the assets of each member of the controlled group. As a result of the more than 80% ownership interest in us by Mr. Icahn’s affiliates, we and our subsidiaries are subject to the pension liabilities of all entities in which Mr. Icahn has a direct or indirect ownership interest of at least 80%. One such entity, ACF, is the sponsor of several pension plans. All the minimum funding requirements of the Code and the Employee Retirement Income Security Act of 1974, as amended by the Pension Protection Act of 2006, for these plans have been met as of June 30, 2013 and December 31, 2012. If the plans were voluntarily terminated, they would be underfunded by approximately $125 million and $130 million as of June 30, 2013 and December 31, 2012, respectively. These results are based on the most recent information provided by the plans’ actuaries. These liabilities could increase or decrease, depending on a number of factors, including future changes in benefits, investment returns, and the assumptions used to calculate the liability. As members of the controlled group, we would be liable for any failure of ACF to make ongoing pension contributions or to pay the unfunded liabilities upon a termination of the pension plans of ACF. In addition, other entities now or in the future within the controlled group in which we are included may have pension plan obligations that are, or may become, underfunded and we would be liable for any failure of such entities to make ongoing pension contributions or to pay the unfunded liabilities upon termination of such plans. See Note 18, "Subsequent Events - Other" for further discussion regarding the status change in the responsibility of the unfunded termination liability of Federal-Mogul as a result of the increase in our ownership of Federal-Mogul subsequent to June 30, 2013. The current underfunded status of the pension plans of ACF requires it to notify the PBGC of certain “reportable events,” such as if we cease to be a member of the ACF controlled group, or if we make certain extraordinary dividends or stock redemptions. The obligation to report could cause us to seek to delay or reconsider the occurrence of such reportable events. Starfire Holding Corporation ("Starfire") which is 99.4% owned by Mr. Icahn, has undertaken to indemnify us and our subsidiaries from losses resulting from any imposition of certain pension funding or termination liabilities that may be imposed on us and our subsidiaries or our assets as a result of being a member of the Icahn controlled group. The Starfire indemnity (which does not extend to pension liabilities of our subsidiaries that would be imposed on us as a result of our interest in these subsidiaries and not as a result of Mr. Icahn and his affiliates holding more than an 80% ownership interest in us. Thus, as a Starfire would not indemnify us for the unfunded pension termination liability for Federal-Mogul subsequent to June 30, 2013 as a result of the increase in our ownership of Federal-Mogul as discussed in Note 18, "Subsequent Events") provides, among other things, that so long as such contingent liabilities exist and could be imposed on us, Starfire will not make any distributions to its stockholders that would reduce its net worth to below $250 million. Nonetheless, Starfire may not be able to fund its indemnification obligations to us. |
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $)
In Millions, unless otherwise specified |
Jun. 30, 2013
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Dec. 31, 2012
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Accumulated other comprehensive loss | $ 1,053 | $ 982 |
Related Party Transactions
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6 Months Ended |
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Jun. 30, 2013
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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 second quarter of 2013, an affiliate of Mr. Icahn invested $45 million in the Investment Funds. As of June 30, 2013 and December 31, 2012, 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 $3.8 billion and $3.5 billion, respectively. Effective April 1, 2011, based on an expense-sharing arrangement, certain expenses borne by Icahn Capital are reimbursed by the Investment Funds, generally when such expenses are paid. Such expenses relate to the operation, administration and investment activities of Icahn Capital for the benefit of the Investment Funds (including salaries, benefits and rent) and are allocated pro rata in accordance with each investor's capital accounts in the Investment Funds. For the three months ended June 30, 2013 and 2012, $13 million and $7 million, respectively, was allocated to the Investment Funds based on this expense-sharing arrangement. For the six months ended June 30, 2013 and 2012, $40 million and $11 million, respectively, was allocated to the Investment Funds based on this expense-sharing arrangement. Railcar Agreements with ACF Industries LLC In January 2013, ARI entered into a purchasing and engineering services agreement and license with ACF Industries LLC ("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 certain 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 such tank railcars during the term of the agreement. Subject to certain early termination events, the agreement will terminate on December 31, 2014. In consideration of 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 percent 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 shall be provided at fair market value. Under the agreement, ACF has 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 such tank railcars for any new orders scheduled for delivery after that date and through December 31, 2014. 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 under this agreement were $3 million for each of the three and six months ended June 30, 2013 and were recorded for sales of railcar components to ACF and for royalties on railcars sold by ACF. In April 2013, AEP Leasing entered into an agreement ("ACF Agreement") with ACF whereby AEP Leasing will purchase 1,050 railcars from ACF in 2013 and 2014 for an aggregate purchase price of approximately $150 million. Additionally, AEP Leasing has an option to purchase an additional 500 railcars in 2013 and 2014 for an aggregate additional purchase price of approximately $70 million. 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 no 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 AEP Leasing from ACF were $5 million for each of the three and six months ended June 30, 2013. Agreements with American Railcar Leasing LLC In April 2011, ARI entered into a fleet services agreement ("Railcar Services Agreement") with ARL, a company controlled by Mr. Icahn, for a term of three years, which will automatically renew for additional one-year periods unless either party provides at least 60 days written prior notice of termination. Pursuant to the Railcar Services Agreement, ARI provides railcar repair, engineering, administrative and other services, on an as needed basis, for ARL's lease fleet at mutually agreed-upon prices. Railcar services revenues, included in other revenues from operations in our consolidated statements of operations, recorded by ARI under this agreement were $5 million and $6 million for the three months ended June 30, 2013 and 2012, respectively, and $9 million and $11 million for the six months ended June 30, 2013 and 2012, respectively. The Railcar Services Agreement was unanimously approved by the independent directors of ARI's audit committee on the basis that the terms were no less favorable than those terms that could have been obtained in a comparable transaction with an unaffiliated third party. ARI has from time to time manufactured and sold railcars to ARL under long-term agreements as well as on a purchase order basis. In the third quarter of 2012, all unfilled purchase orders previously placed by ARL were assigned to AEP Leasing. Revenues for railcars sold to ARL were approximately $11 million for each of the three and six months ended June 30, 2012. The terms and pricing on sales to related parties are not less favorable to ARI than the terms and pricing on sales to unaffiliated third parties. Any related party sales of railcars under an agreement or purchase order have been and will be subject to the approval or review by the independent directors of Icahn Enterprises' and ARI’s audit committee. On February 29, 2012, ARI entered into a railcar management agreement (the "ARI Railcar Management Agreement") with ARL, pursuant to which ARI engaged ARL to sell or lease ARI's railcars in certain markets, subject to the terms and conditions of the ARI Railcar Management Agreement. The ARI Railcar Management Agreement was effective as of January 1, 2011, will continue through December 31, 2015 and may be renewed upon written agreement by both parties. In December 2012, a subsidiary of ARI entered into a similar agreement with ARL that terminates in August 2018. On August 30, 2012, AEP Leasing entered into a railcar management agreement with ARL (the "AEP Railcar Management Agreement"), pursuant to which AEP Leasing engaged ARL to sell or lease AEP Leasing's railcars in certain markets, subject to the terms and conditions of the AEP Railcar Management Agreement. The AEP Railcar Management Agreement was effective as of August 30, 2012, will continue through December 31, 2022 and may be renewed upon written agreement by both parties. The ARI Railcar Management Agreement and the AEP Railcar Management Agreement (collectively the "Railcar Management Agreements") also provide that ARL will manage ARI's and AEP Leasing's leased railcars, including arranging for services, such as repairs or maintenance, as deemed necessary. Subject to the terms and conditions of the agreement, ARL receives, in respect of leased railcars, a fee consisting of a lease origination fee and a management fee based on the lease revenues, and, in respect of railcars sold by ARL, sales commissions. The ARI Railcar Management Agreement was unanimously approved by ARI's special committee and Icahn Enterprises' audit committee, which were advised by independent counsel and an independent financial advisor. The AEP Railcar Management Agreement was unanimously approved by Icahn Enterprises' audit committee, which was advised by independent counsel and an independent financial advisor. Each of the Railcar Management Agreements was approved by the applicable special or audit committees on the basis that the terms of the Railcar Management Agreements were no less favorable than those terms that could have been obtained