Fair Value Measurements (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2012

Dec. 31, 2011

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table summarizes the valuation of the Investment Funds' investments by the above fair value hierarchy levels as of December 31, 2011 and 2010:



	December 31, 2011								December 31, 2010
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(in millions)
Assets
Investments:
Equity securities:
Communications	$	2,593	$	—	$	—	$	2,593	$	1,945	$	—	$	—	$	1,945
Consumer, non-cyclical	1,778		26		—		1,804		2,227		7		—		2,234
Consumer, cyclical ⁽¹⁾	376		378		—		754		295		318		1		614
Basic materials	128		—		—		128		—		—		—		—
Energy	1,644		29		—		1,673		541		317		—		858
Financial	263		—		—		263		137		—		—		137
Industrial	—		32		—		32		114		1		—		115
Technology	254		—		—		254		405		—		—		405
Utilities	83		21		—		104		100		43		—		143
	7,119		486		—		7,605		5,764		686		1		6,451
Corporate debt:
Communications	—		84		—		84		—		—		—		—
Consumer, cyclical	—		150		289		439		—		157		328		485
Utilities	—		34		—		34		—		—		—		—
Sovereign debt	—		10		—		10		—		—		—		—
Financial	—		109		—		109		—		5		—		5
	—		387		289		676		—		162		328		490
Mortgage-backed securities:
Financial	—		167		—		167		—		206		—		206
	7,119		1,040		289		8,448		5,764		1,054		329		7,147
Derivative contracts, at fair value ⁽²⁾ :	—		3		—		3		—		6		—		6
	$	7,119	$	1,043	$	289	$	8,451	$	5,764	$	1,060	$	329	$	7,153
Liabilities
Securities sold, not yet purchased, at fair value:
Equity securities:
Consumer, cyclical	$	—	$	—	$	—	$	—	$	356	$	—	$	—	$	356
Financial	—		—		—		—		58		—		—		58
Index	—		—		—		—		—		5		—		5
Funds	4,466		10		—		4,476		800		—		—		800
	4,466		10		—		4,476		1,214		5		—		1,219
Derivative contracts, at fair value ⁽³⁾ :	—		42		—		42		—		60		—		60
	$	4,466	$	52	$	—	$	4,518	$	1,214	$	65	$	—	$	1,279


(1)	We consolidated the financial results of Tropicana effective November 15, 2010. As a result, we eliminated our investment in Tropicana at December 31, 2010. As of April 29, 2011, our Investment segment no longer held an investment in Tropicana common stock. See Note 3, "Operating Units-Gaming," for further discussion regarding the history of the Investment Funds' investment in Tropicana.


(2)	Included in other assets in our consolidated balance sheets.


(3)	Included in accrued expenses and other liabilities in our consolidated balance sheets.

Schedule of Fair Value Measurements, Nonrecurring

Assets measured at fair value on a nonrecurring basis during the six months ended June 30, 2012 are set forth in the table below:



	June 30, 2012
	Level 3
	Asset		Recognized
Category	(Liability)		Loss
	(in millions)
Property, plant and equipment	$	29	$	19
Intangibles	62		15

Assets and liabilities measured at fair value on a nonrecurring basis at December 31, 2011 and 2010 are set forth in the table below:



	December 31, 2011						December 31, 2010
Category	Level 3 Asset (Liability)			Recognized Loss			Level 3 Asset (Liability)		Recognized Gain (Loss)
	(in millions)
Trademarks and brand names	$	280		$	(39	)	$	29	$	(4	)
Property, plant and equipment	92			(32		)	9		(7		)
Asset retirement obligation	(4		)	—			—		1

Investment Segment [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table summarizes the valuation of the Investment Funds' investments by the above fair value hierarchy levels as of June 30, 2012 and December 31, 2011:



	June 30, 2012								December 31, 2011
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets	(in millions)
Investments:
Equity securities:
Basic materials	$	81	$	—	$	—	$	81	$	128	$	—	$	—	$	128
Communications	318		13		—		331		2,593		—		—		2,593
Consumer, non-cyclical	1,523		—		—		1,523		1,778		26		—		1,804
Consumer, cyclical	371		433		—		804		376		378		—		754
Energy	824		57		—		881		1,644		29		—		1,673
Financial	228		—		—		228		263		—		—		263
Funds	—		216		—		216		—		—		—		—
Industrial	—		—		—		—		—		32		—		32
Technology	253		—		—		253		254		—		—		254
Utilities	50		40		—		90		83		21		—		104
	3,648		759		—		4,407		7,119		486		—		7,605
Corporate debt:
Communications	—		—		—		—		—		84		—		84
Consumer, cyclical	—		—		287		287		—		150		289		439
Financial	—		94		—		94		—		109		—		109
Sovereign debt	—		3		—		3		—		10		—		10
Utilities	—		27		—		27		—		34		—		34
	—		124		287		411		—		387		289		676
Mortgage-backed securities:
Financial	—		164		—		164		—		167		—		167
	3,648		1,047		287		4,982		7,119		1,040		289		8,448
Derivative contracts, at fair value⁽¹⁾	—		—		—		—		—		3		—		3
	$	3,648	$	1,047	$	287	$	4,982	$	7,119	$	1,043	$	289	$	8,451
Liabilities
Securities sold, not yet purchased, at fair value:
Equity securities:
Consumer, cyclical	$	294	$	—	$	—	$	294	$	—	$	—	$	—	$	—
Energy	46		—		—		46		—		—		—		—
Funds	—		208		—		208		4,466		10		—		4,476
	340		208		—		548		4,466		10		—		4,476
Derivative contracts, at fair value⁽²⁾	—		92		—		92		—		42		—		42
	$	340	$	300	$	—	$	640	$	4,466	$	52	$	—	$	4,518


⁽¹⁾	Included in other assets in our consolidated balance sheets.


