Shareholders' Equity

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Shareholders' Equity

14. Shareholders' Equity

Common Stock

Common Stock Outstanding

The Company has authorized 175,000,000 shares ($0.01 par value) of Class A voting common stock (“Class A common stock”) at September 30, 2021 and December 31, 2020. The Company has authorized 25,000,000 shares ($0.01 par value) of Class B non-voting convertible common stock (“Class B common stock”) at September 30, 2021 and December 31, 2020.

Total common stock outstanding and changes in common stock issued are as follows:

	Class A Common Stock		Class B Common Stock
	Nine Months Ended    September 30,		Nine Months Ended    September 30,
	2021	2020	2021	2020
Shares issued at beginning of period	75,714,163	71,727,061	20,308,454	23,793,669
Issued pursuant to benefit plans	942,957	605,163	—	—
Withheld for taxes pursuant to benefit plans	(302,066)	(124,667)	—	—
Class B common stock converted to Class A common stock	20,308,454	3,485,215	(20,308,454)	(3,485,215)
Shares issued at end of period	96,663,508	75,692,772	—	20,308,454
Treasury stock	14,592,888	14,592,888	—	—
Total shares outstanding	82,070,620	61,099,884	—	20,308,454

Class B Common Stock Conversion

During the nine months ended September 30, 2021, Icahn Enterprises L.P. (“IEP”) and its affiliates converted all of its remaining 20,308,454 shares of the Company’s Class B common stock into 20,308,454 shares of Class A common stock.

Shareholder Rights Plan

On April 15, 2020, the Board of Directors of the Company adopted a Section 382 Rights Plan (the “Rights Plan”) and declared a dividend of (i) one preferred share purchase right, payable on April 27, 2020, for each share of Class A common stock and (ii) one preferred share purchase right, payable on April 27, 2020, for each share of Class B common stock, in each case, outstanding on April 27, 2020 to the stockholders of record on that date. The Rights Plan expired on October 2, 2021.

Preferred Stock

The Company had 50,000,000 shares of preferred stock ($0.01 par value) authorized at September 30, 2021 and December 31, 2020. No shares of preferred stock were issued or outstanding at those dates.

Accumulated Other Comprehensive Income (Loss)

The following represents the Company’s changes in accumulated other comprehensive income (loss) by component, net of tax:

	Three Months Ended    September 30,				Nine Months Ended    September 30,
	2021		2020		2021		2020
Foreign currency translation adjustments:
Balance at beginning of period	$	(383)	$	(533)	$	(395)	$	(369)
Other comprehensive income (loss) before reclassifications	(74)		33		(62)		(132)
Reclassification from other comprehensive income (loss)	—		—		—		—
Other comprehensive income (loss)	(74)		33		(62)		(132)
Income tax benefit (provision)	—		—		—		1
Balance at end of period	(457)		(500)		(457)		(500)
Defined benefit plans:
Balance at beginning of period	(347)		(343)		(353)		(342)
Other comprehensive income (loss) before reclassifications	—		—		—		—
Reclassification from other comprehensive income (loss)	3		(14)		10		(10)
Other comprehensive income (loss)	3		(14)		10		(10)
Income tax benefit (provision)	—		—		(1)		(5)
Balance at end of period	(344)		(357)		(344)		(357)
Cash flow hedges:
Balance at beginning of period	1		2		4		—
Other comprehensive income (loss) before reclassifications	—		1		1		3
Reclassification from other comprehensive income (loss)	(1)		—		(5)		—
Other comprehensive income (loss)	(1)		1		(4)		3
Income tax benefit (provision)	—		—		—		—
Balance at end of period	—		3		—		3
Accumulated other comprehensive loss at end of period	$	(801)	$	(854)	$	(801)	$	(854)
Other comprehensive income (loss) attributable to noncontrolling interests	$	(5)	$	10	$	(7)	$	(3)