(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.) |
001-09516 | Delaware | 13-3398766 | |
767 Fifth Avenue, Suite 4700 New York, NY 10153 (212) 702-4300 | |||
333-118021-01 | Delaware | 13-3398767 | |
767 Fifth Avenue, Suite 4700 New York, NY 10153 (212) 702-4300 |
Title of Each Class | Name of Each Exchange on Which Registered | |
Depositary Units of Icahn Enterprises L.P. Representing Limited Partner Interests | NASDAQ Global Select Market |
Icahn Enterprises L.P. | Icahn Enterprises Holdings L.P. | |||
Large Accelerated Filer x | Accelerated Filer o | Large Accelerated Filer o | Accelerated Filer o | |
Non-accelerated Filer o | Smaller Reporting Company o | Non-accelerated Filer x | Smaller Reporting Company o |
Page No. | ||
PART III | ||
PART IV | ||
• | restrictions on operations or the need to install enhanced or additional controls; |
• | the need to obtain and comply with permits, licenses and authorizations; |
• | liability for the investigation and remediation of contaminated soil and groundwater at current and former facilities (if any) and for off-site waste disposal locations; and |
• | specifications for the products marketed by the petroleum business and the nitrogen fertilizer business, primarily gasoline, diesel fuel, UAN and ammonia. |
• | the threat of terrorism or war; |
• | loss of any of our or our subsidiaries' key personnel; |
• | the unavailability, as needed, of additional financing; |
• | significant competition, varying by industry and geographic markets; |
• | the unavailability of insurance at acceptable rates; and |
• | litigation not in the ordinary course of business (see Item 3, "Legal Proceedings," of this Report). |
• | fluctuations of interest rates; |
• | lack of control in minority investments; |
• | worsening of general economic and market conditions; |
• | lack of diversification; |
• | lack of success of the Investment Funds' activist strategies; |
• | fluctuations of U.S. dollar exchange rates; and |
• | adverse legal and regulatory developments that may affect particular businesses. |
• | Generally, there are few limitations set forth in the governing documents of the Investment Funds on the execution of their investment activities, which are subject to the sole discretion of our Investment segment. |
• | The Investment Funds may buy or sell (or write) both call options and put options, and when it writes options, it may do so on a covered or an uncovered basis. When the Investment Funds sell (or write) an option, the risk can be substantially greater than when it buys an option. The seller of an uncovered call option bears the risk of an increase in the market price of the underlying security above the exercise price. The risk is theoretically unlimited unless the option is covered. If it is covered, the Investment Funds would forego the opportunity for profit on the underlying security should the market price of the security rise above the exercise price. Swaps and certain options and other custom instruments are subject to the risk of non-performance by the swap counterparty, including risks relating to the creditworthiness of the swap counterparty, market risk, liquidity risk and operations risk. |
• | The Investment Funds may engage in short-selling, which is subject to a theoretically unlimited risk of loss because there is no limit on how much the price of a security may appreciate before the short position is closed out. The Investment Funds may be subject to losses if a security lender demands return of the borrowed securities and an alternative lending source cannot be found or if the Investment Funds are otherwise unable to borrow securities that are necessary to hedge its positions. There can be no assurance that the Investment Funds will be able to maintain the ability to borrow securities sold short. There also can be no assurance that the securities necessary to cover a short position will be available for purchase at or near prices quoted in the market. |
• | The ability of the Investment Funds to execute a short selling strategy may be materially adversely impacted by temporary and/or new permanent rules, interpretations, prohibitions and restrictions adopted in response to adverse |
• | The Investment Funds may effect transactions through over-the-counter or inter-dealer markets. The participants in such markets are typically not subject to credit evaluation and regulatory oversight as are members of exchange-based markets. This exposes the Investment Funds to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Investment Fund to suffer a loss. Such “counterparty risk” is accentuated for contracts with longer maturities where events may intervene to prevent settlement, or where the Investment Funds have concentrated its transactions with a single or small group of its counterparties. The Investment Funds are not restricted from dealing with any particular counterparty or from concentrating any or all of the Investment Funds' transactions with one counterparty. |
• | Credit risk may arise through a default by one of several large institutions that are dependent on one another to meet their liquidity or operational needs, so that a default by one institution causes a series of defaults by other institutions. This systemic risk may materially adversely affect the financial intermediaries (such as prime brokers, clearing agencies, clearing houses, banks, securities firms and exchanges) with which the Investment Funds interact on a daily basis. |
• | The efficacy of investment and trading strategies depends largely on the ability to establish and maintain an overall market position in a combination of financial instruments. The Investment Funds' trading orders may not be executed in a timely and efficient manner due to various circumstances, including systems failures or human error. In such event, the Investment Funds might only be able to acquire some but not all of the components of the position, or if the overall positions were to need adjustment, the Investment Funds might not be able to make such adjustment. As a result, the Investment Funds may not be able to achieve the market position selected by our Investment segment and might incur a loss in liquidating their position. |
• | The Investment Funds assets may be held in one or more accounts maintained for the Investment Fund by its prime brokers or at other brokers or custodian banks, which may be located in various jurisdictions. The prime broker, other brokers (including those acting as sub-custodians) and custodian banks are subject to various laws and regulations in the relevant jurisdictions in the event of their insolvency. Accordingly, the practical effect of these laws and their application to the Investment Funds' assets may be subject to substantial variations, limitations and uncertainties. The insolvency of any of the prime brokers, local brokers, custodian banks or clearing corporations may result in the loss of all or a substantial portion of the Investment Funds' assets or in a significant delay in the Investment Funds having access to those assets. |
• | The Investment Funds may invest in synthetic instruments with various counterparties. In the event of the insolvency of any counterparty, the Investment Funds' recourse will be limited to the collateral, if any, posted by the counterparty and, in the absence of collateral, the Investment Funds will be treated as a general creditor of the counterparty. While the Investment Funds expect that returns on a synthetic financial instrument may reflect those of each related reference security, as a result of the terms of the synthetic financial instrument and the assumption of the credit risk of the counterparty, a synthetic financial instrument may have a different expected return. The Investment Funds may also invest in credit default swaps. |
• | the volumes of its actual use of crude oil or production of the applicable refined products is less than the volumes subject to the hedging arrangement; |
• | accidents, interruptions in transportation, inclement weather or other events cause unscheduled shutdowns or otherwise adversely affect its refinery or suppliers or customers; |
• | the counterparties to its futures contracts fail to perform under the contracts; or |
• | a sudden, unexpected event materially impacts the commodity or crack spread subject to the hedging arrangement. |
• | exposure to local economic conditions; |
• | exposure to local political conditions (including the risk of seizure of assets by foreign governments); |
• | currency exchange rate fluctuations (including, but not limited to, material exchange rate fluctuations, such as devaluations) and currency controls; |
• | export and import restrictions; |
• | restrictions on ability to repatriate foreign earnings; |
• | labor unrest; and |
• | compliance with U.S. laws such as the Foreign Corrupt Practices Act, and local laws prohibiting inappropriate payments. |
• | limit their ability to borrow money for working capital, capital expenditures, debt service requirements or other corporate purposes, guarantee additional debt or issue redeemable, convertible of preferred equity; |
• | limit their ability to make distributions or prepay its debt, incur liens, enter into agreements that restrict distributions from restricted subsidiaries, sell or otherwise dispose of assets (including capital stock of subsidiaries), enter into transactions with affiliates and merger consolidate or sell substantially all of its assets; |
• | require them to dedicate a substantial portion of its cash flow to payments on indebtedness, which would reduce the amount of cash flow available to fund working capital, capital expenditures, product development, and other corporate requirements; |
• | increase their vulnerability to general adverse economic and industry conditions; and |
• | limit their ability to respond to business opportunities. |
2018 | High | Low | ||||||
First Quarter | $ | 62.79 | $ | 53.29 | ||||
Second Quarter | 73.23 | 57.00 | ||||||
Third Quarter | 81.88 | 62.20 | ||||||
Fourth Quarter | 74.69 | 50.33 | ||||||
2017 | High | Low | ||||||
First Quarter | $ | 63.96 | $ | 50.17 | ||||
Second Quarter | 53.85 | 47.06 | ||||||
Third Quarter | 56.40 | 49.13 | ||||||
Fourth Quarter | 59.88 | 51.01 |
Plan Category | Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights (a) | Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights (b) | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a)) (c) | |||||||
2017 Incentive Plan | 15,704 | $ | 51.08 | 953,554 |
Icahn Enterprises | Icahn Enterprises Holdings | ||||||||||||||||||||||||||||||||||||||
As of/Year Ended December 31, | As of/Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||||||||
(in millions, except per unit data) | (in millions) | ||||||||||||||||||||||||||||||||||||||
Statement of Operations Data From Continuing Operations: | |||||||||||||||||||||||||||||||||||||||
Net sales | $ | 10,576 | $ | 9,306 | $ | 7,740 | $ | 6,771 | $ | 10,376 | $ | 10,576 | $ | 9,306 | $ | 7,740 | $ | 6,771 | $ | 10,376 | |||||||||||||||||||
Other revenues from operations | 647 | 743 | 840 | 418 | 383 | 647 | 743 | 840 | 418 | 383 | |||||||||||||||||||||||||||||
Net gain (loss) from investment activities | 322 | 302 | (1,373 | ) | (987 | ) | (564 | ) | 322 | 302 | (1,373 | ) | (987 | ) | (564 | ) | |||||||||||||||||||||||
Gain on disposition of assets, net | 84 | 2,163 | 6 | 40 | 18 | 84 | 2,163 | 6 | 40 | 18 | |||||||||||||||||||||||||||||
Net income (loss) | 282 | 2,357 | (2,285 | ) | (1,941 | ) | (775 | ) | 283 | 2,359 | (2,284 | ) | (1,940 | ) | (774 | ) | |||||||||||||||||||||||
Less: Income (loss) attributable to non-controlling interests | 495 | 84 | (1,158 | ) | (938 | ) | (271 | ) | 495 | 84 | (1,158 | ) | (938 | ) | (271 | ) | |||||||||||||||||||||||
Net (loss) income attributable to Icahn Enterprises/Icahn Enterprises Holdings | $ | (213 | ) | $ | 2,273 | $ | (1,127 | ) | $ | (1,003 | ) | $ | (504 | ) | $ | (212 | ) | $ | 2,275 | $ | (1,126 | ) | $ | (1,002 | ) | $ | (503 | ) | |||||||||||
Net (loss) income attributable to Icahn Enterprises/Icahn Enterprises Holdings allocable to: | |||||||||||||||||||||||||||||||||||||||
Limited partners | $ | (209 | ) | $ | 2,228 | $ | (1,105 | ) | $ | (983 | ) | $ | (494 | ) | $ | (210 | ) | $ | 2,252 | $ | (1,115 | ) | $ | (992 | ) | $ | (498 | ) | |||||||||||
General partner | (4 | ) | 45 | (22 | ) | (20 | ) | (10 | ) | (2 | ) | 23 | (11 | ) | (10 | ) | (5 | ) | |||||||||||||||||||||
$ | (213 | ) | $ | 2,273 | $ | (1,127 | ) | $ | (1,003 | ) | $ | (504 | ) | $ | (212 | ) | $ | 2,275 | $ | (1,126 | ) | $ | (1,002 | ) | $ | (503 | ) | ||||||||||||
Basic and diluted (loss) income per LP unit | $ | (1.16 | ) | $ | 13.84 | $ | (8.07 | ) | $ | (7.80 | ) | $ | (4.15 | ) | |||||||||||||||||||||||||
Basic and diluted weighted average LP units outstanding | 180 | 161 | 137 | 126 | 119 | ||||||||||||||||||||||||||||||||||
Cash distributions declared per LP unit | $ | 7.00 | $ | 6.00 | $ | 6.00 | $ | 6.00 | $ | 6.00 | |||||||||||||||||||||||||||||
Balance Sheet Data: | |||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 2,656 | $ | 1,164 | $ | 1,114 | $ | 1,369 | $ | 2,292 | $ | 2,656 | $ | 1,164 | $ | 1,114 | $ | 1,369 | $ | 2,292 | |||||||||||||||||||
Investments | 8,337 | 10,015 | 9,559 | 15,002 | 14,149 | 8,337 | 10,015 | 9,559 | 15,002 | 14,149 | |||||||||||||||||||||||||||||
Property, plant and equipment, net | 4,703 | 5,186 | 5,905 | 5,668 | 5,456 | 4,703 | 5,186 | 5,905 | 5,668 | 5,456 | |||||||||||||||||||||||||||||
Assets held for sale | 333 | 10,263 | 11,493 | 10,054 | 9,765 | 333 | 10,263 | 11,493 | 10,054 | 9,765 | |||||||||||||||||||||||||||||
Total assets | 23,396 | 31,801 | 33,371 | 36,407 | 35,743 | 23,428 | 31,833 | 33,399 | 36,434 | 35,769 | |||||||||||||||||||||||||||||
Deferred tax liability | 676 | 732 | 1,147 | 791 | 904 | 676 | 732 | 1,147 | 791 | 904 | |||||||||||||||||||||||||||||
Due to brokers | 141 | 1,057 | 3,725 | 7,317 | 5,197 | 141 | 1,057 | 3,725 | 7,317 | 5,197 | |||||||||||||||||||||||||||||
Liabilities held for sale | 112 | 7,010 | 9,103 | 7,521 | 7,029 | 112 | 7,010 | 9,103 | 7,521 | 7,029 | |||||||||||||||||||||||||||||
Debt | 7,326 | 7,372 | 7,236 | 8,556 | 8,161 | 7,330 | 7,377 | 7,239 | 8,559 | 8,164 | |||||||||||||||||||||||||||||
Equity attributable to Icahn Enterprises/Icahn Enterprises Holdings | 6,529 | 5,106 | 2,154 | 3,987 | 5,443 | 6,557 | 5,133 | 2,179 | 4,011 | 5,466 |
Revenues | Net Income (Loss) From Continuing Operations | Net Income (Loss) From Continuing Operations Attributable to Icahn Enterprises | |||||||||||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2018 | 2017 | 2016 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Investment | $ | 737 | $ | 297 | $ | (1,223 | ) | $ | 679 | $ | 118 | $ | (1,487 | ) | $ | 319 | $ | 80 | $ | (604 | ) | ||||||||||||||
Holding Company | (291 | ) | 68 | 21 | (639 | ) | 355 | (287 | ) | (638 | ) | 355 | (287 | ) | |||||||||||||||||||||
Other Operating Segments: | |||||||||||||||||||||||||||||||||||
Energy | 7,135 | 5,988 | 4,783 | 379 | 275 | (604 | ) | 238 | 229 | (327 | ) | ||||||||||||||||||||||||
Automotive | 2,856 | 2,728 | 2,503 | (230 | ) | (51 | ) | 19 | (230 | ) | (51 | ) | 19 | ||||||||||||||||||||||
Food Packaging | 379 | 389 | 328 | (15 | ) | (6 | ) | 8 | (12 | ) | (5 | ) | 6 | ||||||||||||||||||||||
Metals | 467 | 408 | 269 | 5 | (44 | ) | (20 | ) | 5 | (44 | ) | (20 | ) | ||||||||||||||||||||||
Real Estate | 212 | 628 | 89 | 112 | 549 | 5 | 112 | 549 | 5 | ||||||||||||||||||||||||||
Home Fashion | 171 | 183 | 196 | (11 | ) | (20 | ) | (12 | ) | (11 | ) | (20 | ) | (12 | ) | ||||||||||||||||||||
Mining | 106 | 93 | 63 | 1 | 10 | (24 | ) | 3 | 9 | (19 | ) | ||||||||||||||||||||||||
Railcar | 5 | 1,837 | 350 | 1 | 1,171 | 117 | 1 | 1,171 | 112 | ||||||||||||||||||||||||||
Other operating segments | 11,331 | 12,254 | 8,581 | 242 | 1,884 | (511 | ) | 106 | 1,838 | (236 | ) | ||||||||||||||||||||||||
Consolidated | $ | 11,777 | $ | 12,619 | $ | 7,379 | $ | 282 | $ | 2,357 | $ | (2,285 | ) | $ | (213 | ) | $ | 2,273 | $ | (1,127 | ) |
Year Ended December 31, | ||||||||
2018 | 2017 | 2016 | ||||||
Long positions | (0.8 | )% | 5.4 | % | 16.3 | % | ||
Short positions | 7.8 | % | (3.0 | )% | (34.1 | )% | ||
Other | 0.9 | % | (0.3 | )% | (2.5 | )% | ||
7.9 | % | 2.1 | % | (20.3 | )% |
Year Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
(in millions) | |||||||||||
Long positions | $ | (329 | ) | $ | 2,035 | $ | 552 | ||||
Short positions | 931 | (1,787 | ) | (1,894 | ) | ||||||
Other | 77 | (130 | ) | (145 | ) | ||||||
$ | 679 | $ | 118 | $ | (1,487 | ) |
Year Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
(in millions) | |||||||||||
Net sales | $ | 7,124 | $ | 5,988 | $ | 4,782 | |||||
Cost of goods sold | 6,453 | 5,799 | 4,637 | ||||||||
Gross margin | $ | 671 | $ | 189 | $ | 145 |
• | Positioning the service business to take advantage of opportunities in the do-it-for-me market and vehicle fleets; |
• | Optimizing the value of the commercial parts distribution business in high volume markets; |
• | Improving inventory management across Icahn Automotive's parts and tire distribution network; |
• | Optimizing the store and warehouse footprint through openings, closings, consolidations and conversions by market; |
• | Digital initiatives including a new e-commerce platform and enhanced e-fulfillment capabilities; |
• | Investment in customer experience initiatives such as enhanced customer loyalty programs and selective upgrades in facilities; |
• | Investment in employees with focus on training and career development investments; and |
• | Business process improvements, including investments in our supply chain and information technology capabilities. |
Year Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
(in millions) | |||||||||||
Net sales and other revenue from operations | $ | 2,858 | $ | 2,723 | $ | 2,501 | |||||
Cost of goods sold and other expenses from operations | 1,976 | 1,978 | 1,860 | ||||||||
Gross margin | $ | 882 | $ | 745 | $ | 641 |
December 31, | |||||||
2018 | 2017 | ||||||
(in millions) | |||||||
6.000% senior unsecured notes due 2020 | $ | 1,702 | $ | 1,703 | |||
5.875% senior unsecured notes due 2022 | 1,344 | 1,342 | |||||
6.250% senior unsecured notes due 2022 | 1,213 | 1,216 | |||||
6.750% senior unsecured notes due 2024 | 498 | 498 | |||||
6.375% senior unsecured notes due 2025 | 748 | 748 | |||||
$ | 5,505 | $ | 5,507 |
December 31, | |||||||
2018 | 2017 | ||||||
(in millions) | |||||||
Energy | $ | 668 | $ | 482 | |||
Automotive | 43 | 52 | |||||
Food Packaging | 46 | 16 | |||||
Metals | 20 | 24 | |||||
Real Estate | 39 | 32 | |||||
Home Fashion | 1 | — | |||||
Mining | — | 15 | |||||
$ | 817 | $ | 621 |
December 31, | |||||||
2018 | 2017 | ||||||
(in millions) | |||||||
Energy | $ | 1,170 | $ | 1,166 | |||
Automotive | 372 | 340 | |||||
Food Packaging | 273 | 273 | |||||
Metals | — | 1 | |||||
Real Estate | 2 | 22 | |||||
Home Fashion | 4 | 5 | |||||
Mining | — | 58 | |||||
$ | 1,821 | $ | 1,865 |
December 31, 2018 | |||
(in millions) | |||
Energy | $ | 444 | |
Automotive | 90 | ||
Food Packaging | 7 | ||
Metals | 54 | ||
Home Fashion | 26 | ||
$ | 621 |
Year Ended December 31, 2018 | Year Ended December 31, 2017 | Year Ended December 31, 2016 | |||||||||||||||||||||||||||||||||
Net Cash Provided By (Used In) | Net Cash Provided By (Used In) | Net Cash Provided By (Used In) | |||||||||||||||||||||||||||||||||
Operating Activities | Investing Activities | Financing Activities | Operating Activities | Investing Activities | Financing Activities | Operating Activities | Investing Activities | Financing Activities | |||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||
Holding Company | $ | (315 | ) | $ | 1,724 | $ | (97 | ) | $ | (340 | ) | $ | 216 | $ | 422 | $ | (209 | ) | $ | 245 | $ | 23 | |||||||||||||
Investment | (116 | ) | — | 2,018 | (1,914 | ) | — | 1,900 | 108 | — | (552 | ) | |||||||||||||||||||||||
Other Operating Segments: | |||||||||||||||||||||||||||||||||||
Energy | 620 | (100 | ) | (334 | ) | 168 | (196 | ) | (226 | ) | 267 | (201 | ) | (95 | ) | ||||||||||||||||||||
Automotive | (190 | ) | (134 | ) | 315 | (284 | ) | (302 | ) | 583 | 6 | (991 | ) | 1,033 | |||||||||||||||||||||
Food Packaging | 9 | (25 | ) | 46 | 24 | (57 | ) | 8 | 28 | (22 | ) | (3 | ) | ||||||||||||||||||||||
Metals | 14 | (20 | ) | (1 | ) | 17 | (29 | ) | 31 | (13 | ) | (2 | ) | 8 | |||||||||||||||||||||
Real Estate | 412 | 168 | (552 | ) | 110 | 269 | (410 | ) | (23 | ) | 31 | 36 | |||||||||||||||||||||||
Home Fashion | 3 | (4 | ) | — | (2 | ) | (5 | ) | 5 | (6 | ) | (8 | ) | — | |||||||||||||||||||||
Mining | 4 | (40 | ) | 32 | 8 | (38 | ) | 31 | — | (22 | ) | 22 | |||||||||||||||||||||||
Railcar | — | — | — | 94 | 11 | (222 | ) | 220 | (140 | ) | (305 | ) | |||||||||||||||||||||||
Other operating segments | 872 | (155 | ) | (494 | ) | 135 | (347 | ) | (200 | ) | 479 | (1,355 | ) | 696 | |||||||||||||||||||||
Discontinued operations | 474 | (437 | ) | (121 | ) | 691 | (580 | ) | (280 | ) | 840 | (593 | ) | (251 | ) | ||||||||||||||||||||
Total before eliminations | 915 | 1,132 | 1,306 | (1,428 | ) | (711 | ) | 1,842 | 1,218 | (1,703 | ) | (84 | ) | ||||||||||||||||||||||
Eliminations | — | 1,458 | (1,458 | ) | — | 1,124 | (1,124 | ) | — | (142 | ) | 142 | |||||||||||||||||||||||
Consolidated | $ | 915 | $ | 2,590 | $ | (152 | ) | $ | (1,428 | ) | $ | 413 | $ | 718 | $ | 1,218 | $ | (1,845 | ) | $ | 58 |
Year Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
(in millions) | |||||||||||
Operating Activities: | |||||||||||
Cash payments for interest on senior unsecured notes | $ | (339 | ) | $ | (312 | ) | $ | (285 | ) | ||
Net cash receipts (payments) for income taxes, net of refunds | 15 | (17 | ) | 41 | |||||||
Operating transactions with subsidiaries | 13 | (2 | ) | 39 | |||||||
Other | (4 | ) | (9 | ) | (4 | ) | |||||
$ | (315 | ) | $ | (340 | ) | $ | (209 | ) | |||
Investing Activities: | |||||||||||
Proceeds from sale of businesses and assets | $ | 3,187 | $ | 1,808 | $ | — | |||||
Payments to acquire additional interests in subsidiaries | (5 | ) | (349 | ) | (2 | ) | |||||
Net (investments in) distributions from the Investment Funds | (1,708 | ) | (1,300 | ) | 1,050 | ||||||
Net distributions from (investments in) other operating segments | 250 | 56 | (783 | ) | |||||||
Other | — | 1 | (20 | ) | |||||||
$ | 1,724 | $ | 216 | $ | 245 | ||||||
Financing Activities: | |||||||||||
Partnership contributions | $ | — | $ | 612 | $ | 1 | |||||
Partnership distributions | (97 | ) | (81 | ) | (103 | ) | |||||
Net debt refinancing | — | 11 | — | ||||||||
Note (repayment) proceeds from other operating segments | — | (120 | ) | 125 | |||||||
$ | (97 | ) | $ | 422 | $ | 23 | |||||
Increase in cash and cash equivalents and restricted cash and restricted cash equivalents | $ | 1,312 | $ | 298 | $ | 59 |
Year Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
(in millions) | |||||||||||
Operating Activities: | |||||||||||
Net cash flow from operating activities before changes in operating assets and liabilities | $ | 778 | $ | 337 | $ | 327 | |||||
Changes in operating assets and liabilities | 102 | (203 | ) | 196 | |||||||
Transactions with Holding Company | (8 | ) | 1 | (44 | ) | ||||||
$ | 872 | $ | 135 | $ | 479 | ||||||
Investing Activities: | |||||||||||
Capital expenditures | $ | (272 | ) | $ | (316 | ) | $ | (247 | ) | ||
Acquisition of businesses, net of cash acquired | (15 | ) | (249 | ) | (1,009 | ) | |||||
Proceeds from sale of assets | 183 | 175 | 31 | ||||||||
Note repayment from (loan to) Holding Company | — | 120 | (125 | ) | |||||||
Other | (51 | ) | (77 | ) | (5 | ) | |||||
$ | (155 | ) | $ | (347 | ) | $ | (1,355 | ) | |||
Financing Activities: | |||||||||||
Net debt and supply chain financing activity | $ | (78 | ) | $ | (96 | ) | $ | (15 | ) | ||
Distributions to non-controlling interests | (139 | ) | (75 | ) | (73 | ) | |||||
Net (distributions to) contributions from Holding Company | (292 | ) | (37 | ) | 802 | ||||||
Other | 15 | 8 | (18 | ) | |||||||
$ | (494 | ) | $ | (200 | ) | $ | 696 | ||||
Increase in cash and cash equivalents and restricted cash and restricted cash equivalents | $ | 223 | $ | (412 | ) | $ | (180 | ) |
Year Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
(in millions) | |||||||||||
Operating Activities: | |||||||||||
Federal-Mogul | $ | 225 | $ | 416 | $ | 546 | |||||
Tropicana | 120 | 150 | 114 | ||||||||
ARI | 122 | 128 | 179 | ||||||||
Transactions with Holding Company | 7 | (3 | ) | 1 | |||||||
$ | 474 | $ | 691 | $ | 840 | ||||||
Investing Activities: | |||||||||||
Federal-Mogul | $ | (263 | ) | $ | (370 | ) | $ | (400 | ) | ||
Tropicana | (55 | ) | (56 | ) | (79 | ) | |||||
ARI | (119 | ) | (154 | ) | (114 | ) | |||||
$ | (437 | ) | $ | (580 | ) | $ | (593 | ) | |||
Financing Activities: | |||||||||||
Federal-Mogul | $ | (56 | ) | $ | (35 | ) | $ | (20 | ) | ||
Tropicana | (75 | ) | (188 | ) | (46 | ) | |||||
ARI | (32 | ) | (38 | ) | (166 | ) | |||||
Net contributions from (distributions to) Holding Company | 42 | (19 | ) | (19 | ) | ||||||
$ | (121 | ) | $ | (280 | ) | $ | (251 | ) |
2019 | 2020 | 2021 | 2022 | 2023 | Thereafter | Total | |||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||
Debt obligations | $ | 21 | $ | 1,712 | $ | 616 | $ | 3,055 | $ | 645 | $ | 1,251 | $ | 7,300 | |||||||||||||
Capital lease obligations | 6 | 6 | 4 | 4 | 3 | 29 | 52 | ||||||||||||||||||||
Interest payments | 468 | 467 | 346 | 251 | 115 | 121 | 1,768 | ||||||||||||||||||||
Pension and other post-retirement benefit plans | 3 | 4 | 4 | 5 | 5 | 56 | 77 | ||||||||||||||||||||
Operating lease obligations | 196 | 175 | 152 | 134 | 85 | 235 | 977 | ||||||||||||||||||||
Purchase obligations | 139 | 89 | 78 | 76 | 75 | 444 | 901 | ||||||||||||||||||||
Letters of credit | 51 | — | — | — | — | — | 51 | ||||||||||||||||||||
Total | $ | 884 | $ | 2,453 | $ | 1,200 | $ | 3,525 | $ | 928 | $ | 2,136 | $ | 11,126 |
December 31, | |||||||
2018 | 2017 | ||||||
ASSETS | |||||||
Cash and cash equivalents | $ | $ | |||||
Cash held at consolidated affiliated partnerships and restricted cash | |||||||
Investments | |||||||
Due from brokers | |||||||
Accounts receivable, net | |||||||
Inventories, net | |||||||
Property, plant and equipment, net | |||||||
Goodwill | |||||||
Intangible assets, net | |||||||
Assets held for sale | |||||||
Other assets | |||||||
Total Assets | $ | $ | |||||
LIABILITIES AND EQUITY | |||||||
Accounts payable | $ | $ | |||||
Accrued expenses and other liabilities | |||||||
Deferred tax liability | |||||||
Unrealized loss on derivative contracts | |||||||
Securities sold, not yet purchased, at fair value | |||||||
Due to brokers | |||||||
Liabilities held for sale | |||||||
Debt | |||||||
Total liabilities | |||||||
Commitments and contingencies (Note 17) | |||||||
Equity: | |||||||
Limited partners: Depositary units: 191,366,097 and 173,564,307 units issued and outstanding at December 31, 2018 and 2017, respectively | |||||||
General partner | ( | ) | ( | ) | |||
Equity attributable to Icahn Enterprises | |||||||
Equity attributable to non-controlling interests | |||||||
Total equity | |||||||
Total Liabilities and Equity | $ | $ |
Year Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
Revenues: | |||||||||||
Net sales | $ | $ | $ | ||||||||
Other revenues from operations | |||||||||||
Net gain (loss) from investment activities | ( | ) | |||||||||
Interest and dividend income | |||||||||||
Gain on disposition of assets, net | |||||||||||
Other (loss) income, net | ( | ) | |||||||||
Expenses: | |||||||||||
Cost of goods sold | |||||||||||
Other expenses from operations | |||||||||||
Selling, general and administrative | |||||||||||
Restructuring | |||||||||||
Impairment | |||||||||||
Interest expense | |||||||||||
Income (loss) from continuing operations before income tax benefit | ( | ) | |||||||||
Income tax benefit | |||||||||||
Income (loss) from continuing operations | ( | ) | |||||||||
Income from discontinued operations | |||||||||||
Net income (loss) | ( | ) | |||||||||
Less: net income (loss) attributable to non-controlling interests | ( | ) | |||||||||
Net income (loss) attributable to Icahn Enterprises | $ | $ | $ | ( | ) | ||||||
Net (loss) income attributable to Icahn Enterprises from: | |||||||||||
Continuing operations | $ | ( | ) | $ | $ | ( | ) | ||||
Discontinued operations | ( | ) | |||||||||
$ | $ | $ | ( | ) | |||||||
Net income (loss) attributable to Icahn Enterprises allocated to: | |||||||||||
Limited partners | $ | $ | $ | ( | ) | ||||||
General partner | ( | ) | ( | ) | |||||||
$ | $ | $ | ( | ) | |||||||
Basic and diluted income (loss) per LP unit: | |||||||||||
Continuing operations | $ | ( | ) | $ | $ | ( | ) | ||||
Discontinued operations | |||||||||||
$ | $ | $ | ( | ) | |||||||
Basic and diluted weighted average LP units outstanding | |||||||||||
Cash distributions declared per LP unit | $ | $ | $ |
Year Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
Net income (loss) | $ | $ | $ | ( | ) | ||||||
Other comprehensive (loss) income, net of tax: | |||||||||||
Post-retirement benefits | |||||||||||
Hedge instruments | ( | ) | ( | ) | |||||||
Translation adjustments and other | ( | ) | ( | ) | |||||||
Other comprehensive (loss) income, net of tax | ( | ) | ( | ) | |||||||
Comprehensive income (loss) | ( | ) | |||||||||
Less: Comprehensive income (loss) attributable to non-controlling interests | ( | ) | |||||||||
Comprehensive income (loss) attributable to Icahn Enterprises | $ | $ | $ | ( | ) | ||||||
Comprehensive income (loss) attributable to Icahn Enterprises allocated to: | |||||||||||
Limited partners | $ | $ | $ | ( | ) | ||||||
General partner | ( | ) | ( | ) | |||||||
$ | $ | $ | ( | ) |
Equity Attributable to Icahn Enterprises | |||||||||||||||||||
General Partner's (Deficit) Equity | Limited Partners' Equity | Total Partners' Equity | Non-controlling Interests | Total Equity | |||||||||||||||
Balance, December 31, 2015 | $ | ( | ) | $ | $ | $ | $ | ||||||||||||
Net loss | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||
Other comprehensive loss | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||
Partnership distributions | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
Partnership contribution | |||||||||||||||||||
Investment segment contributions | |||||||||||||||||||
Investment segment distributions | ( | ) | ( | ) | |||||||||||||||
Dividends and distributions to non-controlling interests in subsidiaries | ( | ) | ( | ) | |||||||||||||||
LP unit issuance | |||||||||||||||||||
Changes in subsidiary equity and other | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
Balance, December 31, 2016 | ( | ) | |||||||||||||||||
Net income | |||||||||||||||||||
Other comprehensive income | |||||||||||||||||||
Partnership distributions | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
Partnership contributions | |||||||||||||||||||
Investment segment contributions | |||||||||||||||||||
Dividends and distributions to non-controlling interests in subsidiaries | ( | ) | ( | ) | |||||||||||||||
Cumulative effect adjustment from adoption of accounting principal | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
Changes in subsidiary equity and other | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||
Balance, December 31, 2017 | ( | ) | |||||||||||||||||
Net (loss) income | ( | ) | |||||||||||||||||
Other comprehensive loss | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||
Partnership distributions | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
Investment segment contributions | |||||||||||||||||||
Dividends and distributions to non-controlling interests in subsidiaries | ( | ) | ( | ) | |||||||||||||||
Cumulative effect adjustment from adoption of accounting principal | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
Changes in subsidiary equity and other | ( | ) | ( | ) | |||||||||||||||
Balance, December 31, 2018 | $ | ( | ) | $ | $ | $ | $ |
Year Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
Cash flows from operating activities: | |||||||||||
Net income (loss) | $ | $ | $ | ( | ) | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||
Income from discontinued operations | ( | ) | ( | ) | ( | ) | |||||
Net loss (gain) from securities transactions | ( | ) | ( | ) | |||||||
Purchases of securities | ( | ) | ( | ) | ( | ) | |||||
Proceeds from sales of securities | |||||||||||
Purchases to cover securities sold, not yet purchased | ( | ) | ( | ) | ( | ) | |||||
Proceeds from securities sold, not yet purchased | |||||||||||
Changes in receivables and payables relating to securities transactions | ( | ) | ( | ) | ( | ) | |||||
Gain on disposition of assets, net | ( | ) | ( | ) | ( | ) | |||||
Depreciation and amortization | |||||||||||
Impairment | |||||||||||
Deferred taxes | ( | ) | ( | ) | ( | ) | |||||
Other, net | ( | ) | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable, net | ( | ) | ( | ) | |||||||
Inventories, net | ( | ) | ( | ) | ( | ) | |||||
Other assets | ( | ) | |||||||||
Accounts payable | ( | ) | |||||||||
Unrealized loss on derivative contracts | ( | ) | |||||||||
Accrued expenses and other liabilities | ( | ) | ( | ) | ( | ) | |||||
Net cash provided by (used in) operating activities from continuing operations | ( | ) | |||||||||
Net cash provided by operating activities from discontinued operations | |||||||||||
Net cash provided by (used in) operating activities | ( | ) | |||||||||
Cash flows from investing activities: | |||||||||||
Capital expenditures | ( | ) | ( | ) | ( | ) | |||||
Acquisition of businesses, net of cash acquired | ( | ) | ( | ) | ( | ) | |||||
Purchase of additional interests in consolidated subsidiaries | ( | ) | ( | ) | ( | ) | |||||
Proceeds from disposition of businesses and assets | |||||||||||
Other, net | ( | ) | ( | ) | ( | ) | |||||
Net cash provided by (used in) investing activities from continuing operations | ( | ) | |||||||||
Net cash used in investing activities from discontinued operations | ( | ) | ( | ) | ( | ) | |||||
Net cash provided by (used in) investing activities | ( | ) | |||||||||
Cash flows from financing activities: | |||||||||||
Investment segment contributions from non-controlling interests | |||||||||||
Investment segment distributions from non-controlling interests | ( | ) | |||||||||
Partnership contributions | |||||||||||
Partnership distributions | ( | ) | ( | ) | ( | ) | |||||
Proceeds from subsidiary equity offerings | |||||||||||
Dividends and distributions to non-controlling interests in subsidiaries | ( | ) | ( | ) | ( | ) | |||||
Proceeds from Holding Company senior unsecured notes | |||||||||||
Repayments of Holding Company senior unsecured notes | ( | ) | |||||||||
Proceeds from subsidiary borrowings | |||||||||||
Repayments of subsidiary borrowings | ( | ) | ( | ) | ( | ) | |||||
Other, net | ( | ) | ( | ) | |||||||
Net cash provided by financing activities from continuing operations | |||||||||||
Net cash used in financing activities from discontinued operations | ( | ) | ( | ) | ( | ) | |||||
Net cash (used in) provided by financing activities | ( | ) | |||||||||
Effect of exchange rate changes on cash and cash equivalents and restricted cash and restricted cash equivalents | ( | ) | |||||||||
Add back change in cash and restricted cash of assets held for sale | ( | ) | |||||||||
Net increase (decrease) in cash and cash equivalents and restricted cash and restricted cash equivalents | ( | ) | |||||||||
Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period | |||||||||||
Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period | $ | $ | $ |
December 31, | |||||||
2018 | 2017 | ||||||
ASSETS | |||||||
Cash and cash equivalents | $ | $ | |||||
Cash held at consolidated affiliated partnerships and restricted cash | |||||||
Investments | |||||||
Due from brokers | |||||||
Accounts receivable, net | |||||||
Inventories, net | |||||||
Property, plant and equipment, net | |||||||
Goodwill | |||||||
Intangible assets, net | |||||||
Assets held for sale | |||||||
Other assets | |||||||
Total Assets | $ | $ | |||||
LIABILITIES AND EQUITY | |||||||
Accounts payable | $ | $ | |||||
Accrued expenses and other liabilities | |||||||
Deferred tax liability | |||||||
Unrealized loss on derivative contracts | |||||||
Securities sold, not yet purchased, at fair value | |||||||
Due to brokers | |||||||
Liabilities held for sale | |||||||
Debt | |||||||
Total liabilities | |||||||
Commitments and contingencies (Note 17) | |||||||
Equity: | |||||||
Limited partner | |||||||
General partner | ( | ) | ( | ) | |||
Equity attributable to Icahn Enterprises Holdings | |||||||
Equity attributable to non-controlling interests | |||||||
Total equity | |||||||
Total Liabilities and Equity | $ | $ |
Year Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
Revenues: | |||||||||||
Net sales | $ | $ | $ | ||||||||
Other revenues from operations | |||||||||||
Net gain (loss) from investment activities | ( | ) | |||||||||
Interest and dividend income | |||||||||||
Gain on disposition of assets, net | |||||||||||
Other (loss) income, net | ( | ) | |||||||||
Expenses: | |||||||||||
Cost of goods sold | |||||||||||
Other expenses from operations | |||||||||||
Selling, general and administrative | |||||||||||
Restructuring | |||||||||||
Impairment | |||||||||||
Interest expense | |||||||||||
Income (loss) from continuing operations before income tax benefit | ( | ) | |||||||||
Income tax benefit | |||||||||||
Income (loss) from continuing operations | ( | ) | |||||||||
Income from discontinued operations | |||||||||||
Net income (loss) | ( | ) | |||||||||
Less: net income (loss) attributable to non-controlling interests | ( | ) | |||||||||
Net income (loss) attributable to Icahn Enterprises Holdings | $ | $ | $ | ( | ) | ||||||
Net income (loss) attributable to Icahn Enterprises Holdings from: | |||||||||||
Continuing operations | $ | ( | ) | $ | $ | ( | ) | ||||
Discontinued operations | ( | ) | |||||||||
$ | $ | $ | ( | ) | |||||||
Net income (loss) attributable to Icahn Enterprises Holdings allocated to: | |||||||||||
Limited partner | $ | $ | $ | ( | ) | ||||||
General partner | ( | ) | ( | ) | |||||||
$ | $ | $ | ( | ) |
Year Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
Net income (loss) | $ | $ | $ | ( | ) | ||||||
Other comprehensive (loss) income, net of tax: | |||||||||||
Post-retirement benefits | |||||||||||
Hedge instruments | ( | ) | ( | ) | |||||||
Translation adjustments and other | ( | ) | ( | ) | |||||||
Other comprehensive (loss) income, net of tax | ( | ) | ( | ) | |||||||
Comprehensive income (loss) | ( | ) | |||||||||
Less: Comprehensive income (loss) attributable to non-controlling interests | ( | ) | |||||||||
Comprehensive income (loss) attributable to Icahn Enterprises Holdings | $ | $ | $ | ( | ) | ||||||
Comprehensive income (loss) attributable to Icahn Enterprises Holdings allocated to: | |||||||||||
Limited partner | $ | $ | $ | ( | ) | ||||||
General partner | ( | ) | ( | ) | |||||||
$ | $ | $ | ( | ) |
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, 2015 | $ | ( | ) | $ | $ | $ | $ | ||||||||||||
Net loss | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||
Other comprehensive loss | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||
Partnership distributions | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
Partnership contribution | |||||||||||||||||||
Investment segment contributions | |||||||||||||||||||
Investment segment distributions | ( | ) | ( | ) | |||||||||||||||
Dividends and distributions to non-controlling interests in subsidiaries | ( | ) | ( | ) | |||||||||||||||
LP unit issuance | |||||||||||||||||||
Changes in subsidiary equity and other | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
Balance, December 31, 2016 | ( | ) | |||||||||||||||||
Net income | |||||||||||||||||||
Other comprehensive income | |||||||||||||||||||
Partnership distributions | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
Partnership contributions | |||||||||||||||||||
Investment segment contributions | |||||||||||||||||||
Dividends and distributions to non-controlling interests in subsidiaries | ( | ) | ( | ) | |||||||||||||||
Cumulative effect adjustment from adoption of accounting principal | ( | ) | ( | ) | ( | ) | |||||||||||||
Changes in subsidiary equity and other | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||
Balance, December 31, 2017 | ( | ) | |||||||||||||||||
Net (loss) income | ( | ) | |||||||||||||||||
Other comprehensive loss | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||
Partnership distributions | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||
Investment segment contributions | |||||||||||||||||||
Dividends and distributions to non-controlling interests in subsidiaries | ( | ) | ( | ) | |||||||||||||||
Cumulative effect adjustment from adoption of accounting principal | ( | ) | ( | ) | ( | ) | |||||||||||||
Changes in subsidiary equity and other | ( | ) | ( | ) | |||||||||||||||
Balance, December 31, 2018 | $ | ( | ) | $ | $ | $ | $ |
Year Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
Cash flows from operating activities: | |||||||||||
Net income (loss) | $ | $ | $ | ( | ) | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||
Income from discontinued operations | ( | ) | ( | ) | ( | ) | |||||
Net loss (gain) from securities transactions | ( | ) | ( | ) | |||||||
Purchases of securities | ( | ) | ( | ) | ( | ) | |||||
Proceeds from sales of securities | |||||||||||
Purchases to cover securities sold, not yet purchased | ( | ) | ( | ) | ( | ) | |||||
Proceeds from securities sold, not yet purchased | |||||||||||
Changes in receivables and payables relating to securities transactions | ( | ) | ( | ) | ( | ) | |||||
Gain on disposition of assets, net | ( | ) | ( | ) | ( | ) | |||||
Depreciation and amortization | |||||||||||
Impairment | |||||||||||
Deferred taxes | ( | ) | ( | ) | ( | ) | |||||
Other, net | ( | ) | |||||||||
Changes in operating assets and liabilities | |||||||||||
Accounts receivable, net | ( | ) | ( | ) | |||||||
Inventories, net | ( | ) | ( | ) | ( | ) | |||||
Other assets | ( | ) | |||||||||
Accounts payable | ( | ) | |||||||||
Unrealized loss on derivative contracts | ( | ) | |||||||||
Accrued expenses and other liabilities | ( | ) | ( | ) | ( | ) | |||||
Net cash provided by (used in) operating activities from continuing operations | ( | ) | |||||||||
Net cash provided by operating activities from discontinued operations | |||||||||||
Net cash provided by (used in) operating activities | ( | ) | |||||||||
Cash flows from investing activities: | |||||||||||
Capital expenditures | ( | ) | ( | ) | ( | ) | |||||
Acquisition of businesses, net of cash acquired | ( | ) | ( | ) | ( | ) | |||||
Purchase of additional interests in consolidated subsidiaries | ( | ) | ( | ) | ( | ) | |||||
Proceeds from disposition of businesses and assets | |||||||||||
Other, net | ( | ) | ( | ) | ( | ) | |||||
Net cash provided by (used in) investing activities from continuing operations | ( | ) | |||||||||
Net cash used in investing activities from discontinued operations | ( | ) | ( | ) | ( | ) | |||||
Net cash provided by (used in) investing activities | ( | ) | |||||||||
Cash flows from financing activities: | |||||||||||
Investment segment contributions from non-controlling interests | |||||||||||
Investment segment distributions from non-controlling interests | ( | ) | |||||||||
Partnership contributions | |||||||||||
Partnership distributions | ( | ) | ( | ) | ( | ) | |||||
Proceeds from subsidiary equity offerings | |||||||||||
Dividends and distributions to non-controlling interests in subsidiaries | ( | ) | ( | ) | ( | ) | |||||
Proceeds from Holding Company senior unsecured notes | |||||||||||
Repayments of Holding Company senior unsecured notes | ( | ) | |||||||||
Proceeds from subsidiary borrowings | |||||||||||
Repayments of subsidiary borrowings | ( | ) | ( | ) | ( | ) | |||||
Other, net | ( | ) | ( | ) | |||||||
Net cash provided by financing activities from continuing operations | |||||||||||
Net cash used in financing activities from discontinued operations | ( | ) | ( | ) | ( | ) | |||||
Net cash (used in) provided by financing activities | ( | ) | |||||||||
