XML 80 R36.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Financial Instruments (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2014
Financial Instruments [Abstract] |
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:
|  | Asset Derivatives(1) |  | Liability Derivatives(2)
Derivatives Not Designated as Hedging Instruments |  | December 31, |  | December 31,
| 2014 |  | 2013 |  | 2014 |  | 2013
|  | (in millions)
Equity contracts |  | $ | — |  |  | $ | — |  |  | $ | 539 |  |  | $ | 654 |
Foreign exchange contracts |  | 11 |  |  | 1 |  |  | — |  |  | — |
Credit contracts |  | 1 |  |  | — |  |  | 85 |  |  | — |
Interest rate contracts |  | 1 |  |  | — |  |  | — |  |  | — |
Commodity contracts |  | 47 |  |  | 17 |  |  | — |  |  | 33 |
Sub-total |  | 60 |  |  | 18 |  |  | 624 |  |  | 687 |
Netting across contract types(3) |  | (10 | ) |  | (17 | ) |  | (10 | ) |  | (17 | )
Total(3) |  | $ | 50 |  |  | $ | 1 |  |  | $ | 614 |  |  | $ | 670 |
(1) | Net asset derivatives are located within other assets in our consolidated balance sheets.
(2) | Net liability derivatives are located within accrued expenses and other liabilities in our consolidated balance sheets.
(3) | Excludes netting of cash collateral received and posted. The total collateral posted at December 31, 2014 and 2013 was $1,248 million and $255 million, respectively, across all counterparties.
The following table presents the effects of our derivative instruments not designated as hedging instruments on the statements of operations for the years ended December 31, 2014, 2013 and 2012:
|  | Gain (Loss) Recognized in Income(1)
|  | Year Ended December 31,
Derivatives Not Designated as Hedging Instruments |  | 2014 |  | 2013 |  | 2012
|  | (in millions)
Equity contracts |  | $ | (1,447 | ) |  | $ | (2,167 | ) |  | $ | (1,082 | )
Foreign exchange contracts |  | 213 |  |  | (80 | ) |  | (78 | )
Credit contracts |  | 61 |  |  | — |  |  | 1 |
Commodity contracts |  | 186 |  |  | 64 |  |  | (180 | )
|  | $ | (987 | ) |  | $ | (2,183 | ) |  | $ | (1,339 | )
(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 other income (loss), net for all other segments.
Schedule of Notional Amounts of Outstanding Derivative Positions | At December 31, 2014 and 2013, the volume of our derivative activities based on their notional exposure, categorized by primary underlying risk, are as follows:
| December 31, 2014 |  | December 31, 2013
| Long Notional Exposure |  | Short Notional Exposure |  | Long Notional Exposure |  | Short Notional Exposure
Primary underlying risk: | (in millions)
Credit default swaps(1) | $ | 389 |  |  | $ | 1,493 |  |  | $ | — |  |  | $ | — |
Equity swaps | 1 |  |  | 11,312 |  |  | 1 |  |  | 10,508 |
Foreign currency forwards | — |  |  | 1,578 |  |  | 12 |  |  | 1,676 |
Interest rate contracts(2) | — |  |  | 137 |  |  | — |  |  | 63 |
Commodity contracts | 36 |  |  | 234 |  |  | 60 |  |  | 669 |
(1) | The short notional amount on our credit default swap positions is approximately $9.3 billion as of December 31, 2014. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is approximately $1.5 billion.
(2) | The short notional amount on certain of our interest rate contracts with a three month duration is $16.0 billion as of December 31, 2014. We assume that interest rates will not fall below zero and therefore our downside short notional exposure to loss on these contracts is $74 million (of the total $137 million disclosed in the above table).
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following table presents the fair values of our derivative instruments that are designated as cash flow hedging instruments:
|  | Asset Derivatives(1) |  | Liability Derivatives(2)
Derivatives Designated as Cash Flow Hedging Instruments |  | December 31, 2014 |  | December 31, 2013 |  | December 31, 2014 |  | December 31, 2013
|  | (in millions)
Interest rate swap contracts |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | 2 |
Commodity contracts |  | 1 |  |  | 1 |  |  | 2 |  |  | 2 |
Foreign currency contracts |  | — |  |  | — |  |  | — |  |  | 1 |
Sub-total |  | 1 |  |  | 1 |  |  | 3 |  |  | 5 |
Netting across contract types |  | (1 | ) |  | (1 | ) |  | (1 | ) |  | (1 | )
Total |  | $ | — |  |  | $ | — |  |  | $ | 2 |  |  | $ | 4 |
(1) | Located within other assets in our consolidated balance sheets.
(2) | Located within accrued expenses and other liabilities in our consolidated balance sheets.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The following tables present the effect of our derivative instruments that are designated as cash flow hedging instruments on our consolidated financial statements for the years ended December 31, 2014, 2013 and 2012:
Year Ended December 31, 2014
Derivatives Designated as Hedging Instruments |  | Amount of Gain Recognized in OCI on Derivatives (Effective Portion) |  | Amount of Loss Reclassified from AOCI into Income (Effective Portion) |  | Location of Loss Reclassified from AOCI into Income (Effective Portion) |  | Amount of Gain Recognized in Income on Derivatives (Ineffective Portion) |  | Location of Gain Recognized in Income on Derivatives (Ineffective Portion)
|  | (in millions) |  | (in millions) |  |  |  |  |  |
Interest rate swap contracts |  | $ | — |  |  | $ | (1 | ) |  | Interest expense |  | $ | — |  |  |
Commodity contracts |  | — |  |  | — |  |  | Cost of goods sold |  | 1 |  |  | Other income, net
Foreign currency contracts |  | — |  |  | (1 | ) |  | Cost of goods sold |  | — |  |  |
|  | $ | — |  |  | $ | (2 | ) |  |  |  | $ | 1 |  |  |
Year Ended December 31, 2013
Derivatives Designated as Hedging Instruments |  | Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) |  | Amount of (Loss) Gain Reclassified from AOCI into Income (Effective Portion) |  | Location of (Loss) Gain Reclassified from AOCI into Income (Effective Portion) |  | Amount of Gain Recognized in Income on Derivatives (Ineffective Portion) |  | Location of Gain Recognized in Income on Derivatives (Ineffective Portion)
|  | (in millions) |  | (in millions) |  |  |  |  |  |
Interest rate swap contracts |  | $ | 1 |  |  | $ | (9 | ) |  | Interest expense |  | $ | — |  |  |
Commodity contracts |  | (7 | ) |  | (5 | ) |  | Cost of goods sold |  | — |  |  |
Foreign currency contracts |  | (1 | ) |  | — |  |  |  |  | — |  |  |
|  | $ | (7 | ) |  | $ | (14 | ) |  |  |  | $ | — |  |  |
Year Ended December 31, 2012
Derivatives Designated as Hedging Instruments |  | Amount of (Loss) Gain Recognized in OCI on Derivatives (Effective Portion) |  | Amount of (Loss) Gain Reclassified from AOCI into Income (Effective Portion) |  | Location of (Loss) Gain Reclassified from AOCI into Income (Effective Portion) |  | Amount of Loss Recognized in Income on Derivatives (Ineffective Portion) |  | Location of Loss Recognized in Income on Derivatives (Ineffective Portion)
|  | (in millions) |  | (in millions) |  |  |  |  |  |
Interest rate swap contracts |  | $ | (4 | ) |  | $ | (38 | ) |  | Interest expense |  | $ | — |  |  |
Commodity contracts |  | 7 |  |  | (10 | ) |  | Cost of goods sold |  | — |  |  |
Foreign currency contracts |  | (2 | ) |  | 1 |  |  | Cost of goods sold |  | — |  |  |
|  | $ | 1 |  |  | $ | (47 | ) |  |  |  | $ | — |  |  |

X
- Details
Name: | iep_FinancialInstrumentsAbstract
Namespace Prefix: | iep_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for cash flow hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfCashFlowHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5618551-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5579245-113959 + Details
Name: | us-gaap_ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for other derivative instruments not designated as hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration