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Income Taxes | 9 Months Ended
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Sep. 30, 2013
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes. For the three months ended September 30, 2013, both Icahn Enterprises and Icahn Enterprises Holdings recorded an income tax expense of $57 million on pre-tax income of $1,277 million compared to an income tax expense of $110 million on pre-tax income of $209 million for the three months ended September 30, 2012. Our effective income tax rate was 4.5% and 52.6% for the three months ended September 30, 2013 and 2012, respectively. For the three months ended September 30, 2013, the difference between the effective tax rate and statutory federal rate of 35% is primarily due to partnership loss not subject to taxation, as such taxes are the responsibility of the partners. For the three months ended September 30, 2012, the difference between the effective tax rate and statutory federal rate of 35% is primarily due to changes in valuation allowances and partnership income not subject to taxation, as such taxes are the responsibility of the partners. For the nine months ended September 30, 2013, both Icahn Enterprises and Icahn Enterprises Holdings recorded an income tax expense of $274 million on pre-tax income of $2,265 million compared to an income tax benefit of $21 million on pre-tax income of $640 million for the nine months ended September 30, 2012. Our effective income tax rate was 12.1% and (3.3)% for the nine months ended September 30, 2013 and 2012, respectively. For the nine months ended September 30, 2013, the difference between the effective tax rate and statutory federal rate of 35% is primarily due to partnership income not subject to taxation, as such taxes are the responsibility of the partners. For the nine months ended September 30, 2012, the difference between the effective tax rate and statutory federal rate of 35% is primarily due to changes in valuation allowances and partnership income or loss not subject to taxation, as such taxes are the responsibility of the partners. Icahn Enterprises and Icahn Enterprises Holdings recognized an income tax expense on its pre-tax income for the nine months ended September 30, 2013 as compared to an income tax benefit on its pre-tax income for the nine months ended September 30, 2012 primarily due to the reversal of $159 million of the valuation allowance on deferred tax assets during the nine months ended September 30, 2012 by American Entertainment Properties Corp. ("AEP"), an indirect subsidiary of ours. Specifically, in February, 2012, pursuant to a tax-free reorganization, WestPoint Home Inc. merged into a newly formed single member limited liability company, WPH, an entity owned by AEP. WPH constitutes our Home Fashion segment. Also, on May 4, 2012, AEP acquired a controlling interest in CVR. In recording this reversal, AEP evaluated all positive and negative evidence associated with its deferred tax assets, primarily as a result of the change in estimated future earnings from the acquisition of CVR, and concluded it was more likely than not that a portion of the federal net operating loss carryforward related to our Home Fashion segment would be realized.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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