Effect of exchange rate changes on cash and cash equivalents and restricted cash and restricted cash equivalents | ( | ) | |||||||||
Add back change in cash and restricted cash of assets held for sale | ( | ) | |||||||||
Net increase (decrease) in cash and cash equivalents and restricted cash and restricted cash equivalents | ( | ) | |||||||||
Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period | |||||||||||
Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period | $ | $ | $ |
1. |
2. |
December 31, | |||||||
2018 | 2017 | ||||||
(in millions) | |||||||
Cash and cash equivalents | $ | $ | |||||
Cash held at consolidated affiliated partnerships and restricted cash | |||||||
Investments | |||||||
Due from brokers | |||||||
Property, plant and equipment, net | |||||||
Inventories, net | |||||||
Intangible assets, net | |||||||
Other assets | |||||||
Accounts payable, accrued expenses and other liabilities | |||||||
Securities sold, not yet purchased, at fair value | |||||||
Due to brokers | |||||||
Debt |
3. |
4. |
December 31, | |||||||
2018 | 2017 | ||||||
Assets | (in millions) | ||||||
Investments: | |||||||
Equity securities: | |||||||
Basic materials | $ | $ | |||||
Consumer, non-cyclical | |||||||
Consumer, cyclical | |||||||
Energy | |||||||
Financial | |||||||
Technology | |||||||
Other | |||||||
Corporate debt securities | |||||||
$ | $ | ||||||
Liabilities | |||||||
Securities sold, not yet purchased, at fair value: | |||||||
Equity securities: | |||||||
Consumer, non-cyclical | $ | $ | |||||
Consumer, cyclical | |||||||
Energy | |||||||
Industrial | |||||||
Corporate debt securities | |||||||
$ | $ |
December 31, | |||||||
2018 | 2017 | ||||||
(in millions) | |||||||
Equity method investments | $ | $ | |||||
Other investments (measured at fair value) | |||||||
$ | $ |
5. |
December 31, 2018 | December 31, 2017 | ||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
Assets | (in millions) | ||||||||||||||||||||||||||||||
Investments (Note 4) | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
Derivative contracts, at fair value (Note 6)(1) | |||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||
Securities sold, not yet purchased (Note 4) | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
Other liabilities | |||||||||||||||||||||||||||||||
Derivative contracts, at fair value (Note 6) | |||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | $ |
(1) |
Year Ended December 31, | |||||||
2018 | 2017 | ||||||
(in millions) | |||||||
Balance at January 1 | $ | $ | |||||
Net unrealized gains | |||||||
Other | ( | ) | |||||
Balance at December 31 | $ | $ |
6. |
December 31, 2018 | December 31, 2017 | ||||||||||||||
Long Notional Exposure | Short Notional Exposure | Long Notional Exposure | Short Notional Exposure | ||||||||||||
Primary underlying risk: | (in millions) | ||||||||||||||
Equity contracts | $ | $ | $ | $ | |||||||||||
Credit contracts(1) | |||||||||||||||
Commodity contracts |
(1) |
Asset Derivatives(1) | Liability Derivatives | |||||||||||||||
December 31, 2018 | December 31, 2017 | December 31, 2018 | December 31, 2017 | |||||||||||||
(in millions) | ||||||||||||||||
Equity contracts | $ | $ | $ | $ | ||||||||||||
Credit contracts | ||||||||||||||||
Commodity contracts | ||||||||||||||||
Sub-total | ||||||||||||||||
Netting across contract types(2) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
Total(2) | $ | $ | $ | $ |
(1) |
(2) |
Gain (Loss) Recognized in Income(1) | |||||||||||
Year Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
(in millions) | |||||||||||
Equity contracts | $ | $ | ( | ) | $ | ( | ) | ||||
Foreign exchange contracts | |||||||||||
Credit contracts | ( | ) | |||||||||
Interest rate contracts | ( | ) | |||||||||
Commodity contracts | ( | ) | ( | ) | |||||||
$ | $ | ( | ) | $ | ( | ) |
(1) |
7. |
December 31, | |||||||
2018 | 2017 | ||||||
(in millions) | |||||||
Raw materials | $ | $ | |||||
Work in process | |||||||
Finished goods | |||||||
$ | $ |
8. |
December 31, 2018 | December 31, 2017 | ||||||||||||||||||||||
Automotive | Food Packaging | Consolidated | Automotive | Food Packaging | Consolidated | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Gross carrying amount, Jan 1 | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Acquisitions | |||||||||||||||||||||||
Foreign exchange | ( | ) | ( | ) | |||||||||||||||||||
Gross carrying amount, Dec 31 | |||||||||||||||||||||||
Accumulated impairment, Jan 1 | |||||||||||||||||||||||
Impairment | ( | ) | ( | ) | |||||||||||||||||||
Accumulated impairment, Dec 31 | ( | ) | ( | ) | |||||||||||||||||||
Net carrying value, Dec 31 | $ | $ | $ | $ | $ | $ |
December 31, 2018 | December 31, 2017 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Value | Gross Carrying Amount | Accumulated Amortization | Net Carrying Value | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
Definite-lived intangible assets: | |||||||||||||||||||||||
Customer relationships | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | |||||||||||||
Other | ( | ) | ( | ) | |||||||||||||||||||
$ | $ | ( | ) | $ | $ | $ | ( | ) | $ | ||||||||||||||
Indefinite-lived intangible assets | $ | $ | |||||||||||||||||||||
Intangible assets, net | $ | $ |
Year | Amount | |||
(in millions) | ||||
2019 | $ | |||
2020 | ||||
2021 | ||||
2022 | ||||
2023 | ||||
Thereafter | ||||
$ |
9. |
December 31, | |||||||||
Useful Life | 2018 | 2017 | |||||||
(in years) | (in millions) | ||||||||
Land | $ | $ | |||||||
Buildings and improvements | 3 - 40 | ||||||||
Machinery, equipment and furniture | 1 - 30 | ||||||||
Assets leased to others | 5 - 39 | ||||||||
Construction in progress | |||||||||
Less: Accumulated depreciation and amortization | ( | ) | ( | ) | |||||
Property, plant and equipment, net | $ | $ |
10. |
December 31, | |||||||
2018 | 2017 | ||||||
(in millions) | |||||||
Holding Company: | |||||||
6.000% senior unsecured notes due 2020 | $ | $ | |||||
5.875% senior unsecured notes due 2022 | |||||||
6.250% senior unsecured notes due 2022 | |||||||
6.750% senior unsecured notes due 2024 | |||||||
6.375% senior unsecured notes due 2025 | |||||||
Reporting Segments: | |||||||
Energy | |||||||
Automotive | |||||||
Food Packaging | |||||||
Metals | |||||||
Real Estate | |||||||
Home Fashion | |||||||
Mining | |||||||
Total Debt | $ | $ |
Year | Amount | |||
(in millions) | ||||
2019 | $ | |||
2020 | ||||
2021 | ||||
2022 | ||||
2023 | ||||
Thereafter | ||||
Unamortized discounts, premiums and deferred financing fees | ( | ) | ||
Total Debt | $ |
11. |
Year Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
(in millions, except per unit data) | |||||||||||
Net (loss) income attributable to Icahn Enterprises from continuing operations | $ | ( | ) | $ | $ | ( | ) | ||||
Net (loss) income attributable to Icahn Enterprises from continuing operations allocated to limited partners (98.01% allocation) | $ | ( | ) | $ | $ | ( | ) | ||||
Net income (loss) attributable to Icahn Enterprises from discontinued operations | $ | $ | $ | ( | ) | ||||||
Less: net loss attributable to Icahn Enterprises from discontinued operations allocated 100% to general partner | |||||||||||
Net income (loss) attributable to Icahn Enterprises from discontinued operations allocable to limited partners | $ | $ | $ | ( | ) | ||||||
Net income (loss) attributable to Icahn Enterprises from discontinued operations allocated to limited partners (98.01% allocation) | $ | $ | $ | ( | ) | ||||||
Basic and diluted income (loss) per LP unit: | |||||||||||
Continuing operations | $ | ( | ) | $ | $ | ( | ) | ||||
Discontinued operations | |||||||||||
$ | $ | $ | ( | ) | |||||||
Basic and diluted weighted average LP units outstanding |
12. |
Year Ended December 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||
Investment | Energy | Automotive | Food Packaging | Metals | Real Estate | Home Fashion | Mining | Railcar | Holding Company | Consolidated | |||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Other revenues from operations | |||||||||||||||||||||||||||||||||||||||||||
Net gain (loss) from investment activities | ( | ) | |||||||||||||||||||||||||||||||||||||||||
Interest and dividend income | |||||||||||||||||||||||||||||||||||||||||||
(Loss) gain on disposition of assets, net | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||||||||||||||
Other (loss) income, net | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||||||||||||
( | ) | ||||||||||||||||||||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||||||||||
Cost of goods sold | |||||||||||||||||||||||||||||||||||||||||||
Other expenses from operations | |||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative | |||||||||||||||||||||||||||||||||||||||||||
Restructuring, net | |||||||||||||||||||||||||||||||||||||||||||
Impairment | |||||||||||||||||||||||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations before income tax (expense) benefit | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||||||||||||
Income tax (expense) benefit | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||||||||||
Net income (loss) from continuing operations | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||||||||||||
Less: net income (loss) from continuing operations attributable to non-controlling interests | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||||||||||||||
Net income (loss) from continuing operations attributable to Icahn Enterprises | $ | $ | $ | ( | ) | $ | ( | ) | $ | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | ( | ) | ||||||||||||||||||||||
Supplemental information: | |||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Depreciation and amortization | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Year Ended December 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||
Investment | Energy | Automotive | Food Packaging | Metals | Real Estate | Home Fashion | Mining | Railcar | Holding Company | Consolidated | |||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Other revenues from operations | |||||||||||||||||||||||||||||||||||||||||||
Net gain from investment activities | |||||||||||||||||||||||||||||||||||||||||||
Interest and dividend income | |||||||||||||||||||||||||||||||||||||||||||
(Loss) gain on disposition of assets, net | ( | ) | |||||||||||||||||||||||||||||||||||||||||
Other (loss) income, net | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||||||||||
Cost of goods sold | |||||||||||||||||||||||||||||||||||||||||||
Other expenses from operations | |||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative | |||||||||||||||||||||||||||||||||||||||||||
Restructuring, net | |||||||||||||||||||||||||||||||||||||||||||
Impairment | |||||||||||||||||||||||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations before income tax benefit (expense) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||||||||||
Income tax benefit (expense) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||||||||||||
Net income (loss) from continuing operations | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||||||||||||
Less: net income (loss) from continuing operations attributable to non-controlling interests | ( | ) | |||||||||||||||||||||||||||||||||||||||||
Net income (loss) from continuing operations attributable to Icahn Enterprises | $ | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ | $ | $ | $ | ||||||||||||||||||||||||
Supplemental information: | |||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Depreciation and amortization | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Year Ended December 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||
Investment | Energy | Automotive | Food Packaging | Metals | Real Estate | Home Fashion | Mining | Railcar | Holding Company | Consolidated | |||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Other revenues from operations | |||||||||||||||||||||||||||||||||||||||||||
Net (loss) gain from investment activities | ( | ) | ( | ) | |||||||||||||||||||||||||||||||||||||||
Interest and dividend income | |||||||||||||||||||||||||||||||||||||||||||
Gain on disposition of assets, net | |||||||||||||||||||||||||||||||||||||||||||
Other income (loss), net | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||||||||||||||
( | ) | ||||||||||||||||||||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||||||||||
Cost of goods sold | |||||||||||||||||||||||||||||||||||||||||||
Other expenses from operations | |||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative | |||||||||||||||||||||||||||||||||||||||||||
Restructuring | |||||||||||||||||||||||||||||||||||||||||||
Impairment | |||||||||||||||||||||||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||||||||||||||||||||||
(Loss) income from continuing operations before income tax benefit (expense) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||||
Income tax benefit (expense) | ( | ) | ( | ) | |||||||||||||||||||||||||||||||||||||||
Net (loss) income from continuing operations | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||||||
Less: net (loss) income from continuing operations attributable to non-controlling interests | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||||||||||||
Net (loss) income from continuing operations attributable to Icahn Enterprises | $ | ( | ) | $ | ( | ) | $ | $ | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) | ||||||||||||||||||
Supplemental information: | |||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Depreciation and amortization | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Year Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
(in millions) | |||||||||||
Petroleum products | $ | $ | $ | ||||||||
Nitrogen fertilizer products | |||||||||||
$ | $ | $ |
Year Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
(in millions) | |||||||||||
Automotive services | $ | $ | $ | ||||||||
Aftermarket parts sales | |||||||||||
$ | $ | $ |
December 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||
Investment | Energy | Automotive | Food Packaging | Metals | Real Estate | Home Fashion | Mining | Railcar | Holding Company | Consolidated | |||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Cash held at consolidated affiliated partnerships and restricted cash | |||||||||||||||||||||||||||||||||||||||||||
Investments | |||||||||||||||||||||||||||||||||||||||||||
Accounts receivable, net | |||||||||||||||||||||||||||||||||||||||||||
Inventories, net | |||||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment, net | |||||||||||||||||||||||||||||||||||||||||||
Goodwill and intangible assets, net | |||||||||||||||||||||||||||||||||||||||||||
Assets held for sale | |||||||||||||||||||||||||||||||||||||||||||
Other assets | |||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Securities sold, not yet purchased, at fair value | |||||||||||||||||||||||||||||||||||||||||||
Due to brokers | |||||||||||||||||||||||||||||||||||||||||||
Liabilities held for sale | |||||||||||||||||||||||||||||||||||||||||||
Debt | |||||||||||||||||||||||||||||||||||||||||||
Total liabilities | |||||||||||||||||||||||||||||||||||||||||||
Equity attributable to Icahn Enterprises | ( | ) | |||||||||||||||||||||||||||||||||||||||||
Equity attributable to non-controlling interests | |||||||||||||||||||||||||||||||||||||||||||
Total equity | ( | ) | |||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
December 31, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||
Investment | Energy | Automotive | Food Packaging | Metals | Real Estate | Home Fashion | Mining | Railcar | Holding Company | Discontinued Operations | Consolidated | ||||||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Cash held at consolidated affiliated partnerships and restricted cash | |||||||||||||||||||||||||||||||||||||||||||||||
Investments | |||||||||||||||||||||||||||||||||||||||||||||||
Accounts receivable, net | |||||||||||||||||||||||||||||||||||||||||||||||
Inventories, net | |||||||||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment, net | |||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and intangible assets, net | |||||||||||||||||||||||||||||||||||||||||||||||
Assets held for sale | |||||||||||||||||||||||||||||||||||||||||||||||
Other assets | |||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Securities sold, not yet purchased, at fair value | |||||||||||||||||||||||||||||||||||||||||||||||
Due to brokers | |||||||||||||||||||||||||||||||||||||||||||||||
Liabilities held for sale | |||||||||||||||||||||||||||||||||||||||||||||||
Debt | |||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Equity attributable to Icahn Enterprises | ( | ) | |||||||||||||||||||||||||||||||||||||||||||||
Equity attributable to non-controlling interests | |||||||||||||||||||||||||||||||||||||||||||||||
Total equity | ( | ) | |||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Net Sales | Other Revenues From Operations | Property, Plant and Equipment, Net | |||||||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | December 31, | |||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2018 | 2017 | 2016 | 2018 | 2017 | ||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||
United States | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
International | |||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | $ |
13. |
Year Ended December 31, 2018 | Year Ended December 31, 2017 | Year Ended December 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||
Automotive | Gaming | Railcar | Total | Automotive | Gaming | Railcar | Total | Automotive | Gaming | Railcar | Total | ||||||||||||||||||||||||||||||||||||
Revenues: | (in millions) | ||||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Other revenues from operations | |||||||||||||||||||||||||||||||||||||||||||||||
Net gain on investment activities | |||||||||||||||||||||||||||||||||||||||||||||||
Interest and dividend income | |||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) on disposition of assets, net | ( | ) | |||||||||||||||||||||||||||||||||||||||||||||
Other income, net | |||||||||||||||||||||||||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||||||||||||||
Cost of goods sold | |||||||||||||||||||||||||||||||||||||||||||||||
Other expenses from operations | |||||||||||||||||||||||||||||||||||||||||||||||
Selling, general and administrative | |||||||||||||||||||||||||||||||||||||||||||||||
Restructuring, net | |||||||||||||||||||||||||||||||||||||||||||||||
Impairment | |||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from discontinued operations before gain (loss) on sale and income tax (expense) benefit | ( | ) | |||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) on sale of discontinued operations | ( | ) | ( | ) | |||||||||||||||||||||||||||||||||||||||||||
Income (loss) from discontinued operations before income tax (expense) benefit | ( | ) | |||||||||||||||||||||||||||||||||||||||||||||
Income tax (expense) benefit | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||
Income (loss) from discontinued operations | ( | ) | |||||||||||||||||||||||||||||||||||||||||||||
Less: income from discontinued operations attributable to non-controlling interests | |||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from discontinued operations attributable to Icahn Enterprises | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ( | ) | $ | $ | ( | ) | |||||||||||||||||||||||||||||||
Supplemental information: | |||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
Depreciation and amortization | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
December 31, 2017 | |||||||||||||||
Automotive | Gaming | Railcar | Total | ||||||||||||
Assets Held For Sale | (in millions) | ||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | |||||||||||
Restricted cash | |||||||||||||||
Investments | |||||||||||||||
Accounts receivable, net | |||||||||||||||
Inventories, net | |||||||||||||||
Property, plant and equipment, net | |||||||||||||||
Goodwill | |||||||||||||||
Intangible assets, net | |||||||||||||||
Other assets | |||||||||||||||
Assets held for sale (discontinued operations) | $ | $ | $ | $ | |||||||||||
Other assets held for sale | |||||||||||||||
Total assets held for sale | $ | ||||||||||||||
Liabilities Held For Sale | |||||||||||||||
Accounts payable, accrued expenses and other liabilities | $ | $ | $ | $ | |||||||||||
Deferred tax liability | |||||||||||||||
Post-retirement benefit liability | |||||||||||||||
Debt | |||||||||||||||
Liabilities held for sale (discontinued operations) | $ | $ | $ | $ |
14. |
Icahn Enterprises | Icahn Enterprises Holdings | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(in millions) | (in millions) | ||||||||||||||
Book basis of net assets | $ | $ | $ | $ | |||||||||||
Book/tax basis difference | ( | ) | ( | ) | ( | ) | ( | ) | |||||||
Tax basis of net assets | $ | $ | $ | $ |
Year Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
(in millions) | |||||||||||
Domestic | $ | $ | $ | ( | ) | ||||||
International | ( | ) | ( | ) | |||||||
$ | $ | $ | ( | ) |
Year Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
(in millions) | |||||||||||
Current: | |||||||||||
Domestic | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||
International | ( | ) | ( | ) | ( | ) | |||||
Total current | ( | ) | ( | ) | ( | ) | |||||
Deferred: | |||||||||||
Domestic | |||||||||||
International | ( | ) | |||||||||
Total deferred | |||||||||||
$ | $ | $ |
Year Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
(in millions) | |||||||||||
Income tax benefit (expense) at U.S. statutory rate | $ | ( | ) | $ | ( | ) | $ | ||||
Tax effect from: | |||||||||||
Valuation allowance | ( | ) | ( | ) | |||||||
Non-controlling interest | ( | ) | ( | ) | |||||||
Goodwill impairment | ( | ) | ( | ) | |||||||
Stock dispositions | |||||||||||
Income not subject to taxation | ( | ) | |||||||||
Enactment of U.S. tax legislation, net of valuation allowance | |||||||||||
Other | ( | ) | ( | ) | |||||||
Income tax benefit (expense) | $ | $ | $ |
December 31, | |||||||
2018 | 2017 | ||||||
(in millions) | |||||||
Deferred tax assets: | |||||||
Property, plant and equipment | $ | $ | |||||
Net operating loss | |||||||
Tax credits | |||||||
Capital loss | |||||||
Post-retirement benefits, including pensions | |||||||
Other | |||||||
Total deferred tax assets | |||||||
Less: Valuation allowance | ( | ) | ( | ) | |||
Net deferred tax assets | $ | $ | |||||
Deferred tax liabilities: | |||||||
Property, plant and equipment | $ | ( | ) | $ | ( | ) | |
Intangible assets | ( | ) | ( | ) | |||
Investment in partnerships | ( | ) | ( | ) | |||
Investment in U.S. subsidiaries | ( | ) | ( | ) | |||
Other | ( | ) | ( | ) | |||
Total deferred tax liabilities | ( | ) | ( | ) | |||
$ | ( | ) | $ | ( | ) |
Year Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
(in millions) | |||||||||||
Balance at January 1 | $ | $ | $ | ||||||||
Addition based on tax positions related to the current year | |||||||||||
Increase for tax positions of prior years | |||||||||||
Decrease for tax positions of prior years | ( | ) | ( | ) | |||||||
Decrease for statute of limitation expiration | ( | ) | ( | ) | ( | ) | |||||
Balance at December 31 | $ | $ | $ |
15. |
Post-Retirement Benefits, Net of Tax | Hedge Instruments, Net of Tax | Translation Adjustments and Other, Net of Tax | Total | ||||||||||||
(in millions) | |||||||||||||||
Balance, December 31, 2017 | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||
Other comprehensive income (loss) before reclassifications, net of tax | ( | ) | ( | ) | ( | ) | |||||||||
Reclassifications from accumulated other comprehensive income to earnings | |||||||||||||||
Other comprehensive income (loss), net of tax | ( | ) | ( | ) | ( | ) | |||||||||
Dispositions of consolidated subsidiaries | |||||||||||||||
Balance, December 31, 2018 | $ | ( | ) | $ | $ | ( | ) | $ | ( | ) |
16. |
Year Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
(in millions) | |||||||||||
Other derivative (loss) income | $ | ( | ) | $ | ( | ) | $ | ||||
Dividend expense | ( | ) | ( | ) | ( | ) | |||||
Loss on extinguishment of debt | ( | ) | ( | ) | |||||||
Equity earnings from non-consolidated affiliates | |||||||||||
Foreign currency transaction (loss) income | ( | ) | ( | ) | |||||||
Tax settlement gain | |||||||||||
Non-service pension and other post-retirement benefits expense | ( | ) | ( | ) | ( | ) | |||||
Other | |||||||||||
$ | $ | ( | ) | $ |
17. |
Year | Amount | |||
(in millions) | ||||
2019 | $ | |||
2020 | ||||
2021 | ||||
2022 | ||||
2023 | ||||
Thereafter | ||||
$ |
Year | Amount | |||
(in millions) | ||||
2019 | $ | |||
2020 | ||||
2021 | ||||
2022 | ||||
2023 | ||||
Thereafter | ||||
$ |
18. |
U.S. and Non-U.S. Pension Benefits | |||||||||||
Year Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
(in millions) | |||||||||||
Service cost | $ | $ | $ | ||||||||
Interest cost | |||||||||||
Expected return on plan assets | ( | ) | ( | ) | ( | ) | |||||
Amortization of actuarial losses | |||||||||||
Settlement loss recognized | |||||||||||
$ | $ | $ |
U.S and Non-U.S. Pension Benefits | |||||||
2018 | 2017 | ||||||
(in millions) | |||||||
Change in benefit obligation: | |||||||
Benefit obligation, beginning of year | $ | $ | |||||
Service cost | |||||||
Interest cost | |||||||
Benefits paid | ( | ) | ( | ) | |||
Actuarial (gain) loss | ( | ) | |||||
Plan settlements | ( | ) | |||||
Increase due to acquisitions | |||||||
Currency translation | ( | ) | |||||
Benefit obligation, end of year | |||||||
Change in plan assets: | |||||||
Fair value of plan assets, beginning of year | |||||||
Actual return on plan assets | ( | ) | |||||
Employer contributions | |||||||
Plan settlements | ( | ) | |||||
Benefits paid | ( | ) | ( | ) | |||
Fair value of plan assets, end of year | |||||||
Funded status of the plan and amounts recognized in the consolidated balance sheets | $ | ( | ) | $ | ( | ) | |
Amounts recognized in accumulated other comprehensive loss, inclusive of tax impacts | $ | ( | ) | $ | ( | ) |
December 31, 2018 | December 31, 2017 | ||||||||||||||||||||||
Level 1 | Level 2 | Total | Level 1 | Level 2 | Total | ||||||||||||||||||
(in millions) | |||||||||||||||||||||||
U.S. and Non-U.S. Plans: | |||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Government debt securities | |||||||||||||||||||||||
Exchange traded funds | |||||||||||||||||||||||
Mutual funds | |||||||||||||||||||||||
Common stock | |||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
Investments measured at net asset value | |||||||||||||||||||||||
Plan assets measured at fair value | $ | $ |
19. |
Year Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
(in millions) | |||||||||||
Continuing Operations: | |||||||||||
Cash payments for interest, net of amounts capitalized | $ | $ | $ | ||||||||
Net cash (receipts) payments for income taxes, net of refunds | |||||||||||
Capital expenditures included in accounts payable, accrued expenses and other liabilities | |||||||||||
Equity investment consideration received from sale of business | |||||||||||
Acquisition of subsidiary common stock included in accrued expenses and other liabilities | |||||||||||
Seller financing secured mortgages resulting from disposition of assets | |||||||||||
Investments in subsidiaries prior to acquiring a controlling interest | |||||||||||
Discontinued Operations: | |||||||||||
Capital expenditures included in accounts payable, accrued expenses and other liabilities |
20. |
21. |
For the Three Months Ended | |||||||||||||||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | ||||||||||||||||||||||||
(in millions, except per unit data) | |||||||||||||||||||||||||||||||
Net sales | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
Gross margin on net sales | |||||||||||||||||||||||||||||||
Total revenues | |||||||||||||||||||||||||||||||
Income (loss) from continuing operations | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||
Income from discontinued operations | |||||||||||||||||||||||||||||||
Net income (loss) | ( | ) | ( | ) | |||||||||||||||||||||||||||
Net loss (income) attributable to non-controlling interests | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||||||
Net income (loss) attributable to Icahn Enterprises | $ | $ | ( | ) | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Basic income (loss) per LP unit: | |||||||||||||||||||||||||||||||
Continuing operations | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | $ | ( | ) | $ | |||||||||||||||||
Discontinued operations | |||||||||||||||||||||||||||||||
$ | $ | ( | ) | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||
Diluted income (loss) per LP unit: | |||||||||||||||||||||||||||||||
Continuing operations | $ | $ | ( | ) | $ | $ | $ | ( | ) | $ | $ | ( | ) | $ | |||||||||||||||||
Discontinued operations | |||||||||||||||||||||||||||||||
$ | $ | ( | ) | $ | $ | $ | $ | $ | $ |
Name | Age | Position | ||
Carl C. Icahn | 83 | Chairman of the Board | ||
Keith Cozza | 40 | President, Chief Executive Officer and Director | ||
SungHwan Cho | 44 | Chief Financial Officer and Director | ||
Peter Reck | 52 | Chief Accounting Officer | ||
Michael Nevin | 35 | Managing Director of Icahn Enterprises and Director | ||
William A. Leidesdorf | 73 | Director | ||
James L. Nelson (1) | 69 | Director | ||
Jack G. Wasserman | 82 | Director |
• | Carl C. Icahn, Chairman of the Board(1) |
• | Keith Cozza, President and Chief Executive Officer(2) |
• | SungHwan Cho, Chief Financial Officer(3) |
• | Peter Reck, Chief Accounting Officer |
• | overall job performance, including performance against corporate and individual objectives; |
• | job responsibilities, including unique skills necessary to support our long-term performance, including that of our subsidiaries; and |
• | teamwork, both contributions as a member of the executive management team and fostering an environment of personal and professional growth for the entire work force. |
Country | Number of Employees | |
Aruba | 239 | |
Germany | 235 |
Annual Compensation(1) | |||||||||||||||
Name and Principal Position | Year | Salary ($) | Bonus ($) | All Other Compensation ($) | Total ($) | ||||||||||
Carl C. Icahn(2) Chairman of the Board | 2018 | 1 | — | 66,142 | (3) | 66,143 | |||||||||
2017 | 1 | — | 102,547 | (3) | 102,548 | ||||||||||
2016 | 1 | — | 104,910 | (3) | 104,911 | ||||||||||
Keith Cozza(4) President and Chief Executive Officer | 2018 | 1,528,889 | 5,000,000 | 10,719 | (3) | 6,539,608 | |||||||||
2017 | 1,511,582 | 4,000,000 | 10,562 | (3) | 5,522,144 | ||||||||||
2016 | 1,557,736 | 2,500,000 | 10,779 | (3) | 4,068,515 | ||||||||||
SungHwan Cho (5) Chief Financial Officer | 2018 | 849,254 | 1,700,000 | 10,719 | (3) | 2,559,973 | |||||||||
2017 | 840,023 | 1,400,000 | 10,562 | (3) | 2,250,585 | ||||||||||
2016 | 822,616 | 1,200,000 | 10,779 | (3) | 2,033,395 | ||||||||||
Peter Reck (6) Chief Accounting Officer | 2018 | 321,932 | 225,000 | 10,152 | (3) | 557,084 | |||||||||
2017 | 316,395 | 215,000 | 9,742 | (3) | 541,137 | ||||||||||
2016 | 300,000 | 215,000 | 9,774 | (3) | 524,774 |
(1) | Pursuant to applicable regulations, certain columns of the Summary Compensation Table have been omitted, as there has been no compensation awarded to, earned by or paid to any of the named executive officers by us, any of our subsidiaries or by Icahn Enterprises GP, which was subsequently reimbursed by us, required to be reported in those columns. |
(2) | The salary indicated above represents compensation paid to Mr. Icahn in each of 2018, 2017 and 2016 for his services as Chief Executive Officer of our subsidiary, Icahn Capital LP, and of the general partners of the Investment Funds. Mr. Icahn is currently an at will employee serving as Chairman of the Board of Icahn Enterprises GP, Chairman of the Board and Chief Executive Officer of Icahn Capital LP and Chief Executive Officer of the Investment Funds for which he currently receives an annual base salary of $1 per annum. Mr. Icahn does not receive director fees from us. |
(3) | Represents other compensation paid to the following named executive officers: (i) Carl C. Icahn, $29,499, $20,107 and $20,107, in medical and dental benefits for 2018, 2017 and 2016, respectively; $955 in life insurance paid by us for each of 2018, 2017 and 2016; and in his capacity as the Chairman of the Board of Federal-Mogul, $35,688, $81,485 and $83,848 representing the incremental cost of Mr. Icahn's personal use of Federal-Mogul's corporate aircraft for 2018, 2017 and 2016, respectively. Mr. Icahn received no fees or compensation from Federal-Mogul for 2018, 2017 and 2016 other than the use of the corporate aircraft as discussed above. The calculation of incremental cost for the personal use of Federal-Mogul's corporate aircraft includes the variable costs incurred as a result of personal flight activity, which are comprised of a portion of ongoing maintenance and repairs, aircraft fuel, airport fees, catering, and fees and travel expenses for the flight crew. The use of the aircraft for personal use by Mr. Icahn was approved by the board of directors and the Compensation Committee of Federal-Mogul; (ii) Mr. Cozza, $8,438, $8,281 and $8,438 in matching contributions under our 401(k) Plan for 2018, 2017 and 2016, respectively; $1,326, $1,326 and $1,386 in medical and dental benefits paid by us for 2018, 2017 and 2016, respectively; $955 in life insurance premiums paid by us for each of 2018, 2017 and 2016; (iii) Mr. Cho, $8,438, $8,281 and $8,438 in matching contributions under our 401(k) Plan for 2018, 2017 and 2016, respectively; $1,326, $1,326 and $1,386 in medical and dental benefits paid by us for 2018, 2017 and 2016, respectively; and $955 in life insurance premiums paid by us for each of 2018, 2017 and 2016; and (iv) Mr. Reck, $8,655, $8,281 and $8,291 in matching contributions under our 401(k) Plan for 2018, 2017 and 2016, respectively; $742, $742 and $764 in medical and dental benefits paid by us for 2018, 2017 and 2016, respectively; and $754, $719 and $719 in life insurance premiums paid by us for 2018, 2017 and 2016, respectively. Mr. Icahn did not participate in the 401(k) plan during 2018, 2017 and 2016 and thus did not receive any matching contributions for those fiscal years. |
Name | Fees Earned or Paid in Cash ($) | All Other Compensation ($) | Total ($) | ||||||
William A. Leidesdorf | 35,000 | — | 35,000 | ||||||
James L. Nelson | 35,000 | — | 35,000 | ||||||
Jack G. Wasserman | 40,000 | — | 40,000 | ||||||
Michael Nevin | — | — | — |
Name of Beneficial Owner | Beneficial Ownership of Icahn Enterprises' Depositary Units | Percent of Class | ||||
Carl C. Icahn | 175,441,588 | (a) (b) | 91.7% | |||
Keith Cozza | 2,000 | * | ||||
SungHwan Cho | 1,100 | * | ||||
Jack G. Wasserman | 862 | * | ||||
James L. Nelson | 1,292 | * | ||||
Peter Reck | — | —% | ||||
William A. Leidesdorf | — | —% | ||||
Michael Nevin | — | —% | ||||
All Directors and Executive Officers as a Group (eight persons) | 175,446,842 | 91.7% |
(1) | CCI Onshore LLC ("CCI Onshore") beneficially owns 40,840,229 Depositary Units. High Coast Limited Partnership ("High Coast") is the sole member of CCI Onshore. Little Meadow Corp. ("Little Meadow") is the general partner of High Coast. Carl C. Icahn beneficially owns 100% of Little Meadow. Pursuant to Rule 16a-1(a)(2) under the Exchange Act, each of Mr. Icahn, Little Meadow and High Coast (by virtue of their relationships to CCI Onshore) may be deemed to indirectly beneficially own the Depositary Units which CCI Onshore owns. Each of Mr. Icahn, Little Meadow and High Coast disclaims beneficial ownership of such Depositary Units except to the extent of their pecuniary interest therein. |
(2) | Gascon Partners ("Gascon") beneficially owns 24,051,668 Depositary Units. Little Meadow is the managing general partner of Gascon. Carl C. Icahn beneficially owns 100% of Little Meadow. Pursuant to Rule 16a-1(a)(2) under the Exchange Act, each of Mr. Icahn and Little Meadow (by virtue of their relationships to Gascon) may be deemed to indirectly beneficially own the Depositary Units which Gascon owns. Each of Mr. Icahn and Little Meadow disclaims beneficial ownership of such Depositary Units except to the extent of their pecuniary interest therein. |
(3) | High Coast beneficially owns 84,387,940 Depositary Units. Little Meadow is the general partner of High Coast. Carl C. Icahn beneficially owns 100% of Little Meadow. Pursuant to Rule 16a-1(a)(2) under the Exchange Act, each of Mr. Icahn and Little Meadow (by virtue of their relationships to High Coast) may be deemed to indirectly beneficially own the Depositary Units which High Coast owns. Each of Mr. Icahn and Little Meadow disclaims beneficial ownership of such Depositary Units except to the extent of their pecuniary interest therein. |
(4) | Highcrest Investors LLC ("Highcrest") beneficially owns 19,630,223 Depositary Units. Starfire Holding Corporation ("Starfire") beneficially owns 100% of Highcrest. Carl C. Icahn beneficially owns 100% of Starfire. Pursuant to Rule 16a-1(a)(2) under the Exchange Act, each of Mr. Icahn and Starfire (by virtue of their relationships to Highcrest) may be deemed to indirectly beneficially own the Depositary Units which Highcrest owns. Each of Mr. Icahn and Starfire disclaims beneficial ownership of such Depositary Units except to the extent of their pecuniary interest therein. |
(5) | Thornwood Associates Limited Partnership ("Thornwood") beneficially owns 6,531,528 Depositary Units. Barberry Corp. ("Barberry") is the general partner of Thornwood. Carl C. Icahn beneficially owns 100% of Barberry. Pursuant to Rule 16a-1(a)(2) under the Exchange Act, each of Mr. Icahn and Barberry (by virtue of their relationships to Thornwood) may be deemed to indirectly beneficially own the Depositary Units which Thornwood owns. Each of Mr. Icahn and Barberry disclaims beneficial ownership of such Depositary Units except to the extent of their pecuniary interest therein. |
(6) | Does not include 12,000 Depositary Units owned by Gail Golden, the wife of Mr. Icahn. Mr. Icahn, by virtue of his relationship to Ms. Golden, may be deemed to beneficially own such Depositary Units. Mr. Icahn disclaims beneficial ownership of such Depositary Units for all purposes. |
• | Property Management and Asset Management Services. To the extent that we acquire any properties requiring active management (e.g., operating properties that are not net-leased) or asset management services, including on-site services, we may enter into fee-paying management or other arrangements with Icahn Enterprises GP or its affiliates. |
• | Brokerage and Leasing Commissions. We also may pay affiliates of Icahn Enterprises GP real estate brokerage and leasing commissions (which generally may range from 2% to 6% of the purchase price or rentals depending on location; this range may be somewhat higher for problem properties or lesser-valued properties). |
• | Lending Arrangements. Icahn Enterprises GP or its affiliates may lend money to, or arrange loans for, us. Fees payable to Icahn Enterprises GP or its affiliates in connection with such activities include mortgage brokerage fees (generally .5% to 3% of the loan amount), mortgage origination fees (generally .5% to 1.5% of the loan amount) and loan servicing fees (generally .10% to .12% of the loan amount), as well as interest on any amounts loaned by Icahn Enterprises GP or its affiliates to us. |
• | Development and Construction Services. Icahn Enterprises GP or its affiliates may also receive fees for development services, generally 1% to 4% of development costs, and general contracting services or construction management services, generally 4% to 6% of construction costs. |
December 31, | |||||||
2018 | 2017 | ||||||
(In millions, except unit amounts) | |||||||
ASSETS | |||||||
Investments in subsidiaries, net | $ | $ | |||||
Total Assets | $ | $ | |||||
LIABILITIES AND EQUITY | |||||||
Accrued expenses and other liabilities | $ | $ | |||||
Debt | |||||||
Commitments and contingencies (Note 3) | |||||||
Equity: | |||||||
Limited partners: Depositary units: 191,366,097 and 173,564,307 units issued and outstanding at December 31, 2018 and 2017, respectively | |||||||
General partner | ( | ) | ( | ) | |||
Total equity | |||||||
Total Liabilities and Equity | $ | $ |
Year Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
(In millions) | |||||||||||
Interest expense | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||
Loss on extinguishment of debt | ( | ) | |||||||||
Equity in earnings (loss) of subsidiaries | ( | ) | |||||||||
Net income (loss) | $ | $ | $ | ( | ) | ||||||
Net income (loss) allocated to: | |||||||||||
Limited partners | $ | $ | $ | ( | ) | ||||||
General partner | ( | ) | ( | ) | |||||||
$ | $ | $ | ( | ) |
Year Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
(In millions) | |||||||||||
Cash flows from operating activities: | |||||||||||
Net income (loss) | $ | $ | $ | ( | ) | ||||||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | |||||||||||
Amortization of deferred financing costs | |||||||||||
Loss on extinguishment of debt | |||||||||||
Equity in (income) loss of subsidiary | ( | ) | ( | ) | |||||||
Net cash used in operating activities | ( | ) | ( | ) | ( | ) | |||||
Cash flows from investing activities: | |||||||||||
Net investment in and advances from subsidiary | ( | ) | |||||||||
Net cash provided by (used in) investing activities | ( | ) | |||||||||
Cash flows from financing activities: | |||||||||||
Partnership distributions | ( | ) | ( | ) | ( | ) | |||||
Partnership contributions | |||||||||||
Proceeds from borrowings | |||||||||||
Repayments of borrowings | ( | ) | |||||||||
Debt issuance costs | ( | ) | |||||||||
Net cash (used in) provided by financing activities | ( | ) | ( | ) | |||||||
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents | |||||||||||
Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period | |||||||||||
Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period | $ | $ | $ |
December 31, | |||||||
2018 | 2017 | ||||||
(in millions) | |||||||
6.000% senior unsecured notes due 2020 | $ | $ | |||||
5.875% senior unsecured notes due 2022 | |||||||
6.250% senior unsecured notes due 2022 | |||||||
6.750% senior unsecured notes due 2024 | |||||||
6.375% senior unsecured notes due 2025 | |||||||
Total debt | $ | $ |
December 31, | |||||||
2018 | 2017 | ||||||
(in millions) | |||||||
ASSETS | |||||||
Cash and cash equivalents | $ | $ | |||||
Restricted cash | |||||||
Investments | |||||||
Other assets | |||||||
Investments in subsidiaries, net | |||||||
Total Assets | $ | $ | |||||
LIABILITIES AND EQUITY | |||||||
Accounts payable, accrued expenses and other liabilities | $ | $ | |||||
Debt | |||||||
Commitments and contingencies (Note 3) | |||||||
Equity: | |||||||
Limited partner | |||||||
General partner | ( | ) | ( | ) | |||
Total equity | |||||||
Total Liabilities and Equity | $ | $ |
Year Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
(in millions) | |||||||||||
Interest and dividend income | $ | $ | $ | ||||||||
Net (loss) gain from investment activities | ( | ) | |||||||||
Gain (loss) on disposition of assets | ( | ) | |||||||||
Equity in earnings (loss) of subsidiaries | ( | ) | |||||||||
Other income, net | |||||||||||
( | ) | ||||||||||
Interest expense | |||||||||||
Selling, general and administrative | |||||||||||
Net income (loss) | $ | $ | $ | ( | ) | ||||||
Net income (loss) allocated to: | |||||||||||
Limited partner | $ | $ | $ | ( | ) | ||||||
General partner | ( | ) | ( | ) | |||||||
$ | $ | $ | ( | ) |
Year Ended December 31, | |||||||||||
2018 | 2017 | 2016 | |||||||||
(in millions) | |||||||||||
Cash flows from operating activities: | |||||||||||
Net income (loss) | $ | $ | $ | ( | ) | ||||||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | |||||||||||
Equity in (income) loss of subsidiary | ( | ) | ( | ) | |||||||
(Gain) loss on disposition of assets | ( | ) | |||||||||
Investment gains | ( | ) | |||||||||
Depreciation and amortization | |||||||||||
Other, net | ( | ) | ( | ) | |||||||
Change in operating assets and liabilities | ( | ) | |||||||||
Net cash used in operating activities | ( | ) | ( | ) | ( | ) | |||||
Cash flows from investing activities: | |||||||||||
Net investment in subsidiaries | |||||||||||
Other, net | |||||||||||
Net cash provided by investing activities | |||||||||||
Cash flows from financing activities: | |||||||||||
Partnership distributions | ( | ) | ( | ) | ( | ) | |||||
Partner contributions | |||||||||||
Proceeds from borrowings | |||||||||||
Repayments of borrowings | ( | ) | ( | ) | |||||||
Debt issuance costs | ( | ) | |||||||||
Net cash used in financing activities | ( | ) | ( | ) | ( | ) | |||||
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents | ( | ) | |||||||||
Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period | |||||||||||
Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period | $ | $ | $ |
December 31, | |||||||
2018 | 2017 | ||||||
(in millions) | |||||||
6.000% senior unsecured notes due 2020 | $ | $ | |||||
5.875% senior unsecured notes due 2022 | |||||||
6.250% senior unsecured notes due 2022 | |||||||
6.750% senior unsecured notes due 2024 | |||||||
6.375% senior unsecured notes due 2025 | |||||||
Mortgages payable | |||||||
Total debt | $ | $ |
Icahn Enterprises L.P. |
By: | Icahn Enterprises G.P. Inc., its general partner |
By: | /s/Keith Cozza | |
Keith Cozza President, Chief Executive Officer and Director |
Signature | Title | Date | ||
/s/Keith Cozza | President, Chief Executive Officer and Director | March 1, 2019 | ||
Keith Cozza | ||||
/s/SungHwan Cho | Chief Financial Officer and Director | March 1, 2019 | ||
SungHwan Cho | ||||
/s/Peter Reck | Chief Accounting Officer | March 1, 2019 | ||
Peter Reck | ||||
/s/Michael Nevin | Managing Director of Icahn Enterprises and Director | March 1, 2019 | ||
Michael Nevin | ||||
/s/Jack G. Wasserman | Director | March 1, 2019 | ||
Jack G. Wasserman | ||||
/s/William A. Leidesdorf | Director | March 1, 2019 | ||
William A. Leidesdorf | ||||
/s/James L. Nelson | Director | March 1, 2019 | ||
James L. Nelson | ||||
Chairman of the Board | ||||
Carl C. Icahn |
Icahn Enterprises Holdings L.P. |
By: | Icahn Enterprises G.P. Inc., its general partner |
By: | /s/Keith Cozza | |
Keith Cozza President, Chief Executive Officer and Director |
Signature | Title | Date | ||
/s/Keith Cozza | President, Chief Executive Officer and Director | March 1, 2019 | ||
Keith Cozza | ||||
/s/SungHwan Cho | Chief Financial Officer and Director | March 1, 2019 | ||
SungHwan Cho | ||||
/s/Peter Reck | Chief Accounting Officer | March 1, 2019 | ||
Peter Reck | ||||
/s/Michael Nevin | Managing Director of Icahn Enterprises and Director | March 1, 2019 | ||
Michael Nevin | ||||
/s/Jack G. Wasserman | Director | March 1, 2019 | ||
Jack G. Wasserman | ||||
/s/William A. Leidesdorf | Director | March 1, 2019 | ||
William A. Leidesdorf | ||||
/s/James L. Nelson | Director | March 1, 2019 | ||
James L. Nelson | ||||
Chairman of the Board | ||||
Carl C. Icahn |
Exhibit No. | Description | |
2.1 | ||
2.2 | ||
2.3 | ||
2.4 | ||
2.5 | ||
3.1 | ||
3.2 | ||
3.3 | ||
3.4 | ||
3.5 | ||
3.6 | ||
3.7 | ||
3.8 | ||
4.1 | ||
4.2 | ||
4.3 | ||
4.4 |
4.5 | ||
4.6 | ||
4.7 | ||
4.8 | ||
4.9 | ||
4.10 | ||
4.11 | ||
4.12 | ||
10.1 | ||
10.2 | ||
10.3 | ||
10.4 | ||
10.5 | ||
10.6 | ||
10.7 |
10.8 | ||
10.9 | ||
10.10 | ||
14.1 | ||
18.1 | ||
21.1 | ||
23.1 | ||
31.1 | ||
31.2 | ||
32.1 | ||
101.SCH | XBRL Taxonomy Extension Schema Document. | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document. | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. |
Entity | Jurisdiction of Formation | |
Icahn Enterprises Holdings L.P.(1) | Delaware | |
American Entertainment Properties Corp. | Delaware | |
ACE Nevada Corp. | Nevada | |
AEP Rail RemainCo LLC | Delaware | |
AEP Rail Corp. | Delaware | |
AEP Real Estate Holdings LLC | Delaware | |
AEP Serafima Manager Holding LLC | Delaware | |
AEPC RemainCo LLC | Delaware | |
AREH Oil & Gas LLC | Delaware | |
AREP Debt HoldCo LLC | Delaware | |
AREP Florida Holdings LLC | Delaware | |
AREP KH LLC | Delaware | |
AREP New York Holdings LLC | Delaware | |
AREP Real Estate Holdings LLC | Delaware | |
AREP Sands Holding LLC | Delaware | |
Aretex LLC | Delaware | |
Atlantic Coast Entertainment Holdings, Inc. | Delaware | |
Bayswater Brokerage New York LLC | Delaware | |
Bayswater Development LLC | Delaware | |
Bayswater Falling Waters LLC | Delaware | |
Bayswater Flat Pond LLC | Delaware | |
Bayswater Hammond Ridge LLC | Delaware | |
Bayswater Pondview LLC | Delaware | |
Baywater Cottages at New Seabury LLC | Delaware | |
Bayswater Seaside II LLC | Delaware | |
Bio-Investor LLC | Delaware | |
GH Vero Beach Development LLC | Delaware | |
GH Vero Holdings LLC | Delaware | |
GHG Asset Management LLC | Delaware | |
Grand Harbor Golf & Beach Club, Inc | Florida | |
Grand Harbor Golf Club LLC | Delaware | |
Grand Harbor North Land LLC | Delaware | |
Icahn Automotive Service LLC | Delaware | |
Icahn Automotive Group LLC | Delaware | |
767 Auto Leasing LLC | Delaware | |
Icahn Building LLC | Delaware | |
Icahn Enterprises Onshore/Offshore Investors LLC | Delaware | |
Icahn Nevada Gaming Acquisition LLC | Delaware | |
Icahn Strategy 2 LLC | Delaware | |
Icahn Strategy Holding Corp. | Delaware | |
ICM GP Holdings LLC | Delaware | |
IEH ARI Holdings LLC | Delaware | |
IEH Auto Parts Holding LLC | Delaware | |
IEH BioPharma LLC | Delaware | |
IEH Chalmette LLC | Delaware | |
IEH Coraopolis LLC | Delaware |
IEH Gretna LLC | Delaware | |
IEH GH Management LLC | Delaware | |
IEH Investment I LLC | Delaware | |
IEH Loop Road LLC | Delaware | |
IEH Merger Sub LLC | Delaware | |
IEH Portland LLC | Delaware | |
IEH Sherman Drive LLC | Delaware | |
IEH SP LLC | Delaware | |
IEH Venture Investments I LLC | Delaware | |
IEH Viskase Holdings LLC | Delaware | |
IEH Warwick LLC | Delaware | |
IEP Energy Holding LLC | Delaware | |
IEP Energy LLC | Delaware | |
IEP Ferrous Brazil LLC | Delaware | |
IEP Ferrous Brazil Sub LLC | Delaware | |
IEP Morris LLC | Delaware | |
IEP AC Holdings LP | Delaware | |
IEP AC Plaza LLC | New Jersey | |
TERH LP, Inc. | Delaware | |
TMA LLC | New Jersey | |
TTM Associates | New Jersey | |
TER Holdings I, Inc. f/k/a Trump Entertainment Resorts, Inc. | Delaware | |
IEP Peachtree LLC | Delaware | |
IEP Valley LLC | Delaware | |
IEP Viga LLC | Delaware | |
New Seabury Development LLC | Delaware | |
New Seabury Golf Club LLC | Delaware | |
New Seabury Private Sewer Treatment Facility LLC | Delaware | |
New Seabury Properties L.L.C . | Delaware | |
New Seabury Real Estate Holdings LLC | Delaware | |
New Seabury Residential Properties LLC | Delaware | |
NS Beach Club LLC | Delaware | |
VB Community Management LLC | Delaware | |
Vero Beach Acquisition II LLC | Delaware | |
Vero Beach Acquisition LLC | Delaware | |
IEP Eagle Beach LLC | Delaware | |
Tropicana Ent. Cayman Holdings Co. Ltd. | Cayman Islands | |
Abura Development Corporation | Aruba | |
Eagle Aruba Casino Operating Corporation VBA | Aruba | |
Eagle Aruba Resort Operating Corporation VBA | Aruba | |
Federal-Mogul Ignition Company | Missouri | |
Federal-Mogul New Products Inc. | Delaware | |
Icahn Agency Services LLC | Delaware | |
ICM GP LLC | Delaware | |
IPH GP LLC | Delaware | |
Icahn Capital Management LP | Delaware | |
Icahn Capital LP | Delaware | |
Icahn Onshore LP | Delaware | |
Icahn Offshore LP | Delaware | |
Icahn Partners LP | Delaware |
Icahn Agency Services LLC | Delaware | |
IEH Investments I LLC | Delaware | |
Icahn Partners Master Fund LP | Delaware | |
The Pep Boys Manny Moe & Jack (280 "Pep Boys" stores omitted) | Pennsylvania | |
Tire Stores Holding Corp. | Delaware | |
Big 10 Tire Stores, LLC (79 "Big 10 Tires" stores omitted) | Delaware | |
Pep Boys - Manny, Moe & Jack of Puerto Rico, Inc. (28 "Pep Boys" stores omitted) | Delaware | |
Carrus Supply Corporation | Delaware | |
PB Acquisition Company Florida LLC (1 "Pep Boys" store omitted) | Delaware | |
PB Acquisition Company Indiana LLC (3 "Pep Boys" store omitted) | Delaware | |
PB Acquisition Company North Carolina LLC (1 "Pep Boys" store omitted) | Delaware | |
PB Acquisition Company Tennessee LLC (2 "Pep Boys" store omitted) | Delaware | |
Colchester Insurance Company | Vermont | |
Pep Boys - Manny, Moe & Jack of Delaware, Inc. (196 "Pep Boys" stores omitted) | Delaware | |
Car Sales US LLC | Delaware | |
Car Sales of New York LLC | Delaware | |
Car Sales of California LLC | Delaware | |
Car Sales of Georgia LLC | Delaware | |
Car Sales of Pennsylvania LLC | Delaware | |
The Pep Boys - Manny, Moe & Jack of California (236 "Pep Boys" stores omitted) | California | |
PB Acquisition Company San Diego LLC | Delaware | |
PB Acquisition Company Arizona LLC (15 "Pep Boys" stores omitted) | Delaware | |
PB Acquisition Company Alameda LLC (2 "Pep Boys" store omitted) | Delaware | |
PB Acquisition Company Minnesota LLC (2 "Pep Boys" store omitted) | Delaware | |
PB Acquisition Company Illinois LLC (1 "Pep Boys" store omitted) | Delaware | |
PB Acquisition Company Hartford LLC (2 "Pep Boys" store omitted) | Delaware | |
PB Acquisition Company Massachusettes LLC (2 "Pep Boys" store omitted) | Delaware | |
PB Acquisition Company Michigan LLC (6 "Pep Boys" store omitted) | Delaware | |
PB Acquisition Company Nassau LLC (4 "Pep Boys" stores omitted) | Delaware | |
PB Acquisition Company Washington LLC (11 "Pep Boys" stores omitted) | Delaware | |
JBRE Holdings, LLC | Delaware | |
JBRE, LLC | Delaware | |
JBRE CTEX LLC (15 "Pep Boys" stores omitted) | Delaware | |
JBRE CO LLC (14 "Pep Boys" stores omitted) | Delaware | |
JBRE AZ LLC (8 "Pep Boys" stores omitted) | Delaware | |
JBRE GA LLC (19 "Pep Boys" and 2 "Just Brakes" stores omitted) | Delaware | |
JBRE NV LLC (9 "Pep Boys" and 2 "Just Brakes" stores omitted) | Delaware | |
JBRE NTEX LLC (18 "Pep Boys" stores omitted) | Delaware | |
JBRE FL LLC (26 "Pep Boys" stores omitted) | Delaware | |
JBRE STEX LLC (13 "Pep Boys" stores omitted) | Delaware | |
Precision Auto Care, Inc. (54 "Precision Tune" stores omitted) | Virginia | |
Precision Printing, Inc. | Virginia | |
WE JAC Corporation | Delaware | |
Precision Tune Auto Care, Inc. | Virginia | |
PTAC Operating Centers, LLC | Virginia | |
PTW, Inc. | Washington | |
Precision Franchising LLC | Virginia | |
PT Auto Care Canada, Inc | Canada | |
ACC-U-TUNE | California | |
National 60 Minute Tune, Inc | Washington |
Colorado Tune, Inc | Colorado | |
Miracle Industries, Inc | Ohio | |
PAC Mexican Delaware Holding Company Inc. | Delaware | |
Precision Auto Care Mexico II, S. de R.l. | Mexico | |
Precision Auto Care Mexico I, S. de R.l. | Mexico | |
Promotora de Franquicas Praxis, S.A. de C.V. | Mexico | |
Praxis Afinaciones Puerto Rico, Inc. | Mexico | |
Sixar Afinaciones Puerto Rico, Inc. | Mexico | |
Praxis Autopartes S.S. de C.V. | Mexico | |
Praxis Afinaciones S.A. de C.V. | Mexico | |
Premier Accessories S.A. de C.V. | Mexico | |
Sixar Afinaciones S.A. de C.V. | Mexico | |
Sixar Guadalajara S.A. de C.V. | Mexico | |
Sixar Occidente, S.A. | Mexico | |
Miracle Partners, Inc. | Delaware | |
Precision Building Solutions, Inc. | Delaware | |
IEH BA LLC | Delaware | |
IEH AIM LLC | Delaware | |
Icahn Automotive Service Partners LLC | Delaware | |
IEH Auto Parts LLC (312 "Auto Plus" stores omitted) | Delaware | |
AP Acquisition Company Clark LLC | Delaware | |
AP Acquisition Company Gordon LLC (1 "Auto Plus" store omitted) | Delaware | |
AP Acquisition Company Missouri LLC (1 "Auto Plus" store omitted) | Delaware | |
AP Acquisition Company Washington LLC (1 "Auto Plus" store omitted) | Delaware | |
AP Acquisition Company Massachusetts LLC (3 "Auto Plus" store omitted) | Delaware | |
AP Acquisition Company North Carolina LLC | Delaware | |
AP Acquisition Company New York LLC (2 "Auto Plus" store omitted) | Delaware | |
AAMCO Transmissions, LLC | Pennsylvania | |
AAMCO Canada, Inc. | Canada | |
American Driveline Technical Services, LLC | Pennsylvania | |
American Driveline Centers, LLC | Pennsylvania | |
Cottman Transmission Systems, LLC | Delaware | |
Ross Advertising, LLC | Pennsylvania | |
AAMCO Retail LLC | Delaware | |
AAMCO Northeast LLC | Delaware | |
AAMCO Northwest LLC | Delaware | |
AAMCO Southeast LLC | Delaware | |
AAMCO Southwest LLC | Delaware | |
CVR Energy Inc. | Delaware | |
Coffeyville Refining & Marketing Holdings, Inc. | Delaware | |
Coffeyville Refining & Marketing, Inc. | Delaware | |
Coffeyville Nitrogen Fertilizers, Inc. | Delaware | |
Coffeyville Crude Transportation, Inc. | Delaware | |
Coffeyville Terminal, Inc. | Delaware | |
Coffeyville Pipeline, Inc. | Delaware | |
CL JV Holdings, LLC | Delaware | |
Coffeyville Resources, LLC | Delaware | |
Coffeyville Resources Refining & Marketing, LLC | Delaware | |
Coffeyville Resources Crude Transportation, LLC | Delaware | |
Coffeyville Resources Terminal, LLC | Delaware |
Coffeyville Resources Pipeline, LLC | Delaware | |
CVR GP, LLC | Delaware | |
CVR Partners, LP | Delaware | |
Coffeyville Resources Nitrogen Fertilizers, LLC | Delaware | |
Coffeyville Finance Inc. | Delaware | |
Wynnewood Energy Company, LLC | Delaware | |
Wynnewood Refining Company, LLC | Delaware | |
CVR Refining Holdings, LLC | Delaware | |
CVR Refining Holdings Sub, LLC | Delaware | |
CVR Refining, LLC | Delaware | |
Wynnewood Insurance Corporation | Hawaii | |
CVR Refining, LP | Delaware | |
CVR Refining GP, LLC | Delaware | |
CVR Nitrogen GP, LLC | Delaware | |
CVR Nitrogen, LP | Delaware | |
CVR Nitrogen Finance Corporation | Delaware | |
East Dubuque Nitrogen Fertlizers, LLC | Delaware | |
CVR Aviation, LLC | Delaware | |
CVR Logistics, LLC | Delaware | |
CVR Nitrogen Holdings, LLC | Delaware | |
PSC Metals LLC | Ohio | |
M W Recycling, LLC (dba PSC Metals) | Ohio | |
TAP USA, LLC | Ohio | |
Carbon Plate Steel Products, LLC | Ohio | |
PSC Metals - Akron, LLC | Ohio | |
PSC Metals - Aliquippa, LLC | Ohio | |
PSC Metals - Alliance, LLC | Ohio | |
PSC Metals - Beaver Falls, LLC | Ohio | |
PSC Metals - Canton, LLC | Ohio | |
PSC Metals - CAW, LLC | Ohio | |
PSC Metals - Chattanooga, LLC | Ohio | |
PSC Metals - D&L, LLC | Pennsylvania | |
PSC Metals - Elyria, LLC | Ohio | |
PSC Metals - Garn, LLC | Ohio | |
PSC Metals - Joyce, LLC | Ohio | |
PSC Metals - Knoxville, LLC | Ohio | |
PSC Metals - Massillon, LLC | Ohio | |
PSC Metals - Metallics, LLC | Ohio | |
PSC Metals - Mitco, LLC | Ohio | |
PSC Metals - New York, LLC | New York | |
PSC Metals - Newark, LLC | Ohio | |
PSC Metals - Rockwood, LLC | Ohio | |
PSC Metals - South Knoxville, LLC | Ohio | |
PSC Metals - St. Louis, LLC | Ohio | |
PSC Metals - Wooster, LLC | Ohio | |
Tennessee Gray, LLC | Tennessee | |
CAPPCO Tubular Products Canada, Inc. | Canada | |
CAPPCO Tubular Products USA, LLC | Georgia | |
Ferrous Limited | Isle of Man | |
Ferrous Resources Limited | United Kingdom (England) |
Mediterranean Iron Limited | Malta | |
Atlantic Iron Sarl | Luxembourg | |
Ferrous Resources Do Brasil S.A. | Brazil | |
Empresa de Mineracao Esperanca S.A. | Brazil | |
Mineracao Jacuipe Ltda | Brazil | |
Viskase Companies, Inc | Delaware | |
WSC Corp. | Delaware | |
Viskase Films, Inc. | Delaware | |
Viskase del Norte, S.A. de C.V. | Mexico | |
Servicos Viskase del Norte, S.A. de C.V. | Mexico | |
Viskase S.A.S. | France | |
Viskase SpA | Italy | |
Viskase Gmbh | Germany | |
Viskase Polska SP.ZO.O | Poland | |
Viskase Spain SL | Spain | |
Viskase Brasil Embalagens Ltda | Brazil | |
Viskase Asia Pacific Corp | Philippines | |
Viskase Sales Philippines Inc. | Philippines | |
Viskase Holdings, Inc. | Delaware | |
Darmex Casings SP.ZO.O | Poland | |
Walsroder Casings GmbH | Germany | |
Walsroder Casings Polska Sp.zo.o | Poland | |
CT Casings Beteiligungs GmbH | Germany | |
Westpoint Home LLC | Delaware | |
WestPoint Home Netherlands Holding, LLC | Delaware | |
WestPoint Home (Netherlands) Coopertief | Netherlands | |
WestPoint Home Asia Ltd. | British Virgin Islands | |
WestPoint Pakistan LLC | Delaware | |
WP IP, LLC | Nevada | |
WP Trademarks, LLC | Delaware | |
WP Property Holdings I, LLC | Delaware | |
WP Property Holdings II, LLC | Delaware | |
WestPoint Home Stores, LLC | Delaware | |
WP Sales, Inc. | Delaware | |
WPH - Nostalgia LLC | Delaware | |
WP Properties Lanier/Carter, LLC | Delaware | |
WP Properties Lumberton, LLC | Delaware | |
WP Properties Wagram, LLC | Delaware | |
WP Properties Clemson, LLC | Delaware | |
WP Properties Wagram Facility, LLC | Delaware | |
WestPoint Home (Netherlands) B.V. | British Virgin Islands | |
WestPoint Home (Bahrain) W.L.L. | Bahrain | |
WestPoint Home (Shanghai) Inc. | China | |
WestPoint Home Luxury Linens LLC | Delaware | |
WP Properties Greenville, LLC | Delaware | |
WP Properties LMP, LLC | Delaware | |
WP Properties Opelika Lots, LLC | Delaware | |
WP Properties Lakeview, LLC | Delaware | |
WP Properties Transportation Center, LLC | Delaware |
/s/Keith Cozza |
Keith Cozza |
President and Chief Executive Officer of Icahn Enterprises G.P. Inc., the general partner of Icahn Enterprises L.P. and 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 L.P. and Icahn Enterprises Holdings L.P. |
/s/Keith Cozza |
Keith Cozza |
President and Chief Executive Officer of Icahn Enterprises G.P. Inc., the general partner of Icahn Enterprises L.P. and 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 L.P. and Icahn Enterprises Holdings L.P. |
Consolidated Balance Sheets (Parentheticals) - shares |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Equity: | ||
Limited partners: Depositary units issued | 191,366,097 | 173,564,307 |
Limited partners: Depositary units outstanding | 191,366,097 | 173,564,307 |
Consolidated Statement of Changes in Equity - USD ($) $ in Millions |
Total |
Icahn Enterprises Holdings |
Limited partners |
Limited partners
Icahn Enterprises Holdings
|
General partner |
General partner
Icahn Enterprises Holdings
|
Total Partners' Equity |
Total Partners' Equity
Icahn Enterprises Holdings
|
Non-controlling Interests |
Non-controlling Interests
Icahn Enterprises Holdings
|
---|---|---|---|---|---|---|---|---|---|---|
Equity at Dec. 31, 2015 | $ 10,033 | $ 10,057 | $ 4,244 | $ 4,310 | $ (257) | $ (299) | $ 3,987 | $ 4,011 | $ 6,046 | $ 6,046 |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Net income (loss) | (2,220) | (2,219) | (1,106) | (1,116) | (22) | (11) | (1,128) | (1,127) | (1,092) | (1,092) |
Other comprehensive income | (127) | (127) | (104) | (106) | (3) | (1) | (107) | (107) | (20) | (20) |
Partnership distributions | (103) | (103) | (101) | (102) | (2) | (1) | (103) | (103) | 0 | 0 |
Partnership contributions | 1 | 1 | 0 | 0 | 1 | 1 | 1 | 1 | 0 | 0 |
Investment segment contributions | 505 | 505 | 0 | 0 | 0 | 0 | 0 | 0 | 505 | 505 |
Investment segment distributions | (7) | (7) | 0 | 0 | 0 | 0 | 0 | 0 | (7) | (7) |
Dividends and distributions to non-controlling interests in subsidiaries | (86) | (86) | 0 | 0 | 0 | 0 | 0 | 0 | (86) | (86) |
LP unit issuance | 35 | 35 | 35 | 35 | 0 | 0 | 35 | 35 | 0 | 0 |
Changes in subsidiary equity and other | (14) | (14) | (520) | (525) | (11) | (6) | (531) | (531) | 517 | 517 |
Equity at Dec. 31, 2016 | 8,017 | 8,042 | 2,448 | 2,496 | (294) | (317) | 2,154 | 2,179 | 5,863 | 5,863 |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Net income (loss) | 2,591 | 2,593 | 2,382 | 2,408 | 48 | 24 | 2,430 | 2,432 | 161 | 161 |
Other comprehensive income | 173 | 173 | 154 | 155 | 3 | 2 | 157 | 157 | 16 | 16 |
Partnership distributions | (81) | (81) | (79) | (80) | (2) | (1) | (81) | (81) | 0 | 0 |
Partnership contributions | 612 | 612 | 600 | 606 | 12 | 6 | 612 | 612 | 0 | 0 |
Investment segment contributions | 600 | 600 | 0 | 0 | 0 | 0 | 0 | 0 | 600 | 600 |
Dividends and distributions to non-controlling interests in subsidiaries | (92) | (92) | 0 | 0 | 0 | 0 | 0 | 0 | (92) | (92) |
Cumulative effect adjustment from adoption of accounting principal | (47) | (47) | (46) | (47) | (1) | 0 | (47) | (47) | 0 | 0 |
Changes in subsidiary equity and other | (405) | (405) | (118) | (118) | (1) | (1) | (119) | (119) | (286) | (286) |
Equity at Dec. 31, 2017 | 11,368 | 11,395 | 5,341 | 5,420 | (235) | (287) | 5,106 | 5,133 | 6,262 | 6,262 |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Net income (loss) | 2,046 | 2,047 | 2,063 | 2,085 | (556) | (577) | 1,507 | 1,508 | 539 | 539 |
Other comprehensive income | (68) | (68) | (60) | (60) | (1) | (1) | (61) | (61) | (7) | (7) |
Partnership distributions | (97) | (97) | (95) | (96) | (2) | (1) | (97) | (97) | 0 | 0 |
Investment segment contributions | 310 | 310 | 0 | 0 | 0 | 0 | 0 | 0 | 310 | 310 |
Dividends and distributions to non-controlling interests in subsidiaries | (153) | (153) | 0 | 0 | 0 | 0 | 0 | 0 | (153) | (153) |
Cumulative effect adjustment from adoption of accounting principal | (29) | (29) | (28) | (29) | (1) | 0 | (29) | (29) | 0 | 0 |
Changes in subsidiary equity and other | (472) | (472) | 98 | 101 | 5 | 2 | 103 | 103 | (575) | (575) |
Equity at Dec. 31, 2018 | $ 12,905 | $ 12,933 | $ 7,319 | $ 7,421 | $ (790) | $ (864) | $ 6,529 | $ 6,557 | $ 6,376 | $ 6,376 |
Description of Business |
12 Months Ended |
---|---|
Dec. 31, 2018 | |
Description of Business [Abstract] | |
Description of Business and Basis of Presentation | Description of Business. Overview Icahn Enterprises L.P. (“Icahn Enterprises”) is a master limited partnership formed in Delaware on February 17, 1987. Icahn Enterprises Holdings L.P. (“Icahn Enterprises Holdings”) is a limited partnership formed in Delaware on February 17, 1987. References to "we," "our" or "us" herein include both Icahn Enterprises and Icahn Enterprises Holdings and their subsidiaries, unless the context otherwise requires. Icahn Enterprises owns a 99% limited partner interest in Icahn Enterprises Holdings. Icahn Enterprises G.P. Inc. ("Icahn Enterprises GP"), which is owned and controlled by Mr. Carl C. Icahn, owns a 1% general partner interest in each of Icahn Enterprises and Icahn Enterprises Holdings as of December 31, 2018. Icahn Enterprises Holdings and its subsidiaries own substantially all of our assets and liabilities and conduct substantially all of our operations. Therefore, the financial results of Icahn Enterprises and Icahn Enterprises Holdings are substantially the same, with differences relating primarily to the allocation of the general partner interest, which is reflected as an aggregate 1.99% general partner interest in the financial statements of Icahn Enterprises. In addition to the above, Mr. Icahn and his affiliates owned approximately 91.7% of Icahn Enterprises' outstanding depositary units as of December 31, 2018. Description of Operating Businesses We are a diversified holding company owning subsidiaries currently engaged in the following continuing operating businesses: Investment, Energy, Automotive, Food Packaging, Metals, Real Estate, Home Fashion and Mining. We also report the results of our Holding Company, which includes the results of certain subsidiaries of Icahn Enterprises and Icahn Enterprises Holdings (unless otherwise noted), and investment activity and expenses associated with our Holding Company. Our historical results also report the results of our Railcar segment through the date we sold our last remaining railcars on lease, which occurred in the third quarter of 2018. See Note 12, "Segment and Geographic Reporting," for a reconciliation of each of our reporting segment's results of operations to our consolidated results. Certain additional information with respect to our segments are discussed below. Investment Our Investment segment is comprised of various private investment funds ("Investment Funds") in which we have general partner interests and through which we invest our proprietary capital. We and certain of Mr. Icahn's wholly-owned affiliates are the only investors in the Investment Funds. As general partner, we provide investment advisory and certain administrative and back office services to the Investment Funds but do not provide such services to any other entities, individuals or accounts. Interests in the Investment Funds are not offered to outside investors. We had interests in the Investment Funds with a fair market value of approximately $5.1 billion and $3.0 billion as of December 31, 2018 and 2017, respectively. Energy We conduct our Energy segment through our majority owned subsidiary, CVR Energy, Inc. ("CVR Energy"). CVR Energy is a diversified holding company primarily engaged in the petroleum refining and nitrogen fertilizer manufacturing businesses through its holdings in CVR Refining, LP ("CVR Refining") and CVR Partners, LP ("CVR Partners"), respectively. CVR Refining is an independent petroleum refiner and marketer of high value transportation fuels. CVR Partners produces and markets nitrogen fertilizers in the form of urea ammonium nitrate and ammonia. CVR Energy has a general partner interest in CVR Refining and CVR Partners and also owns approximately 80.6% of the outstanding common units of CVR Refining and 34.4% of the outstanding common units of CVR Partners as of December 31, 2018. On August 1, 2018, CVR Energy completed an exchange offer whereby CVR Refining's public unitholders tendered a total of 21,625,106 common units of CVR Refining in exchange for 13,699,549 shares of CVR Energy common stock. In connection with this transaction, our equity attributable to Icahn Enterprises and Icahn Enterprises holdings increased by $99 million. As of December 31, 2018, we owned approximately 70.8% of the total outstanding common stock of CVR Energy. In addition, as of December 31, 2018, we directly owned approximately 3.9% of the total outstanding common units of CVR Refining. On January 29, 2019, CVR Energy, pursuant to the exercise of its right to purchase all of the issued and outstanding common units in CVR Refining, purchased the remaining common units of CVR Refining not already owned by CVR Energy, including the purchase of CVR Refining common units owned directly by us. As a result, as of January 29, 2019, CVR Energy owns all of the common units of CVR Refining and we no longer have any direct ownership in CVR Refining. In addition, the common units of CVR Refining have subsequently ceased to be publicly traded or listed on the New York Stock Exchange any other national securities exchange. The remaining common units of CVR Refining acquired in this transaction were purchased for $241 million, excluding the amount paid by CVR Energy to us for the common units of CVR Refining directly owned by us. During 2016, CVR Partners acquired a nitrogen fertilizer business for total purchase price consideration which included the issuance of common units of CVR Partners with a fair value of $335 million, cash paid of $99 million and debt assumed with a fair value of $368 million. Automotive We conduct our Automotive segment through our wholly-owned subsidiary, Icahn Automotive Group LLC ("Icahn Automotive"). Icahn Automotive is engaged in the retail and wholesale distribution of automotive parts in the aftermarket as well as providing automotive repair and maintenance services to its customers. Icahn Automotive is the parent company of various automotive businesses acquired in recent years, including The Pep Boys - Manny, Moe & Jack ("Pep Boys") and the franchise businesses of Precision Tune Auto Care ("Precision Tune") and American Driveline Systems, the franchisor of AAMCO and Cottman Transmission service centers ("American Driveline"). Precision Tune and American Driveline were acquired in 2017 for an aggregate purchase price of $162 million. Pep Boys was acquired in 2016 for aggregate consideration of approximately $1.2 billion. Food Packaging We conduct our Food Packaging segment through our majority owned subsidiary, Viskase Companies, Inc. ("Viskase"). During January 2018, Viskase received $50 million in connection with its common stock rights offering. In connection with this rights offering, we fully exercised our subscription rights under our basic and over subscription privileges to purchase additional shares of Viskase common stock, thereby increasing our ownership of Viskase from 74.6% to 78.6%, for an aggregate additional investment of $44 million. Viskase is a producer of cellulosic, fibrous and plastic casings used to prepare and package processed meat products. Metals We conduct our Metals segment through our indirect wholly-owned subsidiary, PSC Metals LLC (“PSC Metals”). PSC Metals is principally engaged in the business of collecting, processing and selling ferrous and non-ferrous metals, as well as the processing and distribution of steel pipe and plate products. PSC Metals collects industrial and obsolete scrap metal, processes it into reusable forms and supplies the recycled metals to its customers. Real Estate Our Real Estate operations consist primarily of rental real estate, property development and associated club activities. Our rental real estate operations consist primarily of office and industrial properties leased to single corporate tenants. Our property development operations are run primarily through a real estate investment, management and development subsidiary that focuses primarily on the construction and sale of single-family and multi-family homes, lots in subdivisions and planned communities, and raw land for residential development. Our property development locations also operate golf and club operations. In addition, our Real Estate operations also includes a hotel, timeshare and casino resort property in Aruba as well as a casino property in Atlantic City, New Jersey, which ceased operations in 2014 prior to our obtaining control of the property. During 2018, our Real Estate segment sold two commercial rental properties for aggregate proceeds of $179 million, resulting in aggregate pretax gain on disposition of assets of $89 million. In August 2017, our Real Estate segment sold a development property in Las Vegas, Nevada for $600 million, resulting in a pretax gain on disposition of assets of $456 million. The transaction included cash proceeds from the sale of $225 million and two tranches of seller financing totaling $375 million (including a $345 million first-lien mortgage and a $30 million second-lien mortgage). The seller financing receivables, plus accrued and unpaid interest receivable, are included in other assets in our consolidated balance sheet as of December 31, 2017 and were received in full during 2018. Home Fashion We conduct our Home Fashion segment through our wholly-owned subsidiary, WestPoint Home LLC (“WPH”). WPH's business consists of manufacturing, sourcing, marketing, distributing and selling home fashion consumer products. Mining We conduct our Mining segment through our majority owned subsidiary, Ferrous Resources Ltd. ("Ferrous Resources"). As of December 31, 2018, we owned approximately 77.2% of the total outstanding common stock of Ferrous Resources. Ferrous Resources acquired certain rights to iron ore mineral resources in Brazil and develops mining operations and related infrastructure to produce and sell iron ore products to the global steel industry. On December 5, 2018, we announced a definitive agreement to sell Ferrous Resources for total consideration of $550 million. The transaction is expected to close in the first half of 2019. This transaction met all the criteria to be classified as held for sale on December 5, 2018 upon execution of the definitive agreement. Railcar We conducted our Railcar segment through our wholly-owned subsidiary, American Railcar Leasing, LLC ("ARL"). ARL operated a leasing business consisting of purchased railcars leased to third parties under operating leases. During 2017, we sold ARL and a majority of its railcar lease fleet for aggregate cash consideration of approximately $1.8 billion and reassigned the debt of ARL to the purchaser. During 2018, we sold all remaining railcars of ARL not previously sold for additional cash consideration of $17 million. In connection with these transactions, we recorded a pretax gain on disposition of assets of approximately $1.7 billion in 2017 and an additional pretax gain of $5 million in 2018. As a result of the sale of all remaining railcars, as of December 31, 2018, our business no longer includes an active Railcar segment. Description of Discontinued Operating Businesses As of December 31, 2018, we also report discontinued operations previously reported in our Automotive and Railcar segments and former Gaming segment as discussed below. In addition, see Note 13, "Discontinued Operations," for additional information with respect to our discontinued operating businesses. Automotive Our discontinued Automotive operations consists of our previously wholly-owned subsidiary, Federal-Mogul LLC ("Federal-Mogul"). During January 2017, we increased our ownership in Federal-Mogul from 82.0% to 100% for an aggregate purchase price of $305 million. On October 1, 2018, we closed on the previously announced sale of Federal-Mogul to Tenneco Inc. ("Tenneco"). In connection with the sale, we received $800 million in cash and approximately 29.5 million shares of Tenneco common stock, of which approximately 23.8 million shares are non-voting shares that will convert to voting shares if and when sold. The remaining approximately 5.7 million voting shares received by us represents approximately 9.9% of the aggregate voting interest in Tenneco. There are restrictions on how many shares of Tenneco common stock that can be sold by us within the first 150 days after the closing of the sale. The voting and non-voting shares of Tenneco common stock have the same economic value. As of October 1, 2018, the approximately 29.5 million voting and non-voting shares of Tenneco common stock had a fair market value of approximately $1.2 billion, which our Holding Company will hold and record as a Level 1 investment measured at fair value on a recurring basis. In addition, Federal-Mogul's outstanding debt was assumed by Tenneco. As a result of the sale of Federal-Mogul, we recorded a pretax gain on sale of discontinued operations attributable to Icahn Enterprises of $251 million in the fourth quarter of 2018. Gaming Our discontinued Gaming operations consists of our previous majority ownership in Tropicana Entertainment Inc. ("Tropicana") and the Trump Taj Mahal Casino Resort ("Taj Mahal"). In August 2017, we increased our ownership in Tropicana from 72.5% to 83.9% through a tender offer for additional shares of Tropicana common stock not already owned by us for an aggregate purchase price of $95 million. In addition, Tropicana repurchased and retired shares of its common stock in connection with this tender offer for an aggregate purchase price of $36 million. Taj Mahal closed in October 2016 and was subsequently sold on March 31, 2017. On October 1, 2018, Tropicana closed on the previously announced real estate sales and merger transaction for aggregate cash consideration, net of adjustments, of approximately $1.8 billion. The transaction did not include Tropicana Aruba Resort and Casino, which was retained by us and is now reported within our Real Estate segment. Our proportionate share of the cash proceeds, net of adjustments, was approximately $1.5 billion. As a result of the sale of Tropicana, we recorded a pretax gain on sale of discontinued operations attributable to Icahn Enterprises of $779 million in the fourth quarter of 2018. Railcar Our discontinued Railcar operations consists of our previous majority ownership in American Railcar Industries, Inc. ("ARI"). On December 5, 2018, we closed on the previously announced sale of ARI for aggregate cash consideration of $831 million. As a result of the sale of ARI, we recorded a pretax gain on sale of discontinued operations attributable to Icahn Enterprises of $400 million in the fourth quarter of 2018.
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Basis of Presentation and Summary of Significant Accounting Policies |
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Basis of Presentation and Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies. The audited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). We conduct and plan to continue to conduct our activities in such a manner as not to be deemed an investment company under the Investment Company Act of 1940, as amended (the "Investment Company Act"). Therefore, no more than 40% of our total assets can be invested in investment securities, as such term is defined in the Investment Company Act. In addition, we do not invest or intend to invest in securities as our primary business. We intend to structure our investments to continue to be taxed as a partnership rather than as a corporation under the applicable publicly traded partnership rules of the Internal Revenue Code, as amended. Events beyond our control, including significant appreciation or depreciation in the market value of certain of our publicly traded holdings or adverse developments with respect to our ownership of certain of our subsidiaries, could result in our inadvertently becoming an investment company that is required to register under the Investment Company Act. Our recent sales of Federal-Mogul, Tropicana and ARI did not result in our being considered an investment company. However, additional transactions involving the sale of certain assets could result in our being considered an investment company. Following such events or transactions, an exemption under the Investment Company Act would provide us up to one year to take steps to avoid becoming classified as an investment company. We expect to take steps to avoid becoming classified as an investment company, but no assurance can be made that we will successfully be able to take the steps necessary to avoid becoming classified as an investment company. Principles of Consolidation As of December 31, 2018, our consolidated financial statements include the accounts of (i) Icahn Enterprises and Icahn Enterprises Holdings and (ii) the wholly and majority owned subsidiaries of Icahn Enterprises and Icahn Enterprises Holdings, in addition to variable interest entities ("VIEs") in which we are the primary beneficiary. In evaluating whether we have a controlling financial interest in entities that we consolidate, we consider the following: (1) for voting interest entities, including limited partnerships and similar entities that are not VIEs, we consolidate these entities in which we own a majority of the voting interests; and (2) for VIEs, we consolidate these entities in which we are the primary beneficiary. See below for a discussion of our VIEs. Kick-out rights, which are the rights underlying the limited partners' ability to dissolve the limited partnership or otherwise remove the general partners, held through voting interests of partnerships and similar entities that are not VIEs are considered the equivalent of the equity interests of corporations that are not VIEs. Except for our Investment segment, for equity investments in which we own 50% or less but greater than 20%, we generally account for such investments using the equity method. All other equity investments are accounted for at fair value. Discontinued Operations and Held For Sale We classify assets and liabilities as held for sale when management, having the authority to approve the action, commits to a plan to sell the disposal group, the sale is probable within one year, and the disposal group is available for immediate sale in its present condition. We also consider whether an active program to locate a buyer has been initiated, whether the disposal group is marketed actively for sale at a price that is reasonable in relation to its current fair value, and whether actions required to complete the plan indicate it is unlikely significant changes to the plan will be made or the plan will be withdrawn. In accordance with U.S. GAAP, we classify operations as discontinued when they meet all the criteria to be classified as held for sale and when the sale represents a strategic shift that will have a major impact on our financial condition and results of operations. Use of Estimates in Preparation of Financial Statements The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the period. Due to the inherent uncertainty involved in making estimates, actual results may differ from the estimates and assumptions used in preparing the consolidated financial statements. Reclassifications In connection with our adoption of Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") No. 2016-18, Restricted Cash, as discussed below, our net cash provided by operating activities for the years ended December 31, 2017 and 2016 was decreased by $19 million and $446 million, respectively. In connection with our adoption of FASB ASU No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, as discussed below, we decreased our selling, general and administrative costs by $4 million and $4 million and decreased other income, net by $4 million and $4 million for the years ended December 31, 2017 and 2016, respectively. Certain reclassifications have been made within the consolidated statements of operations to include gain (loss) on derivatives within cost of goods sold for our Energy segment. Prior year balances have been reclassified to conform to the current year presentation. The reclassifications of losses on derivatives from other income, net to costs of goods sold were $70 million and $19 million for the years ended December 31, 2017 and 2016, respectively. These reclassifications did not have an impact on previously reported net income. We have recasted certain historical results for discontinued operations, which we disclose in Note 13, "Discontinued Operations." In addition, certain other reclassifications from the prior year presentation have been made to conform to the current year presentation, which did not have an impact on previously reported net income and equity and are not deemed material. Consolidated Variable Interest Entities The following is a discussion of variable interest entities in which we are deemed to be the primary beneficiary and in which we therefore consolidate. In addition, as discussed in Note 3, "Related Party Transactions," we have a variable interest in an entity in which we are not the primary beneficiary and therefore we do not consolidate. Icahn Enterprises Holdings We determined that Icahn Enterprises Holdings is a VIE because it lacks both substantive kick-out and participating rights. Icahn Enterprises is the primary beneficiary of Icahn Enterprises Holdings principally based on its 99% limited partner interest in Icahn Enterprises Holdings and therefore continues to consolidate Icahn Enterprises Holdings. The consolidated financial statements of Icahn Enterprises Holdings are included in this Report. The balances with respect to Icahn Enterprises Holdings' consolidated VIEs are discussed below, comprising the Investment Funds, CVR Refining, CVR Partners and Viskase. Investment We determined that each of the Investment Funds are considered VIEs because these limited partnerships lack both substantive kick-out and participating rights. Because we have a general partner interest in each of the Investment Funds and have significant limited partner interests in each of the Investment Funds, coupled with our significant exposure to losses and benefits in each of the Investment Funds, we are the primary beneficiary of each of the Investment Funds and therefore continue to consolidate each of the Investment Funds. Energy CVR Refining and CVR Partners are each considered VIEs because each of these limited partnerships lack both substantive kick-out and participating rights. In addition, CVR Energy also concluded that, based upon its general partner's roles and rights in CVR Refining and CVR Partners as afforded by their respective partnership agreements, coupled with its exposure to losses and benefits in each of CVR Refining and CVR Partners through its significant limited partner interests, intercompany credit facilities and services agreements, it is the primary beneficiary of both CVR Refining and CVR Partners. Based upon this evaluation, CVR Energy continues to consolidate both CVR Refining and CVR Partners. Food Packaging Viskase holds a variable interest in a joint venture for which Viskase is the primary beneficiary. Viskase's interest in the joint venture includes a 50% equity interest and also relates to the sales, operations, administrative and financial support to the joint venture through providing many of the assets used in its business. The following table includes balances of assets and liabilities of VIE's included in Icahn Enterprises Holdings' consolidated balance sheets.
Fair Value of Financial Instruments The carrying values of cash and cash equivalents, cash held at consolidated affiliated partnerships and restricted cash, accounts receivable, due from brokers, accounts payable, accrued expenses and other liabilities and due to brokers are deemed to be reasonable estimates of their fair values because of their short-term nature. See Note 4, “Investments and Related Matters,” and Note 5, “Fair Value Measurements,” for a detailed discussion of our investments and other non-financial assets and/or liabilities. The fair value of our long-term debt is based on the quoted market prices for the same or similar issues or on the current rates offered to us for debt of the same remaining maturities. The carrying value and estimated fair value of our debt as of December 31, 2018 was approximately $7.3 billion and $7.3 billion, respectively. The carrying value and estimated fair value of our debt as of December 31, 2017 was approximately $7.4 billion and $7.6 billion, respectively. Acquisitions of Businesses We account for business combinations under the acquisition method of accounting (other than acquisitions of businesses under common control), which requires us to recognize separately from goodwill the assets acquired and the liabilities assumed at their acquisition date fair values. While we use our best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date as well as contingent consideration, where applicable, our estimates are inherently uncertain and subject to refinement. Accounting for business combinations requires us to make significant estimates and assumptions, especially at the acquisition date including our estimates for intangible assets, contractual obligations assumed, pre-acquisition contingencies, and contingent consideration, where applicable. In valuing our acquisitions, we estimate fair values based on industry data and trends and by reference to relevant market rates and transactions, and discounted cash flow valuation methods, among other factors. The discount rates used were commensurate with the inherent risks associated with each type of asset and the level and timing of cash flows appropriately reflect market participant assumptions. The primary items that generate goodwill include the value of the synergies between the acquired company and our existing businesses and the value of the acquired assembled workforce, neither of which qualifies for recognition as an intangible asset. Acquisition, Investments and Disposition of Entities under Common Control Acquisitions or investments of entities under common control are reflected in a manner similar to pooling of interests. The general partner's capital account or non-controlling interests, as applicable, are charged or credited for the difference between the consideration we pay for the entity and the related entity's basis prior to our acquisition or investment. Net gains or losses of an acquired entity prior to its acquisition or investment date are allocated to the general partner's capital account or non-controlling interests, as applicable. In allocating gains and losses upon the sale of a previously acquired common control entity, we allocate a gain or loss for financial reporting purposes by first restoring the general partner's capital account or non-controlling interests, as applicable, for the cumulative charges or credits relating to prior periods recorded at the time of our acquisition or investment and then allocating the remaining gain or loss ("Common Control Gains or Losses") among our general partner, limited partners and non-controlling interests, as applicable, in accordance with their respective ownership percentages. In the case of acquisitions of entities under common control, such Common Control Gains or Losses are allocated in accordance with their respective partnership percentages under the Amended and Restated Agreement of Limited Partnership dated as of May 12, 1987, as amended from time to time (together with the partnership agreement of Icahn Enterprises Holdings, the “Partnership Agreement”) (i.e., 98.01% to the limited partners and 1.99% to the general partner). Cash Flow Cash and cash equivalents and restricted cash and restricted cash equivalents in our consolidated statements of cash flows is comprised of (i) cash and cash equivalents and (ii) cash held at consolidated affiliated partnerships and restricted cash. Cash and Cash Equivalents We consider short-term investments, which are highly liquid with original maturities of three months or less at date of purchase, to be cash equivalents. Cash Held at Consolidated Affiliated Partnerships and Restricted Cash Our cash held at consolidated affiliated partnerships balance was $2,648 million and $192 million as of December 31, 2018 and December 31, 2017, respectively. Cash held at consolidated affiliated partnerships relates to our Investment segment and consists of cash and cash equivalents held by the Investment Funds that, although not legally restricted, is not available to fund the general liquidity needs of the Investment segment or Icahn Enterprises. Our restricted cash balance was $34 million and $555 million as of December 31, 2018 and December 31, 2017, respectively. Restricted cash includes, but is not limited to, our Investment segment's cash pledged and held for margin requirements on derivative transactions. Investments and Related Transactions Investment Investment Transactions and Related Investment Income (Loss). Investment transactions of the Investment Funds are recorded on a trade date basis. Realized gains or losses on sales of investments are based on the first-in, first-out or the specific identification method. Realized and unrealized gains or losses on investments are recorded in the consolidated statements of operations. Interest income and expenses are recorded on an accrual basis and dividends are recorded on the ex-dividend date. Premiums and discounts on fixed income securities are amortized using the effective yield method. Investments held by the Investment segment are carried at fair value. Our Investment segment applies the fair value option to those investments that are otherwise subject to the equity method. Valuation of Investments. Securities of the Investment Funds that are listed on a securities exchange are valued at their last sales price on the primary securities exchange on which such securities are traded on such date. Securities that are not listed on any exchange but are traded over-the-counter are valued at the mean between the last “bid” and “ask” price for such security on such date. Securities and other instruments for which market quotes are not readily available are valued at fair value as determined in good faith by the Investment Funds. Foreign Currency Transactions. The books and records of the Investment Funds are maintained in U.S. dollars. Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the rate of exchange in effect at the balance sheet date. Transactions during the period denominated in currencies other than U.S. dollars are translated at the rate of exchange applicable on the date of the transaction. Foreign currency translation gains and losses are recorded in the consolidated statements of operations. The Investment Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities. Such fluctuations are reflected in net gain (loss) from investment activities in the consolidated statements of operations. Fair Values of Financial Instruments. The fair values of the Investment Funds' assets and liabilities that qualify as financial instruments under applicable U.S. GAAP approximate the carrying amounts presented in the consolidated balance sheets. Securities Sold, Not Yet Purchased. The Investment Funds may sell an investment they do not own in anticipation of a decline in the fair value of that investment. When the Investment Funds sell an investment short, they must borrow the investment sold short and deliver it to the broker-dealer through which they made the short sale. A gain, limited to the price at which the Investment Funds sold the investment short, or a loss, unlimited in amount, will be recognized upon the cover of the short sale. Due From Brokers. Due from brokers represents cash balances with the Investment Funds' clearing brokers. These funds as well as fully-paid for and marginable securities are essentially restricted to the extent that they serve as collateral against securities sold, not yet purchased. Due from brokers may also include unrestricted balances with derivative counterparties. Due To Brokers. Due to brokers represents margin debit balances collateralized by certain of the Investment Funds' investments in securities. Other Segments and Holding Company Investments in equity and debt securities are carried at fair value with the unrealized gains or losses reflected in the consolidated statements of operations. For purposes of determining gains and losses, the cost of securities is based on specific identification. Dividend income is recorded when declared and interest income is recognized when earned. Fair Value Option for Financial Assets and Financial Liabilities The fair value option gives entities the option to measure eligible financial assets, financial liabilities and firm commitments at fair value (i.e., the fair value option), on an instrument-by-instrument basis, that are otherwise not permitted to be accounted for at fair value pursuant to the provisions of FASB Accounting Standards Codification ("ASC") Topic 825, Financial Instruments. The election to use the fair value option is available when an entity first recognizes a financial asset or financial liability or upon entering into a firm commitment. Subsequent changes in fair value must be recorded in earnings. In estimating the fair value for financial instruments for which the fair value option has been elected, we use the valuation methodologies in accordance to where the financial instruments are classified within the fair value hierarchy as discussed in Note 5, “Fair Value Measurements.” For our Investment segment, we apply the fair value option to our investments that would otherwise be accounted under the equity method. Derivatives From time to time, our subsidiaries enter into derivative contracts, including purchased and written option contracts, swap contracts, futures contracts and forward contracts. U.S. GAAP requires recognition of all derivatives as either assets or liabilities in the balance sheet at their fair value. The accounting for changes in fair value depends on the intended use of the derivative and its resulting designation. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation. Gains and losses related to a hedge are either recognized in income immediately to offset the gain or loss on the hedged item or are deferred and reported as a component of accumulated other comprehensive loss and subsequently recognized in earnings when the hedged item affects earnings. The change in fair value of the ineffective portion of a financial instrument, determined using the hypothetical derivative method, is recognized in earnings immediately. The gain or loss related to financial instruments that are not designated as hedges are recognized immediately in earnings. Cash flows related to hedging activities are included in the operating section of the consolidated statements of cash flows. For further information regarding our derivative contracts, see Note 6, “Financial Instruments." Accounts Receivable, Net Accounts receivable, net consists of trade receivables from customers, including contract assets when we have an unconditional right to receive consideration. An allowance for doubtful accounts is determined through analysis of the aging of accounts receivable at the date of the consolidated financial statements, assessments of collectability based on an evaluation of historic and anticipated trends, the financial condition of our customers, and an evaluation of the impact of economic conditions. Our allowance for doubtful accounts is an estimate based on specifically identified accounts as well as general reserves based on historical experience. Inventories, Net Energy Our Energy segment inventories consist primarily of domestic and foreign crude oil, blending stock and components, work in progress, fertilizer products, and refined fuels and by-products. Inventories are valued at the lower of FIFO cost, or net realizable value for fertilizer products, refined fuels and by-products for all periods presented. Refinery unfinished and finished products inventory values were determined using the ability-to-bear process, whereby raw materials and production costs are allocated to work-in-process and finished goods based on their relative fair values. Other inventories, including other raw materials, spare parts and supplies, are valued at the lower of moving-average cost, which approximates FIFO, or net realizable value. The cost of inventories includes inbound freight costs. Automotive, Food Packaging, and Home Fashion Our Automotive, Food Packaging and Home Fashion segment inventories are stated at the lower of cost or market. Cost is determined by using the first-in, first-out basis method ("FIFO"), except for our Automotive segment, which also utilizes weighted-average cost and the last-in, first-out method for certain of its subsidiaries. Inventory recorded using the last-in, first-out method was $846 million and $900 million as of December 31, 2018 and 2017, respectively, all of which relates to finished goods. The cost of manufactured goods includes the cost of direct materials, labor and manufacturing overhead. Our Automotive, Food Packaging and Home Fashion segments reserve for estimated excess, slow-moving and obsolete inventory as well as inventory whose carrying value is in excess of net realizable value. Metals Our Metals segment inventories are stated at the lower of cost or market. Cost is determined using the average cost method. The production and accounting process utilized by our Metals segment to record recycled metals inventory quantities relies on significant estimates. Our Metals segment relies upon perpetual inventory records that utilize estimated recoveries and yields that are based upon historical trends and periodic tests for certain unprocessed metal commodities. Over time, these estimates are reasonably good indicators of what is ultimately produced; however, actual recoveries and yields can vary depending on product quality, moisture content and source of the unprocessed metal. To assist in validating the reasonableness of the estimates, our Metals segment performs periodic physical inventories which involve the use of estimation techniques. Physical inventories may detect significant variations in volume, but because of variations in product density and production processes utilized to manufacture the product, physical inventories will not generally detect smaller variations. To help mitigate this risk, our Metals segment adjusts its physical inventories when the volume of a commodity is low and a physical inventory can more accurately estimate the remaining volume. Mining Our Mining segment inventories are valued at the lower of cost or market. Cost includes all costs incurred in the normal course of business in bringing each product to its present location and condition, including direct materials and direct labor costs, and an allocation of production overheads based on normal production capacity. Cost is calculated using weighted average unit cost. Long-Lived Assets Long-lived assets such as property, plant, and equipment, and definite-lived intangible assets are recorded at cost or fair value established at acquisition, less accumulated depreciation or amortization, unless the expected future use of the assets indicate a lower value is appropriate. Long-lived asset groups are evaluated for impairment when impairment indicators exist. If the carrying value of a long-lived asset group is impaired, an impairment charge is recorded for the amount by which the carrying value of the long-lived asset group exceeds its fair value. Depreciation and amortization are computed principally by the straight-line method for financial reporting purposes. Land and construction in progress are stated at the lower of cost or net realizable value. Interest is capitalized on expenditures for long-term projects until a salable or ready-for-use condition is reached. The interest capitalization rate is based on the interest rate on specific borrowings to fund the projects. Energy The direct-expense method of accounting is used for planned major maintenance activities. Maintenance costs are recognized as expense when maintenance services are performed. Planned major maintenance activities for CVR Energy's nitrogen plant generally occur every two to three years. The required frequency of planned major maintenance activities varies by unit for the refineries, but generally is every four to five years. For the years ended December 31, 2018, 2017, and 2016, our Energy segment recorded an aggregate of $10 million, $83 million and $38 million, respectively, in turnaround expenses related to its refineries and nitrogen fertilizer plants. Mining The costs of acquiring mineral reserves and resources for our Mining segment are capitalized in the consolidated balance sheets as incurred. Capitalized mineral reserves and mine development expenditures are, upon commencement of commercial production, depreciated using a unit of production method based on the estimated economically recoverable reserves to which they relate, or are written off if abandoned. Exploration and evaluation expenditures relate to costs incurred in the exploration and evaluation of potential mineral reserves and include costs such as exploratory drilling, sample testing and the costs of feasibility studies. For our Mining segment, exploration and evaluation expenditures other than that acquired through the purchase of another mining company, are expensed as incurred. Purchased exploration and evaluation assets are recognized as assets at their cost of acquisition or at fair value if purchased as part of a business combination. Expenditures are transferred to mine development assets once the work completed supports the future development of the property, provided that technical feasibility and commercial viability studies have been successfully completed. Goodwill and Indefinite-Lived Intangible Assets Goodwill and indefinite-lived intangible assets primarily include trademarks and brand names acquired in acquisitions. For a complete discussion of the impairment of goodwill and indefinite-lived intangible assets related to our various segments, see Note 8, “Goodwill and Intangible Assets, Net.” Goodwill Goodwill is determined as the excess of fair value over amounts attributable to specific tangible and intangible assets. Goodwill is reviewed for impairment annually, or more frequently if impairment indicators exist. An impairment exists when a reporting unit’s carrying value exceeds its fair value. When performing the goodwill impairment testing, a reporting units’ fair value is based on valuation techniques using the best available information, primarily discounted cash flows projections, guideline transaction multiples, and multiples of current and future earnings. The impairment charge, if any, is the excess of the tested reporting unit's carrying value over its fair value, limited to the total amount of goodwill allocated to the tested reporting unit. Indefinite-Lived Intangible Assets Indefinite-lived intangible assets are stated at fair value established at acquisition or cost. These indefinite-lived intangible assets are reviewed for impairment annually, or more frequently if impairment indicators exist. An impairment exists when a trademark or brand names' carrying value exceeds its fair value. The fair values of these assets are based upon the prospective stream of hypothetical after-tax royalty cost savings discounted at rates that reflect the rates of return appropriate for these intangible assets. The impairment charge, if any, is the excess of the assets carrying value over its fair value. Pension and Other Post-Retirement Benefit Plan Obligations Post-retirement benefit liabilities were $77 million and $80 million as of December 31, 2018 and 2017, respectively, and are included in accrued expenses and other liabilities in our consolidated balance sheets. Appropriate actuarial methods and assumptions are used in accounting for defined benefit pension plans and other post-retirement benefit plans. These assumptions include long-term rate of return on plan assets, discount rates and other factors. Actual results that differ from the assumptions used are accumulated and amortized over future periods. Therefore, assumptions used to calculate benefit obligations as of the end of the year directly impact the expense to be recognized in future periods. The measurement date for all defined benefit plans is December 31 of each year. Accumulated Other Comprehensive Loss Accumulated other comprehensive loss is included in the limited partners and general partner components of equity in the consolidated balance sheets in the amounts of $84 million and $1,384 million as of December 31, 2018 and 2017, respectively. Refer to Note 15, "Changes in Accumulated Other Comprehensive Loss," for further information. Allocation of Net Profits and Losses in Consolidated Affiliated Partnerships Net investment income and net realized and unrealized gains and losses on investments of the Investment Funds are allocated to the respective partners of the Investment Funds based on their percentage ownership in such Investment Funds on a monthly basis. Except for our limited partner interest, such allocations made to the limited partners of the Investment Funds are represented as non-controlling interests in our consolidated statements of operations. General Partnership Interest of Icahn Enterprises and Icahn Enterprises Holdings The general partner's capital account generally consists of its cumulative share of our net income less cash distributions plus capital contributions. Additionally, in acquisitions of common control companies accounted for at historical cost similar to a pooling of interests, the general partner's capital account would be charged (or credited) in a manner similar to a distribution (or contribution) for the excess (or deficit) of the fair value of consideration paid over historical basis in the business acquired. Capital Accounts, as defined under the Partnership Agreement, are maintained for our general partner and our limited partners. The capital account provisions of our Partnership Agreement incorporate principles established for U.S. federal income tax purposes and are not comparable to the equity accounts reflected under U.S. GAAP in our consolidated financial statements. Under our Partnership Agreement, the general partner is required to make additional capital contributions to us upon the issuance of any additional depositary units in order to maintain a capital account balance equal to 1.99% (1% in the case of Icahn Enterprises Holdings) of the total capital accounts of all partners. Generally, net earnings for U.S. federal income tax purposes are allocated 1.99% (1% in the case of Icahn Enterprises Holdings) and 98.01% (99% in the case of Icahn Enterprises Holdings) between the general partner and the limited partners, respectively, in the same proportion as aggregate cash distributions made to the general partner and the limited partners during the period. This is generally consistent with the manner of allocating net income under our Partnership Agreement; however, it is not comparable to the allocation of net income reflected in our consolidated financial statements. Pursuant to the Partnership Agreement, in the event of our dissolution, after satisfying our liabilities, our remaining assets would be divided among our limited partners and the general partner in accordance with their respective percentage interests under the Partnership Agreement. If a deficit balance still remains in the general partner's capital account after all allocations are made between the partners, the general partner would not be required to make whole any such deficit. Basic and Diluted Income Per LP Unit For Icahn Enterprises, basic income (loss) per LP unit is based on net income or loss attributable to Icahn Enterprises allocated to limited partners. Net income or loss allocated to limited partners is divided by the weighted-average number of LP units outstanding. Diluted income (loss) per LP unit, when applicable, is based on basic income (loss) adjusted for the potential effect of dilutive securities as well as the related weighted-average number of units and equivalent units outstanding. For accounting purposes, when applicable, earnings prior to dates of acquisitions of entities under common control are excluded from the computation of basic and diluted income per LP unit as such earnings are allocated to our general partner. Income Taxes Except as described below, no provision has been made for federal, state, local or foreign income taxes on the results of operations generated by partnership activities, as such taxes are the responsibility of the partners. Provision has been made for federal, state, local or foreign income taxes on the results of operations generated by our corporate subsidiaries and these are reflected within continuing and discontinued operations. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred tax assets are limited to amounts considered to be realizable in future periods. A valuation allowance is recorded against deferred tax assets if management does not believe that we have met the “more-likely-than-not” standard to allow recognition of such an asset. U.S. GAAP provides that the tax effects from an uncertain tax position can be recognized in the financial statements only if the position is “more-likely-than-not” to be sustained if the position were to be challenged by a taxing authority. The assessment of the tax position is based solely on the technical merits of the position, without regard to the likelihood that the tax position may be challenged. If an uncertain tax position meets the “more-likely-than-not” threshold, the largest amount of tax benefit that is greater than 50 percent likely to be recognized upon ultimate settlement with the taxing authority is recorded. See Note 14, “Income Taxes,” for additional information. Revenue From Contracts With Customers and Contract Balances As discussed below, on January 1, 2018, we adopted FASB ASC Topic 606, Revenue from Contracts with Customers. Due to the nature of our business, we derive revenue from various sources in various industries. Investment segment and Holding Company revenues are not in scope of FASB ASC Topic 606. Real Estate leasing and Railcar leasing revenues are also not in scope of FASB ASC Topic 606. Revenue from contracts with customers are included in net sales and other revenues from operations in the consolidated statements of operations. Related contract assets are included in accounts receivable, net or other assets and related contract liabilities are included in accrued expenses and other liabilities in the consolidated balance sheets. Revenue from contracts with customers and related contract balances relate primarily to our Energy and Automotive segments. The following is a summary of our revenue recognition that is in scope of FASB ASC Topic 606. In addition, we present disaggregated revenue information in Note 12, "Segment and Geographic Reporting." Energy Revenue: Our Energy segment revenues from the sale of petroleum products are recorded upon delivery of the products to customers, which is the point at which title is transferred and the customer has assumed the risk of loss. This generally takes place as product passes into the pipeline, as a product transfer order occurs within a pipeline system, or as product enters equipment or locations supplied or designated by the customer. For our Energy segment's nitrogen fertilizer products sold, revenues are recorded at the point in time at which the customer obtains control of the product, which is generally upon delivery and acceptance by the customer. Nitrogen fertilizer products are sold on a wholesale basis under a contract or by purchase order. Excise and other taxes collected from customers and remitted to governmental authorities by our Energy segment are not included in reported revenues. The petroleum business' contracts with its customers state the terms of the sale, including the description, quantity, and price of each product sold. Depending on the product sold, payment from customers is generally due in full within 2 to 30 days of product delivery or invoice date. Many of the petroleum business' contracts have index-based pricing which is considered variable consideration that should be estimated in determining the transaction price. Our Energy segment determined that it does not need to estimate the variable consideration because the uncertainty related to the consideration is resolved on the pricing date or the date when the product is delivered. The nitrogen fertilizer business has an immaterial amount of variable consideration for contracts with an original duration of less than a year. A small portion of the nitrogen fertilizer partnership's revenue includes contracts extending beyond one year and contain variable pricing in which the majority of the variability is attributed to the market-based pricing. The nitrogen fertilizer business' contracts do not contain a significant financing component. Our Energy segment generally provides no warranty other than the implicit promise that goods delivered are free of liens and encumbrances and meet the agreed upon specifications. In addition, product returns are very rare and are accounted for as they occur, however, contracts do include provisions which state that the petroleum business will except returns of off-spec product, refund the customer, provide on-spec product, and pay for damages to any customer equipment which resulted from off-spec product. Typically, if a customer is not satisfied with a product, the price is adjusted downward instead of the product being returned or exchanged. As of December 31, 2018, our Energy segment had $11 million of remaining performance obligations for contracts within an original expected duration of more than one year. Our Energy segment expects to recognize approximately $5 million of these performance obligations as revenue by the end of 2019 and the remaining balance thereafter. Contract balances: Our Energy segment's deferred revenue is a contract liability that primarily relates to fertilizer sales contracts requiring customer prepayment prior to product delivery to guarantee a price and supply of nitrogen fertilizer. Deferred revenue is recorded at the point in time in which a prepaid contract is legally enforceable and the associated right to consideration is unconditional prior to transferring product to the customer. An associated receivable is recorded for uncollected prepaid contract amounts. Contracts requiring prepayment are generally short-term in nature and, as discussed above, revenue is recognized at the point in time in which the customer obtains control of the product. Our Energy segment had deferred revenue of $69 million and $34 million as of December 31, 2018 and January 1, 2018 (the effective date of the adoption of FASB ASC Topic 606), respectively. Deferred revenue is included in accrued expense and other liabilities in the consolidated balance sheets. For the year ended December 31, 2018, our Energy segment recorded revenue of $34 million with respect to deferred revenue outstanding as of January 1, 2018. Automotive Revenue: Our Automotive segment recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer. Our Automotive segment revenue from retail and commercial parts sales is measured based on consideration specified in a contract with a customer and excludes any sales incentives and amounts collected on behalf of third parties. Automotive service revenues are recognized on completion of the service and consist of products and the labor charged for installing products or maintaining or repairing vehicles. Automotive services labor revenues are included in other revenues from operations in our consolidated statements of operations, however, the sale of any installed parts or materials related to automotive services are included in net sales. Our Automotive segment recognizes revenues from extended warranties offered to its customers on tires its sells, including lifetime warranties for road hazard assistance (recognized over 3 years) and 1-year, 3-year and lifetime plans for alignments (recognized over 1 year, 3 years and 5 years, respectively), for which it receives payment upfront. Revenues from extended warranties are recognized over the term of the warranty contract with the satisfaction of its performance obligations measured using the output method. Our Automotive segment recognizes revenues from franchise fees, which it receives payment upfront, and franchise royalties, for which it receives payment over time. Revenues from upfront franchise fees are recognized at the time the store opens, as that is when our Automotive segment's performance obligations are deemed complete, and revenues from franchise royalties are recognized in the period in which royalties are earned, generally based on a percentage of franchise sales. Contract balances: Our Automotive segment has deferred revenue with respect to extended warranty plans of $42 million and $42 million as of December 31, 2018 and January 1, 2018, respectively, which are included in accrued expenses and other liabilities in our consolidated balance sheets. For the year ended December 31, 2018, our Automotive segment recorded revenue of $22 million with respect to deferred revenue outstanding as of January 1, 2018. For deferred revenue outstanding as of December 31, 2018, our Automotive segment expects to recognize approximately $22 million in 2019 and the remainder thereafter. Food Packaging Our Food Packaging segment revenues are recognized at the time products are shipped to the customer, under F.O.B. shipping point or F.O.B. port terms, which is the point at which title is transferred, the customer has the assumed risk of loss, and payment has been received or collection is reasonably assumed. Revenues are net of discounts, rebates and allowances. Viskase records all labor, raw materials, in-bound freight, plant receiving and purchasing, warehousing, handling and distribution costs as a component of costs of goods sold. Metals Our Metals segment's primary source of revenue is from the sale of processed ferrous scrap metal, non-ferrous scrap metals, steel pipe and steel plate. PSC Metals also generates revenues from sales of secondary plate and pipe, the brokering of scrap metals and from services performed. All sales are recognized when title passes to the customer. Revenues from services are recognized as the service is performed. Sales adjustments related to price and weight differences are reflected as a reduction of revenues when settled. Home Fashion Our Home Fashion segment records revenue upon delivery and when title is transferred and the customer has assumed the risk of loss. Unless otherwise agreed in writing, title and risk of loss pass from WPH to the customer when WPH delivers the merchandise to the designated point of delivery, to the designated point of destination or to the designated carrier, free on board. Provisions for certain rebates, sales incentives, product returns and discounts to customers are recorded in the same period the related revenue is recorded. Mining Our Mining segment recognizes revenue when title, ownership, and risk of loss pass to the customer, all of which occur upon shipment or delivery of the product and is based on the applicable shipping terms. Revenue is measured at the fair value of the consideration received or receivable, with any adjustments as a result of provisional pricing recorded against revenue. Other Revenue and Expense Recognition Real Estate Revenue Recognition: Revenue from real estate sales and related costs are recognized at the time of closing primarily by specific identification. Substantially all of the property comprising our net lease portfolio is leased to others under long-term net leases and we account for these leases in accordance with applicable U.S. GAAP. We account for our leases as follows: (i) under the financing method, (x) minimum lease payments to be received plus the estimated value of the property at the end of the lease are considered the gross investment in the lease and (y) unearned income, representing the difference between gross investment and actual cost of the leased property, is amortized to income over the lease term so as to produce a constant periodic rate of return on the net investment in the lease; and (ii) under the operating method, revenue is recognized as rentals become due, and expenses (including depreciation) are charged to operations as incurred. Railcar Revenue recognition: Revenues from railcar leasing are generated from operating leases that are priced as an integrated service that includes amounts related to executory costs, such as certain maintenance, insurance, and ad valorem taxes and are recognized on a straight-line basis per terms of the underlying lease. If railcars are sold under a lease that is less than one year old, the proceeds from the railcars sold that were on lease will be shown on a gross basis in revenues and cost of revenues at the time of sale. Sales of leased railcars that have been on lease for more than one year are recognized as a net gain or loss from the disposal of the long-term asset as a component of earnings from operations. Energy Shipping Costs: Our Energy segment's pass-through finished goods delivery costs reimbursed by customers are reported in net sales, while an offsetting expense is included in cost of goods sold. Automotive Shipping Costs: Our Automotive segment recognizes shipping and handling costs as incurred and is included in selling, general and administrative in the consolidated statements of operations for its commercial and retail parts businesses. Environmental Liabilities We recognize environmental liabilities when a loss is probable and reasonably estimable. Estimates of these costs are based upon currently available facts, internal and third-party assessments of contamination, available remediation technology, site-specific costs, and currently enacted laws and regulations. In reporting environmental liabilities, no offset is made for potential recoveries. Loss contingency accruals, including those for environmental remediation, are subject to revision as further information develops or circumstances change, and such accruals can take into account the legal liability of other parties. Environmental expenditures are capitalized at the time of the expenditure when such costs provide future economic benefits. Litigation On an ongoing basis, we assess the potential liabilities related to any lawsuits or claims brought against us. While it is typically very difficult to determine the timing and ultimate outcome of such actions, we use our best judgment to determine if it is probable that we will incur an expense related to the settlement or final adjudication of such matters and whether a reasonable estimation of such probable loss, if any, can be made. In assessing probable losses, we make estimates of the amount of insurance recoveries, if any. We accrue a liability when we believe a loss is probable and the amount of loss can be reasonably estimated. Due to the inherent uncertainties related to the eventual outcome of litigation and potential insurance recovery, it is possible that certain matters may be resolved for amounts materially different from any provisions or disclosures that we have previously made. Foreign Currency Translation Exchange adjustments related to international currency transactions and translation adjustments for international subsidiaries whose functional currency is the U.S. dollar (principally those located in highly inflationary economies) are reflected in the consolidated statements of operations. Translation adjustments of international subsidiaries for which the local currency is the functional currency are reflected in the consolidated balance sheets as a component of accumulated other comprehensive income. Deferred taxes are not provided on translation adjustments, other than for intercompany loans not designated as permanently reinvested, as the earnings of the subsidiaries are considered to be permanently reinvested. Concentrations of credit risk Concentrations of credit risk relate primarily to derivative instruments from our Investment segment. See Note 6, “Financial Instruments,” for further discussion. Adoption of New Accounting Standards Revenue Accounting Standards Updates In May 2014, the FASB issued ASU No. 2014-09, creating a new topic, FASB ASC Topic 606, Revenue from Contracts with Customers, superseding revenue recognition requirements in FASB ASC Topic 605, Revenue Recognition. This ASU requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. In addition, an entity is required to disclose sufficient information to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. This ASU was amended by ASU No. 2015-14, issued in August 2015, which deferred the original effective date by one year; the effective date of this ASU is for fiscal years, and interim reporting periods within those years, beginning after December 15, 2017, using one of two retrospective application methods. In addition, the FASB issued other amendments during 2016 and 2017 to FASB ASC Topic 606 that include implementation guidance to principal versus agent considerations, guidance to identifying performance obligations and licensing guidance and other narrow scope improvements. We adopted these new standards on January 1, 2018 using the modified retrospective application method which required a cumulative effect adjustment recognized in equity at such date. The standard has been applied to all contracts at the date of initial application. No adjustment to revenue for periods prior to adoption were required. We have not identified any material differences in our revenue recognition methods that required modification under the new standards. Additionally, our internal control framework did not materially change as a result of the adoption of these new standards. The impact of adopting these new standards on our consolidated financial statements is a cumulative effect adjustment to decrease our equity attributable to Icahn Enterprises and Icahn Enterprises Holdings as of January 1, 2018 by $29 million, primarily relating to our Automotive segment. As of January 1, 2018, our Energy segment increased each of accounts receivable, net and accrued expenses and other liabilities by $21 million for customer prepayments prior to delivery and to gross up certain fees collected from customers to reflect a receivable and deferred revenue recorded at the point in time in which a prepaid contract is legally enforceable and the associated right to consideration is unconditional. Previously, deferred revenue was recorded by our Energy segment upon customer prepayment. As of January 1, 2018, our Automotive segment increased accrued expenses and other liabilities by $42 million and decreased deferred tax liabilities by $10 million for certain extended warranties to reflect the revenues from these plans as deferred revenue. Previously, revenues from these plans were recognized upfront. Our Automotive segment also recognizes revenue from the sale of goods on a drop ship basis. Previously, revenues from these transactions were recognized gross. For the year ended December 31, 2018, net sales and cost of goods sold would have been higher by $62 million and $62 million, respectively, under prior accounting principles. In addition to the above, we increased assets by an aggregate of $32 million and increased liabilities by $29 million as of January 1, 2018, primarily with respect to Federal-Mogul's asset and liabilities classified as held for sale. For the year ended December 31, 2018, the impact on revenues would have been immaterial under prior accounting principles. Other Accounting Standards Updates In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall, which amends FASB ASC Topic 825, Financial Instruments. This ASU requires that equity investments (except those accounted for under the equity method of accounting or those that result in the consolidation of the investee) to be measured at fair value with changes recognized in earnings. However, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment. In addition, there were other amendments to certain disclosure and presentation matters pertaining to financial instruments, including the requirement of an entity to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. This ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. We adopted this new standard on January 1, 2018 using the modified retrospective application method which required a cumulative effect adjustment recognized in equity at such date. The amendments related to equity securities without readily determinable fair values were applied prospectively to equity investments that existed as of the date of adoption. The adoption of this standard did not have a material impact on our consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments, which amends FASB ASC Topic 230, Statement of Cash Flows. This ASU seeks to reduce the diversity currently in practice by providing guidance on the presentation of eight specific cash flow issues in the statement of cash flows. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. We adopted this standard on January 1, 2018 using the retrospective application method. The adoption of this standard did not have a material impact on our consolidated statements of cash flows. In November 2016, the FASB issued ASU No. 2016-18, Restricted Cash, which amends FASB ASC Topic 230, Statement of Cash Flows. This ASU requires that the statement of cash flows explain the change during the period total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. We have adopted this standard on January 1, 2018 using the retrospective application method. The impact of adopting this new standard is discussed above under "Reclassifications." In March 2017, the FASB issued ASU No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which amends FASB ASC Topic 715, Compensation - Retirement Benefits. This ASU requires entities to present the service cost component of net periodic benefit cost in the same line item or items in the financial statements as other compensation costs arising from services rendered by the pertinent employees during the period. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. We adopted this standard on January 1, 2018 using the retrospective application method. The impact of adopting this new standard is discussed above under "Reclassifications." In May 2017, the FASB issued ASU No. 2017-09, Scope of Modification Accounting, which amends FASB ASC Topic 718, Compensation - Stock Compensation. This ASU provides updated guidance about which changes to the terms and conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. We adopted this standard on January 1, 2018 which has been applied prospectively and which did not have a material impact on our consolidated financial statements. Recently Issued Accounting Standards In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which supersedes FASB ASC Topic 840, Leases. This ASU requires the recognition of right-of-use assets and lease liabilities by lessees for those leases classified as operating leases under previous guidance. In addition, among other changes to the accounting for leases, this ASU retains the distinction between finance leases and operating leases. The classification criteria for distinguishing between finance leases and operating leases are substantially similar to the classification criteria for distinguishing between capital leases and operating leases in the previous guidance. Furthermore, quantification and qualitative disclosures, including disclosures regarding significant judgments made by management, will be required. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The amendments in this ASU should be applied using a modified retrospective approach. Early application is permitted. In addition, in July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842), which provides an additional (and optional) transition method to adopt the new leases standard. We have developed an implementation plan to adopt the new leases standard using the new transition method option effective January 1, 2019, which will require adopting the new leases standard at the adoption date and recognizing a cumulative-effect adjustment to the opening balance of equity in the period of adoption instead of the earliest period presented. In addition, prior period presentation and disclosure will not be adjusted after adoption. The most significant impact will relate to the recognition of right-of-use assets and lease liabilities on our consolidated balance sheets for long-term operating leases with the significant majority of the impact within our Automotive segment. Our Automotive segment has identified approximately 2,300 leases, primarily for real estate, and estimates recognizing right-of-use assets of $639 million and related liabilities of $674 million as of January 1, 2019. Our Energy segment estimates recognizing right-of-use assets and liabilities of $53 million, in addition to the recognition of finance lease assets and obligations of $26 million, as of January 1, 2019. The aggregate impact of all other segments is not material. In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments, which amends FASB ASC Topic 326, Financial Instruments - Credit Losses. This ASU requires financial assets measured at amortized cost to be presented at the net amount to be collected and broadens the information, including forecasted information incorporating more timely information, that an entity must consider in developing its expected credit loss estimate for assets measured. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early application is permitted for fiscal years beginning after December 15, 2018. We are currently evaluating the impact of this standard on our consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities, which amends FASB ASC Topic 815, Derivatives and Hedging. This ASU includes amendments to existing guidance to better align an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. This ASU is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact of this standard on our consolidated financial statements. In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which amends FASB ASC Topic 220, Income Statement - Reporting Comprehensive Income. This ASU allows a reclassification out of accumulated other comprehensive loss within equity for standard tax effects resulting from the Tax Cuts and Jobs Act and consequently, eliminates the stranded tax effects resulting from the Tax Cuts and Jobs Act. This ASU is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact of this standard on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurements, which amends FASB ASC Topic 820, Fair Value Measurements. This ASU eliminates, modifies and adds various disclosure requirements on fair value measurements. This ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Certain disclosures are required to be applied using a retrospective approach and others using a prospective approach. Early adoption is permitted. We are currently evaluating the impact of this standard on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract, which amends FASB ASC Subtopic 350-40, Intangibles-Goodwill and Other-Internal-Use Software. This ASU adds certain disclosure requirements related to implementation costs incurred for internal-use software and cloud computing arrangements. The amendment aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). This ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The amendments in this ASU should be applied either using a retrospective or prospective approach. Early adoption is permitted. We are currently evaluating the impact of this standard on our consolidated financial statements.
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Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions. Our second amended and restated agreement of limited partnership expressly permits us to enter into transactions with our general partner or any of its affiliates, including, without limitation, buying or selling properties from or to our general partner and any of its affiliates and borrowing and lending money from or to our general partner and any of its affiliates, subject to limitations contained in our partnership agreement and the Delaware Revised Uniform Limited Partnership Act. The indentures governing our indebtedness contain certain covenants applicable to transactions with affiliates. Investment Funds During the years ended December 31, 2018, 2017 and 2016, Mr. Icahn and his affiliates (excluding us) invested $310 million, $600 million and $498 million, respectively, in the Investment Funds, net of redemptions. As of December 31, 2018 and 2017, the total fair market value of investments in the Investment Funds made by Mr. Icahn and his affiliates (excluding us) was approximately $5.0 billion and $4.4 billion, respectively, representing approximately 50% and 59% of the Investment Funds' assets under management as of each respective date. We pay for expenses pertaining to the operation, administration and investment activities of our Investment segment for the benefit of the Investment Funds (including salaries, benefits and rent). Effective April 1, 2011, based on an expense-sharing arrangement, certain expenses borne by us are reimbursed by the Investment Funds. For the years ended December 31, 2018, 2017 and 2016, $12 million, $13 million and $34 million, respectively, was allocated to the Investment Funds based on this expense-sharing arrangement. Hertz Global Holdings, Inc. As discussed in Note 4, "Investments and Related Matters," the Investment Funds have an investment in the common stock of Hertz Global Holdings, Inc. ("Hertz") measured at fair value that would have otherwise been subject to the equity method of accounting. Icahn Automotive provides services to Hertz in the ordinary course of business. For the years ended December 31, 2018, 2017 and 2016, revenue from Hertz was $40 million, $17 million and $3 million, respectively. Additionally, Federal-Mogul had payments to Hertz in the ordinary course of business of $1 million, $2 million and $2 million for the years ended December 31, 2018, 2017 and 2016, respectively. During the year ended December 31, 2018, the Investment Funds purchased shares of a certain investment from Hertz in the amount of $36 million. In addition to our transactions with Hertz disclosed above, in January 2018, we entered into a Master Motor Vehicle Lease and Management Agreement with Hertz, pursuant to which Hertz granted 767 Auto Leasing LLC ("767 Leasing"), a joint venture created to purchase vehicles for lease, the option to acquire certain vehicles from Hertz at rates aligned with the rates at which Hertz sells vehicles to third parties. Under this agreement, Hertz will lease the vehicles that 767 Leasing purchases from Hertz, or from third parties, under a mutually developed fleet plan and Hertz will manage, service, repair, sell and maintain those leased vehicles on behalf of 767 Leasing. Additionally, Hertz will rent the leased vehicles to transportation network company drivers from rental counters within locations leased or owned by us. This agreement has an initial term of 18 months and is subject to automatic six-month renewals thereafter, unless terminated by either party (with or without cause) prior to the start of any such six-month renewal. Our agreement with Hertz was unanimously approved by the independent directors of Icahn Enterprises' audit committee. Due to the nature of our involvement with 767 Leasing, which includes guaranteeing the payment obligations of 767 Leasing and sharing in the profits of 767 Leasing with Hertz, we determined that 767 Leasing is a variable interest entity. Furthermore, we determined that we are not the primary beneficiary as we do not have the power to direct the activities of 767 Leasing that most significantly impact its economic performance. Therefore, we do not consolidate the results of 767 Leasing. Our exposure to loss with respect to 767 Leasing is primarily limited to our direct investment in 767 Leasing as well as any payment obligations of 767 Leasing that we guarantee, which are not material at December 31, 2018. As of December 31, 2018, 767 Leasing had assets of $60 million, primarily vehicles for lease, and liabilities of $1 million, which represents a payable to Icahn Automotive in connection with a shared services agreement. For the year ended December 31, 2018, our Automotive segment invested $60 million in 767 Leasing. As of December 31, 2018, our Automotive segment had an equity method investment in 767 Leasing of $59 million. American Railcar Leasing, LLC On February 29, 2016, Icahn Enterprises entered into a contribution agreement with an affiliate of Mr. Icahn to acquire the remaining 25% economic interest in ARL not already owned by us. Pursuant to this contribution agreement, we contributed 685,367 newly issued depositary units of Icahn Enterprises with a fair value of $35 million to such affiliate in exchange for the remaining 25% economic interest in ARL. As a result of the transaction, we owned a 100% economic interest in ARL. This transaction was authorized by the independent committee of the board of directors of the general partner of Icahn Enterprises. The independent committee was advised by independent counsel and retained an independent financial advisor which rendered a fairness opinion. ACF Industries LLC Our Railcar operations, prior to December 5, 2018 (the date we closed on the sale of ARI), had certain transactions with ACF Industries LLC ("ACF"), an affiliate of Mr. Icahn, under various agreements, as well as on a purchase order basis. ACF is a manufacturer and fabricator of specialty railcar parts and miscellaneous steel products. Agreements and transactions with ACF include the following: •Railcar component purchases from ACF •Railcar parts purchases from and sales to ACF •Railcar purchasing and engineering services agreement with ACF •Lease of certain intellectual property to ACF •Railcar repair services and support for ACF •Railcar purchases from ACF (prior to June 1, 2017) Purchases from ACF were $3 million, $6 million and $21 million for the years ended December 31, 2018, 2017 and 2016, respectively. For the years ended December 31, 2018, 2017 and 2016, revenues from ACF were $6 million, $1 million and $1 million, respectively. Insight Portfolio Group LLC Insight Portfolio Group LLC ("Insight Portfolio Group") is an entity formed and controlled by Mr. Icahn in order to maximize the potential buying power of a group of entities with which Mr. Icahn has a relationship in negotiating with a wide range of suppliers of goods, services and tangible and intangible property at negotiated rates. Icahn Enterprises Holdings has a minority equity interest in Insight Portfolio Group and agreed to pay a portion of Insight Portfolio Group's operating expenses. In addition to the minority equity interest held by Icahn Enterprises Holdings, certain subsidiaries of ours, including CVR Energy, Viskase, PSC Metals, WPH, Federal-Mogul (prior to October 1, 2018), ARI (prior to December 5, 2018), ARL (prior to June 1, 2017) and Tropicana (prior to October 1, 2018) also acquired minority equity interests in Insight Portfolio Group and agreed to pay a portion of Insight Portfolio Group's operating expenses. A number of other entities with which Mr. Icahn has a relationship also have minority equity interests in Insight Portfolio Group and also agreed to pay certain of Insight Portfolio Group's operating expenses. For the years ended December 31, 2018, 2017 and 2016, we and certain of our subsidiaries paid certain of the Insight Portfolio Group's operating expenses of $4 million, $2 million and $2 million, respectively.
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Investments and Related Matters |
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Investments and Related Matters [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments and Related Matters | Investments and Related Matters. Investment Investments and securities sold, not yet purchased consist of equities, bonds, bank debt and other corporate obligations, all of which are reported at fair value in our consolidated balance sheets. These investments are considered trading securities. In addition, our Investment segment has certain derivative transactions which are discussed in Note 6, “Financial Instruments." The carrying value and detail by security type, including business sector for equity securities, with respect to investments and securities sold, not yet purchased held by our Investment segment consist of the following:
The portion of unrealized (losses) gains that relates to securities still held by our Investment segment, primarily equity securities, was $(800) million, $1,413 million and $340 million for the years ended December 31, 2018, 2017 and 2016, respectively. As of December 31, 2018, the Investment Funds owned approximately 27.9% of the outstanding common stock of Hertz. Our Investment segment recorded net (losses) gains of $(197) million, $13 million and $(389) million for the years ended December 31, 2018, 2017 and 2016, respectively, with respect to its investment in Hertz. As of December 31, 2018 and 2017, the aggregate fair value of our Investment segment's investment in Hertz was $320 million and $517 million, respectively. The Investment Funds also owned approximately 18.1% of the outstanding common stock of Herbalife Ltd. ("Herbalife") as of December 31, 2018. We are deemed to have significant influence with respect to our investment in Herbalife after considering the collective ownership in Herbalife by us and affiliates of Mr. Icahn, as well as our collective representation on the board of directors of Herbalife. Our Investment segment recorded net gains (losses) of $864 million, $357 million and $(113) million for the years ended December 31, 2018, 2017 and 2016, respectively, with respect to its investment in Herbalife. As of December 31, 2018 and 2017, the aggregate fair value of our Investment segment's investment in Herbalife was approximately $1.7 billion and $1.2 billion, respectively. Herbalife and Hertz each file annual, quarterly and current reports and proxy and information statements with the SEC, which are publicly available. Other Segments and Holding Company With the exception of certain equity method investments at our operating subsidiaries, our investments are measured at fair value in our consolidated balance sheets. The carrying value of investments held by our Other segments and our Holding Company consist of the following:
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements. U.S. GAAP requires enhanced disclosures about investments and non-recurring non-financial assets and liabilities that are measured and reported at fair value and has established a hierarchal disclosure framework that prioritizes and ranks the level of market price observability used in measuring investments or non-financial assets and liabilities at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Investments and non-financial assets and/or liabilities measured and reported at fair value are classified and disclosed in one of the following categories: Level 1 - Quoted prices are available in active markets for identical investments and non-financial assets and/or liabilities as of the reporting date. Level 2 - Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies where all significant inputs are observable. The inputs and assumptions of our Level 2 investments are derived from market observable sources including reported trades, broker/dealer quotes and other pertinent data. Level 3 - Pricing inputs are unobservable for the investment and non-financial asset and/or liability and include situations where there is little, if any, market activity for the investment or non-financial asset and/or liability. The inputs into the determination of fair value require significant management judgment or estimation. Fair value is determined using comparable market transactions and other valuation methodologies, adjusted as appropriate for liquidity, credit, market and/or other risk factors. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the investments', non-financial assets' and/or liabilities' level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the investment. Significant transfers, if any, between the levels within the fair value hierarchy are recognized at the beginning of the reporting period when changes in circumstances require such transfers. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table summarizes the valuation of our assets and liabilities by the above fair value hierarchy levels measured on a recurring basis:
Refer to Note 18, "Pension and Other Post-Retirement Benefit Plans," for our Food Packaging segment's defined benefit plan assets measured at fair value on a recurring basis as of December 31, 2018 and 2017. Assets Measured at Fair Value on a Recurring Basis for Which We Use Level 3 Inputs to Determine Fair Value The changes in investments measured at fair value on a recurring basis for which we use Level 3 inputs to determine fair value are as follows:
Net unrealized gains during the years ended December 31, 2018 and 2017 relate to a certain equity investment which is considered a Level 3 investment due to unobservable market data and is measured at fair value on a recurring basis. We determined the fair value of this investment based on recent market transactions. As of December 31, 2018 and 2017, the fair value of this investment was $369 million and $274 million, respectively. Assets Measured at Fair Value on a Non-Recurring Basis for Which We Use Level 3 Inputs to Determine Fair Value Certain assets measured at fair value using Level 3 inputs on a nonrecurring basis have been impaired. During the years ended December 31, 2018, 2017 and 2016, we recorded impairment charges of $5 million, $10 million and $9 million, respectively, relating to property, plant and equipment. We determined the fair value of property, plant and equipment by applying probability weighted, expected present value techniques to the estimated future cash flows using assumptions a market participant would utilize. In addition, during the year ended December 31, 2017, we recorded a loss of $8 million from marking inventory down to net realizable value at our Automotive segment. Additionally, in connection with our reclassification of certain Railcar segment assets from held and used to assets held for sale, we recorded aggregate impairment charges of $68 million for the year ended December 31, 2017, which represents the difference between the carrying value and fair value less cost to sell of such assets. Refer to Note 8, "Goodwill and Intangible Assets, Net," for discussion of our goodwill and intangible asset impairments. Refer to Note 12, "Segment and Geographic Reporting," for total impairment recorded by each of our segments.