⁽²⁾	Included in accrued expenses and other liabilities in our consolidated balance sheets.

Schedule of investments measured at fair value with Level 3 Input

The changes in investments measured at fair value for which the Investment segment has used Level 3 input to determine fair value are as follows:



	Six Months Ended June 30,
	2012			2011
	(in millions)
Balance at January 1	$	289		$	329
Gross realized and unrealized gains	2			2
Gross proceeds	(4		)	(42		)
Balance at June 30	$	287		$	289

The changes in investments measured at fair value for which the Investment segment has used Level 3 input to determine fair value are as follows:



	Year Ended December 31,
	2011			2010
	(in millions)
Balance at January 1	$	329		$	228
Gross realized and unrealized gains	8			18
Gross proceeds	(48		)	(138		)
Gross purchases	—			221
Balance at December 31	$	289		$	329

Other Segments and Icahn Enterprises Holdings [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table summarizes the valuation of our Automotive and Energy segments and Icahn Enterprises Holdings' investments and derivative contracts by the above fair value hierarchy levels as of June 30, 2012 and December 31, 2011:



	June 30, 2012						December 31, 2011
	Level 1		Level 2		Total		Level 1		Level 2		Total
Assets	(in millions)
Marketable equity and debt securities	$	1	$	—	$	1	$	20	$	—	$	20
Trading securities	—		60		60		—		—		—
Investments in precious metals	—		—		—		150		—		150
Derivative contracts, at fair value⁽¹⁾	—		7		7		—		3		3
	$	1	$	67	$	68	$	170	$	3	$	173
Liabilities
Derivative contracts, at fair value⁽²⁾	$	—	$	45	$	45	$	—	$	57	$	57


⁽¹⁾	Amounts are classified within other assets in our consolidated balance sheets.


⁽²⁾	Amounts are classified within accrued expenses and other liabilities in our consolidated balance sheets.

The following table summarizes the valuation of our Automotive and Metals segments and Icahn Enterprises Holdings investments and derivative contracts by the above fair value hierarchy levels as of December 31, 2011 and 2010:



	December 31, 2011						December 31, 2010
	Level 1		Level 2		Total		Level 1		Level 2		Total
	(in millions)
Assets
Marketable equity and debt securities	$	20	$	—	$	20	$	19	$	—	$	19
Investments in precious metals	150		—		150		—		—		—
Derivative contracts, at fair value ⁽¹⁾ :	—		3		3		—		12		12
	$	170	$	3	$	173	$	19	$	12	$	31
Liabilities
Derivative contracts, at fair value ⁽²⁾ :	$	—	$	57	$	57	$	—	$	97	$	97


(1)	Amounts are classified within other assets in our consolidated balance sheets.


(2)	Amounts are classified within accrued expenses and other liabilities in our consolidated balance sheets.

Automotive Segment [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Schedule of fair value of defined benefit plan asset [Table Text Block]

The following table presents our Automotive segment's defined benefit plan assets measured at fair value on a recurring basis as of December 31, 2011 and 2010:



	December 31, 2011						December 31, 2010
	Level 1		Level 2		Total		Level 1		Level 2		Total
	(in millions)
U.S. Plans:
Cash	$	669	$	—	$	669	$	—	$	—	$	—
Investments with registered investment companies:
Equity securities	1		—		1		512		—		512
Fixed income securities	—		—		—		150		—		150
	$	670	$	—	$	670	$	662	$	—	$	662
Non-U.S. Plans:
Insurance contracts	$	—	$	35	$	35	$	—	$	33	$	33
Cash	1		—		1		—		—		—
Investments with registered investment companies:
Fixed income securities	9		—		9		11		—		11
Equity securities	1		—		1		1		—		1
Corporate bonds	—		2		2		—		3		3
Equity securities	—		—		—		—		—		—
Cash	—		—		—		—		—		—
	$	11	$	37	$	48	$	12	$	36	$	48

Food Packaging Segment [Member]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Schedule of fair value of defined benefit plan asset [Table Text Block]

The following table presents our Food Packaging segment's defined benefit plan assets measured at fair value on a recurring basis as of December 31, 2011 and 2010:



	December 31, 2011								December 31, 2010
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(in millions)
U.S. and Non-U.S. Plans:
Asset category:
Cash equivalents	$	3	$	—	$	—	$	3	$	2	$	—	$	—	$	2
Equity securities	14		29		—		43		19		26		—		45
Fixed income securities	2		11		—		13		16		12		—		28
Other	10		—		27		37		—		—		28		28
	$	29	$	40	$	27	$	96	$	37	$	38	$	28	$	103

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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