XML 56 R32.htm IDEA: XBRL DOCUMENT v2.4.0.6
Acquisition (Tables)
 6 Months Ended
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