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Financial Instruments |
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Financial Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments | Financial Instruments. Overview Investment In the normal course of business, the Investment Funds may trade various financial instruments and enter into certain investment activities, which may give rise to off-balance-sheet risks, with the objective of capital appreciation or as economic hedges against other securities or the market as a whole. The Investment Funds' investments may include futures, options, swaps and securities sold, not yet purchased. These financial instruments represent future commitments to purchase or sell other financial instruments or to exchange an amount of cash based on the change in an underlying instrument at specific terms at specified future dates. Risks arise with these financial instruments from potential counterparty non-performance and from changes in the market values of underlying instruments. Credit concentrations may arise from investment activities and may be impacted by changes in economic, industry or political factors. The Investment Funds routinely execute transactions with counterparties in the financial services industry, resulting in credit concentration with respect to the financial services industry. In the ordinary course of business, the Investment Funds may also be subject to a concentration of credit risk to a particular counterparty. The Investment Funds seek to mitigate these risks by actively monitoring exposures, collateral requirements and the creditworthiness of its counterparties. The Investment Funds have entered into various types of swap contracts with other counterparties. These agreements provide that they are entitled to receive or are obligated to pay in cash an amount equal to the increase or decrease, respectively, in the value of the underlying shares, debt and other instruments that are the subject of the contracts, during the period from inception of the applicable agreement to its expiration. In addition, pursuant to the terms of such agreements, they are entitled to receive or obligated to pay other amounts, including interest, dividends and other distributions made in respect of the underlying shares, debt and other instruments during the specified time frame. They are also required to pay to the counterparty a floating interest rate equal to the product of the notional amount multiplied by an agreed-upon rate, and they receive interest on any cash collateral that they post to the counterparty at the federal funds or LIBOR rate in effect for such period. The Investment Funds may trade futures contracts. A futures contract is a firm commitment to buy or sell a specified quantity of a standardized amount of a deliverable grade commodity, security, currency or cash at a specified price and specified future date unless the contract is closed before the delivery date. Payments (or variation margin) are made or received by the Investment Funds each day, depending on the daily fluctuations in the value of the contract, and the whole value change is recorded as an unrealized gain or loss by the Investment Funds. When the contract is closed, the Investment Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The Investment Funds may utilize forward contracts to seek to protect their assets denominated in foreign currencies and precious metals holdings from losses due to fluctuations in foreign exchange rates and spot rates. The Investment Funds' exposure to credit risk associated with non-performance of such forward contracts is limited to the unrealized gains or losses inherent in such contracts, which are recognized in other assets and accrued expenses and other liabilities in our consolidated balance sheets. The Investment Funds may also enter into foreign currency contracts for purposes other than hedging denominated securities. When entering into a foreign currency forward contract, the Investment Funds agree to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date unless the contract is closed before such date. The Investment Funds record unrealized gains or losses on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into such contracts and the forward rates at the reporting date. The Investment Funds may also purchase and write option contracts. As a writer of option contracts, the Investment Funds receive a premium at the outset and then bear the market risk of unfavorable changes in the price of the underlying financial instrument. As a result of writing option contracts, the Investment Funds are obligated to purchase or sell, at the holder's option, the underlying financial instrument. Accordingly, these transactions result in off-balance-sheet risk, as the Investment Funds' satisfaction of the obligations may exceed the amount recognized in our consolidated balance sheets. Certain terms of the Investment Funds' contracts with derivative counterparties, which are standard and customary to such contracts, contain certain triggering events that would give the counterparties the right to terminate the derivative instruments. In such events, the counterparties to the derivative instruments could request immediate payment on derivative instruments in net liability positions. The aggregate fair value of all of the Investment Funds' derivative instruments with credit-risk-related contingent features that are in a liability position at December 31, 2018 and 2017 was zero and $17 million, respectively. The following table summarizes the volume of our Investment segment's derivative activities based on their notional exposure, categorized by primary underlying risk:
Energy CVR Refining is subject to price fluctuations caused by supply conditions, weather, economic conditions, interest rate fluctuations and other factors. To manage price risk on crude oil and other inventories and to fix margins on certain future production, CVR Refining from time to time enters into various commodity derivative transactions. CVR Refining holds derivative instruments, such as exchange-traded crude oil futures and certain over-the-counter forward swap agreements, which it believes provide an economic hedge on future transactions, but such instruments are not designated as hedges under U.S. GAAP. There are no premiums paid or received at inception of the derivative contracts and upon settlement. CVR Refining's commodity derivatives include commodity swaps and forward purchase and sale commitments. CVR Refining did not have open commodity swap instruments at December 31, 2018. At December 31, 2017, CVR Refining had open commodity swap instruments consisting of 15 million barrels of crack spreads, primarily to fix the margin on a portion of its future gasoline and distillate production. Additionally, as of December 31, 2018 and December 31, 2017, CVR Refining had open forward purchase and sale commitments for 2 million barrels and 6 million barrels, respectively, of Canadian crude oil priced at fixed differentials that are not considered probable of physical settlement and are accounted for as derivatives. Consolidated Derivative Information Certain derivative contracts executed by the Investment Funds with a single counterparty or by our Energy segment with a single counterparty are reported on a net-by-counterparty basis where a legal right of offset exists under an enforceable netting agreement. Values for the derivative financial instruments, principally swaps, forwards, over-the-counter options and other conditional and exchange contracts, are reported on a net-by-counterparty basis. As a result, the net exposure to counterparties is reported in either other assets or accrued expenses and other liabilities in our consolidated balance sheets. The following table presents the consolidated fair values of our derivatives that are not designated as hedging instruments in accordance with U.S GAAP:
The following table presents the amount of gain (loss) recognized in the consolidated statements of operations for our derivatives not designated as hedging instruments:
Non-Derivative Instruments Designated as Hedging Instruments As of December 31, 2017, Federal-Mogul had foreign currency denominated debt, of which $884 million was designated as a net investment hedge in certain foreign subsidiaries and affiliates of Federal-Mogul. We sold Federal-Mogul on October 1, 2018. Changes to its carrying value are included in other comprehensive loss as translation adjustments and other prior to our sale of Federal-Mogul. The amounts recognized in other comprehensive loss for the years ended December 31, 2018 and 2017 was a loss of $29 million and $85 million, respectively.
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Inventories, Net (Notes) |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Text Block] | Inventories, Net. Inventories, net consists of the following:
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Goodwill and Intangible Assets, Net |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets, Net | Goodwill and Intangible Assets, Net. Goodwill consists of the following:
Intangible assets, net consists of the following:
We recorded amortization expense associated with definite-lived intangible assets for the years ended December 31, 2018, 2017 and 2016 of $47 million, $41 million and $32 million, respectively. We utilize the straight-line method of amortization, recognized over the estimated useful lives of the assets. Additionally, during the years ended December 31, 2017 and 2016, we impaired intangible assets by $1 million and $3 million, respectively. The estimated future amortization expense for our definite-lived intangible assets is as follows:
Acquisitions Acquisitions during the year ended December 31, 2018 were not material individually or in the aggregate. As a result of certain acquisitions, our Automotive segment allocated $8 million to goodwill during the year ended December 31, 2018. In addition, our Automotive segment allocated $2 million to definite-lived intangible assets. The purchase price allocations for the above acquisitions are not all final and are subject to change. Impairment of Goodwill Prior to 2017, with respect to our reporting units that are allocated goodwill, the first step of the goodwill impairment analysis ("Step 1") involved comparing the fair value of each of our reporting units' assets to their respective carrying values to determine the potential for goodwill impairment. The second step of the goodwill impairment test ("Step 2"), if necessary, involved quantifying the level of goodwill impairment after performing a recoverability analysis of other long-lived assets for impairment first. Beginning with our goodwill impairment analysis in 2017, Step 2 of the goodwill impairment test was eliminated and the determination and quantification of goodwill impairment, if any, was the result of applying Step 1 of the goodwill impairment analysis. We base the fair value of our reporting units on consideration of various valuation methodologies, including projecting future cash flows discounted at rates commensurate with the risks involved ("DCF"). Assumptions used in a DCF require the exercise of significant judgment, including judgment about appropriate discount rates and terminal values, growth rates, and the amount and timing of expected future cash flows. The forecasted cash flows are based on current plans and for years beyond that plan, the estimates are based on assumed growth rates. We believe that our assumptions are consistent with the plans and estimates used to manage the underlying businesses. The discount rates, which are intended to reflect the risks inherent in future cash flow projections, used in a DCF are based on estimates of the weighted-average cost of capital of a market participant. Such estimates are derived from our analysis of peer companies and consider the industry weighted average return on debt and equity from a market participant perspective. Energy We perform the annual goodwill impairment test for our Energy segment as of April 30 of each year, or more frequently if impairment indicators exist. During the first quarter of 2016, due to worsening sales trends for our Energy segment's petroleum reporting unit, we performed an interim goodwill impairment analysis. Based on this analysis, we recognized a goodwill impairment charge of $574 million for our Energy segment, which represented the full amount of its remaining goodwill. Automotive We perform the annual goodwill impairment test for our Automotive segment as of October 1 of each year, or more frequently if impairment indicators exist. In the fourth quarter of 2018, coinciding with our annual goodwill impairment analysis, we reorganized our Automotive segment's reporting units. Prior to the reorganization, our Automotive segment had two reporting units, Pep-Boys and AutoPlus, with all of its goodwill allocated to the Pep-Boys reporting unit. A goodwill impairment analysis just prior to the reorganization did not have an impact on the Pep-Boys reporting unit goodwill. Upon reorganization of the reporting units, a portion of the Pep-Boys reporting unit was reallocated to the AutoPlus reporting unit, which resulted in our Automotive segment continuing to have two redefined reporting units, Service and Parts. As a result, a portion of the goodwill was reallocated using a relative fair value allocation approach, which resulted in approximately 27% of the goodwill being reallocated to the Parts reporting unit. Based on our annual goodwill impairment analysis for our Automotive segment, which reflected our reorganized reporting units, we determined that the carrying value of its Parts reporting unit exceeded its fair value and as a result, we recognized a goodwill impairment charge of $87 million in the fourth quarter of 2018, which represented the full amount of the goodwill allocated to the Parts reporting unit. This impairment was the result of our reporting unit reorganization, which resulted in a significant amount of carrying value of net assets being reallocated to the Parts reporting unit, primarily for inventory, with a significantly lesser fair value due to the future projected cash flows of the Parts reporting unit, which resulted in the Parts reporting unit having a carrying value in excess of its fair value. Therefore, the goodwill reallocated to the Parts reporting unit was immediately impaired. We also determined that the fair value of our Automotive segment's Service reporting unit was significantly in excess of its carrying value and therefore, no additional impairment is required. As of December 31, 2018, our Automotive segment had remaining goodwill of $241 million, which is allocated entirely to its Service reporting unit.
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Property, Plant and Equipment, Net |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Net | Property, Plant and Equipment, Net. Property, plant and equipment, net consists of the following:
Assets leased to others is related to our Real Estate segment. Our Real Estate segment's anticipated future receipts of minimum lease payments receivable under the financing and operating method are $33 million in 2019, $33 million in 2020 and $10 million in 2021 and thereafter. Depreciation and amortization expense related to property, plant and equipment for the years ended December 31, 2018, 2017 and 2016 was $398 million, $430 million and $487 million, respectively. See Note 5, "Fair Value Measurements," for discussion regarding certain impairments to our property, plant and equipment.
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Debt |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt. Debt consists of the following:
Holding Company Our Holding Company debt consists of various issues of fixed-rate senior unsecured notes issued by Icahn Enterprises and Icahn Enterprises Finance Corp. (the "Issuers") and guaranteed by Icahn Enterprises Holdings (the "Guarantor"). Interest on each of the senior unsecured notes are payable semi-annually. On January 18, 2017, the Issuers issued $500 million in aggregate principal amount of 6.750% senior unsecured notes due 2024 and $695 million in aggregate principal amount of 6.250% senior unsecured notes due 2022. The proceeds from these notes were used to redeem all of the prior outstanding senior unsecured notes due 2017 and to pay accrued interest, related fees and expenses. On December 6, 2017, the Issuers issued $750 million in aggregate principal amount of 6.375% senior unsecured notes due 2025 and an additional $510 million in aggregate principal amount of its existing 6.250% senior unsecured notes due 2022. The proceeds from these notes, together with cash on hand, were used to redeem all of the prior outstanding senior unsecured notes due 2019 and to pay accrued interest, related fees and expenses. Icahn Enterprises recorded a loss on extinguishment of debt of $12 million in the fourth quarter of 2017 in connection with the debt transactions discussed above. Each of our senior unsecured notes and the related guarantees are the senior unsecured obligations of the Issuers and rank equally with all of the Issuers’ and the Guarantor’s existing and future senior unsecured indebtedness and senior to all of the Issuers’ and the Guarantor’s existing and future subordinated indebtedness. All of our senior unsecured notes and the related guarantees are effectively subordinated to the Issuers’ and the Guarantor’s existing and future secured indebtedness to the extent of the collateral securing such indebtedness. All of our senior unsecured notes and the related guarantees are also effectively subordinated to all indebtedness and other liabilities of the Issuers’ subsidiaries other than the Guarantor. The indentures governing our senior unsecured notes described above restrict the payment of cash distributions, the purchase of equity interests or the purchase, redemption, defeasance or acquisition of debt subordinated to the senior unsecured notes. The indentures also restrict the incurrence of debt or the issuance of disqualified stock, as defined in the indentures, with certain exceptions. In addition, the indentures require that on each quarterly determination date we and the guarantor of the notes (currently only Icahn Enterprises Holdings) maintain certain minimum financial ratios, as defined therein. The indentures also restrict the creation of liens, mergers, consolidations and sales of substantially all of our assets, and transactions with affiliates. As of December 31, 2018 and 2017, we were in compliance with all covenants, including maintaining certain minimum financial ratios, as defined in the indentures. Additionally, as of December 31, 2018, based on covenants in the indentures governing our senior unsecured notes, we are permitted to incur approximately $2.0 billion of additional indebtedness. Reporting Segments Energy CVR Energy's debt primarily consists of a $500 million second lien senior unsecured note (issued by CVR Refining) and a $645 million senior secured note (issued by CVR Partners) maturing in 2022 and 2023, respectively, and with interest rates of 6.50% and 9.25%, respectively. Interest for each of these notes are accrued and paid based on contractual terms. The second lien senior unsecured notes were fully and unconditionally guaranteed by CVR Refining and each of its' finance subsidiaries' existing domestic subsidiaries on a joint and several basis as of December 31, 2018. On January 29, 2019, the second lien senior unsecured notes were amended such that CVR Refining was replaced by CVR Energy as the primary guarantor, on a senior unsecured basis. The senior secured notes are guaranteed on a senior secured basis by all of CVR Partner's existing subsidiaries. CVR Energy is not a guarantor of these notes. The indentures governing these notes contain certain covenants that restrict the ability of the issuers and subsidiary guarantors to issue debt, incur or otherwise cause liens to exist on any of their property or assets, declare or pay dividends, repurchase equity, make payments on subordinated or unsecured debt, make certain investments, sell certain assets, merge, consolidate with or into another entity, or sell all or substantially all of their assets or enter into certain transactions with affiliates. As of December 31, 2018 and 2017, total availability under CVR Refining and CVR Partners variable rate asset based revolving credit facilities aggregated $444 million and $382 million, respectively. CVR Refining also had $6 million and $28 million of letters of credit outstanding as of December 31, 2018 and 2017. Automotive Icahn Automotive's debt primarily consists of an asset-based revolving credit facility and a first in-last out revolving credit facility, each with variable interest rates. Icahn Automotive debt outstanding under these credit facilities was $370 million and $337 million as of December 31, 2018 and 2017, respectively, with maturity dates ranging from 2018 and 2022. Interest for each of these notes are accrued and paid based on contractual terms. The weighted average interest rate on these notes was 4.37% and 3.58% as of December 31, 2018 and 2017, respectively. Substantially all of Icahn Automotive's assets are pledged as collateral under the above credit facilities. As of December 31, 2018 and 2017, there was availability under revolving credit facilities of $90 million and $75 million, respectively. Icahn Automotive also had $40 million and $33 million of letters of credit outstanding as of December 31, 2018 and 2017. Food Packaging Viskase's debt primarily consists of a credit agreement providing for a senior secured term loan facility issued in 2014 and maturing in 2021. Interest for this note is accrued and paid based on contractual terms. The interest rate on this note was 6.05% and 4.88% as of December 31, 2018 and 2017, respectively. Covenants All of our subsidiaries are currently in compliance with all covenants and restrictions as described in the various executed agreements and contracts with respect to each debt instrument. These covenants include limitations on indebtedness, liens, investments, acquisitions, asset sales, dividends and other restricted payments and affiliate and extraordinary transactions. Non-Cash Charges to Interest Expense The amortization of deferred financing costs and debt discounts and premiums included in interest expense in the consolidated statements of operations were $5 million, $10 million and $14 million for the years ended December 31, 2018, 2017 and 2016, respectively. Consolidated Maturities The following is a summary of the maturities of our debt:
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Net Income Per LP Unit |
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Earnings Per Unit [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Per LP Unit | Net Income Per LP Unit. The components of the computation of basic and diluted income (loss) per LP unit from continuing and discontinued operations of Icahn Enterprises are as follows:
GP Allocation As disclosed in Note 2, "Basis of Presentation and Summary of Significant Accounting Policies - Acquisition, Investments and Disposition of Entities under Common Control," upon the sale of common control entities, such as Federal-Mogul and ARI, a portion of the gain or loss on the sale is first allocated to the general partner in order to restore the general partners' capital account for cumulative charges or credits relating to periods prior to our obtaining a controlling interest in such entities from Mr. Icahn and his affiliates. After such general partner allocation, the remaining gain is allocated among our general partner and limited partners, in accordance with their respective ownership percentages. LP Unit Transactions Unit Distributions During each of the years ended December 31, 2018, 2017 and 2016, we declared four quarterly distributions. Depositary unitholders were given the option to make an election to receive the distributions in either cash or additional depositary units. If a holder did not make an election, it was automatically deemed to have elected to receive the distributions in cash. As a result, during each of the years ended December 31, 2018, 2017 and 2016, we distributed an aggregate 17,778,950, 17,644,152 and 12,574,723, respectively, of Icahn Enterprises' depositary units to those depositary unitholders who elected to receive such distributions in additional depositary units. 2017 Incentive Plan During the years ended December 31, 2018 and 2017, Icahn Enterprises distributed an aggregate of 22,840 and 7,902, respectively, depositary units, net of payroll withholdings, with respect to certain restricted depositary units and deferred unit awards that vested during the period in connection with the Icahn Enterprises L.P. 2017 Long Term Incentive Plan (the "2017 Incentive Plan"). The aggregate impact of the 2017 Incentive Plan is not material with respect to our consolidated financial statements, including the calculation of potentially dilutive units and diluted income per LP unit. Rights Offering In January 2017, Icahn Enterprises commenced a rights offering entitling holders of the rights to acquire newly issued depositary units of Icahn Enterprises. In connection with this rights offering, we received aggregate proceeds of $600 million in 2017 from depositary unitholders and an additional $12 million from our general partner in order to maintain its aggregate 1.99% interest in us. As a result, we distributed an aggregate of 11,171,104 newly issued depositary units.
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Segment and Geographic Reporting |
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment and Geographic Reporting | Segment and Geographic Reporting. We report segment information based on the various industries in which our businesses operate and how we manage those businesses in accordance with our investment strategies, which may include: identifying and acquiring undervalued assets and businesses, often through the purchase of distressed securities; increasing value through management, financial or other operational changes; and managing complex legal, regulatory or financial issues, which may include bankruptcy or insolvency, environmental, zoning, permitting and licensing issues. Therefore, although many of our businesses are operated under separate local management, certain of our businesses are grouped together when they operate within a similar industry, comprising similarities in products, customers, production processes and regulatory environments, and when such businesses, when considered together, may be managed in accordance with one or more investment strategies specific to those businesses. Among other measures, we assess and measure segment operating results based on net income from continuing operations attributable to Icahn Enterprises and Icahn Enterprises Holdings. Certain terms of financings for certain of our businesses impose restrictions on the business' ability to transfer funds to us, including restrictions on dividends, distributions, loans and other transactions. Condensed Statements of Operations Icahn Enterprises' condensed statements of operations by reporting segment are presented below. Icahn Enterprises Holdings' condensed statements of operations are substantially the same, with immaterial differences relating to our Holding Company's interest expense.
Disaggregation of Revenue In addition to the condensed statements of operations by reporting segment above, we provide additional disaggregated revenue information for certain reportable segments below. Refer to Note 2, "Basis of Presentation and Summary of Significant Accounting Policies," for certain revenue recognition policies with respect to the following reporting segments. Energy Disaggregated revenue for our Energy segment net sales is presented below:
Automotive Disaggregated revenue for our Automotive segment net sales and other revenues from operations is presented below:
As discussed in Note 1, "Description of Business," we adopted FASB ASC Topic 606 effective January 1, 2018 which affected the revenue recognized on the of sale of goods on a drop ship basis. Beginning in 2018, revenue from drop ship sales is recorded on a net basis and for prior periods was recorded on a gross basis. Prior periods were not adjusted for the adoption of FASB ASC Topic 606 in our consolidated financial statements. For the year ended December 31, 2018, aftermarket parts sales (which is included in net sales in our consolidated statements of operations) and cost of goods sold would each have been higher by $62 million under prior accounting principles. Condensed Balance Sheets Icahn Enterprises' condensed balance sheets by reporting segment are presented below. Icahn Enterprises Holdings' condensed balance sheets are substantially the same, with immaterial differences relating to our Holding Company's other assets, debt and equity attributable to Icahn Enterprises Holdings.
Geographic Information The following table presents our consolidated geographic net sales from external customers, other revenues from operations and property, plant and equipment, net for the periods indicated:
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Discontinued Operations (Notes) |
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Discontinued Operations. [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations | Discontinued Operations. As discussed in Note 1, "Description of Business," we operated discontinued operations previously included in our Automotive and Railcar segments and our former Gaming segment. Income from discontinued operations is summarized as follows:
As of December 31, 2018, assets and liabilities held for sale primarily consists of property, plant and equipment, net for operations not classified as discontinued operations. As of December 31, 2017, assets and liabilities held for sale were primarily related to discontinued operations, all of which were sold during 2018. Assets and liabilities held for sale as of December 31, 2017 consists of the following:
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes. The difference between the book basis and the tax basis of our net assets, not directly subject to income taxes, is as follows:
Income (loss) from continuing operations before income tax expense (benefit) is as follows:
Income tax benefit (expense) attributable to continuing operations is as follows:
A reconciliation of the income tax benefit (expense) calculated at the federal statutory rate to income tax benefit (expense) on continuing operations as shown in the consolidated statements of operations is as follows:
The tax effect of significant differences representing deferred tax assets (liabilities) (the difference between financial statement carrying value and the tax basis of assets and liabilities) is as follows:
We recorded deferred tax assets and deferred tax liabilities of $37 million and $676 million, respectively, as of December 31, 2018 and $75 million and $732 million, respectively, as of December 31, 2017. Deferred tax assets are included in other assets in our consolidated balance sheets. We analyze all positive and negative evidence to consider whether it is more likely than not that all of the deferred tax assets will be realized. Projected future income, tax planning strategies and the expected reversal of deferred tax liabilities are considered in making this assessment. As of December 31, 2018 we had a valuation allowance of approximately $518 million primarily related to tax loss and credit carryforwards and other deferred tax assets. The current and future provisions for income taxes may be significantly impacted by changes to valuation allowances. These allowances will be maintained until it is more likely than not that the deferred tax assets will be realized. For the year ended December 31, 2018, the valuation allowance on deferred tax assets increased by $35 million. The increase was primarily attributable to capital loss and state net operating loss carryforwards. At December 31, 2018, American Entertainment Properties Corp. ("AEPC"), a wholly-owned corporate subsidiary of Icahn Enterprises and Icahn Enterprises Holdings, which includes all or parts of our Automotive, Metals, Home Fashion and Real Estate segments had U.S federal net operating loss carryforwards of approximately $2.0 billion with expiration dates from 2029 through 2037. At December 31, 2018, CVR Energy had state income tax credits of $35 million, which are available to reduce future state income taxes. These credits, if not used, will expire beginning in 2033. At December 31, 2018, Viskase had U.S. federal net operating loss carryforwards of $68 million which will begin expiring in the year 2024 and forward, and foreign net operating loss carryforwards of $19 million with unlimited carryforward period and $5 million with a five-year carryforward period. On August 1, 2018, CVR Energy completed an exchange offer whereby CVR Refining's public unitholders tendered a total of 21,625,106 common units of CVR Refining in exchange for 13,699,549 shares of CVR Energy common stock. As a result of the exchange offer, AEPC owned less than 80% of the common stock of CVR Energy and CVR Energy deconsolidated from the AEPC consolidated federal income tax group. Beginning with the tax period after the exchange, CVR Energy became the parent of a new consolidated group for U.S. federal income tax purposes and will file and pay its federal income tax obligations directly to the Internal Revenue Service. As of December 31, 2018, we have not provided taxes on approximately $54 million of undistributed earnings in foreign subsidiaries which are deemed to be indefinitely reinvested. If at some future date these earnings cease to be permanently reinvested, we may be subject to foreign income and withholding taxes upon repatriation of such amounts. Enactment of U.S. Tax Legislation On December 22, 2017, The Tax Cuts and Jobs Act (the "Tax Legislation") was enacted in the United States, significantly revising certain U.S. corporate income tax provisions; including, among other items, a reduction of the U.S. corporate rate from 35% to 21%, effective for tax year beginning after December 31, 2017; the transition of U.S. international taxation from a worldwide tax system to a territorial system; and a one-time transition tax on the mandatory deemed repatriation of cumulative foreign earnings as of December 31, 2017, (or, if greater, November 2, 2017) of a “specified foreign corporation” which includes controlled foreign corporations and other foreign corporations which have at least one U.S. corporate shareholder that owns 10% or more of the value or voting power of such foreign corporation. We estimated the impact of the Tax Legislation on our income tax provision for the year ended December 31, 2017 in accordance with our understanding of the Tax Legislation and guidance available at the date of this filing and as a result have recorded adjustments to the various tax balances, current, long-term and deferred tax assets and liabilities, all during the fourth quarter of 2017, the period in which the Tax Legislation was enacted. The actual amounts recorded in 2017 were not significantly different from the provisional amounts estimated in the prior year tax provision. In January 2018, the FASB released guidance on the accounting for tax on the global intangible low-taxed income (“GILTI”) provisions of The Tax Legislation. The GILTI provisions impose a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations. We currently estimate no additional tax due in 2018 from the GILTI inclusion. Under the Tax Legislation, an entity must pay a Base Erosion Anti-Abuse Tax ("BEAT") if the BEAT is greater than its regular tax liability. We currently estimate no additional tax due in 2018 pursuant to the BEAT provisions. Accounting for Uncertainty in Income Taxes A summary of the changes in the gross amounts of unrecognized tax benefits for the years ended December 31, 2018, 2017 and 2016 are as follows:
At December 31, 2018, 2017 and 2016, we had unrecognized tax benefits of $34 million, $34 million and $52 million, respectively. Of these totals, $30 million, $28 million and $37 million represent the amount of unrecognized tax benefits that if recognized, would affect the annual effective tax rate in the respective periods. The total unrecognized tax benefits differ from the amount which would affect the effective tax rate primarily due to the impact of valuation allowances. During the next 12 months, CVR Energy believes that it is reasonably possible that unrecognized tax benefits of CVR Energy may decrease by approximately $3 million due to statute expirations. We do not anticipate any significant changes to the amount of our unrecognized tax benefits in our other business segments during the next 12 months. We recognize interest and penalties accrued related to unrecognized tax benefits as a component of income tax expense. We recorded $1 million, $2 million and $9 million as of December 31, 2018, 2017 and 2016, respectively, in liabilities for tax related net interest and penalties in our consolidated balance sheets. Income tax (benefit) expense related to interest and penalties were $(1) million, $(7) million and $1 million for the years December 31, 2018, 2017 and 2016, respectively. We or certain of our subsidiaries file income tax returns in the U.S. federal jurisdiction, various state jurisdictions and various non-U.S. jurisdictions. We and our subsidiaries are no longer subject to U.S. federal tax examinations for years before 2015 or state and local examinations for years before 2013, with limited exceptions.
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Changes in Accumulated Other Comprehensive Loss |
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Changes in Accumulated Other Comprehensive Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Text Block] | Changes in Accumulated Other Comprehensive Loss. Changes in accumulated other comprehensive loss consists of the following:
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Other Income (Loss), Net |
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Other (Loss) Income, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other (Loss) Income, Net | Other Income, Net. Other income, net consists of the following:
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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies. Environmental Matters Due to the nature of our business, certain of our subsidiaries' operations are subject to numerous existing and proposed laws and governmental regulations designed to protect the environment, particularly regarding plant wastes and emissions and solid waste disposal. Our consolidated environmental liabilities were $37 million and $34 million as of December 31, 2018 and December 31, 2017, respectively, primarily within our Energy and Metals segments and which are included in accrued expenses and other liabilities in our consolidated balance sheets. In addition to the above, Federal-Mogul had environmental liabilities of $16 million as of December 31, 2017, which is included in liabilities held for sale in our consolidated balance sheets. We do not believe that environmental matters will have a material adverse impact on our consolidated results of operations and financial condition. Energy On August 21, 2018, CVR Refining received a letter from the United States Department of Justice (the “DOJ”) on behalf of the Environmental Protection Agency (the "EPA") and Kansas Department of Health and Environment (“KDHE”) alleging violations of the Clean Air Act and a 2012 Consent Decree between CVR Refining, the United States (on behalf of the EPA) and KDHE at CVR Energy's Coffeyville refinery. In September 2018, CVR Refining executed a tolling agreement with the DOJ and KDHE extending time for negotiation regarding the agencies’ allegations through March 31, 2019. At this time CVR Energy cannot reasonably estimate the potential penalties, costs, fines or other expenditures that may result from this matter or any subsequent enforcement or litigation relating thereto and, therefore, CVR Energy cannot determine if the ultimate outcome of this matter will have a material impact on its financial position, results of operations or cash flows. As of December 31, 2018 and 2017, our Energy segment had environmental accruals of $8 million and $4 million, respectively, representing estimated costs for future remediation efforts at certain sites. Metals PSC Metals has been designated as a potentially responsible party ("PRP") under U.S. federal and state superfund laws with respect to certain sites with which PSC Metals may have had a direct or indirect involvement. It is alleged that PSC Metals and its subsidiaries or their predecessors transported waste to the sites, disposed of waste at the sites or operated the sites in question. In addition, one of PSC Metals' Knoxville, Tennessee locations was the subject of investigations by the State of Tennessee under the federal Superfund law. These investigations were performed by the State of Tennessee pursuant to a contract with the EPA. PSC Metals has entered into Tennessee's Voluntary Clean-Up Oversight and Assistance Program ("VOAP") and expects to enter into a settlement with the Tennessee Department of Environment and Conservation ("TDEC") in the future. Currently, PSC Metals believes that it has adequately reserved for the cost of any potential future remediation associated with its Knoxville location, but cannot fully assess the impact of all costs or liabilities associated with TDEC's investigations. With respect to all other matters in which PSC Metals has been designated as a PRP under U.S. federal and state superfund laws, PSC Metals has reviewed the nature and extent of the allegations, the number, connection and financial ability of other named and unnamed PRPs and the nature and estimated cost of the likely remedy. Based on reviewing the nature and extent of the allegations, PSC Metals has estimated its liability to remediate these other sites to be immaterial as of both December 31, 2018 and 2017. If it is determined that PSC Metals has liability to remediate those sites and that more expensive remediation approaches are required in the future, PSC Metals could incur additional obligations, which could be material to its operations. Certain of PSC Metals' facilities are environmentally impaired in part as a result of operating practices at the sites prior to their acquisition by PSC Metals and as a result of PSC Metals' operations. PSC Metals has established procedures to periodically evaluate these sites, giving consideration to the nature and extent of the contamination. PSC Metals has provided for the remediation of these sites based upon its management's judgment and prior experience. PSC Metals has estimated the liability to remediate these sites to be $27 million and $28 million at December 31, 2018 and 2017, respectively. PSC Metals believes, based on past experience, that the vast majority of these environmental liabilities and costs will be assessed and paid over an extended period of time. PSC Metals believes that it will be able to fund such costs in the ordinary course of business. Estimates of PSC Metals' liability for remediation of a particular site and the method and ultimate cost of remediation require a number of assumptions that are inherently difficult to make, and the ultimate outcome may be materially different from current estimates. Moreover, because PSC Metals has disposed of waste materials at numerous third-party disposal facilities, it is possible that PSC Metals will be identified as a PRP at additional sites. The impact of such future events cannot be estimated at the current time. Renewable Fuel Standards CVR Refining is subject to the renewable fuel standards ("RFS") of the EPA that require refiners to either blend "renewable fuels" in with their transportation fuels or purchase renewable fuel credits, known as renewable identification numbers (“RINs”), in lieu of blending. CVR Refining is not able to blend the substantial majority of its transportation fuels and has to purchase RINs on the open market, as well as obtain waiver credits for cellulosic biofuels from the EPA, in order to comply with the RFS. CVR Refining's expenses for its compliance with RFS were $60 million, $249 million and $206 million for years ended December 31, 2018, 2017 and 2016, respectively, which are included in cost of goods sold in our consolidated financial statements. CVR Refining's costs to comply with RFS include the purchased cost of RINs, the impact of recognizing CVR Refining’s uncommitted biofuel blending obligation at fair value based on market prices at each reporting date and the valuation change of RINs purchases in excess of CVR Refining’s RFS obligation as of the reporting date. As of December 31, 2018 and 2017, CVR Refining's biofuel blending obligation was $4 million and $28 million, respectively, which is included in accrued expenses and other liabilities in our consolidated balance sheets. Litigation From time to time, we and our subsidiaries are involved in various lawsuits arising in the normal course of business. We do not believe that such normal routine litigation will have a material effect on our financial condition or results of operations. Energy CVR Energy, CVR Refining and its general partner, Icahn Enterprises and certain other affiliates and individuals have each been named in at least one of seven lawsuits filed in the Court of Chancery of the State of Delaware by purported former unitholders of CVR Refining, on behalf of themselves and an alleged class of similarly situated unitholders (the “Call Option Lawsuits”). The Call Option Lawsuits primarily allege breach of contract, tortious interference and breach of the implied covenant of good faith and fair dealing and seek monetary damages and attorneys’ fees, among other remedies, relating to CVR Energy's exercise of the call option under the CVR Refining Amended and Restated Agreement of Limited Partnership assigned to it by CVR Refining’s general partner. The Call Option Lawsuits are in the earliest stages of litigation. CVR Energy believes the Call Option Lawsuits are without merit and intends to vigorously defend against them. Federal-Mogul On March 3, 2017, certain purported former stockholders of Federal-Mogul Holdings Corporation filed a petition in the Delaware Court of Chancery seeking an appraisal of the value of common stock they claim to have held at the time of the January 23, 2017 merger of IEH FM Holdings, LLC into Federal-Mogul Holdings Corporation. IEH FM Holdings, LLC was a wholly-owned subsidiary of Icahn Enterprises. Federal-Mogul Holdings LLC filed an answer to the petition on March 28, 2017. A second petition for appraisal was filed by purported former stockholders of Federal-Mogul Holdings Corporation on May 1, 2017. The two cases were consolidated on May 10, 2017, captioned In re Appraisal of Federal-Mogul Holdings LLC, C.A. No. 2017-0158-AGB. In connection with this matter, we contributed $56 million to Federal-Mogul in 2018 prior to our sale of Federal-Mogul. On April 25, 2014, a group of plaintiffs brought an action against Federal-Mogul Products, Inc. ("FM Products"), a wholly-owned subsidiary of Federal-Mogul, alleging injuries and damages associated with the discharge of chlorinated hydrocarbons by the former owner of a facility located in Kentucky. Since 1998, when FM Products acquired the facility, it has been cooperating with the applicable regulatory agencies on remediating the prior discharges pursuant to an order entered into by the facility’s former owner. FM Products negotiated a settlement agreement with plaintiff's counsel which was approved by the required number of plaintiffs and, following a fairness hearing, given final approval by the court on July 13, 2018. In connection with this matter, FM Products paid $3 million pursuant to the settlement agreement in 2018 prior to our sale of Federal-Mogul. Other Matters Pension Obligations Mr. Icahn, through certain affiliates, owns 100% of Icahn Enterprises GP and approximately 91.7% of Icahn Enterprises' outstanding depositary units as of December 31, 2018. Applicable pension and tax laws make each member of a “controlled group” of entities, generally defined as entities in which there is at least an 80% common ownership interest, jointly and severally liable for certain pension plan obligations of any member of the controlled group. These pension obligations include ongoing contributions to fund the plan, as well as liability for any unfunded liabilities that may exist at the time the plan is terminated. In addition, the failure to pay these pension obligations when due may result in the creation of liens in favor of the pension plan or the Pension Benefit Guaranty Corporation (the "PBGC") against the assets of each member of the controlled group. As a result of the more than 80% ownership interest in us by Mr. Icahn’s affiliates, we and our subsidiaries are subject to the pension liabilities of entities in which Mr. Icahn has a direct or indirect ownership interest of at least 80%, which includes the liabilities of pension plans sponsored by ACF. All the minimum funding requirements of the Internal Revenue Code, as amended, and the Employee Retirement Income Security Act of 1974, as amended, for the ACF plans have been met as of December 31, 2018. If the plans were voluntarily terminated, they would be underfunded by approximately $80 million as of December 31, 2018. These results are based on the most recent information provided by the plans’ actuary. These liabilities could increase or decrease, depending on a number of factors, including future changes in benefits, investment returns, and the assumptions used to calculate the liability. As members of the controlled group, we would be liable for any failure of ACF to make ongoing pension contributions or to pay the unfunded liabilities upon a termination of the ACF pension plans. In addition, other entities now or in the future within the controlled group in which we are included may have pension plan obligations that are, or may become, underfunded and we would be liable for any failure of such entities to make ongoing pension contributions or to pay the unfunded liabilities upon termination of such plans. The current underfunded status of the ACF pension plans requires them to notify the PBGC of certain “reportable events,” such as if we cease to be a member of the ACF controlled group, or if we make certain extraordinary dividends or stock redemptions. The obligation to report could cause us to seek to delay or reconsider the occurrence of such reportable events. Starfire Holding Corporation ("Starfire"), which is 99.6% owned by Mr. Icahn, has undertaken to indemnify us and our subsidiaries from losses resulting from any imposition of certain pension funding or termination liabilities that may be imposed on us and our subsidiaries or our assets as a result of being a member of the Icahn controlled group, including ACF. The Starfire indemnity provides, among other things, that so long as such contingent liabilities exist and could be imposed on us, Starfire will not make any distributions to its stockholders that would reduce its net worth to below $250 million. Nonetheless, Starfire may not be able to fund its indemnification obligations to us. Other The U.S. Attorney’s office for the Southern District of New York contacted Icahn Enterprises L.P. in September 2017 seeking production of information pertaining to our and Mr. Icahn’s activities relating to the Renewable Fuels Standard and Mr. Icahn’s former role as an advisor to the President. We are cooperating with the request and provided information in response to the subpoena. The U.S. Attorney’s office has not made any claims or allegations against us or Mr. Icahn. We maintain a strong compliance program and, while no assurances can be made, we do not believe this inquiry will have a material impact on our business, financial condition, results of operations or cash flows. Unconditional Purchase Obligations Unconditional purchase obligations are primarily within our Energy segment relating to commitments for petroleum products storage and transportation, electricity supply agreements, product supply agreements, commitments related to CVR Energy's biofuel blending obligation and various agreements for gas and gas transportation. The minimum required payments for our Energy segment's unconditional purchase obligations are as follows:
CVR Energy is a party to various supply agreements which commit it to purchase minimum volumes of crude oil, hydrogen, oxygen, nitrogen, petroleum coke and natural gas to run its facilities’ operations. For the years ended December 31, 2018, 2017 and 2016. amounts purchased under these supply agreements totaled approximately $214 million, $209 million and $151 million, respectively. Consolidated Leases Consolidated future minimum lease payments under operating leases with initial terms of one or more years consist of the following at December 31, 2018:
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Pensions and Other Post-Retirement Benefit Plans (Notes) |
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Pension, Other Post-Retirement Benefits and Employee Benefit Plans. [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | Pension and Other Post-Retirement Benefit Plans. Pension and other post-retirement benefit plan costs and obligations are primarily within our Food Packaging segment. Pension plans and other post-retirement benefit plans for other segments are not material and are not included in our disclosures below. Viskase sponsors several defined benefit pension plans, including defined contribution plans, varying by country and subsidiary. Additionally, Viskase sponsors health care and life insurance benefits for certain employees and retirees around the world. The pension benefits are funded based on the funding requirements of federal and international laws and regulations, as applicable, in advance of benefit payments and the other benefits are funded as benefits are provided to participating employees. Components of net periodic benefit cost (credit) are as follows:
The following table provides disclosures for Viskase's benefit obligations, plan assets, funded status, and recognition in the consolidated balance sheets. As pension costs for Viskase are not material to our consolidated financial position and results of operations, we do not provide information regarding their inputs and valuation assumptions.
Defined Benefit Plans Measured at Fair Value on a Recurring Basis The following table presents Viskase's defined benefit plan assets measured at fair value on a recurring basis:
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Supplemental Cash Flow Information (Notes) |
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Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow | Supplemental Cash Flow Information. Supplemental cash flow information consists of the following:
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Subsequent Events |
12 Months Ended |
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Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events. Icahn Enterprises Distribution On February 26, 2019, the Board of Directors of the general partner of Icahn Enterprises declared a quarterly distribution in the amount of $2.00 per depositary unit, which will be paid on or about April 17, 2019 to depositary unitholders of record at the close of business on March 11, 2019. Depositary unitholders will have until April 8, 2019 to make an election to receive either cash or additional depositary units; if a holder does not make an election, it will automatically be deemed to have elected to receive the dividend in cash. Depositary unitholders who elect to receive additional depositary units will receive units valued at the volume weighted average trading price of the units on NASDAQ during the 5 consecutive trading days ending April 15, 2019. No fractional depositary units will be issued pursuant to the distribution payment. Icahn Enterprises will make a cash payment in lieu of issuing fractional depositary units to any holders electing to receive depositary units. Any holders that would only be eligible to receive a fraction of a depositary unit based on the above calculation will receive a cash payment.
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Quarterly Financial Data (Unaudited) |
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Quarterly Financial Data (Unaudited) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information | Quarterly Financial Data (Unaudited). Unaudited quarterly financial data for Icahn Enterprises is presented below:
The comparability of our unaudited quarterly financial data is affected by, among other things, (i) the performance of the Investment Funds, (ii) the results of our Energy segment's operations, impacted by the relationship of its refined product prices and prices for crude oil and other feedstocks, (iii) impairment charges, primarily in our Automotive segment in the fourth quarter of 2018, (iv) gains on dispositions of assets, primarily in our Railcar and Real Estate segments in the second and third quarters of 2017, respectively, and (v) the enactment of tax legislation in the United States in 2017. In addition, in connection with our sales of Federal-Mogul, Tropicana and ARI, we recorded aggregate pre-tax gains on the sales of discontinued operations of approximately $1.4 billion in the fourth quarter of 2018. Our unaudited quarterly financial data presented above differs from the results of operations reported in each of our quarterly reports on Form 10-Q filed with the SEC during 2018 due to the recasting of the results of Federal-Mogul and Tropicana to discontinued operations for all periods presented beginning in the second quarter of 2018 and the recasting of the results of ARI to discontinued operations for all periods presented beginning in the fourth quarter of 2018. Certain other reclassifications were made that did not significantly impact our historical reported results.
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Schedule I |
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Icahn Enterprises (Parent) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | SCHEDULE I ICAHN ENTERPRISES, L.P. (Parent Company) CONDENSED BALANCE SHEETS
See notes to condensed financial statements. SCHEDULE I ICAHN ENTERPRISES, L.P. (Parent Company) CONDENSED STATEMENTS OF OPERATIONS
See notes to condensed financial statements. SCHEDULE I ICAHN ENTERPRISES, L.P. (Parent Company) CONDENSED STATEMENTS OF CASH FLOWS
See notes to condensed financial statements. ICAHN ENTERPRISES L.P. (Parent Company) NOTES TO CONDENSED FINANCIAL STATEMENTS 1. Description of Business and Basis of Presentation. Icahn Enterprises, L.P. (“Icahn Enterprises”) is a master limited partnership formed in Delaware on February 17, 1987. We own a 99% limited partner interest in Icahn Enterprises Holdings L.P. (''Icahn Enterprises Holdings''). Icahn Enterprises Holdings and its subsidiaries own substantially all of our assets and liabilities and conduct substantially all of our operations. Icahn Enterprises G.P. Inc., our sole general partner, which is owned and controlled by Carl C. Icahn, owns a 1% general partner interest in both us and Icahn Enterprises Holdings, representing an aggregate 1.99% general partner interest in us and Icahn Enterprises Holdings. As of December 31, 2018, Icahn Enterprises is engaged in the following continuing operating businesses: Investment, Energy, Automotive, Food Packaging, Metals, Real Estate, Home Fashion and Mining. For the years ended December 31, 2018, 2017 and 2016, Icahn Enterprises received (paid) $433 million, $(204) million and $390 million, respectively, for (investments in) dividends and distributions from consolidated subsidiaries. The condensed financial statements of Icahn Enterprises should be read in conjunction with the consolidated financial statements and notes thereto included in Item 8 of this Report. 2. Debt. See Note 10, “Debt,” to the consolidated financial statements located in Item 8 of this Report. Icahn Enterprises' Parent company debt consists of the following:
3. Commitments and Contingencies. See Note 17, “Commitments and Contingencies,” to the consolidated financial statements.
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Condensed Financial Information of Parent Company Only Disclosure [Text Block] | SCHEDULE I ICAHN ENTERPRISES HOLDINGS L.P. (Parent Company) CONDENSED BALANCE SHEETS
See notes to condensed financial statements. SCHEDULE I ICAHN ENTERPRISES HOLDINGS L.P. (Parent Company) CONDENSED STATEMENTS OF OPERATIONS
See notes to condensed financial statements. SCHEDULE I ICAHN ENTERPRISES HOLDINGS L.P. (Parent Company) CONDENSED STATEMENTS OF CASH FLOWS
See notes to condensed financial statements. ICAHN ENTERPRISES HOLDINGS L.P. (Parent Company) NOTES TO CONDENSED FINANCIAL STATEMENTS 1. Description of Business and Basis of Presentation. Icahn Enterprises Holdings L.P. (“Icahn Enterprises Holdings”) is a limited partnership formed in Delaware on February 17, 1987. Our sole limited partner is Icahn Enterprises L.P., a master limited partnership which owns a 99% interest in us. Icahn Enterprises G.P. Inc., our sole 1% general partner, is a Delaware corporation which is owned and controlled by Carl C. Icahn. As of December 31, 2018, Icahn Enterprises Holdings is engaged in the following continuing operating businesses: Investment, Energy, Automotive, Food Packaging, Metals, Real Estate, Home Fashion and Mining. For the years ended December 31, 2018, 2017 and 2016, Icahn Enterprises Holdings received $238 million, $509 million and $421 million, respectively, in dividends and distributions from consolidated subsidiaries. The condensed financial statements of Icahn Enterprises Holdings should be read in conjunction with the consolidated financial statements and notes thereto included in Item 8 of this Report. 2. Debt. See Note 10, “Debt,” to the consolidated financial statements located in Item 8 of this Report. Icahn Enterprises Holdings' Parent company debt consists of the following:
3. Commitments and Contingencies. See Note 17, “Commitments and Contingencies,” to the consolidated financial statements.