in a comparable transaction with an unaffiliated third party. Combined fees incurred by ARI and AEP Leasing in connection with the Railcar Management Agreements were immaterial for each of the three and six months ended June 30, 2013 and 2012. As of June 30, 2013 and December 31, 2012, our Railcar segment had accounts receivable of $4 million and $2 million, respectively, due from ARL and ACF. These amounts are included in other assets in our consolidated balance sheets. Insight Portfolio Group LLC (formerly known as Icahn Sourcing, LLC) Icahn Sourcing, LLC ("Icahn Sourcing") was an entity formed by Mr. Icahn in order to maximize the potential buying power of a group of entities with which Mr. Icahn has a relationship in negotiating with a wide range of suppliers of goods, services and tangible and intangible property at negotiated rates. Icahn Enterprises was a member of the buying group in 2012. Prior to December 31, 2012, Icahn Enterprises did not pay Icahn Sourcing any fees or other amounts with respect to the buying group arrangement. In December 2012, Icahn Sourcing advised Icahn Enterprises that, effective January 1, 2013, it would restructure its ownership and change its name to Insight Portfolio Group LLC (“Insight Portfolio Group”). In connection with the restructuring, 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 2013. In addition to the minority equity interest held by Icahn Enterprises Holdings, certain subsidiaries of Icahn Enterprises Holdings, including Federal-Mogul, CVR, Tropicana, ARI, Viskase, PSC Metals and WPH, also acquired minority equity interests in Insight Portfolio Group and agreed to pay a portion of Insight Portfolio Group's operating expenses in 2013. 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 in 2013. |
Debt Narrative - Credit Facilities - Gaming (Details) (USD $)
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6 Months Ended | ||||||
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Jun. 30, 2013
Term Loan [Member]
Gaming Segment [Member]
Secured Debt [Member]
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Jun. 30, 2013
Revolving Credit Facility [Member]
Gaming Segment [Member]
Secured Debt [Member]
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Jun. 30, 2013
Letter of Credit [Member]
Gaming Segment [Member]
Secured Debt [Member]
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Jun. 30, 2013
Minimum [Member]
Term Loan [Member]
Gaming Segment [Member]
Secured Debt [Member]
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Jun. 30, 2013
Maximum [Member]
Term Loan [Member]
Gaming Segment [Member]
Secured Debt [Member]
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Jun. 30, 2013
CRLLC [Member]
ABL Credit Facility [Member]
Revolving Credit Facility [Member]
Energy Segment [Member]
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Dec. 31, 2012
CRLLC [Member]
ABL Credit Facility [Member]
Revolving Credit Facility [Member]
Energy Segment [Member]
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Debt Instrument [Line Items] | |||||||
Line of credit facility, outstanding borowings | $ 27,000,000 | $ 0 | |||||
Term Loan Facility | 175,000,000 | ||||||
Term loan facility, issue discount percentage | 2.00% | ||||||
Letter of credit facility, maximum aggregate amount | 15,000,000 | ||||||
Debt Instrument, Periodic Payment, Percentage of Original Principal Amount | 0.25% | ||||||
Debt Instrument, Interest Rate at Period End | 7.50% | ||||||
Potential increase in New Term Loan Facility | $ 75,000,000 | $ 20,000,000 | |||||
Letters of credit, cash collateral requirement, percentage of face amount | 103.00% | ||||||
First lien net leverage ratio | 2.50 | 3.25 | |||||
Total net leverage ratio | 5.00 | ||||||
Trailing Months Used to Calculate Leverage Ratios | 12 months |
Description of Business and Basis of Presentation
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6 Months Ended |
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Jun. 30, 2013
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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 June 30, 2013. 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 to the allocation of the general partner interest, which is reflected as an aggregate 1.99% general partner interest in the financial statements of Icahn Enterprises. In addition to the above, Mr. Icahn and his affiliates owned 99,213,824, or approximately 89.3%, of Icahn Enterprises' outstanding depositary units as of June 30, 2013. We are a diversified holding company owning subsidiaries currently engaged in the following continuing operating businesses: Investment, Automotive, Energy, Metals, Railcar, Gaming, 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 2, “Operating Units,” and Note 13, “Segment 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 (the “Code”). The accompanying consolidated financial statements and related notes should be read in conjunction with our consolidated financial statements and related notes contained in our Annual Report on Form 10-K for the year ended December 31, 2012. The consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) related to interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. The financial information contained herein is unaudited; however, management believes all adjustments have been made that are necessary to present fairly the results for the interim periods. All such adjustments are of a normal and recurring nature. Reclassifications Certain reclassifications from the prior year presentation have been made to conform to the current year presentation. Purchase Price Allocation On May 4, 2012, we acquired a controlling interest in CVR Energy, Inc. ("CVR") and have allocated the total purchase price to the fair value of assets acquired and liabilities assumed based on their fair values at the acquisition date, with amounts exceeding fair values recorded as goodwill. The purchase price allocation was finalized during the second quarter of 2013. See Note 8, "Goodwill and Intangible Assets, Net - Energy," for further discussion. Principles of Consolidation Our consolidated financial statements include the accounts of (i) Icahn Enterprises and (ii) the wholly and majority owned subsidiaries of Icahn Enterprises, in addition to those entities in which we have a controlling interest as a general partner interest or in which we may be the primary beneficiary of a variable interest entity (“VIE”). In evaluating whether we have a controlling financial interest in entities in which we would 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 that are not considered VIEs, 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. Fair Value of Financial Instruments The carrying values of cash and cash equivalents, cash held at consolidated affiliated partnerships and restricted cash, accounts receivable, 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 4, “Investments and Related Matters,” and Note 5, “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 June 30, 2013 was approximately $8.2 billion and $8.3 billion, respectively. The carrying value and estimated fair value of our long-term debt as of December 31, 2012 was approximately $8.5 billion and $8.6 billion, respectively. Restricted Cash Our restricted cash balance was approximately $1.6 billion and $0.7 billion as of June 30, 2013 and December 31, 2012, respectively. Adoption of New Accounting Standards In December 2011, the FASB issued ASU No. 2011-11, which amends FASB ASC Topic 210, Balance Sheet. This ASU requires companies to disclose both gross and net information about instruments and transactions eligible for offset in the statement of financial position as well as instruments and transactions subject to an agreement similar to a master netting arrangement. In January 2013, the FASB issued ASU No. 2013-01, Balance Sheet (Topic 210) - Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. This ASU limits the scope of the original guidance. These ASUs are effective retrospectively for interim and annual periods beginning on or after January 1, 2013. We adopted these additional disclosure requirements effective January 1, 2013 which had minimal impact on our disclosures. In February 2013, the FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income. This ASU requires an entity to provide information about amounts reclassified out of accumulated other comprehensive income by component. The guidance is effective prospectively for interim and annual periods beginning after December 15, 2012. We adopted these additional disclosure requirements effective January 1, 2013. See Note15, "Changes in Accumulated Other Comprehensive Loss," for additional information. Recently Issued Accounting Standards In February 2013, the FASB issued ASU No. 2013-04, which amends FASB ASC Topic 405, Liabilities. This ASU requires the measurement of obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date as the sum of (1) the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and (2) any additional amount the reporting entity expects to pay on behalf of its co-obligors. This guidance also requires the disclosure of the nature and amount of the obligation as well as other information about those obligations. The guidance is effective for interim and annual periods beginning after December 15, 2013. We anticipate that the adoption of this guidance will not have a material impact on our consolidated financial position, results of operations and cash flows. In March 2013, the FASB issued ASU No. 2013-05, which amends FASB ASC Topic 830, Foreign Currency Matters. This ASU resolves the accounting for certain foreign currency matters with respect to the release of cumulative translation adjustment into net income within a foreign entity under certain circumstances. This ASU is effective prospectively for fiscal years (and interim reporting periods within those years) beginning after December 15, 2013. This ASU should be applied prospectively to derecognition events occurring after the effective date. Early adoption is permitted provided that if the entity early adopts this guidance, it applies it as of the beginning of the entity's fiscal year of adoption. The adoption of this ASU will not have a material impact on our consolidated financial position, results of operations or cash flows. In June 2013, the FASB issued ASU No. 2013-08, which amends FASB ASC Topic 940, Financial Services - Investment Companies. This ASU clarifies the characteristics of an investment company, and provides comprehensive guidance for assessing whether an entity is an investment company. This ASU is effective for fiscal years (and interim reporting periods within those years) beginning after December 15, 2013. Earlier adoption is prohibited. The adoption of this ASU will not have any impact on our consolidated financial position, results of operations or cash flows. Filing Status of Subsidiaries Federal-Mogul Corporation (“Federal-Mogul”), CVR, American Railcar Industries, Inc. (“ARI”) and Tropicana Entertainment Inc. (“Tropicana”) are each a public reporting entity under the Securities Exchange Act of 1934, as amended, and 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. |
Other Income (Loss), Net (Tables)
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Jun. 30, 2013
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Schedule of Other Nonoperating Income (Expense) | Other income (loss), net consists of the following:
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Segment Reporting (Policies)
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6 Months Ended |
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Jun. 30, 2013
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Accounting Policies [Abstract] | |
Segment Reporting, Policy [Policy Text Block] | Our determination of what constitutes an operating segment is based on the various industries in which our businesses operate and how we manage those businesses in accordance with our investment strategy. We assess and measure segment operating results based on net income from continuing operations attributable to Icahn Enterprises and Icahn Enterprises Holdings, as disclosed below. |
Financial Instruments (Tables)
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Jun. 30, 2013
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Schedule of Notional Amounts of Outstanding Derivative Positions | At June 30, 2013, the volume of our derivative activities based on their notional exposure, categorized by primary underlying risk, are as follows:
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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:
The following table presents the effects of our derivative instruments not designated as hedging instruments on the statements of operations for the three and six months ended June 30, 2013 and 2012:
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Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table presents the consolidated fair values of our derivative instruments that are designated as cash flow hedging instruments:
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Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The following tables present the effect of our derivative instruments that are designated as cash flow hedging instruments on our consolidated financial statements for the three and six months ended June 30, 2013 and 2012:
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Debt Narrative - Debt and Credit Facilities - Energy (Details) (Energy Segment [Member], USD $)
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0 Months Ended | 6 Months Ended | 0 Months Ended | 0 Months Ended | 6 Months Ended | 6 Months Ended | 0 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 23, 2012
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Jun. 30, 2013
CVR Second Lien Notes [Member]
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Oct. 23, 2012
2022 Notes [Member]
Senior unsecured notes [Member]
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Apr. 06, 2010
CVR Issuers [Member]
CVR First Lien Notes [Member]
Term Loan [Member]
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Apr. 06, 2010
CVR Issuers [Member]
CVR Second Lien Notes [Member]
Term Loan [Member]
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Dec. 15, 2011
CVR Issuers [Member]
Additional CVR Notes [Member]
Term Loan [Member]
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Jun. 30, 2013
CRLLC [Member]
ABL Credit Facility [Member]
Revolving Credit Facility [Member]
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Dec. 31, 2012
CRLLC [Member]
ABL Credit Facility [Member]
Revolving Credit Facility [Member]
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Dec. 01, 2012
CRLLC [Member]
ABL Credit Facility [Member]
Revolving Credit Facility [Member]
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Dec. 01, 2012
CRLLC [Member]
ABL Credit Facility [Member]
Letter of Credit [Member]
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Jun. 30, 2013
CRLLC [Member]
Letter of Credit [Member]
Revolving Credit Facility [Member]
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Jun. 04, 2012
CRLLC [Member]
Debt repurchase percentage of principal amount authorized if change of control [Member]
CVR Notes [Member]
Term Loan [Member]
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May 04, 2012
CRLLC [Member]
Debt repurchase percentage of principal amount authorized if change of control [Member]
CVR Notes [Member]
Term Loan [Member]
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Jun. 30, 2013
CRLLC [Member]
Debt repurchase percentage of principal amount authorized if change of control [Member]
CVR Notes [Member]
Term Loan [Member]
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Apr. 13, 2011
CRNF [Member]
Term Loan [Member]
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Jun. 30, 2013
CRNF [Member]
Revolving Credit Facility [Member]
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Apr. 13, 2011
CRNF [Member]
Revolving Credit Facility [Member]
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Jun. 30, 2013
CRNF [Member]
Base Rate [Member]
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Jun. 30, 2013
CRNF [Member]
EuroDollar [Member]
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Oct. 23, 2012
Extinguishment of Debt, Type [Domain]
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Oct. 23, 2012
Payment of accrued interest [Member]
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Oct. 23, 2012
Payment of premium [Member]
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Debt Instrument [Line Items] | ||||||||||||||||||||||
Term Loan Facility | $ 500,000,000 | $ 275,000,000 | $ 225,000,000 | $ 200,000,000 | $ 125,000,000 | |||||||||||||||||
Interest rate, long-term debt | 6.50% | 9.00% | 10.875% | 9.00% | ||||||||||||||||||
Gain on extinguishment of debt | 5,000,000 | |||||||||||||||||||||
Use of portion of debt proceeds | 323,000,000 | 348,000,000 | 2,000,000 | 23,000,000 | ||||||||||||||||||
Gross proceeds from sale of senior unsecured notes | 493,000,000 | |||||||||||||||||||||
Debt Instrument, Unamortized Premium | 54,000,000 | |||||||||||||||||||||
Redemption of debt instrument, premium written off | 25,000,000 | |||||||||||||||||||||
Redemption percentage of principal amount | 101.00% | 101.00% | ||||||||||||||||||||
Line of credit facility | 25,000,000 | |||||||||||||||||||||
Senior credit facility, maximum borrowing availability | 373,000,000 | 400,000,000 | ||||||||||||||||||||
Line of credit facility, incremental borrowing increase | 200,000,000 | |||||||||||||||||||||
Letters of credit sublimit as a percentage of total facility commitment | 10.00% | |||||||||||||||||||||
Line of credit facility, potential increase in maximum borrowing capacity if covenant requirements met | 50,000,000 | |||||||||||||||||||||
Line of credit facility, outstanding borowings | $ 27,000,000 | $ 0 | $ 0 | $ 0 | ||||||||||||||||||
Percentage spread on debt | 2.50% | 3.50% |
Pensions, Other Post-employment Benefits and Employee Benefit Plans (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Periodic Benefit Costs | Components of net periodic benefit cost (gain) for the three and six months ended June 30, 2013 and 2012 are as follows:
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Debt Narrative - Debt Facilities - Automotive (Details) (Automotive Segment [Member], USD $)
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6 Months Ended | 6 Months Ended | 6 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
Letter of Credit [Member]
Tranche C Loan [Member]
|
Jun. 30, 2013
Revolving Credit Facility [Member]
Debt Facility [Member]
|
Dec. 31, 2012
Revolving Credit Facility [Member]
Debt Facility [Member]
|
Jun. 30, 2013
Letter of Credit [Member]
Debt Facility [Member]
|
Dec. 31, 2012
Letter of Credit [Member]
Debt Facility [Member]
|
Jun. 30, 2013
Term Loan [Member]
Debt Facility [Member]
|
Jun. 30, 2013
Term Loan [Member]
Debt Facility [Member]
Tranche B Loan [Member]
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Jun. 30, 2013
Term Loan [Member]
Debt Facility [Member]
Tranche C Loan [Member]
|
Jun. 30, 2013
LIBOR [Member]
Term Loan [Member]
Debt Facility [Member]
|
Jun. 30, 2013
Base Rate [Member]
Term Loan [Member]
Debt Facility [Member]
|
Jun. 30, 2013
Minimum [Member]
LIBOR [Member]
Revolving Credit Facility [Member]
Debt Facility [Member]
|
Jun. 30, 2013
Minimum [Member]
Base Rate [Member]
Revolving Credit Facility [Member]
Debt Facility [Member]
|
Jun. 30, 2013
Maximum [Member]
LIBOR [Member]
Revolving Credit Facility [Member]
Debt Facility [Member]
|
Jun. 30, 2013
Maximum [Member]
Base Rate [Member]
Revolving Credit Facility [Member]
Debt Facility [Member]
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Debt Instrument [Line Items] | ||||||||||||||
Term of Interest Rate Derivatives | 5 years | |||||||||||||
Line of credit facility | $ 540,000,000 | |||||||||||||
Term Loan Facility | 2,960,000,000 | 1,960,000,000 | 1,000,000,000 | |||||||||||
Percentage spread on debt | 1.9375% | 0.9375% | 1.50% | 0.50% | 2.00% | 1.00% | ||||||||
Revolving credit facility, unused borrowing availability | 492,000,000 | 451,000,000 | ||||||||||||
Letters of credit outstanding | 40,000,000 | 37,000,000 | ||||||||||||
Amount deposited in term letter of credit account under credit facility | $ 50,000,000 |
Financial Instruments Investment Segment and Holding Company Narrative (Details) (Investment Segment [Member], Investment Funds [Member], USD $)
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6 Months Ended | ||
---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Dec. 31, 2012
|
|
Investment Segment [Member] | Investment Funds [Member]
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Derivative [Line Items] | |||
Maximum payout amounts relating to put options written | $ 630,000,000 | $ 7,900,000,000 | |
Covered put options on existing short positions | 6,800,000,000 | ||
Realized and unrealized gain (loss) on derivatives, net | 1,000,000 | 180,000,000 | |
Fair value of derivative instruments with credit-risk related contingent features in a liability position | 662,000,000 | 84,000,000 | |
Cash collateral posted for derivative positions | $ 270,000,000 | $ 148,000,000 |