(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
|
ICAHN ENTERPRISES L.P.
|
Delaware
|
13-3398766
|
767 Fifth Avenue, Suite 4700
New York, NY 10153
(212) 702-4300
|
|||
333-118021-01
|
ICAHN ENTERPRISES HOLDINGS L.P.
|
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
|
||
•
|
Provide value-added products to customers in all markets served through leading technology and innovation;
|
•
|
Develop products to enable increased fuel economy and reduce vehicle emissions, plus enable the use of alternative energies;
|
•
|
Utilize Federal-Mogul's leading technology resources to develop advanced and innovative products, processes and manufacturing capabilities;
|
•
|
Extend Federal-Mogul's global reach to support its OE customers, furthering its relationships with leading Asian OEs and strengthening market share with U.S. and European OEs;
|
•
|
Assess acquisition and investment opportunities that provide product line expansion, technological advancements, geographic positioning, penetration of emerging markets (including the “BRIC” markets of Brazil, Russia, India and China) and market share growth;
|
•
|
Leverage the strength of Federal-Mogul's global aftermarket leading brand positions, product portfolio and range, marketing and selling expertise, and distribution and logistics capabilities; and
|
•
|
Aggressively pursue cost competitiveness in all business segments by continuing to drive productivity in existing operations, consolidating and relocating manufacturing operations to best cost countries, utilizing Federal-Mogul's strategic joint ventures and alliances, and rationalizing business resources and infrastructure.
|
•
|
Powertrain. The Powertrain business primarily represents Federal-Mogul’s OE business. Approximately 93% of the Powertrain business’ revenue is derived from sales to OE customers, with the remaining 7% of its revenue being derived from sales directly to the Motorparts business for eventual distribution, by the Motorparts business, to customers in the independent aftermarket. The Powertrain business operates 66 manufacturing sites in 18 countries, serving a large number of major automotive, heavy-duty, marine and industrial customers worldwide.
|
•
|
Motorparts. The Motorparts business sells and distributes a broad portfolio of products in the global vehicle aftermarket. Approximately 75% of the Motorparts business’ sales are derived from sales to customers in the aftermarket and approximately 25% are attributable to sales to the OE market. The Motorparts business operates 33 manufacturing sites in 16 countries and 24 distribution centers in 14 countries.
|
•
|
The OE Market. Demand for component parts in the OE market is generally a function of the number of new vehicles produced, which is driven by macro-economic factors such as interest rates, fuel prices, consumer confidence, employment trends, regulatory requirements and trade agreements. Although OE demand is tied to planned vehicle production, parts suppliers also have the opportunity to grow through increasing their product content per vehicle, by increasing market share and by expanding into new or emerging markets. Companies with a global presence, leading technology and innovation, and advanced product engineering, manufacturing and customer support capabilities are best positioned to take advantage of these opportunities.
|
•
|
The Aftermarket Business. Products for the global vehicle aftermarket are sold directly to a wide range of distributors, retail parts stores and mass merchants that distribute these products to professional service providers, “do-it-yourself” consumers and in some cases, directly to service chains. Demand for aftermarket products historically has been driven by three primary factors: (i) the number of vehicles in operation; (ii) the average age of vehicles; and (iii) vehicle usage trends.
|
•
|
Powertrain. Primary competitors include Aisin, Art Metal, BinZou, Bleistahl, Bosch, Daido, Dana/Reinz, Delfingen, Denso, DongYang, ElringKlinger, Freudenberg, GKN, Hella, Hitachi-Automotive, Kolbenschmidt, Mahle, Miba, NGK, NOK, NPR, Osram, Pall, Riken, Sinteron, and Stanley.
|
•
|
Motorparts. Primary competitors include Akebono Brake Corporation, Autolite, Brake Parts Inc., Bosch Group, Centric Parts, Crowne Group LLC, Delphi Automotive LLP, Denso Corporation, Dorman Products, Inc., GRI Engineering and Development LLC (MAT Holdings, Inc.), Mahle GmbH, Mevotech Inc., NGK Spark Plug Co., Ltd., NTN Bearing Corporation, Neapco Inc., Old World Industries, LLC, Phillips Industries, Pylon Manufacturing Corporation, Rain-X (ITW Global Brands), SKF Group, Osram Sylvania Ltd., TRW Automotive Holdings Corp., The Timken Company, Trico Products Corporation and Valeo Group.
|
•
|
Crude Oil Gathering System. The petroleum business owns and operates a crude oil gathering system serving Kansas, Nebraska, Oklahoma, Missouri and Texas. The gathering system includes approximately 336 miles of owned and leased pipelines and approximately 150 crude oil transports and associated storage facilities, which allows it to gather crude oils from independent crude oil producers. The crude oil gathering system has a gathering capacity of approximately 60,000 barrels per day ("bpd"). Gathered crude oil provides an attractive and competitive base supply of crude oil for the Coffeyville and Wynnewood refineries. During 2014, the petroleum business gathered an average of approximately 59,000 bpd.
|
•
|
Pipelines and Storage Tanks. The petroleum business owns a proprietary pipeline system capable of transporting approximately 170,000 bpd of crude oil from its Broome Station facility located near Caney, Kansas to its Coffeyville refinery. Crude oils sourced outside of the proprietary gathering system are delivered by common carrier pipelines into various terminals in Cushing, Oklahoma, where they are blended and then delivered to the Broome Station tank farm via a pipeline owned by Plains Pipeline L.P. ("Plains"). The petroleum business owns approximately (i) 1.4 million barrels of crude oil storage capacity that supports the gathering system and the Coffeyville refinery, (ii) 0.9 million barrels of crude oil storage capacity at the Wynnewood refinery and (iii) 1.0 million barrels of crude oil storage capacity in Cushing, Oklahoma. The petroleum business also leases additional crude oil storage capacity of approximately 2.8 million barrels in Cushing and approximately 0.1 million barrels at the Wynnewood refinery. In addition to crude oil storage, the petroleum business owns approximately 4.5 million barrels of combined refinery related storage capacity.
|
•
|
restrictions on operations or the need to install enhanced or additional controls;
|
•
|
the need to obtain and comply with permits, licenses and authorizations;
|
•
|
requirements for the investigation and remediation of contaminated soil and groundwater at current and former facilities (if any) and liability 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.
|
•
|
Tropicana Laughlin Hotel and Casino - Laughlin, Nevada;
|
•
|
Lumiére Place Casino - St. Louis, Missouri;
|
•
|
Montbleu Casino Resort & Spa - South Lake Tahoe, Nevada;
|
•
|
Tropicana AC - Atlantic City, New Jersey;
|
•
|
Tropicana Evansville - Evansville, Indiana;
|
•
|
Belle of Baton Rouge Casino and Hotel - Baton Rouge, Louisiana; and
|
•
|
Tropicana Greenville - Greenville, Mississippi; and
|
•
|
Tropicana Aruba - Noord, Aruba.
|
•
|
the threat of terrorism or war;
|
•
|
loss of any of our or our subsidiaries' key personnel;
|
•
|
the unavailability, as needed, of additional financing; and
|
•
|
the unavailability of insurance at acceptable rates.
|
•
|
past favorable market conditions and profitable investment opportunities may not occur in the future; and
|
•
|
future returns may be affected by the risks described elsewhere in this Report, including risks of the industries and businesses in which a particular fund invests.
|
•
|
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 market events. Regulatory authorities may from time-to-time impose restrictions that adversely affect the Investment Funds' ability to borrow certain securities in connection with short sale transactions. In addition, traditional lenders of securities might be less likely to lend securities under certain market conditions. As a result, the Investment Funds may not be able to effectively pursue a short selling strategy due to a limited supply of securities available for borrowing.
|
•
|
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 broker 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
|
•
|
limit Federal-Mogul’s 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 Federal-Mogul’s 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 Federal-Mogul 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 Federal-Mogul’s vulnerability to general adverse economic and industry conditions; and
|
•
|
limit Federal-Mogul’s ability to respond to business opportunities.
|
•
|
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; and
|
•
|
compliance with U.S. laws such as the Foreign Corrupt Practices Act, and local laws prohibiting inappropriate payments.
|
•
|
cease selling or using any of products that incorporate the asserted intellectual property, which would adversely affect Federal-Mogul's revenue;
|
•
|
pay substantial damages for past use of the asserted intellectual property;
|
•
|
obtain a license from the holder of the asserted intellectual property, which license may not be available on reasonable terms, if at all; and
|
•
|
redesign or rename, in the case of trademark claims, products to avoid infringing the intellectual property rights of third parties, which may not be possible and could be costly and time-consuming if it is possible to do.
|
•
|
Although CVR believes the petroleum business has sufficient liquidity under its ABL credit facility and the intercompany credit facility to operate both the Coffeyville and Wynnewood refineries, and that the nitrogen fertilizer business has sufficient liquidity under its revolving credit facility to run the nitrogen fertilizer business, under extreme market conditions there can be no assurance that such funds would be available or sufficient, and in such a case, CVR may not be able to successfully obtain additional financing on favorable terms, or at all. Furthermore, the nitrogen fertilizer business' credit facility matures in April 2016 and there can be no assurance that it will be able to refinance its $125 million of outstanding term loan debt or obtain a new revolving credit facility on similar terms or at all.
|
•
|
Market volatility could exert downward pressure on the price of CVR Refining's and CVR Partners' common units, which may make it more difficult for either or both of them to raise additional capital and thereby limit their ability to grow, which could in turn cause CVR's stock price to drop;
|
•
|
The petroleum business' and nitrogen fertilizer business' credit facilities contain various covenants that must be complied with, and if either business is not in compliance, there can be no assurance that either business would be able to successfully amend the agreement in the future. Further, any such amendment may be expensive. In addition, any new credit facility the petroleum business or nitrogen fertilizer business may enter into may require them to agree to additional covenants; and
|
•
|
Market conditions could result in significant customers experiencing financial difficulties. CVR is exposed to the credit risk of its customers, and their failure to meet their financial obligations when due because of bankruptcy, lack of liquidity, operational failure or other reasons could result in decreased sales and earnings for CVR.
|
•
|
major unplanned maintenance requirements;
|
•
|
catastrophic events caused by mechanical breakdown, electrical injury, pressure vessel rupture, explosion, contamination, fire, or natural disasters, including, floods, windstorms and other similar events;
|
•
|
labor supply shortages, or labor contract disputes that result in a work stoppage or slowdown;
|
•
|
cessation or suspension of a plant or specific operations dictated by environmental authorities; and
|
•
|
an event or incident involving a large clean-up, decontamination, or the imposition of laws and ordinances regulating the cost and schedule of demolition or reconstruction, which can cause significant delays in restoring property to its pre-loss condition.
|
•
|
June 2007: Coffeyville refinery and nitrogen fertilizer plant; flood;
|
•
|
September 2010: Nitrogen fertilizer plant; secondary urea reactor rupture;
|
•
|
December 2010: Coffeyville refinery; FCCU fire;
|
•
|
December 2010: Wynnewood refinery; hydrocracker unit fire;
|
•
|
September 2012: Wynnewood refinery boiler explosion;
|
•
|
July/August 2013: Coffeyville refinery; FCCU outage; and
|
•
|
July 2014: Coffeyville refinery; isomerization unit fire.
|
•
|
unforeseen difficulties in the integration of the acquired operations and disruption of the ongoing operations of CVR's business;
|
•
|
failure to achieve cost savings or other financial or operating objectives contributing to the accretive nature of an acquisition;
|
•
|
strain on the operational and managerial controls and procedures of the petroleum business and the nitrogen fertilizer business, and the need to modify systems or to add management resources;
|
•
|
difficulties in the integration and retention of customers or personnel and the integration and effective deployment of operations or technologies;
|
•
|
assumption of unknown material liabilities or regulatory non-compliance issues;
|
•
|
amortization of acquired assets, which would reduce future reported earnings;
|
•
|
possible adverse short-term effects on our Energy segment's cash flows or operating results; and
|
•
|
diversion of management's attention from the ongoing operations of our Energy segment's business.
|
•
|
a significant portion of their cash flows could be used to service their indebtedness, reducing available cash and their ability to make distributions on their common units (including distributions to CVR);
|
•
|
a high level of debt would increase their vulnerability to general adverse economic and industry conditions;
|
•
|
the covenants contained in their debt agreements will limit their ability to borrow additional funds, dispose of assets, pay distributions and make certain investments;
|
•
|
a high level of debt may place them at a competitive disadvantage compared to competitors that are less leveraged, and therefore may be able to take advantage of opportunities that their indebtedness would prevent them from pursuing;
|
•
|
their debt covenants may also affect flexibility in planning for, and reacting to, changes in the economy and in their industries;
|
•
|
a high level of debt may make it more likely that a reduction in the petroleum business' borrowing base following a periodic redetermination could require CVR Refining to repay a portion of its then-outstanding bank borrowings under its ABL credit facility; and
|
•
|
a high level of debt may impair their ability to obtain additional financing in the future for working capital, capital expenditures, debt service requirements, acquisitions, general corporate or other purposes.
|
•
|
their future financial and operating performance, which will be affected by prevailing economic conditions and financial, business, regulatory and other factors, many of which are beyond CVR's control; and
|
•
|
CVR Refining's ability to borrow under its ABL Credit Facility and the intercompany credit facility between CVR Refining and us, and CVR Partner's ability to borrow under its revolving credit facility, the availability of which depends on, among other things, compliance with their respective covenants.
|
•
|
incur, assume or guarantee additional debt or issue redeemable or preferred units;
|
•
|
make distributions or prepay, redeem, or repurchase certain debt;
|
•
|
enter into agreements that restrict distributions from restricted subsidiaries;
|
•
|
incur liens;
|
•
|
sell or otherwise dispose of assets, including capital stock of subsidiaries;
|
•
|
enter into transactions with affiliates; and
|
•
|
merge, consolidate or sell substantially all of their assets.
|
•
|
permit each partnership's general partner to make a number of decisions in its individual capacity, as opposed to its capacity as general partner. This entitles its general partner to consider only the interests and factors that it desires, and means that it has no duty or obligation to give any consideration to any interest of, or factors affecting, any limited partner.
|
•
|
provide that each partnership's general partner will not have any liability to unitholders for decisions made in its capacity as general partner so long as (i) in the case of CVR Partners, it acted in good faith, meaning it believed that the decision was in the best interest of CVR Partners and (ii) in the case of CVR Refining, it did not make such decisions in bad faith, meaning it believed that the decisions were adverse to CVR Refining's interests.
|
•
|
provide that each partnership's general partner and the officers and directors of its general partner will not be liable for monetary damages to common unitholders, including CVR, for any acts or omissions unless there has been a final and non-appealable judgment entered by a court of competent jurisdiction determining that (i) in the case of CVR Partners,
|
•
|
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.
|
•
|
denial or delay in obtaining regulatory approvals and/or permits;
|
•
|
unplanned increases in the cost of equipment, materials or labor;
|
•
|
disruptions in transportation of equipment and materials;
|
•
|
severe adverse weather conditions, natural disasters or other events (such as equipment malfunctions, explosions, fires or spills) affecting the petroleum business' facilities, or those of its vendors and suppliers;
|
•
|
shortages of sufficiently skilled labor, or labor disagreements resulting in unplanned work stoppages;
|
•
|
market-related increases in a project's debt or equity financing costs; and/or
|
•
|
nonperformance or force majeure by, or disputes with, the petroleum business' vendors, suppliers, contractors or sub-contractors.
|
•
|
general economic conditions;
|
•
|
labor costs;
|
•
|
domestic and import competition;
|
•
|
financial condition of its major customers;
|
•
|
access and costs associated with transportation systems;
|
•
|
the availability and relative pricing of scrap metal substitutes; and
|
•
|
import duties, ocean freight costs, tariffs and currency exchange rates.
|
•
|
inaccurate assessment of or undisclosed liabilities;
|
•
|
difficulty integrating the personnel and operations of the acquired businesses;
|
•
|
potential loss of key employees or customers of the acquired businesses;
|
•
|
difficulties in realizing anticipated cost savings, efficiencies and synergies;
|
•
|
inability to maintain uniform standards, controls and procedures;
|
•
|
managing the growth of a larger company; and
|
•
|
diversion of our management's attention from our everyday business activities.
|
•
|
the acceptance, storage, handling and disposal of solid, hazardous and Toxic Substances Control Act waste;
|
•
|
the discharge of materials into the air;
|
•
|
the management and treatment of wastewater and storm water;
|
•
|
the remediation of soil and groundwater contamination;
|
•
|
the restoration of natural resource damages; and
|
•
|
the protection of its employees' health and safety.
|
•
|
pays that person any dividend or interest upon the securities;
|
•
|
allows that person to exercise, directly or indirectly, any voting ownership right conferred through securities held by that person;
|
•
|
pays remuneration in any form to that person for services rendered or otherwise;
|
•
|
allows that person to continue in an ownership or economic interest or receive any economic benefit; or
|
•
|
fails to pursue all lawful efforts to require such unsuitable person to relinquish the securities including, if necessary, the immediate (or within such other time period as prescribed by the applicable gaming authorities) purchase of such securities for the lesser of fair value at the time of repurchase or fair value at the time of acquisition by the unsuitable holder.
|
•
|
adverse weather conditions that damage the project or cause delays;
|
•
|
changes to the plans or specifications;
|
•
|
shortages and increased costs of energy, materials and skilled labor;
|
•
|
engineering problems;
|
•
|
labor disputes and work stoppages;
|
•
|
environmental issues;
|
•
|
fire, flooding and other natural disasters; and
|
•
|
geological, construction, excavation, regulatory and equipment problems.
|
•
|
a creditor of Tropicana's predecessors did not receive proper notice of the pendency of the bankruptcy case relating to the re-organizational plan or the deadline for filing claims therein;
|
•
|
the injury giving rise to, or the source of, a creditor's claim did not manifest itself in time for the creditor to file the creditor's claim;
|
•
|
a creditor did not timely file the creditor's claim in such bankruptcy case due to excusable neglect;
|
•
|
Tropicana is liable for Tropicana's predecessors' federal and/or state tax liabilities under a theory of successor liability; or
|
•
|
the order of confirmation for the re-organizational plan was procured by fraud.
|
•
|
Tropicana may be more vulnerable to a downturn in the markets in which we operate or a downturn in the economy in general;
|
•
|
Tropicana may be required to dedicate a substantial portion of our cash flow from operations to payments on our indebtedness, which would limit our ability to use cash flows to fund working capital, capital expenditures, and other general corporate requirements;
|
•
|
Tropicana may be limited in our flexibility to plan for, or react to, changes in our businesses and the industry in which we operate or entry of new competitors into our markets;
|
•
|
Tropicana may be placed at a competitive disadvantage compared to our competitors that have less debt;
|
•
|
Tropicana may be limited in borrowing additional funds; and
|
•
|
Tropicana may have difficulties in satisfying our obligations under our current indebtedness, including the New Term Loan Facility.
|
•
|
fluctuations of interest rates;
|
•
|
lack of control in minority investments;
|
•
|
worsening of general economic and market conditions;
|
•
|
lack of diversification;
|
•
|
the 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.
|
Type of Facility
|
North America
|
EMEA(1)
|
Rest of World
|
Total
|
||||||||
Manufacturing
|
31
|
|
41
|
|
27
|
|
99
|
|
||||
Technical
|
8
|
|
5
|
|
1
|
|
14
|
|
||||
Distribution
|
11
|
|
9
|
|
4
|
|
24
|
|
||||
Sales and administration
|
9
|
|
13
|
|
15
|
|
37
|
|
||||
59
|
|
68
|
|
47
|
|
174
|
|
Location
|
Acres
|
|
Own/Lease
|
|
Use
|
|
Coffeyville, KS
|
440
|
|
Own
|
|
Coffeyville Resources: oil refinery and office buildings CVR Partners: fertilizer plant
|
|
Wynnewood, OK
|
400
|
|
Own
|
|
Oil refinery, office buildings, refined oil storage
|
|
Montgomery County, KS (Coffeyville Station)
|
20
|
|
Own
|
|
Crude oil storage
|
|
Montgomery County, KS (Broome Station)
|
20
|
|
Own
|
|
Crude oil storage
|
|
Cowley County, KS (Hooser Station)
|
80
|
|
Own
|
|
Crude oil storage
|
|
Cushing, OK
|
138
|
|
Own
|
|
Crude oil storage
|
2014
|
High
|
Low
|
||||||
First Quarter
|
$
|
117.80
|
|
$
|
99.94
|
|
||
Second Quarter
|
104.06
|
|
90.76
|
|
||||
Third Quarter
|
113.44
|
|
99.58
|
|
||||
Fourth Quarter
|
107.93
|
|
90.77
|
|
||||
2013
|
High
|
Low
|
||||||
First Quarter
|
$
|
87.15
|
|
$
|
47.80
|
|
||
Second Quarter
|
89.45
|
|
55.14
|
|
||||
Third Quarter
|
83.27
|
|
71.05
|
|
||||
Fourth Quarter
|
148.53
|
|
81.00
|
|
Icahn Enterprises
|
Icahn Enterprises Holdings
|
||||||||||||||||||||||||||||||||||||||
Year Ended December 31,
|
Year Ended December 31,
|
||||||||||||||||||||||||||||||||||||||
2014
|
2013
|
2012
|
2011
|
2010
|
2014
|
2013
|
2012
|
2011
|
2010
|
||||||||||||||||||||||||||||||
(in millions, except per unit data)
|
(in millions)
|
||||||||||||||||||||||||||||||||||||||
Statement of Operations Data:
|
|||||||||||||||||||||||||||||||||||||||
Net sales
|
$
|
18,072
|
|
$
|
17,785
|
|
$
|
14,574
|
|
$
|
9,127
|
|
$
|
7,822
|
|
$
|
18,072
|
|
$
|
17,785
|
|
$
|
14,574
|
|
$
|
9,127
|
|
$
|
7,822
|
|
|||||||||
Other revenues from operations
|
1,250
|
|
988
|
|
951
|
|
933
|
|
394
|
|
1,250
|
|
988
|
|
951
|
|
933
|
|
394
|
|
|||||||||||||||||||
Net (loss) gain from investment activities
|
(564
|
)
|
1,694
|
|
343
|
|
1,905
|
|
814
|
|
(564
|
)
|
1,694
|
|
343
|
|
1,905
|
|
814
|
|
|||||||||||||||||||
(Loss) income from continuing operations
|
(529
|
)
|
2,444
|
|
762
|
|
1,800
|
|
776
|
|
(528
|
)
|
2,444
|
|
763
|
|
1,801
|
|
779
|
|
|||||||||||||||||||
Loss from discontinued operations
|
—
|
|
—
|
|
—
|
|
—
|
|
(1
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
(1
|
)
|
|||||||||||||||||||
Net (loss) income
|
(529
|
)
|
2,444
|
|
762
|
|
1,800
|
|
775
|
|
(528
|
)
|
2,444
|
|
763
|
|
1,801
|
|
778
|
|
|||||||||||||||||||
Less: Net loss (income) attributable to non-controlling interests
|
156
|
|
(1,419
|
)
|
(366
|
)
|
(1,050
|
)
|
(576
|
)
|
156
|
|
(1,419
|
)
|
(366
|
)
|
(1,050
|
)
|
(576
|
)
|
|||||||||||||||||||
Net (loss) income attributable to Icahn Enterprises/Icahn Enterprises Holdings
|
$
|
(373
|
)
|
$
|
1,025
|
|
$
|
396
|
|
$
|
750
|
|
$
|
199
|
|
$
|
(372
|
)
|
$
|
1,025
|
|
$
|
397
|
|
$
|
751
|
|
$
|
202
|
|
|||||||||
Net (loss) income attributable to Icahn Enterprises/Icahn Enterprises Holdings from:
|
|||||||||||||||||||||||||||||||||||||||
Continuing operations
|
$
|
(373
|
)
|
$
|
1,025
|
|
$
|
396
|
|
$
|
750
|
|
$
|
200
|
|
$
|
(372
|
)
|
$
|
1,025
|
|
$
|
397
|
|
$
|
751
|
|
$
|
203
|
|
|||||||||
Discontinued operations
|
—
|
|
—
|
|
—
|
|
—
|
|
(1
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
(1
|
)
|
|||||||||||||||||||
$
|
(373
|
)
|
$
|
1,025
|
|
$
|
396
|
|
$
|
750
|
|
$
|
199
|
|
$
|
(372
|
)
|
$
|
1,025
|
|
$
|
397
|
|
$
|
751
|
|
$
|
202
|
|
||||||||||
Net (loss) income attributable to Icahn Enterprises/Icahn Enterprises Holdings allocable to:
|
|||||||||||||||||||||||||||||||||||||||
Limited partners
|
$
|
(366
|
)
|
$
|
1,005
|
|
$
|
379
|
|
$
|
735
|
|
$
|
195
|
|
$
|
(368
|
)
|
$
|
1,015
|
|
$
|
384
|
|
$
|
743
|
|
$
|
200
|
|
|||||||||
General partner
|
(7
|
)
|
20
|
|
17
|
|
15
|
|
4
|
|
(4
|
)
|
10
|
|
13
|
|
8
|
|
2
|
|
|||||||||||||||||||
$
|
(373
|
)
|
$
|
1,025
|
|
$
|
396
|
|
$
|
750
|
|
$
|
199
|
|
$
|
(372
|
)
|
$
|
1,025
|
|
$
|
397
|
|
$
|
751
|
|
$
|
202
|
|
||||||||||
Basic (loss) income per LP Unit:
|
|||||||||||||||||||||||||||||||||||||||
(Loss) income from continuing operations
|
$
|
(3.08
|
)
|
$
|
9.14
|
|
$
|
3.72
|
|
$
|
8.35
|
|
$
|
2.28
|
|
||||||||||||||||||||||||
Loss from discontinued operations
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
|
(0.01
|
)
|
|||||||||||||||||||||||||||||
Basic (loss) income per LP unit
|
$
|
(3.08
|
)
|
$
|
9.14
|
|
$
|
3.72
|
|
$
|
8.35
|
|
$
|
2.27
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Basic weighted average LP units outstanding
|
119
|
|
110
|
|
102
|
|
88
|
|
86
|
|
|||||||||||||||||||||||||||||
Diluted (loss) income per LP unit:
|
|||||||||||||||||||||||||||||||||||||||
(Loss) income from continuing operations
|
$
|
(3.08
|
)
|
$
|
9.07
|
|
$
|
3.72
|
|
$
|
8.15
|
|
$
|
2.27
|
|
||||||||||||||||||||||||
Loss from discontinued operations
|
0.00
|
|
0.00
|
|
0.00
|
|
0.00
|
|
(0.01
|
)
|
|||||||||||||||||||||||||||||
Diluted (loss) income per LP unit
|
$
|
(3.08
|
)
|
$
|
9.07
|
|
$
|
3.72
|
|
$
|
8.15
|
|
$
|
2.26
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Diluted weighted average LP units outstanding
|
119
|
|
111
|
|
102
|
|
93
|
|
87
|
|
Icahn Enterprises
|
Icahn Enterprises Holdings
|
||||||||||||||||||||||||||||||||||||||
Year Ended December 31,
|
Year Ended December 31,
|
||||||||||||||||||||||||||||||||||||||
2014
|
2013
|
2012
|
2011
|
2010
|
2014
|
2013
|
2012
|
2011
|
2010
|
||||||||||||||||||||||||||||||
(in millions, except per unit data)
|
(in millions)
|
||||||||||||||||||||||||||||||||||||||
Other Financial Data:
|
|||||||||||||||||||||||||||||||||||||||
EBITDA attributable to Icahn Enterprises/Icahn Enterprises Holdings(1)
|
$
|
705
|
|
$
|
1,804
|
|
$
|
1,158
|
|
$
|
1,459
|
|
$
|
876
|
|
$
|
705
|
|
$
|
1,804
|
|
$
|
1,158
|
|
$
|
1,459
|
|
$
|
877
|
|
|||||||||
Adjusted EBITDA attributable to Icahn Enterprises/Icahn Enterprises Holdings(1)
|
1,013
|
|
1,899
|
|
1,546
|
|
1,541
|
|
939
|
|
1,013
|
|
1,899
|
|
1,542
|
|
1,541
|
|
939
|
|
|||||||||||||||||||
Cash distributions declared per LP unit
|
6.00
|
|
4.50
|
|
0.40
|
|
0.55
|
|
1.00
|
|
Icahn Enterprises
|
Icahn Enterprises Holdings
|
||||||||||||||||||||||||||||||||||||||
December 31,
|
December 31,
|
||||||||||||||||||||||||||||||||||||||
2014
|
2013
|
2012
|
2011
|
2010
|
2014
|
2013
|
2012
|
2011
|
2010
|
||||||||||||||||||||||||||||||
(in millions)
|
(in millions)
|
||||||||||||||||||||||||||||||||||||||
Balance Sheet Data:
|
|||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents
|
$
|
2,912
|
|
$
|
3,262
|
|
$
|
3,108
|
|
$
|
2,328
|
|
$
|
2,988
|
|
$
|
2,912
|
|
$
|
3,262
|
|
$
|
3,108
|
|
$
|
2,328
|
|
$
|
2,988
|
|
|||||||||
Investments
|
14,500
|
|
12,261
|
|
5,491
|
|
8,938
|
|
7,470
|
|
14,500
|
|
12,261
|
|
5,491
|
|
8,938
|
|
7,470
|
|
|||||||||||||||||||
Property, plant and equipment, net
|
8,955
|
|
8,077
|
|
7,661
|
|
4,657
|
|
4,655
|
|
8,955
|
|
8,077
|
|
7,661
|
|
4,657
|
|
4,655
|
|
|||||||||||||||||||
Total assets
|
35,780
|
|
31,745
|
|
25,932
|
|
24,368
|
|
21,885
|
|
35,803
|
|
31,761
|
|
25,946
|
|
24,379
|
|
21,894
|
|
|||||||||||||||||||
Post-employment benefit liability
|
1,391
|
|
1,111
|
|
1,488
|
|
1,340
|
|
1,272
|
|
1,391
|
|
1,111
|
|
1,488
|
|
1,340
|
|
1,272
|
|
|||||||||||||||||||
Debt
|
11,588
|
|
9,295
|
|
9,873
|
|
7,831
|
|
7,902
|
|
11,588
|
|
9,289
|
|
9,865
|
|
7,821
|
|
7,891
|
|
|||||||||||||||||||
Equity attributable to Icahn Enterprises/Icahn Enterprises Holdings
|
5,443
|
|
6,092
|
|
4,669
|
|
3,755
|
|
3,183
|
|
5,466
|
|
6,114
|
|
4,691
|
|
3,776
|
|
3,203
|
|
Icahn Enterprises
|
Icahn Enterprises Holdings
|
||||||||||||||||||||||||||||||||||||||
Year Ended December 31,
|
Year Ended December 31,
|
||||||||||||||||||||||||||||||||||||||
2014
|
2013
|
2012
|
2011
|
2010
|
2014
|
2013
|
2012
|
2011
|
2010
|
||||||||||||||||||||||||||||||
(in millions)
|
(in millions)
|
||||||||||||||||||||||||||||||||||||||
Attributable to Icahn Enterprises/Icahn Enterprises Holdings:
|
|||||||||||||||||||||||||||||||||||||||
Net (loss) income
|
$
|
(373
|
)
|
$
|
1,025
|
|
$
|
396
|
|
$
|
750
|
|
$
|
199
|
|
$
|
(372
|
)
|
$
|
1,025
|
|
$
|
397
|
|
$
|
751
|
|
$
|
202
|
|
|||||||||
Interest expense
|
614
|
|
464
|
|
456
|
|
373
|
|
338
|
|
613
|
|
464
|
|
455
|
|
372
|
|
336
|
|
|||||||||||||||||||
Income tax expense (benefit)
|
(109
|
)
|
(170
|
)
|
(128
|
)
|
27
|
|
11
|
|
(109
|
)
|
(170
|
)
|
(128
|
)
|
27
|
|
11
|
|
|||||||||||||||||||
Depreciation, depletion and amortization
|
573
|
|
485
|
|
434
|
|
309
|
|
328
|
|
573
|
|
485
|
|
434
|
|
309
|
|
328
|
|
|||||||||||||||||||
EBITDA attributable to Icahn Enterprises/Icahn Enterprises Holdings
|
$
|
705
|
|
$
|
1,804
|
|
$
|
1,158
|
|
$
|
1,459
|
|
$
|
876
|
|
$
|
705
|
|
$
|
1,804
|
|
$
|
1,158
|
|
$
|
1,459
|
|
$
|
877
|
|
|||||||||
Impairment
|
$
|
72
|
|
$
|
14
|
|
$
|
106
|
|
$
|
58
|
|
$
|
8
|
|
$
|
72
|
|
$
|
14
|
|
$
|
106
|
|
$
|
58
|
|
$
|
8
|
|
|||||||||
Restructuring
|
67
|
|
41
|
|
25
|
|
9
|
|
12
|
|
67
|
|
41
|
|
25
|
|
9
|
|
12
|
|
|||||||||||||||||||
Non-service cost of U.S. based pension
|
(6
|
)
|
4
|
|
29
|
|
18
|
|
25
|
|
(6
|
)
|
4
|
|
29
|
|
18
|
|
25
|
|
|||||||||||||||||||
FIFO impact (favorable) unfavorable
|
94
|
|
(15
|
)
|
58
|
|
—
|
|
—
|
|
94
|
|
(15
|
)
|
58
|
|
—
|
|
—
|
|
|||||||||||||||||||
OPEB curtailment gains
|
—
|
|
(15
|
)
|
(40
|
)
|
(1
|
)
|
(22
|
)
|
—
|
|
(15
|
)
|
(40
|
)
|
(1
|
)
|
(22
|
)
|
|||||||||||||||||||
Certain share-based compensation expense
|
8
|
|
20
|
|
27
|
|
1
|
|
—
|
|
8
|
|
20
|
|
30
|
|
1
|
|
—
|
|
|||||||||||||||||||
Major scheduled turnaround expense
|
5
|
|
—
|
|
88
|
|
—
|
|
—
|
|
5
|
|
—
|
|
88
|
|
—
|
|
—
|
|
|||||||||||||||||||
Losses on divestitures
|
—
|
|
46
|
|
—
|
|
—
|
|
—
|
|
—
|
|
46
|
|
—
|
|
—
|
|
—
|
|
|||||||||||||||||||
Net loss on extinguishment of debt
|
152
|
|
—
|
|
7
|
|
—
|
|
40
|
|
152
|
|
—
|
|
7
|
|
—
|
|
39
|
|
|||||||||||||||||||
Unrealized (gain)/loss on certain derivatives
|
(41
|
)
|
(43
|
)
|
57
|
|
—
|
|
—
|
|
(41
|
)
|
(43
|
)
|
57
|
|
—
|
|
—
|
|
|||||||||||||||||||
Other
|
(43
|
)
|
43
|
|
31
|
|
(3
|
)
|
—
|
|
(43
|
)
|
43
|
|
24
|
|
(3
|
)
|
—
|
|
|||||||||||||||||||
Adjusted EBITDA attributable to Icahn Enterprises/Icahn Enterprises Holdings
|
$
|
1,013
|
|
$
|
1,899
|
|
$
|
1,546
|
|
$
|
1,541
|
|
$
|
939
|
|
$
|
1,013
|
|
$
|
1,899
|
|
$
|
1,542
|
|
$
|
1,541
|
|
$
|
939
|
|
Revenues
|
Net Income (Loss)
|
Net Income (Loss) Attributable to Icahn Enterprises
|
|||||||||||||||||||||||||||||||||
Year Ended December 31,
|
Year Ended December 31,
|
Year Ended December 31,
|
|||||||||||||||||||||||||||||||||
2014
|
2013
|
2012
|
2014
|
2013
|
2012
|
2014
|
2013
|
2012
|
|||||||||||||||||||||||||||
(in millions)
|
|||||||||||||||||||||||||||||||||||
Investment
|
$
|
(218
|
)
|
$
|
2,031
|
|
$
|
398
|
|
$
|
(684
|
)
|
$
|
1,902
|
|
$
|
372
|
|
$
|
(305
|
)
|
$
|
812
|
|
$
|
157
|
|
||||||||
Automotive
|
7,324
|
|
6,876
|
|
6,677
|
|
(90
|
)
|
263
|
|
(22
|
)
|
(87
|
)
|
250
|
|
(24
|
)
|
|||||||||||||||||
Energy(1)
|
9,292
|
|
9,063
|
|
5,519
|
|
168
|
|
479
|
|
338
|
|
95
|
|
289
|
|
263
|
|
|||||||||||||||||
Metals
|
711
|
|
929
|
|
1,103
|
|
(25
|
)
|
(28
|
)
|
(58
|
)
|
(25
|
)
|
(28
|
)
|
(58
|
)
|
|||||||||||||||||
Railcar
|
809
|
|
744
|
|
799
|
|
188
|
|
139
|
|
92
|
|
122
|
|
30
|
|
29
|
|
|||||||||||||||||
Gaming
|
849
|
|
571
|
|
611
|
|
269
|
|
19
|
|
30
|
|
185
|
|
13
|
|
21
|
|
|||||||||||||||||
Food Packaging
|
346
|
|
346
|
|
341
|
|
9
|
|
43
|
|
6
|
|
6
|
|
32
|
|
4
|
|
|||||||||||||||||
Real Estate
|
101
|
|
85
|
|
88
|
|
22
|
|
17
|
|
19
|
|
22
|
|
17
|
|
19
|
|
|||||||||||||||||
Home Fashion
|
181
|
|
187
|
|
231
|
|
2
|
|
(16
|
)
|
(27
|
)
|
2
|
|
(16
|
)
|
(27
|
)
|
|||||||||||||||||
Holding Company
|
(238
|
)
|
(150
|
)
|
29
|
|
(388
|
)
|
(374
|
)
|
12
|
|
(388
|
)
|
(374
|
)
|
12
|
|
|||||||||||||||||
$
|
19,157
|
|
$
|
20,682
|
|
$
|
15,796
|
|
$
|
(529
|
)
|
$
|
2,444
|
|
$
|
762
|
|
$
|
(373
|
)
|
$
|
1,025
|
|
$
|
396
|
|
(1)
|
We consolidated CVR effective May 4, 2012.
|
Revenues
|
Net Income (Loss)
|
Net Income (Loss) Attributable to Icahn Enterprises Holdings
|
|||||||||||||||||||||||||||||||||
Year Ended December 31,
|
Year Ended December 31,
|
Year Ended December 31,
|
|||||||||||||||||||||||||||||||||
2014
|
2013
|
2012
|
2014
|
2013
|
2012
|
2014
|
2013
|
2012
|
|||||||||||||||||||||||||||
(in millions)
|
|||||||||||||||||||||||||||||||||||
Holding Company
|
$
|
(238
|
)
|
$
|
(150
|
)
|
$
|
29
|
|
$
|
(387
|
)
|
$
|
(374
|
)
|
$
|
13
|
|
$
|
(387
|
)
|
$
|
(374
|
)
|
$
|
13
|
|
||||||||
Consolidated
|
$
|
19,157
|
|
$
|
20,682
|
|
$
|
15,796
|
|
$
|
(528
|
)
|
$
|
2,444
|
|
$
|
763
|
|
$
|
(372
|
)
|
$
|
1,025
|
|
$
|
397
|
|
Returns
|
||||||||
Year Ended December 31,
|
||||||||
|
2014
|
2013
|
2012(1)
|
|||||
Investment Funds
|
-7.4
|
%
|
30.8
|
%
|
6.6
|
%
|
Performance Attribution
|
||||||||
Year Ended December 31,
|
||||||||
|
2014
|
2013
|
2012(1)
|
|||||
Long positions
|
11.4
|
%
|
65.3
|
%
|
22.3
|
%
|
||
Short positions
|
-18.7
|
%
|
-30.3
|
%
|
-14.4
|
%
|
||
Other
|
-0.1
|
%
|
-4.2
|
%
|
-1.3
|
%
|
||
-7.4
|
%
|
30.8
|
%
|
6.6
|
%
|
Year Ended December 31,
|
|||||||||||
2014
|
2013
|
2012
|
|||||||||
(in millions)
|
|||||||||||
Net sales
|
$
|
7,317
|
|
$
|
6,905
|
|
$
|
6,664
|
|
||
Cost of goods sold
|
6,260
|
|
5,885
|
|
5,753
|
|
|||||
Gross margin
|
$
|
1,057
|
|
$
|
1,020
|
|
$
|
911
|
|
Year Ended December 31,
|
|||||||||||
2014
|
2013
|
2012(1)
|
|||||||||
(in millions)
|
|||||||||||
Net Sales:
|
|||||||||||
Petroleum
|
$
|
8,829
|
|
$
|
8,683
|
|
$
|
5,519
|
|
||
Fertilizer
|
299
|
|
324
|
|
191
|
|
|||||
Eliminations
|
(19
|
)
|
(21
|
)
|
(7
|
)
|
|||||
$
|
9,109
|
|
$
|
8,986
|
|
$
|
5,703
|
|
|||
Cost of Goods Sold:
|
|||||||||||
Petroleum
|
$
|
8,584
|
|
$
|
8,034
|
|
$
|
4,741
|
|
||
Fertilizer
|
209
|
|
191
|
|
114
|
|
|||||
Eliminations
|
(19
|
)
|
(21
|
)
|
(7
|
)
|
|||||
$
|
8,774
|
|
$
|
8,204
|
|
$
|
4,848
|
|
|||
Gross Margin:
|
|||||||||||
Petroleum
|
$
|
245
|
|
$
|
649
|
|
$
|
778
|
|
||
Fertilizer
|
90
|
|
133
|
|
77
|
|
|||||
Eliminations
|
—
|
|
—
|
|
—
|
|
|||||
$
|
335
|
|
$
|
782
|
|
$
|
855
|
|
Year Ended December 31,
|
|||||||||||
2014
|
2013
|
2012(1)
|
|||||||||
(in millions, except barrels metrics)
|
|||||||||||
Net sales
|
$
|
8,829
|
|
$
|
8,683
|
|
$
|
5,519
|
|
||
Cost of goods sold
|
8,584
|
|
8,034
|
|
4,741
|
|
|||||
Gross margin
|
245
|
|
649
|
|
778
|
|
|||||
Add back:
|
|||||||||||
Direct operating expenses
|
416
|
|
362
|
|
309
|
|
|||||
Depreciation and amortization
|
155
|
|
146
|
|
92
|
|
|||||
Fair value inventory adjustment
|
—
|
|
—
|
|
23
|
|
|||||
Refining margin
|
816
|
|
1,157
|
|
1,202
|
|
|||||
FIFO impacts (favorable) unfavorable
|
161
|
|
(21
|
)
|
71
|
|
|||||
Refining margin adjusted for FIFO impacts
|
$
|
977
|
|
$
|
1,136
|
|
$
|
1,273
|
|
||
Gross margin per barrel
|
$
|
3.42
|
|
$
|
9.48
|
|
$
|
18.37
|
|
||
Refining margin per barrel
|
11.38
|
|
16.90
|
|
28.40
|
|
|||||
Refining margin per barrel adjusted for FIFO impacts
|
13.62
|
|
16.59
|
|
30.08
|
|
|||||
Total crude oil throughput (barrels per day)
|
196,545
|
|
187,568
|
|
175,735
|
|
Year Ended December 31,
|
|||||||||||
2014
|
2013
|
2012
|
|||||||||
(in millions)
|
|||||||||||
Net sales
|
$
|
711
|
|
$
|
929
|
|
$
|
1,102
|
|
||
Cost of goods sold
|
728
|
|
948
|
|
1,116
|
|
|||||
Gross margin
|
$
|
(17
|
)
|
$
|
(19
|
)
|
$
|
(14
|
)
|
Year Ended December 31,
|
|||||
2014
|
2013
|
2012
|
|||
(in 000s)
|
|||||
Ferrous tons sold
|
1,209
|
1,444
|
1,592
|
||
Non-ferrous pounds sold
|
147,443
|
230,571
|
241,332
|
Year Ended December 31,
|
|||||||||||
2014
|
2013
|
2012
|
|||||||||
(in millions)
|
|||||||||||
Net Sales/Other Revenues From Operations:
|
|||||||||||
Manufacturing
|
$
|
1,020
|
|
$
|
864
|
|
$
|
853
|
|
||
Railcar leasing
|
368
|
|
277
|
|
214
|
|
|||||
Railcar services
|
68
|
|
73
|
|
65
|
|
|||||
Eliminations
|
(666
|
)
|
(475
|
)
|
(346
|
)
|
|||||
$
|
790
|
|
$
|
739
|
|
$
|
786
|
|
|||
Cost of Goods Sold/Other Expenses From Operations:
|
|||||||||||
Manufacturing
|
$
|
749
|
|
$
|
667
|
|
$
|
690
|
|
||
Railcar leasing
|
154
|
|
131
|
|
117
|
|
|||||
Railcar services
|
55
|
|
54
|
|
51
|
|
|||||
Eliminations
|
(495
|
)
|
(366
|
)
|
(298
|
)
|
|||||
$
|
463
|
|
$
|
486
|
|
$
|
560
|
|
|||
Gross Margin:
|
|||||||||||
Manufacturing
|
$
|
271
|
|
$
|
197
|
|
$
|
163
|
|
||
Railcar leasing
|
214
|
|
146
|
|
97
|
|
|||||
Railcar services
|
13
|
|
19
|
|
14
|
|
|||||
Eliminations
|
(171
|
)
|
(109
|
)
|
(48
|
)
|
|||||
$
|
327
|
|
$
|
253
|
|
$
|
226
|
|
Icahn Enterprises
|
Icahn Enterprises Holdings
|
||||||||||||||
December 31,
|
December 31,
|
||||||||||||||
2014
|
2013
|
2014
|
2013
|
||||||||||||
(in millions)
|
(in millions)
|
||||||||||||||
5.875% senior unsecured notes due 2022 - Icahn Enterprises/Icahn Enterprises Holdings
|
$
|
1,337
|
|
$
|
—
|
|
$
|
1,337
|
|
$
|
—
|
|
|||
6% senior unsecured notes due 2020 - Icahn Enterprises/Icahn Enterprises Holdings
|
1,708
|
|
493
|
|
1,708
|
|
493
|
|
|||||||
4.875% senior unsecured notes due 2019 - Icahn Enterprises/Icahn Enterprises Holdings
|
1,270
|
|
—
|
|
1,270
|
|
—
|
|
|||||||
8% senior unsecured notes due 2018 - Icahn Enterprises/Icahn Enterprises Holdings
|
—
|
|
2,473
|
|
—
|
|
2,470
|
|
|||||||
3.50% senior unsecured notes due 2017 - Icahn Enterprises/Icahn Enterprises Holdings
|
1,171
|
|
—
|
|
1,171
|
|
—
|
|
|||||||
7.75% senior unsecured notes due 2016 - Icahn Enterprises/Icahn Enterprises Holdings
|
—
|
|
1,050
|
|
—
|
|
1,047
|
|
|||||||
Debt facilities - Automotive
|
2,584
|
|
2,494
|
|
2,584
|
|
2,494
|
|
|||||||
Debt and credit facilities - Energy
|
625
|
|
625
|
|
625
|
|
625
|
|
|||||||
Debt and credit facilities - Railcar
|
2,133
|
|
1,448
|
|
2,133
|
|
1,448
|
|
|||||||
Credit facilities - Gaming
|
295
|
|
298
|
|
295
|
|
298
|
|
|||||||
Senior secured notes and revolving credit facility - Food Packaging
|
272
|
|
215
|
|
272
|
|
215
|
|
|||||||
Mortgages payable - Real Estate
|
31
|
|
49
|
|
31
|
|
49
|
|
|||||||
Other
|
162
|
|
150
|
|
162
|
|
150
|
|
|||||||
$
|
11,588
|
|
$
|
9,295
|
|
$
|
11,588
|
|
$
|
9,289
|
|
2015
|
2016
|
2017
|
2018
|
2019
|
Thereafter
|
Total
|
|||||||||||||||||||||
(in millions)
|
|||||||||||||||||||||||||||
Debt obligations
|
$
|
400
|
|
$
|
493
|
|
$
|
1,293
|
|
$
|
823
|
|
$
|
1,593
|
|
$
|
6,959
|
|
$
|
11,561
|
|
||||||
Capital lease obligations
|
2
|
|
3
|
|
2
|
|
2
|
|
2
|
|
41
|
|
52
|
|
|||||||||||||
Interest payments
|
545
|
|
523
|
|
490
|
|
466
|
|
399
|
|
717
|
|
3,140
|
|
|||||||||||||
Pension and other post-employment benefit plans
|
139
|
|
91
|
|
89
|
|
76
|
|
70
|
|
350
|
|
815
|
|
|||||||||||||
Operating lease obligations
|
75
|
|
69
|
|
55
|
|
41
|
|
34
|
|
129
|
|
403
|
|
|||||||||||||
Purchase obligations
|
163
|
|
109
|
|
107
|
|
106
|
|
105
|
|
718
|
|
1,308
|
|
|||||||||||||
Letters of credit
|
62
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
62
|
|
|||||||||||||
Other(1)
|
653
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
653
|
|
|||||||||||||
Total
|
$
|
2,039
|
|
$
|
1,288
|
|
$
|
2,036
|
|
$
|
1,514
|
|
$
|
2,203
|
|
$
|
8,914
|
|
$
|
17,994
|
|
Year Ended December 31, 2014
|
December 31, 2014
|
||||||||||||||
Net Cash (Used In) Provided By
|
Cash and Cash Equivalents
|
||||||||||||||
Operating Activities
|
Investing Activities
|
Financing Activities
|
|||||||||||||
(in millions)
|
|||||||||||||||
Investment
|
$
|
(1,505
|
)
|
$
|
—
|
|
$
|
500
|
|
$
|
2
|
|
|||
Automotive
|
278
|
|
(735
|
)
|
35
|
|
332
|
|
|||||||
Energy
|
685
|
|
(296
|
)
|
(58
|
)
|
754
|
|
|||||||
Metals
|
25
|
|
(40
|
)
|
—
|
|
19
|
|
|||||||
Railcar
|
290
|
|
(575
|
)
|
269
|
|
412
|
|
|||||||
Gaming
|
141
|
|
(301
|
)
|
(3
|
)
|
196
|
|
|||||||
Food Packaging
|
14
|
|
(23
|
)
|
42
|
|
39
|
|
|||||||
Real Estate
|
48
|
|
8
|
|
(19
|
)
|
24
|
|
|||||||
Home Fashion
|
(4
|
)
|
6
|
|
—
|
|
11
|
|
|||||||
Holding Company
|
(362
|
)
|
(1
|
)
|
1,241
|
|
1,123
|
|
|||||||
$
|
(390
|
)
|
$
|
(1,957
|
)
|
$
|
2,007
|
|
$
|
2,912
|
|
•
|
Long-term rate of return on plan assets: The required use of the expected long-term rate of return on plan assets may result in recognized returns that are greater or less than the actual returns on those plan assets in any given year. While the development of the long-term rate of return on assets gives appropriate consideration to recent fund performance and historical returns, the assumption is designed to approximate a long-term prospective rate. The expected long-term rate of return used to calculate net periodic pension cost is 6.95% for U.S. plans and a weighted average of 4.18% for non-U.S. plans.
|
•
|
Discount rate: The discount rate reflects the effective yield on high quality fixed income securities available in the marketplace as of the measurement date to settle pension and post-employment benefit obligations. The weighted-average discount rate used to calculate net periodic pension cost is 4.55% for U.S. pension plans and a weighted average of 3.49% for non-U.S. plans and 4.45% for its OPEB. In calculating its benefit obligations, Federal-Mogul used a weighted-average discount rate of 3.85% for its U.S. pension plans, a weighted average discount rate of 1.77% for its non-U.S. pension plans and a discount rate of 3.84% for its OPEB.
|
•
|
Health care cost trend: For post-employment health care plan accounting, Federal-Mogul reviews external data and company specific historical trends for health care costs to determine the health care cost trend rate. The assumed health care cost trend rate used to measure next year’s post-employment health care benefits is 7.25% for health care and 7.25% for drug cost, both declining to an ultimate trend rate of 5.00% in 2022.
|
Pension Benefits
|
Other Post-Employment Benefits
|
|||||||||||||||||||||||||||||
United States Plans
|
Non-U.S. Plans
|
|||||||||||||||||||||||||||||
Change in 2015 expense
|
Change
in
PBO
|
Change
in
accumulated
OCL
|
Change in 2015 expense
|
Change
in
PBO
|
Change
in accumulated
OCL
|
Change in 2015 expense
|
Change
in
PBO
|
|||||||||||||||||||||||
(in millions)
|
||||||||||||||||||||||||||||||
25 bp decrease in discount rate
|
$
|
(1
|
)
|
$
|
36
|
|
$
|
(36
|
)
|
$
|
1
|
|
$
|
20
|
|
$
|
(20
|
)
|
—
|
|
$
|
9
|
|
|||||||
25 bp increase in discount rate
|
—
|
|
(34
|
)
|
34
|
|
(1
|
)
|
(20
|
)
|
20
|
|
—
|
|
(9
|
)
|
||||||||||||||
25 bp decrease in return on assets rate
|
2
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
||||||||||||||
25 bp increase in return on assets rate
|
(2
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Total Service and
Interest Cost
|
APBO
|
||||||
(in millions)
|
|||||||
100 bp increase in health care trend rate
|
$
|
1
|
|
$
|
32
|
|
|
100 bp decrease in health care trend rate
|
(1
|
)
|
(28
|
)
|
•
|
lock in or fix a percentage of the anticipated or planned gross margin in future periods when the derivative market offers commodity spreads that generate positive cash flows;
|
•
|
hedge the value of inventories in excess of minimum required inventories; and
|
•
|
manage existing derivative positions related to change in anticipated operations and market conditions.
|
•
|
Time Basis - In entering over-the-counter swap agreements, the settlement price of the swap is typically the average price of the underlying commodity for a designated calendar period. This settlement price is based on the assumption
|
•
|
Location Basis - In hedging NYMEX crack spreads, CVR may be subject to location basis as the settlement of NYMEX refined products (related more to New York Harbor cash markets) may differ from the prices of refined products in CVR's Group 3 pricing area.
|
December 31,
|
|||||||
2014
|
2013
|
||||||
ASSETS
|
|||||||
Cash and cash equivalents
|
$
|
2,912
|
|
$
|
3,262
|
|
|
Cash held at consolidated affiliated partnerships and restricted cash
|
1,435
|
|
396
|
|
|||
Investments
|
14,500
|
|
12,261
|
|
|||
Accounts receivable, net
|
1,691
|
|
1,750
|
|
|||
Inventories, net
|
1,879
|
|
1,902
|
|
|||
Property, plant and equipment, net
|
8,955
|
|
8,077
|
|
|||
Goodwill
|
2,000
|
|
2,074
|
|
|||
Intangible assets, net
|
1,088
|
|
1,113
|
|
|||
Other assets
|
1,320
|
|
910
|
|
|||
Total Assets
|
$
|
35,780
|
|
$
|
31,745
|
|
|
LIABILITIES AND EQUITY
|
|||||||
Accounts payable
|
$
|
1,387
|
|
$
|
1,353
|
|
|
Accrued expenses and other liabilities
|
2,235
|
|
2,196
|
|
|||
Deferred tax liability
|
1,255
|
|
1,394
|
|
|||
Securities sold, not yet purchased, at fair value
|
337
|
|
884
|
|
|||
Due to brokers
|
5,197
|
|
2,203
|
|
|||
Post-employment benefit liability
|
1,391
|
|
1,111
|
|
|||
Debt
|
11,588
|
|
9,295
|
|
|||
Total liabilities
|
23,390
|
|
18,436
|
|
|||
Commitments and contingencies (Note 17)
|
|
|
|||||
Equity:
|
|||||||
Limited partners: Depositary units: 123,103,414 and 115,900,309 units issued and outstanding at December 31, 2014 and 2013, respectively
|
5,672
|
|
6,308
|
|
|||
General partner
|
(229
|
)
|
(216
|
)
|
|||
Equity attributable to Icahn Enterprises
|
5,443
|
|
6,092
|
|
|||
Equity attributable to non-controlling interests
|
6,947
|
|
7,217
|
|
|||
Total equity
|
12,390
|
|
13,309
|
|
|||
Total Liabilities and Equity
|
$
|
35,780
|
|
$
|
31,745
|
|
Year Ended December 31,
|
|||||||||||
2014
|
2013
|
2012
|
|||||||||
Revenues:
|
|||||||||||
Net sales
|
$
|
18,072
|
|
$
|
17,785
|
|
$
|
14,574
|
|
||
Other revenues from operations
|
1,250
|
|
988
|
|
951
|
|
|||||
Net (loss) gain from investment activities
|
(564
|
)
|
1,694
|
|
343
|
|
|||||
Interest and dividend income
|
217
|
|
194
|
|
103
|
|
|||||
Other income (loss), net
|
182
|
|
21
|
|
(175
|
)
|
|||||
19,157
|
|
20,682
|
|
15,796
|
|
||||||
Expenses:
|
|||||||||||
Cost of goods sold
|
16,485
|
|
15,809
|
|
12,606
|
|
|||||
Other expenses from operations
|
613
|
|
504
|
|
502
|
|
|||||
Selling, general and administrative
|
1,625
|
|
1,417
|
|
1,275
|
|
|||||
Restructuring
|
84
|
|
50
|
|
31
|
|
|||||
Impairment
|
135
|
|
16
|
|
129
|
|
|||||
Interest expense
|
847
|
|
560
|
|
572
|
|
|||||
19,789
|
|
18,356
|
|
15,115
|
|
||||||
(Loss) income before income tax benefit
|
(632
|
)
|
2,326
|
|
681
|
|
|||||
Income tax benefit
|
103
|
|
118
|
|
81
|
|
|||||
Net (loss) income
|
(529
|
)
|
2,444
|
|
762
|
|
|||||
Less: net loss (income) attributable to non-controlling interests
|
156
|
|
(1,419
|
)
|
(366
|
)
|
|||||
Net (loss) income attributable to Icahn Enterprises
|
$
|
(373
|
)
|
$
|
1,025
|
|
$
|
396
|
|
||
Net (loss) income attributable to Icahn Enterprises allocable to:
|
|||||||||||
Limited partners
|
$
|
(366
|
)
|
$
|
1,005
|
|
$
|
379
|
|
||
General partner
|
(7
|
)
|
20
|
|
17
|
|
|||||
$
|
(373
|
)
|
$
|
1,025
|
|
$
|
396
|
|
|||
Basic (loss) income per LP unit
|
$
|
(3.08
|
)
|
$
|
9.14
|
|
$
|
3.72
|
|
||
Basic weighted average LP units outstanding
|
119
|
|
110
|
|
102
|
|
|||||
Diluted (loss) income per LP unit
|
$
|
(3.08
|
)
|
$
|
9.07
|
|
$
|
3.72
|
|
||
Diluted weighted average LP units outstanding
|
119
|
|
111
|
|
102
|
|
|||||
Cash distributions declared per LP unit
|
$
|
6.00
|
|
$
|
4.50
|
|
$
|
0.40
|
|
Year Ended December 31,
|
|||||||||||
2014
|
2013
|
2012
|
|||||||||
Net (loss) income
|
$
|
(529
|
)
|
$
|
2,444
|
|
$
|
762
|
|
||
Other comprehensive (loss) income, net of tax:
|
|||||||||||
Post-employment benefits
|
(228
|
)
|
175
|
|
(224
|
)
|
|||||
Hedge instruments
|
—
|
|
8
|
|
46
|
|
|||||
Translation adjustments and other
|
(260
|
)
|
(6
|
)
|
51
|
|
|||||
Other comprehensive (loss) income, net of tax
|
(488
|
)
|
177
|
|
(127
|
)
|
|||||
Comprehensive (loss) income
|
(1,017
|
)
|
2,621
|
|
635
|
|
|||||
Less: Comprehensive loss (income) attributable to non-controlling interests
|
278
|
|
(1,463
|
)
|
(337
|
)
|
|||||
Comprehensive (loss) income attributable to Icahn Enterprises
|
$
|
(739
|
)
|
$
|
1,158
|
|
$
|
298
|
|
||
Comprehensive (loss) income attributable to Icahn Enterprises allocable to:
|
|||||||||||
Limited partners
|
$
|
(724
|
)
|
$
|
1,135
|
|
$
|
283
|
|
||
General partner
|
(15
|
)
|
23
|
|
15
|
|
|||||
$
|
(739
|
)
|
$
|
1,158
|
|
$
|
298
|
|
Equity Attributable to Icahn Enterprises
|
||||||||||||||||||||||||||
Held in Treasury
|
||||||||||||||||||||||||||
General Partner's (Deficit) Equity
|
Limited
Partners' Equity
|
Amount
|
Units
|
Total Partners' Equity
|
Non-controlling Interests
|
Total Equity
|
||||||||||||||||||||
Balance, December 31, 2011
|
$
|
(271
|
)
|
$
|
4,038
|
|
$
|
(12
|
)
|
1,137,200
|
|
$
|
3,755
|
|
$
|
4,116
|
|
$
|
7,871
|
|
||||||
Net income
|
17
|
|
379
|
|
—
|
|
—
|
|
396
|
|
366
|
|
762
|
|
||||||||||||
Other comprehensive loss
|
(2
|
)
|
(96
|
)
|
—
|
|
—
|
|
(98
|
)
|
(29
|
)
|
(127
|
)
|
||||||||||||
Cancellation of treasury units
|
—
|
|
(12
|
)
|
12
|
|
(1,137,200
|
)
|
—
|
|
—
|
|
—
|
|
||||||||||||
Partnership contributions
|
13
|
|
500
|
|
—
|
|
—
|
|
513
|
|
—
|
|
513
|
|
||||||||||||
Partnership distributions
|
(1
|
)
|
(40
|
)
|
—
|
|
—
|
|
(41
|
)
|
—
|
|
(41
|
)
|
||||||||||||
Investment segment distributions
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(79
|
)
|
(79
|
)
|
||||||||||||
Distributions paid to non-controlling interests in subsidiary
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(30
|
)
|
(30
|
)
|
||||||||||||
Acquisition of CVR
|
—
|
|
135
|
|
—
|
|
—
|
|
135
|
|
849
|
|
984
|
|
||||||||||||
Changes in subsidiary equity and other
|
—
|
|
9
|
|
—
|
|
—
|
|
9
|
|
(46
|
)
|
(37
|
)
|
||||||||||||
Balance, December 31, 2012
|
(244
|
)
|
4,913
|
|
—
|
|
—
|
|
4,669
|
|
5,147
|
|
9,816
|
|
||||||||||||
Net income
|
20
|
|
1,005
|
|
—
|
|
—
|
|
1,025
|
|
1,419
|
|
2,444
|
|
||||||||||||
Other comprehensive income
|
3
|
|
130
|
|
—
|
|
—
|
|
133
|
|
44
|
|
177
|
|
||||||||||||
Acquisition of ARL
|
(5
|
)
|
(237
|
)
|
—
|
|
—
|
|
(242
|
)
|
—
|
|
(242
|
)
|
||||||||||||
Partnership contributions
|
12
|
|
581
|
|
—
|
|
—
|
|
593
|
|
—
|
|
593
|
|
||||||||||||
Partnership distributions
|
(1
|
)
|
(50
|
)
|
—
|
|
—
|
|
(51
|
)
|
—
|
|
(51
|
)
|
||||||||||||
Investment segment contributions
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
46
|
|
46
|
|
||||||||||||
Distributions paid to non-controlling interests in subsidiary
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(379
|
)
|
(379
|
)
|
||||||||||||
Proceeds from subsidiary equity offerings
|
2
|
|
88
|
|
—
|
|
—
|
|
90
|
|
966
|
|
1,056
|
|
||||||||||||
Changes in subsidiary equity and other
|
(3
|
)
|
(122
|
)
|
—
|
|
—
|
|
(125
|
)
|
(26
|
)
|
(151
|
)
|
||||||||||||
Balance, December 31, 2013
|
(216
|
)
|
6,308
|
|
—
|
|
—
|
|
6,092
|
|
7,217
|
|
13,309
|
|
||||||||||||
Net loss
|
(7
|
)
|
(366
|
)
|
—
|
|
—
|
|
(373
|
)
|
(156
|
)
|
(529
|
)
|
||||||||||||
Other comprehensive loss
|
(8
|
)
|
(358
|
)
|
—
|
|
—
|
|
(366
|
)
|
(122
|
)
|
(488
|
)
|
||||||||||||
Partnership distributions
|
(2
|
)
|
(123
|
)
|
—
|
|
—
|
|
(125
|
)
|
—
|
|
(125
|
)
|
||||||||||||
Investment segment contributions
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
500
|
|
500
|
|
||||||||||||
Distributions to non-controlling interests in subsidiaries
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(642
|
)
|
(642
|
)
|
||||||||||||
Proceeds from subsidiary equity offering
|
—
|
|
10
|
|
—
|
|
—
|
|
10
|
|
150
|
|
160
|
|
||||||||||||
Changes in subsidiary equity and other
|
4
|
|
201
|
|
—
|
|
—
|
|
205
|
|
—
|
|
205
|
|
||||||||||||
Balance, December 31, 2014
|
$
|
(229
|
)
|
$
|
5,672
|
|
$
|
—
|
|
—
|
|
$
|
5,443
|
|
$
|
6,947
|
|
$
|
12,390
|
|
Year Ended December 31,
|
|||||||||||
2014
|
2013
|
2012
|
|||||||||
Cash flows from operating activities:
|
|||||||||||
Net (loss) income
|
$
|
(529
|
)
|
$
|
2,444
|
|
$
|
762
|
|
||
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
|
|||||||||||
Net gain from securities transactions
|
(614
|
)
|
(3,754
|
)
|
(1,488
|
)
|
|||||
Purchases of securities
|
(6,523
|
)
|
(7,425
|
)
|
(2,592
|
)
|
|||||
Proceeds from sales of securities
|
5,079
|
|
4,664
|
|
7,167
|
|
|||||
Purchases to cover securities sold, not yet purchased
|
(980
|
)
|
(46
|
)
|
(5,160
|
)
|
|||||
Proceeds from securities sold, not yet purchased
|
342
|
|
365
|
|
1,307
|
|
|||||
Changes in receivables and payables relating to securities transactions
|
2,888
|
|
2,715
|
|
1,775
|
|
|||||
Loss on extinguishment of debt
|
162
|
|
—
|
|
10
|
|
|||||
Depreciation and amortization
|
809
|
|
742
|
|
635
|
|
|||||
Impairment
|
135
|
|
16
|
|
129
|
|
|||||
Deferred taxes
|
(191
|
)
|
(157
|
)
|
(297
|
)
|
|||||
Other, net
|
(2
|
)
|
73
|
|
6
|
|
|||||
Changes in operating assets and liabilities:
|
|||||||||||
Changes in cash held at consolidated affiliated partnerships and restricted cash
|
(1,045
|
)
|
591
|
|
(453
|
)
|
|||||
Accounts receivable, net
|
103
|
|
26
|
|
(193
|
)
|
|||||
Inventories, net
|
82
|
|
39
|
|
32
|
|
|||||
Other assets
|
(136
|
)
|
(154
|
)
|
1
|
|
|||||
Accounts payable
|
(21
|
)
|
31
|
|
(151
|
)
|
|||||
Accrued expenses and other liabilities
|
51
|
|
547
|
|
117
|
|
|||||
Net cash (used in) provided by operating activities
|
(390
|
)
|
717
|
|
1,607
|
|
|||||
Cash flows from investing activities:
|
|||||||||||
Capital expenditures
|
(1,411
|
)
|
(1,161
|
)
|
(936
|
)
|
|||||
Acquisition of ARL
|
—
|
|
(279
|
)
|
—
|
|
|||||
Acquisitions of businesses, net of cash acquired
|
(558
|
)
|
(6
|
)
|
(1,361
|
)
|
|||||
Proceeds from sale of investments
|
—
|
|
38
|
|
202
|
|
|||||
Purchases of investments
|
(78
|
)
|
(86
|
)
|
(250
|
)
|
|||||
Other, net
|
90
|
|
38
|
|
23
|
|
|||||
Net cash used in investing activities
|
(1,957
|
)
|
(1,456
|
)
|
(2,322
|
)
|
|||||
Cash flows from financing activities:
|
|||||||||||
Investment segment distributions
|
—
|
|
(185
|
)
|
(17
|
)
|
|||||
Investment segment contributions
|
500
|
|
46
|
|
—
|
|
|||||
Partnership contributions
|
—
|
|
593
|
|
513
|
|
|||||
Partnership distributions
|
(125
|
)
|
(51
|
)
|
(41
|
)
|
|||||
Proceeds from offering of subsidiary equity
|
188
|
|
1,308
|
|
—
|
|
|||||
Distributions to non-controlling interests in subsidiaries
|
(642
|
)
|
(379
|
)
|
(68
|
)
|
|||||
Proceeds from issuance of senior unsecured notes
|
4,991
|
|
493
|
|
1,030
|
|
|||||
Repayments of senior unsecured notes
|
(3,625
|
)
|
—
|
|
—
|
|
|||||
Proceeds from other borrowings
|
4,794
|
|
591
|
|
1,076
|
|
|||||
Repayments of borrowings
|
(4,031
|
)
|
(1,526
|
)
|
(996
|
)
|
|||||
Other, net
|
(43
|
)
|
17
|
|
(17
|
)
|
|||||
Net cash provided by financing activities
|
2,007
|
|
907
|
|
1,480
|
|
|||||
Effect of exchange rate changes on cash and cash equivalents
|
(10
|
)
|
(14
|
)
|
15
|
|
|||||
Net (decrease) increase in cash and cash equivalents
|
(350
|
)
|
154
|
|
780
|
|
|||||
Cash and cash equivalents, beginning of period
|
3,262
|
|
3,108
|
|
2,328
|
|
|||||
Cash and cash equivalents, end of period
|
$
|
2,912
|
|
$
|
3,262
|
|
$
|
3,108
|
|
||
Supplemental information:
|
|||||||||||
Cash payments for interest, net of amounts capitalized
|
$
|
607
|
|
$
|
482
|
|
$
|
501
|
|
||
Net cash payments for income taxes
|
$
|
115
|
|
$
|
126
|
|
$
|
236
|
|
||
Distribution payable to Icahn Enterprises unitholders
|
$
|
—
|
|
$
|
142
|
|
$
|
—
|
|
||
Non-cash investment segment contribution
|
$
|
—
|
|
$
|
185
|
|
$
|
—
|
|
||
Acquisition of non-controlling interest in CVR
|
$
|
—
|
|
$
|
—
|
|
$
|
135
|
|
||
Construction in progress additions included in liabilities
|
$
|
33
|
|
$
|
36
|
|
$
|
62
|
|
||
Changes in accounts payable relating to construction in progress additions
|
$
|
(11
|
)
|
$
|
(23
|
)
|
$
|
26
|
|
December 31,
|
|||||||
2014
|
2013
|
||||||
ASSETS
|
|||||||
Cash and cash equivalents
|
$
|
2,912
|
|
$
|
3,262
|
|
|
Cash held at consolidated affiliated partnerships and restricted cash
|
1,435
|
|
396
|
|
|||
Investments
|
14,500
|
|
12,261
|
|
|||
Accounts receivable, net
|
1,691
|
|
1,750
|
|
|||
Inventories, net
|
1,879
|
|
1,902
|
|
|||
Property, plant and equipment, net
|
8,955
|
|
8,077
|
|
|||
Goodwill
|
2,000
|
|
2,074
|
|
|||
Intangible assets, net
|
1,088
|
|
1,113
|
|
|||
Other assets
|
1,343
|
|
926
|
|
|||
Total Assets
|
$
|
35,803
|
|
$
|
31,761
|
|
|
LIABILITIES AND EQUITY
|
|||||||
Accounts payable
|
$
|
1,387
|
|
$
|
1,353
|
|
|
Accrued expenses and other liabilities
|
2,235
|
|
2,196
|
|
|||
Deferred tax liability
|
1,255
|
|
1,394
|
|
|||
Securities sold, not yet purchased, at fair value
|
337
|
|
884
|
|
|||
Due to brokers
|
5,197
|
|
2,203
|
|
|||
Post-employment benefit liability
|
1,391
|
|
1,111
|
|
|||
Debt
|
11,588
|
|
9,289
|
|
|||
Total liabilities
|
23,390
|
|
18,430
|
|
|||
Commitments and contingencies (Note 17)
|
|
|
|||||
Equity:
|
|||||||
Limited partner
|
5,751
|
|
6,393
|
|
|||
General partner
|
(285
|
)
|
(279
|
)
|
|||
Equity attributable to Icahn Enterprises Holdings
|
5,466
|
|
6,114
|
|
|||
Equity attributable to non-controlling interests
|
6,947
|
|
7,217
|
|
|||
Total equity
|
12,413
|
|
13,331
|
|
|||
Total Liabilities and Equity
|
$
|
35,803
|
|
$
|
31,761
|
|
Year Ended December 31,
|
|||||||||||
2014
|
2013
|
2012
|
|||||||||
Revenues:
|
|||||||||||
Net sales
|
$
|
18,072
|
|
$
|
17,785
|
|
$
|
14,574
|
|
||
Other revenues from operations
|
1,250
|
|
988
|
|
951
|
|
|||||
Net (loss) gain from investment activities
|
(564
|
)
|
1,694
|
|
343
|
|
|||||
Interest and dividend income
|
217
|
|
194
|
|
103
|
|
|||||
Other income (loss), net
|
182
|
|
21
|
|
(175
|
)
|
|||||
19,157
|
|
20,682
|
|
15,796
|
|
||||||
Expenses:
|
|||||||||||
Cost of goods sold
|
16,485
|
|
15,809
|
|
12,606
|
|
|||||
Other expenses from operations
|
613
|
|
504
|
|
502
|
|
|||||
Selling, general and administrative
|
1,625
|
|
1,417
|
|
1,275
|
|
|||||
Restructuring
|
84
|
|
50
|
|
31
|
|
|||||
Impairment
|
135
|
|
16
|
|
129
|
|
|||||
Interest expense
|
846
|
|
560
|
|
571
|
|
|||||
19,788
|
|
18,356
|
|
15,114
|
|
||||||
(Loss) income before income tax benefit
|
(631
|
)
|
2,326
|
|
682
|
|
|||||
Income tax benefit
|
103
|
|
118
|
|
81
|
|
|||||
Net (loss) income
|
(528
|
)
|
2,444
|
|
763
|
|
|||||
Less: net loss (income) attributable to non-controlling interests
|
156
|
|
(1,419
|
)
|
(366
|
)
|
|||||
Net (loss) income attributable to Icahn Enterprises Holdings
|
$
|
(372
|
)
|
$
|
1,025
|
|
$
|
397
|
|
||
Net (loss) income attributable to Icahn Enterprises Holdings allocable to:
|
|||||||||||
Limited partner
|
$
|
(368
|
)
|
$
|
1,015
|
|
$
|
384
|
|
||
General partner
|
(4
|
)
|
10
|
|
13
|
|
|||||
$
|
(372
|
)
|
$
|
1,025
|
|
$
|
397
|
|
Year Ended December 31,
|
|||||||||||
2014
|
2013
|
2012
|
|||||||||
Net (loss) income
|
$
|
(528
|
)
|
$
|
2,444
|
|
$
|
763
|
|
||
Other comprehensive (loss) income, net of tax:
|
|||||||||||
Post-employment benefits
|
(228
|
)
|
175
|
|
(224
|
)
|
|||||
Hedge instruments
|
—
|
|
8
|
|
46
|
|
|||||
Translation adjustments and other
|
(260
|
)
|
(6
|
)
|
51
|
|
|||||
Other comprehensive (loss) income, net of tax
|
(488
|
)
|
177
|
|
(127
|
)
|
|||||
Comprehensive (loss) income
|
(1,016
|
)
|
2,621
|
|
636
|
|
|||||
Less: Comprehensive loss (income) attributable to non-controlling interests
|
278
|
|
(1,463
|
)
|
(337
|
)
|
|||||
Comprehensive (loss) income attributable to Icahn Enterprises Holdings
|
$
|
(738
|
)
|
$
|
1,158
|
|
$
|
299
|
|
||
Comprehensive (loss) income attributable to Icahn Enterprises Holdings allocable to:
|
|||||||||||
Limited partner
|
$
|
(731
|
)
|
$
|
1,146
|
|
$
|
287
|
|
||
General partner
|
(7
|
)
|
12
|
|
12
|
|
|||||
$
|
(738
|
)
|
$
|
1,158
|
|
$
|
299
|
|
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, 2011
|
$
|
(311
|
)
|
$
|
4,087
|
|
$
|
3,776
|
|
$
|
4,116
|
|
$
|
7,892
|
|
||||
Net income
|
13
|
|
384
|
|
397
|
|
366
|
|
763
|
|
|||||||||
Other Comprehensive loss
|
(1
|
)
|
(97
|
)
|
(98
|
)
|
(29
|
)
|
(127
|
)
|
|||||||||
Partnership contributions
|
6
|
|
507
|
|
513
|
|
—
|
|
513
|
|
|||||||||
Partnership distributions
|
—
|
|
(41
|
)
|
(41
|
)
|
—
|
|
(41
|
)
|
|||||||||
Investment segment distributions
|
—
|
|
—
|
|
—
|
|
(79
|
)
|
(79
|
)
|
|||||||||
Distributions paid to non-controlling interests in subsidiary
|
—
|
|
—
|
|
—
|
|
(30
|
)
|
(30
|
)
|
|||||||||
Acquisition of CVR
|
—
|
|
135
|
|
135
|
|
849
|
|
984
|
|
|||||||||
Changes in subsidiary equity and other
|
—
|
|
9
|
|
9
|
|
(46
|
)
|
(37
|
)
|
|||||||||
Balance, December 31, 2012
|
(293
|
)
|
4,984
|
|
4,691
|
|
5,147
|
|
9,838
|
|
|||||||||
Net income
|
10
|
|
1,015
|
|
1,025
|
|
1,419
|
|
2,444
|
|
|||||||||
Other comprehensive income
|
2
|
|
131
|
|
133
|
|
44
|
|
177
|
|
|||||||||
Acquisition of ARL
|
(3
|
)
|
(239
|
)
|
(242
|
)
|
—
|
|
(242
|
)
|
|||||||||
Partnership contributions
|
6
|
|
587
|
|
593
|
|
—
|
|
593
|
|
|||||||||
Partnership distributions
|
(1
|
)
|
(50
|
)
|
(51
|
)
|
—
|
|
(51
|
)
|
|||||||||
Investment segment contributions
|
—
|
|
—
|
|
—
|
|
46
|
|
46
|
|
|||||||||
Distributions paid to non-controlling interests in subsidiary
|
—
|
|
—
|
|
—
|
|
(379
|
)
|
(379
|
)
|
|||||||||
Proceeds from subsidiary equity offerings
|
1
|
|
89
|
|
90
|
|
966
|
|
1,056
|
|
|||||||||
Changes in subsidiary equity and other
|
(1
|
)
|
(124
|
)
|
(125
|
)
|
(26
|
)
|
(151
|
)
|
|||||||||
Balance, December 31, 2013
|
(279
|
)
|
6,393
|
|
6,114
|
|
7,217
|
|
13,331
|
|
|||||||||
Net loss
|
(4
|
)
|
(368
|
)
|
(372
|
)
|
(156
|
)
|
(528
|
)
|
|||||||||
Other comprehensive loss
|
(3
|
)
|
(363
|
)
|
(366
|
)
|
(122
|
)
|
(488
|
)
|
|||||||||
Partnership distributions
|
(1
|
)
|
(124
|
)
|
(125
|
)
|
—
|
|
(125
|
)
|
|||||||||
Investment segment contributions
|
—
|
|
—
|
|
—
|
|
500
|
|
500
|
|
|||||||||
Distributions to non-controlling interests in subsidiaries
|
—
|
|
—
|
|
—
|
|
(642
|
)
|
(642
|
)
|
|||||||||
Subsidiary equity offering
|
—
|
|
10
|
|
10
|
|
150
|
|
160
|
|
|||||||||
Changes in subsidiary equity and other
|
2
|
|
203
|
|
205
|
|
—
|
|
205
|
|
|||||||||
Balance, December 31, 2014
|
$
|
(285
|
)
|
$
|
5,751
|
|
$
|
5,466
|
|
$
|
6,947
|
|
$
|
12,413
|
|
Year Ended December 31,
|
|||||||||||
2014
|
2013
|
2012
|
|||||||||
Cash flows from operating activities:
|
|||||||||||
Net (loss) income
|
$
|
(528
|
)
|
$
|
2,444
|
|
$
|
763
|
|
||
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
|
|||||||||||
Net gain from securities transactions
|
(614
|
)
|
(3,754
|
)
|
(1,488
|
)
|
|||||
Purchases of securities
|
(6,523
|
)
|
(7,425
|
)
|
(2,592
|
)
|
|||||
Proceeds from sales of securities
|
5,079
|
|
4,664
|
|
7,167
|
|
|||||
Purchases to cover securities sold, not yet purchased
|
(980
|
)
|
(46
|
)
|
(5,160
|
)
|
|||||
Proceeds from securities sold, not yet purchased
|
342
|
|
365
|
|
1,307
|
|
|||||
Changes in receivables and payables relating to securities transactions
|
2,888
|
|
2,715
|
|
1,775
|
|
|||||
Loss on extinguishment of debt
|
162
|
|
—
|
|
10
|
|
|||||
Depreciation and amortization
|
808
|
|
742
|
|
634
|
|
|||||
Impairment
|
135
|
|
16
|
|
129
|
|
|||||
Deferred taxes
|
(191
|
)
|
(157
|
)
|
(297
|
)
|
|||||
Other, net
|
(2
|
)
|
73
|
|
6
|
|
|||||
Changes in operating assets and liabilities:
|
|||||||||||
Changes in cash held at consolidated affiliated partnerships and restricted cash
|
(1,045
|
)
|
591
|
|
(453
|
)
|
|||||
Accounts receivable, net
|
103
|
|
26
|
|
(193
|
)
|
|||||
Inventories, net
|
82
|
|
39
|
|
32
|
|
|||||
Other assets
|
(136
|
)
|
(154
|
)
|
1
|
|
|||||
Accounts payable
|
(21
|
)
|
31
|
|
(151
|
)
|
|||||
Accrued expenses and other liabilities
|
51
|
|
547
|
|
117
|
|
|||||
Net cash (used in) provided by operating activities
|
(390
|
)
|
717
|
|
1,607
|
|
|||||
Cash flows from investing activities:
|
|||||||||||
Capital expenditures
|
(1,411
|
)
|
(1,161
|
)
|
(936
|
)
|
|||||
Acquisition of ARL
|
—
|
|
(279
|
)
|
—
|
|
|||||
Acquisitions of businesses, net of cash acquired
|
(558
|
)
|
(6
|
)
|
(1,361
|
)
|
|||||
Proceeds from sale of investments
|
—
|
|
38
|
|
202
|
|
|||||
Purchases of investments
|
(78
|
)
|
(86
|
)
|
(250
|
)
|
|||||
Other, net
|
90
|
|
38
|
|
23
|
|
|||||
Net cash used in investing activities
|
(1,957
|
)
|
(1,456
|
)
|
(2,322
|
)
|
|||||
Cash flows from financing activities:
|
|||||||||||
Investment segment distributions
|
—
|
|
(185
|
)
|
(17
|
)
|
|||||
Investment segment contributions
|
500
|
|
46
|
|
—
|
|
|||||
Partnership contributions
|
—
|
|
593
|
|
513
|
|
|||||
Partnership distributions
|
(125
|
)
|
(51
|
)
|
(41
|
)
|
|||||
Proceeds from offering of subsidiary equity
|
188
|
|
1,308
|
|
—
|
|
|||||
Distributions to non-controlling interests in subsidiaries
|
(642
|
)
|
(379
|
)
|
(68
|
)
|
|||||
Proceeds from issuance of senior unsecured notes
|
4,991
|
|
493
|
|
1,030
|
|
|||||
Repayments of senior unsecured notes
|
(3,625
|
)
|
—
|
|
—
|
|
|||||
Proceeds from other borrowings
|
4,794
|
|
591
|
|
1,076
|
|
|||||
Repayments of borrowings
|
(4,031
|
)
|
(1,526
|
)
|
(996
|
)
|
|||||
Other, net
|
(43
|
)
|
17
|
|
(17
|
)
|
|||||
Net cash provided by financing activities
|
2,007
|
|
907
|
|
1,480
|
|
|||||
Effect of exchange rate changes on cash and cash equivalents
|
(10
|
)
|
(14
|
)
|
15
|
|
|||||
Net (decrease) increase in cash and cash equivalents
|
(350
|
)
|
154
|
|
780
|
|
|||||
Cash and cash equivalents, beginning of period
|
3,262
|
|
3,108
|
|
2,328
|
|
|||||
Cash and cash equivalents, end of period
|
$
|
2,912
|
|
$
|
3,262
|
|
$
|
3,108
|
|
||
Supplemental information:
|
|||||||||||
Cash payments for interest, net of amounts capitalized
|
$
|
607
|
|
$
|
482
|
|
$
|
501
|
|
||
Net cash payments for income taxes
|
$
|
115
|
|
$
|
126
|
|
$
|
236
|
|
||
Distribution payable to Icahn Enterprises unitholders
|
$
|
—
|
|
$
|
142
|
|
$
|
—
|
|
||
Non-cash investment segment contribution
|
$
|
—
|
|
$
|
185
|
|
$
|
—
|
|
||
Acquisition of non-controlling interest in CVR
|
$
|
—
|
|
$
|
—
|
|
$
|
135
|
|
||
Construction in progress additions included in liabilities
|
$
|
33
|
|
$
|
36
|
|
$
|
62
|
|
||
Changes in accounts payable relating to construction in progress additions
|
$
|
(11
|
)
|
$
|
(23
|
)
|
$
|
26
|
|
1.
|
Description of Business and Basis of Presentation.
|
2.
|
Summary of Significant Accounting Policies.
|
December 31,
|
|||||||
|
2014
|
2013
|
|||||
(in millions)
|
|||||||
Raw materials
|
$
|
450
|
|
$
|
499
|
|
|
Work in process
|
244
|
|
252
|
|
|||
Finished goods
|
1,185
|
|
1,151
|
|
|||
$
|
1,879
|
|
$
|
1,902
|
|
3.
|
Operating Units.
|
Year
|
Amount
|
|||
(in millions)
|
||||
2015
|
$
|
434
|
|
|
2016
|
400
|
|
||
2017
|
344
|
|
||
2018
|
275
|
|
||
2019
|
166
|
|
||
Thereafter
|
166
|
|
||
$
|
1,785
|
|
4.
|
Related Party Transactions.
|
5.
|
Investments and Related Matters.
|
December 31,
|
|||||||
2014
|
2013
|
||||||
(in millions)
|
|||||||
Equity method investments
|
$
|
298
|
|
$
|
284
|
|
|
Other investments
|
241
|
|
151
|
|
|||
$
|
539
|
|
$
|
435
|
|
6.
|
Fair Value Measurements.
|
December 31, 2014
|
December 31, 2013
|
||||||||||||||||||||||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||||||||||||
Assets
|
(in millions)
|
||||||||||||||||||||||||||||||
Investments:
|
|||||||||||||||||||||||||||||||
Equity securities:
|
|||||||||||||||||||||||||||||||
Communications
|
$
|
2,846
|
|
$
|
—
|
|
$
|
—
|
|
$
|
2,846
|
|
$
|
820
|
|
$
|
—
|
|
$
|
—
|
|
$
|
820
|
|
|||||||
Consumer, non-cyclical
|
2,308
|
|
—
|
|
—
|
|
2,308
|
|
3,344
|
|
178
|
|
—
|
|
3,522
|
|
|||||||||||||||
Consumer, cyclical
|
436
|
|
—
|
|
—
|
|
436
|
|
414
|
|
—
|
|
—
|
|
414
|
|
|||||||||||||||
Diversified
|
23
|
|
—
|
|
—
|
|
23
|
|
29
|
|
—
|
|
—
|
|
29
|
|
|||||||||||||||
Energy
|
1,895
|
|
—
|
|
—
|
|
1,895
|
|
3,050
|
|
—
|
|
—
|
|
3,050
|
|
|||||||||||||||
Financial
|
417
|
|
—
|
|
—
|
|
417
|
|
300
|
|
—
|
|
—
|
|
300
|
|
|||||||||||||||
Funds
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
6
|
|
—
|
|
6
|
|
|||||||||||||||
Industrial
|
79
|
|
20
|
|
—
|
|
99
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||||||||||
Technology
|
5,635
|
|
—
|
|
—
|
|
5,635
|
|
3,173
|
|
—
|
|
—
|
|
3,173
|
|
|||||||||||||||
13,639
|
|
20
|
|
—
|
|
13,659
|
|
11,130
|
|
184
|
|
—
|
|
11,314
|
|
||||||||||||||||
Corporate debt:
|
|||||||||||||||||||||||||||||||
Consumer, cyclical
|
—
|
|
—
|
|
75
|
|
75
|
|
—
|
|
—
|
|
287
|
|
287
|
|
|||||||||||||||
Energy
|
—
|
|
19
|
|
—
|
|
19
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||||||||||
Financial
|
—
|
|
7
|
|
—
|
|
7
|
|
—
|
|
11
|
|
—
|
|
11
|
|
|||||||||||||||
Sovereign debt
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
5
|
|
—
|
|
5
|
|
|||||||||||||||
Utilities
|
—
|
|
28
|
|
—
|
|
28
|
|
—
|
|
29
|
|
—
|
|
29
|
|
|||||||||||||||
—
|
|
54
|
|
75
|
|
129
|
|
—
|
|
45
|
|
287
|
|
332
|
|
||||||||||||||||
Mortgage-backed securities:
|
|||||||||||||||||||||||||||||||
Financial
|
—
|
|
173
|
|
—
|
|
173
|
|
—
|
|
180
|
|
—
|
|
180
|
|
|||||||||||||||
13,639
|
|
247
|
|
75
|
|
13,961
|
|
11,130
|
|
409
|
|
287
|
|
11,826
|
|
||||||||||||||||
Derivative contracts, at fair value(1)
|
—
|
|
3
|
|
—
|
|
3
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||||||||||
$
|
13,639
|
|
$
|
250
|
|
$
|
75
|
|
$
|
13,964
|
|
$
|
11,130
|
|
$
|
409
|
|
$
|
287
|
|
$
|
11,826
|
|
||||||||
Liabilities
|
|||||||||||||||||||||||||||||||
Securities sold, not yet purchased, at fair value:
|
|||||||||||||||||||||||||||||||
Equity securities:
|
|||||||||||||||||||||||||||||||
Consumer, non-cyclical
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
44
|
|
$
|
—
|
|
$
|
—
|
|
$
|
44
|
|
|||||||
Consumer, cyclical
|
334
|
|
—
|
|
—
|
|
334
|
|
787
|
|
—
|
|
—
|
|
787
|
|
|||||||||||||||
Financial
|
—
|
|
—
|
|
—
|
|
—
|
|
45
|
|
—
|
|
—
|
|
45
|
|
|||||||||||||||
Funds
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
8
|
|
—
|
|
8
|
|
|||||||||||||||
334
|
|
—
|
|
—
|
|
334
|
|
876
|
|
8
|
|
—
|
|
884
|
|
||||||||||||||||
Debt securities:
|
|||||||||||||||||||||||||||||||
Energy
|
—
|
|
3
|
|
—
|
|
3
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||||||||||
334
|
|
3
|
|
—
|
|
337
|
|
876
|
|
8
|
|
—
|
|
884
|
|
||||||||||||||||
Derivative contracts, at fair value(2)
|
—
|
|
614
|
|
—
|
|
614
|
|
—
|
|
639
|
|
—
|
|
639
|
|
|||||||||||||||
$
|
334
|
|
$
|
617
|
|
$
|
—
|
|
$
|
951
|
|
$
|
876
|
|
$
|
647
|
|
$
|
—
|
|
$
|
1,523
|
|
(1)
|
Included in other assets in our consolidated balance sheets.
|
(2)
|
Included in accrued expenses and other liabilities in our consolidated balance sheets.
|
Year Ended December 31,
|
|||||||
|
2014
|
2013
|
|||||
(in millions)
|
|||||||
Balance at January 1
|
$
|
287
|
|
|
$
|
288
|
|
Gross realized and unrealized (losses) gains
|
(100
|
)
|
4
|
|
|||
Gross proceeds
|
(2
|
)
|
(5
|
)
|
|||
Distribution-in-kind
|
(110
|
)
|
—
|
|
|||
Balance at December 31
|
$
|
75
|
|
|
$
|
287
|
|
December 31, 2014
|
December 31, 2013
|
||||||||||||||||||||||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||||||||||||
Assets
|
(in millions)
|
||||||||||||||||||||||||||||||
Marketable equity and debt securities
|
$
|
75
|
|
$
|
3
|
|
$
|
75
|
|
$
|
153
|
|
$
|
1
|
|
$
|
—
|
|
$
|
—
|
|
$
|
1
|
|
|||||||
Trading securities
|
—
|
|
—
|
|
55
|
|
55
|
|
—
|
|
—
|
|
116
|
|
116
|
|
|||||||||||||||
Derivative contracts, at fair value(1)
|
—
|
|
47
|
|
—
|
|
47
|
|
—
|
|
1
|
|
—
|
|
1
|
|
|||||||||||||||
$
|
75
|
|
$
|
50
|
|
$
|
130
|
|
|
$
|
255
|
|
$
|
1
|
|
$
|
1
|
|
$
|
116
|
|
$
|
118
|
|
|||||||
Liabilities
|
|||||||||||||||||||||||||||||||
Other liabilities
|
$
|
—
|
|
$
|
50
|
|
$
|
—
|
|
$
|
50
|
|
$
|
—
|
|
$
|
16
|
|
$
|
—
|
|
$
|
16
|
|
|||||||
Derivative contracts, at fair value(2)
|
—
|
|
2
|
|
—
|
|
2
|
|
—
|
|
35
|
|
—
|
|
35
|
|
|||||||||||||||
$
|
—
|
|
$
|
52
|
|
$
|
—
|
|
$
|
52
|
|
$
|
—
|
|
$
|
51
|
|
$
|
—
|
|
$
|
51
|
|
(1)
|
Amounts are classified within other assets in our consolidated balance sheets.
|
(2)
|
Amounts are classified within accrued expenses and other liabilities in our consolidated balance sheets.
|
Year Ended December 31,
|
|||||||
2014
|
2013
|
||||||
(in millions)
|
|||||||
Balance at January 1
|
$
|
116
|
|
$
|
81
|
|
|
Purchases
|
—
|
|
67
|
|
|||
Distribution-in-kind
|
110
|
|
—
|
|
|||
Gross realized and unrealized losses
|
(96
|
)
|
(32
|
)
|
|||
Balance at December 31
|
$
|
130
|
|
$
|
116
|
|
December 31, 2014
|
December 31, 2013
|
|||||||||||||||
Level 3
|
Recognized
|
Level 3
|
Recognized
|
|||||||||||||
Category
|
Asset
|
Loss
|
Asset
|
Loss
|
||||||||||||
(in millions)
|
||||||||||||||||
Property, plant and equipment
|
$
|
53
|
|
$
|
27
|
|
$
|
74
|
|
$
|
16
|
|
||||
Equity method investments
|
10
|
|
5
|
|
—
|
|
—
|
|
||||||||
Goodwill
|
827
|
|
103
|
|
—
|
|
—
|
|
December 31, 2014
|
December 31, 2013
|
||||||||||||||||||||||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||||||||||||
(in millions)
|
|||||||||||||||||||||||||||||||
U.S. Plans:
|
|||||||||||||||||||||||||||||||
Cash
|
$
|
44
|
|
$
|
—
|
|
$
|
—
|
|
$
|
44
|
|
$
|
33
|
|
$
|
—
|
|
$
|
—
|
|
$
|
33
|
|
|||||||
Investments with registered investment companies:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Equity securities
|
314
|
|
|
—
|
|
—
|
|
|
314
|
|
|
347
|
|
|
—
|
|
—
|
|
|
347
|
|
||||||||||
Fixed income securities
|
166
|
|
|
—
|
|
—
|
|
|
166
|
|
|
135
|
|
|
—
|
|
—
|
|
|
135
|
|
||||||||||
Real estate and other
|
25
|
|
—
|
|
—
|
|
25
|
|
23
|
|
—
|
|
—
|
|
23
|
|
|||||||||||||||
Equity securities
|
231
|
|
—
|
|
—
|
|
231
|
|
242
|
|
—
|
|
—
|
|
242
|
|
|||||||||||||||
Fixed income collective trust
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||||||||||
Debt securities:
|
|||||||||||||||||||||||||||||||
Corporate and other
|
—
|
|
21
|
|
—
|
|
21
|
|
—
|
|
22
|
|
—
|
|
22
|
|
|||||||||||||||
Government
|
16
|
|
4
|
|
—
|
|
20
|
|
14
|
|
8
|
|
—
|
|
22
|
|
|||||||||||||||
Hedge funds
|
—
|
|
—
|
|
91
|
|
91
|
|
—
|
|
—
|
|
85
|
|
85
|
|
|||||||||||||||
|
$
|
796
|
|
|
$
|
25
|
|
$
|
91
|
|
|
$
|
912
|
|
|
$
|
794
|
|
|
$
|
30
|
|
$
|
85
|
|
|
$
|
909
|
|
||
Non-U.S. Plans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Insurance contracts
|
$
|
—
|
|
|
$
|
—
|
|
$
|
41
|
|
|
$
|
41
|
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
44
|
|
|
$
|
44
|
|
||
Investments with registered investment companies:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Fixed income securities
|
10
|
|
|
—
|
|
—
|
|
|
10
|
|
|
7
|
|
|
—
|
|
—
|
|
|
7
|
|
||||||||||
Equity securities
|
1
|
|
|
—
|
|
—
|
|
|
1
|
|
|
2
|
|
|
—
|
|
—
|
|
|
2
|
|
||||||||||
Corporate bonds
|
—
|
|
|
2
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
—
|
|
|
2
|
|
||||||||||
|
$
|
11
|
|
|
$
|
2
|
|
$
|
41
|
|
|
$
|
54
|
|
|
$
|
9
|
|
|
$
|
2
|
|
$
|
44
|
|
|
$
|
55
|
|
Year Ended December 31,
|
|||||||
2014
|
2013
|
||||||
(in millions)
|
|||||||
U.S. Plans:
|
|||||||
Hedge funds:
|
|||||||
Balance at January 1
|
$
|
85
|
|
$
|
14
|
|
|
Realized/unrealized gains (losses), net
|
6
|
|
11
|
|
|||
Purchases and settlements, net
|
47
|
|
83
|
|
|||
Sales, net
|
(47
|
)
|
(23
|
)
|
|||
Balance at December 31
|
$
|
91
|
|
$
|
85
|
|
Year Ended December 31,
|
|||||||
2014
|
2013
|
||||||
(in millions)
|
|||||||
Non-U.S. Plans:
|
|||||||
Insurance contracts:
|
|||||||
Balance at January 1
|
$
|
44
|
|
$
|
42
|
|
|
Realized and unrealized gains, net
|
2
|
|
1
|
|
|||
Purchases and settlements, net
|
6
|
|
6
|
|
|||
Proceeds
|
(5
|
)
|
(6
|
)
|
|||
Foreign currency exchange rate movements
|
(6
|
)
|
1
|
|
|||
Balance at December 31
|
$
|
41
|
|
$
|
44
|
|
December 31, 2014
|
December 31, 2013
|
||||||||||||||||||||||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||||||||||||
(in millions)
|
|||||||||||||||||||||||||||||||
U.S. and Non-U.S. Plans:
|
|||||||||||||||||||||||||||||||
Asset category:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
|
$
|
5
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
6
|
|
$
|
4
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
5
|
|
|
Equity securities
|
55
|
|
|
28
|
|
|
—
|
|
|
83
|
|
66
|
|
|
15
|
|
|
—
|
|
|
81
|
|
|||||||||
Fixed income securities
|
22
|
|
|
1
|
|
|
—
|
|
|
23
|
|
21
|
|
|
1
|
|
|
—
|
|
|
22
|
|
|||||||||
Other
|
6
|
|
|
—
|
|
|
21
|
|
|
27
|
|
6
|
|
|
—
|
|
|
21
|
|
|
27
|
|
|||||||||
$
|
88
|
|
|
$
|
30
|
|
|
$
|
21
|
|
|
$
|
139
|
|
$
|
97
|
|
|
$
|
17
|
|
|
$
|
21
|
|
|
$
|
135
|
|
Year Ended December 31,
|
|||||||
2014
|
2013
|
||||||
(in millions)
|
|||||||
U.S. and Non-U.S. Plans:
|
|||||||
Balance at January 1
|
$
|
21
|
|
$
|
30
|
|
|
Realized and unrealized gains, net
|
1
|
|
3
|
|
|||
Purchases and settlements, net
|
(1
|
)
|
(12
|
)
|
|||
Balance at December 31
|
$
|
21
|
|
$
|
21
|
|
7.
|
Financial Instruments.
|
Asset Derivatives(1)
|
Liability Derivatives(2)
|
|||||||||||||||
Derivatives Not Designated as Hedging Instruments
|
December 31,
|
December 31,
|
||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
(in millions)
|
||||||||||||||||
Equity contracts
|
$
|
—
|
|
$
|
—
|
|
$
|
539
|
|
$
|
654
|
|
||||
Foreign exchange contracts
|
11
|
|
1
|
|
—
|
|
—
|
|
||||||||
Credit contracts
|
1
|
|
—
|
|
85
|
|
—
|
|
||||||||
Interest rate contracts
|
1
|
|
—
|
|
—
|
|
—
|
|
||||||||
Commodity contracts
|
47
|
|
17
|
|
—
|
|
33
|
|
||||||||
Sub-total
|
60
|
|
18
|
|
624
|
|
687
|
|
||||||||
Netting across contract types(3)
|
(10
|
)
|
(17
|
)
|
(10
|
)
|
(17
|
)
|
||||||||
Total(3)
|
$
|
50
|
|
$
|
1
|
|
$
|
614
|
|
$
|
670
|
|
(1)
|
Net asset derivatives are located within other assets in our consolidated balance sheets.
|
(2)
|
Net liability derivatives are located within accrued expenses and other liabilities in our consolidated balance sheets.
|
(3)
|
Excludes netting of cash collateral received and posted. The total collateral posted at December 31, 2014 and 2013 was $1,248 million and $255 million, respectively, across all counterparties.
|
Gain (Loss) Recognized in Income(1)
|
||||||||||||
Year Ended December 31,
|
||||||||||||
Derivatives Not Designated as Hedging Instruments
|
2014
|
2013
|
2012
|
|||||||||
(in millions)
|
||||||||||||
Equity contracts
|
$
|
(1,447
|
)
|
$
|
(2,167
|
)
|
$
|
(1,082
|
)
|
|||
Foreign exchange contracts
|
213
|
|
(80
|
)
|
(78
|
)
|
||||||
Credit contracts
|
61
|
|
—
|
|
1
|
|
||||||
Commodity contracts
|
186
|
|
64
|
|
(180
|
)
|
||||||
$
|
(987
|
)
|
$
|
(2,183
|
)
|
|
$
|
(1,339
|
)
|
(1)
|
Gains (losses) recognized on derivatives are classified in net gain from investment activities in our consolidated statements of operations for our Investment segment and are included in other income (loss), net for all other segments.
|
December 31, 2014
|
December 31, 2013
|
||||||||||||||
|
Long Notional Exposure
|
Short Notional Exposure
|
Long Notional Exposure
|
Short Notional Exposure
|
|||||||||||
Primary underlying risk:
|
(in millions)
|
||||||||||||||
Credit default swaps(1)
|
$
|
389
|
|
$
|
1,493
|
|
$
|
—
|
|
$
|
—
|
|
|||
Equity swaps
|
1
|
|
11,312
|
|
1
|
|
10,508
|
|
|||||||
Foreign currency forwards
|
—
|
|
1,578
|
|
12
|
|
1,676
|
|
|||||||
Interest rate contracts(2)
|
—
|
|
137
|
|
—
|
|
63
|
|
|||||||
Commodity contracts
|
36
|
|
234
|
|
60
|
|
669
|
|
(1)
|
The short notional amount on our credit default swap positions is approximately $9.3 billion as of December 31, 2014. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is approximately $1.5 billion.
|
(2)
|
The short notional amount on certain of our interest rate contracts with a three month duration is $16.0 billion as of December 31, 2014. We assume that interest rates will not fall below zero and therefore our downside short notional exposure to loss on these contracts is $74 million (of the total $137 million disclosed in the above table).
|
Asset Derivatives(1)
|
Liability Derivatives(2)
|
|||||||||||||||
Derivatives Designated as Cash Flow Hedging Instruments
|
December 31, 2014
|
December 31, 2013
|
December 31, 2014
|
December 31, 2013
|
||||||||||||
(in millions)
|
||||||||||||||||
Interest rate swap contracts
|
$
|
—
|
|
$
|
—
|
|
$
|
1
|
|
$
|
2
|
|
||||
Commodity contracts
|
1
|
|
1
|
|
2
|
|
2
|
|
||||||||
Foreign currency contracts
|
—
|
|
—
|
|
—
|
|
1
|
|
||||||||
Sub-total
|
1
|
|
1
|
|
3
|
|
5
|
|
||||||||
Netting across contract types
|
(1
|
)
|
(1
|
)
|
(1
|
)
|
(1
|
)
|
||||||||
Total
|
$
|
—
|
|
$
|
—
|
|
$
|
2
|
|
$
|
4
|
|
(1)
|
Located within other assets in our consolidated balance sheets.
|
(2)
|
Located within accrued expenses and other liabilities in our consolidated balance sheets.
|
Year Ended December 31, 2014
|
||||||||||||||||
Derivatives Designated as Hedging Instruments
|
Amount of Gain Recognized in OCI on Derivatives (Effective Portion)
|
Amount of Loss Reclassified from AOCI into Income (Effective Portion)
|
Location of Loss Reclassified from AOCI into Income (Effective Portion)
|
Amount of Gain Recognized in Income on Derivatives (Ineffective Portion)
|
Location of Gain Recognized in Income on Derivatives (Ineffective Portion)
|
|||||||||||
(in millions)
|
(in millions)
|
|||||||||||||||
Interest rate swap contracts
|
$
|
—
|
|
$
|
(1
|
)
|
Interest expense
|
$
|
—
|
|
||||||
Commodity contracts
|
—
|
|
—
|
|
Cost of goods sold
|
1
|
|
Other income, net
|
||||||||
Foreign currency contracts
|
—
|
|
(1
|
)
|
Cost of goods sold
|
—
|
|
|||||||||
$
|
—
|
|
$
|
(2
|
)
|
$
|
1
|
|
Year Ended December 31, 2013
|
||||||||||||||||
Derivatives Designated as Hedging Instruments
|
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion)
|
Amount of (Loss) Gain Reclassified from AOCI into Income (Effective Portion)
|
Location of (Loss) Gain Reclassified from AOCI into Income (Effective Portion)
|
Amount of Gain Recognized in Income on Derivatives (Ineffective Portion)
|
Location of Gain Recognized in Income on Derivatives (Ineffective Portion)
|
|||||||||||
(in millions)
|
(in millions)
|
|||||||||||||||
Interest rate swap contracts
|
$
|
1
|
|
$
|
(9
|
)
|
Interest expense
|
$
|
—
|
|
||||||
Commodity contracts
|
(7
|
)
|
(5
|
)
|
Cost of goods sold
|
—
|
|
|||||||||
Foreign currency contracts
|
(1
|
)
|
—
|
|
—
|
|
||||||||||
$
|
(7
|
)
|
$
|
(14
|
)
|
$
|
—
|
|
Year Ended December 31, 2012
|
||||||||||||||||
Derivatives Designated as Hedging Instruments
|
Amount of (Loss) Gain Recognized in OCI on Derivatives (Effective Portion)
|
Amount of (Loss) Gain Reclassified from AOCI into Income (Effective Portion)
|
Location of (Loss) Gain Reclassified from AOCI into Income (Effective Portion)
|
Amount of Loss Recognized in Income on Derivatives (Ineffective Portion)
|
Location of Loss Recognized in Income on Derivatives (Ineffective Portion)
|
|||||||||||
(in millions)
|
(in millions)
|
|||||||||||||||
Interest rate swap contracts
|
$
|
(4
|
)
|
$
|
(38
|
)
|
Interest expense
|
$
|
—
|
|
||||||
Commodity contracts
|
7
|
|
(10
|
)
|
Cost of goods sold
|
—
|
|
|||||||||
Foreign currency contracts
|
(2
|
)
|
1
|
|
Cost of goods sold
|
—
|
|
|||||||||
$
|
1
|
|
$
|
(47
|
)
|
$
|
—
|
|
8.
|
Goodwill and Intangible Assets, Net.
|
December 31, 2014
|
|||||||||||||||||||
Automotive
|
Energy
|
Railcar
|
Food Packaging
|
Consolidated
|
|||||||||||||||
(in millions)
|
|||||||||||||||||||
Gross carrying amount, January 1
|
$
|
1,360
|
|
$
|
930
|
|
$
|
7
|
|
$
|
3
|
|
$
|
2,300
|
|
||||
Acquisitions
|
32
|
|
—
|
|
—
|
|
—
|
|
32
|
|
|||||||||
Foreign exchange
|
(3
|
)
|
—
|
|
—
|
|
—
|
|
(3
|
)
|
|||||||||
Gross carrying amount, December 31
|
1,389
|
|
930
|
|
7
|
|
3
|
|
2,329
|
|
|||||||||
Accumulated impairment, January 1
|
(226
|
)
|
—
|
|
—
|
|
—
|
|
(226
|
)
|
|||||||||
Impairment
|
—
|
|
(103
|
)
|
—
|
|
—
|
|
(103
|
)
|
|||||||||
Accumulated impairment, December 31
|
(226
|
)
|
(103
|
)
|
—
|
|
—
|
|
(329
|
)
|
|||||||||
Net carrying value, December 31
|
$
|
1,163
|
|
$
|
827
|
|
$
|
7
|
|
$
|
3
|
|
$
|
2,000
|
|
December 31, 2013
|
|||||||||||||||||||
Automotive
|
Energy
|
Railcar
|
Food Packaging
|
Consolidated
|
|||||||||||||||
(in millions)
|
|||||||||||||||||||
Gross carrying amount, January 1
|
$
|
1,368
|
|
$
|
930
|
|
$
|
7
|
|
$
|
3
|
|
$
|
2,308
|
|
||||
Adjustment to step-up value
|
8
|
|
—
|
|
—
|
|
—
|
|
8
|
|
|||||||||
Foreign exchange
|
(16
|
)
|
—
|
|
—
|
|
—
|
|
(16
|
)
|
|||||||||
Gross carrying amount, December 31
|
1,360
|
|
930
|
|
7
|
|
3
|
|
2,300
|
|
|||||||||
Accumulated impairment, January 1
|
(226
|
)
|
—
|
|
—
|
|
—
|
|
(226
|
)
|
|||||||||
Impairment
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||||
Accumulated impairment, December 31
|
(226
|
)
|
—
|
|
—
|
|
—
|
|
(226
|
)
|
|||||||||
|
|||||||||||||||||||
Net carrying value, December 31
|
$
|
1,134
|
|
$
|
930
|
|
$
|
7
|
|
$
|
3
|
|
$
|
2,074
|
|
December 31, 2014
|
December 31, 2013
|
||||||||||||||||||||||
|
Gross Carrying Amount
|
Accumulated
Amortization
|
Net
Carrying
Value
|
Gross
Carrying
Amount
|
Accumulated
Amortization
|
Net
Carrying
Value
|
|||||||||||||||||
(in millions)
|
|||||||||||||||||||||||
Definite-lived intangible assets:
|
|||||||||||||||||||||||
Customer relationships
|
$
|
957
|
|
$
|
(345
|
)
|
$
|
612
|
|
$
|
914
|
|
$
|
(291
|
)
|
$
|
623
|
|
|||||
Developed technology
|
120
|
|
(77
|
)
|
43
|
|
120
|
|
(67
|
)
|
53
|
|
|||||||||||
In-place leases
|
121
|
|
(63
|
)
|
58
|
|
121
|
|
(53
|
)
|
68
|
|
|||||||||||
Gasification technology license
|
60
|
|
(7
|
)
|
53
|
|
60
|
|
(4
|
)
|
56
|
|
|||||||||||
Other
|
47
|
|
(20
|
)
|
27
|
|
47
|
|
(18
|
)
|
29
|
|
|||||||||||
$
|
1,305
|
|
$
|
(512
|
)
|
793
|
|
$
|
1,262
|
|
$
|
(433
|
)
|
829
|
|
||||||||
Indefinite-lived intangible assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Trademarks and brand names
|
257
|
|
255
|
|
|||||||||||||||||||
Gaming licenses
|
38
|
|
|
29
|
|
||||||||||||||||||
295
|
|
284
|
|
||||||||||||||||||||
Intangible assets, net
|
$
|
1,088
|
|
$
|
1,113
|
|
Year
|
Amount
|
|||
(in millions)
|
||||
2015
|
$
|
83
|
|
|
2016
|
81
|
|
||
2017
|
81
|
|
||
2018
|
72
|
|
||
2019
|
71
|
|
||
Thereafter
|
405
|
|
||
$
|
793
|
|
9.
|
Property, Plant and Equipment, Net.
|
December 31,
|
|||||||||
|
Useful Life
|
2014
|
2013
|
||||||
(in years)
|
(in millions)
|
||||||||
Land
|
$
|
489
|
|
$
|
465
|
|
|||
Buildings and improvements
|
4 - 40
|
2,353
|
|
2,107
|
|
||||
Machinery, equipment and furniture
|
1 - 40
|
5,594
|
|
5,068
|
|
||||
Assets leased to others
|
15 - 39
|
3,546
|
|
3,017
|
|
||||
Construction in progress
|
584
|
|
632
|
|
|||||
12,566
|
|
11,289
|
|
||||||
Less: Accumulated depreciation and amortization
|
(3,611
|
)
|
(3,212
|
)
|
|||||
Property, plant and equipment, net
|
$
|
8,955
|
|
$
|
8,077
|
|
10.
|
Debt.
|
Icahn Enterprises
|
Icahn Enterprises Holdings
|
||||||||||||||
December 31,
|
December 31,
|
||||||||||||||
2014
|
2013
|
2014
|
2013
|
||||||||||||
(in millions)
|
(in millions)
|
||||||||||||||
5.875% senior unsecured notes due 2022 - Icahn Enterprises/Icahn Enterprises Holdings
|
$
|
1,337
|
|
$
|
—
|
|
$
|
1,337
|
|
$
|
—
|
|
|||
6% senior unsecured notes due 2020 - Icahn Enterprises/Icahn Enterprises Holdings
|
1,708
|
|
493
|
|
1,708
|
|
493
|
|
|||||||
4.875% senior unsecured notes due 2019 - Icahn Enterprises/Icahn Enterprises Holdings
|
1,270
|
|
—
|
|
1,270
|
|
—
|
|
|||||||
8% senior unsecured notes due 2018 - Icahn Enterprises/Icahn Enterprises Holdings
|
—
|
|
2,473
|
|
—
|
|
2,470
|
|
|||||||
3.50% senior unsecured notes due 2017 - Icahn Enterprises/Icahn Enterprises Holdings
|
1,171
|
|
—
|
|
1,171
|
|
—
|
|
|||||||
7.75% senior unsecured notes due 2016 - Icahn Enterprises/Icahn Enterprises Holdings
|
—
|
|
1,050
|
|
—
|
|
1,047
|
|
|||||||
Debt facilities - Automotive
|
2,584
|
|
2,494
|
|
2,584
|
|
2,494
|
|
|||||||
Debt and credit facilities - Energy
|
625
|
|
625
|
|
625
|
|
625
|
|
|||||||
Debt and credit facilities - Railcar
|
2,133
|
|
1,448
|
|
2,133
|
|
1,448
|
|
|||||||
Credit facilities - Gaming
|
295
|
|
298
|
|
295
|
|
298
|
|
|||||||
Senior secured notes and revolving credit facility - Food Packaging
|
272
|
|
215
|
|
272
|
|
215
|
|
|||||||
Mortgages payable - Real Estate
|
31
|
|
49
|
|
31
|
|
49
|
|
|||||||
Other
|
162
|
|
150
|
|
162
|
|
150
|
|
|||||||
$
|
11,588
|
|
$
|
9,295
|
|
$
|
11,588
|
|
$
|
9,289
|
|
Year
|
Debt
|
Capital Leases
|
||||||
(in millions)
|
||||||||
2015
|
$
|
400
|
|
$
|
2
|
|
||
2016
|
493
|
|
3
|
|
||||
2017
|
1,293
|
|
2
|
|
||||
2018
|
823
|
|
2
|
|
||||
2019
|
1,593
|
|
2
|
|
||||
Thereafter
|
6,959
|
|
41
|
|
||||
$
|
11,561
|
|
$
|
52
|
|
11.
|
Pension, Other Post-employment Benefits and Employee Benefit Plans.
|
Pension Benefits
|
Other Post-Employment Benefits
|
||||||||||||||||||||||
Year Ended December 31,
|
Year Ended December 31,
|
||||||||||||||||||||||
2014
|
2013
|
2012
|
2014
|
2013
|
2012
|
||||||||||||||||||
(in millions)
|
|||||||||||||||||||||||
Service cost
|
$
|
16
|
|
$
|
16
|
|
$
|
30
|
|
$
|
—
|
|
$
|
—
|
|
$
|
1
|
|
|||||
Interest cost
|
76
|
|
69
|
|
77
|
|
15
|
|
11
|
|
14
|
|
|||||||||||
Expected return on plan assets
|
(74
|
)
|
(70
|
)
|
(62
|
)
|
—
|
|
—
|
|
—
|
|
|||||||||||
Amortization of actuarial losses
|
10
|
|
27
|
|
39
|
|
3
|
|
6
|
|
2
|
|
|||||||||||
Amortization of prior service credit
|
—
|
|
—
|
|
1
|
|
(5
|
)
|
(9
|
)
|
(14
|
)
|
|||||||||||
Settlement loss (gain)
|
(2
|
)
|
1
|
|
(1
|
)
|
—
|
|
—
|
|
—
|
|
|||||||||||
Curtailment gain
|
—
|
|
—
|
|
(1
|
)
|
—
|
|
(40
|
)
|
(51
|
)
|
|||||||||||
$
|
26
|
|
$
|
43
|
|
$
|
83
|
|
$
|
13
|
|
$
|
(32
|
)
|
|
$
|
(48
|
)
|
Pension Benefits
|
Other
Post-Employment Benefits
|
||||||||||||||||||||||
United States Plans
|
Non-U.S. Plans
|
||||||||||||||||||||||
2014
|
2013
|
2014
|
2013
|
2014
|
2013
|
||||||||||||||||||
(in millions)
|
|||||||||||||||||||||||
Change in benefit obligation:
|
|||||||||||||||||||||||
Benefit obligation, beginning of year
|
$
|
1,184
|
|
$
|
1,298
|
|
$
|
450
|
|
$
|
474
|
|
$
|
335
|
|
$
|
395
|
|
|||||
Service cost
|
3
|
|
4
|
|
12
|
|
12
|
|
—
|
|
—
|
|
|||||||||||
Interest cost
|
52
|
|
47
|
|
16
|
|
14
|
|
15
|
|
11
|
|
|||||||||||
Employee contributions
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1
|
|
|||||||||||
Benefits paid
|
(96
|
)
|
(64
|
)
|
(28
|
)
|
(28
|
)
|
(26
|
)
|
(28
|
)
|
|||||||||||
Medicare subsidies received
|
—
|
|
—
|
|
—
|
|
—
|
|
1
|
|
3
|
|
|||||||||||
Plan amendments
|
—
|
|
—
|
|
—
|
|
—
|
|
8
|
|
—
|
|
|||||||||||
Curtailments
|
—
|
|
—
|
|
(1
|
)
|
(1
|
)
|
—
|
|
(1
|
)
|
|||||||||||
Settlements
|
(3
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||||||
Actuarial losses (gains) and changes in actuarial assumptions
|
151
|
|
(101
|
)
|
112
|
|
(25
|
)
|
36
|
|
(43
|
)
|
|||||||||||
Net transfers in (out)
|
—
|
|
—
|
|
73
|
|
(11
|
)
|
—
|
|
(1
|
)
|
|||||||||||
Currency translation
|
—
|
|
—
|
|
(59
|
)
|
15
|
|
(1
|
)
|
(2
|
)
|
|||||||||||
Benefit obligation, end of year
|
1,291
|
|
1,184
|
|
575
|
|
450
|
|
368
|
|
335
|
|
|||||||||||
Change in plan assets:
|
|||||||||||||||||||||||
Fair value of plan assets, beginning of year
|
909
|
|
778
|
|
55
|
|
55
|
|
—
|
|
—
|
|
|||||||||||
Actual return on plan assets
|
43
|
|
138
|
|
3
|
|
2
|
|
—
|
|
—
|
|
|||||||||||
Employee contributions
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1
|
|
|||||||||||
Company contributions
|
56
|
|
60
|
|
30
|
|
24
|
|
25
|
|
24
|
|
|||||||||||
Benefits paid
|
(96
|
)
|
(64
|
)
|
(28
|
)
|
(28
|
)
|
(26
|
)
|
(28
|
)
|
|||||||||||
Expenses
|
—
|
|
(3
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||||||
Medicare subsidies received
|
—
|
|
—
|
|
—
|
|
—
|
|
1
|
|
3
|
|
|||||||||||
Currency translation
|
—
|
|
—
|
|
(6
|
)
|
2
|
|
—
|
|
—
|
|
|||||||||||
Fair value of plan assets, end of year
|
912
|
|
909
|
|
54
|
|
55
|
|
—
|
|
—
|
|
|||||||||||
Funded status of the plan
|
$
|
(379
|
)
|
$
|
(275
|
)
|
$
|
(521
|
)
|
$
|
(395
|
)
|
$
|
(368
|
)
|
$
|
(335
|
)
|
|||||
Amounts recognized in the consolidated balance sheets:
|
|||||||||||||||||||||||
Net liability recognized
|
$
|
(379
|
)
|
$
|
(275
|
)
|
$
|
(521
|
)
|
$
|
(395
|
)
|
$
|
(368
|
)
|
$
|
(335
|
)
|
|||||
Amounts recognized in accumulated other comprehensive loss, inclusive of tax impacts:
|
|||||||||||||||||||||||
Net actuarial loss
|
$
|
409
|
|
$
|
242
|
|
$
|
151
|
|
$
|
81
|
|
$
|
95
|
|
$
|
63
|
|
|||||
Prior service cost (credit)
|
—
|
|
—
|
|
2
|
|
3
|
|
(14
|
)
|
(28
|
)
|
|||||||||||
Total
|
$
|
409
|
|
$
|
242
|
|
$
|
153
|
|
$
|
84
|
|
$
|
81
|
|
$
|
35
|
|
Pension Benefits
|
Other
Post-Employment Benefits
|
||||||||||||||||
United States Plans
|
Non-U.S. Plans
|
||||||||||||||||
December 31,
|
December 31,
|
||||||||||||||||
2014
|
2013
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
(in millions)
|
|||||||||||||||||
Discount rate
|
3.85
|
%
|
4.55
|
%
|
1.77
|
%
|
3.49
|
%
|
3.84
|
%
|
4.45
|
%
|
|||||
Rate of compensation increase
|
—
|
%
|
—
|
%
|
3.16
|
%
|
3.17
|
%
|
—
|
%
|
—
|
%
|
Pension Benefits
|
Other
Post-Employment Benefits
|
||||||||||||||||
United States Plans
|
Non-U.S. Plans
|
||||||||||||||||
Year Ended December 31,
|
Year Ended
December 31,
|
||||||||||||||||
2014
|
2013
|
2014
|
2013
|
2014
|
2013
|
||||||||||||
(in millions)
|
|||||||||||||||||
Discount rate
|
4.55
|
%
|
3.70
|
%
|
3.49
|
%
|
2.99
|
%
|
4.45
|
%
|
3.60
|
%
|
|||||
Expected return on plan assets
|
6.95
|
%
|
7.45
|
%
|
4.18
|
%
|
4.62
|
%
|
—
|
%
|
N/A
|
|
|||||
Rate of compensation increase
|
—
|
%
|
—
|
%
|
3.17
|
%
|
3.13
|
%
|
—
|
%
|
N/A
|
|
Pension Benefits
|
Other
Post-Employment Benefits
|
||||||||||||||||||||||
United States Plans
|
Non-U.S. Plans
|
||||||||||||||||||||||
December 31,
|
December 31,
|
||||||||||||||||||||||
2014
|
2013
|
2014
|
2013
|
2014
|
2013
|
||||||||||||||||||
(in millions)
|
|||||||||||||||||||||||
Projected benefit obligation
|
$
|
1,291
|
|
$
|
1,184
|
|
$
|
574
|
|
$
|
448
|
|
$
|
368
|
|
$
|
335
|
|
|||||
Fair value of plan assets
|
912
|
|
909
|
|
53
|
|
52
|
|
—
|
|
—
|
|
Pension Benefits
|
|||||||||||||||
United States Plans
|
Non-U.S. Plans
|
||||||||||||||
December 31,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
||||||||||||
(in millions)
|
|||||||||||||||
Projected benefit obligation
|
$
|
1,291
|
|
$
|
1,184
|
|
$
|
555
|
|
$
|
444
|
|
|||
Accumulated benefit obligation
|
1,291
|
|
1,184
|
|
514
|
|
409
|
|
|||||||
Fair value of plan assets
|
912
|
|
909
|
|
42
|
|
49
|
|
Pension Benefits
|
Other Post-Employment Benefits
|
||||||||||
United States
|
Non-U.S.
|
||||||||||
(in millions)
|
|||||||||||
Amortization of actuarial losses
|
$
|
10
|
|
$
|
12
|
|
$
|
5
|
|
||
Amortization of prior service credit
|
—
|
|
—
|
|
(4
|
)
|
|||||
$
|
10
|
|
$
|
12
|
|
$
|
1
|
|
Other Post-Employment Benefits
|
|||
2014
|
2013
|
||
Health care cost trend rate
|
7.25%
|
6.88%
|
|
Ultimate health care cost trend rate
|
5.00%
|
5.00%
|
|
Year ultimate health care cost trend rate reached
|
2022
|
2018
|
|
Drug cost trend rate
|
7.25%
|
7.81%
|
|
Ultimate drug cost trend rate
|
5.00%
|
5.00%
|
|
Year ultimate drug cost trend rate reached
|
2022
|
2018
|
Total Service and
Interest Cost
|
APBO
|
||||||
(in millions)
|
|||||||
100 basis point (“bp”) increase in health care cost trend rate
|
$
|
1
|
|
$
|
32
|
|
|
100 bp decrease in health care cost trend rate
|
(1
|
)
|
(28
|
)
|
Pension Benefits
|
Other Post-Employment Benefits
|
|||||||||||||||||||||||||||||
United States Plans
|
Non-U.S. Plans
|
|||||||||||||||||||||||||||||
Change in 2015 expense
|
Change
in
PBO
|
Change
in
accumulated
OCL
|
Change in 2015 expense
|
Change
in
PBO
|
Change
in accumulated
OCL
|
Change in 2015 expense
|
Change
in
PBO
|
|||||||||||||||||||||||
(in millions)
|
||||||||||||||||||||||||||||||
25 bp decrease in discount rate
|
$
|
(1
|
)
|
$
|
36
|
|
$
|
(36
|
)
|
$
|
1
|
|
$
|
20
|
|
$
|
(20
|
)
|
—
|
|
$
|
9
|
|
|||||||
25 bp increase in discount rate
|
—
|
|
(34
|
)
|
34
|
|
(1
|
)
|
(20
|
)
|
20
|
|
—
|
|
(9
|
)
|
||||||||||||||
25 bp decrease in return on assets rate
|
2
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
||||||||||||||
25 bp increase in return on assets rate
|
(2
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Pension Benefits
|
Other Post-Employment Benefits
|
|||||||||||
Years
|
United States Plans
|
Non-U.S. Plans
|
||||||||||
(in millions)
|
||||||||||||
2015
|
$
|
94
|
|
$
|
26
|
|
$
|
27
|
|
|||
2016
|
84
|
|
25
|
|
26
|
|
||||||
2017
|
83
|
|
25
|
|
27
|
|
||||||
2018
|
81
|
|
26
|
|
26
|
|
||||||
2019
|
82
|
|
27
|
|
26
|
|
||||||
2020-2023
|
392
|
|
139
|
|
121
|
|
Pension Benefits
|
Other
Post-Employment Benefits
|
||||||||||||||
2014
|
2013
|
2014
|
2013
|
||||||||||||
(in millions)
|
|||||||||||||||
Change in benefit obligation:
|
|||||||||||||||
Benefit obligation, beginning of year
|
$
|
176
|
|
$
|
198
|
|
$
|
—
|
|
$
|
—
|
|
|||
Service cost
|
1
|
|
1
|
|
—
|
|
—
|
|
|||||||
Interest cost
|
8
|
|
8
|
|
—
|
|
—
|
|
|||||||
Benefits paid
|
(10
|
)
|
(10
|
)
|
—
|
|
—
|
|
|||||||
Actuarial gain (loss)
|
29
|
|
(21
|
)
|
—
|
|
—
|
|
|||||||
Currency translation
|
(1
|
)
|
—
|
|
—
|
|
—
|
|
|||||||
Benefit obligation, end of year
|
203
|
|
176
|
|
—
|
|
—
|
|
|||||||
Change in plan assets:
|
|||||||||||||||
Fair value of plan assets, beginning of year
|
140
|
|
125
|
|
—
|
|
—
|
|
|||||||
Actual return on plan assets
|
9
|
|
20
|
|
—
|
|
—
|
|
|||||||
Company contributions
|
6
|
|
5
|
|
—
|
|
—
|
|
|||||||
Currency translation
|
(1
|
)
|
—
|
|
—
|
|
—
|
|
|||||||
Benefits paid
|
(10
|
)
|
(10
|
)
|
—
|
|
—
|
|
|||||||
Fair value of plan assets, end of year
|
144
|
|
140
|
|
—
|
|
—
|
|
|||||||
Funded status of the plan
|
$
|
(59
|
)
|
$
|
(36
|
)
|
$
|
—
|
|
$
|
—
|
|
|||
Amounts recognized in the consolidated balance sheets:
|
|||||||||||||||
Net liability recognized
|
$
|
(59
|
)
|
$
|
(36
|
)
|
$
|
—
|
|
$
|
—
|
|
|||
Amounts recognized in accumulated other comprehensive loss, inclusive of tax impacts:
|
|||||||||||||||
Net actuarial (loss) gain
|
$
|
(59
|
)
|
$
|
(28
|
)
|
$
|
1
|
|
$
|
1
|
|
|||
Total
|
$
|
(59
|
)
|
$
|
(28
|
)
|
$
|
1
|
|
$
|
1
|
|
12.
|
Net Income Per LP Unit.
|
Year Ended December 31,
|
|||||||||||
|
2014
|
2013
|
2012
|
||||||||
(in millions, except per unit data)
|
|||||||||||
Net (loss) income attributable to Icahn Enterprises
|
$
|
(373
|
)
|
$
|
1,025
|
|
$
|
396
|
|
||
Less: Net income attributable to Icahn Enterprises allocable to general partner(1)
|
—
|
|
—
|
|
(9
|
)
|
|||||
Net (loss) income attributable to Icahn Enterprises net of portion allocable 100% to general partner
|
(373
|
)
|
1,025
|
|
387
|
|
|||||
Net (loss) income attributable to Icahn Enterprises allocable to limited partners (98.01% allocation)
|
$
|
(366
|
)
|
$
|
1,005
|
|
$
|
379
|
|
||
Basic (loss) income per LP unit
|
$
|
(3.08
|
)
|
$
|
9.14
|
|
$
|
3.72
|
|
||
Basic weighted average LP units outstanding
|
119
|
|
110
|
|
102
|
|
|||||
Dilutive effect of variable rate convertible notes:
|
|||||||||||
Income
|
$
|
2
|
|
$
|
—
|
|
|||||
Units
|
1
|
|
—
|
|
|||||||
Diluted (loss) income per LP unit
|
$
|
(3.08
|
)
|
$
|
9.07
|
|
$
|
3.72
|
|
||
Diluted weighted average LP units outstanding
|
119
|
|
111
|
|
102
|
|
13.
|
Segment and Geographic Reporting.
|
Year Ended December 31, 2014
|
|||||||||||||||||||||||||||||||||||||||||||
Investment
|
Automotive
|
Energy
|
Metals
|
Railcar
|
Gaming
|
Food Packaging
|
Real Estate
|
Home Fashion
|
Holding Company
|
Consolidated
|
|||||||||||||||||||||||||||||||||
(in millions)
|
|||||||||||||||||||||||||||||||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Net sales
|
$
|
—
|
|
$
|
7,317
|
|
$
|
9,109
|
|
$
|
711
|
|
$
|
379
|
|
$
|
—
|
|
$
|
365
|
|
$
|
15
|
|
$
|
176
|
|
$
|
—
|
|
$
|
18,072
|
|
||||||||||
Other revenues from operations
|
—
|
|
—
|
|
—
|
|
—
|
|
411
|
|
759
|
|
—
|
|
80
|
|
—
|
|
—
|
|
1,250
|
|
|||||||||||||||||||||
Net (loss) gain from investment activities
|
(421
|
)
|
—
|
|
(6
|
)
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(137
|
)
|
(564
|
)
|
|||||||||||||||||||||
Interest and dividend income
|
202
|
|
5
|
|
3
|
|
—
|
|
3
|
|
2
|
|
—
|
|
—
|
|
—
|
|
2
|
|
217
|
|
|||||||||||||||||||||
Other income (loss), net
|
1
|
|
2
|
|
186
|
|
—
|
|
16
|
|
88
|
|
(19
|
)
|
6
|
|
5
|
|
(103
|
)
|
182
|
|
|||||||||||||||||||||
(218
|
)
|
7,324
|
|
9,292
|
|
711
|
|
809
|
|
849
|
|
346
|
|
101
|
|
181
|
|
(238
|
)
|
19,157
|
|
||||||||||||||||||||||
Expenses:
|
|||||||||||||||||||||||||||||||||||||||||||
Cost of goods sold
|
—
|
|
6,260
|
|
8,774
|
|
728
|
|
288
|
|
—
|
|
275
|
|
8
|
|
152
|
|
—
|
|
16,485
|
|
|||||||||||||||||||||
Other expenses from operations
|
—
|
|
—
|
|
—
|
|
—
|
|
175
|
|
387
|
|
—
|
|
51
|
|
—
|
|
—
|
|
613
|
|
|||||||||||||||||||||
Selling, general and administrative
|
167
|
|
825
|
|
136
|
|
23
|
|
42
|
|
327
|
|
45
|
|
12
|
|
29
|
|
19
|
|
1,625
|
|
|||||||||||||||||||||
Restructuring
|
—
|
|
86
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(2
|
)
|
—
|
|
84
|
|
|||||||||||||||||||||
Impairment
|
—
|
|
24
|
|
103
|
|
3
|
|
—
|
|
—
|
|
—
|
|
5
|
|
—
|
|
—
|
|
135
|
|
|||||||||||||||||||||
Interest expense
|
299
|
|
128
|
|
38
|
|
—
|
|
60
|
|
13
|
|
14
|
|
3
|
|
—
|
|
292
|
|
847
|
|
|||||||||||||||||||||
466
|
|
7,323
|
|
9,051
|
|
754
|
|
565
|
|
727
|
|
334
|
|
79
|
|
179
|
|
311
|
|
19,789
|
|
||||||||||||||||||||||
Income (loss) before income tax benefit (expense) benefit
|
(684
|
)
|
1
|
|
241
|
|
(43
|
)
|
244
|
|
122
|
|
12
|
|
22
|
|
2
|
|
(549
|
)
|
(632
|
)
|
|||||||||||||||||||||
Income tax (expense) benefit
|
—
|
|
(91
|
)
|
(73
|
)
|
18
|
|
(56
|
)
|
147
|
|
(3
|
)
|
—
|
|
—
|
|
161
|
|
103
|
|
|||||||||||||||||||||
Net (loss) income
|
(684
|
)
|
(90
|
)
|
168
|
|
(25
|
)
|
188
|
|
269
|
|
9
|
|
22
|
|
2
|
|
(388
|
)
|
(529
|
)
|
|||||||||||||||||||||
Less: net loss (income) attributable to non-controlling interests
|
379
|
|
3
|
|
(73
|
)
|
—
|
|
(66
|
)
|
(84
|
)
|
(3
|
)
|
—
|
|
—
|
|
—
|
|
156
|
|
|||||||||||||||||||||
Net income (loss) attributable to Icahn Enterprises
|
$
|
(305
|
)
|
$
|
(87
|
)
|
$
|
95
|
|
$
|
(25
|
)
|
$
|
122
|
|
$
|
185
|
|
$
|
6
|
|
$
|
22
|
|
$
|
2
|
|
$
|
(388
|
)
|
$
|
(373
|
)
|
||||||||||
Supplemental information:
|
|||||||||||||||||||||||||||||||||||||||||||
Capital expenditures
|
$
|
—
|
|
$
|
418
|
|
$
|
218
|
|
$
|
41
|
|
$
|
626
|
|
$
|
81
|
|
$
|
23
|
|
$
|
1
|
|
$
|
3
|
|
$
|
—
|
|
$
|
1,411
|
|
||||||||||
Depreciation and amortization(1)
|
$
|
—
|
|
$
|
335
|
|
$
|
219
|
|
$
|
26
|
|
$
|
106
|
|
$
|
50
|
|
$
|
22
|
|
$
|
22
|
|
$
|
7
|
|
$
|
—
|
|
$
|
787
|
|
Year Ended December 31, 2013
|
|||||||||||||||||||||||||||||||||||||||||||
Investment
|
Automotive
|
Energy
|
Metals
|
Railcar
|
Gaming
|
Food Packaging
|
Real Estate
|
Home Fashion
|
Holding Company
|
Consolidated
|
|||||||||||||||||||||||||||||||||
(in millions)
|
|||||||||||||||||||||||||||||||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Net sales
|
$
|
—
|
|
$
|
6,905
|
|
$
|
8,986
|
|
$
|
929
|
|
$
|
408
|
|
$
|
—
|
|
$
|
371
|
|
$
|
2
|
|
$
|
184
|
|
$
|
—
|
|
$
|
17,785
|
|
||||||||||
Other revenues from operations
|
—
|
|
—
|
|
—
|
|
—
|
|
331
|
|
575
|
|
—
|
|
82
|
|
—
|
|
—
|
|
988
|
|
|||||||||||||||||||||
Net gain (loss) from investment activities
|
1,850
|
|
—
|
|
—
|
|
—
|
|
2
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(158
|
)
|
1,694
|
|
|||||||||||||||||||||
Interest and dividend income
|
178
|
|
3
|
|
1
|
|
—
|
|
9
|
|
1
|
|
—
|
|
—
|
|
—
|
|
2
|
|
194
|
|
|||||||||||||||||||||
Other income (loss), net
|
3
|
|
(32
|
)
|
76
|
|
—
|
|
(6
|
)
|
(5
|
)
|
(25
|
)
|
1
|
|
3
|
|
6
|
|
21
|
|
|||||||||||||||||||||
2,031
|
|
6,876
|
|
9,063
|
|
929
|
|
744
|
|
571
|
|
346
|
|
85
|
|
187
|
|
(150
|
)
|
20,682
|
|
||||||||||||||||||||||
Expenses:
|
|||||||||||||||||||||||||||||||||||||||||||
Cost of goods sold
|
—
|
|
5,885
|
|
8,204
|
|
948
|
|
326
|
|
—
|
|
285
|
|
—
|
|
161
|
|
—
|
|
15,809
|
|
|||||||||||||||||||||
Other expenses from operations
|
—
|
|
—
|
|
—
|
|
—
|
|
160
|
|
294
|
|
—
|
|
50
|
|
—
|
|
—
|
|
504
|
|
|||||||||||||||||||||
Selling, general and administrative
|
119
|
|
749
|
|
137
|
|
27
|
|
39
|
|
238
|
|
47
|
|
12
|
|
31
|
|
18
|
|
1,417
|
|
|||||||||||||||||||||
Restructuring
|
—
|
|
40
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
10
|
|
—
|
|
50
|
|
|||||||||||||||||||||
Impairment
|
—
|
|
8
|
|
—
|
|
2
|
|
—
|
|
3
|
|
—
|
|
2
|
|
1
|
|
—
|
|
16
|
|
|||||||||||||||||||||
Interest expense
|
10
|
|
111
|
|
48
|
|
—
|
|
49
|
|
14
|
|
22
|
|
4
|
|
—
|
|
302
|
|
560
|
|
|||||||||||||||||||||
129
|
|
6,793
|
|
8,389
|
|
977
|
|
574
|
|
549
|
|
354
|
|
68
|
|
203
|
|
320
|
|
18,356
|
|
||||||||||||||||||||||
Income (loss) before income tax benefit (expense)
|
1,902
|
|
83
|
|
674
|
|
(48
|
)
|
170
|
|
22
|
|
(8
|
)
|
17
|
|
(16
|
)
|
(470
|
)
|
2,326
|
|
|||||||||||||||||||||
Income tax benefit (expense)
|
—
|
|
180
|
|
(195
|
)
|
20
|
|
(31
|
)
|
(3
|
)
|
51
|
|
—
|
|
—
|
|
96
|
|
118
|
|
|||||||||||||||||||||
Net income (loss)
|
1,902
|
|
263
|
|
479
|
|
(28
|
)
|
139
|
|
19
|
|
43
|
|
17
|
|
(16
|
)
|
(374
|
)
|
2,444
|
|
|||||||||||||||||||||
Less: net income attributable to non-controlling interests
|
(1,090
|
)
|
(13
|
)
|
(190
|
)
|
—
|
|
(109
|
)
|
(6
|
)
|
(11
|
)
|
—
|
|
—
|
|
—
|
|
(1,419
|
)
|
|||||||||||||||||||||
Net income (loss) attributable to Icahn Enterprises
|
$
|
812
|
|
$
|
250
|
|
$
|
289
|
|
$
|
(28
|
)
|
$
|
30
|
|
$
|
13
|
|
$
|
32
|
|
$
|
17
|
|
$
|
(16
|
)
|
$
|
(374
|
)
|
$
|
1,025
|
|
||||||||||
Supplemental information:
|
|||||||||||||||||||||||||||||||||||||||||||
Capital expenditures
|
$
|
—
|
|
$
|
380
|
|
$
|
256
|
|
$
|
15
|
|
$
|
424
|
|
$
|
57
|
|
$
|
20
|
|
$
|
2
|
|
$
|
7
|
|
$
|
—
|
|
$
|
1,161
|
|
||||||||||
Depreciation and amortization(1)
|
$
|
—
|
|
$
|
296
|
|
$
|
208
|
|
$
|
26
|
|
$
|
92
|
|
$
|
34
|
|
$
|
21
|
|
$
|
23
|
|
$
|
8
|
|
$
|
—
|
|
$
|
708
|
|
Year Ended December 31, 2012
|
|||||||||||||||||||||||||||||||||||||||||||
Investment
|
Automotive
|
Energy(2)
|
Metals
|
Railcar
|
Gaming
|
Food Packaging
|
Real Estate
|
Home Fashion
|
Holding Company
|
Consolidated
|
|||||||||||||||||||||||||||||||||
(in millions)
|
|||||||||||||||||||||||||||||||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Net sales
|
$
|
—
|
|
$
|
6,664
|
|
$
|
5,703
|
|
$
|
1,102
|
|
$
|
530
|
|
$
|
—
|
|
$
|
343
|
|
$
|
4
|
|
$
|
228
|
|
$
|
—
|
|
$
|
14,574
|
|
||||||||||
Other revenues from operations
|
—
|
|
—
|
|
—
|
|
—
|
|
256
|
|
613
|
|
—
|
|
82
|
|
—
|
|
—
|
|
951
|
|
|||||||||||||||||||||
Net gain from investment activities
|
314
|
|
—
|
|
—
|
|
—
|
|
2
|
|
—
|
|
—
|
|
—
|
|
—
|
|
27
|
|
343
|
|
|||||||||||||||||||||
Interest and dividend income
|
85
|
|
5
|
|
1
|
|
—
|
|
11
|
|
1
|
|
—
|
|
—
|
|
—
|
|
—
|
|
103
|
|
|||||||||||||||||||||
Other (loss) income, net
|
(1
|
)
|
8
|
|
(185
|
)
|
1
|
|
—
|
|
(3
|
)
|
(2
|
)
|
2
|
|
3
|
|
2
|
|
(175
|
)
|
|||||||||||||||||||||
398
|
|
6,677
|
|
5,519
|
|
1,103
|
|
799
|
|
611
|
|
341
|
|
88
|
|
231
|
|
29
|
|
15,796
|
|
||||||||||||||||||||||
Expenses:
|
|||||||||||||||||||||||||||||||||||||||||||
Cost of goods sold
|
—
|
|
5,753
|
|
4,848
|
|
1,116
|
|
419
|
|
—
|
|
263
|
|
1
|
|
206
|
|
—
|
|
12,606
|
|
|||||||||||||||||||||
Other expenses from operations
|
—
|
|
—
|
|
—
|
|
—
|
|
141
|
|
312
|
|
—
|
|
49
|
|
—
|
|
—
|
|
502
|
|
|||||||||||||||||||||
Selling, general and administrative
|
24
|
|
710
|
|
112
|
|
28
|
|
37
|
|
250
|
|
45
|
|
14
|
|
37
|
|
18
|
|
1,275
|
|
|||||||||||||||||||||
Restructuring
|
—
|
|
26
|
|
—
|
|
—
|
|
—
|
|
—
|
|
1
|
|
—
|
|
4
|
|
—
|
|
31
|
|
|||||||||||||||||||||
Impairment
|
—
|
|
98
|
|
—
|
|
18
|
|
—
|
|
2
|
|
—
|
|
—
|
|
11
|
|
—
|
|
129
|
|
|||||||||||||||||||||
Interest expense
|
2
|
|
141
|
|
39
|
|
—
|
|
68
|
|
13
|
|
21
|
|
5
|
|
—
|
|
283
|
|
572
|
|
|||||||||||||||||||||
26
|
|
6,728
|
|
4,999
|
|
1,162
|
|
665
|
|
577
|
|
330
|
|
69
|
|
258
|
|
301
|
|
15,115
|
|
||||||||||||||||||||||
Income (loss) before income tax benefit (expense)
|
372
|
|
(51
|
)
|
520
|
|
(59
|
)
|
134
|
|
34
|
|
11
|
|
19
|
|
(27
|
)
|
(272
|
)
|
681
|
|
|||||||||||||||||||||
Income tax benefit (expense)
|
—
|
|
29
|
|
(182
|
)
|
1
|
|
(42
|
)
|
(4
|
)
|
(5
|
)
|
—
|
|
—
|
|
284
|
|
81
|
|
|||||||||||||||||||||
Net income (loss)
|
372
|
|
(22
|
)
|
338
|
|
(58
|
)
|
92
|
|
30
|
|
6
|
|
19
|
|
(27
|
)
|
12
|
|
762
|
|
|||||||||||||||||||||
Less: net (income) loss attributable to non-controlling interests
|
(215
|
)
|
(2
|
)
|
(75
|
)
|
—
|
|
(63
|
)
|
(9
|
)
|
(2
|
)
|
—
|
|
—
|
|
—
|
|
(366
|
)
|
|||||||||||||||||||||
Net income (loss) attributable to Icahn Enterprises
|
$
|
157
|
|
$
|
(24
|
)
|
$
|
263
|
|
$
|
(58
|
)
|
$
|
29
|
|
$
|
21
|
|
$
|
4
|
|
$
|
19
|
|
$
|
(27
|
)
|
$
|
12
|
|
$
|
396
|
|
||||||||||
Supplemental information:
|
|||||||||||||||||||||||||||||||||||||||||||
Capital expenditures
|
$
|
—
|
|
$
|
387
|
|
$
|
138
|
|
$
|
24
|
|
$
|
302
|
|
$
|
44
|
|
$
|
39
|
|
$
|
2
|
|
$
|
—
|
|
$
|
—
|
|
$
|
936
|
|
||||||||||
Depreciation and amortization(1)
|
$
|
—
|
|
$
|
289
|
|
$
|
128
|
|
$
|
26
|
|
$
|
83
|
|
$
|
32
|
|
$
|
18
|
|
$
|
23
|
|
$
|
8
|
|
$
|
—
|
|
$
|
607
|
|
(1)
|
Excludes amounts related to the amortization of debt discounts and premiums included in interest expense in the amounts of $22 million, $34 million and $28 million for the years ended December 31, 2014, 2013 and 2012, respectively.
|
(2)
|
We consolidated CVR effective May 4, 2012.
|
December 31, 2014
|
|||||||||||||||||||||||||||||||||||||||||||
Investment
|
Automotive
|
Energy
|
Metals
|
Railcar
|
Gaming
|
Food Packaging
|
Real Estate
|
Home Fashion
|
Holding Company
|
Consolidated
|
|||||||||||||||||||||||||||||||||
(in millions)
|
|||||||||||||||||||||||||||||||||||||||||||
ASSETS
|
|||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents
|
$
|
2
|
|
$
|
332
|
|
$
|
754
|
|
$
|
19
|
|
$
|
412
|
|
$
|
196
|
|
$
|
39
|
|
$
|
24
|
|
$
|
11
|
|
$
|
1,123
|
|
$
|
2,912
|
|
||||||||||
Cash held at consolidated affiliated partnerships and restricted cash
|
1,366
|
|
—
|
|
—
|
|
4
|
|
35
|
|
16
|
|
1
|
|
2
|
|
8
|
|
3
|
|
1,435
|
|
|||||||||||||||||||||
Investments
|
13,961
|
|
269
|
|
77
|
|
—
|
|
29
|
|
33
|
|
—
|
|
—
|
|
—
|
|
131
|
|
14,500
|
|
|||||||||||||||||||||
Accounts receivable, net
|
—
|
|
1,356
|
|
137
|
|
51
|
|
41
|
|
9
|
|
63
|
|
4
|
|
30
|
|
—
|
|
1,691
|
|
|||||||||||||||||||||
Inventories, net
|
—
|
|
1,215
|
|
330
|
|
67
|
|
117
|
|
—
|
|
77
|
|
—
|
|
73
|
|
—
|
|
1,879
|
|
|||||||||||||||||||||
Property, plant and equipment, net
|
—
|
|
2,160
|
|
2,692
|
|
144
|
|
2,376
|
|
719
|
|
154
|
|
633
|
|
74
|
|
3
|
|
8,955
|
|
|||||||||||||||||||||
Goodwill and intangible assets, net
|
—
|
|
1,744
|
|
1,184
|
|
8
|
|
7
|
|
75
|
|
9
|
|
58
|
|
3
|
|
—
|
|
3,088
|
|
|||||||||||||||||||||
Other assets
|
131
|
|
453
|
|
160
|
|
22
|
|
103
|
|
212
|
|
93
|
|
24
|
|
9
|
|
113
|
|
1,320
|
|
|||||||||||||||||||||
Total assets
|
$
|
15,460
|
|
$
|
7,529
|
|
$
|
5,334
|
|
$
|
315
|
|
$
|
3,120
|
|
$
|
1,260
|
|
$
|
436
|
|
$
|
745
|
|
$
|
208
|
|
$
|
1,373
|
|
$
|
35,780
|
|
||||||||||
LIABILITIES AND EQUITY
|
|||||||||||||||||||||||||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities
|
$
|
864
|
|
$
|
1,933
|
|
$
|
1,471
|
|
$
|
60
|
|
$
|
294
|
|
$
|
130
|
|
$
|
64
|
|
$
|
20
|
|
$
|
28
|
|
$
|
13
|
|
$
|
4,877
|
|
||||||||||
Securities sold, not yet purchased, at fair value
|
337
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
337
|
|
|||||||||||||||||||||
Due to brokers
|
5,197
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
5,197
|
|
|||||||||||||||||||||
Post-employment benefit liability
|
—
|
|
1,328
|
|
—
|
|
2
|
|
9
|
|
—
|
|
52
|
|
—
|
|
—
|
|
—
|
|
1,391
|
|
|||||||||||||||||||||
Debt
|
—
|
|
2,690
|
|
675
|
|
3
|
|
2,133
|
|
295
|
|
274
|
|
32
|
|
—
|
|
5,486
|
|
11,588
|
|
|||||||||||||||||||||
Total liabilities
|
6,398
|
|
5,951
|
|
2,146
|
|
65
|
|
2,436
|
|
425
|
|
390
|
|
52
|
|
28
|
|
5,499
|
|
23,390
|
|
|||||||||||||||||||||
Equity attributable to Icahn Enterprises
|
4,284
|
|
1,231
|
|
1,612
|
|
250
|
|
711
|
|
578
|
|
30
|
|
693
|
|
180
|
|
(4,126
|
)
|
5,443
|
|
|||||||||||||||||||||
Equity attributable to non-controlling interests
|
4,778
|
|
347
|
|
1,576
|
|
—
|
|
(27
|
)
|
257
|
|
16
|
|
—
|
|
—
|
|
—
|
|
6,947
|
|
|||||||||||||||||||||
Total equity
|
9,062
|
|
1,578
|
|
3,188
|
|
250
|
|
684
|
|
835
|
|
46
|
|
693
|
|
180
|
|
(4,126
|
)
|
12,390
|
|
|||||||||||||||||||||
Total liabilities and equity
|
$
|
15,460
|
|
$
|
7,529
|
|
$
|
5,334
|
|
$
|
315
|
|
$
|
3,120
|
|
$
|
1,260
|
|
$
|
436
|
|
$
|
745
|
|
$
|
208
|
|
$
|
1,373
|
|
$
|
35,780
|
|
December 31, 2013
|
|||||||||||||||||||||||||||||||||||||||||||
Investment
|
Automotive
|
Energy
|
Metals
|
Railcar
|
Gaming
|
Food Packaging
|
Real Estate
|
Home Fashion
|
Holding Company
|
Consolidated
|
|||||||||||||||||||||||||||||||||
(in millions)
|
|||||||||||||||||||||||||||||||||||||||||||
ASSETS
|
|||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents
|
$
|
3
|
|
$
|
761
|
|
$
|
842
|
|
$
|
31
|
|
$
|
417
|
|
$
|
359
|
|
$
|
19
|
|
$
|
32
|
|
$
|
16
|
|
$
|
782
|
|
$
|
3,262
|
|
||||||||||
Cash held at consolidated affiliated partnerships and restricted cash
|
321
|
|
—
|
|
—
|
|
4
|
|
27
|
|
31
|
|
1
|
|
3
|
|
6
|
|
3
|
|
396
|
|
|||||||||||||||||||||
Investments
|
11,826
|
|
253
|
|
—
|
|
—
|
|
31
|
|
34
|
|
—
|
|
—
|
|
—
|
|
117
|
|
12,261
|
|
|||||||||||||||||||||
Accounts receivable, net
|
—
|
|
1,297
|
|
242
|
|
62
|
|
34
|
|
10
|
|
67
|
|
3
|
|
35
|
|
—
|
|
1,750
|
|
|||||||||||||||||||||
Inventories, net
|
—
|
|
1,068
|
|
527
|
|
85
|
|
90
|
|
—
|
|
72
|
|
—
|
|
60
|
|
—
|
|
1,902
|
|
|||||||||||||||||||||
Property, plant and equipment, net
|
—
|
|
2,038
|
|
2,684
|
|
129
|
|
1,889
|
|
444
|
|
156
|
|
656
|
|
78
|
|
3
|
|
8,077
|
|
|||||||||||||||||||||
Goodwill and intangible assets, net
|
—
|
|
1,715
|
|
1,307
|
|
9
|
|
7
|
|
67
|
|
11
|
|
68
|
|
3
|
|
—
|
|
3,187
|
|
|||||||||||||||||||||
Other assets
|
47
|
|
413
|
|
146
|
|
14
|
|
52
|
|
51
|
|
79
|
|
18
|
|
24
|
|
66
|
|
910
|
|
|||||||||||||||||||||
Total assets
|
$
|
12,197
|
|
$
|
7,545
|
|
$
|
5,748
|
|
$
|
334
|
|
$
|
2,547
|
|
$
|
996
|
|
$
|
405
|
|
$
|
780
|
|
$
|
222
|
|
$
|
971
|
|
$
|
31,745
|
|
||||||||||
LIABILITIES AND EQUITY
|
|||||||||||||||||||||||||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities
|
$
|
757
|
|
$
|
1,763
|
|
$
|
1,550
|
|
$
|
57
|
|
$
|
204
|
|
$
|
132
|
|
$
|
80
|
|
$
|
18
|
|
$
|
31
|
|
$
|
351
|
|
$
|
4,943
|
|
||||||||||
Securities sold, not yet purchased, at fair value
|
884
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
884
|
|
|||||||||||||||||||||
Due to brokers
|
2,203
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2,203
|
|
|||||||||||||||||||||
Post-employment benefit liability
|
—
|
|
1,072
|
|
—
|
|
1
|
|
5
|
|
—
|
|
33
|
|
—
|
|
—
|
|
—
|
|
1,111
|
|
|||||||||||||||||||||
Debt
|
—
|
|
2,586
|
|
676
|
|
3
|
|
1,448
|
|
298
|
|
217
|
|
51
|
|
—
|
|
4,016
|
|
9,295
|
|
|||||||||||||||||||||
Total liabilities
|
3,844
|
|
5,421
|
|
2,226
|
|
61
|
|
1,657
|
|
430
|
|
330
|
|
69
|
|
31
|
|
4,367
|
|
18,436
|
|
|||||||||||||||||||||
Equity attributable to Icahn Enterprises
|
3,696
|
|
1,660
|
|
1,926
|
|
273
|
|
591
|
|
392
|
|
55
|
|
711
|
|
191
|
|
(3,403
|
)
|
6,092
|
|
|||||||||||||||||||||
Equity attributable to non-controlling interests
|
4,657
|
|
464
|
|
1,596
|
|
—
|
|
299
|
|
174
|
|
20
|
|
—
|
|
—
|
|
7
|
|
7,217
|
|
|||||||||||||||||||||
Total equity
|
8,353
|
|
2,124
|
|
3,522
|
|
273
|
|
890
|
|
566
|
|
75
|
|
711
|
|
191
|
|
(3,396
|
)
|
13,309
|
|
|||||||||||||||||||||
Total liabilities and equity
|
$
|
12,197
|
|
$
|
7,545
|
|
$
|
5,748
|
|
$
|
334
|
|
$
|
2,547
|
|
$
|
996
|
|
$
|
405
|
|
$
|
780
|
|
$
|
222
|
|
$
|
971
|
|
$
|
31,745
|
|
Net Sales
|
Other Revenues From Operations
|
Property, Plant and Equipment, Net
|
|||||||||||||||||||||||||||||
Year Ended December 31,
|
Year Ended December 31,
|
December 31,
|
|||||||||||||||||||||||||||||
2014
|
2013
|
2012
|
2014
|
2013
|
2012
|
2014
|
2013
|
||||||||||||||||||||||||
(in millions)
|
|||||||||||||||||||||||||||||||
United States
|
$
|
13,086
|
|
$
|
13,171
|
|
$
|
10,202
|
|
$
|
1,169
|
|
$
|
937
|
|
$
|
914
|
|
$
|
6,903
|
|
$
|
6,207
|
|
|||||||
Germany
|
1,507
|
|
1,339
|
|
1,175
|
|
—
|
|
—
|
|
—
|
|
423
|
|
425
|
|
|||||||||||||||
Other
|
3,479
|
|
3,275
|
|
3,197
|
|
81
|
|
51
|
|
37
|
|
1,629
|
|
1,445
|
|
|||||||||||||||
$
|
18,072
|
|
$
|
17,785
|
|
$
|
14,574
|
|
$
|
1,250
|
|
$
|
988
|
|
$
|
951
|
|
$
|
8,955
|
|
$
|
8,077
|
|
Year Ended December 31,
|
December 31,
|
||||||||||||||||||||||||||||||||||||||||||
2014
|
2013
|
2012
|
2014
|
2013
|
|||||||||||||||||||||||||||||||||||||||
Interest Expense
|
Net (Loss) Income
|
Net (Loss) Income Attributable to Icahn Enterprises Holdings
|
Interest Expense
|
Net Income (Loss)
|
Net Income (Loss) Attributable to Icahn Enterprises Holdings
|
Interest Expense
|
Net Income (Loss)
|
Net Income (Loss) Attributable to Icahn Enterprises Holdings
|
Total Assets
|
Total Assets
|
|||||||||||||||||||||||||||||||||
(in millions)
|
(in millions)
|
||||||||||||||||||||||||||||||||||||||||||
Investment
|
$
|
299
|
|
$
|
(684
|
)
|
$
|
(305
|
)
|
$
|
10
|
|
$
|
1,902
|
|
$
|
812
|
|
$
|
2
|
|
$
|
372
|
|
$
|
157
|
|
$
|
15,460
|
|
$
|
12,197
|
|
||||||||||
Automotive
|
128
|
|
(90
|
)
|
(87
|
)
|
111
|
|
263
|
|
250
|
|
141
|
|
(22
|
)
|
(24
|
)
|
7,529
|
|
7,545
|
|
|||||||||||||||||||||
Energy
|
38
|
|
168
|
|
95
|
|
48
|
|
479
|
|
289
|
|
39
|
|
338
|
|
263
|
|
5,334
|
|
5,748
|
|
|||||||||||||||||||||
Metals
|
—
|
|
(25
|
)
|
(25
|
)
|
—
|
|
(28
|
)
|
(28
|
)
|
—
|
|
(58
|
)
|
(58
|
)
|
315
|
|
334
|
|
|||||||||||||||||||||
Railcar
|
60
|
|
188
|
|
122
|
|
49
|
|
139
|
|
30
|
|
68
|
|
92
|
|
29
|
|
3,120
|
|
2,547
|
|
|||||||||||||||||||||
Gaming
|
13
|
|
269
|
|
185
|
|
14
|
|
19
|
|
13
|
|
13
|
|
30
|
|
21
|
|
1,260
|
|
996
|
|
|||||||||||||||||||||
Food Packaging
|
14
|
|
9
|
|
6
|
|
22
|
|
43
|
|
32
|
|
21
|
|
6
|
|
4
|
|
436
|
|
405
|
|
|||||||||||||||||||||
Real Estate
|
3
|
|
22
|
|
22
|
|
4
|
|
17
|
|
17
|
|
5
|
|
19
|
|
19
|
|
745
|
|
780
|
|
|||||||||||||||||||||
Home Fashion
|
—
|
|
2
|
|
2
|
|
—
|
|
(16
|
)
|
(16
|
)
|
—
|
|
(27
|
)
|
(27
|
)
|
208
|
|
222
|
|
|||||||||||||||||||||
Holding Company
|
291
|
|
(387
|
)
|
(387
|
)
|
302
|
|
(374
|
)
|
(374
|
)
|
282
|
|
13
|
|
13
|
|
1,396
|
|
987
|
|
|||||||||||||||||||||
Consolidated
|
$
|
846
|
|
$
|
(528
|
)
|
$
|
(372
|
)
|
$
|
560
|
|
$
|
2,444
|
|
$
|
1,025
|
|
$
|
571
|
|
$
|
763
|
|
$
|
397
|
|
$
|
35,803
|
|
$
|
31,761
|
|
14.
|
Income Taxes.
|
Icahn Enterprises
|
Icahn Enterprises Holdings
|
||||||||||||||
December 31,
|
December 31,
|
||||||||||||||
|
2014
|
2013
|
2014
|
2013
|
|||||||||||
(in millions)
|
(in millions)
|
||||||||||||||
Book basis of net assets
|
$
|
5,443
|
|
$
|
6,092
|
|
$
|
5,446
|
|
$
|
6,114
|
|
|||
Book/tax basis difference
|
(1,566
|
)
|
(2,248
|
)
|
(1,545
|
)
|
(2,248
|
)
|
|||||||
Tax basis of net assets
|
$
|
3,877
|
|
$
|
3,844
|
|
$
|
3,901
|
|
$
|
3,866
|
|
Year Ended December 31,
|
|||||||||||
|
2014
|
2013
|
2012
|
||||||||
(in millions)
|
|||||||||||
Current:
|
|
|
|
|
|
|
|||||
Domestic
|
$
|
(45
|
)
|
$
|
22
|
|
$
|
(104
|
)
|
||
International
|
(35
|
)
|
(61
|
)
|
(53
|
)
|
|||||
Total current
|
(80
|
)
|
(39
|
)
|
(157
|
)
|
|||||
Deferred:
|
|
|
|
|
|
|
|||||
Domestic
|
201
|
|
146
|
|
191
|
|
|||||
International
|
(18
|
)
|
11
|
|
47
|
|
|||||
Total deferred
|
183
|
|
157
|
|
238
|
|
|||||
$
|
103
|
|
$
|
118
|
|
$
|
81
|
|
December 31,
|
|||||||
|
2014
|
2013
|
|||||
(in millions)
|
|||||||
Deferred tax assets:
|
|||||||
Property, plant and equipment
|
$
|
144
|
|
|
$
|
141
|
|
Net operating loss
|
1,348
|
|
|
1,137
|
|
||
Tax credits
|
149
|
|
|
166
|
|
||
Post-employment benefits, including pensions
|
388
|
|
|
303
|
|
||
Reorganization costs
|
11
|
|
|
27
|
|
||
Other
|
231
|
|
|
242
|
|
||
Total deferred tax assets
|
2,271
|
|
|
2,016
|
|
||
Less: Valuation allowance
|
(1,059
|
)
|
|
(1,216
|
)
|
||
Net deferred tax assets
|
$
|
1,212
|
|
|
$
|
800
|
|
Deferred tax liabilities:
|
|
|
|
|
|
||
Property, plant and equipment
|
$
|
(239
|
)
|
|
$
|
(216
|
)
|
Intangible assets
|
(177
|
)
|
|
(187
|
)
|
||
Investment in partnerships
|
(1,349
|
)
|
(1,242
|
)
|
|||
Investment in U.S. subsidiaries
|
(307
|
)
|
|
(307
|
)
|
||
Other
|
(6
|
)
|
|
(13
|
)
|
||
Total deferred tax liabilities
|
(2,078
|
)
|
|
(1,965
|
)
|
||
$
|
(866
|
)
|
|
$
|
(1,165
|
)
|
Year Ended December 31,
|
||||||||
|
2014
|
|
2013
|
|
2012
|
|||
Federal statutory rate
|
35.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
Foreign operations
|
6.7
|
|
|
1.3
|
|
|
0.7
|
|
Valuation allowance
|
21.5
|
|
|
(15.4
|
)
|
|
14.8
|
|
Non-controlling interest
|
7.5
|
|
(2.3
|
)
|
(1.1
|
)
|
||
Goodwill
|
(5.7
|
)
|
0.2
|
|
0.5
|
|
||
Gain on settlement of liabilities subject to compromise
|
4.9
|
|
|
—
|
|
|
(51.7
|
)
|
Income not subject to taxation
|
(47.2
|
)
|
|
(25.4
|
)
|
|
(12.6
|
)
|
Other
|
(6.4
|
)
|
|
1.5
|
|
|
2.5
|
|
16.3
|
%
|
|
(5.1
|
)%
|
|
(11.9
|
)%
|
Years Ended December 31,
|
|||||||||||
|
2014
|
2013
|
2012
|
||||||||
(in millions)
|
|||||||||||
Balance at January 1
|
$
|
132
|
|
|
$
|
113
|
|
|
$
|
388
|
|
Addition based on tax positions related to the current year
|
18
|
|
|
23
|
|
|
23
|
|
|||
Acquisition of CVR
|
—
|
|
—
|
|
18
|
|
|||||
Increase for tax positions of prior years
|
10
|
|
|
6
|
|
|
15
|
|
|||
Decrease for tax positions of prior years
|
(14
|
)
|
|
(9
|
)
|
|
(15
|
)
|
|||
Decrease for statute of limitation expiration
|
(3
|
)
|
|
(1
|
)
|
|
(14
|
)
|
|||
Settlements
|
(25
|
)
|
1
|
|
(301
|
)
|
|||||
Impact of currency translation and other
|
(5
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|||
Balance at December 31
|
$
|
113
|
|
|
$
|
132
|
|
|
$
|
113
|
|
15.
|
Changes in Accumulated Other Comprehensive Loss.
|
|
Post-Employment Benefits, Net of Tax
|
Hedge Instruments, Net of Tax
|
Translation Adjustments and Other, Net of Tax
|
Total
|
|||||||||||
(in millions)
|
|||||||||||||||
Balance at December 31, 2013
|
$
|
(464
|
)
|
$
|
(26
|
)
|
$
|
(315
|
)
|
$
|
(805
|
)
|
|||
Other comprehensive loss before reclassifications, net of tax
|
(239
|
)
|
(1
|
)
|
(260
|
)
|
(500
|
)
|
|||||||
Reclassifications from accumulated other comprehensive loss to earnings(1)
|
11
|
|
1
|
|
—
|
|
12
|
|
|||||||
Other comprehensive loss, net of tax
|
(228
|
)
|
—
|
|
(260
|
)
|
(488
|
)
|
|||||||
Balance at December 31, 2014
|
$
|
(692
|
)
|
$
|
(26
|
)
|
$
|
(575
|
)
|
$
|
(1,293
|
)
|
16.
|
Other Income (Loss), Net.
|
Year Ended December 31,
|
|||||||||||
|
2014
|
2013
|
2012
|
||||||||
(in millions)
|
|||||||||||
Loss on extinguishment of debt (Note 10)
|
$
|
(162
|
)
|
$
|
—
|
|
$
|
(10
|
)
|
||
Realized and unrealized gain (loss) on derivatives, net (Note 7)
|
186
|
|
57
|
|
(190
|
)
|
|||||
Tax settlement gain (loss)
|
32
|
|
(23
|
)
|
—
|
|
|||||
Net gain (loss) on disposition of assets
|
25
|
|
(56
|
)
|
5
|
|
|||||
Predecessor claim settlement
|
53
|
|
—
|
|
—
|
|
|||||
Equity earnings from non-consolidated affiliates
|
50
|
|
26
|
|
35
|
|
|||||
Foreign currency translation loss
|
(10
|
)
|
(12
|
)
|
(9
|
)
|
|||||
Other
|
8
|
|
29
|
|
(6
|
)
|
|||||
$
|
182
|
|
$
|
21
|
|
$
|
(175
|
)
|
17.
|
Commitments and Contingencies.
|
|
Unconditional Purchase Obligations(1)
|
||
|
(in millions)
|
||
2015
|
$
|
126
|
|
2016
|
109
|
|
|
2017
|
107
|
|
|
2018
|
106
|
|
|
2019
|
105
|
|
|
Thereafter
|
718
|
|
|
$
|
1,271
|
|
Year
|
Amount
|
|||
(in millions)
|
||||
2015
|
$
|
75
|
|
|
2016
|
69
|
|
||
2017
|
55
|
|
||
2018
|
41
|
|
||
2019
|
34
|
|
||
Thereafter
|
129
|
|
||
$
|
403
|
|
18.
|
Subsequent Events.
|
19.
|
Quarterly Financial Data (Unaudited).
|
For the Three Months Ended
|
|||||||||||||||||||||||||||||||
March 31,
|
June 30,
|
September 30,
|
December 31,
|
||||||||||||||||||||||||||||
2014
|
2013
|
2014
|
2013
|
2014
|
2013
|
2014
|
2013
|
||||||||||||||||||||||||
(in millions, except per unit data)
|
|||||||||||||||||||||||||||||||
Net sales
|
$
|
4,666
|
|
$
|
4,574
|
|
$
|
4,867
|
|
$
|
4,497
|
|
$
|
4,557
|
|
$
|
4,181
|
|
$
|
3,982
|
|
$
|
4,533
|
|
|||||||
Gross margin on net sales
|
524
|
|
681
|
|
540
|
|
610
|
|
339
|
|
356
|
|
184
|
|
329
|
|
|||||||||||||||
Total revenues
|
4,990
|
|
5,369
|
|
6,379
|
|
4,670
|
|
4,422
|
|
5,771
|
|
3,366
|
|
4,872
|
|
|||||||||||||||
Net income (loss)
|
77
|
|
710
|
|
1,123
|
|
93
|
|
(627
|
)
|
1,236
|
|
(1,102
|
)
|
405
|
|
|||||||||||||||
Net (income) loss attributable to non-controlling interests
|
(106
|
)
|
(433
|
)
|
(634
|
)
|
(39
|
)
|
272
|
|
(764
|
)
|
624
|
|
(183
|
)
|
|||||||||||||||
Net (loss) income attributable to Icahn Enterprises
|
(29
|
)
|
277
|
|
489
|
|
54
|
|
(355
|
)
|
472
|
|
(478
|
)
|
222
|
|
|||||||||||||||
Basic (loss) income per LP unit(1)
|
$
|
(0.24
|
)
|
$
|
2.56
|
|
$
|
4.06
|
|
$
|
0.48
|
|
$
|
(2.90
|
)
|
$
|
4.13
|
|
$
|
(3.84
|
)
|
$
|
1.91
|
|
|||||||
Diluted (loss) income per LP unit(1)
|
$
|
(0.24
|
)
|
$
|
2.50
|
|
$
|
4.06
|
|
$
|
0.48
|
|
$
|
(2.90
|
)
|
$
|
4.10
|
|
$
|
(3.84
|
)
|
$
|
1.90
|
|
(1)
|
Basic and diluted (loss) income per LP unit is computed separately for each quarter and therefore, the sum of such quarterly per LP unit amounts may differ from the total for the year.
|
Name
|
|
Age
|
|
Position
|
Carl C. Icahn
|
|
79
|
|
Chairman of the Board
|
Keith Cozza
|
36
|
President, Chief Executive Officer and Director
|
||
SungHwan Cho
|
40
|
Chief Financial Officer and Director
|
||
Peter Reck
|
|
48
|
|
Chief Accounting Officer
|
William A. Leidesdorf
|
|
69
|
|
Director
|
James L. Nelson
|
|
65
|
|
Director
|
Jack G. Wasserman
|
|
78
|
|
Director
|
Daniel A. Ninivaggi1
|
|
50
|
|
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
|
•
|
Daniel A. Ninivaggi, Former President and Chief Executive Officer(4)
|
•
|
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.