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Basis of Presentation and Summary of Significant Accounting Policies (Policies) |
12 Months Ended |
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Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |
Consolidation, Policy [Policy Text Block] | Principles of ConsolidationAs of December 31, 2018, our consolidated financial statements include the accounts of (i) Icahn Enterprises and Icahn Enterprises Holdings and (ii) the wholly and majority owned subsidiaries of Icahn Enterprises and Icahn Enterprises Holdings, in addition to variable interest entities ("VIEs") in which we are the primary beneficiary. In evaluating whether we have a controlling financial interest in entities that we consolidate, we consider the following: (1) for voting interest entities, including limited partnerships and similar entities that are not VIEs, we consolidate these entities in which we own a majority of the voting interests; and (2) for VIEs, we consolidate these entities in which we are the primary beneficiary. See below for a discussion of our VIEs. Kick-out rights, which are the rights underlying the limited partners' ability to dissolve the limited partnership or otherwise remove the general partners, held through voting interests of partnerships and similar entities that are not VIEs are considered the equivalent of the equity interests of corporations that are not VIEs. |
Held for sale policy [Policy Text Block] | Discontinued Operations and Held For Sale We classify assets and liabilities as held for sale when management, having the authority to approve the action, commits to a plan to sell the disposal group, the sale is probable within one year, and the disposal group is available for immediate sale in its present condition. We also consider whether an active program to locate a buyer has been initiated, whether the disposal group is marketed actively for sale at a price that is reasonable in relation to its current fair value, and whether actions required to complete the plan indicate it is unlikely significant changes to the plan will be made or the plan will be withdrawn. In accordance with U.S. GAAP, we classify operations as discontinued when they meet all the criteria to be classified as held for sale and when the sale represents a strategic shift that will have a major impact on our financial condition and results of operations.
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Use of Estimates, Policy [Policy Text Block] | Use of Estimates in Preparation of Financial StatementsThe preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the period. Due to the inherent uncertainty involved in making estimates, actual results may differ from the estimates and assumptions used in preparing the consolidated financial statements. |
Reclassification, Policy [Policy Text Block] | Reclassifications In connection with our adoption of Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") No. 2016-18, Restricted Cash, as discussed below, our net cash provided by operating activities for the years ended December 31, 2017 and 2016 was decreased by $19 million and $446 million, respectively. In connection with our adoption of FASB ASU No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, as discussed below, we decreased our selling, general and administrative costs by $4 million and $4 million and decreased other income, net by $4 million and $4 million for the years ended December 31, 2017 and 2016, respectively. Certain reclassifications have been made within the consolidated statements of operations to include gain (loss) on derivatives within cost of goods sold for our Energy segment. Prior year balances have been reclassified to conform to the current year presentation. The reclassifications of losses on derivatives from other income, net to costs of goods sold were $70 million and $19 million for the years ended December 31, 2017 and 2016, respectively. These reclassifications did not have an impact on previously reported net income. We have recasted certain historical results for discontinued operations, which we disclose in Note 13, "Discontinued Operations." In addition, certain other reclassifications from the prior year presentation have been made to conform to the current year presentation, which did not have an impact on previously reported net income and equity and are not deemed material.
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Consolidation, Variable Interest Entity, Policy [Policy Text Block] | Consolidated Variable Interest Entities The following is a discussion of variable interest entities in which we are deemed to be the primary beneficiary and in which we therefore consolidate. In addition, as discussed in Note 3, "Related Party Transactions," we have a variable interest in an entity in which we are not the primary beneficiary and therefore we do not consolidate. Icahn Enterprises Holdings We determined that Icahn Enterprises Holdings is a VIE because it lacks both substantive kick-out and participating rights. Icahn Enterprises is the primary beneficiary of Icahn Enterprises Holdings principally based on its 99% limited partner interest in Icahn Enterprises Holdings and therefore continues to consolidate Icahn Enterprises Holdings. The consolidated financial statements of Icahn Enterprises Holdings are included in this Report. The balances with respect to Icahn Enterprises Holdings' consolidated VIEs are discussed below, comprising the Investment Funds, CVR Refining, CVR Partners and Viskase. Investment We determined that each of the Investment Funds are considered VIEs because these limited partnerships lack both substantive kick-out and participating rights. Because we have a general partner interest in each of the Investment Funds and have significant limited partner interests in each of the Investment Funds, coupled with our significant exposure to losses and benefits in each of the Investment Funds, we are the primary beneficiary of each of the Investment Funds and therefore continue to consolidate each of the Investment Funds. Energy CVR Refining and CVR Partners are each considered VIEs because each of these limited partnerships lack both substantive kick-out and participating rights. In addition, CVR Energy also concluded that, based upon its general partner's roles and rights in CVR Refining and CVR Partners as afforded by their respective partnership agreements, coupled with its exposure to losses and benefits in each of CVR Refining and CVR Partners through its significant limited partner interests, intercompany credit facilities and services agreements, it is the primary beneficiary of both CVR Refining and CVR Partners. Based upon this evaluation, CVR Energy continues to consolidate both CVR Refining and CVR Partners. Food Packaging Viskase holds a variable interest in a joint venture for which Viskase is the primary beneficiary. Viskase's interest in the joint venture includes a 50% equity interest and also relates to the sales, operations, administrative and financial support to the joint venture through providing many of the assets used in its business.
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Business Combinations Policy [Policy Text Block] | Acquisitions of Businesses We account for business combinations under the acquisition method of accounting (other than acquisitions of businesses under common control), which requires us to recognize separately from goodwill the assets acquired and the liabilities assumed at their acquisition date fair values. While we use our best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date as well as contingent consideration, where applicable, our estimates are inherently uncertain and subject to refinement. Accounting for business combinations requires us to make significant estimates and assumptions, especially at the acquisition date including our estimates for intangible assets, contractual obligations assumed, pre-acquisition contingencies, and contingent consideration, where applicable. In valuing our acquisitions, we estimate fair values based on industry data and trends and by reference to relevant market rates and transactions, and discounted cash flow valuation methods, among other factors. The discount rates used were commensurate with the inherent risks associated with each type of asset and the level and timing of cash flows appropriately reflect market participant assumptions. The primary items that generate goodwill include the value of the synergies between the acquired company and our existing businesses and the value of the acquired assembled workforce, neither of which qualifies for recognition as an intangible asset.
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Common control acquisitions and dispositions [Policy Text Block] | Acquisition, Investments and Disposition of Entities under Common ControlAcquisitions or investments of entities under common control are reflected in a manner similar to pooling of interests. The general partner's capital account or non-controlling interests, as applicable, are charged or credited for the difference between the consideration we pay for the entity and the related entity's basis prior to our acquisition or investment. Net gains or losses of an acquired entity prior to its acquisition or investment date are allocated to the general partner's capital account or non-controlling interests, as applicable. In allocating gains and losses upon the sale of a previously acquired common control entity, we allocate a gain or loss for financial reporting purposes by first restoring the general partner's capital account or non-controlling interests, as applicable, for the cumulative charges or credits relating to prior periods recorded at the time of our acquisition or investment and then allocating the remaining gain or loss ("Common Control Gains or Losses") among our general partner, limited partners and non-controlling interests, as applicable, in accordance with their respective ownership percentages. In the case of acquisitions of entities under common control, such Common Control Gains or Losses are allocated in accordance with their respective partnership percentages under the Amended and Restated Agreement of Limited Partnership dated as of May 12, 1987, as amended from time to time (together with the partnership agreement of Icahn Enterprises Holdings, the “Partnership Agreement”) (i.e., 98.01% to the limited partners and 1.99% to the general partner). |
Statement of cash flow, policy [Policy Text Block] | Cash FlowCash and cash equivalents and restricted cash and restricted cash equivalents in our consolidated statements of cash flows is comprised of (i) cash and cash equivalents and (ii) cash held at consolidated affiliated partnerships and restricted cash. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash EquivalentsWe consider short-term investments, which are highly liquid with original maturities of three months or less at date of purchase, to be cash equivalents. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Held at Consolidated Affiliated Partnerships and Restricted Cash Our cash held at consolidated affiliated partnerships balance was $2,648 million and $192 million as of December 31, 2018 and December 31, 2017, respectively. Cash held at consolidated affiliated partnerships relates to our Investment segment and consists of cash and cash equivalents held by the Investment Funds that, although not legally restricted, is not available to fund the general liquidity needs of the Investment segment or Icahn Enterprises. Our restricted cash balance was $34 million and $555 million as of December 31, 2018 and December 31, 2017, respectively. Restricted cash includes, but is not limited to, our Investment segment's cash pledged and held for margin requirements on derivative transactions.
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Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value Option for Financial Assets and Financial LiabilitiesThe fair value option gives entities the option to measure eligible financial assets, financial liabilities and firm commitments at fair value (i.e., the fair value option), on an instrument-by-instrument basis, that are otherwise not permitted to be accounted for at fair value pursuant to the provisions of FASB Accounting Standards Codification ("ASC") Topic 825, Financial Instruments. The election to use the fair value option is available when an entity first recognizes a financial asset or financial liability or upon entering into a firm commitment. Subsequent changes in fair value must be recorded in earnings. In estimating the fair value for financial instruments for which the fair value option has been elected, we use the valuation methodologies in accordance to where the financial instruments are classified within the fair value hierarchy as discussed in Note 5, “Fair Value Measurements.” For our Investment segment, we apply the fair value option to our investments that would otherwise be accounted under the equity method. |
Derivatives, Policy [Policy Text Block] | DerivativesFrom time to time, our subsidiaries enter into derivative contracts, including purchased and written option contracts, swap contracts, futures contracts and forward contracts. U.S. GAAP requires recognition of all derivatives as either assets or liabilities in the balance sheet at their fair value. The accounting for changes in fair value depends on the intended use of the derivative and its resulting designation. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation. Gains and losses related to a hedge are either recognized in income immediately to offset the gain or loss on the hedged item or are deferred and reported as a component of accumulated other comprehensive loss and subsequently recognized in earnings when the hedged item affects earnings. The change in fair value of the ineffective portion of a financial instrument, determined using the hypothetical derivative method, is recognized in earnings immediately. The gain or loss related to financial instruments that are not designated as hedges are recognized immediately in earnings. Cash flows related to hedging activities are included in the operating section of the consolidated statements of cash flows. For further information regarding our derivative contracts, see Note 6, “Financial Instruments |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Accounts Receivable, NetAccounts receivable, net consists of trade receivables from customers, including contract assets when we have an unconditional right to receive consideration. An allowance for doubtful accounts is determined through analysis of the aging of accounts receivable at the date of the consolidated financial statements, assessments of collectability based on an evaluation of historic and anticipated trends, the financial condition of our customers, and an evaluation of the impact of economic conditions. Our allowance for doubtful accounts is an estimate based on specifically identified accounts as well as general reserves based on historical experience. |
Property, Plant and Equipment, Policy [Policy Text Block] | Long-Lived Assets Long-lived assets such as property, plant, and equipment, and definite-lived intangible assets are recorded at cost or fair value established at acquisition, less accumulated depreciation or amortization, unless the expected future use of the assets indicate a lower value is appropriate. Long-lived asset groups are evaluated for impairment when impairment indicators exist. If the carrying value of a long-lived asset group is impaired, an impairment charge is recorded for the amount by which the carrying value of the long-lived asset group exceeds its fair value. Depreciation and amortization are computed principally by the straight-line method for financial reporting purposes. Land and construction in progress are stated at the lower of cost or net realizable value. Interest is capitalized on expenditures for long-term projects until a salable or ready-for-use condition is reached. The interest capitalization rate is based on the interest rate on specific borrowings to fund the projects.
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Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Indefinite-Lived Intangible AssetsGoodwill and indefinite-lived intangible assets primarily include trademarks and brand names acquired in acquisitions. For a complete discussion of the impairment of goodwill and indefinite-lived intangible assets related to our various segments, see Note 8, “Goodwill and Intangible Assets, Net.” |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Goodwill Goodwill is determined as the excess of fair value over amounts attributable to specific tangible and intangible assets. Goodwill is reviewed for impairment annually, or more frequently if impairment indicators exist. An impairment exists when a reporting unit’s carrying value exceeds its fair value. When performing the goodwill impairment testing, a reporting units’ fair value is based on valuation techniques using the best available information, primarily discounted cash flows projections, guideline transaction multiples, and multiples of current and future earnings. The impairment charge, if any, is the excess of the tested reporting unit's carrying value over its fair value, limited to the total amount of goodwill allocated to the tested reporting unit. Indefinite-Lived Intangible Assets Indefinite-lived intangible assets are stated at fair value established at acquisition or cost. These indefinite-lived intangible assets are reviewed for impairment annually, or more frequently if impairment indicators exist. An impairment exists when a trademark or brand names' carrying value exceeds its fair value. The fair values of these assets are based upon the prospective stream of hypothetical after-tax royalty cost savings discounted at rates that reflect the rates of return appropriate for these intangible assets. The impairment charge, if any, is the excess of the assets carrying value over its fair value.
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Pension and Other Postretirement Plans, Policy [Policy Text Block] | Pension and Other Post-Retirement Benefit Plan Obligations Post-retirement benefit liabilities were $77 million and $80 million as of December 31, 2018 and 2017, respectively, and are included in accrued expenses and other liabilities in our consolidated balance sheets. Appropriate actuarial methods and assumptions are used in accounting for defined benefit pension plans and other post-retirement benefit plans. These assumptions include long-term rate of return on plan assets, discount rates and other factors. Actual results that differ from the assumptions used are accumulated and amortized over future periods. Therefore, assumptions used to calculate benefit obligations as of the end of the year directly impact the expense to be recognized in future periods. The measurement date for all defined benefit plans is December 31 of each year.
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General partnership policy [Policy Text Block] | General Partnership Interest of Icahn Enterprises and Icahn Enterprises Holdings The general partner's capital account generally consists of its cumulative share of our net income less cash distributions plus capital contributions. Additionally, in acquisitions of common control companies accounted for at historical cost similar to a pooling of interests, the general partner's capital account would be charged (or credited) in a manner similar to a distribution (or contribution) for the excess (or deficit) of the fair value of consideration paid over historical basis in the business acquired. Capital Accounts, as defined under the Partnership Agreement, are maintained for our general partner and our limited partners. The capital account provisions of our Partnership Agreement incorporate principles established for U.S. federal income tax purposes and are not comparable to the equity accounts reflected under U.S. GAAP in our consolidated financial statements. Under our Partnership Agreement, the general partner is required to make additional capital contributions to us upon the issuance of any additional depositary units in order to maintain a capital account balance equal to 1.99% (1% in the case of Icahn Enterprises Holdings) of the total capital accounts of all partners. Generally, net earnings for U.S. federal income tax purposes are allocated 1.99% (1% in the case of Icahn Enterprises Holdings) and 98.01% (99% in the case of Icahn Enterprises Holdings) between the general partner and the limited partners, respectively, in the same proportion as aggregate cash distributions made to the general partner and the limited partners during the period. This is generally consistent with the manner of allocating net income under our Partnership Agreement; however, it is not comparable to the allocation of net income reflected in our consolidated financial statements. Pursuant to the Partnership Agreement, in the event of our dissolution, after satisfying our liabilities, our remaining assets would be divided among our limited partners and the general partner in accordance with their respective percentage interests under the Partnership Agreement. If a deficit balance still remains in the general partner's capital account after all allocations are made between the partners, the general partner would not be required to make whole any such deficit.
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Earnings Per Share, Policy [Policy Text Block] | Basic and Diluted Income Per LP Unit For Icahn Enterprises, basic income (loss) per LP unit is based on net income or loss attributable to Icahn Enterprises allocated to limited partners. Net income or loss allocated to limited partners is divided by the weighted-average number of LP units outstanding. Diluted income (loss) per LP unit, when applicable, is based on basic income (loss) adjusted for the potential effect of dilutive securities as well as the related weighted-average number of units and equivalent units outstanding. For accounting purposes, when applicable, earnings prior to dates of acquisitions of entities under common control are excluded from the computation of basic and diluted income per LP unit as such earnings are allocated to our general partner.
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Income Tax, Policy [Policy Text Block] | Income Taxes Except as described below, no provision has been made for federal, state, local or foreign income taxes on the results of operations generated by partnership activities, as such taxes are the responsibility of the partners. Provision has been made for federal, state, local or foreign income taxes on the results of operations generated by our corporate subsidiaries and these are reflected within continuing and discontinued operations. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred tax assets are limited to amounts considered to be realizable in future periods. A valuation allowance is recorded against deferred tax assets if management does not believe that we have met the “more-likely-than-not” standard to allow recognition of such an asset. U.S. GAAP provides that the tax effects from an uncertain tax position can be recognized in the financial statements only if the position is “more-likely-than-not” to be sustained if the position were to be challenged by a taxing authority. The assessment of the tax position is based solely on the technical merits of the position, without regard to the likelihood that the tax position may be challenged. If an uncertain tax position meets the “more-likely-than-not” threshold, the largest amount of tax benefit that is greater than 50 percent likely to be recognized upon ultimate settlement with the taxing authority is recorded. See Note 14, “Income Taxes,” for additional information.
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Environmental Costs, Policy [Policy Text Block] | Environmental Liabilities We recognize environmental liabilities when a loss is probable and reasonably estimable. Estimates of these costs are based upon currently available facts, internal and third-party assessments of contamination, available remediation technology, site-specific costs, and currently enacted laws and regulations. In reporting environmental liabilities, no offset is made for potential recoveries. Loss contingency accruals, including those for environmental remediation, are subject to revision as further information develops or circumstances change, and such accruals can take into account the legal liability of other parties. Environmental expenditures are capitalized at the time of the expenditure when such costs provide future economic benefits.
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Commitments and Contingencies, Policy [Policy Text Block] | LitigationOn an ongoing basis, we assess the potential liabilities related to any lawsuits or claims brought against us. While it is typically very difficult to determine the timing and ultimate outcome of such actions, we use our best judgment to determine if it is probable that we will incur an expense related to the settlement or final adjudication of such matters and whether a reasonable estimation of such probable loss, if any, can be made. In assessing probable losses, we make estimates of the amount of insurance recoveries, if any. We accrue a liability when we believe a loss is probable and the amount of loss can be reasonably estimated. Due to the inherent uncertainties related to the eventual outcome of litigation and potential insurance recovery, it is possible that certain matters may be resolved for amounts materially different from any provisions or disclosures that we have previously made. |
New Accounting Pronouncements, Policy [Policy Text Block] | Adoption of New Accounting Standards Revenue Accounting Standards Updates In May 2014, the FASB issued ASU No. 2014-09, creating a new topic, FASB ASC Topic 606, Revenue from Contracts with Customers, superseding revenue recognition requirements in FASB ASC Topic 605, Revenue Recognition. This ASU requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. In addition, an entity is required to disclose sufficient information to enable users of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. This ASU was amended by ASU No. 2015-14, issued in August 2015, which deferred the original effective date by one year; the effective date of this ASU is for fiscal years, and interim reporting periods within those years, beginning after December 15, 2017, using one of two retrospective application methods. In addition, the FASB issued other amendments during 2016 and 2017 to FASB ASC Topic 606 that include implementation guidance to principal versus agent considerations, guidance to identifying performance obligations and licensing guidance and other narrow scope improvements. We adopted these new standards on January 1, 2018 using the modified retrospective application method which required a cumulative effect adjustment recognized in equity at such date. The standard has been applied to all contracts at the date of initial application. No adjustment to revenue for periods prior to adoption were required. We have not identified any material differences in our revenue recognition methods that required modification under the new standards. Additionally, our internal control framework did not materially change as a result of the adoption of these new standards. The impact of adopting these new standards on our consolidated financial statements is a cumulative effect adjustment to decrease our equity attributable to Icahn Enterprises and Icahn Enterprises Holdings as of January 1, 2018 by $29 million, primarily relating to our Automotive segment. As of January 1, 2018, our Energy segment increased each of accounts receivable, net and accrued expenses and other liabilities by $21 million for customer prepayments prior to delivery and to gross up certain fees collected from customers to reflect a receivable and deferred revenue recorded at the point in time in which a prepaid contract is legally enforceable and the associated right to consideration is unconditional. Previously, deferred revenue was recorded by our Energy segment upon customer prepayment. As of January 1, 2018, our Automotive segment increased accrued expenses and other liabilities by $42 million and decreased deferred tax liabilities by $10 million for certain extended warranties to reflect the revenues from these plans as deferred revenue. Previously, revenues from these plans were recognized upfront. Our Automotive segment also recognizes revenue from the sale of goods on a drop ship basis. Previously, revenues from these transactions were recognized gross. For the year ended December 31, 2018, net sales and cost of goods sold would have been higher by $62 million and $62 million, respectively, under prior accounting principles. In addition to the above, we increased assets by an aggregate of $32 million and increased liabilities by $29 million as of January 1, 2018, primarily with respect to Federal-Mogul's asset and liabilities classified as held for sale. For the year ended December 31, 2018, the impact on revenues would have been immaterial under prior accounting principles. Other Accounting Standards Updates In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments - Overall, which amends FASB ASC Topic 825, Financial Instruments. This ASU requires that equity investments (except those accounted for under the equity method of accounting or those that result in the consolidation of the investee) to be measured at fair value with changes recognized in earnings. However, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment. In addition, there were other amendments to certain disclosure and presentation matters pertaining to financial instruments, including the requirement of an entity to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. This ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. We adopted this new standard on January 1, 2018 using the modified retrospective application method which required a cumulative effect adjustment recognized in equity at such date. The amendments related to equity securities without readily determinable fair values were applied prospectively to equity investments that existed as of the date of adoption. The adoption of this standard did not have a material impact on our consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments, which amends FASB ASC Topic 230, Statement of Cash Flows. This ASU seeks to reduce the diversity currently in practice by providing guidance on the presentation of eight specific cash flow issues in the statement of cash flows. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. We adopted this standard on January 1, 2018 using the retrospective application method. The adoption of this standard did not have a material impact on our consolidated statements of cash flows. In November 2016, the FASB issued ASU No. 2016-18, Restricted Cash, which amends FASB ASC Topic 230, Statement of Cash Flows. This ASU requires that the statement of cash flows explain the change during the period total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. We have adopted this standard on January 1, 2018 using the retrospective application method. The impact of adopting this new standard is discussed above under "Reclassifications." In March 2017, the FASB issued ASU No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which amends FASB ASC Topic 715, Compensation - Retirement Benefits. This ASU requires entities to present the service cost component of net periodic benefit cost in the same line item or items in the financial statements as other compensation costs arising from services rendered by the pertinent employees during the period. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. We adopted this standard on January 1, 2018 using the retrospective application method. The impact of adopting this new standard is discussed above under "Reclassifications." In May 2017, the FASB issued ASU No. 2017-09, Scope of Modification Accounting, which amends FASB ASC Topic 718, Compensation - Stock Compensation. This ASU provides updated guidance about which changes to the terms and conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. We adopted this standard on January 1, 2018 which has been applied prospectively and which did not have a material impact on our consolidated financial statements.
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Description of New Accounting Pronouncements Not yet Adopted [Text Block] | Recently Issued Accounting Standards In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which supersedes FASB ASC Topic 840, Leases. This ASU requires the recognition of right-of-use assets and lease liabilities by lessees for those leases classified as operating leases under previous guidance. In addition, among other changes to the accounting for leases, this ASU retains the distinction between finance leases and operating leases. The classification criteria for distinguishing between finance leases and operating leases are substantially similar to the classification criteria for distinguishing between capital leases and operating leases in the previous guidance. Furthermore, quantification and qualitative disclosures, including disclosures regarding significant judgments made by management, will be required. This ASU is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The amendments in this ASU should be applied using a modified retrospective approach. Early application is permitted. In addition, in July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842), which provides an additional (and optional) transition method to adopt the new leases standard. We have developed an implementation plan to adopt the new leases standard using the new transition method option effective January 1, 2019, which will require adopting the new leases standard at the adoption date and recognizing a cumulative-effect adjustment to the opening balance of equity in the period of adoption instead of the earliest period presented. In addition, prior period presentation and disclosure will not be adjusted after adoption. The most significant impact will relate to the recognition of right-of-use assets and lease liabilities on our consolidated balance sheets for long-term operating leases with the significant majority of the impact within our Automotive segment. Our Automotive segment has identified approximately 2,300 leases, primarily for real estate, and estimates recognizing right-of-use assets of $639 million and related liabilities of $674 million as of January 1, 2019. Our Energy segment estimates recognizing right-of-use assets and liabilities of $53 million, in addition to the recognition of finance lease assets and obligations of $26 million, as of January 1, 2019. The aggregate impact of all other segments is not material. In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments, which amends FASB ASC Topic 326, Financial Instruments - Credit Losses. This ASU requires financial assets measured at amortized cost to be presented at the net amount to be collected and broadens the information, including forecasted information incorporating more timely information, that an entity must consider in developing its expected credit loss estimate for assets measured. This ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early application is permitted for fiscal years beginning after December 15, 2018. We are currently evaluating the impact of this standard on our consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities, which amends FASB ASC Topic 815, Derivatives and Hedging. This ASU includes amendments to existing guidance to better align an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. This ASU is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact of this standard on our consolidated financial statements. In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which amends FASB ASC Topic 220, Income Statement - Reporting Comprehensive Income. This ASU allows a reclassification out of accumulated other comprehensive loss within equity for standard tax effects resulting from the Tax Cuts and Jobs Act and consequently, eliminates the stranded tax effects resulting from the Tax Cuts and Jobs Act. This ASU is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact of this standard on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurements, which amends FASB ASC Topic 820, Fair Value Measurements. This ASU eliminates, modifies and adds various disclosure requirements on fair value measurements. This ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Certain disclosures are required to be applied using a retrospective approach and others using a prospective approach. Early adoption is permitted. We are currently evaluating the impact of this standard on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract, which amends FASB ASC Subtopic 350-40, Intangibles-Goodwill and Other-Internal-Use Software. This ASU adds certain disclosure requirements related to implementation costs incurred for internal-use software and cloud computing arrangements. The amendment aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). This ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The amendments in this ASU should be applied either using a retrospective or prospective approach. Early adoption is permitted. We are currently evaluating the impact of this standard on our consolidated financial statements.
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Investment Segment | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |
Investment, Policy [Policy Text Block] | Investment Investment Transactions and Related Investment Income (Loss). Investment transactions of the Investment Funds are recorded on a trade date basis. Realized gains or losses on sales of investments are based on the first-in, first-out or the specific identification method. Realized and unrealized gains or losses on investments are recorded in the consolidated statements of operations. Interest income and expenses are recorded on an accrual basis and dividends are recorded on the ex-dividend date. Premiums and discounts on fixed income securities are amortized using the effective yield method. Investments held by the Investment segment are carried at fair value. Our Investment segment applies the fair value option to those investments that are otherwise subject to the equity method. Valuation of Investments. Securities of the Investment Funds that are listed on a securities exchange are valued at their last sales price on the primary securities exchange on which such securities are traded on such date. Securities that are not listed on any exchange but are traded over-the-counter are valued at the mean between the last “bid” and “ask” price for such security on such date. Securities and other instruments for which market quotes are not readily available are valued at fair value as determined in good faith by the Investment Funds.
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Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Transactions. The books and records of the Investment Funds are maintained in U.S. dollars. Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the rate of exchange in effect at the balance sheet date. Transactions during the period denominated in currencies other than U.S. dollars are translated at the rate of exchange applicable on the date of the transaction. Foreign currency translation gains and losses are recorded in the consolidated statements of operations. The Investment Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities. Such fluctuations are reflected in net gain (loss) from investment activities in the consolidated statements of operations. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Values of Financial Instruments. The fair values of the Investment Funds' assets and liabilities that qualify as financial instruments under applicable U.S. GAAP approximate the carrying amounts presented in the consolidated balance sheets. |
Securities sold, not yet purchased [Policy Text Block] | Securities Sold, Not Yet Purchased. The Investment Funds may sell an investment they do not own in anticipation of a decline in the fair value of that investment. When the Investment Funds sell an investment short, they must borrow the investment sold short and deliver it to the broker-dealer through which they made the short sale. A gain, limited to the price at which the Investment Funds sold the investment short, or a loss, unlimited in amount, will be recognized upon the cover of the short sale. |
Due to and from Broker [Policy Text Block] | Due From Brokers. Due from brokers represents cash balances with the Investment Funds' clearing brokers. These funds as well as fully-paid for and marginable securities are essentially restricted to the extent that they serve as collateral against securities sold, not yet purchased. Due from brokers may also include unrestricted balances with derivative counterparties. Due To Brokers. Due to brokers represents margin debit balances collateralized by certain of the Investment Funds' investments in securities. |
Allocation of profits and losses in consolidated affiliated partnerships [Policy Text Block] | Allocation of Net Profits and Losses in Consolidated Affiliated Partnerships Net investment income and net realized and unrealized gains and losses on investments of the Investment Funds are allocated to the respective partners of the Investment Funds based on their percentage ownership in such Investment Funds on a monthly basis. Except for our limited partner interest, such allocations made to the limited partners of the Investment Funds are represented as non-controlling interests in our consolidated statements of operations.
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Energy Segment | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |
Inventory, Policy [Policy Text Block] | EnergyOur Energy segment inventories consist primarily of domestic and foreign crude oil, blending stock and components, work in progress, fertilizer products, and refined fuels and by-products. Inventories are valued at the lower of FIFO cost, or net realizable value for fertilizer products, refined fuels and by-products for all periods presented. Refinery unfinished and finished products inventory values were determined using the ability-to-bear process, whereby raw materials and production costs are allocated to work-in-process and finished goods based on their relative fair values. Other inventories, including other raw materials, spare parts and supplies, are valued at the lower of moving-average cost, which approximates FIFO, or net realizable value. The cost of inventories includes inbound freight costs. |
Property, Plant and Equipment, Planned Major Maintenance Activities, Policy [Policy Text Block] | Energy The direct-expense method of accounting is used for planned major maintenance activities. Maintenance costs are recognized as expense when maintenance services are performed. Planned major maintenance activities for CVR Energy's nitrogen plant generally occur every two to three years. The required frequency of planned major maintenance activities varies by unit for the refineries, but generally is every four to five years. For the years ended December 31, 2018, 2017, and 2016, our Energy segment recorded an aggregate of $10 million, $83 million and $38 million, respectively, in turnaround expenses related to its refineries and nitrogen fertilizer plants.
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Revenue Recognition, Policy [Policy Text Block] | Energy Revenue: Our Energy segment revenues from the sale of petroleum products are recorded upon delivery of the products to customers, which is the point at which title is transferred and the customer has assumed the risk of loss. This generally takes place as product passes into the pipeline, as a product transfer order occurs within a pipeline system, or as product enters equipment or locations supplied or designated by the customer. For our Energy segment's nitrogen fertilizer products sold, revenues are recorded at the point in time at which the customer obtains control of the product, which is generally upon delivery and acceptance by the customer. Nitrogen fertilizer products are sold on a wholesale basis under a contract or by purchase order. Excise and other taxes collected from customers and remitted to governmental authorities by our Energy segment are not included in reported revenues. The petroleum business' contracts with its customers state the terms of the sale, including the description, quantity, and price of each product sold. Depending on the product sold, payment from customers is generally due in full within 2 to 30 days of product delivery or invoice date. Many of the petroleum business' contracts have index-based pricing which is considered variable consideration that should be estimated in determining the transaction price. Our Energy segment determined that it does not need to estimate the variable consideration because the uncertainty related to the consideration is resolved on the pricing date or the date when the product is delivered. The nitrogen fertilizer business has an immaterial amount of variable consideration for contracts with an original duration of less than a year. A small portion of the nitrogen fertilizer partnership's revenue includes contracts extending beyond one year and contain variable pricing in which the majority of the variability is attributed to the market-based pricing. The nitrogen fertilizer business' contracts do not contain a significant financing component.
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Shipping and Handling Cost, Policy [Policy Text Block] | EnergyShipping Costs: Our Energy segment's pass-through finished goods delivery costs reimbursed by customers are reported in net sales, while an offsetting expense is included in cost of goods sold. |
Automotive Segment | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |
Revenue Recognition, Policy [Policy Text Block] | AutomotiveRevenue: Our Automotive segment recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer. Our Automotive segment revenue from retail and commercial parts sales is measured based on consideration specified in a contract with a customer and excludes any sales incentives and amounts collected on behalf of third parties. Automotive service revenues are recognized on completion of the service and consist of products and the labor charged for installing products or maintaining or repairing vehicles. Automotive services labor revenues are included in other revenues from operations in our consolidated statements of operations, however, the sale of any installed parts or materials related to automotive services are included in net sales. Our Automotive segment recognizes revenues from extended warranties offered to its customers on tires its sells, including lifetime warranties for road hazard assistance (recognized over 3 years) and 1-year, 3-year and lifetime plans for alignments (recognized over 1 year, 3 years and 5 years, respectively), for which it receives payment upfront. Revenues from extended warranties are recognized over the term of the warranty contract with the satisfaction of its performance obligations measured using the output method. Our Automotive segment recognizes revenues from franchise fees, which it receives payment upfront, and franchise royalties, for which it receives payment over time. Revenues from upfront franchise fees are recognized at the time the store opens, as that is when our Automotive segment's performance obligations are deemed complete, and revenues from franchise royalties are recognized in the period in which royalties are earned, generally based on a percentage of franchise sales. |
Shipping and Handling Cost, Policy [Policy Text Block] | Automotive Shipping Costs: Our Automotive segment recognizes shipping and handling costs as incurred and is included in selling, general and administrative in the consolidated statements of operations for its commercial and retail parts businesses. |
Food Packaging Segment | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |
Revenue Recognition, Policy [Policy Text Block] | Food PackagingOur Food Packaging segment revenues are recognized at the time products are shipped to the customer, under F.O.B. shipping point or F.O.B. port terms, which is the point at which title is transferred, the customer has the assumed risk of loss, and payment has been received or collection is reasonably assumed. Revenues are net of discounts, rebates and allowances. Viskase records all labor, raw materials, in-bound freight, plant receiving and purchasing, warehousing, handling and distribution costs as a component of costs of goods sold. |
Metals Segment | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |
Inventory, Policy [Policy Text Block] | MetalsOur Metals segment inventories are stated at the lower of cost or market. Cost is determined using the average cost method. The production and accounting process utilized by our Metals segment to record recycled metals inventory quantities relies on significant estimates. Our Metals segment relies upon perpetual inventory records that utilize estimated recoveries and yields that are based upon historical trends and periodic tests for certain unprocessed metal commodities. Over time, these estimates are reasonably good indicators of what is ultimately produced; however, actual recoveries and yields can vary depending on product quality, moisture content and source of the unprocessed metal. To assist in validating the reasonableness of the estimates, our Metals segment performs periodic physical inventories which involve the use of estimation techniques. Physical inventories may detect significant variations in volume, but because of variations in product density and production processes utilized to manufacture the product, physical inventories will not generally detect smaller variations. To help mitigate this risk, our Metals segment adjusts its physical inventories when the volume of a commodity is low and a physical inventory can more accurately estimate the remaining volume. |
Revenue Recognition, Policy [Policy Text Block] | MetalsOur Metals segment's primary source of revenue is from the sale of processed ferrous scrap metal, non-ferrous scrap metals, steel pipe and steel plate. PSC Metals also generates revenues from sales of secondary plate and pipe, the brokering of scrap metals and from services performed. All sales are recognized when title passes to the customer. Revenues from services are recognized as the service is performed. Sales adjustments related to price and weight differences are reflected as a reduction of revenues when settled. |
Real Estate Segment | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition: Revenue from real estate sales and related costs are recognized at the time of closing primarily by specific identification. Substantially all of the property comprising our net lease portfolio is leased to others under long-term net leases and we account for these leases in accordance with applicable U.S. GAAP. We account for our leases as follows: (i) under the financing method, (x) minimum lease payments to be received plus the estimated value of the property at the end of the lease are considered the gross investment in the lease and (y) unearned income, representing the difference between gross investment and actual cost of the leased property, is amortized to income over the lease term so as to produce a constant periodic rate of return on the net investment in the lease; and (ii) under the operating method, revenue is recognized as rentals become due, and expenses (including depreciation) are charged to operations as incurred. |
Home Fashion Segment | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |
Revenue Recognition, Policy [Policy Text Block] | Home FashionOur Home Fashion segment records revenue upon delivery and when title is transferred and the customer has assumed the risk of loss. Unless otherwise agreed in writing, title and risk of loss pass from WPH to the customer when WPH delivers the merchandise to the designated point of delivery, to the designated point of destination or to the designated carrier, free on board. Provisions for certain rebates, sales incentives, product returns and discounts to customers are recorded in the same period the related revenue is recorded. |
Revenue Recognition, Incentives [Policy Text Block] | Home FashionOur Home Fashion segment records revenue upon delivery and when title is transferred and the customer has assumed the risk of loss. Unless otherwise agreed in writing, title and risk of loss pass from WPH to the customer when WPH delivers the merchandise to the designated point of delivery, to the designated point of destination or to the designated carrier, free on board. Provisions for certain rebates, sales incentives, product returns and discounts to customers are recorded in the same period the related revenue is recorded. |
Mining Segment | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |
Inventory, Policy [Policy Text Block] | MiningOur Mining segment inventories are valued at the lower of cost or market. Cost includes all costs incurred in the normal course of business in bringing each product to its present location and condition, including direct materials and direct labor costs, and an allocation of production overheads based on normal production capacity. Cost is calculated using weighted average unit cost. |
Mining exploration and evaluation expenditures, Policy [Policy Text Block] | Mining The costs of acquiring mineral reserves and resources for our Mining segment are capitalized in the consolidated balance sheets as incurred. Capitalized mineral reserves and mine development expenditures are, upon commencement of commercial production, depreciated using a unit of production method based on the estimated economically recoverable reserves to which they relate, or are written off if abandoned. Exploration and evaluation expenditures relate to costs incurred in the exploration and evaluation of potential mineral reserves and include costs such as exploratory drilling, sample testing and the costs of feasibility studies. For our Mining segment, exploration and evaluation expenditures other than that acquired through the purchase of another mining company, are expensed as incurred. Purchased exploration and evaluation assets are recognized as assets at their cost of acquisition or at fair value if purchased as part of a business combination. Expenditures are transferred to mine development assets once the work completed supports the future development of the property, provided that technical feasibility and commercial viability studies have been successfully completed.
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Revenue Recognition, Policy [Policy Text Block] | MiningOur Mining segment recognizes revenue when title, ownership, and risk of loss pass to the customer, all of which occur upon shipment or delivery of the product and is based on the applicable shipping terms. Revenue is measured at the fair value of the consideration received or receivable, with any adjustments as a result of provisional pricing recorded against revenue. |
Other Segments and Holding Company | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |
Equity Method Investments [Policy Text Block] | Except for our Investment segment, for equity investments in which we own 50% or less but greater than 20%, we generally account for such investments using the equity method. All other equity investments are accounted for at fair value. |
Investment, Policy [Policy Text Block] | Other Segments and Holding CompanyInvestments in equity and debt securities are carried at fair value with the unrealized gains or losses reflected in the consolidated statements of operations. For purposes of determining gains and losses, the cost of securities is based on specific identification. Dividend income is recorded when declared and interest income is recognized when earned. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency TranslationExchange adjustments related to international currency transactions and translation adjustments for international subsidiaries whose functional currency is the U.S. dollar (principally those located in highly inflationary economies) are reflected in the consolidated statements of operations. Translation adjustments of international subsidiaries for which the local currency is the functional currency are reflected in the consolidated balance sheets as a component of accumulated other comprehensive income. Deferred taxes are not provided on translation adjustments, other than for intercompany loans not designated as permanently reinvested, as the earnings of the subsidiaries are considered to be permanently reinvested. |
Automotive, Food Packaging and Home Fashion Segments | |
Organization, Consolidation and Presentation of Financial Statements [Line Items] | |
Inventory, Policy [Policy Text Block] | Automotive, Food Packaging, and Home FashionOur Automotive, Food Packaging and Home Fashion segment inventories are stated at the lower of cost or market. Cost is determined by using the first-in, first-out basis method ("FIFO"), except for our Automotive segment, which also utilizes weighted-average cost and the last-in, first-out method for certain of its subsidiaries. Inventory recorded using the last-in, first-out method was $846 million and $900 million as of December 31, 2018 and 2017, respectively, all of which relates to finished goods. The cost of manufactured goods includes the cost of direct materials, labor and manufacturing overhead. Our Automotive, Food Packaging and Home Fashion segments reserve for estimated excess, slow-moving and obsolete inventory as well as inventory whose carrying value is in excess of net realizable value. |
Fair Value Measurements (Policies) |
12 Months Ended |
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Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Determination of when transfers between fair value levels occurs | In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the investments', non-financial assets' and/or liabilities' level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the investment. Significant transfers, if any, between the levels within the fair value hierarchy are recognized at the beginning of the reporting period when changes in circumstances require such transfers. |
Financial Instruments (Policies) |
12 Months Ended |
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Dec. 31, 2018 | |
Financial Instruments [Abstract] | |
Derivatives, Offsetting Fair Value Amounts, Policy [Policy Text Block] | Excludes netting of cash collateral received and posted. |
Goodwill and Intangible Assets, Net (Policies) |
12 Months Ended |
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Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | We utilize the straight-line method of amortization, recognized over the estimated useful lives of the assets. |
Segment and Geographic Reporting (Policies) |
12 Months Ended |
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Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting, Policy [Policy Text Block] | We report segment information based on the various industries in which our businesses operate and how we manage those businesses in accordance with our investment strategies, which may include: identifying and acquiring undervalued assets and businesses, often through the purchase of distressed securities; increasing value through management, financial or other operational changes; and managing complex legal, regulatory or financial issues, which may include bankruptcy or insolvency, environmental, zoning, permitting and licensing issues. Therefore, although many of our businesses are operated under separate local management, certain of our businesses are grouped together when they operate within a similar industry, comprising similarities in products, customers, production processes and regulatory environments, and when such businesses, when considered together, may be managed in accordance with one or more investment strategies specific to those businesses. Among other measures, we assess and measure segment operating results based on net income from continuing operations attributable to Icahn Enterprises and Icahn Enterprises Holdings. Certain terms of financings for certain of our businesses impose restrictions on the business' ability to transfer funds to us, including restrictions on dividends, distributions, loans and other transactions. |
Basis of Presentation and Summary of Significant Accounting Policies (Tables) |
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Schedule of Variable Interest Entities |
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Investments and Related Matters (Tables) |
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Investment |
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Fair Value Measurements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets measured at fair value on a recurring basis |
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Assets measured at fair value on a recurring basis for which we use Level 3 inputs to determine fair value |
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Financial Instruments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Derivative [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 in accordance with U.S GAAP:
The following table presents the amount of gain (loss) recognized in the consolidated statements of operations for our derivatives not designated as hedging instruments:
(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 cost of goods sold for our Energy segment. Gains (losses) recognized on derivatives for our Investment segment were $798 million, $(1,969) million and $(1,640) million for the years ended December 31, 2018, 2017 and 2016, respectively. Gains (losses) recognized on derivatives for our Energy segment were $146 million, $(70) million and $(19) million for the years ended December 31, 2018, 2017 and 2016, respectively.
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Derivative [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions |
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Inventories, Net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory, Current [Table Text Block] |
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Goodwill and Intangible Assets, Net (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill |
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Schedule of Definite-Lived and Infinite-Lived Intangible Assets |
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Schedule of Definite-Lived Intangible Assets, Future Amortization Expense |
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Property, Plant and Equipment, Net (Tables) |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Property, Plant and Equipment, Net |
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Debt (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments |
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Schedule of Maturities of Long-term Debt |
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Net Income Per LP Unit (Tables) |
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Earnings Per Unit [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Earnings Per LP Unit |
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Segment and Geographic Reporting (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Condensed Income Statement by Segment |
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Schedule of Condensed Financial Statements by Segment |
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Geographic Information |
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Energy Segment | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Table Text Block] |
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Automotive Segment | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Table Text Block] |
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Discontinued Operations (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Discontinued Operations. [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations [Table Text Block] |
As of December 31, 2018, assets and liabilities held for sale primarily consists of property, plant and equipment, net for operations not classified as discontinued operations. As of December 31, 2017, assets and liabilities held for sale were primarily related to discontinued operations, all of which were sold during 2018. Assets and liabilities held for sale as of December 31, 2017 consists of the following:
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Income Taxes (Tables) |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
difference in book basis and tax basis of net assets not subject to income taxes [Table Text Block] |
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Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] |
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Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] |
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Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] |
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Schedule of Deferred Tax Assets and Liabilities [Table Text Block] |
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Schedule of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns Roll Forward [Table Text Block] |
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Changes in Accumulated Other Comprehensive Loss (Tables) |
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Changes in Accumulated Other Comprehensive Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of changes in accumulated other comprehensive income [Table Text Block] |
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Other Income (Loss), Net (Tables) |
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Other (Loss) Income, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Nonoperating Income (Expense) |
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Commitments and Contingencies (Tables) |
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Long-term Purchase Commitment [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contractual Obligation, Fiscal Year Maturity Schedule |
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Schedule of Future Minimum Rental Payments for Operating Leases |
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Pensions and Other Post-Retirement Benefit Plans (Tables) |
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Pension, Other Post-Retirement Benefits and Employee Benefit Plans. [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components net periodic benefit cost (credit) |
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Changes in benefit obligations and plan assets, and funded status of plans |
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Defined benefit plan assets measured at fair value on a recurring basis |
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Supplemental Cash Flow Information (Tables) |
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Supplemental Cash Flow Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash Flow, Supplemental Disclosures |
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Quarterly Financial Data (Unaudited) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Data (Unaudited) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information |
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Schedule I (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Icahn Enterprises (Parent) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Statement Schedule, Parent Company Balance Sheet [Table Text Block] | SCHEDULE I ICAHN ENTERPRISES, L.P. (Parent Company) CONDENSED BALANCE SHEETS
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Financial Statement Schedule, Parent Company Statement of Operations [Table Text Block] | SCHEDULE I ICAHN ENTERPRISES, L.P. (Parent Company) CONDENSED STATEMENTS OF OPERATIONS
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Financial Statement Schedule, Parent Company Statement of Cash Flows [Table Text Block] | SCHEDULE I ICAHN ENTERPRISES, L.P. (Parent Company) CONDENSED STATEMENTS OF CASH FLOWS
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Financial Statement Schedule, Parent Company Debt Note [Table Text Block] |
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Icahn Enterprises Holdings (Parent) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Statement Schedule, Parent Company Balance Sheet [Table Text Block] | SCHEDULE I ICAHN ENTERPRISES HOLDINGS L.P. (Parent Company) CONDENSED BALANCE SHEETS
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Financial Statement Schedule, Parent Company Statement of Operations [Table Text Block] | SCHEDULE I ICAHN ENTERPRISES HOLDINGS L.P. (Parent Company) CONDENSED STATEMENTS OF OPERATIONS
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Financial Statement Schedule, Parent Company Statement of Cash Flows [Table Text Block] | SCHEDULE I ICAHN ENTERPRISES HOLDINGS L.P. (Parent Company) CONDENSED STATEMENTS OF CASH FLOWS
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Financial Statement Schedule, Parent Company Debt Note [Table Text Block] |
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Investments and Related Matters Other Segments (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
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Schedule of Investments [Line Items] | |||
Investments | $ 8,337 | $ 10,015 | |
Other Segments and Holding Company | |||
Schedule of Investments [Line Items] | |||
Investments | 1,470 | 483 | |
Portion of unrealized (losses) gains that relates to equity securities still held | (339) | 67 | $ 0 |
Equity method investments | Other Segments and Holding Company | |||
Schedule of Investments [Line Items] | |||
Investments | 143 | 83 | |
Other investments | Other Segments and Holding Company | |||
Schedule of Investments [Line Items] | |||
Investments | $ 1,327 | $ 400 |
Fair Value Measurements Changes in Fair Value Level 3 (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
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Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment of Long-Lived Assets Held-for-use | $ 5 | $ 10 | $ 9 |
Inventory Write-down | 8 | ||
Impairment of Long-Lived Assets to be Disposed of | 68 | ||
Level 3 | Recurring measurement | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of asset measured on a recurring basis | 372 | 278 | $ 211 |
Fair value, measurement with unobservable inputs reconciliation, recurring basis, assets, unrealized gain (loss) | 95 | 67 | |
Fair value, measurement with unobservable inputs reconciliation, recurring basis, assets, other | (1) | 0 | |
Equity securities | Recurring measurement | Holding Company | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of asset measured on a recurring basis | $ 369 | $ 274 |
Fair Value Measurements Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
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Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment of Long-Lived Assets Held-for-use | $ 5 | $ 10 | $ 9 |
Inventory Write-down | 8 | ||
Impairment of Long-Lived Assets to be Disposed of | 68 | ||
Equity securities | Holding Company | Recurring measurement | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of asset measured on a recurring basis | $ 369 | $ 274 |
Financial Instruments Narrative (Details) bbl in Millions, $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2018
USD ($)
bbl
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Dec. 31, 2017
USD ($)
bbl
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Derivatives, Fair Value [Line Items] | ||
Debt designated as net investment in foreign operations | $ 884 | |
Loss recognized in AOCI | $ 29 | 85 |
Investment Segment | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative instruments with credit risk related contingent features in a liability position | $ 0 | $ 17 |
Commodity contracts | Energy Segment | Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative volume (barrels) | bbl | 15 | |
Commodity contracts not considered probable of settlement | Energy Segment | Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative volume (barrels) | bbl | 2 | 6 |
Financial Instruments Derivatives Not Designated as Hedging, Fair Value Table (Details) - USD ($) $ in Millions |
12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
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Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | ||||||||||
Derivative contracts, at fair value (Note 6) | $ 36 | $ 1,275 | ||||||||
Not designated as hedging instrument | Other assets | ||||||||||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | ||||||||||
Asset derivatives, Gross | [1] | 659 | 7 | |||||||
Derivative, Fair Value, Amount Offset Against Collateral, Net | [1],[2] | (135) | (7) | |||||||
Derivative contracts, at fair value(1) | [1],[2] | 524 | 0 | |||||||
Not designated as hedging instrument | Accrued expenses and other liabilities | ||||||||||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | ||||||||||
Liability derivatives, Gross | 171 | 1,282 | ||||||||
Derivative, Fair Value, Amount Offset Against Collateral, Net | [2] | (135) | (7) | |||||||
Derivative contracts, at fair value (Note 6) | [2] | 36 | 1,275 | |||||||
Not designated as hedging instrument | Equity contracts | Other assets | ||||||||||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | ||||||||||
Asset derivatives, Gross | [1] | 568 | 0 | |||||||
Not designated as hedging instrument | Equity contracts | Accrued expenses and other liabilities | ||||||||||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | ||||||||||
Liability derivatives, Gross | 170 | 1,159 | ||||||||
Not designated as hedging instrument | Credit contracts | Other assets | ||||||||||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | ||||||||||
Asset derivatives, Gross | [1] | 76 | 0 | |||||||
Not designated as hedging instrument | Credit contracts | Accrued expenses and other liabilities | ||||||||||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | ||||||||||
Liability derivatives, Gross | 0 | 17 | ||||||||
Not designated as hedging instrument | Commodity contracts | Other assets | ||||||||||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | ||||||||||
Asset derivatives, Gross | [1] | 15 | 7 | |||||||
Not designated as hedging instrument | Commodity contracts | Accrued expenses and other liabilities | ||||||||||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | ||||||||||
Liability derivatives, Gross | 1 | 106 | ||||||||
Investment Segment | ||||||||||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | ||||||||||
Collateral posted on certain derivative positions | 0 | 542 | ||||||||
Investment Segment | Credit Default Swap [Member] | ||||||||||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | ||||||||||
Derivative, Notional Amount | 1,800 | 2,500 | ||||||||
Investment Segment | Equity contracts | ||||||||||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | ||||||||||
Notional Exposure of Derivatives, Long Position | 118 | 243 | ||||||||
Short Notional Exposure | 8,368 | 6,660 | ||||||||
Investment Segment | Credit contracts | ||||||||||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | ||||||||||
Notional Exposure of Derivatives, Long Position | [3] | 0 | 0 | |||||||
Short Notional Exposure | [3] | 479 | 391 | |||||||
Investment Segment | Commodity contracts | ||||||||||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | ||||||||||
Notional Exposure of Derivatives, Long Position | 0 | 0 | ||||||||
Short Notional Exposure | 114 | 634 | ||||||||
Other Operating Income (Expense) [Member] | Energy Segment | Not designated as hedging instrument | ||||||||||
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items] | ||||||||||
Derivative gain (loss) recognized in income | $ 146 | $ (70) | $ (19) | |||||||
|
Financial Instruments Gain (Loss) Recognized on Derivatives Not Designated as Hedging Table (Details) - Not designated as hedging instrument - USD ($) $ in Millions |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
||||
Net gain (loss) from investment activities | ||||||
Derivative [Line Items] | ||||||
Derivative gain (loss) recognized in income | [1] | $ 944 | $ (2,039) | $ (1,659) | ||
Equity contracts | Net gain (loss) from investment activities | ||||||
Derivative [Line Items] | ||||||
Derivative gain (loss) recognized in income | [1] | 603 | (1,815) | (1,609) | ||
Foreign exchange contracts | Net gain (loss) from investment activities | ||||||
Derivative [Line Items] | ||||||
Derivative gain (loss) recognized in income | [1] | 0 | 0 | 35 | ||
Credit contracts | Net gain (loss) from investment activities | ||||||
Derivative [Line Items] | ||||||
Derivative gain (loss) recognized in income | [1] | 129 | (42) | 44 | ||
Interest Rate Contract [Member] | Net gain (loss) from investment activities | ||||||
Derivative [Line Items] | ||||||
Derivative gain (loss) recognized in income | [1] | 0 | 0 | (28) | ||
Commodity contracts | Net gain (loss) from investment activities | ||||||
Derivative [Line Items] | ||||||
Derivative gain (loss) recognized in income | [1] | 212 | (182) | (101) | ||
Investment Segment | Net gain (loss) from investment activities | ||||||
Derivative [Line Items] | ||||||
Derivative gain (loss) recognized in income | 798 | (1,969) | (1,640) | |||
Energy Segment | Other Operating Income (Expense) [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative gain (loss) recognized in income | $ 146 | $ (70) | $ (19) | |||
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Financial Instruments Derivative Activities Table (Details) - Investment Segment - USD ($) $ in Millions |
Dec. 31, 2018 |
Dec. 31, 2017 |
|||
---|---|---|---|---|---|
Equity contracts | |||||
Primary underlying risk: | |||||
Notional Exposure of Derivatives, Long Position | $ 118 | $ 243 | |||
Short Notional Exposure | 8,368 | 6,660 | |||
Credit contracts | |||||
Primary underlying risk: | |||||
Notional Exposure of Derivatives, Long Position | [1] | 0 | 0 | ||
Short Notional Exposure | [1] | 479 | 391 | ||
Commodity contracts | |||||
Primary underlying risk: | |||||
Notional Exposure of Derivatives, Long Position | 0 | 0 | |||
Short Notional Exposure | 114 | 634 | |||
Credit Default Swap [Member] | |||||
Primary underlying risk: | |||||
Derivative, Notional Amount | $ 1,800 | $ 2,500 | |||
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Inventories, Net (Details) - USD ($) $ in Millions |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials | $ 217 | $ 199 |
Work in process | 70 | 107 |
Finished goods | 1,492 | 1,424 |
Inventories, net | 1,779 | 1,730 |
Inventories reserves | $ 39 | $ 73 |
Goodwill and Intangible Assets, Net Goodwill Table (Details) - USD ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Jan. 01, 2018 |
Jan. 01, 2017 |
|
Goodwill [Line Items] | ||||
Gross carrying amount of goodwill | $ 334 | $ 327 | $ 327 | $ 324 |
Goodwill arising from acquisitions | 8 | 3 | ||
Foreign exchange adjustments to goodwill | (1) | 0 | ||
Accumulated impairment of goodwill | (87) | 0 | 0 | 0 |
Impairment of goodwill | (87) | 0 | ||
Net carrying value of goodwill | 247 | 327 | ||
Automotive Segment | ||||
Goodwill [Line Items] | ||||
Gross carrying amount of goodwill | 328 | 320 | 320 | 320 |
Goodwill arising from acquisitions | 8 | 0 | ||
Foreign exchange adjustments to goodwill | 0 | 0 | ||
Accumulated impairment of goodwill | (87) | 0 | 0 | 0 |
Impairment of goodwill | (87) | 0 | ||
Net carrying value of goodwill | 241 | 320 | ||
Food Packaging Segment | ||||
Goodwill [Line Items] | ||||
Gross carrying amount of goodwill | 6 | 7 | 7 | 4 |
Goodwill arising from acquisitions | 0 | 3 | ||
Foreign exchange adjustments to goodwill | (1) | 0 | ||
Accumulated impairment of goodwill | 0 | 0 | $ 0 | $ 0 |
Impairment of goodwill | 0 | 0 | ||
Net carrying value of goodwill | $ 6 | $ 7 |
Goodwill and Intangible Assets, Net Definite-lived and Indefinite-lived Intangible Assets Table (Details) - USD ($) $ in Millions |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Definite-lived intangible assets: | ||
Gross Carrying Amount | $ 712 | $ 731 |
Accumulated Amortization | (273) | (249) |
Net Carrying Value | 439 | 482 |
Indefinite-lived intangible assets | 62 | 62 |
Intangible assets, net | 501 | 544 |
Customer relationships | ||
Definite-lived intangible assets: | ||
Gross Carrying Amount | 396 | 397 |
Accumulated Amortization | (134) | (115) |
Net Carrying Value | 262 | 282 |
Other | ||
Definite-lived intangible assets: | ||
Gross Carrying Amount | 316 | 334 |
Accumulated Amortization | (139) | (134) |
Net Carrying Value | $ 177 | $ 200 |
Goodwill and Intangible Assets, Net Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Goodwill and Intangible Assets [Line Items] | ||||
Business combination, allocation to goodwill | $ 8 | $ 3 | ||
Amortization expense associated with definite-lived intangible assets | 47 | 41 | $ 32 | |
2019 | $ 45 | 45 | ||
2020 | 44 | 44 | ||
2021 | 37 | 37 | ||
2022 | 36 | 36 | ||
2023 | 34 | 34 | ||
Thereafter | 243 | 243 | ||
Total estimated future amortization expense for definite-lived intangible assets | 439 | 439 | ||
Impairment of goodwill | 87 | 0 | ||
Goodwill | 247 | 247 | 327 | |
Automotive Segment | ||||
Goodwill and Intangible Assets [Line Items] | ||||
Business combination, allocation to goodwill | 8 | 0 | ||
Business combination, definite-lived intangible assets acquired | 2 | |||
Impairment of goodwill | 87 | 0 | ||
Goodwill | $ 241 | $ 241 | 320 | |
Energy Segment | ||||
Goodwill and Intangible Assets [Line Items] | ||||
Impairment of goodwill | 574 | |||
Fair Value, Measurements, Nonrecurring [Member] | ||||
Goodwill and Intangible Assets [Line Items] | ||||
Impairment of Intangible Assets (Excluding Goodwill) | $ 1 | $ 3 | ||
Automotive parts [Member] | ||||
Goodwill and Intangible Assets [Line Items] | ||||
Goodwill, Change in Goodwill Allocation, Description | 27.00% |
Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 7,001 | $ 7,138 | |
Less: Accumulated depreciation and amortization | (2,298) | (1,952) | |
Property, plant and equipment, net | 4,703 | 5,186 | |
2019 | 33 | ||
2020 | 33 | ||
2021 and thereafter | 10 | ||
Depreciation and amortization expense related to property, plant and equipment | 398 | 430 | $ 487 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 416 | 508 | |
Buildings and improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 1,772 | 1,715 | |
Buildings and improvements | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life (in years) | 3 years | ||
Buildings and improvements | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life (in years) | 40 years | ||
Machinery, equipment and furniture | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 4,313 | 4,326 | |
Machinery, equipment and furniture | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life (in years) | 1 year | ||
Machinery, equipment and furniture | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life (in years) | 30 years | ||
Assets leased to others | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 279 | 388 | |
Assets leased to others | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life (in years) | 5 years | ||
Assets leased to others | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, useful life (in years) | 39 years | ||
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 221 | $ 201 |
Debt Debt Table (Details) - USD ($) $ in Millions |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Debt Instrument [Line Items] | ||
Debt | $ 7,326 | $ 7,372 |
Holding Company | ||
Debt Instrument [Line Items] | ||
Debt | 5,505 | 5,507 |
Holding Company | 6.000% senior unsecured notes due 2020 | ||
Debt Instrument [Line Items] | ||
Debt | 1,702 | 1,703 |
Holding Company | 5.875% senior unsecured notes due 2022 | ||
Debt Instrument [Line Items] | ||
Debt | 1,344 | 1,342 |
Holding Company | 6.250% senior unsecured notes due 2022 | ||
Debt Instrument [Line Items] | ||
Debt | 1,213 | 1,216 |
Holding Company | 6.750% senior unsecured notes due 2024 | ||
Debt Instrument [Line Items] | ||
Debt | 498 | 498 |
Holding Company | 6.375% senior unsecured notes due 2025 | ||
Debt Instrument [Line Items] | ||
Debt | 748 | 748 |
Energy Segment | ||
Debt Instrument [Line Items] | ||
Debt | 1,170 | 1,166 |
Automotive Segment | ||
Debt Instrument [Line Items] | ||
Debt | 372 | 340 |
Food Packaging Segment | ||
Debt Instrument [Line Items] | ||
Debt | 273 | 273 |
Metals Segment | ||
Debt Instrument [Line Items] | ||
Debt | 0 | 1 |
Real Estate Segment | ||
Debt Instrument [Line Items] | ||
Debt | 2 | 22 |
Home Fashion Segment | ||
Debt Instrument [Line Items] | ||
Debt | 4 | 5 |
Mining Segment | ||
Debt Instrument [Line Items] | ||
Debt | 0 | 58 |
Reporting Segments | ||
Debt Instrument [Line Items] | ||
Debt | $ 1,821 | $ 1,865 |
Debt Narrative - Holding Company Debt (Details) - Holding Company - USD ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 06, 2017 |
Jan. 18, 2017 |
|
Debt Instrument [Line Items] | ||||
(Gain) loss on extinguishment of debt | $ 12 | |||
Additional borrowing availability | $ 2,000 | |||
6.750% senior unsecured notes due 2024 | ||||
Debt Instrument [Line Items] | ||||
Debt face amount | $ 500 | |||
Interest rate on debt instrument | 6.75% | |||
6.250% senior unsecured notes due 2022 | ||||
Debt Instrument [Line Items] | ||||
Debt face amount | $ 510 | $ 695 | ||
Interest rate on debt instrument | 6.25% | 6.25% | ||
6.375% senior unsecured notes due 2025 | ||||
Debt Instrument [Line Items] | ||||
Debt face amount | $ 750 | |||
Interest rate on debt instrument | 6.375% |
Debt Narrative - Reporting Segment Debt (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Debt Instrument [Line Items] | |||
Amortization of deferred financing costs and debt discounts and premiums | $ 5 | $ 10 | $ 14 |
Energy Segment | CVR 2022 Notes | |||
Debt Instrument [Line Items] | |||
Debt face amount | $ 500 | ||
Interest rate on debt instrument | 6.50% | ||
Energy Segment | CVR Partners 2023 Notes | |||
Debt Instrument [Line Items] | |||
Debt face amount | $ 645 | ||
Interest rate on debt instrument | 9.25% | ||
Energy Segment | Revolving credit facility | |||
Debt Instrument [Line Items] | |||
Borrowing availability on credit facilities | $ 444 | 382 | |
Energy Segment | CVR Refining credit facility | |||
Debt Instrument [Line Items] | |||
Letters of credit outstanding | 6 | 28 | |
Automotive Segment | IEP Auto Credit Facility | |||
Debt Instrument [Line Items] | |||
Debt face amount | 370 | 337 | |
Borrowing availability on credit facilities | 90 | 75 | |
Letters of credit outstanding | $ 40 | $ 33 | |
Weighted average interest rate on debt | 4.37% | 3.58% | |
Food Packaging Segment | Viskase credit facility | |||
Debt Instrument [Line Items] | |||
Interest rate on debt instrument | 6.05% | 4.88% |
Debt Debt Maturities (Details) - USD ($) $ in Millions |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Debt Disclosure [Abstract] | ||
2019 | $ 27 | |
2020 | 1,718 | |
2021 | 620 | |
2022 | 3,059 | |
2023 | 648 | |
Thereafter | 1,280 | |
Future maturiites due on debt | 7,352 | |
Unamortized discounts, premiums and deferred financing fees | (26) | |
Total Debt | $ 7,326 | $ 7,372 |
Net Income Per LP Unit (Details) - USD ($) $ / shares in Units, $ in Millions |
1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 31, 2017 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Earnings Per LP Unit [Line Items] | ||||||||||||
Net (loss) income attributable to Icahn Enterprises from continuing operations | $ (213) | $ 2,273 | $ (1,127) | |||||||||
Net income (loss) attributable to Icahn Enterprises from discontinued operations | 1,720 | 157 | (1) | |||||||||
Less: net loss attributable to Icahn Enterprises from discontinued operations allocated 100% to general partner | 598 | 0 | 0 | |||||||||
Net income (loss) attributable to Icahn Enterprises from discontinued operations allocable to limited partners | $ 2,318 | $ 157 | $ (1) | |||||||||
Basic income (loss) per LP unit: | ||||||||||||
Continuing operations | $ (2.28) | $ (0.20) | $ 0.86 | $ 0.58 | $ 1.61 | $ 3.37 | $ 9.04 | $ (0.34) | $ (1.16) | $ 13.84 | $ (8.07) | |
Discontinued operations | 10.31 | 0.88 | 0.84 | 0.19 | 0.11 | 0.16 | 0.47 | 0.22 | 12.62 | 0.96 | 0.00 | |
Basic income (loss) per LP unit | 8.03 | 0.68 | 1.70 | 0.77 | 1.72 | 3.53 | 9.51 | (0.12) | $ 11.46 | $ 14.80 | $ (8.07) | |
Basic weighted average LP units outstanding | 180,000,000 | 161,000,000 | 137,000,000 | |||||||||
Diluted income (loss) per LP unit: | ||||||||||||
Continuing operations | (2.28) | (0.20) | 0.86 | 0.58 | 1.61 | 3.37 | 9.04 | (0.34) | $ (1.16) | $ 13.84 | $ (8.07) | |
Discontinued operations | 10.31 | 0.88 | 0.84 | 0.19 | 0.11 | 0.16 | 0.47 | 0.22 | 12.62 | 0.96 | 0.00 | |
Diluted income (loss) per LP unit | $ 8.03 | $ 0.68 | $ 1.70 | $ 0.77 | $ 1.72 | $ 3.53 | $ 9.51 | $ (0.12) | $ 11.46 | $ 14.80 | $ (8.07) | |
Diluted weighted average LP units outstanding | 180,000,000 | 161,000,000 | 137,000,000 | |||||||||
Units distributed to LP unitholders | 11,171,104 | 17,778,950 | 17,644,152 | 12,574,723 | ||||||||
2017 LTIP units vested | 22,840 | 7,902 | ||||||||||
Limited partners | ||||||||||||
Earnings Per LP Unit [Line Items] | ||||||||||||
Net (loss) income attributable to Icahn Enterprises from continuing operations | $ (209) | $ 2,228 | $ (1,105) | |||||||||
Net income (loss) attributable to Icahn Enterprises from discontinued operations | $ 2,272 | $ 154 | $ (1) | |||||||||
Limited partners | ||||||||||||
Diluted income (loss) per LP unit: | ||||||||||||
Depositary units issued (value) | $ 600 | |||||||||||
General partner | ||||||||||||
Diluted income (loss) per LP unit: | ||||||||||||
Depositary units issued (value) | $ 12 |
Segment Reporting, Income Statements (Details) - USD ($) $ in Millions |
1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aug. 31, 2018 |
Aug. 31, 2017 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Revenues: | |||||||||||||
Net sales | $ 2,578 | $ 2,815 | $ 2,820 | $ 2,363 | $ 2,385 | $ 2,334 | $ 2,277 | $ 2,310 | $ 10,576 | $ 9,306 | $ 7,740 | ||
Other revenues from operations | 647 | 743 | 840 | ||||||||||
Net gain (loss) from investment activities | 322 | 302 | (1,373) | ||||||||||
Interest and dividend income | 148 | 127 | 124 | ||||||||||
Gain on disposition of assets, net | 84 | 2,163 | 6 | ||||||||||
Other (loss) income, net | 0 | (22) | 42 | ||||||||||
Total revenues | 2,802 | 2,569 | 3,423 | 2,983 | 2,482 | 3,406 | 4,353 | 2,378 | 11,777 | 12,619 | 7,379 | ||
Expenses: | |||||||||||||
Cost of goods sold | 8,947 | 8,258 | 6,837 | ||||||||||
Other expenses from operations | 529 | 518 | 631 | ||||||||||
Selling, general and administrative | 1,386 | 1,269 | 1,001 | ||||||||||
Restructuring | 21 | 4 | 5 | ||||||||||
Impairment | 92 | 87 | 586 | ||||||||||
Interest expense | 524 | 655 | 692 | ||||||||||
Total Expenses | 11,499 | 10,791 | 9,752 | ||||||||||
Income (loss) before income tax benefit | 278 | 1,828 | (2,373) | ||||||||||
Income tax benefit | 4 | 529 | 88 | ||||||||||
Income (loss) from continuing operations | $ (194) | $ (323) | $ 421 | $ 378 | $ 138 | $ 790 | $ 1,637 | $ (208) | 282 | 2,357 | (2,285) | ||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Noncontrolling Interest | 495 | 84 | (1,158) | ||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (213) | 2,273 | (1,127) | ||||||||||
Supplemental information: | |||||||||||||
Capital expenditures | 272 | 316 | 247 | ||||||||||
Depreciation and amortization | 447 | 474 | 526 | ||||||||||
Investment Segment | |||||||||||||
Revenues: | |||||||||||||
Net sales | 0 | 0 | 0 | ||||||||||
Other revenues from operations | 0 | 0 | 0 | ||||||||||
Net gain (loss) from investment activities | 635 | 241 | (1,388) | ||||||||||
Interest and dividend income | 104 | 106 | 112 | ||||||||||
Gain on disposition of assets, net | 0 | 0 | 0 | ||||||||||
Other (loss) income, net | (2) | (50) | 53 | ||||||||||
Total revenues | 737 | 297 | (1,223) | ||||||||||
Expenses: | |||||||||||||
Cost of goods sold | 0 | 0 | 0 | ||||||||||
Other expenses from operations | 0 | 0 | 0 | ||||||||||
Selling, general and administrative | 12 | 13 | 34 | ||||||||||
Restructuring | 0 | 0 | 0 | ||||||||||
Impairment | 0 | 0 | 0 | ||||||||||
Interest expense | 46 | 166 | 230 | ||||||||||
Total Expenses | 58 | 179 | 264 | ||||||||||
Income (loss) before income tax benefit | 679 | 118 | (1,487) | ||||||||||
Income tax benefit | 0 | 0 | 0 | ||||||||||
Income (loss) from continuing operations | 679 | 118 | (1,487) | ||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Noncontrolling Interest | 360 | 38 | (883) | ||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 319 | 80 | (604) | ||||||||||
Supplemental information: | |||||||||||||
Capital expenditures | 0 | 0 | 0 | ||||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||||
Energy Segment | |||||||||||||
Revenues: | |||||||||||||
Net sales | 7,124 | 5,988 | 4,782 | ||||||||||
Other revenues from operations | 0 | 0 | 0 | ||||||||||
Net gain (loss) from investment activities | 0 | 0 | 5 | ||||||||||
Interest and dividend income | 2 | 1 | 1 | ||||||||||
Gain on disposition of assets, net | (6) | (3) | 0 | ||||||||||
Other (loss) income, net | 15 | 2 | (5) | ||||||||||
Total revenues | 7,135 | 5,988 | 4,783 | ||||||||||
Expenses: | |||||||||||||
Cost of goods sold | 6,453 | 5,799 | 4,637 | ||||||||||
Other expenses from operations | 0 | 0 | 0 | ||||||||||
Selling, general and administrative | 138 | 143 | 138 | ||||||||||
Restructuring | 5 | 0 | 0 | ||||||||||
Impairment | 0 | 0 | 574 | ||||||||||
Interest expense | 104 | 109 | 83 | ||||||||||
Total Expenses | 6,700 | 6,051 | 5,432 | ||||||||||
Income (loss) before income tax benefit | 435 | (63) | (649) | ||||||||||
Income tax benefit | (56) | 338 | 45 | ||||||||||
Income (loss) from continuing operations | 379 | 275 | (604) | ||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Noncontrolling Interest | 141 | 46 | (277) | ||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 238 | 229 | (327) | ||||||||||
Supplemental information: | |||||||||||||
Capital expenditures | 102 | 120 | 133 | ||||||||||
Depreciation and amortization | 278 | 278 | 258 | ||||||||||
Disaggregated revenue | 7,124 | 5,988 | 4,782 | ||||||||||
Automotive Segment | |||||||||||||
Revenues: | |||||||||||||
Net sales | 2,295 | 2,225 | 2,079 | ||||||||||
Other revenues from operations | 563 | 498 | 422 | ||||||||||
Net gain (loss) from investment activities | 0 | 0 | 0 | ||||||||||
Interest and dividend income | 0 | 0 | 0 | ||||||||||
Gain on disposition of assets, net | (1) | 5 | 1 | ||||||||||
Other (loss) income, net | (1) | 0 | 1 | ||||||||||
Total revenues | 2,856 | 2,728 | 2,503 | ||||||||||
Expenses: | |||||||||||||
Cost of goods sold | 1,502 | 1,540 | 1,430 | ||||||||||
Other expenses from operations | 474 | 438 | 430 | ||||||||||
Selling, general and administrative | 1,051 | 919 | 648 | ||||||||||
Restructuring | 5 | 0 | 0 | ||||||||||
Impairment | 90 | 15 | 1 | ||||||||||
Interest expense | 16 | 13 | 7 | ||||||||||
Total Expenses | 3,138 | 2,925 | 2,516 | ||||||||||
Income (loss) before income tax benefit | (282) | (197) | (13) | ||||||||||
Income tax benefit | 52 | 146 | 32 | ||||||||||
Income (loss) from continuing operations | (230) | (51) | 19 | ||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (230) | (51) | 19 | ||||||||||
Supplemental information: | |||||||||||||
Capital expenditures | 66 | 86 | 37 | ||||||||||
Depreciation and amortization | 92 | 111 | 98 | ||||||||||
Disaggregated revenue | 2,858 | 2,723 | 2,501 | ||||||||||
Food Packaging Segment | |||||||||||||
Revenues: | |||||||||||||
Net sales | 395 | 392 | 329 | ||||||||||
Other revenues from operations | 0 | 0 | 0 | ||||||||||
Net gain (loss) from investment activities | 0 | 0 | 0 | ||||||||||
Interest and dividend income | 1 | 0 | 0 | ||||||||||
Gain on disposition of assets, net | 0 | 0 | 0 | ||||||||||
Other (loss) income, net | (17) | (3) | (1) | ||||||||||
Total revenues | 379 | 389 | 328 | ||||||||||
Expenses: | |||||||||||||
Cost of goods sold | 316 | 297 | 249 | ||||||||||
Other expenses from operations | 0 | 0 | 0 | ||||||||||
Selling, general and administrative | 57 | 61 | 48 | ||||||||||
Restructuring | 9 | 2 | 3 | ||||||||||
Impairment | 0 | 1 | 0 | ||||||||||
Interest expense | 16 | 13 | 12 | ||||||||||
Total Expenses | 398 | 374 | 312 | ||||||||||
Income (loss) before income tax benefit | (19) | 15 | 16 | ||||||||||
Income tax benefit | 4 | (21) | (8) | ||||||||||
Income (loss) from continuing operations | (15) | (6) | 8 | ||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Noncontrolling Interest | (3) | (1) | 2 | ||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (12) | (5) | 6 | ||||||||||
Supplemental information: | |||||||||||||
Capital expenditures | 25 | 26 | 18 | ||||||||||
Depreciation and amortization | 26 | 25 | 20 | ||||||||||
Metals Segment | |||||||||||||
Revenues: | |||||||||||||
Net sales | 466 | 409 | 267 | ||||||||||
Other revenues from operations | 0 | 0 | 0 | ||||||||||
Net gain (loss) from investment activities | 0 | 0 | 0 | ||||||||||
Interest and dividend income | 0 | 0 | 0 | ||||||||||
Gain on disposition of assets, net | 0 | 0 | 1 | ||||||||||
Other (loss) income, net | 1 | (1) | 1 | ||||||||||
Total revenues | 467 | 408 | 269 | ||||||||||
Expenses: | |||||||||||||
Cost of goods sold | 441 | 389 | 284 | ||||||||||
Other expenses from operations | 0 | 0 | 0 | ||||||||||
Selling, general and administrative | 19 | 19 | 18 | ||||||||||
Restructuring | 0 | 1 | 2 | ||||||||||
Impairment | 1 | 0 | 1 | ||||||||||
Interest expense | 0 | 0 | 0 | ||||||||||
Total Expenses | 461 | 409 | 305 | ||||||||||
Income (loss) before income tax benefit | 6 | (1) | (36) | ||||||||||
Income tax benefit | (1) | (43) | 16 | ||||||||||
Income (loss) from continuing operations | 5 | (44) | (20) | ||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 5 | (44) | (20) | ||||||||||
Supplemental information: | |||||||||||||
Capital expenditures | 21 | 30 | 5 | ||||||||||
Depreciation and amortization | 18 | 20 | 22 | ||||||||||
Real Estate Segment | |||||||||||||
Revenues: | |||||||||||||
Net sales | 22 | 15 | 17 | ||||||||||
Other revenues from operations | 84 | 72 | 71 | ||||||||||
Net gain (loss) from investment activities | 0 | 0 | 0 | ||||||||||
Interest and dividend income | 16 | 7 | 0 | ||||||||||
Gain on disposition of assets, net | $ 89 | $ 456 | 89 | 496 | 1 | ||||||||
Other (loss) income, net | 1 | 38 | 0 | ||||||||||
Total revenues | 212 | 628 | 89 | ||||||||||
Expenses: | |||||||||||||
Cost of goods sold | 18 | 11 | 13 | ||||||||||
Other expenses from operations | 54 | 46 | 46 | ||||||||||
Selling, general and administrative | 22 | 18 | 18 | ||||||||||
Restructuring | 0 | 0 | 0 | ||||||||||
Impairment | 0 | 2 | 5 | ||||||||||
Interest expense | 1 | 2 | 2 | ||||||||||
Total Expenses | 95 | 79 | 84 | ||||||||||
Income (loss) before income tax benefit | 117 | 549 | 5 | ||||||||||
Income tax benefit | (5) | 0 | 0 | ||||||||||
Income (loss) from continuing operations | 112 | 549 | 5 | ||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 112 | 549 | 5 | ||||||||||
Supplemental information: | |||||||||||||
Capital expenditures | 13 | 9 | 1 | ||||||||||
Depreciation and amortization | 19 | 20 | 22 | ||||||||||
Home Fashion Segment | |||||||||||||
Revenues: | |||||||||||||
Net sales | 171 | 183 | 195 | ||||||||||
Other revenues from operations | 0 | 0 | 0 | ||||||||||
Net gain (loss) from investment activities | 0 | 0 | 0 | ||||||||||
Interest and dividend income | 0 | 0 | 0 | ||||||||||
Gain on disposition of assets, net | 0 | 0 | 0 | ||||||||||
Other (loss) income, net | 0 | 0 | 1 | ||||||||||
Total revenues | 171 | 183 | 196 | ||||||||||
Expenses: | |||||||||||||
Cost of goods sold | 144 | 162 | 168 | ||||||||||
Other expenses from operations | 0 | 0 | 0 | ||||||||||
Selling, general and administrative | 34 | 39 | 38 | ||||||||||
Restructuring | 2 | 1 | 0 | ||||||||||
Impairment | 1 | 1 | 2 | ||||||||||
Interest expense | 1 | 0 | 0 | ||||||||||
Total Expenses | 182 | 203 | 208 | ||||||||||
Income (loss) before income tax benefit | (11) | (20) | (12) | ||||||||||
Income tax benefit | 0 | 0 | 0 | ||||||||||
Income (loss) from continuing operations | (11) | (20) | (12) | ||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (11) | (20) | (12) | ||||||||||
Supplemental information: | |||||||||||||
Capital expenditures | 5 | 5 | 11 | ||||||||||
Depreciation and amortization | 8 | 8 | 8 | ||||||||||
Mining Segment | |||||||||||||
Revenues: | |||||||||||||
Net sales | 103 | 94 | 71 | ||||||||||
Other revenues from operations | 0 | 0 | 0 | ||||||||||
Net gain (loss) from investment activities | 0 | 0 | 0 | ||||||||||
Interest and dividend income | 1 | 1 | 2 | ||||||||||
Gain on disposition of assets, net | (3) | 0 | 0 | ||||||||||
Other (loss) income, net | 5 | (2) | (10) | ||||||||||
Total revenues | 106 | 93 | 63 | ||||||||||
Expenses: | |||||||||||||
Cost of goods sold | 73 | 60 | 56 | ||||||||||
Other expenses from operations | 0 | 0 | 0 | ||||||||||
Selling, general and administrative | 27 | 14 | 22 | ||||||||||
Restructuring | 0 | 0 | 0 | ||||||||||
Impairment | 0 | 0 | 0 | ||||||||||
Interest expense | 3 | 6 | 7 | ||||||||||
Total Expenses | 103 | 80 | 85 | ||||||||||
Income (loss) before income tax benefit | 3 | 13 | (22) | ||||||||||
Income tax benefit | (2) | (3) | (2) | ||||||||||
Income (loss) from continuing operations | 1 | 10 | (24) | ||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Noncontrolling Interest | (2) | 1 | (5) | ||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 3 | 9 | (19) | ||||||||||
Supplemental information: | |||||||||||||
Capital expenditures | 40 | 38 | 22 | ||||||||||
Depreciation and amortization | 6 | 5 | 6 | ||||||||||
Railcar Segment | |||||||||||||
Revenues: | |||||||||||||
Net sales | 0 | 0 | 0 | ||||||||||
Other revenues from operations | 0 | 173 | 347 | ||||||||||
Net gain (loss) from investment activities | 0 | 0 | 0 | ||||||||||
Interest and dividend income | 0 | 0 | 0 | ||||||||||
Gain on disposition of assets, net | 5 | 1,664 | 3 | ||||||||||
Other (loss) income, net | 0 | 0 | 0 | ||||||||||
Total revenues | 5 | 1,837 | 350 | ||||||||||
Expenses: | |||||||||||||
Cost of goods sold | 0 | 0 | 0 | ||||||||||
Other expenses from operations | 1 | 34 | 155 | ||||||||||
Selling, general and administrative | 1 | 10 | 16 | ||||||||||
Restructuring | 0 | 0 | 0 | ||||||||||
Impairment | 0 | 68 | 0 | ||||||||||
Interest expense | 0 | 23 | 62 | ||||||||||
Total Expenses | 2 | 135 | 233 | ||||||||||
Income (loss) before income tax benefit | 3 | 1,702 | 117 | ||||||||||
Income tax benefit | (2) | (531) | 0 | ||||||||||
Income (loss) from continuing operations | 1 | 1,171 | 117 | ||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | 5 | ||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | 1 | 1,171 | 112 | ||||||||||
Supplemental information: | |||||||||||||
Capital expenditures | 0 | 2 | 20 | ||||||||||
Depreciation and amortization | 0 | 7 | 92 | ||||||||||
Holding Company | |||||||||||||
Revenues: | |||||||||||||
Net sales | 0 | 0 | 0 | ||||||||||
Other revenues from operations | 0 | 0 | 0 | ||||||||||
Net gain (loss) from investment activities | (313) | 61 | 10 | ||||||||||
Interest and dividend income | 24 | 12 | 9 | ||||||||||
Gain on disposition of assets, net | 0 | 1 | 0 | ||||||||||
Other (loss) income, net | (2) | (6) | 2 | ||||||||||
Total revenues | (291) | 68 | 21 | ||||||||||
Expenses: | |||||||||||||
Cost of goods sold | 0 | 0 | 0 | ||||||||||
Other expenses from operations | 0 | 0 | 0 | ||||||||||
Selling, general and administrative | 25 | 33 | 21 | ||||||||||
Restructuring | 0 | 0 | 0 | ||||||||||
Impairment | 0 | 0 | 3 | ||||||||||
Interest expense | 337 | 323 | 289 | ||||||||||
Total Expenses | 362 | 356 | 313 | ||||||||||
Income (loss) before income tax benefit | (653) | (288) | (292) | ||||||||||
Income tax benefit | 14 | 643 | 5 | ||||||||||
Income (loss) from continuing operations | (639) | 355 | (287) | ||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Noncontrolling Interest | (1) | 0 | 0 | ||||||||||
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent | (638) | 355 | (287) | ||||||||||
Supplemental information: | |||||||||||||
Capital expenditures | 0 | 0 | 0 | ||||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||||
Petroleum products | Energy Segment | |||||||||||||
Supplemental information: | |||||||||||||
Disaggregated revenue | 6,773 | 5,657 | 4,426 | ||||||||||
Nitrogen fertilizer products | Energy Segment | |||||||||||||
Supplemental information: | |||||||||||||
Disaggregated revenue | 351 | 331 | 356 | ||||||||||
Automotive services | Automotive Segment | |||||||||||||
Supplemental information: | |||||||||||||
Disaggregated revenue | 1,321 | 1,186 | 998 | ||||||||||
Aftermarket parts sales | Automotive Segment | |||||||||||||
Supplemental information: | |||||||||||||
Disaggregated revenue | 1,537 | $ 1,537 | $ 1,503 | ||||||||||
Difference between Revenue Guidance in Effect before and after Topic 606 | Automotive Segment | |||||||||||||
Revenues: | |||||||||||||
Net sales | 62 | ||||||||||||
Expenses: | |||||||||||||
Cost of goods sold | $ 62 |
Segment Reporting, Balance Sheets (Details) - USD ($) $ in Millions |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|---|---|
ASSETS | ||||
Cash and cash equivalents | $ 2,656 | $ 1,164 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 2,682 | 747 | ||
Investments | 8,337 | 10,015 | ||
Accounts receivable, net | 474 | 473 | ||
Inventories, net | 1,779 | 1,730 | ||
Property, plant and equipment, net | 4,703 | 5,186 | ||
Goodwill and intangible assets, net | 748 | 871 | ||
Assets held for sale | 333 | 10,263 | ||
Other assets | 1,684 | 1,352 | ||
Total Assets | 23,396 | 31,801 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 2,444 | 3,971 | ||
Securities sold, not yet purchased, at fair value | 468 | 1,023 | ||
Due to brokers | 141 | 1,057 | ||
Liabilities held for sale | 112 | 7,010 | ||
Debt | 7,326 | 7,372 | ||
Total liabilities | 10,491 | 20,433 | ||
Equity attributable to Icahn Enterprises | 6,529 | 5,106 | ||
Equity attributable to non-controlling interests | 6,376 | 6,262 | ||
Total equity | 12,905 | 11,368 | $ 8,017 | $ 10,033 |
Total Liabilities and Equity | 23,396 | 31,801 | ||
Investment Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 5 | 17 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 2,648 | 734 | ||
Investments | 6,867 | 9,532 | ||
Accounts receivable, net | 0 | 0 | ||
Inventories, net | 0 | 0 | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill and intangible assets, net | 0 | 0 | ||
Assets held for sale | 0 | 0 | ||
Other assets | 1,230 | 516 | ||
Total Assets | 10,750 | 10,799 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 40 | 1,302 | ||
Securities sold, not yet purchased, at fair value | 468 | 1,023 | ||
Due to brokers | 141 | 1,057 | ||
Liabilities held for sale | 0 | 0 | ||
Debt | 0 | 0 | ||
Total liabilities | 649 | 3,382 | ||
Equity attributable to Icahn Enterprises | 5,066 | 3,052 | ||
Equity attributable to non-controlling interests | 5,035 | 4,365 | ||
Total equity | 10,101 | 7,417 | ||
Total Liabilities and Equity | 10,750 | 10,799 | ||
Energy Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 668 | 482 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 0 | 0 | ||
Investments | 84 | 83 | ||
Accounts receivable, net | 169 | 179 | ||
Inventories, net | 380 | 364 | ||
Property, plant and equipment, net | 3,042 | 3,234 | ||
Goodwill and intangible assets, net | 278 | 298 | ||
Assets held for sale | 33 | 0 | ||
Other assets | 84 | 60 | ||
Total Assets | 4,738 | 4,700 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 1,025 | 1,125 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Liabilities held for sale | 0 | 0 | ||
Debt | 1,170 | 1,166 | ||
Total liabilities | 2,195 | 2,291 | ||
Equity attributable to Icahn Enterprises | 1,243 | 1,098 | ||
Equity attributable to non-controlling interests | 1,300 | 1,311 | ||
Total equity | 2,543 | 2,409 | ||
Total Liabilities and Equity | 4,738 | 4,700 | ||
Automotive Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 43 | 52 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 0 | 0 | ||
Investments | 59 | 0 | ||
Accounts receivable, net | 149 | 128 | ||
Inventories, net | 1,203 | 1,145 | ||
Property, plant and equipment, net | 941 | 958 | ||
Goodwill and intangible assets, net | 412 | 505 | ||
Assets held for sale | 0 | 0 | ||
Other assets | 217 | 223 | ||
Total Assets | 3,024 | 3,011 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 905 | 944 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Liabilities held for sale | 0 | 0 | ||
Debt | 372 | 340 | ||
Total liabilities | 1,277 | 1,284 | ||
Equity attributable to Icahn Enterprises | 1,747 | 1,727 | ||
Equity attributable to non-controlling interests | 0 | 0 | ||
Total equity | 1,747 | 1,727 | ||
Total Liabilities and Equity | 3,024 | 3,011 | ||
Food Packaging Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 46 | 16 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 1 | 2 | ||
Investments | 0 | 0 | ||
Accounts receivable, net | 74 | 78 | ||
Inventories, net | 93 | 92 | ||
Property, plant and equipment, net | 169 | 170 | ||
Goodwill and intangible assets, net | 32 | 36 | ||
Assets held for sale | 0 | 0 | ||
Other assets | 96 | 93 | ||
Total Assets | 511 | 487 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 164 | 172 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Liabilities held for sale | 0 | 0 | ||
Debt | 273 | 273 | ||
Total liabilities | 437 | 445 | ||
Equity attributable to Icahn Enterprises | 55 | 28 | ||
Equity attributable to non-controlling interests | 19 | 14 | ||
Total equity | 74 | 42 | ||
Total Liabilities and Equity | 511 | 487 | ||
Metals Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 20 | 24 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 1 | 5 | ||
Investments | 0 | 0 | ||
Accounts receivable, net | 48 | 40 | ||
Inventories, net | 39 | 33 | ||
Property, plant and equipment, net | 115 | 110 | ||
Goodwill and intangible assets, net | 2 | 3 | ||
Assets held for sale | 1 | 2 | ||
Other assets | 7 | 9 | ||
Total Assets | 233 | 226 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 56 | 43 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Liabilities held for sale | 0 | 0 | ||
Debt | 0 | 1 | ||
Total liabilities | 56 | 44 | ||
Equity attributable to Icahn Enterprises | 177 | 182 | ||
Equity attributable to non-controlling interests | 0 | 0 | ||
Total equity | 177 | 182 | ||
Total Liabilities and Equity | 233 | 226 | ||
Real Estate Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 39 | 32 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 26 | 2 | ||
Investments | 15 | 16 | ||
Accounts receivable, net | 3 | 3 | ||
Inventories, net | 0 | 0 | ||
Property, plant and equipment, net | 367 | 454 | ||
Goodwill and intangible assets, net | 24 | 29 | ||
Assets held for sale | 0 | 0 | ||
Other assets | 34 | 395 | ||
Total Assets | 508 | 931 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 41 | 63 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Liabilities held for sale | 0 | 0 | ||
Debt | 2 | 22 | ||
Total liabilities | 43 | 85 | ||
Equity attributable to Icahn Enterprises | 465 | 846 | ||
Equity attributable to non-controlling interests | 0 | 0 | ||
Total equity | 465 | 846 | ||
Total Liabilities and Equity | 508 | 931 | ||
Home Fashion Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 1 | 0 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 2 | 4 | ||
Investments | 0 | 0 | ||
Accounts receivable, net | 31 | 35 | ||
Inventories, net | 64 | 66 | ||
Property, plant and equipment, net | 69 | 72 | ||
Goodwill and intangible assets, net | 0 | 0 | ||
Assets held for sale | 0 | 0 | ||
Other assets | 5 | 6 | ||
Total Assets | 172 | 183 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 35 | 34 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Liabilities held for sale | 0 | 0 | ||
Debt | 4 | 5 | ||
Total liabilities | 39 | 39 | ||
Equity attributable to Icahn Enterprises | 133 | 144 | ||
Equity attributable to non-controlling interests | 0 | 0 | ||
Total equity | 133 | 144 | ||
Total Liabilities and Equity | 172 | 183 | ||
Mining Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 0 | 15 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 0 | 0 | ||
Investments | 0 | 0 | ||
Accounts receivable, net | 0 | 10 | ||
Inventories, net | 0 | 30 | ||
Property, plant and equipment, net | 0 | 188 | ||
Goodwill and intangible assets, net | 0 | 0 | ||
Assets held for sale | 299 | 0 | ||
Other assets | 0 | 22 | ||
Total Assets | 299 | 265 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 0 | 45 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Liabilities held for sale | 112 | 0 | ||
Debt | 0 | 58 | ||
Total liabilities | 112 | 103 | ||
Equity attributable to Icahn Enterprises | 165 | 138 | ||
Equity attributable to non-controlling interests | 22 | 24 | ||
Total equity | 187 | 162 | ||
Total Liabilities and Equity | 299 | 265 | ||
Railcar Segment | ||||
ASSETS | ||||
Cash and cash equivalents | 0 | 0 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 0 | 0 | ||
Investments | 0 | 0 | ||
Accounts receivable, net | 0 | 0 | ||
Inventories, net | 0 | 0 | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill and intangible assets, net | 0 | 0 | ||
Assets held for sale | 0 | 14 | ||
Other assets | 0 | 0 | ||
Total Assets | 0 | 14 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 0 | 0 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Liabilities held for sale | 0 | 0 | ||
Debt | 0 | 0 | ||
Total liabilities | 0 | 0 | ||
Equity attributable to Icahn Enterprises | 0 | 14 | ||
Equity attributable to non-controlling interests | 0 | 0 | ||
Total equity | 0 | 14 | ||
Total Liabilities and Equity | 0 | 14 | ||
Holding Company | ||||
ASSETS | ||||
Cash and cash equivalents | 1,834 | 526 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 4 | 0 | ||
Investments | 1,312 | 384 | ||
Accounts receivable, net | 0 | 0 | ||
Inventories, net | 0 | 0 | ||
Property, plant and equipment, net | 0 | 0 | ||
Goodwill and intangible assets, net | 0 | 0 | ||
Assets held for sale | 0 | 0 | ||
Other assets | 11 | 28 | ||
Total Assets | 3,161 | 938 | ||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 178 | 243 | ||
Securities sold, not yet purchased, at fair value | 0 | 0 | ||
Due to brokers | 0 | 0 | ||
Liabilities held for sale | 0 | 0 | ||
Debt | 5,505 | 5,507 | ||
Total liabilities | 5,683 | 5,750 | ||
Equity attributable to Icahn Enterprises | (2,522) | (4,821) | ||
Equity attributable to non-controlling interests | 0 | 9 | ||
Total equity | (2,522) | (4,812) | ||
Total Liabilities and Equity | $ 3,161 | 938 | ||
Discontinued Operations | ||||
ASSETS | ||||
Cash and cash equivalents | 0 | |||
Cash held at consolidated affiliated partnerships and restricted cash | 0 | |||
Investments | 0 | |||
Accounts receivable, net | 0 | |||
Inventories, net | 0 | |||
Property, plant and equipment, net | 0 | |||
Goodwill and intangible assets, net | 0 | |||
Assets held for sale | 10,247 | |||
Other assets | 0 | |||
Total Assets | 10,247 | |||
LIABILITIES AND EQUITY | ||||
Accounts payable, accrued expenses and other liabilities | 0 | |||
Securities sold, not yet purchased, at fair value | 0 | |||
Due to brokers | 0 | |||
Liabilities held for sale | 7,010 | |||
Debt | 0 | |||
Total liabilities | 7,010 | |||
Equity attributable to Icahn Enterprises | 2,698 | |||
Equity attributable to non-controlling interests | 539 | |||
Total equity | 3,237 | |||
Total Liabilities and Equity | $ 10,247 |
Segment and Geographic Reporting Geographic Information (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $ 2,578 | $ 2,815 | $ 2,820 | $ 2,363 | $ 2,385 | $ 2,334 | $ 2,277 | $ 2,310 | $ 10,576 | $ 9,306 | $ 7,740 |
Other revenues from operations | 647 | 743 | 840 | ||||||||
Property, plant and equipment, net | 4,703 | 5,186 | 4,703 | 5,186 | |||||||
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 10,172 | 8,893 | 7,412 | ||||||||
Other revenues from operations | 629 | 716 | 791 | ||||||||
Property, plant and equipment, net | 4,432 | 4,776 | 4,432 | 4,776 | |||||||
Other geographical locations | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 404 | 413 | 328 | ||||||||
Other revenues from operations | 18 | 27 | $ 49 | ||||||||
Property, plant and equipment, net | $ 271 | $ 410 | $ 271 | $ 410 |
Discontinued Operations Income From Discontinued Operations (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Income (loss) from discontinued operations | $ 1,376 | $ 176 | $ 167 | $ 45 | $ 59 | $ 39 | $ 88 | $ 48 | $ 1,764 | $ 234 | $ 65 |
Income (loss) from discontinued operations attributable to Icahn Enterprises | 1,720 | 157 | (1) | ||||||||
Capital expenditures | 125 | 171 | 113 | ||||||||
Discontinued operations and held for sale | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Net sales | 6,221 | 7,985 | 7,771 | ||||||||
Other revenues from operations | 892 | 1,095 | 1,118 | ||||||||
Net gain on investment activities | 0 | 2 | 0 | ||||||||
Interest and dividend income | 5 | 9 | 7 | ||||||||
Gain (loss) on disposition of assets, net | 65 | 6 | 8 | ||||||||
Other income, net | 19 | 61 | 39 | ||||||||
Revenue | 7,202 | 9,158 | 8,943 | ||||||||
Cost of goods sold | 5,214 | 6,802 | 6,581 | ||||||||
Other expenses from operations | 425 | 525 | 528 | ||||||||
Selling, general and administrative | 879 | 1,270 | 1,309 | ||||||||
Restructuring, net | 13 | 21 | 27 | ||||||||
Impairment | 6 | 25 | 123 | ||||||||
Interest expense | 160 | 187 | 186 | ||||||||
Costs and expenses | 6,697 | 8,830 | 8,754 | ||||||||
Income (loss) from discontinued operations before gain (loss) on sale and income tax (expense) benefit | 505 | 328 | 189 | ||||||||
Gain (loss) on sale of discontinued operations | 1,430 | (3) | 0 | ||||||||
Income (loss) from discontinued operations before income tax (expense) benefit | 1,935 | 325 | 189 | ||||||||
Income tax (expense) benefit | (171) | (91) | (124) | ||||||||
Income (loss) from discontinued operations | 1,764 | 234 | 65 | ||||||||
Less: income from discontinued operations attributable to non-controlling interests | 44 | 77 | 66 | ||||||||
Income (loss) from discontinued operations attributable to Icahn Enterprises | 1,720 | 157 | (1) | ||||||||
Capital expenditures | 486 | 676 | 579 | ||||||||
Depreciation and amortization | 166 | 528 | 488 | ||||||||
Federal-Mogul | Discontinued operations and held for sale | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Net sales | 5,993 | 7,720 | 7,341 | ||||||||
Other revenues from operations | 0 | 0 | 0 | ||||||||
Net gain on investment activities | 0 | 0 | 0 | ||||||||
Interest and dividend income | 2 | 6 | 4 | ||||||||
Gain (loss) on disposition of assets, net | 65 | 7 | 8 | ||||||||
Other income, net | 5 | 31 | 31 | ||||||||
Revenue | 6,065 | 7,764 | 7,384 | ||||||||
Cost of goods sold | 4,999 | 6,553 | 6,215 | ||||||||
Other expenses from operations | 0 | 0 | 0 | ||||||||
Selling, general and administrative | 601 | 862 | 845 | ||||||||
Restructuring, net | 13 | 21 | 27 | ||||||||
Impairment | 2 | 25 | 17 | ||||||||
Interest expense | 137 | 154 | 150 | ||||||||
Costs and expenses | 5,752 | 7,615 | 7,254 | ||||||||
Income (loss) from discontinued operations before gain (loss) on sale and income tax (expense) benefit | 313 | 149 | 130 | ||||||||
Gain (loss) on sale of discontinued operations | 251 | 0 | 0 | ||||||||
Income (loss) from discontinued operations before income tax (expense) benefit | 564 | 149 | 130 | ||||||||
Income tax (expense) benefit | (69) | (33) | (43) | ||||||||
Income (loss) from discontinued operations | 495 | 116 | 87 | ||||||||
Less: income from discontinued operations attributable to non-controlling interests | 7 | 11 | 24 | ||||||||
Income (loss) from discontinued operations attributable to Icahn Enterprises | 488 | 105 | 63 | ||||||||
Capital expenditures | 303 | 393 | 381 | ||||||||
Depreciation and amortization | 100 | 397 | 375 | ||||||||
Tropicana | Discontinued operations and held for sale | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Net sales | 0 | 0 | 0 | ||||||||
Other revenues from operations | 679 | 898 | 943 | ||||||||
Net gain on investment activities | 0 | 0 | 0 | ||||||||
Interest and dividend income | 1 | 1 | 1 | ||||||||
Gain (loss) on disposition of assets, net | 0 | (1) | 0 | ||||||||
Other income, net | 1 | 27 | 3 | ||||||||
Revenue | 681 | 925 | 947 | ||||||||
Cost of goods sold | 0 | 0 | 0 | ||||||||
Other expenses from operations | 311 | 425 | 460 | ||||||||
Selling, general and administrative | 238 | 371 | 432 | ||||||||
Restructuring, net | 0 | 0 | 0 | ||||||||
Impairment | 0 | 0 | 106 | ||||||||
Interest expense | 4 | 11 | 13 | ||||||||
Costs and expenses | 553 | 807 | 1,011 | ||||||||
Income (loss) from discontinued operations before gain (loss) on sale and income tax (expense) benefit | 128 | 118 | (64) | ||||||||
Gain (loss) on sale of discontinued operations | 779 | (3) | 0 | ||||||||
Income (loss) from discontinued operations before income tax (expense) benefit | 907 | 115 | (64) | ||||||||
Income tax (expense) benefit | (89) | (93) | (24) | ||||||||
Income (loss) from discontinued operations | 818 | 22 | (88) | ||||||||
Less: income from discontinued operations attributable to non-controlling interests | 17 | 13 | 14 | ||||||||
Income (loss) from discontinued operations attributable to Icahn Enterprises | 801 | 9 | (102) | ||||||||
Capital expenditures | 58 | 112 | 85 | ||||||||
Depreciation and amortization | 19 | 73 | 71 | ||||||||
American Railcar Industries | Discontinued operations and held for sale | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Net sales | 228 | 265 | 430 | ||||||||
Other revenues from operations | 213 | 197 | 175 | ||||||||
Net gain on investment activities | 0 | 2 | 0 | ||||||||
Interest and dividend income | 2 | 2 | 2 | ||||||||
Gain (loss) on disposition of assets, net | 0 | 0 | 0 | ||||||||
Other income, net | 13 | 3 | 5 | ||||||||
Revenue | 456 | 469 | 612 | ||||||||
Cost of goods sold | 215 | 249 | 366 | ||||||||
Other expenses from operations | 114 | 100 | 68 | ||||||||
Selling, general and administrative | 40 | 37 | 32 | ||||||||
Restructuring, net | 0 | 0 | 0 | ||||||||
Impairment | 4 | 0 | 0 | ||||||||
Interest expense | 19 | 22 | 23 | ||||||||
Costs and expenses | 392 | 408 | 489 | ||||||||
Income (loss) from discontinued operations before gain (loss) on sale and income tax (expense) benefit | 64 | 61 | 123 | ||||||||
Gain (loss) on sale of discontinued operations | 400 | 0 | 0 | ||||||||
Income (loss) from discontinued operations before income tax (expense) benefit | 464 | 61 | 123 | ||||||||
Income tax (expense) benefit | (13) | 35 | (57) | ||||||||
Income (loss) from discontinued operations | 451 | 96 | 66 | ||||||||
Less: income from discontinued operations attributable to non-controlling interests | 20 | 53 | 28 | ||||||||
Income (loss) from discontinued operations attributable to Icahn Enterprises | 431 | 43 | 38 | ||||||||
Depreciation and amortization | $ 47 | $ 58 | $ 42 |
Discontinued Operations Assets and Liabilities Held For Sale (Details) - USD ($) $ in Millions |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held for sale | $ 333 | $ 10,263 |
Liabilities held for sale | $ 112 | 7,010 |
Discontinued operations and held for sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Cash and cash equivalents | 518 | |
Restricted cash | 39 | |
Investments | 354 | |
Accounts receivable, net | 1,237 | |
Inventories, net | 1,510 | |
Property, plant and equipment, net | 4,536 | |
Goodwill | 948 | |
Intangible assets, net | 591 | |
Other assets | 514 | |
Assets held for sale | 10,247 | |
Accounts payable, accrued expenses and other liabilities | 1,922 | |
Deferred tax liability | 192 | |
Post-retirement benefit liability | 1,083 | |
Debt | 3,813 | |
Liabilities held for sale | 7,010 | |
Held for sale, not discontinued operations | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Other assets | 16 | |
Federal-Mogul | Discontinued operations and held for sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Cash and cash equivalents | 315 | |
Restricted cash | 4 | |
Investments | 324 | |
Accounts receivable, net | 1,182 | |
Inventories, net | 1,456 | |
Property, plant and equipment, net | 2,545 | |
Goodwill | 941 | |
Intangible assets, net | 517 | |
Other assets | 394 | |
Assets held for sale | 7,678 | |
Accounts payable, accrued expenses and other liabilities | 1,718 | |
Deferred tax liability | 0 | |
Post-retirement benefit liability | 1,075 | |
Debt | 3,130 | |
Liabilities held for sale | 5,923 | |
Tropicana | Discontinued operations and held for sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Cash and cash equivalents | 103 | |
Restricted cash | 16 | |
Investments | 7 | |
Accounts receivable, net | 11 | |
Inventories, net | 0 | |
Property, plant and equipment, net | 792 | |
Goodwill | 0 | |
Intangible assets, net | 74 | |
Other assets | 93 | |
Assets held for sale | 1,096 | |
Accounts payable, accrued expenses and other liabilities | 142 | |
Deferred tax liability | 0 | |
Post-retirement benefit liability | 0 | |
Debt | 137 | |
Liabilities held for sale | 279 | |
American Railcar Industries | Discontinued operations and held for sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Cash and cash equivalents | 100 | |
Restricted cash | 19 | |
Investments | 23 | |
Accounts receivable, net | 44 | |
Inventories, net | 54 | |
Property, plant and equipment, net | 1,199 | |
Goodwill | 7 | |
Intangible assets, net | 0 | |
Other assets | 27 | |
Assets held for sale | 1,473 | |
Accounts payable, accrued expenses and other liabilities | 62 | |
Deferred tax liability | 192 | |
Post-retirement benefit liability | 8 | |
Debt | 546 | |
Liabilities held for sale | $ 808 |
Income Taxes Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Income Tax Disclosure [Abstract] | |||
Income tax benefit (expense) at U.S. statutory rate | $ (58) | $ (640) | $ 831 |
Valuation allowance | (4) | 529 | (46) |
Non-controlling interest | 26 | (6) | (6) |
Goodwill impairment | (18) | 0 | (226) |
Stock dispositions | 69 | 0 | 0 |
Income not subject to taxation | 14 | 220 | (440) |
Enactment of U.S. tax legislation, net of valuation allowance | 0 | 392 | 0 |
Other | (25) | 34 | (25) |
Income tax benefit | $ 4 | $ 529 | $ 88 |
Income Taxes Accounting for Uncertainty in Income Taxes (Details) - USD ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Income Tax Disclosure [Abstract] | ||||
Unrecognized tax benefits balance | $ 34 | $ 34 | $ 52 | $ 56 |
Addition based on tax positions related to the current year | 0 | 0 | 2 | |
Increase for tax positions of prior years | 6 | 0 | 0 | |
Decrease for tax positions of prior years | 0 | (3) | (1) | |
Decrease for statute of limitation expiration | $ (6) | $ (15) | $ (5) |
Income Taxes Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||||
---|---|---|---|---|---|
Aug. 01, 2018 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Income Tax Contingency [Line Items] | |||||
Book basis of net assets | $ 6,529 | $ 5,106 | |||
Book/tax basis difference | (1,940) | (450) | |||
Tax basis of net assets | 4,589 | 4,656 | |||
Domestic income (loss) from continuing operations before taxes | 290 | 1,798 | $ (2,370) | ||
Foreign income (loss) from continuing operations before taxes | (12) | 30 | (3) | ||
Income before income tax benefit (expense) | 278 | 1,828 | (2,373) | ||
Current income tax (expense) benefit | (15) | (28) | (46) | ||
Deferred income tax (expense) benefit | 19 | 557 | 134 | ||
Income tax benefit (expense) | 4 | 529 | 88 | ||
Deferred tax assets, Property, pland and equipment | 17 | 61 | |||
Deferred tax asset, net operating loss | 791 | 711 | |||
deferred tax asset, Tax credits | 46 | 71 | |||
Deferred Tax Assets, Capital Loss Carryforwards | 50 | 0 | |||
Deferred tax asset, Post-employment benefits, including pensions | 0 | 162 | |||
Deferred tax asset, Other | 82 | 248 | |||
Deferred tax assets, gross | 986 | 1,253 | |||
Deferred Tax Assets, Valuation Allowance | 518 | 483 | |||
Deferred Tax Assets, Net of Valuation Allowance | 468 | 770 | |||
Deferred tax liabilities, Property, plant and equipment | (129) | (235) | |||
Deferred tax liabilities, Intangible assets | (33) | (115) | |||
Deferred tax liability, Investment in partnerships | (681) | (774) | |||
Deferred tax liabilities, Investment in U.S. subsidiaries | (184) | (184) | |||
Deferred tax liabilities, Other | (80) | (119) | |||
Deferred Tax Liabilities, Gross | (1,107) | (1,427) | |||
Deferred tax liabilities, net of deferred tax assets | 639 | 657 | |||
Deferred Tax Assets, Net | 37 | 75 | |||
Deferred tax liability | 676 | $ 732 | |||
Increase (decrease) in deferred tax asset valuation amount | 35 | ||||
Undistributed earnings of foreign subsidiaries | $ 54 | ||||
U.S. Federal statutory corporate income tax rate | 21.00% | 35.00% | |||
Unrecognized tax benefits balance | $ 34 | $ 34 | 52 | $ 56 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 30 | 28 | 37 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 1 | 2 | 9 | ||
Income tax expense related to interest and penalties related to unrecognized tax benefits | (1) | (7) | 1 | ||
Icahn Enterprises Holdings | |||||
Income Tax Contingency [Line Items] | |||||
Book basis of net assets | 6,557 | 5,133 | |||
Book/tax basis difference | (1,940) | (450) | |||
Tax basis of net assets | 4,617 | 4,683 | |||
Income before income tax benefit (expense) | 279 | 1,830 | (2,372) | ||
Income tax benefit (expense) | 4 | 529 | 88 | ||
Deferred tax liability | 676 | 732 | |||
American Entertainment Properties Corp. | |||||
Income Tax Contingency [Line Items] | |||||
Deferred tax assets, Operating loss carryforwards, Subject to expiration | 2,000 | ||||
CVR Energy | |||||
Income Tax Contingency [Line Items] | |||||
Equity issued to acquire additional interest in consolidated subsidiary (number of units) | 13,699,549 | ||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 3 | ||||
CVR Refining | |||||
Income Tax Contingency [Line Items] | |||||
Common units validly tendered and not properly withdrawn | 21,625,106 | ||||
Domestic tax authority | |||||
Income Tax Contingency [Line Items] | |||||
Current income tax (expense) benefit | (11) | (15) | (28) | ||
Deferred income tax (expense) benefit | 20 | 544 | 131 | ||
Foreign tax authority | |||||
Income Tax Contingency [Line Items] | |||||
Current income tax (expense) benefit | (4) | (13) | (18) | ||
Deferred income tax (expense) benefit | (1) | $ 13 | $ 3 | ||
Kansas | CVR Energy | |||||
Income Tax Contingency [Line Items] | |||||
Tax credits | 35 | ||||
United States | Viskase | |||||
Income Tax Contingency [Line Items] | |||||
Operating loss carryforwards | $ 68 | ||||
Maximum | United States | American Entertainment Properties Corp. | |||||
Income Tax Contingency [Line Items] | |||||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2037 | ||||
Maximum | Other Foreign countries | Viskase | |||||
Income Tax Contingency [Line Items] | |||||
Operating loss carryforwards | $ 19 | ||||
Minimum | Kansas | CVR Energy | |||||
Income Tax Contingency [Line Items] | |||||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2033 | ||||
Minimum | United States | American Entertainment Properties Corp. | |||||
Income Tax Contingency [Line Items] | |||||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2029 | ||||
Minimum | United States | Viskase | |||||
Income Tax Contingency [Line Items] | |||||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2024 | ||||
Minimum | Other Foreign countries | Viskase | |||||
Income Tax Contingency [Line Items] | |||||
Operating loss carryforwards | $ 5 |
Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Changes in Accumulated Other Comprehensive Loss [Abstract] | |||
AOCI, Post-employment Benefits, net of tax | $ 47 | $ 572 | |
AOCI, Hedge instruments, net of tax | 0 | (15) | |
AOCI, Translation adjustments and other, net of tax | (37) | (797) | |
Accumulated other comprehensive loss | (84) | (1,384) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax | 1 | ||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (3) | ||
Other comprehensive income, translation adjustments and other, before reclassificaitons, net of tax | (86) | ||
Other comprehensive income, before reclassifications to income | (88) | ||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net (Gain) Loss, Net of Tax | 20 | ||
Amount of Loss Reclassified from AOCI into Income (Effective Portion) | 0 | ||
Reclassificaion of translation adjustments and other in AOCI into earnings, net of tax | 0 | ||
Other comprehensive income, portion representing reclassificaitons to earnings | 20 | ||
Post-employment benefits | 21 | 50 | $ 18 |
Hedge instruments | (3) | (1) | 3 |
Translation adjustments and other | (86) | 124 | (148) |
Other comprehensive (loss) income, net of tax | (68) | $ 173 | $ (127) |
other comprehensive income (loss), defined benefit plan, Gain (loss), Reclassification adjustment from disposition of consolidated subsidiaries | 504 | ||
Derivative Instruments, Gain (Loss) reclassification from Accumulated OCI related to the Disposition of consolidated subsidiaries | 18 | ||
Reclassificaion of translation adjustments and other in AOCI due to disposition of consolidated subsidiaries | 846 | ||
Other comprehensive income, portion representing disposition of consolidated subsidiaries | $ 1,368 |
Other Income (Loss), Net (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Component of Other Income (Loss), Net [Line Items] | |||
Other (loss) income, net | $ 0 | $ (22) | $ 42 |
Other derivative (loss) income | |||
Component of Other Income (Loss), Net [Line Items] | |||
Other (loss) income, net | (1) | (41) | 66 |
Dividend expense | |||
Component of Other Income (Loss), Net [Line Items] | |||
Other (loss) income, net | (2) | (10) | (14) |
Loss on extinguishment of debt | |||
Component of Other Income (Loss), Net [Line Items] | |||
Other (loss) income, net | 0 | (12) | (5) |
Equity earnings from non-consolidated affiliates | |||
Component of Other Income (Loss), Net [Line Items] | |||
Other (loss) income, net | 7 | 1 | 0 |
Foreign currency transaction (loss) income | |||
Component of Other Income (Loss), Net [Line Items] | |||
Other (loss) income, net | (1) | 1 | (3) |
Tax settlement gain | |||
Component of Other Income (Loss), Net [Line Items] | |||
Other (loss) income, net | 0 | 38 | 0 |
Non-service pension and other post-retirement benefits expense | |||
Component of Other Income (Loss), Net [Line Items] | |||
Other (loss) income, net | (8) | (4) | (4) |
Other | |||
Component of Other Income (Loss), Net [Line Items] | |||
Other (loss) income, net | $ 5 | $ 5 | $ 2 |
Commitments and Contingencies Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Loss Contingencies [Line Items] | |||
Affiliate ownership interest | 98.01% | ||
Funded status of related party pension plan | $ (80) | ||
Energy Segment | |||
Loss Contingencies [Line Items] | |||
Environmental loss contingency accrual | 8 | $ 4 | |
Price of RINs | 60 | 249 | $ 206 |
Biofuel blending obligation | 4 | 28 | |
Metals Segment | |||
Loss Contingencies [Line Items] | |||
Environmental loss contingency accrual | 27 | 28 | |
Automotive Segment | |||
Loss Contingencies [Line Items] | |||
Environmental loss contingency accrual | 16 | ||
Federal-Mogul | |||
Loss Contingencies [Line Items] | |||
Contribution to subsidiary | 56 | ||
Federal-Mogul Products, Inc. | |||
Loss Contingencies [Line Items] | |||
Payment for litigation settlement agreement | $ 3 | ||
Mr. Icahn and affiliates | |||
Loss Contingencies [Line Items] | |||
Affiliate ownership interest | 91.70% | ||
Mr. Icahn and affiliates | Icahn Enterprises G.P. | |||
Loss Contingencies [Line Items] | |||
Affiliate ownership in parent company general partner | 100.00% | ||
Starfire Holding Corporation | |||
Loss Contingencies [Line Items] | |||
Ownership percentage by principal owner | 99.60% | ||
Pension funding indemnity agreement with subsidiary | $ 250 | ||
Accrued expenses and other liabilities | |||
Loss Contingencies [Line Items] | |||
Environmental loss contingency accrual | $ 37 | $ 34 |
Commitments and Contingencies Purchase Obligations and Operating Lease Commitment Tables (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Consolidated operating leases future minimum payments due | |||
2019 | $ 196 | ||
2020 | 175 | ||
2021 | 152 | ||
2022 | 134 | ||
2023 | 85 | ||
Thereafter | 235 | ||
Future minimum payments under operating leases | 977 | ||
Rent expense | 168 | $ 155 | $ 136 |
Energy Segment | |||
Unconditional purchase obligations | |||
2019 | 129 | ||
2020 | 89 | ||
2021 | 78 | ||
2022 | 76 | ||
2023 | 75 | ||
Thereafter | 444 | ||
Minimum required payments for unconditional purchase obligations | 891 | ||
Amounts purchased under supply agreements | $ 214 | $ 209 | $ 151 |
Pensions and Other Post-Retirement Benefit Plans (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Funded status of the plan and amounts recognized in the consolidated balance sheets | $ (80) | ||
U.S. and Non-U.S. Pension Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 1 | $ 1 | $ 1 |
Interest cost | 6 | 7 | 7 |
Expected return on plan assets | (6) | (8) | (8) |
Amortization of actuarial losses | 1 | 5 | 4 |
Settlement loss recognized | 7 | 0 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 9 | 5 | 4 |
Benefit obligation | 146 | 187 | 164 |
Benefits paid | (8) | (10) | |
Actuarial (gain) loss | (11) | 9 | |
Plan settlements | (28) | 0 | |
Increase due to acquisitions | 0 | 15 | |
Currency translation | (1) | 1 | |
Actual return on plan assets | (6) | 15 | |
Employer contributions | 3 | 0 | |
Plan settlements | (28) | 0 | |
Benefits paid | (7) | (10) | |
Plan Assets | 77 | 115 | $ 110 |
Funded status of the plan and amounts recognized in the consolidated balance sheets | (69) | (72) | |
Amounts recognized in accumulated other comprehensive loss, inclusive of tax impacts | (45) | (50) | |
Recurring measurement | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 67 | 106 | |
Plan assets measured at fair value | 77 | 115 | |
Recurring measurement | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 63 | 100 | |
Recurring measurement | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 4 | 6 | |
Recurring measurement | Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Investments measured at net asset value | 10 | 9 | |
Cash and cash equivalents | Recurring measurement | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 3 | 4 | |
Cash and cash equivalents | Recurring measurement | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 3 | 4 | |
Cash and cash equivalents | Recurring measurement | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 0 | 0 | |
Government debt securities | Recurring measurement | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 3 | 4 | |
Government debt securities | Recurring measurement | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 1 | 1 | |
Government debt securities | Recurring measurement | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 2 | 3 | |
Exchange traded funds | Recurring measurement | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 16 | 26 | |
Exchange traded funds | Recurring measurement | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 16 | 26 | |
Exchange traded funds | Recurring measurement | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 0 | 0 | |
Mutual funds | Recurring measurement | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 24 | 39 | |
Mutual funds | Recurring measurement | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 22 | 36 | |
Mutual funds | Recurring measurement | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 2 | 3 | |
Common stock | Recurring measurement | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 21 | 33 | |
Common stock | Recurring measurement | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 21 | 33 | |
Common stock | Recurring measurement | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | $ 0 | $ 0 |
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Supplemental cash flow information [Line Items] | |||
Cash payments for interest, net of amounts capitalized | $ 484 | $ 499 | $ 489 |
Net cash (receipts) payments for income taxes, net of refunds | 20 | 39 | 10 |
Capital expenditures included in accounts payable, accrued expenses and other liabilities | 17 | 8 | 18 |
Equity investment consideration received from sale of business | 1,241 | 0 | 0 |
Acquisition of subsidiary common stock included in accrued expenses and other liabilities | 0 | 51 | 0 |
Seller financing secured mortgages resulting from disposition of assets | 0 | 375 | 0 |
Investments in subsidiaries prior to acquiring a controlling interest | 0 | 0 | 286 |
Discontinued operations and held for sale | |||
Supplemental cash flow information [Line Items] | |||
Capital expenditures included in accounts payable, accrued expenses and other liabilities | $ 48 | $ 72 | $ 71 |
Subsequent Events (Details) |
Feb. 26, 2019
$ / shares
|
---|---|
Subsequent event | |
Subsequent Event [Line Items] | |
Distribution declared per LP unit | $ 2.00 |
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Quarterly Financial Data (Unaudited) [Abstract] | |||||||||||
Net sales | $ 2,578 | $ 2,815 | $ 2,820 | $ 2,363 | $ 2,385 | $ 2,334 | $ 2,277 | $ 2,310 | $ 10,576 | $ 9,306 | $ 7,740 |
Gross margin on net sales | 376 | 457 | 406 | 390 | 135 | 328 | 259 | 326 | |||
Total revenues | 2,802 | 2,569 | 3,423 | 2,983 | 2,482 | 3,406 | 4,353 | 2,378 | 11,777 | 12,619 | 7,379 |
Income (loss) from continuing operations | (194) | (323) | 421 | 378 | 138 | 790 | 1,637 | (208) | 282 | 2,357 | (2,285) |
Income from discontinued operations | 1,376 | 176 | 167 | 45 | 59 | 39 | 88 | 48 | 1,764 | 234 | 65 |
Net income (loss) | 1,182 | (147) | 588 | 423 | 197 | 829 | 1,725 | (160) | 2,046 | 2,591 | (2,220) |
Less: net income (loss) attributable to non-controlling interests | 247 | (273) | 279 | 286 | (101) | 232 | 172 | (142) | 539 | 161 | (1,092) |
Net income (loss) attributable to Icahn Enterprises | $ 935 | $ 126 | $ 309 | $ 137 | $ 298 | $ 597 | $ 1,553 | $ (18) | $ 1,507 | $ 2,430 | $ (1,128) |
Basic income (loss) per LP unit: | |||||||||||
Continuing operations | $ (2.28) | $ (0.20) | $ 0.86 | $ 0.58 | $ 1.61 | $ 3.37 | $ 9.04 | $ (0.34) | $ (1.16) | $ 13.84 | $ (8.07) |
Discontinued operations | 10.31 | 0.88 | 0.84 | 0.19 | 0.11 | 0.16 | 0.47 | 0.22 | 12.62 | 0.96 | 0.00 |
Basic income (loss) per LP unit | 8.03 | 0.68 | 1.70 | 0.77 | 1.72 | 3.53 | 9.51 | (0.12) | 11.46 | 14.80 | (8.07) |
Diluted income (loss) per LP unit: | |||||||||||
Continuing operations | (2.28) | (0.20) | 0.86 | 0.58 | 1.61 | 3.37 | 9.04 | (0.34) | (1.16) | 13.84 | (8.07) |
Discontinued operations | 10.31 | 0.88 | 0.84 | 0.19 | 0.11 | 0.16 | 0.47 | 0.22 | 12.62 | 0.96 | 0.00 |
Diluted income (loss) per LP unit | $ 8.03 | $ 0.68 | $ 1.70 | $ 0.77 | $ 1.72 | $ 3.53 | $ 9.51 | $ (0.12) | $ 11.46 | $ 14.80 | $ (8.07) |
Schedule I Condensed Financial Information of Parent - Balance Sheet (Details) - USD ($) $ in Millions |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|---|---|
Cash and cash equivalents | $ 2,656 | $ 1,164 | ||
Restricted cash | 2,682 | 747 | ||
Investments | 8,337 | 10,015 | ||
Other assets | 1,020 | 846 | ||
Total Assets | 23,396 | 31,801 | ||
Accrued expenses and other liabilities | 900 | 984 | ||
Debt | 7,326 | 7,372 | ||
Total liabilities | 10,491 | 20,433 | ||
Commitments and contingencies (Note 3) | ||||
Limited partners: Depositary units: 191,366,097 and 173,564,307 units issued and outstanding at December 31, 2018 and 2017, respectively | 7,319 | 5,341 | ||
General partner | (790) | (235) | ||
Total equity | 12,905 | 11,368 | $ 8,017 | $ 10,033 |
Total Liabilities and Equity | 23,396 | 31,801 | ||
Icahn Enterprises (Parent) | ||||
Investments in subsidiaries, net | 12,158 | 10,737 | ||
Total Assets | 12,158 | 10,737 | ||
Accrued expenses and other liabilities | 124 | 124 | ||
Debt | 5,505 | 5,507 | ||
Total liabilities | 5,629 | 5,631 | ||
Commitments and contingencies (Note 3) | ||||
Limited partners: Depositary units: 191,366,097 and 173,564,307 units issued and outstanding at December 31, 2018 and 2017, respectively | 7,319 | 5,341 | ||
General partner | (790) | (235) | ||
Total equity | 6,529 | 5,106 | ||
Total Liabilities and Equity | 12,158 | 10,737 | ||
Icahn Enterprises Holdings (Parent) | ||||
Cash and cash equivalents | 30 | 241 | ||
Restricted cash | 29 | 0 | ||
Investments | 723 | 1 | ||
Other assets | 60 | 84 | ||
Investments in subsidiaries, net | 11,355 | 10,467 | ||
Total Assets | 12,197 | 10,793 | ||
Accrued expenses and other liabilities | 131 | 128 | ||
Debt | 5,509 | 5,532 | ||
Total liabilities | 5,640 | 5,660 | ||
Commitments and contingencies (Note 3) | ||||
Limited partners: Depositary units: 191,366,097 and 173,564,307 units issued and outstanding at December 31, 2018 and 2017, respectively | 7,421 | 5,420 | ||
General partner | (864) | (287) | ||
Total equity | 6,557 | 5,133 | ||
Total Liabilities and Equity | $ 12,197 | $ 10,793 |
Schedule I (Parentheticals) (Details) - shares |
Dec. 31, 2018 |
Dec. 31, 2017 |
---|---|---|
Limited partners: Depositary units issued | 191,366,097 | 173,564,307 |
Limited partners: Depositary units outstanding | 191,366,097 | 173,564,307 |
Icahn Enterprises (Parent) | ||
Limited partners: Depositary units issued | 191,366,097 | 173,564,307 |
Limited partners: Depositary units outstanding | 191,366,097 | 173,564,307 |
Schedule I Condensed Financial Information of Parent - Statements of Operations (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Interest and dividend income | $ 148 | $ 127 | $ 124 | ||||||||
Net gain (loss) from investment activities | 322 | 302 | (1,373) | ||||||||
Gain on disposition of assets, net | (84) | (2,163) | (6) | ||||||||
Other (loss) income, net | 0 | (22) | 42 | ||||||||
Total revenues | $ 2,802 | $ 2,569 | $ 3,423 | $ 2,983 | $ 2,482 | $ 3,406 | $ 4,353 | $ 2,378 | 11,777 | 12,619 | 7,379 |
Interest expense | 524 | 655 | 692 | ||||||||
Selling, general and administrative | 1,386 | 1,269 | 1,001 | ||||||||
Total Expenses | 11,499 | 10,791 | 9,752 | ||||||||
Net income (loss) | $ 1,182 | $ (147) | $ 588 | $ 423 | $ 197 | $ 829 | $ 1,725 | $ (160) | 2,046 | 2,591 | (2,220) |
Limited partners | 2,063 | 2,382 | (1,106) | ||||||||
General partner | (556) | 48 | (22) | ||||||||
Icahn Enterprises (Parent) | |||||||||||
Equity in earnings (loss) of subsidiaries | 1,844 | 2,765 | (839) | ||||||||
Gain (loss) on extinguishment of debt | 0 | (12) | 0 | ||||||||
Interest expense | (337) | (323) | (289) | ||||||||
Net income (loss) | 1,507 | 2,430 | (1,128) | ||||||||
Limited partners | 2,063 | 2,382 | (1,106) | ||||||||
General partner | (556) | 48 | (22) | ||||||||
Icahn Enterprises Holdings (Parent) | |||||||||||
Interest and dividend income | 7 | 2 | 1 | ||||||||
Net gain (loss) from investment activities | (389) | 0 | 1 | ||||||||
Gain on disposition of assets, net | 23 | (1) | 0 | ||||||||
Equity in earnings (loss) of subsidiaries | 2,225 | 2,739 | (818) | ||||||||
Other (loss) income, net | 4 | 41 | 7 | ||||||||
Total revenues | 1,870 | 2,781 | (809) | ||||||||
Interest expense | 337 | 324 | 290 | ||||||||
Selling, general and administrative | 25 | 25 | 28 | ||||||||
Total Expenses | 362 | 349 | 318 | ||||||||
Net income (loss) | 1,508 | 2,432 | (1,127) | ||||||||
Limited partners | 2,085 | 2,408 | (1,116) | ||||||||
General partner | $ (577) | $ 24 | $ (11) |
Schedule I Condensed Financial Information of Parent - Statements of Cash Flows (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Mar. 31, 2017 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Net income (loss) | $ 1,182 | $ (147) | $ 588 | $ 423 | $ 197 | $ 829 | $ 1,725 | $ (160) | $ 2,046 | $ 2,591 | $ (2,220) | |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||
Net loss (gain) from securities transactions | 476 | (2,273) | (266) | |||||||||
Gain on disposition of assets, net | 84 | 2,163 | 6 | |||||||||
Other, net | 123 | (27) | 58 | |||||||||
Net cash used in operating activities | 915 | (1,428) | 1,218 | |||||||||
Other, net | (51) | (76) | (25) | |||||||||
Net cash provided by investing activities | 2,590 | 413 | (1,845) | |||||||||
Partnership contributions | 0 | 612 | 1 | |||||||||
Proceeds from other borrowings | 1,268 | 1,334 | 1,908 | |||||||||
Repayments of borrowings | (1,346) | (1,430) | (1,923) | |||||||||
Net cash (used in) provided by financing activities | (152) | 718 | 58 | |||||||||
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents | 3,427 | 27 | (734) | |||||||||
Cash and cash equivalents and restricted cash and restricted cash equivalents | 5,338 | 1,911 | 5,338 | 1,911 | 1,884 | $ 2,618 | ||||||
Icahn Enterprises (Parent) | ||||||||||||
Net income (loss) | 1,507 | 2,430 | (1,128) | |||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||
Amortization of deferred financing costs | 1 | 1 | 1 | |||||||||
Loss on extinguishment of debt, non-cash | 0 | (2) | 0 | |||||||||
Equity in (income) loss of subsidiary | (1,844) | (2,765) | 839 | |||||||||
Net cash used in operating activities | (336) | (332) | (288) | |||||||||
Net investment in subsidiaries | 433 | (204) | 390 | |||||||||
Net cash provided by investing activities | 433 | (204) | 390 | |||||||||
Partnership distributions | (97) | (81) | (103) | |||||||||
Partnership contributions | 0 | 606 | 1 | |||||||||
Proceeds from other borrowings | 0 | 2,470 | 0 | |||||||||
Repayments of borrowings | 0 | (2,450) | 0 | |||||||||
Debt issuance costs | 0 | (9) | 0 | |||||||||
Net cash (used in) provided by financing activities | (97) | 536 | (102) | |||||||||
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents | 0 | 0 | 0 | |||||||||
Cash and cash equivalents and restricted cash and restricted cash equivalents | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Icahn Enterprises Holdings (Parent) | ||||||||||||
Net income (loss) | 1,508 | 2,432 | (1,127) | |||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||
Net loss (gain) from securities transactions | 389 | 0 | (1) | |||||||||
Equity in (income) loss of subsidiary | (2,225) | (2,739) | 818 | |||||||||
Gain on disposition of assets, net | (23) | 1 | 0 | |||||||||
Depreciation and amortization | 2 | 3 | 3 | |||||||||
Other, net | (2) | (39) | 8 | |||||||||
Change in operating assets and liabilities | 8 | 18 | (6) | |||||||||
Net cash used in operating activities | (343) | (324) | (305) | |||||||||
Net investment in subsidiaries | 238 | 509 | 421 | |||||||||
Other, net | 41 | 53 | 0 | |||||||||
Net cash provided by investing activities | 279 | 562 | 421 | |||||||||
Partnership distributions | (97) | (81) | (103) | |||||||||
Partnership contributions | 0 | 6 | 1 | |||||||||
Proceeds from other borrowings | 0 | 2,470 | 0 | |||||||||
Repayments of borrowings | (21) | (2,450) | 0 | |||||||||
Debt issuance costs | 0 | (7) | 0 | |||||||||
Net cash (used in) provided by financing activities | (118) | (62) | (102) | |||||||||
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents | (182) | 176 | 14 | |||||||||
Cash and cash equivalents and restricted cash and restricted cash equivalents | $ 59 | $ 241 | $ 59 | $ 241 | $ 65 | $ 51 |
Schedule I Condensed Financial Information of Parent - Footnote (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Affiliate ownership interest | 98.01% | ||
Debt | $ 7,326 | $ 7,372 | |
Icahn Enterprises Holdings (Parent) | |||
Affiliate ownership interest | 99.00% | ||
Debt | $ 5,509 | 5,532 | |
Aggregate cash dividends (received from) paid to Parent by consolidated subsidiaries | 238 | 509 | $ 421 |
Icahn Enterprises (Parent) | |||
Debt | 5,505 | 5,507 | |
Aggregate cash dividends (received from) paid to Parent by consolidated subsidiaries | 433 | (204) | $ 390 |
6.000% senior unsecured notes due 2020 | Icahn Enterprises Holdings (Parent) | |||
Debt | 1,703 | 1,704 | |
6.000% senior unsecured notes due 2020 | Icahn Enterprises (Parent) | |||
Debt | 1,702 | 1,703 | |
5.875% senior unsecured notes due 2022 | Icahn Enterprises Holdings (Parent) | |||
Debt | 1,344 | 1,343 | |
5.875% senior unsecured notes due 2022 | Icahn Enterprises (Parent) | |||
Debt | 1,344 | 1,342 | |
6.250% senior unsecured notes due 2022 | Icahn Enterprises Holdings (Parent) | |||
Debt | 1,214 | 1,217 | |
6.250% senior unsecured notes due 2022 | Icahn Enterprises (Parent) | |||
Debt | 1,213 | 1,216 | |
6.750% senior unsecured notes due 2024 | Icahn Enterprises Holdings (Parent) | |||
Debt | 499 | 499 | |
6.750% senior unsecured notes due 2024 | Icahn Enterprises (Parent) | |||
Debt | 498 | 498 | |
6.375% senior unsecured notes due 2025 | Icahn Enterprises Holdings (Parent) | |||
Debt | 749 | 749 | |
6.375% senior unsecured notes due 2025 | Icahn Enterprises (Parent) | |||
Debt | 748 | 748 | |
Mortgages payable | Icahn Enterprises Holdings (Parent) | |||
Debt | $ 0 | $ 20 | |
Icahn Enterprises G.P. | |||
General partner ownership percentage in Icahn Enterprises | 1.00% | ||
Aggregate general partner ownership interest of parent and operating subsidiary | 1.99% | ||
Icahn Enterprises G.P. | Icahn Enterprises Holdings (Parent) | |||
General partner ownership percentage in Icahn Enterprises | 1.00% | ||
Icahn Enterprises G.P. | Icahn Enterprises (Parent) | |||
General partner ownership percentage in Icahn Enterprises | 1.00% | ||
Aggregate general partner ownership interest of parent and operating subsidiary | 1.99% |
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