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Acquisition (Tables) | 6 Months Ended
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Jun. 30, 2012
Business Combinations [Abstract] |
Schedule of Purchase Price Allocation | The following table summarizes the consideration paid for CVR and amounts of the estimated fair values of identifiable assets acquired and liabilities assumed, as well as the fair value of the non-controlling interest in CVR as of May 4, 2012:
| May 4, 2012
| (in millions)
Cash paid for acquisition of CVR | $ | 1,754 |
IEP Parties equity interest in CVR prior to acquisition of controlling interest(1) | 378 |
Total purchase price | $ | 2,132 |
Preliminary purchase price allocation: |
Property, plant and equipment | $ | 2,587 |
Intangible assets | 358 |
Debt | (912 | )
Deferred tax liabilities | (827 | )
Other assets and liabilities, net | 805 |
Fair value of identifiable net assets acquired | 2,011 |
Fair value of non-controlling interests | (773 | )
Goodwill | 894 |
| $ | 2,132 |
(1) Based on the Offer price of $30 per share of CVR common stock.
Business Acquisition, Pro Forma Information | The Wynnewood Acquisition was accounted for under the purchase method of accounting and, as such, CVR's results of operations include GWEC's results from operations from the periods commencing December 16, 2011. The unaudited pro forma condensed financial information presented below include the historical results of operations of CVR for the six months ended June 30, 2011 as adjusted for the pro forma effects of the acquisition of GWEC by CVR as if CVR had acquired GWEC on January 1, 2011. The unaudited pro forma financial information do not necessarily represent what would have occurred if the transaction had taken place in the respective periods and should not be taken as representative of our future consolidated results of operations.
| Six months ended June 30,
| 2012 |  | 2011
| (in millions, except per unit data)
Revenues | $ | 9,547 |  |  | $ | 10,061 |
Net income | 490 |  |  | 1,385 |
Net income attributable to Icahn Enterprises | 262 |  |  | 682 |
Net income per LP unit | 2.60 |  |  | 7.68 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)-(3) -URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141 -Paragraph 54 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141 -Paragraph 55 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 141R -Paragraph 68 -Subparagraph r(2, 3) -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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