XML 49 R35.htm IDEA: XBRL DOCUMENT
v3.3.1.900

Fair Value Measurements (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2015
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] |
Schedule of Fair Value Measurements, Nonrecurring | Assets measured at fair value on a nonrecurring basis for which impairment was determined to exist during the years ended December 31, 2015 and 2014 are set forth in the table below. Refer to Note 13, "Segment and Geographic Reporting," for total impairment recorded for each of our reporting segments.
|  | December 31, 2015 |  | December 31, 2014
|  | Level 3 |  | Recognized |  | Level 3 |  | Recognized
Category |  | Asset |  | Loss |  | Asset |  | Loss
|  | (in millions)
Property, plant and equipment |  | $ | 154 |  |  | $ | 201 |  |  | $ | 53 |  |  | $ | 27 |
Equity method investments |  | — |  |  | — |  |  | 10 |  |  | 5 |
Intangible assets |  | 3 |  |  | 2 |  |  | — |  |  | — |
Goodwill |  | 1,491 |  |  | 571 |  |  | 827 |  |  | 103 |
Assets held for sale (included in other assets) |  | 5 |  |  | 14 |  |  | — |  |  | — |
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 | Investment The following table summarizes the valuation of the Investment Funds' investments and derivative contracts by the above fair value hierarchy levels as of December 31, 2015 and 2014:
| December 31, 2015 |  | December 31, 2014
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets | (in millions)
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic materials | $ | 563 |  |  | $ | — |  |  | $ | — |  |  | $ | 563 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Communications | 407 |  |  | — |  |  | — |  |  | 407 |  |  | 2,846 |  |  | — |  |  | — |  |  | 2,846 |
Consumer, non-cyclical | 3,684 |  |  | — |  |  | — |  |  | 3,684 |  |  | 2,308 |  |  | — |  |  | — |  |  | 2,308 |
Consumer, cyclical | 115 |  |  | — |  |  | — |  |  | 115 |  |  | 436 |  |  | — |  |  | — |  |  | 436 |
Diversified | 17 |  |  | — |  |  | — |  |  | 17 |  |  | 23 |  |  | — |  |  | — |  |  | 23 |
Energy | 1,461 |  |  | — |  |  | — |  |  | 1,461 |  |  | 1,895 |  |  | — |  |  | — |  |  | 1,895 |
Financial | 2,094 |  |  | — |  |  | — |  |  | 2,094 |  |  | 417 |  |  | — |  |  | — |  |  | 417 |
Funds | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Industrial | 188 |  |  | — |  |  | — |  |  | 188 |  |  | 79 |  |  | — |  |  | — |  |  | 79 |
Technology | 5,795 |  |  | — |  |  | — |  |  | 5,795 |  |  | 5,635 |  |  | — |  |  | — |  |  | 5,635 |
| 14,324 |  |  | — |  |  | — |  |  | 14,324 |  |  | 13,639 |  |  | — |  |  | — |  |  | 13,639 |
Corporate debt: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer, cyclical | — |  |  | — |  |  | 55 |  |  | 55 |  |  | — |  |  | — |  |  | 75 |  |  | 75 |
Energy | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 19 |  |  | — |  |  | 19 |
Financial | — |  |  | 4 |  |  | — |  |  | 4 |  |  | — |  |  | 7 |  |  | — |  |  | 7 |
Sovereign debt | — |  |  | 13 |  |  | — |  |  | 13 |  |  | — |  |  | — |  |  | — |  |  | — |
Utilities | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 28 |  |  | — |  |  | 28 |
| — |  |  | 17 |  |  | 55 |  |  | 72 |  |  | — |  |  | 54 |  |  | 75 |  |  | 129 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial | — |  |  | 157 |  |  | — |  |  | 157 |  |  | — |  |  | 173 |  |  | — |  |  | 173 |
| 14,324 |  |  | 174 |  |  | 55 |  |  | 14,553 |  |  | 13,639 |  |  | 227 |  |  | 75 |  |  | 13,941 |
Derivative contracts, at fair value(1) | — |  |  | 214 |  |  | — |  |  | 214 |  |  | — |  |  | 3 |  |  | — |  |  | 3 |
| $ | 14,324 |  |  | $ | 388 |  |  | $ | 55 |  |  | $ | 14,767 |  |  | $ | 13,639 |  |  | $ | 230 |  |  | $ | 75 |  |  | $ | 13,944 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities sold, not yet purchased, at fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consumer, non-cyclical | $ | 794 |  |  | $ | — |  |  | $ | — |  |  | $ | 794 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Consumer, cyclical | — |  |  | — |  |  | — |  |  | — |  |  | 334 |  |  | — |  |  | — |  |  | 334 |
| 794 |  |  | — |  |  | — |  |  | 794 |  |  | 334 |  |  | — |  |  | — |  |  | 334 |
Derivative contracts, at fair value(2) | — |  |  | 33 |  |  | — |  |  | 33 |  |  | — |  |  | 627 |  |  | — |  |  | 627 |
| $ | 794 |  |  | $ | 33 |  |  | $ | — |  |  | $ | 827 |  |  | $ | 334 |  |  | $ | 627 |  |  | $ | — |  |  | $ | 961 |
(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 our Investment segment has used Level 3 input to determine fair value are as follows:
| Year Ended December 31,
| 2015 |  | 2014
| (in millions)
Balance at January 1 | $ | 75 |  |  | $ | 287 |
Realized and unrealized losses | (20 | ) |  | (100 | )
Gross proceeds | — |  |  | (2 | )
Distribution-in-kind | — |  |  | (110 | )
Balance at December 31 | $ | 55 |  |  | $ | 75 |
Other Segments and Holding Company [Member] |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | Other Segments and Holding Company The following table summarizes the valuation of our Automotive, Energy and Gaming segments and our Holding Company investments and derivative contracts by the above fair value hierarchy levels as of December 31, 2015 and 2014:
| December 31, 2015 |  | December 31, 2014
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets | (in millions)
Investments | $ | 123 |  |  | $ | 115 |  |  | $ | 237 |  |  | $ | 475 |  |  | $ | 75 |  |  | $ | 3 |  |  | $ | 163 |  |  | $ | 241 |
Derivative contracts, at fair value(1) | — |  |  | 45 |  |  | — |  |  | 45 |  |  | — |  |  | 47 |  |  | — |  |  | 47 |
| $ | 123 |  |  | $ | 160 |  |  | $ | 237 |  |  | $ | 520 |  |  | $ | 75 |  |  | $ | 50 |  |  | $ | 163 |  |  | $ | 288 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other liabilities | $ | — |  |  | $ | 3 |  |  | $ | — |  |  | $ | 3 |  |  | $ | — |  |  | $ | 50 |  |  | $ | — |  |  | $ | 50 |
Derivative contracts, at fair value(2) | — |  |  | 3 |  |  | — |  |  | 3 |  |  | — |  |  | 2 |  |  | — |  |  | 2 |
| $ | — |  |  | $ | 6 |  |  | $ | — |  |  | $ | 6 |  |  | $ | — |  |  | $ | 52 |  |  | $ | — |  |  | $ | 52 |
(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.
Holding Company [Member] |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] |
Schedule of investments measured at fair value with Level 3 Input | The changes in investments measured at fair value on a recurring basis for which our Gaming segment and Holding Company have used Level 3 input to determine fair value are as follows:
| Year Ended December 31,
| 2015 |  | 2014
| (in millions)
Balance at January 1 | $ | 154 |  |  | $ | 138 |
Purchases | 100 |  |  | — |
Transfers (out) in | (47 | ) |  | 3 |
Distribution-in-kind | — |  |  | 110 |
Realized and unrealized losses | 21 |  |  | (97 | )
Balance at December 31 | $ | 228 |  |  | $ | 154 |
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, 2015 and 2014:
| December 31, 2015 |  | December 31, 2014
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
| (in millions)
U.S. Plans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash | $ | 26 |  |  | $ | — |  |  | $ | — |  |  | $ | 26 |  |  | $ | 44 |  |  | $ | — |  |  | $ | — |  |  | $ | 44 |
Investments with registered investment companies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities | 310 |  |  | — |  |  | — |  |  | 310 |  |  | 314 |  |  | — |  |  | — |  |  | 314 |
Fixed income securities | 149 |  |  | — |  |  | — |  |  | 149 |  |  | 166 |  |  | — |  |  | — |  |  | 166 |
Real estate and other | 27 |  |  | — |  |  | — |  |  | 27 |  |  | 25 |  |  | — |  |  | — |  |  | 25 |
Equity securities | 220 |  |  | — |  |  | — |  |  | 220 |  |  | 231 |  |  | — |  |  | — |  |  | 231 |
Corporate and other | — |  |  | 22 |  |  | — |  |  | 22 |  |  | — |  |  | 21 |  |  | — |  |  | 21 |
Government | 17 |  |  | 13 |  |  | — |  |  | 30 |  |  | 16 |  |  | 4 |  |  | — |  |  | 20 |
Hedge funds | — |  |  | — |  |  | 86 |  |  | 86 |  |  | — |  |  | — |  |  | 91 |  |  | 91 |
| $ | 749 |  |  | $ | 35 |  |  | $ | 86 |  |  | $ | 870 |  |  | $ | 796 |  |  | $ | 25 |  |  | $ | 91 |  |  | $ | 912 |
Non-U.S. Plans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance contracts | $ | — |  |  | $ | — |  |  | $ | 40 |  |  | $ | 40 |  |  | $ | — |  |  | $ | — |  |  | $ | 41 |  |  | $ | 41 |
Investments with registered investment companies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed income securities | 13 |  |  | — |  |  | — |  |  | 13 |  |  | 10 |  |  | — |  |  | — |  |  | 10 |
Equity securities | 2 |  |  | — |  |  | — |  |  | 2 |  |  | 1 |  |  | — |  |  | — |  |  | 1 |
Corporate bonds | — |  |  | 2 |  |  | — |  |  | 2 |  |  | — |  |  | 2 |  |  | — |  |  | 2 |
| $ | 15 |  |  | $ | 2 |  |  | $ | 40 |  |  | $ | 57 |  |  | $ | 11 |  |  | $ | 2 |  |  | $ | 41 |  |  | $ | 54 |
Schedule of Level Three Defined Benefit Plan Assets Roll Forward [Table Text Block] | The changes in U.S. and Non-U.S. plan assets measured at fair value for which our Automotive segment has used Level 3 input to determine fair value are as follows:
| Year Ended December 31,
| 2015 |  | 2014
| (in millions)
U.S. Plans: |  |  |
Hedge funds: |  |  |
Balance at January 1 | $ | 91 |  |  | $ | 85 |
Realized/unrealized (losses) gains, net | (5 | ) |  | 6 |
Purchases and settlements, net | — |  |  | 47 |
Sales, net | — |  |  | (47 | )
Balance at December 31 | $ | 86 |  |  | $ | 91 |
| Year Ended December 31,
| 2015 |  | 2014
| (in millions)
Non-U.S. Plans: |  |  |
Insurance contracts: |  |  |
Balance at January 1 | $ | 41 |  |  | $ | 44 |
Realized and unrealized gains, net | 1 |  |  | 2 |
Purchases and settlements, net | 6 |  |  | 6 |
Proceeds | (4 | ) |  | (5 | )
Foreign currency exchange rate movements | (4 | ) |  | (6 | )
Balance at December 31 | $ | 40 |  |  | $ | 41 |
Railcar and Food Packaging [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 and Railcar segment's defined benefit plan assets measured at fair value on a recurring basis as of December 31, 2015 and 2014:
| December 31, 2015 |  | December 31, 2014
| 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 | $ | 5 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 6 |  |  | $ | 5 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 6 |
Equity securities | 51 |  |  | 27 |  |  | — |  |  | 78 |  |  | 55 |  |  | 28 |  |  | — |  |  | 83 |
Fixed income securities | 18 |  |  | 1 |  |  | — |  |  | 19 |  |  | 22 |  |  | 1 |  |  | — |  |  | 23 |
Other | 5 |  |  | — |  |  | 21 |  |  | 26 |  |  | 6 |  |  | — |  |  | 21 |  |  | 27 |
| $ | 79 |  |  | $ | 29 |  |  | $ | 21 |  |  | $ | 129 |  |  | $ | 88 |  |  | $ | 30 |  |  | $ | 21 |  |  | $ | 139 |
Schedule of Level Three Defined Benefit Plan Assets Roll Forward [Table Text Block] | The changes in U.S. and Non-U.S. plan assets measured at fair value for which our Food Packaging and Railcar segments have used Level 3 input to determine fair value are as follows:
| Year Ended December 31,
| 2015 |  | 2014
| (in millions)
U.S. and Non-U.S. Plans: |  |  |
Balance at January 1 | $ | 21 |  |  | $ | 21 |
Realized and unrealized gains, net | — |  |  | 1 |
Purchases and settlements, net | — |  |  | (1 | )
Balance at December 31 | $ | 21 |  |  | $ | 21 |

X
- Definition Schedule of fair value of defined benefit plan asset [Table Text Block] + References No definition available. + Details
Name: | iep_ScheduleOfFairValueOfDefinedBenefitPlanAssetTableTextBlock
Namespace Prefix: | iep_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19296-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the effect of fair value measurements using significant unobservable inputs (Level 3) on changes in plan assets of pension plans and/or other employee benefit plans for the period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(4) -URI http://asc.fasb.org/extlink&oid=58740216&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfEffectOfSignificantUnobservableInputsChangesInPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_StatementBusinessSegmentsAxis=iep_InvestmentSegmentMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_StatementBusinessSegmentsAxis=iep_OtherSegmentsAndHoldingCompanyMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_StatementBusinessSegmentsAxis=iep_HoldingCompanyMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_StatementBusinessSegmentsAxis=iep_AutomotiveSegmentMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | us-gaap_StatementBusinessSegmentsAxis=iep_RailcarAndFoodPackagingMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |