(Commission File Number)
|
(Exact Name of Registrant as Specified in Its Charter)
(Address of Principal Executive Offices) (Zip Code)
(Telephone Number)
|
(State or Other Jurisdiction of Incorporation or Organization)
|
(IRS Employer Identification No.)
|
001-09516
|
|
Delaware
|
13-3398766
|
767 Fifth Avenue, Suite 4700
New York, NY 10153
(212) 702-4300
|
|||
333-118021-01
|
|
Delaware
|
13-3398767
|
767 Fifth Avenue, Suite 4700
New York, NY 10153
(212) 702-4300
|
Title of Each Class
|
|
Name of Each Exchange on Which Registered
|
Depositary Units of Icahn Enterprises L.P.
Representing Limited Partner Interests
|
|
NASDAQ Global Select Market
|
Icahn Enterprises L.P.
|
Icahn Enterprises Holdings L.P.
|
|||
Large Accelerated Filer x
|
Accelerated Filer o
|
Large Accelerated Filer o
|
Accelerated Filer o
|
|
Non-accelerated Filer o
|
Smaller Reporting Company o
|
Non-accelerated Filer x
|
Smaller Reporting Company o
|
Page
No.
|
||
PART III
|
||
PART IV
|
||
•
|
restrictions on operations or the need to install enhanced or additional controls;
|
•
|
the need to obtain and comply with permits, licenses and authorizations;
|
•
|
liability for the investigation and remediation of contaminated soil and groundwater at current and former facilities (if any) and for off-site waste disposal locations; and
|
•
|
specifications for the products marketed by the petroleum business and the nitrogen fertilizer business, primarily gasoline, diesel fuel, UAN and ammonia.
|
•
|
the threat of terrorism or war;
|
•
|
loss of any of our or our subsidiaries' key personnel;
|
•
|
the unavailability, as needed, of additional financing;
|
•
|
significant competition, varying by industry and geographic markets;
|
•
|
the unavailability of insurance at acceptable rates; and
|
•
|
litigation not in the ordinary course of business (see Item 3, "Legal Proceedings," of this Report).
|
•
|
fluctuations of interest rates;
|
•
|
lack of control in minority investments;
|
•
|
worsening of general economic and market conditions;
|
•
|
lack of diversification;
|
•
|
lack of success of the Investment Funds' activist strategies;
|
•
|
fluctuations of U.S. dollar exchange rates; and
|
•
|
adverse legal and regulatory developments that may affect particular businesses.
|
•
|
Generally, there are few limitations set forth in the governing documents of the Investment Funds on the execution of their investment activities, which are subject to the sole discretion of our Investment segment.
|
•
|
The Investment Funds may buy or sell (or write) both call options and put options, and when it writes options, it may do so on a covered or an uncovered basis. When the Investment Funds sell (or write) an option, the risk can be substantially greater than when it buys an option. The seller of an uncovered call option bears the risk of an increase in the market price of the underlying security above the exercise price. The risk is theoretically unlimited unless the option is covered. If it is covered, the Investment Funds would forego the opportunity for profit on the underlying security should the market price of the security rise above the exercise price. Swaps and certain options and other custom instruments are subject to the risk of non-performance by the swap counterparty, including risks relating to the creditworthiness of the swap counterparty, market risk, liquidity risk and operations risk.
|
•
|
The Investment Funds may engage in short-selling, which is subject to a theoretically unlimited risk of loss because there is no limit on how much the price of a security may appreciate before the short position is closed out. The Investment Funds may be subject to losses if a security lender demands return of the borrowed securities and an alternative lending source cannot be found or if the Investment Funds are otherwise unable to borrow securities that are necessary to hedge its positions. There can be no assurance that the Investment Funds will be able to maintain the ability to borrow securities sold short. There also can be no assurance that the securities necessary to cover a short position will be available for purchase at or near prices quoted in the market.
|
•
|
The ability of the Investment Funds to execute a short selling strategy may be materially adversely impacted by temporary and/or new permanent rules, interpretations, prohibitions and restrictions adopted in response to adverse
|
•
|
The Investment Funds may effect transactions through over-the-counter or inter-dealer markets. The participants in such markets are typically not subject to credit evaluation and regulatory oversight as are members of exchange-based markets. This exposes the Investment Funds to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Investment Fund to suffer a loss. Such “counterparty risk” is accentuated for contracts with longer maturities where events may intervene to prevent settlement, or where the Investment Funds have concentrated its transactions with a single or small group of its counterparties. The Investment Funds are not restricted from dealing with any particular counterparty or from concentrating any or all of the Investment Funds' transactions with one counterparty.
|
•
|
Credit risk may arise through a default by one of several large institutions that are dependent on one another to meet their liquidity or operational needs, so that a default by one institution causes a series of defaults by other institutions. This systemic risk may materially adversely affect the financial intermediaries (such as prime brokers, clearing agencies, clearing houses, banks, securities firms and exchanges) with which the Investment Funds interact on a daily basis.
|
•
|
The efficacy of investment and trading strategies depends largely on the ability to establish and maintain an overall market position in a combination of financial instruments. The Investment Funds' trading orders may not be executed in a timely and efficient manner due to various circumstances, including systems failures or human error. In such event, the Investment Funds might only be able to acquire some but not all of the components of the position, or if the overall positions were to need adjustment, the Investment Funds might not be able to make such adjustment. As a result, the Investment Funds may not be able to achieve the market position selected by our Investment segment and might incur a loss in liquidating their position.
|
•
|
The Investment Funds assets may be held in one or more accounts maintained for the Investment Fund by its prime brokers or at other brokers or custodian banks, which may be located in various jurisdictions. The prime broker, other brokers (including those acting as sub-custodians) and custodian banks are subject to various laws and regulations in the relevant jurisdictions in the event of their insolvency. Accordingly, the practical effect of these laws and their application to the Investment Funds' assets may be subject to substantial variations, limitations and uncertainties. The insolvency of any of the prime brokers, local brokers, custodian banks or clearing corporations may result in the loss of all or a substantial portion of the Investment Funds' assets or in a significant delay in the Investment Funds having access to those assets.
|
•
|
The Investment Funds may invest in synthetic instruments with various counterparties. In the event of the insolvency of any counterparty, the Investment Funds' recourse will be limited to the collateral, if any, posted by the counterparty and, in the absence of collateral, the Investment Funds will be treated as a general creditor of the counterparty. While the Investment Funds expect that returns on a synthetic financial instrument may reflect those of each related reference security, as a result of the terms of the synthetic financial instrument and the assumption of the credit risk of the counterparty, a synthetic financial instrument may have a different expected return. The Investment Funds may also invest in credit default swaps.
|
•
|
the volumes of its actual use of crude oil or production of the applicable refined products is less than the volumes subject to the hedging arrangement;
|
•
|
accidents, interruptions in transportation, inclement weather or other events cause unscheduled shutdowns or otherwise adversely affect its refinery or suppliers or customers;
|
•
|
the counterparties to its futures contracts fail to perform under the contracts; or
|
•
|
a sudden, unexpected event materially impacts the commodity or crack spread subject to the hedging arrangement.
|
•
|
exposure to local economic conditions;
|
•
|
exposure to local political conditions (including the risk of seizure of assets by foreign governments);
|
•
|
currency exchange rate fluctuations (including, but not limited to, material exchange rate fluctuations, such as devaluations) and currency controls;
|
•
|
export and import restrictions;
|
•
|
restrictions on ability to repatriate foreign earnings;
|
•
|
labor unrest; and
|
•
|
compliance with U.S. laws such as the Foreign Corrupt Practices Act, and local laws prohibiting inappropriate payments.
|
•
|
limit their ability to borrow money for working capital, capital expenditures, debt service requirements or other corporate purposes, guarantee additional debt or issue redeemable, convertible of preferred equity;
|
•
|
limit their ability to make distributions or prepay its debt, incur liens, enter into agreements that restrict distributions from restricted subsidiaries, sell or otherwise dispose of assets (including capital stock of subsidiaries), enter into transactions with affiliates and merger consolidate or sell substantially all of its assets;
|
•
|
require them to dedicate a substantial portion of its cash flow to payments on indebtedness, which would reduce the amount of cash flow available to fund working capital, capital expenditures, product development, and other corporate requirements;
|
•
|
increase their vulnerability to general adverse economic and industry conditions; and
|
•
|
limit their ability to respond to business opportunities.
|
2018
|
High
|
Low
|
||||||
First Quarter
|
$
|
62.79
|
|
$
|
53.29
|
|
||
Second Quarter
|
73.23
|
|
57.00
|
|
||||
Third Quarter
|
81.88
|
|
62.20
|
|
||||
Fourth Quarter
|
74.69
|
|
50.33
|
|
||||
2017
|
High
|
Low
|
||||||
First Quarter
|
$
|
63.96
|
|
$
|
50.17
|
|
||
Second Quarter
|
53.85
|
|
47.06
|
|
||||
Third Quarter
|
56.40
|
|
49.13
|
|
||||
Fourth Quarter
|
59.88
|
|
51.01
|
|
Plan Category
|
Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights
(a)
|
Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights
(b)
|
Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a))
(c)
|
|||||||
2017 Incentive Plan
|
15,704
|
|
$
|
51.08
|
|
953,554
|
|
Icahn Enterprises
|
Icahn Enterprises Holdings
|
||||||||||||||||||||||||||||||||||||||
As of/Year Ended December 31,
|
As of/Year Ended December 31,
|
||||||||||||||||||||||||||||||||||||||
2018
|
2017
|
2016
|
2015
|
2014
|
2018
|
2017
|
2016
|
2015
|
2014
|
||||||||||||||||||||||||||||||
(in millions, except per unit data)
|
(in millions)
|
||||||||||||||||||||||||||||||||||||||
Statement of Operations Data From Continuing Operations:
|
|||||||||||||||||||||||||||||||||||||||
Net sales
|
$
|
10,576
|
|
$
|
9,306
|
|
$
|
7,740
|
|
$
|
6,771
|
|
$
|
10,376
|
|
$
|
10,576
|
|
$
|
9,306
|
|
$
|
7,740
|
|
$
|
6,771
|
|
$
|
10,376
|
|
|||||||||
Other revenues from operations
|
647
|
|
743
|
|
840
|
|
418
|
|
383
|
|
647
|
|
743
|
|
840
|
|
418
|
|
383
|
|
|||||||||||||||||||
Net gain (loss) from investment activities
|
322
|
|
302
|
|
(1,373
|
)
|
(987
|
)
|
(564
|
)
|
322
|
|
302
|
|
(1,373
|
)
|
(987
|
)
|
(564
|
)
|
|||||||||||||||||||
Gain on disposition of assets, net
|
84
|
|
2,163
|
|
6
|
|
40
|
|
18
|
|
84
|
|
2,163
|
|
6
|
|
40
|
|
18
|
|
|||||||||||||||||||
Net income (loss)
|
282
|
|
2,357
|
|
(2,285
|
)
|
(1,941
|
)
|
(775
|
)
|
283
|
|
2,359
|
|
(2,284
|
)
|
(1,940
|
)
|
(774
|
)
|
|||||||||||||||||||
Less: Income (loss) attributable to non-controlling interests
|
495
|
|
84
|
|
(1,158
|
)
|
(938
|
)
|
(271
|
)
|
495
|
|
84
|
|
(1,158
|
)
|
(938
|
)
|
(271
|
)
|
|||||||||||||||||||
Net (loss) income attributable to Icahn Enterprises/Icahn Enterprises Holdings
|
$
|
(213
|
)
|
$
|
2,273
|
|
$
|
(1,127
|
)
|
$
|
(1,003
|
)
|
$
|
(504
|
)
|
$
|
(212
|
)
|
$
|
2,275
|
|
$
|
(1,126
|
)
|
$
|
(1,002
|
)
|
$
|
(503
|
)
|
|||||||||
Net (loss) income attributable to Icahn Enterprises/Icahn Enterprises Holdings allocable to:
|
|||||||||||||||||||||||||||||||||||||||
Limited partners
|
$
|
(209
|
)
|
$
|
2,228
|
|
$
|
(1,105
|
)
|
$
|
(983
|
)
|
$
|
(494
|
)
|
$
|
(210
|
)
|
$
|
2,252
|
|
$
|
(1,115
|
)
|
$
|
(992
|
)
|
$
|
(498
|
)
|
|||||||||
General partner
|
(4
|
)
|
45
|
|
(22
|
)
|
(20
|
)
|
(10
|
)
|
(2
|
)
|
23
|
|
(11
|
)
|
(10
|
)
|
(5
|
)
|
|||||||||||||||||||
$
|
(213
|
)
|
$
|
2,273
|
|
$
|
(1,127
|
)
|
$
|
(1,003
|
)
|
$
|
(504
|
)
|
$
|
(212
|
)
|
$
|
2,275
|
|
$
|
(1,126
|
)
|
$
|
(1,002
|
)
|
$
|
(503
|
)
|
||||||||||
Basic and diluted (loss) income per LP unit
|
$
|
(1.16
|
)
|
$
|
13.84
|
|
$
|
(8.07
|
)
|
$
|
(7.80
|
)
|
$
|
(4.15
|
)
|
||||||||||||||||||||||||
Basic and diluted weighted average LP units outstanding
|
180
|
|
161
|
|
137
|
|
126
|
|
119
|
|
|||||||||||||||||||||||||||||
Cash distributions declared per LP unit
|
$
|
7.00
|
|
$
|
6.00
|
|
$
|
6.00
|
|
$
|
6.00
|
|
$
|
6.00
|
|
||||||||||||||||||||||||
Balance Sheet Data:
|
|||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents
|
$
|
2,656
|
|
$
|
1,164
|
|
$
|
1,114
|
|
$
|
1,369
|
|
$
|
2,292
|
|
$
|
2,656
|
|
$
|
1,164
|
|
$
|
1,114
|
|
$
|
1,369
|
|
$
|
2,292
|
|
|||||||||
Investments
|
8,337
|
|
10,015
|
|
9,559
|
|
15,002
|
|
14,149
|
|
8,337
|
|
10,015
|
|
9,559
|
|
15,002
|
|
14,149
|
|
|||||||||||||||||||
Property, plant and equipment, net
|
4,703
|
|
5,186
|
|
5,905
|
|
5,668
|
|
5,456
|
|
4,703
|
|
5,186
|
|
5,905
|
|
5,668
|
|
5,456
|
|
|||||||||||||||||||
Assets held for sale
|
333
|
|
10,263
|
|
11,493
|
|
10,054
|
|
9,765
|
|
333
|
|
10,263
|
|
11,493
|
|
10,054
|
|
9,765
|
|
|||||||||||||||||||
Total assets
|
23,396
|
|
31,801
|
|
33,371
|
|
36,407
|
|
35,743
|
|
23,428
|
|
31,833
|
|
33,399
|
|
36,434
|
|
35,769
|
|
|||||||||||||||||||
Deferred tax liability
|
676
|
|
732
|
|
1,147
|
|
791
|
|
904
|
|
676
|
|
732
|
|
1,147
|
|
791
|
|
904
|
|
|||||||||||||||||||
Due to brokers
|
141
|
|
1,057
|
|
3,725
|
|
7,317
|
|
5,197
|
|
141
|
|
1,057
|
|
3,725
|
|
7,317
|
|
5,197
|
|
|||||||||||||||||||
Liabilities held for sale
|
112
|
|
7,010
|
|
9,103
|
|
7,521
|
|
7,029
|
|
112
|
|
7,010
|
|
9,103
|
|
7,521
|
|
7,029
|
|
|||||||||||||||||||
Debt
|
7,326
|
|
7,372
|
|
7,236
|
|
8,556
|
|
8,161
|
|
7,330
|
|
7,377
|
|
7,239
|
|
8,559
|
|
8,164
|
|
|||||||||||||||||||
Equity attributable to Icahn Enterprises/Icahn Enterprises Holdings
|
6,529
|
|
5,106
|
|
2,154
|
|
3,987
|
|
5,443
|
|
6,557
|
|
5,133
|
|
2,179
|
|
4,011
|
|
5,466
|
|
Revenues
|
Net Income (Loss) From Continuing Operations
|
Net Income (Loss) From Continuing Operations Attributable to Icahn Enterprises
|
|||||||||||||||||||||||||||||||||
Year Ended December 31,
|
Year Ended December 31,
|
Year Ended December 31,
|
|||||||||||||||||||||||||||||||||
2018
|
2017
|
2016
|
2018
|
2017
|
2016
|
2018
|
2017
|
2016
|
|||||||||||||||||||||||||||
(in millions)
|
|||||||||||||||||||||||||||||||||||
Investment
|
$
|
737
|
|
$
|
297
|
|
$
|
(1,223
|
)
|
$
|
679
|
|
$
|
118
|
|
$
|
(1,487
|
)
|
$
|
319
|
|
$
|
80
|
|
$
|
(604
|
)
|
||||||||
Holding Company
|
(291
|
)
|
68
|
|
21
|
|
(639
|
)
|
355
|
|
(287
|
)
|
(638
|
)
|
355
|
|
(287
|
)
|
|||||||||||||||||
Other Operating Segments:
|
|||||||||||||||||||||||||||||||||||
Energy
|
7,135
|
|
5,988
|
|
4,783
|
|
379
|
|
275
|
|
(604
|
)
|
238
|
|
229
|
|
(327
|
)
|
|||||||||||||||||
Automotive
|
2,856
|
|
2,728
|
|
2,503
|
|
(230
|
)
|
(51
|
)
|
19
|
|
(230
|
)
|
(51
|
)
|
19
|
|
|||||||||||||||||
Food Packaging
|
379
|
|
389
|
|
328
|
|
(15
|
)
|
(6
|
)
|
8
|
|
(12
|
)
|
(5
|
)
|
6
|
|
|||||||||||||||||
Metals
|
467
|
|
408
|
|
269
|
|
5
|
|
(44
|
)
|
(20
|
)
|
5
|
|
(44
|
)
|
(20
|
)
|
|||||||||||||||||
Real Estate
|
212
|
|
628
|
|
89
|
|
112
|
|
549
|
|
5
|
|
112
|
|
549
|
|
5
|
|
|||||||||||||||||
Home Fashion
|
171
|
|
183
|
|
196
|
|
(11
|
)
|
(20
|
)
|
(12
|
)
|
(11
|
)
|
(20
|
)
|
(12
|
)
|
|||||||||||||||||
Mining
|
106
|
|
93
|
|
63
|
|
1
|
|
10
|
|
(24
|
)
|
3
|
|
9
|
|
(19
|
)
|
|||||||||||||||||
Railcar
|
5
|
|
1,837
|
|
350
|
|
1
|
|
1,171
|
|
117
|
|
1
|
|
1,171
|
|
112
|
|
|||||||||||||||||
Other operating segments
|
11,331
|
|
12,254
|
|
8,581
|
|
242
|
|
1,884
|
|
(511
|
)
|
106
|
|
1,838
|
|
(236
|
)
|
|||||||||||||||||
Consolidated
|
$
|
11,777
|
|
$
|
12,619
|
|
$
|
7,379
|
|
$
|
282
|
|
$
|
2,357
|
|
$
|
(2,285
|
)
|
$
|
(213
|
)
|
$
|
2,273
|
|
$
|
(1,127
|
)
|
Year Ended December 31,
|
||||||||
2018
|
2017
|
2016
|
||||||
Long positions
|
(0.8
|
)%
|
5.4
|
%
|
16.3
|
%
|
||
Short positions
|
7.8
|
%
|
(3.0
|
)%
|
(34.1
|
)%
|
||
Other
|
0.9
|
%
|
(0.3
|
)%
|
(2.5
|
)%
|
||
7.9
|
%
|
2.1
|
%
|
(20.3
|
)%
|
Year Ended December 31,
|
|||||||||||
2018
|
2017
|
2016
|
|||||||||
(in millions)
|
|||||||||||
Long positions
|
$
|
(329
|
)
|
$
|
2,035
|
|
$
|
552
|
|
||
Short positions
|
931
|
|
(1,787
|
)
|
(1,894
|
)
|
|||||
Other
|
77
|
|
(130
|
)
|
(145
|
)
|
|||||
$
|
679
|
|
$
|
118
|
|
$
|
(1,487
|
)
|
Year Ended December 31,
|
|||||||||||
2018
|
2017
|
2016
|
|||||||||
(in millions)
|
|||||||||||
Net sales
|
$
|
7,124
|
|
$
|
5,988
|
|
$
|
4,782
|
|
||
Cost of goods sold
|
6,453
|
|
5,799
|
|
4,637
|
|
|||||
Gross margin
|
$
|
671
|
|
$
|
189
|
|
$
|
145
|
|
•
|
Positioning the service business to take advantage of opportunities in the do-it-for-me market and vehicle fleets;
|
•
|
Optimizing the value of the commercial parts distribution business in high volume markets;
|
•
|
Improving inventory management across Icahn Automotive's parts and tire distribution network;
|
•
|
Optimizing the store and warehouse footprint through openings, closings, consolidations and conversions by market;
|
•
|
Digital initiatives including a new e-commerce platform and enhanced e-fulfillment capabilities;
|
•
|
Investment in customer experience initiatives such as enhanced customer loyalty programs and selective upgrades in facilities;
|
•
|
Investment in employees with focus on training and career development investments; and
|
•
|
Business process improvements, including investments in our supply chain and information technology capabilities.
|
Year Ended December 31,
|
|||||||||||
2018
|
2017
|
2016
|
|||||||||
(in millions)
|
|||||||||||
Net sales and other revenue from operations
|
$
|
2,858
|
|
$
|
2,723
|
|
$
|
2,501
|
|
||
Cost of goods sold and other expenses from operations
|
1,976
|
|
1,978
|
|
1,860
|
|
|||||
Gross margin
|
$
|
882
|
|
$
|
745
|
|
$
|
641
|
|
December 31,
|
|||||||
2018
|
2017
|
||||||
(in millions)
|
|||||||
6.000% senior unsecured notes due 2020
|
$
|
1,702
|
|
$
|
1,703
|
|
|
5.875% senior unsecured notes due 2022
|
1,344
|
|
1,342
|
|
|||
6.250% senior unsecured notes due 2022
|
1,213
|
|
1,216
|
|
|||
6.750% senior unsecured notes due 2024
|
498
|
|
498
|
|
|||
6.375% senior unsecured notes due 2025
|
748
|
|
748
|
|
|||
$
|
5,505
|
|
$
|
5,507
|
|
December 31,
|
|||||||
2018
|
2017
|
||||||
(in millions)
|
|||||||
Energy
|
$
|
668
|
|
$
|
482
|
|
|
Automotive
|
43
|
|
52
|
|
|||
Food Packaging
|
46
|
|
16
|
|
|||
Metals
|
20
|
|
24
|
|
|||
Real Estate
|
39
|
|
32
|
|
|||
Home Fashion
|
1
|
|
—
|
|
|||
Mining
|
—
|
|
15
|
|
|||
$
|
817
|
|
$
|
621
|
|
December 31,
|
|||||||
2018
|
2017
|
||||||
(in millions)
|
|||||||
Energy
|
$
|
1,170
|
|
$
|
1,166
|
|
|
Automotive
|
372
|
|
340
|
|
|||
Food Packaging
|
273
|
|
273
|
|
|||
Metals
|
—
|
|
1
|
|
|||
Real Estate
|
2
|
|
22
|
|
|||
Home Fashion
|
4
|
|
5
|
|
|||
Mining
|
—
|
|
58
|
|
|||
$
|
1,821
|
|
$
|
1,865
|
|
December 31, 2018
|
|||
(in millions)
|
|||
Energy
|
$
|
444
|
|
Automotive
|
90
|
|
|
Food Packaging
|
7
|
|
|
Metals
|
54
|
|
|
Home Fashion
|
26
|
|
|
$
|
621
|
|
Year Ended December 31, 2018
|
Year Ended December 31, 2017
|
Year Ended December 31, 2016
|
|||||||||||||||||||||||||||||||||
Net Cash Provided By (Used In)
|
Net Cash Provided By (Used In)
|
Net Cash Provided By (Used In)
|
|||||||||||||||||||||||||||||||||
Operating Activities
|
Investing Activities
|
Financing Activities
|
Operating Activities
|
Investing Activities
|
Financing Activities
|
Operating Activities
|
Investing Activities
|
Financing Activities
|
|||||||||||||||||||||||||||
(in millions)
|
|||||||||||||||||||||||||||||||||||
Holding Company
|
$
|
(315
|
)
|
$
|
1,724
|
|
$
|
(97
|
)
|
$
|
(340
|
)
|
$
|
216
|
|
$
|
422
|
|
$
|
(209
|
)
|
$
|
245
|
|
$
|
23
|
|
||||||||
Investment
|
(116
|
)
|
—
|
|
2,018
|
|
(1,914
|
)
|
—
|
|
1,900
|
|
108
|
|
—
|
|
(552
|
)
|
|||||||||||||||||
Other Operating Segments:
|
|||||||||||||||||||||||||||||||||||
Energy
|
620
|
|
(100
|
)
|
(334
|
)
|
168
|
|
(196
|
)
|
(226
|
)
|
267
|
|
(201
|
)
|
(95
|
)
|
|||||||||||||||||
Automotive
|
(190
|
)
|
(134
|
)
|
315
|
|
(284
|
)
|
(302
|
)
|
583
|
|
6
|
|
(991
|
)
|
1,033
|
|
|||||||||||||||||
Food Packaging
|
9
|
|
(25
|
)
|
46
|
|
24
|
|
(57
|
)
|
8
|
|
28
|
|
(22
|
)
|
(3
|
)
|
|||||||||||||||||
Metals
|
14
|
|
(20
|
)
|
(1
|
)
|
17
|
|
(29
|
)
|
31
|
|
(13
|
)
|
(2
|
)
|
8
|
|
|||||||||||||||||
Real Estate
|
412
|
|
168
|
|
(552
|
)
|
110
|
|
269
|
|
(410
|
)
|
(23
|
)
|
31
|
|
36
|
|
|||||||||||||||||
Home Fashion
|
3
|
|
(4
|
)
|
—
|
|
(2
|
)
|
(5
|
)
|
5
|
|
(6
|
)
|
(8
|
)
|
—
|
|
|||||||||||||||||
Mining
|
4
|
|
(40
|
)
|
32
|
|
8
|
|
(38
|
)
|
31
|
|
—
|
|
(22
|
)
|
22
|
|
|||||||||||||||||
Railcar
|
—
|
|
—
|
|
—
|
|
94
|
|
11
|
|
(222
|
)
|
220
|
|
(140
|
)
|
(305
|
)
|
|||||||||||||||||
Other operating segments
|
872
|
|
(155
|
)
|
(494
|
)
|
135
|
|
(347
|
)
|
(200
|
)
|
479
|
|
(1,355
|
)
|
696
|
|
|||||||||||||||||
Discontinued operations
|
474
|
|
(437
|
)
|
(121
|
)
|
691
|
|
(580
|
)
|
(280
|
)
|
840
|
|
(593
|
)
|
(251
|
)
|
|||||||||||||||||
Total before eliminations
|
915
|
|
1,132
|
|
1,306
|
|
(1,428
|
)
|
(711
|
)
|
1,842
|
|
1,218
|
|
(1,703
|
)
|
(84
|
)
|
|||||||||||||||||
Eliminations
|
—
|
|
1,458
|
|
(1,458
|
)
|
—
|
|
1,124
|
|
(1,124
|
)
|
—
|
|
(142
|
)
|
142
|
|
|||||||||||||||||
Consolidated
|
$
|
915
|
|
$
|
2,590
|
|
$
|
(152
|
)
|
$
|
(1,428
|
)
|
$
|
413
|
|
$
|
718
|
|
$
|
1,218
|
|
$
|
(1,845
|
)
|
$
|
58
|
|
Year Ended December 31,
|
|||||||||||
2018
|
2017
|
2016
|
|||||||||
(in millions)
|
|||||||||||
Operating Activities:
|
|||||||||||
Cash payments for interest on senior unsecured notes
|
$
|
(339
|
)
|
$
|
(312
|
)
|
$
|
(285
|
)
|
||
Net cash receipts (payments) for income taxes, net of refunds
|
15
|
|
(17
|
)
|
41
|
|
|||||
Operating transactions with subsidiaries
|
13
|
|
(2
|
)
|
39
|
|
|||||
Other
|
(4
|
)
|
(9
|
)
|
(4
|
)
|
|||||
$
|
(315
|
)
|
$
|
(340
|
)
|
$
|
(209
|
)
|
|||
Investing Activities:
|
|||||||||||
Proceeds from sale of businesses and assets
|
$
|
3,187
|
|
$
|
1,808
|
|
$
|
—
|
|
||
Payments to acquire additional interests in subsidiaries
|
(5
|
)
|
(349
|
)
|
(2
|
)
|
|||||
Net (investments in) distributions from the Investment Funds
|
(1,708
|
)
|
(1,300
|
)
|
1,050
|
|
|||||
Net distributions from (investments in) other operating segments
|
250
|
|
56
|
|
(783
|
)
|
|||||
Other
|
—
|
|
1
|
|
(20
|
)
|
|||||
$
|
1,724
|
|
$
|
216
|
|
$
|
245
|
|
|||
Financing Activities:
|
|||||||||||
Partnership contributions
|
$
|
—
|
|
$
|
612
|
|
$
|
1
|
|
||
Partnership distributions
|
(97
|
)
|
(81
|
)
|
(103
|
)
|
|||||
Net debt refinancing
|
—
|
|
11
|
|
—
|
|
|||||
Note (repayment) proceeds from other operating segments
|
—
|
|
(120
|
)
|
125
|
|
|||||
$
|
(97
|
)
|
$
|
422
|
|
$
|
23
|
|
|||
Increase in cash and cash equivalents and restricted cash and restricted cash equivalents
|
$
|
1,312
|
|
$
|
298
|
|
$
|
59
|
|
Year Ended December 31,
|
|||||||||||
2018
|
2017
|
2016
|
|||||||||
(in millions)
|
|||||||||||
Operating Activities:
|
|||||||||||
Net cash flow from operating activities before changes in operating assets and liabilities
|
$
|
778
|
|
$
|
337
|
|
$
|
327
|
|
||
Changes in operating assets and liabilities
|
102
|
|
(203
|
)
|
196
|
|
|||||
Transactions with Holding Company
|
(8
|
)
|
1
|
|
(44
|
)
|
|||||
$
|
872
|
|
$
|
135
|
|
$
|
479
|
|
|||
Investing Activities:
|
|||||||||||
Capital expenditures
|
$
|
(272
|
)
|
$
|
(316
|
)
|
$
|
(247
|
)
|
||
Acquisition of businesses, net of cash acquired
|
(15
|
)
|
(249
|
)
|
(1,009
|
)
|
|||||
Proceeds from sale of assets
|
183
|
|
175
|
|
31
|
|
|||||
Note repayment from (loan to) Holding Company
|
—
|
|
120
|
|
(125
|
)
|
|||||
Other
|
(51
|
)
|
(77
|
)
|
(5
|
)
|
|||||
$
|
(155
|
)
|
$
|
(347
|
)
|
$
|
(1,355
|
)
|
|||
Financing Activities:
|
|||||||||||
Net debt and supply chain financing activity
|
$
|
(78
|
)
|
$
|
(96
|
)
|
$
|
(15
|
)
|
||
Distributions to non-controlling interests
|
(139
|
)
|
(75
|
)
|
(73
|
)
|
|||||
Net (distributions to) contributions from Holding Company
|
(292
|
)
|
(37
|
)
|
802
|
|
|||||
Other
|
15
|
|
8
|
|
(18
|
)
|
|||||
$
|
(494
|
)
|
$
|
(200
|
)
|
$
|
696
|
|
|||
Increase in cash and cash equivalents and restricted cash and restricted cash equivalents
|
$
|
223
|
|
$
|
(412
|
)
|
$
|
(180
|
)
|
Year Ended December 31,
|
|||||||||||
2018
|
2017
|
2016
|
|||||||||
(in millions)
|
|||||||||||
Operating Activities:
|
|||||||||||
Federal-Mogul
|
$
|
225
|
|
$
|
416
|
|
$
|
546
|
|
||
Tropicana
|
120
|
|
150
|
|
114
|
|
|||||
ARI
|
122
|
|
128
|
|
179
|
|
|||||
Transactions with Holding Company
|
7
|
|
(3
|
)
|
1
|
|
|||||
$
|
474
|
|
$
|
691
|
|
$
|
840
|
|
|||
Investing Activities:
|
|||||||||||
Federal-Mogul
|
$
|
(263
|
)
|
$
|
(370
|
)
|
$
|
(400
|
)
|
||
Tropicana
|
(55
|
)
|
(56
|
)
|
(79
|
)
|
|||||
ARI
|
(119
|
)
|
(154
|
)
|
(114
|
)
|
|||||
$
|
(437
|
)
|
$
|
(580
|
)
|
$
|
(593
|
)
|
|||
Financing Activities:
|
|||||||||||
Federal-Mogul
|
$
|
(56
|
)
|
$
|
(35
|
)
|
$
|
(20
|
)
|
||
Tropicana
|
(75
|
)
|
(188
|
)
|
(46
|
)
|
|||||
ARI
|
(32
|
)
|
(38
|
)
|
(166
|
)
|
|||||
Net contributions from (distributions to) Holding Company
|
42
|
|
(19
|
)
|
(19
|
)
|
|||||
$
|
(121
|
)
|
$
|
(280
|
)
|
$
|
(251
|
)
|
2019
|
2020
|
2021
|
2022
|
2023
|
Thereafter
|
Total
|
|||||||||||||||||||||
(in millions)
|
|||||||||||||||||||||||||||
Debt obligations
|
$
|
21
|
|
$
|
1,712
|
|
$
|
616
|
|
$
|
3,055
|
|
$
|
645
|
|
$
|
1,251
|
|
$
|
7,300
|
|
||||||
Capital lease obligations
|
6
|
|
6
|
|
4
|
|
4
|
|
3
|
|
29
|
|
52
|
|
|||||||||||||
Interest payments
|
468
|
|
467
|
|
346
|
|
251
|
|
115
|
|
121
|
|
1,768
|
|
|||||||||||||
Pension and other post-retirement benefit plans
|
3
|
|
4
|
|
4
|
|
5
|
|
5
|
|
56
|
|
77
|
|
|||||||||||||
Operating lease obligations
|
196
|
|
175
|
|
152
|
|
134
|
|
85
|
|
235
|
|
977
|
|
|||||||||||||
Purchase obligations
|
139
|
|
89
|
|
78
|
|
76
|
|
75
|
|
444
|
|
901
|
|
|||||||||||||
Letters of credit
|
51
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
51
|
|
|||||||||||||
Total
|
$
|
884
|
|
$
|
2,453
|
|
$
|
1,200
|
|
$
|
3,525
|
|
$
|
928
|
|
$
|
2,136
|
|
$
|
11,126
|
|
December 31,
|
|||||||
2018
|
2017
|
||||||
ASSETS
|
|||||||
Cash and cash equivalents
|
$
|
|
|
$
|
|
|
|
Cash held at consolidated affiliated partnerships and restricted cash
|
|
|
|
|
|||
Investments
|
|
|
|
|
|||
Due from brokers
|
|
|
|
|
|||
Accounts receivable, net
|
|
|
|
|
|||
Inventories, net
|
|
|
|
|
|||
Property, plant and equipment, net
|
|
|
|
|
|||
Goodwill
|
|
|
|
|
|||
Intangible assets, net
|
|
|
|
|
|||
Assets held for sale
|
|
|
|
|
|||
Other assets
|
|
|
|
|
|||
Total Assets
|
$
|
|
|
$
|
|
|
|
LIABILITIES AND EQUITY
|
|||||||
Accounts payable
|
$
|
|
|
$
|
|
|
|
Accrued expenses and other liabilities
|
|
|
|
|
|||
Deferred tax liability
|
|
|
|
|
|||
Unrealized loss on derivative contracts
|
|
|
|
|
|||
Securities sold, not yet purchased, at fair value
|
|
|
|
|
|||
Due to brokers
|
|
|
|
|
|||
Liabilities held for sale
|
|
|
|
|
|||
Debt
|
|
|
|
|
|||
Total liabilities
|
|
|
|
|
|||
Commitments and contingencies (Note 17)
|
|
|
|||||
Equity:
|
|||||||
Limited partners: Depositary units: 191,366,097 and 173,564,307 units issued and outstanding at December 31, 2018 and 2017, respectively
|
|
|
|
|
|||
General partner
|
(
|
)
|
(
|
)
|
|||
Equity attributable to Icahn Enterprises
|
|
|
|
|
|||
Equity attributable to non-controlling interests
|
|
|
|
|
|||
Total equity
|
|
|
|
|
|||
Total Liabilities and Equity
|
$
|
|
|
$
|
|
|
Year Ended December 31,
|
|||||||||||
2018
|
2017
|
2016
|
|||||||||
Revenues:
|
|||||||||||
Net sales
|
$
|
|
|
$
|
|
|
$
|
|
|
||
Other revenues from operations
|
|
|
|
|
|
|
|||||
Net gain (loss) from investment activities
|
|
|
|
|
(
|
)
|
|||||
Interest and dividend income
|
|
|
|
|
|
|
|||||
Gain on disposition of assets, net
|
|
|
|
|
|
|
|||||
Other (loss) income, net
|
|
|
(
|
)
|
|
|
|||||
|
|
|
|
|
|
||||||
Expenses:
|
|||||||||||
Cost of goods sold
|
|
|
|
|
|
|
|||||
Other expenses from operations
|
|
|
|
|
|
|
|||||
Selling, general and administrative
|
|
|
|
|
|
|
|||||
Restructuring
|
|
|
|
|
|
|
|||||
Impairment
|
|
|
|
|
|
|
|||||
Interest expense
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
||||||
Income (loss) from continuing operations before income tax benefit
|
|
|
|
|
(
|
)
|
|||||
Income tax benefit
|
|
|
|
|
|
|
|||||
Income (loss) from continuing operations
|
|
|
|
|
(
|
)
|
|||||
Income from discontinued operations
|
|
|
|
|
|
|
|||||
Net income (loss)
|
|
|
|
|
(
|
)
|
|||||
Less: net income (loss) attributable to non-controlling interests
|
|
|
|
|
(
|
)
|
|||||
Net income (loss) attributable to Icahn Enterprises
|
$
|
|
|
$
|
|
|
$
|
(
|
)
|
||
Net (loss) income attributable to Icahn Enterprises from:
|
|||||||||||
Continuing operations
|
$
|
(
|
)
|
$
|
|
|
$
|
(
|
)
|
||
Discontinued operations
|
|
|
|
|
(
|
)
|
|||||
$
|
|
|
$
|
|
|
$
|
(
|
)
|
|||
Net income (loss) attributable to Icahn Enterprises allocated to:
|
|||||||||||
Limited partners
|
$
|
|
|
$
|
|
|
$
|
(
|
)
|
||
General partner
|
(
|
)
|
|
|
(
|
)
|
|||||
$
|
|
|
$
|
|
|
$
|
(
|
)
|
|||
Basic and diluted income (loss) per LP unit:
|
|||||||||||
Continuing operations
|
$
|
(
|
)
|
$
|
|
|
$
|
(
|
)
|
||
Discontinued operations
|
|
|
|
|
|
|
|||||
$
|
|
|
$
|
|
|
$
|
(
|
)
|
|||
Basic and diluted weighted average LP units outstanding
|
|
|
|
|
|
|
|||||
Cash distributions declared per LP unit
|
$
|
|
|
$
|
|
|
$
|
|
|
Year Ended December 31,
|
|||||||||||
2018
|
2017
|
2016
|
|||||||||
Net income (loss)
|
$
|
|
|
$
|
|
|
$
|
(
|
)
|
||
Other comprehensive (loss) income, net of tax:
|
|||||||||||
Post-retirement benefits
|
|
|
|
|
|
|
|||||
Hedge instruments
|
(
|
)
|
(
|
)
|
|
|
|||||
Translation adjustments and other
|
(
|
)
|
|
|
(
|
)
|
|||||
Other comprehensive (loss) income, net of tax
|
(
|
)
|
|
|
(
|
)
|
|||||
Comprehensive income (loss)
|
|
|
|
|
(
|
)
|
|||||
Less: Comprehensive income (loss) attributable to non-controlling interests
|
|
|
|
|
(
|
)
|
|||||
Comprehensive income (loss) attributable to Icahn Enterprises
|
$
|
|
|
$
|
|
|
$
|
(
|
)
|
||
Comprehensive income (loss) attributable to Icahn Enterprises allocated to:
|
|||||||||||
Limited partners
|
$
|
|
|
$
|
|
|
$
|
(
|
)
|
||
General partner
|
(
|
)
|
|
|
(
|
)
|
|||||
$
|
|
|
$
|
|
|
$
|
(
|
)
|
Equity Attributable to Icahn Enterprises
|
|||||||||||||||||||
General Partner's (Deficit) Equity
|
Limited
Partners' Equity
|
Total Partners' Equity
|
Non-controlling Interests
|
Total Equity
|
|||||||||||||||
Balance, December 31, 2015
|
$
|
(
|
)
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
||||
Net loss
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||
Other comprehensive loss
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||
Partnership distributions
|
(
|
)
|
(
|
)
|
(
|
)
|
|
|
(
|
)
|
|||||||||
Partnership contribution
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Investment segment contributions
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Investment segment distributions
|
|
|
|
|
|
|
(
|
)
|
(
|
)
|
|||||||||
Dividends and distributions to non-controlling interests in subsidiaries
|
|
|
|
|
|
|
(
|
)
|
(
|
)
|
|||||||||
LP unit issuance
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Changes in subsidiary equity and other
|
(
|
)
|
(
|
)
|
(
|
)
|
|
|
(
|
)
|
|||||||||
Balance, December 31, 2016
|
(
|
)
|
|
|
|
|
|
|
|
|
|||||||||
Net income
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Partnership distributions
|
(
|
)
|
(
|
)
|
(
|
)
|
|
|
(
|
)
|
|||||||||
Partnership contributions
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Investment segment contributions
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Dividends and distributions to non-controlling interests in subsidiaries
|
|
|
|
|
|
|
(
|
)
|
(
|
)
|
|||||||||
Cumulative effect adjustment from adoption of accounting principal
|
(
|
)
|
(
|
)
|
(
|
)
|
|
|
(
|
)
|
|||||||||
Changes in subsidiary equity and other
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||
Balance, December 31, 2017
|
(
|
)
|
|
|
|
|
|
|
|
|
|||||||||
Net (loss) income
|
(
|
)
|
|
|
|
|
|
|
|
|
|||||||||
Other comprehensive loss
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||
Partnership distributions
|
(
|
)
|
(
|
)
|
(
|
)
|
|
|
(
|
)
|
|||||||||
Investment segment contributions
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Dividends and distributions to non-controlling interests in subsidiaries
|
|
|
|
|
|
|
(
|
)
|
(
|
)
|
|||||||||
Cumulative effect adjustment from adoption of accounting principal
|
(
|
)
|
(
|
)
|
(
|
)
|
|
|
(
|
)
|
|||||||||
Changes in subsidiary equity and other
|
|
|
|
|
|
|
(
|
)
|
(
|
)
|
|||||||||
Balance, December 31, 2018
|
$
|
(
|
)
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
Year Ended December 31,
|
|||||||||||
2018
|
2017
|
2016
|
|||||||||
Cash flows from operating activities:
|
|||||||||||
Net income (loss)
|
$
|
|
|
$
|
|
|
$
|
(
|
)
|
||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
|
|||||||||||
Income from discontinued operations
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||
Net loss (gain) from securities transactions
|
|
|
(
|
)
|
(
|
)
|
|||||
Purchases of securities
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||
Proceeds from sales of securities
|
|
|
|
|
|
|
|||||
Purchases to cover securities sold, not yet purchased
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||
Proceeds from securities sold, not yet purchased
|
|
|
|
|
|
|
|||||
Changes in receivables and payables relating to securities transactions
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||
Gain on disposition of assets, net
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||
Depreciation and amortization
|
|
|
|
|
|
|
|||||
Impairment
|
|
|
|
|
|
|
|||||
Deferred taxes
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||
Other, net
|
|
|
(
|
)
|
|
|
|||||
Changes in operating assets and liabilities:
|
|||||||||||
Accounts receivable, net
|
|
|
(
|
)
|
(
|
)
|
|||||
Inventories, net
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||
Other assets
|
(
|
)
|
|
|
|
|
|||||
Accounts payable
|
(
|
)
|
|
|
|
|
|||||
Unrealized loss on derivative contracts
|
(
|
)
|
|
|
|
|
|||||
Accrued expenses and other liabilities
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||
Net cash provided by (used in) operating activities from continuing operations
|
|
|
(
|
)
|
|
|
|||||
Net cash provided by operating activities from discontinued operations
|
|
|
|
|
|
|
|||||
Net cash provided by (used in) operating activities
|
|
|
(
|
)
|
|
|
|||||
Cash flows from investing activities:
|
|||||||||||
Capital expenditures
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||
Acquisition of businesses, net of cash acquired
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||
Purchase of additional interests in consolidated subsidiaries
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||
Proceeds from disposition of businesses and assets
|
|
|
|
|
|
|
|||||
Other, net
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||
Net cash provided by (used in) investing activities from continuing operations
|
|
|
|
|
(
|
)
|
|||||
Net cash used in investing activities from discontinued operations
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||
Net cash provided by (used in) investing activities
|
|
|
|
|
(
|
)
|
|||||
Cash flows from financing activities:
|
|||||||||||
Investment segment contributions from non-controlling interests
|
|
|
|
|
|
|
|||||
Investment segment distributions from non-controlling interests
|
|
|
|
|
(
|
)
|
|||||
Partnership contributions
|
|
|
|
|
|
|
|||||
Partnership distributions
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||
Proceeds from subsidiary equity offerings
|
|
|
|
|
|
|
|||||
Dividends and distributions to non-controlling interests in subsidiaries
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||
Proceeds from Holding Company senior unsecured notes
|
|
|
|
|
|
|
|||||
Repayments of Holding Company senior unsecured notes
|
|
|
(
|
)
|
|
|
|||||
Proceeds from subsidiary borrowings
|
|
|
|
|
|
|
|||||
Repayments of subsidiary borrowings
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||
Other, net
|
|
|
(
|
)
|
(
|
)
|
|||||
Net cash provided by financing activities from continuing operations
|
|
|
|
|
|
|
|||||
Net cash used in financing activities from discontinued operations
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||
Net cash (used in) provided by financing activities
|
(
|
)
|
|
|
|
|
|||||
Effect of exchange rate changes on cash and cash equivalents and restricted cash and restricted cash equivalents
|
(
|
)
|
|
|
|
|
|||||
Add back change in cash and restricted cash of assets held for sale
|
|
|
|
|
(
|
)
|
|||||
Net increase (decrease) in cash and cash equivalents and restricted cash and restricted cash equivalents
|
|
|
|
|
(
|
)
|
|||||
Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period
|
|
|
|
|
|
|
|||||
Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period
|
$
|
|
|
$
|
|
|
$
|
|
|
December 31,
|
|||||||
2018
|
2017
|
||||||
ASSETS
|
|||||||
Cash and cash equivalents
|
$
|
|
|
$
|
|
|
|
Cash held at consolidated affiliated partnerships and restricted cash
|
|
|
|
|
|||
Investments
|
|
|
|
|
|||
Due from brokers
|
|
|
|
|
|||
Accounts receivable, net
|
|
|
|
|
|||
Inventories, net
|
|
|
|
|
|||
Property, plant and equipment, net
|
|
|
|
|
|||
Goodwill
|
|
|
|
|
|||
Intangible assets, net
|
|
|
|
|
|||
Assets held for sale
|
|
|
|
|
|||
Other assets
|
|
|
|
|
|||
Total Assets
|
$
|
|
|
$
|
|
|
|
LIABILITIES AND EQUITY
|
|||||||
Accounts payable
|
$
|
|
|
$
|
|
|
|
Accrued expenses and other liabilities
|
|
|
|
|
|||
Deferred tax liability
|
|
|
|
|
|||
Unrealized loss on derivative contracts
|
|
|
|
|
|||
Securities sold, not yet purchased, at fair value
|
|
|
|
|
|||
Due to brokers
|
|
|
|
|
|||
Liabilities held for sale
|
|
|
|
|
|||
Debt
|
|
|
|
|
|||
Total liabilities
|
|
|
|
|
|||
Commitments and contingencies (Note 17)
|
|
|
|||||
Equity:
|
|||||||
Limited partner
|
|
|
|
|
|||
General partner
|
(
|
)
|
(
|
)
|
|||
Equity attributable to Icahn Enterprises Holdings
|
|
|
|
|
|||
Equity attributable to non-controlling interests
|
|
|
|
|
|||
Total equity
|
|
|
|
|
|||
Total Liabilities and Equity
|
$
|
|
|
$
|
|
|
Year Ended December 31,
|
|||||||||||
2018
|
2017
|
2016
|
|||||||||
Revenues:
|
|||||||||||
Net sales
|
$
|
|
|
$
|
|
|
$
|
|
|
||
Other revenues from operations
|
|
|
|
|
|
|
|||||
Net gain (loss) from investment activities
|
|
|
|
|
(
|
)
|
|||||
Interest and dividend income
|
|
|
|
|
|
|
|||||
Gain on disposition of assets, net
|
|
|
|
|
|
|
|||||
Other (loss) income, net
|
|
|
(
|
)
|
|
|
|||||
|
|
|
|
|
|
||||||
Expenses:
|
|||||||||||
Cost of goods sold
|
|
|
|
|
|
|
|||||
Other expenses from operations
|
|
|
|
|
|
|
|||||
Selling, general and administrative
|
|
|
|
|
|
|
|||||
Restructuring
|
|
|
|
|
|
|
|||||
Impairment
|
|
|
|
|
|
|
|||||
Interest expense
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
||||||
Income (loss) from continuing operations before income tax benefit
|
|
|
|
|
(
|
)
|
|||||
Income tax benefit
|
|
|
|
|
|
|
|||||
Income (loss) from continuing operations
|
|
|
|
|
(
|
)
|
|||||
Income from discontinued operations
|
|
|
|
|
|
|
|||||
Net income (loss)
|
|
|
|
|
(
|
)
|
|||||
Less: net income (loss) attributable to non-controlling interests
|
|
|
|
|
(
|
)
|
|||||
Net income (loss) attributable to Icahn Enterprises Holdings
|
$
|
|
|
$
|
|
|
$
|
(
|
)
|
||
Net income (loss) attributable to Icahn Enterprises Holdings from:
|
|||||||||||
Continuing operations
|
$
|
(
|
)
|
$
|
|
|
$
|
(
|
)
|
||
Discontinued operations
|
|
|
|
|
(
|
)
|
|||||
$
|
|
|
$
|
|
|
$
|
(
|
)
|
|||
Net income (loss) attributable to Icahn Enterprises Holdings allocated to:
|
|||||||||||
Limited partner
|
$
|
|
|
$
|
|
|
$
|
(
|
)
|
||
General partner
|
(
|
)
|
|
|
(
|
)
|
|||||
$
|
|
|
$
|
|
|
$
|
(
|
)
|
Year Ended December 31,
|
|||||||||||
2018
|
2017
|
2016
|
|||||||||
Net income (loss)
|
$
|
|
|
$
|
|
|
$
|
(
|
)
|
||
Other comprehensive (loss) income, net of tax:
|
|||||||||||
Post-retirement benefits
|
|
|
|
|
|
|
|||||
Hedge instruments
|
(
|
)
|
(
|
)
|
|
|
|||||
Translation adjustments and other
|
(
|
)
|
|
|
(
|
)
|
|||||
Other comprehensive (loss) income, net of tax
|
(
|
)
|
|
|
(
|
)
|
|||||
Comprehensive income (loss)
|
|
|
|
|
(
|
)
|
|||||
Less: Comprehensive income (loss) attributable to non-controlling interests
|
|
|
|
|
(
|
)
|
|||||
Comprehensive income (loss) attributable to Icahn Enterprises Holdings
|
$
|
|
|
$
|
|
|
$
|
(
|
)
|
||
Comprehensive income (loss) attributable to Icahn Enterprises Holdings allocated to:
|
|||||||||||
Limited partner
|
$
|
|
|
$
|
|
|
$
|
(
|
)
|
||
General partner
|
(
|
)
|
|
|
(
|
)
|
|||||
$
|
|
|
$
|
|
|
$
|
(
|
)
|
Equity Attributable to Icahn Enterprises Holdings
|
|||||||||||||||||||
General Partner's Equity (Deficit)
|
Limited
Partner's Equity
|
Total Partners' Equity
|
Non-controlling Interests
|
Total Equity
|
|||||||||||||||
Balance, December 31, 2015
|
$
|
(
|
)
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
||||
Net loss
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||
Other comprehensive loss
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||
Partnership distributions
|
(
|
)
|
(
|
)
|
(
|
)
|
|
|
(
|
)
|
|||||||||
Partnership contribution
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Investment segment contributions
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Investment segment distributions
|
|
|
|
|
|
|
(
|
)
|
(
|
)
|
|||||||||
Dividends and distributions to non-controlling interests in subsidiaries
|
|
|
|
|
|
|
(
|
)
|
(
|
)
|
|||||||||
LP unit issuance
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Changes in subsidiary equity and other
|
(
|
)
|
(
|
)
|
(
|
)
|
|
|
(
|
)
|
|||||||||
Balance, December 31, 2016
|
(
|
)
|
|
|
|
|
|
|
|
|
|||||||||
Net income
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Other comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Partnership distributions
|
(
|
)
|
(
|
)
|
(
|
)
|
|
|
(
|
)
|
|||||||||
Partnership contributions
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Investment segment contributions
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Dividends and distributions to non-controlling interests in subsidiaries
|
|
|
|
|
|
|
(
|
)
|
(
|
)
|
|||||||||
Cumulative effect adjustment from adoption of accounting principal
|
|
|
(
|
)
|
(
|
)
|
|
|
(
|
)
|
|||||||||
Changes in subsidiary equity and other
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||
Balance, December 31, 2017
|
(
|
)
|
|
|
|
|
|
|
|
|
|||||||||
Net (loss) income
|
(
|
)
|
|
|
|
|
|
|
|
|
|||||||||
Other comprehensive loss
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||
Partnership distributions
|
(
|
)
|
(
|
)
|
(
|
)
|
|
|
(
|
)
|
|||||||||
Investment segment contributions
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Dividends and distributions to non-controlling interests in subsidiaries
|
|
|
|
|
|
|
(
|
)
|
(
|
)
|
|||||||||
Cumulative effect adjustment from adoption of accounting principal
|
|
|
(
|
)
|
(
|
)
|
|
|
(
|
)
|
|||||||||
Changes in subsidiary equity and other
|
|
|
|
|
|
|
(
|
)
|
(
|
)
|
|||||||||
Balance, December 31, 2018
|
$
|
(
|
)
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
Year Ended December 31,
|
|||||||||||
2018
|
2017
|
2016
|
|||||||||
Cash flows from operating activities:
|
|||||||||||
Net income (loss)
|
$
|
|
|
$
|
|
|
$
|
(
|
)
|
||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
|
|||||||||||
Income from discontinued operations
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||
Net loss (gain) from securities transactions
|
|
|
(
|
)
|
(
|
)
|
|||||
Purchases of securities
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||
Proceeds from sales of securities
|
|
|
|
|
|
|
|||||
Purchases to cover securities sold, not yet purchased
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||
Proceeds from securities sold, not yet purchased
|
|
|
|
|
|
|
|||||
Changes in receivables and payables relating to securities transactions
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||
Gain on disposition of assets, net
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||
Depreciation and amortization
|
|
|
|
|
|
|
|||||
Impairment
|
|
|
|
|
|
|
|||||
Deferred taxes
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||
Other, net
|
|
|
(
|
)
|
|
|
|||||
Changes in operating assets and liabilities
|
|||||||||||
Accounts receivable, net
|
|
|
(
|
)
|
(
|
)
|
|||||
Inventories, net
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||
Other assets
|
(
|
)
|
|
|
|
|
|||||
Accounts payable
|
(
|
)
|
|
|
|
|
|||||
Unrealized loss on derivative contracts
|
(
|
)
|
|
|
|
|
|||||
Accrued expenses and other liabilities
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||
Net cash provided by (used in) operating activities from continuing operations
|
|
|
(
|
)
|
|
|
|||||
Net cash provided by operating activities from discontinued operations
|
|
|
|
|
|
|
|||||
Net cash provided by (used in) operating activities
|
|
|
(
|
)
|
|
|
|||||
Cash flows from investing activities:
|
|||||||||||
Capital expenditures
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||
Acquisition of businesses, net of cash acquired
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||
Purchase of additional interests in consolidated subsidiaries
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||
Proceeds from disposition of businesses and assets
|
|
|
|
|
|
|
|||||
Other, net
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||
Net cash provided by (used in) investing activities from continuing operations
|
|
|
|
|
(
|
)
|
|||||
Net cash used in investing activities from discontinued operations
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||
Net cash provided by (used in) investing activities
|
|
|
|
|
(
|
)
|
|||||
Cash flows from financing activities:
|
|||||||||||
Investment segment contributions from non-controlling interests
|
|
|
|
|
|
|
|||||
Investment segment distributions from non-controlling interests
|
|
|
|
|
(
|
)
|
|||||
Partnership contributions
|
|
|
|
|
|
|
|||||
Partnership distributions
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||
Proceeds from subsidiary equity offerings
|
|
|
|
|
|
|
|||||
Dividends and distributions to non-controlling interests in subsidiaries
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||
Proceeds from Holding Company senior unsecured notes
|
|
|
|
|
|
|
|||||
Repayments of Holding Company senior unsecured notes
|
|
|
(
|
)
|
|
|
|||||
Proceeds from subsidiary borrowings
|
|
|
|
|
|
|
|||||
Repayments of subsidiary borrowings
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||
Other, net
|
|
|
(
|
)
|
(
|
)
|
|||||
Net cash provided by financing activities from continuing operations
|
|
|
|
|
|
|
|||||
Net cash used in financing activities from discontinued operations
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||
Net cash (used in) provided by financing activities
|
(
|
)
|
|
|
|
|
|||||
Effect of exchange rate changes on cash and cash equivalents and restricted cash and restricted cash equivalents
|
(
|
)
|
|
|
|
|
|||||
Add back change in cash and restricted cash of assets held for sale
|
|
|
|
|
(
|
)
|
|||||
Net increase (decrease) in cash and cash equivalents and restricted cash and restricted cash equivalents
|
|
|
|
|
(
|
)
|
|||||
Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period
|
|
|
|
|
|
|
|||||
Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period
|
$
|
|
|
$
|
|
|
$
|
|
|
1.
|
|
2.
|
|
December 31,
|
|||||||
2018
|
2017
|
||||||
(in millions)
|
|||||||
Cash and cash equivalents
|
$
|
|
|
$
|
|
|
|
Cash held at consolidated affiliated partnerships and restricted cash
|
|
|
|
|
|||
Investments
|
|
|
|
|
|||
Due from brokers
|
|
|
|
|
|||
Property, plant and equipment, net
|
|
|
|
|
|||
Inventories, net
|
|
|
|
|
|||
Intangible assets, net
|
|
|
|
|
|||
Other assets
|
|
|
|
|
|||
Accounts payable, accrued expenses and other liabilities
|
|
|
|
|
|||
Securities sold, not yet purchased, at fair value
|
|
|
|
|
|||
Due to brokers
|
|
|
|
|
|||
Debt
|
|
|
|
|
3.
|
|
4.
|
|
December 31,
|
|||||||
2018
|
2017
|
||||||
Assets
|
(in millions)
|
||||||
Investments:
|
|||||||
Equity securities:
|
|||||||
Basic materials
|
$
|
|
|
$
|
|
|
|
Consumer, non-cyclical
|
|
|
|
|
|||
Consumer, cyclical
|
|
|
|
|
|||
Energy
|
|
|
|
|
|||
Financial
|
|
|
|
|
|||
Technology
|
|
|
|
|
|||
Other
|
|
|
|
|
|||
|
|
|
|
||||
Corporate debt securities
|
|
|
|
|
|||
$
|
|
|
$
|
|
|
||
Liabilities
|
|||||||
Securities sold, not yet purchased, at fair value:
|
|||||||
Equity securities:
|
|||||||
Consumer, non-cyclical
|
$
|
|
|
$
|
|
|
|
Consumer, cyclical
|
|
|
|
|
|||
Energy
|
|
|
|
|
|||
Industrial
|
|
|
|
|
|||
|
|
|
|
||||
Corporate debt securities
|
|
|
|
|
|||
$
|
|
|
$
|
|
|
December 31,
|
|||||||
2018
|
2017
|
||||||
(in millions)
|
|||||||
Equity method investments
|
$
|
|
|
$
|
|
|
|
Other investments (measured at fair value)
|
|
|
|
|
|||
$
|
|
|
$
|
|
|
5.
|
|
December 31, 2018
|
December 31, 2017
|
||||||||||||||||||||||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||||||||||||
Assets
|
(in millions)
|
||||||||||||||||||||||||||||||
Investments (Note 4)
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
|||||||
Derivative contracts, at fair value (Note 6)(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
||||||||
Liabilities
|
|||||||||||||||||||||||||||||||
Securities sold, not yet purchased (Note 4)
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
|||||||
Other liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Derivative contracts, at fair value (Note 6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
(1)
|
|
Year Ended December 31,
|
|||||||
2018
|
2017
|
||||||
(in millions)
|
|||||||
Balance at January 1
|
$
|
|
|
$
|
|
|
|
Net unrealized gains
|
|
|
|
|
|||
Other
|
(
|
)
|
|
|
|||
Balance at December 31
|
$
|
|
|
$
|
|
|
6.
|
|
December 31, 2018
|
December 31, 2017
|
||||||||||||||
|
Long Notional Exposure
|
Short Notional Exposure
|
Long Notional Exposure
|
Short Notional Exposure
|
|||||||||||
Primary underlying risk:
|
(in millions)
|
||||||||||||||
Equity contracts
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
|||
Credit contracts(1)
|
|
|
|
|
|
|
|
|
|||||||
Commodity contracts
|
|
|
|
|
|
|
|
|
(1)
|
|
Asset Derivatives(1)
|
Liability Derivatives
|
|||||||||||||||
December 31, 2018
|
December 31, 2017
|
December 31, 2018
|
December 31, 2017
|
|||||||||||||
(in millions)
|
||||||||||||||||
Equity contracts
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
||||
Credit contracts
|
|
|
|
|
|
|
|
|
||||||||
Commodity contracts
|
|
|
|
|
|
|
|
|
||||||||
Sub-total
|
|
|
|
|
|
|
|
|
||||||||
Netting across contract types(2)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
||||||||
Total(2)
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
(1)
|
|
(2)
|
|
Gain (Loss) Recognized in Income(1)
|
|||||||||||
Year Ended December 31,
|
|||||||||||
2018
|
2017
|
2016
|
|||||||||
(in millions)
|
|||||||||||
Equity contracts
|
$
|
|
|
$
|
(
|
)
|
$
|
(
|
)
|
||
Foreign exchange contracts
|
|
|
|
|
|
|
|||||
Credit contracts
|
|
|
(
|
)
|
|
|
|||||
Interest rate contracts
|
|
|
|
|
(
|
)
|
|||||
Commodity contracts
|
|
|
(
|
)
|
(
|
)
|
|||||
$
|
|
|
$
|
(
|
)
|
$
|
(
|
)
|
(1)
|
|
7.
|
|
December 31,
|
|||||||
|
2018
|
2017
|
|||||
(in millions)
|
|||||||
Raw materials
|
$
|
|
|
$
|
|
|
|
Work in process
|
|
|
|
|
|||
Finished goods
|
|
|
|
|
|||
$
|
|
|
$
|
|
|
8.
|
|
December 31, 2018
|
December 31, 2017
|
||||||||||||||||||||||
Automotive
|
Food Packaging
|
Consolidated
|
Automotive
|
Food Packaging
|
Consolidated
|
||||||||||||||||||
(in millions)
|
|||||||||||||||||||||||
Gross carrying amount, Jan 1
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
|||||
Acquisitions
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Foreign exchange
|
|
|
(
|
)
|
(
|
)
|
|
|
|
|
|
|
|||||||||||
Gross carrying amount, Dec 31
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Accumulated impairment, Jan 1
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Impairment
|
(
|
)
|
|
|
(
|
)
|
|
|
|
|
|
|
|||||||||||
Accumulated impairment, Dec 31
|
(
|
)
|
|
|
(
|
)
|
|
|
|
|
|
|
|||||||||||
Net carrying value, Dec 31
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
December 31, 2018
|
December 31, 2017
|
||||||||||||||||||||||
Gross Carrying Amount
|
Accumulated
Amortization
|
Net
Carrying
Value
|
Gross
Carrying
Amount
|
Accumulated
Amortization
|
Net
Carrying
Value
|
||||||||||||||||||
(in millions)
|
|||||||||||||||||||||||
Definite-lived intangible assets:
|
|||||||||||||||||||||||
Customer relationships
|
$
|
|
|
$
|
(
|
)
|
$
|
|
|
$
|
|
|
$
|
(
|
)
|
$
|
|
|
|||||
Other
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
|||||||||||
$
|
|
|
$
|
(
|
)
|
$
|
|
|
$
|
|
|
$
|
(
|
)
|
$
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||
Indefinite-lived intangible assets
|
$
|
|
|
$
|
|
|
|||||||||||||||||
Intangible assets, net
|
$
|
|
|
|
$
|
|
|
Year
|
Amount
|
|||
(in millions)
|
||||
2019
|
$
|
|
|
|
2020
|
|
|
||
2021
|
|
|
||
2022
|
|
|
||
2023
|
|
|
||
Thereafter
|
|
|
||
$
|
|
|
9.
|
|
December 31,
|
|||||||||
Useful Life
|
2018
|
2017
|
|||||||
(in years)
|
(in millions)
|
||||||||
Land
|
$
|
|
|
$
|
|
|
|||
Buildings and improvements
|
3 - 40
|
|
|
|
|
||||
Machinery, equipment and furniture
|
1 - 30
|
|
|
|
|
||||
Assets leased to others
|
5 - 39
|
|
|
|
|
||||
Construction in progress
|
|
|
|
|
|||||
|
|
|
|
||||||
Less: Accumulated depreciation and amortization
|
(
|
)
|
(
|
)
|
|||||
Property, plant and equipment, net
|
$
|
|
|
$
|
|
|
10.
|
|
December 31,
|
|||||||
2018
|
2017
|
||||||
(in millions)
|
|||||||
Holding Company:
|
|||||||
6.000% senior unsecured notes due 2020
|
$
|
|
|
$
|
|
|
|
5.875% senior unsecured notes due 2022
|
|
|
|
|
|||
6.250% senior unsecured notes due 2022
|
|
|
|
|
|||
6.750% senior unsecured notes due 2024
|
|
|
|
|
|||
6.375% senior unsecured notes due 2025
|
|
|
|
|
|||
|
|
|
|
||||
Reporting Segments:
|
|||||||
Energy
|
|
|
|
|
|||
Automotive
|
|
|
|
|
|||
Food Packaging
|
|
|
|
|
|||
Metals
|
|
|
|
|
|||
Real Estate
|
|
|
|
|
|||
Home Fashion
|
|
|
|
|
|||
Mining
|
|
|
|
|
|||
|
|
|
|
||||
Total Debt
|
$
|
|
|
$
|
|
|
Year
|
Amount
|
|||
(in millions)
|
||||
2019
|
$
|
|
|
|
2020
|
|
|
||
2021
|
|
|
||
2022
|
|
|
||
2023
|
|
|
||
Thereafter
|
|
|
||
|
|
|||
Unamortized discounts, premiums and deferred financing fees
|
(
|
)
|
||
Total Debt
|
$
|
|
|
11.
|
|
Year Ended December 31,
|
|||||||||||
2018
|
2017
|
2016
|
|||||||||
(in millions, except per unit data)
|
|||||||||||
Net (loss) income attributable to Icahn Enterprises from continuing operations
|
$
|
(
|
)
|
$
|
|
|
$
|
(
|
)
|
||
Net (loss) income attributable to Icahn Enterprises from continuing operations allocated to limited partners (98.01% allocation)
|
$
|
(
|
)
|
$
|
|
|
$
|
(
|
)
|
||
Net income (loss) attributable to Icahn Enterprises from discontinued operations
|
$
|
|
|
$
|
|
|
$
|
(
|
)
|
||
Less: net loss attributable to Icahn Enterprises from discontinued operations allocated 100% to general partner
|
|
|
|
|
|
|
|||||
Net income (loss) attributable to Icahn Enterprises from discontinued operations allocable to limited partners
|
$
|
|
|
$
|
|
|
$
|
(
|
)
|
||
Net income (loss) attributable to Icahn Enterprises from discontinued operations allocated to limited partners (98.01% allocation)
|
$
|
|
|
$
|
|
|
$
|
(
|
)
|
||
Basic and diluted income (loss) per LP unit:
|
|||||||||||
Continuing operations
|
$
|
(
|
)
|
$
|
|
|
$
|
(
|
)
|
||
Discontinued operations
|
|
|
|
|
|
|
|||||
$
|
|
|
$
|
|
|
$
|
(
|
)
|
|||
Basic and diluted weighted average LP units outstanding
|
|
|
|
|
|
|
12.
|
|
Year Ended December 31, 2018
|
|||||||||||||||||||||||||||||||||||||||||||
Investment
|
Energy
|
Automotive
|
Food Packaging
|
Metals
|
Real Estate
|
Home Fashion
|
Mining
|
Railcar
|
Holding Company
|
Consolidated
|
|||||||||||||||||||||||||||||||||
(in millions)
|
|||||||||||||||||||||||||||||||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net sales
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
||||||||||
Other revenues from operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net gain (loss) from investment activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|||||||||||||||||||||
Interest and dividend income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
(Loss) gain on disposition of assets, net
|
|
|
(
|
)
|
(
|
)
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
|
|||||||||||||||||||||
Other (loss) income, net
|
(
|
)
|
|
|
(
|
)
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
||||||||||||||||||||||
Expenses:
|
|||||||||||||||||||||||||||||||||||||||||||
Cost of goods sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Other expenses from operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Selling, general and administrative
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Restructuring, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Impairment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Income (loss) from continuing operations before income tax (expense) benefit
|
|
|
|
|
(
|
)
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
|||||||||||||||||||||
Income tax (expense) benefit
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
(
|
)
|
|
|
(
|
)
|
(
|
)
|
|
|
|
|
|||||||||||||||||||||
Net income (loss) from continuing operations
|
|
|
|
|
(
|
)
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
|||||||||||||||||||||
Less: net income (loss) from continuing operations attributable to non-controlling interests
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
|
(
|
)
|
|
|
(
|
)
|
|
|
|||||||||||||||||||||
Net income (loss) from continuing operations attributable to Icahn Enterprises
|
$
|
|
|
$
|
|
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
|
$
|
|
|
$
|
(
|
)
|
$
|
|
|
$
|
|
|
$
|
(
|
)
|
$
|
(
|
)
|
||||||||||
Supplemental information:
|
|||||||||||||||||||||||||||||||||||||||||||
Capital expenditures
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
||||||||||
Depreciation and amortization
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
Year Ended December 31, 2017
|
|||||||||||||||||||||||||||||||||||||||||||
Investment
|
Energy
|
Automotive
|
Food Packaging
|
Metals
|
Real Estate
|
Home Fashion
|
Mining
|
Railcar
|
Holding Company
|
Consolidated
|
|||||||||||||||||||||||||||||||||
(in millions)
|
|||||||||||||||||||||||||||||||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Net sales
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
||||||||||
Other revenues from operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net gain from investment activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Interest and dividend income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
(Loss) gain on disposition of assets, net
|
|
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Other (loss) income, net
|
(
|
)
|
|
|
|
|
(
|
)
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Expenses:
|
|||||||||||||||||||||||||||||||||||||||||||
Cost of goods sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Other expenses from operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Selling, general and administrative
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Restructuring, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Impairment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Income (loss) from continuing operations before income tax benefit (expense)
|
|
|
(
|
)
|
(
|
)
|
|
|
(
|
)
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
|||||||||||||||||||||
Income tax benefit (expense)
|
|
|
|
|
|
|
(
|
)
|
(
|
)
|
|
|
|
|
(
|
)
|
(
|
)
|
|
|
|
|
|||||||||||||||||||||
Net income (loss) from continuing operations
|
|
|
|
|
(
|
)
|
(
|
)
|
(
|
)
|
|
|
(
|
)
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Less: net income (loss) from continuing operations attributable to non-controlling interests
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net income (loss) from continuing operations attributable to Icahn Enterprises
|
$
|
|
|
$
|
|
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
|
$
|
(
|
)
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
||||||||||
Supplemental information:
|
|||||||||||||||||||||||||||||||||||||||||||
Capital expenditures
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
||||||||||
Depreciation and amortization
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
Year Ended December 31, 2016
|
|||||||||||||||||||||||||||||||||||||||||||
Investment
|
Energy
|
Automotive
|
Food Packaging
|
Metals
|
Real Estate
|
Home Fashion
|
Mining
|
Railcar
|
Holding Company
|
Consolidated
|
|||||||||||||||||||||||||||||||||
(in millions)
|
|||||||||||||||||||||||||||||||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
Net sales
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
||||||||||
Other revenues from operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net (loss) gain from investment activities
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|||||||||||||||||||||
Interest and dividend income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Gain on disposition of assets, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Other income (loss), net
|
|
|
(
|
)
|
|
|
(
|
)
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
|
|||||||||||||||||||||
(
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Expenses:
|
|||||||||||||||||||||||||||||||||||||||||||
Cost of goods sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Other expenses from operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Selling, general and administrative
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Restructuring
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Impairment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
(Loss) income from continuing operations before income tax benefit (expense)
|
(
|
)
|
(
|
)
|
(
|
)
|
|
|
(
|
)
|
|
|
(
|
)
|
(
|
)
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||||||||||
Income tax benefit (expense)
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
|
|||||||||||||||||||||
Net (loss) income from continuing operations
|
(
|
)
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
(
|
)
|
(
|
)
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||||||||||
Less: net (loss) income from continuing operations attributable to non-controlling interests
|
(
|
)
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|||||||||||||||||||||
Net (loss) income from continuing operations attributable to Icahn Enterprises
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
|
$
|
|
|
$
|
(
|
)
|
$
|
|
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
|
$
|
(
|
)
|
$
|
(
|
)
|
||||||||||
Supplemental information:
|
|||||||||||||||||||||||||||||||||||||||||||
Capital expenditures
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
||||||||||
Depreciation and amortization
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
Year Ended December 31,
|
|||||||||||
2018
|
2017
|
2016
|
|||||||||
(in millions)
|
|||||||||||
Petroleum products
|
$
|
|
|
$
|
|
|
$
|
|
|
||
Nitrogen fertilizer products
|
|
|
|
|
|
|
|||||
$
|
|
|
$
|
|
|
$
|
|
|
Year Ended December 31,
|
|||||||||||
2018
|
2017
|
2016
|
|||||||||
(in millions)
|
|||||||||||
Automotive services
|
$
|
|
|
$
|
|
|
$
|
|
|
||
Aftermarket parts sales
|
|
|
|
|
|
|
|||||
$
|
|
|
$
|
|
|
$
|
|
|
December 31, 2018
|
|||||||||||||||||||||||||||||||||||||||||||
Investment
|
Energy
|
Automotive
|
Food Packaging
|
Metals
|
Real Estate
|
Home Fashion
|
Mining
|
Railcar
|
Holding Company
|
Consolidated
|
|||||||||||||||||||||||||||||||||
(in millions)
|
|||||||||||||||||||||||||||||||||||||||||||
ASSETS
|
|||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
||||||||||
Cash held at consolidated affiliated partnerships and restricted cash
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Accounts receivable, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Inventories, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Property, plant and equipment, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Goodwill and intangible assets, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Assets held for sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Other assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total assets
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
||||||||||
LIABILITIES AND EQUITY
|
|||||||||||||||||||||||||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
||||||||||
Securities sold, not yet purchased, at fair value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Due to brokers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Liabilities held for sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Equity attributable to Icahn Enterprises
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|||||||||||||||||||||
Equity attributable to non-controlling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|||||||||||||||||||||
Total liabilities and equity
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
December 31, 2017
|
|||||||||||||||||||||||||||||||||||||||||||||||
Investment
|
Energy
|
Automotive
|
Food Packaging
|
Metals
|
Real Estate
|
Home Fashion
|
Mining
|
Railcar
|
Holding Company
|
Discontinued Operations
|
Consolidated
|
||||||||||||||||||||||||||||||||||||
(in millions)
|
|||||||||||||||||||||||||||||||||||||||||||||||
ASSETS
|
|||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
|||||||||||
Cash held at consolidated affiliated partnerships and restricted cash
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Accounts receivable, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Inventories, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Property, plant and equipment, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Goodwill and intangible assets, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Assets held for sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Other assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Total assets
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
|||||||||||
LIABILITIES AND EQUITY
|
|||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
|||||||||||
Securities sold, not yet purchased, at fair value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Due to brokers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Liabilities held for sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Total liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Equity attributable to Icahn Enterprises
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|||||||||||||||||||||||
Equity attributable to non-controlling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Total equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|||||||||||||||||||||||
Total liabilities and equity
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
Net Sales
|
Other Revenues From Operations
|
Property, Plant and Equipment, Net
|
|||||||||||||||||||||||||||||
Year Ended December 31,
|
Year Ended December 31,
|
December 31,
|
|||||||||||||||||||||||||||||
2018
|
2017
|
2016
|
2018
|
2017
|
2016
|
2018
|
2017
|
||||||||||||||||||||||||
(in millions)
|
|||||||||||||||||||||||||||||||
United States
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
|||||||
International
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
13.
|
|
Year Ended December 31, 2018
|
Year Ended December 31, 2017
|
Year Ended December 31, 2016
|
|||||||||||||||||||||||||||||||||||||||||||||
Automotive
|
Gaming
|
Railcar
|
Total
|
Automotive
|
Gaming
|
Railcar
|
Total
|
Automotive
|
Gaming
|
Railcar
|
Total
|
||||||||||||||||||||||||||||||||||||
Revenues:
|
(in millions)
|
||||||||||||||||||||||||||||||||||||||||||||||
Net sales
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
|||||||||||
Other revenues from operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Net gain on investment activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Interest and dividend income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Gain (loss) on disposition of assets, net
|
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Other income, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Expenses:
|
|||||||||||||||||||||||||||||||||||||||||||||||
Cost of goods sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Other expenses from operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Selling, general and administrative
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Restructuring, net
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Impairment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Income (loss) from discontinued operations before gain (loss) on sale and income tax (expense) benefit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|||||||||||||||||||||||
Gain (loss) on sale of discontinued operations
|
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
(
|
)
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Income (loss) from discontinued operations before income tax (expense) benefit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|||||||||||||||||||||||
Income tax (expense) benefit
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
|
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||||||||||||||||||
Income (loss) from discontinued operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(
|
)
|
|
|
|
|
|||||||||||||||||||||||
Less: income from discontinued operations attributable to non-controlling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Income (loss) from discontinued operations attributable to Icahn Enterprises
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
(
|
)
|
$
|
|
|
$
|
(
|
)
|
|||||||||||
Supplemental information:
|
|||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
|||||||||||
Depreciation and amortization
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
December 31, 2017
|
|||||||||||||||
Automotive
|
Gaming
|
Railcar
|
Total
|
||||||||||||
Assets Held For Sale
|
(in millions)
|
||||||||||||||
Cash and cash equivalents
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
|||
Restricted cash
|
|
|
|
|
|
|
|
|
|||||||
Investments
|
|
|
|
|
|
|
|
|
|||||||
Accounts receivable, net
|
|
|
|
|
|
|
|
|
|||||||
Inventories, net
|
|
|
|
|
|
|
|
|
|||||||
Property, plant and equipment, net
|
|
|
|
|
|
|
|
|
|||||||
Goodwill
|
|
|
|
|
|
|
|
|
|||||||
Intangible assets, net
|
|
|
|
|
|
|
|
|
|||||||
Other assets
|
|
|
|
|
|
|
|
|
|||||||
Assets held for sale (discontinued operations)
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
|||
Other assets held for sale
|
|
|
|||||||||||||
Total assets held for sale
|
$
|
|
|
||||||||||||
Liabilities Held For Sale
|
|||||||||||||||
Accounts payable, accrued expenses and other liabilities
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
|||
Deferred tax liability
|
|
|
|
|
|
|
|
|
|||||||
Post-retirement benefit liability
|
|
|
|
|
|
|
|
|
|||||||
Debt
|
|
|
|
|
|
|
|
|
|||||||
Liabilities held for sale (discontinued operations)
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
14.
|
|
Icahn Enterprises
|
Icahn Enterprises Holdings
|
||||||||||||||
December 31,
|
December 31,
|
||||||||||||||
|
2018
|
2017
|
2018
|
2017
|
|||||||||||
(in millions)
|
(in millions)
|
||||||||||||||
Book basis of net assets
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
|||
Book/tax basis difference
|
(
|
)
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||
Tax basis of net assets
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
Year Ended December 31,
|
|||||||||||
|
2018
|
2017
|
2016
|
||||||||
(in millions)
|
|||||||||||
Domestic
|
$
|
|
|
$
|
|
|
$
|
(
|
)
|
||
International
|
(
|
)
|
|
|
(
|
)
|
|||||
$
|
|
|
$
|
|
|
$
|
(
|
)
|
Year Ended December 31,
|
|||||||||||
|
2018
|
2017
|
2016
|
||||||||
(in millions)
|
|||||||||||
Current:
|
|
|
|
|
|
|
|||||
Domestic
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
||
International
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||
Total current
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||
Deferred:
|
|
|
|
|
|
|
|||||
Domestic
|
|
|
|
|
|
|
|||||
International
|
(
|
)
|
|
|
|
|
|||||
Total deferred
|
|
|
|
|
|
|
|||||
$
|
|
|
$
|
|
|
$
|
|
|
Year Ended December 31,
|
|||||||||||
|
2018
|
2017
|
2016
|
||||||||
(in millions)
|
|||||||||||
Income tax benefit (expense) at U.S. statutory rate
|
$
|
(
|
)
|
|
$
|
(
|
)
|
|
$
|
|
|
Tax effect from:
|
|||||||||||
Valuation allowance
|
(
|
)
|
|
|
|
|
(
|
)
|
|||
Non-controlling interest
|
|
|
(
|
)
|
(
|
)
|
|||||
Goodwill impairment
|
(
|
)
|
|
|
(
|
)
|
|||||
Stock dispositions
|
|
|
|
|
|
|
|
|
|||
Income not subject to taxation
|
|
|
|
|
|
|
(
|
)
|
|||
Enactment of U.S. tax legislation, net of valuation allowance
|
|
|
|
|
|
|
|||||
Other
|
(
|
)
|
|
|
|
|
(
|
)
|
|||
Income tax benefit (expense)
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
December 31,
|
|||||||
|
2018
|
2017
|
|||||
(in millions)
|
|||||||
Deferred tax assets:
|
|||||||
Property, plant and equipment
|
$
|
|
|
|
$
|
|
|
Net operating loss
|
|
|
|
|
|
||
Tax credits
|
|
|
|
|
|
||
Capital loss
|
|
|
|
|
|||
Post-retirement benefits, including pensions
|
|
|
|
|
|
||
Other
|
|
|
|
|
|
||
Total deferred tax assets
|
|
|
|
|
|
||
Less: Valuation allowance
|
(
|
)
|
|
(
|
)
|
||
Net deferred tax assets
|
$
|
|
|
|
$
|
|
|
Deferred tax liabilities:
|
|
|
|
|
|
||
Property, plant and equipment
|
$
|
(
|
)
|
|
$
|
(
|
)
|
Intangible assets
|
(
|
)
|
|
(
|
)
|
||
Investment in partnerships
|
(
|
)
|
(
|
)
|
|||
Investment in U.S. subsidiaries
|
(
|
)
|
|
(
|
)
|
||
Other
|
(
|
)
|
|
(
|
)
|
||
Total deferred tax liabilities
|
(
|
)
|
(
|
)
|
|||
$
|
(
|
)
|
|
$
|
(
|
)
|
Year Ended December 31,
|
|||||||||||
|
2018
|
2017
|
2016
|
||||||||
(in millions)
|
|||||||||||
Balance at January 1
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
Addition based on tax positions related to the current year
|
|
|
|
|
|
|
|
|
|||
Increase for tax positions of prior years
|
|
|
|
|
|
|
|
|
|||
Decrease for tax positions of prior years
|
|
|
|
(
|
)
|
|
(
|
)
|
|||
Decrease for statute of limitation expiration
|
(
|
)
|
|
(
|
)
|
|
(
|
)
|
|||
Balance at December 31
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
15.
|
|
|
Post-Retirement Benefits, Net of Tax
|
Hedge Instruments, Net of Tax
|
Translation Adjustments and Other, Net of Tax
|
Total
|
|||||||||||
(in millions)
|
|||||||||||||||
Balance, December 31, 2017
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
|||
Other comprehensive income (loss) before reclassifications, net of tax
|
|
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||
Reclassifications from accumulated other comprehensive income to earnings
|
|
|
|
|
|
|
|
|
|||||||
Other comprehensive income (loss), net of tax
|
|
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||||
Dispositions of consolidated subsidiaries
|
|
|
|
|
|
|
|
|
|||||||
Balance, December 31, 2018
|
$
|
(
|
)
|
$
|
|
|
$
|
(
|
)
|
$
|
(
|
)
|
16.
|
|
Year Ended December 31,
|
|||||||||||
|
2018
|
2017
|
2016
|
||||||||
(in millions)
|
|||||||||||
Other derivative (loss) income
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
|
|
||
Dividend expense
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||
Loss on extinguishment of debt
|
|
|
(
|
)
|
(
|
)
|
|||||
Equity earnings from non-consolidated affiliates
|
|
|
|
|
|
|
|||||
Foreign currency transaction (loss) income
|
(
|
)
|
|
|
(
|
)
|
|||||
Tax settlement gain
|
|
|
|
|
|
|
|||||
Non-service pension and other post-retirement benefits expense
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||
Other
|
|
|
|
|
|
|
|||||
$
|
|
|
$
|
(
|
)
|
$
|
|
|
17.
|
|
Year
|
Amount
|
|||
(in millions)
|
||||
2019
|
$
|
|
|
|
2020
|
|
|
||
2021
|
|
|
||
2022
|
|
|
||
2023
|
|
|
||
Thereafter
|
|
|
||
$
|
|
|
Year
|
Amount
|
|||
(in millions)
|
||||
2019
|
$
|
|
|
|
2020
|
|
|
||
2021
|
|
|
||
2022
|
|
|
||
2023
|
|
|
||
Thereafter
|
|
|
||
$
|
|
|
18.
|
|
U.S. and Non-U.S. Pension Benefits
|
|||||||||||
Year Ended December 31,
|
|||||||||||
2018
|
2017
|
2016
|
|||||||||
(in millions)
|
|||||||||||
Service cost
|
$
|
|
|
$
|
|
|
$
|
|
|
||
Interest cost
|
|
|
|
|
|
|
|||||
Expected return on plan assets
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||
Amortization of actuarial losses
|
|
|
|
|
|
|
|||||
Settlement loss recognized
|
|
|
|
|
|
|
|||||
$
|
|
|
$
|
|
|
$
|
|
|
U.S and Non-U.S. Pension Benefits
|
|||||||
2018
|
2017
|
||||||
(in millions)
|
|||||||
Change in benefit obligation:
|
|||||||
Benefit obligation, beginning of year
|
$
|
|
|
$
|
|
|
|
Service cost
|
|
|
|
|
|||
Interest cost
|
|
|
|
|
|||
Benefits paid
|
(
|
)
|
(
|
)
|
|||
Actuarial (gain) loss
|
(
|
)
|
|
|
|||
Plan settlements
|
(
|
)
|
|
|
|||
Increase due to acquisitions
|
|
|
|
|
|||
Currency translation
|
(
|
)
|
|
|
|||
Benefit obligation, end of year
|
|
|
|
|
|||
Change in plan assets:
|
|||||||
Fair value of plan assets, beginning of year
|
|
|
|
|
|||
Actual return on plan assets
|
(
|
)
|
|
|
|||
Employer contributions
|
|
|
|
|
|||
Plan settlements
|
(
|
)
|
|
|
|||
Benefits paid
|
(
|
)
|
(
|
)
|
|||
Fair value of plan assets, end of year
|
|
|
|
|
|||
Funded status of the plan and amounts recognized in the consolidated balance sheets
|
$
|
(
|
)
|
$
|
(
|
)
|
|
Amounts recognized in accumulated other comprehensive loss, inclusive of tax impacts
|
$
|
(
|
)
|
$
|
(
|
)
|
December 31, 2018
|
December 31, 2017
|
||||||||||||||||||||||
|
Level 1
|
Level 2
|
Total
|
Level 1
|
Level 2
|
Total
|
|||||||||||||||||
(in millions)
|
|||||||||||||||||||||||
U.S. and Non-U.S. Plans:
|
|||||||||||||||||||||||
Cash and cash equivalents
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
|||||
Government debt securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Exchange traded funds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Mutual funds
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Common stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
$
|
|
|
|
$
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
$
|
|
|
||
Investments measured at net asset value
|
|
|
|
|
|||||||||||||||||||
Plan assets measured at fair value
|
$
|
|
|
$
|
|
|
19.
|
|
Year Ended December 31,
|
|||||||||||
2018
|
2017
|
2016
|
|||||||||
(in millions)
|
|||||||||||
Continuing Operations:
|
|||||||||||
Cash payments for interest, net of amounts capitalized
|
$
|
|
|
$
|
|
|
$
|
|
|
||
Net cash (receipts) payments for income taxes, net of refunds
|
|
|
|
|
|
|
|||||
Capital expenditures included in accounts payable, accrued expenses and other liabilities
|
|
|
|
|
|
|
|||||
Equity investment consideration received from sale of business
|
|
|
|
|
|
|
|||||
Acquisition of subsidiary common stock included in accrued expenses and other liabilities
|
|
|
|
|
|
|
|||||
Seller financing secured mortgages resulting from disposition of assets
|
|
|
|
|
|
|
|||||
Investments in subsidiaries prior to acquiring a controlling interest
|
|
|
|
|
|
|
|||||
Discontinued Operations:
|
|||||||||||
Capital expenditures included in accounts payable, accrued expenses and other liabilities
|
|
|
|
|
|
|
20.
|
|
21.
|
|
For the Three Months Ended
|
|||||||||||||||||||||||||||||||
March 31,
|
June 30,
|
September 30,
|
December 31,
|
||||||||||||||||||||||||||||
2018
|
2017
|
2018
|
2017
|
2018
|
2017
|
2018
|
2017
|
||||||||||||||||||||||||
(in millions, except per unit data)
|
|||||||||||||||||||||||||||||||
Net sales
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
|||||||
Gross margin on net sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Income (loss) from continuing operations
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
(
|
)
|
|
|
|||||||||||||||
Income from discontinued operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net income (loss)
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
|
|
|
|
|||||||||||||||
Net loss (income) attributable to non-controlling interests
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|
|
|
|
(
|
)
|
|||||||||||||||
Net income (loss) attributable to Icahn Enterprises
|
$
|
|
|
$
|
(
|
)
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
|||||||
Basic income (loss) per LP unit:
|
|||||||||||||||||||||||||||||||
Continuing operations
|
$
|
|
|
$
|
(
|
)
|
$
|
|
|
$
|
|
|
$
|
(
|
)
|
$
|
|
|
$
|
(
|
)
|
$
|
|
|
|||||||
Discontinued operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
$
|
|
|
$
|
(
|
)
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
||||||||
Diluted income (loss) per LP unit:
|
|||||||||||||||||||||||||||||||
Continuing operations
|
$
|
|
|
$
|
(
|
)
|
$
|
|
|
$
|
|
|
$
|
(
|
)
|
$
|
|
|
$
|
(
|
)
|
$
|
|
|
|||||||
Discontinued operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
$
|
|
|
$
|
(
|
)
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
$
|
|
|
Name
|
|
Age
|
|
Position
|
Carl C. Icahn
|
|
83
|
|
Chairman of the Board
|
Keith Cozza
|
40
|
President, Chief Executive Officer and Director
|
||
SungHwan Cho
|
44
|
Chief Financial Officer and Director
|
||
Peter Reck
|
|
52
|
|
Chief Accounting Officer
|
Michael Nevin
|
35
|
Managing Director of Icahn Enterprises and Director
|
||
William A. Leidesdorf
|
|
73
|
|
Director
|
James L. Nelson (1)
|
|
69
|
|
Director
|
Jack G. Wasserman
|
|
82
|
|
Director
|
•
|
Carl C. Icahn, Chairman of the Board(1)
|
•
|
Keith Cozza, President and Chief Executive Officer(2)
|
•
|
SungHwan Cho, Chief Financial Officer(3)
|
•
|
Peter Reck, Chief Accounting Officer
|
•
|
overall job performance, including performance against corporate and individual objectives;
|
•
|
job responsibilities, including unique skills necessary to support our long-term performance, including that of our subsidiaries; and
|
•
|
teamwork, both contributions as a member of the executive management team and fostering an environment of personal and professional growth for the entire work force.
|
Country
|
Number of Employees
|
|
Aruba
|
239
|
|
Germany
|
235
|
Annual Compensation(1)
|
|||||||||||||||
Name and Principal Position
|
Year
|
Salary
($)
|
Bonus
($)
|
All Other
Compensation
($)
|
Total
($)
|
||||||||||
Carl C. Icahn(2)
Chairman of the Board
|
|
2018
|
|
1
|
|
|
—
|
|
|
66,142
|
|
(3)
|
|
66,143
|
|
|
2017
|
|
1
|
|
|
—
|
|
|
102,547
|
|
(3)
|
|
102,548
|
|
|
|
2016
|
|
1
|
|
|
—
|
|
|
104,910
|
|
(3)
|
|
104,911
|
|
|
Keith Cozza(4)
President and Chief Executive Officer
|
2018
|
1,528,889
|
|
5,000,000
|
|
10,719
|
|
(3)
|
6,539,608
|
|
|||||
2017
|
1,511,582
|
|
4,000,000
|
|
10,562
|
|
(3)
|
5,522,144
|
|
||||||
2016
|
1,557,736
|
|
2,500,000
|
|
10,779
|
|
(3)
|
4,068,515
|
|
||||||
SungHwan Cho (5)
Chief Financial Officer
|
2018
|
849,254
|
|
1,700,000
|
|
10,719
|
|
(3)
|
2,559,973
|
|
|||||
2017
|
840,023
|
|
1,400,000
|
|
10,562
|
|
(3)
|
2,250,585
|
|
||||||
2016
|
822,616
|
|
1,200,000
|
|
10,779
|
|
(3)
|
2,033,395
|
|
||||||
Peter Reck (6)
Chief Accounting Officer
|
2018
|
321,932
|
|
225,000
|
|
10,152
|
|
(3)
|
557,084
|
|
|||||
2017
|
316,395
|
|
215,000
|
|
9,742
|
|
(3)
|
541,137
|
|
||||||
2016
|
300,000
|
|
215,000
|
|
9,774
|
|
(3)
|
524,774
|
|
(1)
|
Pursuant to applicable regulations, certain columns of the Summary Compensation Table have been omitted, as there has been no compensation awarded to, earned by or paid to any of the named executive officers by us, any of our subsidiaries or by Icahn Enterprises GP, which was subsequently reimbursed by us, required to be reported in those columns.
|
(2)
|
The salary indicated above represents compensation paid to Mr. Icahn in each of 2018, 2017 and 2016 for his services as Chief Executive Officer of our subsidiary, Icahn Capital LP, and of the general partners of the Investment Funds. Mr. Icahn is currently an at will employee serving as Chairman of the Board of Icahn Enterprises GP, Chairman of the Board and Chief Executive Officer of Icahn Capital LP and Chief Executive Officer of the Investment Funds for which he currently receives an annual base salary of $1 per annum. Mr. Icahn does not receive director fees from us.
|
(3)
|
Represents other compensation paid to the following named executive officers: (i) Carl C. Icahn, $29,499, $20,107 and $20,107, in medical and dental benefits for 2018, 2017 and 2016, respectively; $955 in life insurance paid by us for each of 2018, 2017 and 2016; and in his capacity as the Chairman of the Board of Federal-Mogul, $35,688, $81,485 and $83,848 representing the incremental cost of Mr. Icahn's personal use of Federal-Mogul's corporate aircraft for 2018, 2017 and 2016, respectively. Mr. Icahn received no fees or compensation from Federal-Mogul for 2018, 2017 and 2016 other than the use of the corporate aircraft as discussed above. The calculation of incremental cost for the personal use of Federal-Mogul's corporate aircraft includes the variable costs incurred as a result of personal flight activity, which are comprised of a portion of ongoing maintenance and repairs, aircraft fuel, airport fees, catering, and fees and travel expenses for the flight crew. The use of the aircraft for personal use by Mr. Icahn was approved by the board of directors and the Compensation Committee of Federal-Mogul; (ii) Mr. Cozza, $8,438, $8,281 and $8,438 in matching contributions under our 401(k) Plan for 2018, 2017 and 2016, respectively; $1,326, $1,326 and $1,386 in medical and dental benefits paid by us for 2018, 2017 and 2016, respectively; $955 in life insurance premiums paid by us for each of 2018, 2017 and 2016; (iii) Mr. Cho, $8,438, $8,281 and $8,438 in matching contributions under our 401(k) Plan for 2018, 2017 and 2016, respectively; $1,326, $1,326 and $1,386 in medical and dental benefits paid by us for 2018, 2017 and 2016, respectively; and $955 in life insurance premiums paid by us for each of 2018, 2017 and 2016; and (iv) Mr. Reck, $8,655, $8,281 and $8,291 in matching contributions under our 401(k) Plan for 2018, 2017 and 2016, respectively; $742, $742 and $764 in medical and dental benefits paid by us for 2018, 2017 and 2016, respectively; and $754, $719 and $719 in life insurance premiums paid by us for 2018, 2017 and 2016, respectively. Mr. Icahn did not participate in the 401(k) plan during 2018, 2017 and 2016 and thus did not receive any matching contributions for those fiscal years.
|
Name
|
Fees Earned or
Paid in Cash
($)
|
All Other
Compensation
($)
|
Total
($)
|
||||||
William A. Leidesdorf
|
|
35,000
|
|
|
—
|
|
|
35,000
|
|
James L. Nelson
|
|
35,000
|
|
|
—
|
|
|
35,000
|
|
Jack G. Wasserman
|
|
40,000
|
|
|
—
|
|
|
40,000
|
|
Michael Nevin
|
—
|
|
—
|
|
—
|
|
Name of Beneficial Owner
|
Beneficial Ownership of Icahn Enterprises' Depositary Units
|
Percent of Class
|
||||
Carl C. Icahn
|
|
175,441,588
|
|
(a) (b)
|
|
91.7%
|
Keith Cozza
|
2,000
|
|
*
|
|||
SungHwan Cho
|
1,100
|
|
*
|
|||
Jack G. Wasserman
|
862
|
|
*
|
|||
James L. Nelson
|
1,292
|
|
*
|
|||
Peter Reck
|
—
|
|
—%
|
|||
William A. Leidesdorf
|
—
|
|
—%
|
|||
Michael Nevin
|
—
|
|
—%
|
|||
All Directors and Executive Officers as a Group (eight persons)
|
175,446,842
|
|
91.7%
|
(1)
|
CCI Onshore LLC ("CCI Onshore") beneficially owns 40,840,229 Depositary Units. High Coast Limited Partnership ("High Coast") is the sole member of CCI Onshore. Little Meadow Corp. ("Little Meadow") is the general partner of High Coast. Carl C. Icahn beneficially owns 100% of Little Meadow. Pursuant to Rule 16a-1(a)(2) under the Exchange Act, each of Mr. Icahn, Little Meadow and High Coast (by virtue of their relationships to CCI Onshore) may be deemed to indirectly beneficially own the Depositary Units which CCI Onshore owns. Each of Mr. Icahn, Little Meadow and High Coast disclaims beneficial ownership of such Depositary Units except to the extent of their pecuniary interest therein.
|
(2)
|
Gascon Partners ("Gascon") beneficially owns 24,051,668 Depositary Units. Little Meadow is the managing general partner of Gascon. Carl C. Icahn beneficially owns 100% of Little Meadow. Pursuant to Rule 16a-1(a)(2) under the Exchange Act, each of Mr. Icahn and Little Meadow (by virtue of their relationships to Gascon) may be deemed to indirectly beneficially own the Depositary Units which Gascon owns. Each of Mr. Icahn and Little Meadow disclaims beneficial ownership of such Depositary Units except to the extent of their pecuniary interest therein.
|
(3)
|
High Coast beneficially owns 84,387,940 Depositary Units. Little Meadow is the general partner of High Coast. Carl C. Icahn beneficially owns 100% of Little Meadow. Pursuant to Rule 16a-1(a)(2) under the Exchange Act, each of Mr. Icahn and Little Meadow (by virtue of their relationships to High Coast) may be deemed to indirectly beneficially own the Depositary Units which High Coast owns. Each of Mr. Icahn and Little Meadow disclaims beneficial ownership of such Depositary Units except to the extent of their pecuniary interest therein.
|
(4)
|
Highcrest Investors LLC ("Highcrest") beneficially owns 19,630,223 Depositary Units. Starfire Holding Corporation ("Starfire") beneficially owns 100% of Highcrest. Carl C. Icahn beneficially owns 100% of Starfire. Pursuant to Rule 16a-1(a)(2) under the Exchange Act, each of Mr. Icahn and Starfire (by virtue of their relationships to Highcrest) may be deemed to indirectly beneficially own the Depositary Units which Highcrest owns. Each of Mr. Icahn and Starfire disclaims beneficial ownership of such Depositary Units except to the extent of their pecuniary interest therein.
|
(5)
|
Thornwood Associates Limited Partnership ("Thornwood") beneficially owns 6,531,528 Depositary Units. Barberry Corp. ("Barberry") is the general partner of Thornwood. Carl C. Icahn beneficially owns 100% of Barberry. Pursuant to Rule 16a-1(a)(2) under the Exchange Act, each of Mr. Icahn and Barberry (by virtue of their relationships to Thornwood) may be deemed to indirectly beneficially own the Depositary Units which Thornwood owns. Each of Mr. Icahn and Barberry disclaims beneficial ownership of such Depositary Units except to the extent of their pecuniary interest therein.
|
(6)
|
Does not include 12,000 Depositary Units owned by Gail Golden, the wife of Mr. Icahn. Mr. Icahn, by virtue of his relationship to Ms. Golden, may be deemed to beneficially own such Depositary Units. Mr. Icahn disclaims beneficial ownership of such Depositary Units for all purposes.
|
•
|
Property Management and Asset Management Services. To the extent that we acquire any properties requiring active management (e.g., operating properties that are not net-leased) or asset management services, including on-site services, we may enter into fee-paying management or other arrangements with Icahn Enterprises GP or its affiliates.
|
•
|
Brokerage and Leasing Commissions. We also may pay affiliates of Icahn Enterprises GP real estate brokerage and leasing commissions (which generally may range from 2% to 6% of the purchase price or rentals depending on location; this range may be somewhat higher for problem properties or lesser-valued properties).
|
•
|
Lending Arrangements. Icahn Enterprises GP or its affiliates may lend money to, or arrange loans for, us. Fees payable to Icahn Enterprises GP or its affiliates in connection with such activities include mortgage brokerage fees (generally .5% to 3% of the loan amount), mortgage origination fees (generally .5% to 1.5% of the loan amount) and loan servicing fees (generally .10% to .12% of the loan amount), as well as interest on any amounts loaned by Icahn Enterprises GP or its affiliates to us.
|
•
|
Development and Construction Services. Icahn Enterprises GP or its affiliates may also receive fees for development services, generally 1% to 4% of development costs, and general contracting services or construction management services, generally 4% to 6% of construction costs.
|
December 31,
|
|||||||
2018
|
2017
|
||||||
(In millions, except unit amounts)
|
|||||||
ASSETS
|
|||||||
Investments in subsidiaries, net
|
$
|
|
|
$
|
|
|
|
Total Assets
|
$
|
|
|
$
|
|
|
|
LIABILITIES AND EQUITY
|
|||||||
Accrued expenses and other liabilities
|
$
|
|
|
$
|
|
|
|
Debt
|
|
|
|
|
|||
|
|
|
|
||||
Commitments and contingencies (Note 3)
|
|
||||||
Equity:
|
|||||||
Limited partners: Depositary units: 191,366,097 and 173,564,307 units issued and outstanding at December 31, 2018 and 2017, respectively
|
|
|
|
|
|||
General partner
|
(
|
)
|
(
|
)
|
|||
Total equity
|
|
|
|
|
|||
Total Liabilities and Equity
|
$
|
|
|
$
|
|
|
Year Ended December 31,
|
|||||||||||
2018
|
2017
|
2016
|
|||||||||
(In millions)
|
|||||||||||
Interest expense
|
$
|
(
|
)
|
$
|
(
|
)
|
$
|
(
|
)
|
||
Loss on extinguishment of debt
|
|
|
(
|
)
|
|
|
|||||
Equity in earnings (loss) of subsidiaries
|
|
|
|
|
(
|
)
|
|||||
Net income (loss)
|
$
|
|
|
$
|
|
|
$
|
(
|
)
|
||
Net income (loss) allocated to:
|
|||||||||||
Limited partners
|
$
|
|
|
$
|
|
|
$
|
(
|
)
|
||
General partner
|
(
|
)
|
|
|
(
|
)
|
|||||
$
|
|
|
$
|
|
|
$
|
(
|
)
|
Year Ended December 31,
|
|||||||||||
2018
|
2017
|
2016
|
|||||||||
(In millions)
|
|||||||||||
Cash flows from operating activities:
|
|||||||||||
Net income (loss)
|
$
|
|
|
$
|
|
|
$
|
(
|
)
|
||
Adjustments to reconcile net income (loss) to net cash used in operating activities:
|
|||||||||||
Amortization of deferred financing costs
|
|
|
|
|
|
|
|||||
Loss on extinguishment of debt
|
|
|
|
|
|
|
|||||
Equity in (income) loss of subsidiary
|
(
|
)
|
(
|
)
|
|
|
|||||
Net cash used in operating activities
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||
Cash flows from investing activities:
|
|||||||||||
Net investment in and advances from subsidiary
|
|
|
(
|
)
|
|
|
|||||
Net cash provided by (used in) investing activities
|
|
|
(
|
)
|
|
|
|||||
Cash flows from financing activities:
|
|||||||||||
Partnership distributions
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||
Partnership contributions
|
|
|
|
|
|
|
|||||
Proceeds from borrowings
|
|
|
|
|
|
|
|||||
Repayments of borrowings
|
|
|
(
|
)
|
|
|
|||||
Debt issuance costs
|
|
|
(
|
)
|
|
|
|||||
Net cash (used in) provided by financing activities
|
(
|
)
|
|
|
(
|
)
|
|||||
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents
|
|
|
|
|
|
|
|||||
Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period
|
|
|
|
|
|
|
|||||
Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period
|
$
|
|
|
$
|
|
|
$
|
|
|
December 31,
|
|||||||
2018
|
2017
|
||||||
(in millions)
|
|||||||
6.000% senior unsecured notes due 2020
|
$
|
|
|
$
|
|
|
|
5.875% senior unsecured notes due 2022
|
|
|
|
|
|||
6.250% senior unsecured notes due 2022
|
|
|
|
|
|||
6.750% senior unsecured notes due 2024
|
|
|
|
|
|||
6.375% senior unsecured notes due 2025
|
|
|
|
|
|||
Total debt
|
$
|
|
|
$
|
|
|
December 31,
|
|||||||
2018
|
2017
|
||||||
(in millions)
|
|||||||
ASSETS
|
|||||||
Cash and cash equivalents
|
$
|
|
|
$
|
|
|
|
Restricted cash
|
|
|
|
|
|||
Investments
|
|
|
|
|
|||
Other assets
|
|
|
|
|
|||
Investments in subsidiaries, net
|
|
|
|
|
|||
Total Assets
|
$
|
|
|
$
|
|
|
|
LIABILITIES AND EQUITY
|
|||||||
Accounts payable, accrued expenses and other liabilities
|
$
|
|
|
$
|
|
|
|
Debt
|
|
|
|
|
|||
|
|
|
|
||||
Commitments and contingencies (Note 3)
|
|
|
|||||
Equity:
|
|||||||
Limited partner
|
|
|
|
|
|||
General partner
|
(
|
)
|
(
|
)
|
|||
Total equity
|
|
|
|
|
|||
Total Liabilities and Equity
|
$
|
|
|
$
|
|
|
Year Ended December 31,
|
|||||||||||
2018
|
2017
|
2016
|
|||||||||
(in millions)
|
|||||||||||
Interest and dividend income
|
$
|
|
|
$
|
|
|
$
|
|
|
||
Net (loss) gain from investment activities
|
(
|
)
|
|
|
|
|
|||||
Gain (loss) on disposition of assets
|
|
|
(
|
)
|
|
|
|||||
Equity in earnings (loss) of subsidiaries
|
|
|
|
|
(
|
)
|
|||||
Other income, net
|
|
|
|
|
|
|
|||||
|
|
|
|
(
|
)
|
||||||
Interest expense
|
|
|
|
|
|
|
|||||
Selling, general and administrative
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
||||||
Net income (loss)
|
$
|
|
|
$
|
|
|
$
|
(
|
)
|
||
Net income (loss) allocated to:
|
|||||||||||
Limited partner
|
$
|
|
|
$
|
|
|
$
|
(
|
)
|
||
General partner
|
(
|
)
|
|
|
(
|
)
|
|||||
$
|
|
|
$
|
|
|
$
|
(
|
)
|
Year Ended December 31,
|
|||||||||||
2018
|
2017
|
2016
|
|||||||||
(in millions)
|
|||||||||||
Cash flows from operating activities:
|
|||||||||||
Net income (loss)
|
$
|
|
|
$
|
|
|
$
|
(
|
)
|
||
Adjustments to reconcile net income (loss) to net cash used in operating activities:
|
|||||||||||
Equity in (income) loss of subsidiary
|
(
|
)
|
(
|
)
|
|
|
|||||
(Gain) loss on disposition of assets
|
(
|
)
|
|
|
|
|
|||||
Investment gains
|
|
|
|
|
(
|
)
|
|||||
Depreciation and amortization
|
|
|
|
|
|
|
|||||
Other, net
|
(
|
)
|
(
|
)
|
|
|
|||||
Change in operating assets and liabilities
|
|
|
|
|
(
|
)
|
|||||
Net cash used in operating activities
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||
Cash flows from investing activities:
|
|||||||||||
Net investment in subsidiaries
|
|
|
|
|
|
|
|||||
Other, net
|
|
|
|
|
|
|
|||||
Net cash provided by investing activities
|
|
|
|
|
|
|
|||||
Cash flows from financing activities:
|
|||||||||||
Partnership distributions
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||
Partner contributions
|
|
|
|
|
|
|
|||||
Proceeds from borrowings
|
|
|
|
|
|
|
|||||
Repayments of borrowings
|
(
|
)
|
(
|
)
|
|
|
|||||
Debt issuance costs
|
|
|
(
|
)
|
|
|
|||||
Net cash used in financing activities
|
(
|
)
|
(
|
)
|
(
|
)
|
|||||
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents
|
(
|
)
|
|
|
|
|
|||||
Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period
|
|
|
|
|
|
|
|||||
Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period
|
$
|
|
|
$
|
|
|
$
|
|
|
December 31,
|
|||||||
2018
|
2017
|
||||||
(in millions)
|
|||||||
6.000% senior unsecured notes due 2020
|
$
|
|
|
$
|
|
|
|
5.875% senior unsecured notes due 2022
|
|
|
|
|
|||
6.250% senior unsecured notes due 2022
|
|
|
|
|
|||
6.750% senior unsecured notes due 2024
|
|
|
|
|
|||
6.375% senior unsecured notes due 2025
|
|
|
|
|
|||
Mortgages payable
|
|
|
|
|
|||
Total debt
|
$
|
|
|
$
|
|
|
Icahn Enterprises L.P.
|
By:
|
Icahn Enterprises G.P. Inc., its
general partner
|
By:
|
/s/Keith Cozza
|
|
Keith Cozza
President, Chief Executive Officer and Director
|
Signature
|
Title
|
Date
|
||
/s/Keith Cozza
|
President, Chief Executive Officer and Director
|
March 1, 2019
|
||
Keith Cozza
|
||||
/s/SungHwan Cho
|
Chief Financial Officer and Director
|
March 1, 2019
|
||
SungHwan Cho
|
||||
/s/Peter Reck
|
Chief Accounting Officer
|
March 1, 2019
|
||
Peter Reck
|
||||
/s/Michael Nevin
|
Managing Director of Icahn Enterprises and Director
|
March 1, 2019
|
||
Michael Nevin
|
||||
/s/Jack G. Wasserman
|
Director
|
March 1, 2019
|
||
Jack G. Wasserman
|
||||
/s/William A. Leidesdorf
|
Director
|
March 1, 2019
|
||
William A. Leidesdorf
|
||||
/s/James L. Nelson
|
Director
|
March 1, 2019
|
||
James L. Nelson
|
||||
Chairman of the Board
|
||||
Carl C. Icahn
|
Icahn Enterprises Holdings L.P.
|
By:
|
Icahn Enterprises G.P. Inc., its
general partner
|
By:
|
/s/Keith Cozza
|
|
Keith Cozza President, Chief Executive Officer and Director |
Signature
|
Title
|
Date
|
||
/s/Keith Cozza
|
President, Chief Executive Officer and Director
|
March 1, 2019
|
||
Keith Cozza
|
||||
/s/SungHwan Cho
|
Chief Financial Officer and Director
|
March 1, 2019
|
||
SungHwan Cho
|
||||
/s/Peter Reck
|
Chief Accounting Officer
|
March 1, 2019
|
||
Peter Reck
|
||||
/s/Michael Nevin
|
Managing Director of Icahn Enterprises and Director
|
March 1, 2019
|
||
Michael Nevin
|
||||
/s/Jack G. Wasserman
|
Director
|
March 1, 2019
|
||
Jack G. Wasserman
|
||||
/s/William A. Leidesdorf
|
Director
|
March 1, 2019
|
||
William A. Leidesdorf
|
||||
/s/James L. Nelson
|
Director
|
March 1, 2019
|
||
James L. Nelson
|
||||
Chairman of the Board
|
||||
Carl C. Icahn
|
Exhibit No.
|
|
Description
|
2.1
|
||
2.2
|
||
2.3
|
||
2.4
|
||
2.5
|
||
3.1
|
|
|
3.2
|
|
|
3.3
|
||
3.4
|
|
|
3.5
|
||
3.6
|
||
3.7
|
||
3.8
|
||
4.1
|
|
|
4.2
|
|
|
4.3
|
||
4.4
|
|
4.5
|
|
|
4.6
|
|
|
4.7
|
|
|
4.8
|
|
|
4.9
|
|
|
4.10
|
|
|
4.11
|
||
4.12
|
||
10.1
|
|
|
10.2
|
|
|
10.3
|
||
10.4
|
||
10.5
|
||
10.6
|
||
10.7
|
10.8
|
||
10.9
|
||
10.10
|
||
14.1
|
|
|
18.1
|
|
|
21.1
|
|
|
23.1
|
|
|
31.1
|
|
|
31.2
|
|
|
32.1
|
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document.
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document.
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document.
|