|
Annual Compensation(1)
|
|||||||||||||||
Name and
Principal Position
|
Year
|
Salary
($)
|
Bonus
($)
|
All Other
Compensation
($)
|
Total
($)
|
||||||||||
Carl C. Icahn(2)
Chairman of the Board
|
|
2014
|
|
1
|
|
|
—
|
|
|
105,532
|
|
(3)
|
|
105,533
|
|
|
2013
|
|
1
|
|
|
—
|
|
|
195,284
|
|
(3)
|
|
195,285
|
|
|
|
2012
|
|
1
|
|
|
—
|
|
|
147,559
|
|
(3)
|
|
147,560
|
|
|
Keith Cozza(4)
President and Chief Executive Officer
|
2014
|
1,505,567
|
|
2,000,000
|
|
9,284
|
|
(3)
|
3,514,851
|
|
|||||
2013
|
1,019,240
|
|
2,000,000
|
|
17,560
|
|
(3)
|
3,036,800
|
|
||||||
SungHwan Cho (5)
Chief Financial Officer
|
2014
|
513,466
|
|
1,000,000
|
|
9,326
|
|
(3)
|
1,522,792
|
|
|||||
2013
|
386,542
|
|
725,000
|
|
17,443
|
|
(3)
|
1,128,985
|
|
||||||
2012
|
300,391
|
|
|
400,000
|
|
|
17,784
|
|
(3)
|
718,175
|
|
||||
Peter Reck
Chief Accounting Officer
|
2014
|
280,000
|
|
210,000
|
|
8,514
|
|
(3)
|
498,514
|
|
|||||
2013
|
260,000
|
|
200,000
|
|
11,279
|
|
(3)
|
471,279
|
|
||||||
2012
|
238,154
|
|
|
150,000
|
|
|
3,693
|
|
(3)
|
391,847
|
|
||||
Daniel A. Ninivaggi(6)
Former President and Chief Executive Officer
|
2014
|
438,540
|
|
|
—
|
|
|
8,455
|
|
(3)
|
446,995
|
|
|||
2013
|
2,205,345
|
|
|
300,000
|
|
|
8,454
|
|
(3)
|
2,513,799
|
|
||||
2012
|
742,500
|
|
542,666
|
|
14,584
|
|
(3)
|
1,299,750
|
|
(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 2014, 2013, and 2012 for his services as Chief Executive Officer of our subsidiary, Icahn Capital, and of the General Partners pursuant to the Icahn Employment Agreement. Mr. Icahn is currently an at will employee serving as Chairman of the Board of Icahn Enterprises GP and as Chairman and Chief Executive Officer of Icahn Capital and Chief Executive Officer of the General Partners 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, $17,559, $14,644 and $15,478, in medical and dental benefits for 2014, 2013 and 2012, respectively; $173 in life insurance premiums paid by us for each of 2014, 2013 and 2012; and in his capacity as the Chairman of the board of directors of Federal-Mogul, $87,800, $180,640, and $131,908 representing the incremental cost of Mr. Icahn's personal use of Federal-Mogul's corporate aircraft for 2014, 2013 and 2012, respectively. Mr. Icahn received no fees or compensation from Federal-Mogul for 2014, 2013 or 2012 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. Ninivaggi, $8,281, $8,281 and $7,688 in matching contributions under our 401(k) Plan for 2014, 2013 and 2012, respectively; $173 in life insurance premiums for each of 2014, 2013 and 2012; and $0, $0 and $6,723 in medical and dental benefits paid by us for 2014, 2013 and 2012, respectively; (iii) Mr. Cho, $8,167, $8,008 and $7,635 in matching contributions under our 401(k) Plan for 2014, 2013 and 2012, respectively; $986, $9,262 and $9,976 in medical and dental benefits paid by us for 2014, 2013 and 2012, respectively; and $173 in life insurance premiums paid by us for each of 2014, 2013 and 2012; (iv) Mr. Reck, $7,977 and $7,813 in matching contributions under our 401(k) Plan for 2014 and 2013, respectively; $364, $3,293 and $3,520 in medical and dental benefits paid by us for 2014, 2013 and 2012, respectively; and $173 in life insurance premiums paid by us for each of 2014, 2013 and 2012; (v) Mr. Cozza, $8,125 in matching contributions under our 401(k) Plan for each of 2014 and 2013; $986 and $9,262 in medical and dental benefits paid by us for 2014 and 2013, respectively; $173 in life insurance premiums paid by us for each of 2014 and 2013. In each of 2014, 2013 and 2012, to the extent that a named executive officer participated in our 401(k) Plan, we made a matching contribution to his individual 401(k) Plan account in the amount of one-half (1/2) of up to the first six and one-quarter (6.25%) percent of eligible compensation (within
|
(6)
|
Mr. Ninivaggi served as President from April 5, 2010 until February 5, 2014, as Chief Executive Officer from August 4, 2010 until February 5, 2014 and as Director since March 13, 2012. As previously disclosed, Mr. Ninivaggi has indicated his intent to resign as a director of Icahn Enterprises LP and Icahn Enterprises Holdings prior to the closing of its acquisition of Uni-Select USA.
|
Name
|
Fees Earned or
Paid in Cash
($)
|
All Other
Compensation
($)
|
Total
($)
|
||||||
William A. Leidesdorf
|
|
69,932
|
|
|
—
|
|
|
69,932
|
|
James L. Nelson
|
|
69,932
|
|
|
—
|
|
|
69,932
|
|
Jack G. Wasserman
|
|
81,260
|
|
|
—
|
|
|
81,260
|
|
Name of Beneficial Owner
|
Beneficial Ownership of Icahn Enterprises' Depositary Units
|
Percent of Class
|
||||
Carl C. Icahn
|
|
108,810,845
|
|
(a) (b)
|
|
88.4%
|
Keith Cozza
|
2,000
|
|
*
|
|||
SungHwan Cho
|
1,100
|
|
*
|
|||
Jack G. Wasserman
|
800
|
|
*
|
|||
James L. Nelson
|
1,600
|
|
*
|
|||
Daniel A. Ninivaggi
|
1,500
|
|
*
|
|||
Peter Reck
|
—
|
|
—%
|
|||
William A. Leidesdorf
|
—
|
|
—%
|
|||
All Directors and Executive Officers as a Group (eight persons)
|
108,817,845
|
|
88.4%
|
(1)
|
Barberry Corp. ("Barberry") beneficially owns 3,633,958 Depository Units. Carl C. Icahn beneficially owns 100% of Barberry. Pursuant to Rule 16a-1(a)(2) under the Exchange Act, Mr. Icahn (by virtue of his relationship to Barberry) may be deemed to indirectly beneficially own the Depository Units which Barberry owns. Mr. Icahn disclaims beneficial ownership of such Depository Units except to the extent of his pecuniary interest therein
|
(2)
|
CCI Offshore LLC ("CCI Offshore") beneficially owns 2,307,044 Depository Units. Barberry is the sole member of CCI Offshore. 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 CCI Offshore) may be deemed to indirectly beneficially own the Depository Units which CCI Offshore owns. Each of Mr. Icahn and Barberry disclaims beneficial ownership of such Depository Units except to the extent of their pecuniary interest therein.
|
(3)
|
CCI Onshore LLC ("CCI Onshore") beneficially owns 18,274,289 Depository 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 Depository Units which CCI Onshore owns. Each of Mr. Icahn, Little Meadow and High Coast disclaims beneficial ownership of such Depository Units except to the extent of their pecuniary interest therein.
|
(4)
|
Gascon Partners ("Gascon") beneficially owns 16,075,148 Depository 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 Depository Units which Gascon owns. Each of Mr. Icahn and Little Meadow disclaims beneficial ownership of such Depository Units except to the extent of their pecuniary interest therein.
|
(5)
|
High Coast Limited Partnership ("High Coast") beneficially owns 41,909,667 Depository 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 Depository Units which High Coast owns. Each of Mr. Icahn and Little Meadow disclaims beneficial ownership of such Depository Units except to the extent of their pecuniary interest therein.
|
(6)
|
Highcrest Investors Corp. ("Highcrest") beneficially owns 12,485,714 Depository Units. Starfire Holding Corporation ("Starfire") beneficially owns 99.5% 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 Depository Units which Highcrest owns. Each of Mr. Icahn and Starfire disclaims beneficial ownership of such Depository Units except to the extent of their pecuniary interest therein.
|
(7)
|
Tramore LLC ("Tramore") beneficially owns 8,172,944 Depository Units. Carl C. Icahn beneficially owns 100% of Tramore. Pursuant to Rule 16a-1(a)(2) under the Exchange Act, Mr. Icahn (by virtue of his relationship to Tramore) may be deemed to indirectly beneficially own the Depository Units which Tramore owns. Mr. Icahn disclaims beneficial ownership of such Depository Units except to the extent of his pecuniary interest therein.
|
(8)
|
Modal LLC ("Modal") beneficially owns 720,495 Depository Units. Carl C. Icahn beneficially owns 100% of Modal. Pursuant to Rule 16a-1(a)(2) under the Exchange Act, Mr. Icahn (by virtue of his relationship to Modal) may be deemed to indirectly beneficially own the Depository Units which Modal owns. Mr. Icahn disclaims beneficial ownership of such Depository Units except to the extent of his pecuniary interest therein.
|
(9)
|
Thornwood Associates Limited Partnership ("Thornwood") beneficially owns 5,231,586 Depository Units. 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 Depository Units which Thornwood owns. Each of Mr. Icahn and Barberry disclaims beneficial ownership of such Depository Units except to the extent of their pecuniary interest therein.
|
(10)
|
Does not include 17,284 Depositary Units owned by Gail Golden, the spouse 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.
|
Page Number
|
|
Page Number
|
|
December 31,
|
|||||||
2014
|
2013
|
||||||
(In millions, except unit amounts)
|
|||||||
ASSETS
|
|||||||
Investments in subsidiaries, net
|
$
|
11,028
|
|
$
|
10,384
|
|
|
Deferred financing costs
|
8
|
|
7
|
|
|||
Total Assets
|
$
|
11,036
|
|
$
|
10,391
|
|
|
LIABILITIES AND EQUITY
|
|||||||
Accrued expenses and other liabilities
|
$
|
107
|
|
$
|
283
|
|
|
Debt
|
5,486
|
|
4,016
|
|
|||
5,593
|
|
4,299
|
|
||||
Commitments and contingencies (Note 3)
|
|||||||
Equity:
|
|||||||
Limited partners: Depositary units: 123,103,414 and 115,900,309 units issued and outstanding at December 31, 2014 and 2013, respectively
|
5,672
|
|
6,308
|
|
|||
General partner
|
(229
|
)
|
(216
|
)
|
|||
Total equity
|
5,443
|
|
6,092
|
|
|||
Total Liabilities and Equity
|
$
|
11,036
|
|
$
|
10,391
|
|
Year Ended December 31,
|
|||||||||||
2014
|
2013
|
2012
|
|||||||||
(In millions)
|
|||||||||||
Interest expense
|
$
|
(291
|
)
|
$
|
(303
|
)
|
$
|
(284
|
)
|
||
Loss on extinguishment of debt
|
(108
|
)
|
—
|
|
—
|
|
|||||
Equity in earnings of subsidiaries
|
26
|
|
1,328
|
|
680
|
|
|||||
Net (loss) income
|
$
|
(373
|
)
|
$
|
1,025
|
|
$
|
396
|
|
||
Net (loss) income allocable to:
|
|||||||||||
Limited partners
|
$
|
(366
|
)
|
$
|
1,005
|
|
$
|
379
|
|
||
General partner
|
(7
|
)
|
20
|
|
17
|
|
|||||
$
|
(373
|
)
|
$
|
1,025
|
|
$
|
396
|
|
Year Ended December 31,
|
|||||||||||
2014
|
2013
|
2012
|
|||||||||
(In millions)
|
|||||||||||
Cash flows from operating activities:
|
|||||||||||
Net (loss) income
|
$
|
(373
|
)
|
$
|
1,025
|
|
$
|
396
|
|
||
Adjustments to reconcile net (loss) income to net cash used in operating activities:
|
|||||||||||
Amortization of deferred financing costs
|
1
|
|
2
|
|
2
|
|
|||||
Loss on extinguishment of debt
|
108
|
|
—
|
|
—
|
|
|||||
Equity in earnings of subsidiary
|
(26
|
)
|
(1,328
|
)
|
(680
|
)
|
|||||
Net cash used in operating activities
|
(290
|
)
|
(301
|
)
|
(282
|
)
|
|||||
Cash flows from investing activities:
|
|||||||||||
Net investment in and advances from subsidiary
|
(952
|
)
|
(172
|
)
|
(1,212
|
)
|
|||||
Net cash used in investing activities
|
(952
|
)
|
(172
|
)
|
(1,212
|
)
|
|||||
Cash flows from financing activities:
|
|||||||||||
Partnership distributions
|
(125
|
)
|
(51
|
)
|
(41
|
)
|
|||||
Partnership contributions
|
—
|
|
587
|
|
505
|
|
|||||
Proceeds from borrowings
|
4,991
|
|
493
|
|
1,030
|
|
|||||
Repayments of borrowings
|
(3,624
|
)
|
(556
|
)
|
—
|
|
|||||
Net cash provided by financing activities
|
1,242
|
|
473
|
|
1,494
|
|
|||||
Net change in cash and cash equivalents
|
—
|
|
—
|
|
—
|
|
|||||
Cash and cash equivalents, beginning of period
|
—
|
|
—
|
|
—
|
|
|||||
Cash and cash equivalents, end of period
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
December 31,
|
|||||||
2014
|
2013
|
||||||
(in millions)
|
|||||||
Senior unsecured 5.875% notes due 2022
|
$
|
1,337
|
|
$
|
—
|
|
|
Senior unsecured 6.00% notes due 2020
|
1,708
|
|
493
|
|
|||
Senior unsecured 4.875% notes due 2019
|
1,270
|
|
—
|
|
|||
Senior unsecured 8% notes due 2018
|
—
|
|
2,473
|
|
|||
Senior unsecured 3.5% notes due 2017
|
1,171
|
|
—
|
|
|||
Senior unsecured 7.75% notes due 2016
|
—
|
|
1,050
|
|
|||
Total debt
|
$
|
5,486
|
|
$
|
4,016
|
|
December 31,
|
|||||||
2014
|
2013
|
||||||
(in millions)
|
|||||||
ASSETS
|
|||||||
Cash and cash equivalents
|
$
|
388
|
|
$
|
142
|
|
|
Other assets
|
114
|
|
112
|
|
|||
Investments in subsidiaries, net
|
10,592
|
|
10,054
|
|
|||
Total Assets
|
$
|
11,094
|
|
$
|
10,308
|
|
|
LIABILITIES AND EQUITY
|
|||||||
Accrued expenses and other liabilities
|
$
|
111
|
|
$
|
144
|
|
|
Debt
|
5,517
|
|
4,050
|
|
|||
5,628
|
|
4,194
|
|
||||
Commitments and contingencies (Note 3)
|
|||||||
Equity:
|
|||||||
Limited partner
|
5,751
|
|
6,393
|
|
|||
General partner
|
(285
|
)
|
(279
|
)
|
|||
Total equity
|
5,466
|
|
6,114
|
|
|||
Total Liabilities and Equity
|
$
|
11,094
|
|
$
|
10,308
|
|
Year Ended December 31,
|
|||||||||||
2014
|
2013
|
2012
|
|||||||||
(in millions)
|
|||||||||||
Net gain from investment activities
|
$
|
—
|
|
$
|
—
|
|
$
|
8
|
|
||
Interest and dividend income
|
1
|
|
—
|
|
—
|
|
|||||
Loss on extinguishment of debt
|
(108
|
)
|
—
|
|
—
|
|
|||||
Equity in earnings of subsidiaries
|
28
|
|
1,342
|
|
682
|
|
|||||
Other income, net
|
20
|
|
15
|
|
16
|
|
|||||
(59
|
)
|
1,357
|
|
706
|
|
||||||
Interest expense
|
290
|
|
305
|
|
286
|
|
|||||
Selling, general and administrative
|
23
|
|
27
|
|
23
|
|
|||||
313
|
|
332
|
|
309
|
|
||||||
Net (loss) income
|
$
|
(372
|
)
|
$
|
1,025
|
|
$
|
397
|
|
||
Net (loss) income allocable to:
|
|||||||||||
Limited partner
|
$
|
(368
|
)
|
$
|
1,015
|
|
$
|
384
|
|
||
General partner
|
(4
|
)
|
10
|
|
13
|
|
|||||
$
|
(372
|
)
|
$
|
1,025
|
|
$
|
397
|
|
Year Ended December 31,
|
|||||||||||
2014
|
2013
|
2012
|
|||||||||
(in millions)
|
|||||||||||
Cash flows from operating activities:
|
|||||||||||
Net (loss) income
|
$
|
(372
|
)
|
$
|
1,025
|
|
$
|
397
|
|
||
Adjustments to reconcile net (loss) income to net cash used in operating activities:
|
|||||||||||
Equity in income of subsidiary
|
(28
|
)
|
(1,342
|
)
|
(682
|
)
|
|||||
Loss on extinguishment of debt
|
108
|
|
—
|
|
—
|
|
|||||
Investment gains
|
—
|
|
—
|
|
(8
|
)
|
|||||
Depreciation and amortization
|
5
|
|
(1
|
)
|
1
|
|
|||||
Other, net
|
—
|
|
—
|
|
14
|
|
|||||
Change in operating assets and liabilities
|
(47
|
)
|
18
|
|
26
|
|
|||||
Net cash used in operating activities
|
(334
|
)
|
(300
|
)
|
(252
|
)
|
|||||
Cash flows from investing activities:
|
|||||||||||
Net investment in subsidiaries
|
(661
|
)
|
(128
|
)
|
(681
|
)
|
|||||
Proceeds from sale of investments
|
—
|
|
—
|
|
30
|
|
|||||
Other, net
|
9
|
|
4
|
|
2
|
|
|||||
Net cash used in investing activities
|
(652
|
)
|
(124
|
)
|
(649
|
)
|
|||||
Cash flows from financing activities:
|
|||||||||||
Partnership distributions
|
(125
|
)
|
(51
|
)
|
(42
|
)
|
|||||
Partner contribution
|
—
|
|
593
|
|
—
|
|
|||||
Proceeds from borrowings
|
4,991
|
|
493
|
|
1,030
|
|
|||||
Repayments of borrowings
|
(3,634
|
)
|
(576
|
)
|
(4
|
)
|
|||||
Net cash provided by financing activities
|
1,232
|
|
459
|
|
984
|
|
|||||
Net change in cash and cash equivalents
|
246
|
|
35
|
|
83
|
|
|||||
Cash and cash equivalents, beginning of period
|
142
|
|
107
|
|
24
|
|
|||||
Cash and cash equivalents, end of period
|
$
|
388
|
|
$
|
142
|
|
$
|
107
|
|
December 31,
|
|||||||
2014
|
2013
|
||||||
(in millions)
|
|||||||
Senior unsecured 5.875% notes due 2022
|
$
|
1,337
|
|
—
|
|
||
Senior unsecured 6.00% notes due 2020
|
1,708
|
|
493
|
|
|||
Senior unsecured 4.875% notes due 2019
|
1,270
|
|
—
|
|
|||
Senior unsecured 8% notes due 2018
|
—
|
|
2,468
|
|
|||
Senior unsecured 3.5% notes due 2017
|
1,171
|
|
—
|
|
|||
Senior unsecured 7.75% notes due 2016
|
—
|
|
1,048
|
|
|||
Mortgages payable
|
31
|
|
41
|
|
|||
Total debt
|
$
|
5,517
|
|
$
|
4,050
|
|
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
|
February 27, 2015
|
||
Keith Cozza
|
||||
/s/SungHwan Cho
|
Chief Financial Officer and Director
|
February 27, 2015
|
||
SungHwan Cho
|
||||
/s/Peter Reck
|
Chief Accounting Officer
|
February 27, 2015
|
||
Peter Reck
|
||||
/s/Daniel A. Ninivaggi
|
Director
|
February 27, 2015
|
||
Daniel A. Ninivaggi
|
||||
/s/Jack G. Wasserman
|
Director
|
February 27, 2015
|
||
Jack G. Wasserman
|
||||
/s/William A. Leidesdorf
|
Director
|
February 27, 2015
|
||
William A. Leidesdorf
|
||||
/s/James L. Nelson
|
Director
|
February 27, 2015
|
||
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
|
February 27, 2015
|
||
Keith Cozza
|
||||
/s/SungHwan Cho
|
Chief Financial Officer and Director
|
February 27, 2015
|
||
SungHwan Cho
|
||||
/s/Peter Reck
|
Chief Accounting Officer
|
February 27, 2015
|
||
Peter Reck
|
||||
/s/Daniel A. Ninivaggi
|
Director
|
February 27, 2015
|
||
Daniel A. Ninivaggi
|
||||
/s/Jack G. Wasserman
|
Director
|
February 27, 2015
|
||
Jack G. Wasserman
|
||||
/s/William A. Leidesdorf
|
Director
|
February 27, 2015
|
||
William A. Leidesdorf
|
||||
/s/James L. Nelson
|
Director
|
February 27, 2015
|
||
James L. Nelson
|
||||
Chairman of the Board
|
||||
Carl C. Icahn
|
Exhibit No.
|
|
Description
|
3.1
|
|
Certificate of Limited Partnership of Icahn Enterprises L.P., f/k/a American Real Estate Partners, L.P. (“Icahn Enterprises”) dated February 17, 1987, as thereafter amended from time to time (incorporated by reference to Exhibit 3.1 to Icahn Enterprises' Form 8-K (SEC File No. 1-9516), filed on September 20, 2007).
|
3.2
|
|
Amended and Restated Agreement of Limited Partnership of Icahn Enterprises, dated May 12, 1987 (incorporated by reference to Exhibit 3.2 to Icahn Enterprises' Form 10-Q for the quarter ended March 31, 2004 (SEC File No. 1-9516), filed on May 10, 2004).
|
3.3
|
Amendment No. 1 to the Amended and Restated Agreement of Limited Partnership of Icahn Enterprises, dated February 22, 1995 (incorporated by reference to Exhibit 3.3 to Icahn Enterprises' Form 10-K for the year ended December 31, 1994 (SEC File No. 1-9516), filed on March 31, 1995).
|
|
3.4
|
Amendment No. 2 to the Amended and Restated Agreement of Limited Partnership of Icahn Enterprises, dated August 16, 1996 (incorporated by reference to Exhibit 10.1 to Icahn Enterprises' Form 8-K SEC File No. 1-9516), filed on August 16, 1996).
|
|
3.5
|
Amendment No. 3 to the Amended and Restated Agreement of Limited Partnership of Icahn Enterprises, dated May 9, 2002 (incorporated by reference to Exhibit 3.8 to Icahn Enterprises' Form 10-K for the year ended December 31, 2002 (SEC File No. 1-9516), filed on March 31, 2003).
|
|
3.6
|
Amendment No. 4 to the Amended and Restated Agreement of Limited Partnership of Icahn Enterprises, dated June 29, 2005 (incorporated by reference to Exhibit 3.1 to Icahn Enterprises' Form 10-Q for the quarter ended March 31, 2005 (SEC File No. 1-9516), filed on June 30, 2005).
|
|
3.7
|
Amendment No. 5 to the Amended and Restated Agreement of Limited Partnership of Icahn Enterprises, dated September 17, 2007 (incorporated by reference to Exhibit 99.1 to Icahn Enterprises' Form 8-K (SEC File No. 1-9516), filed on December 21, 2007).
|
|
3.8
|
Amendment No. 6 to the Amended and Restated Agreement of Limited Partnership of Icahn Enterprises, dated December 17, 2007 (incorporated by reference to Exhibit 99.1 to Icahn Enterprises' Form 8-K (SEC File No. 1-9516), filed on December 21, 2007).
|
|
3.9
|
|
Certificate of Limited Partnership of Icahn Enterprises Holdings L.P., f/k/a American Real Estate Holdings Limited Partnership (“Icahn Enterprises Holdings”), dated February 17, 1987, as amended pursuant to the First Amendment thereto, dated March 10, 1987 (incorporated by reference to Exhibit 3.5 to Icahn Enterprises' Form 10-Q for the quarter ended March 31, 2004 (SEC File No. 1-9516), filed on May 10, 2004, as further amended pursuant to the Certificate of Amendment thereto, dated September 17, 2007 (incorporated by reference to Exhibit 3.9 to Icahn Enterprises' Form 10-K for the year ended December 31, 2007 (SEC File No. 1-9516), filed on March 17, 2008).
|
3.10
|
|
Amended and Restated Agreement of Limited Partnership of Icahn Enterprises Holdings, dated as of July 1, 1987 (incorporated by reference to Exhibit 3.5 to Icahn Enterprises' Form 10-Q for the quarter ended March 31, 2004 (SEC File No. 1-9516), filed on May 10, 2004).
|
3.11
|
Amendment No. 1 to the Amended and Restated Agreement of Limited Partnership of Icahn Enterprises Holdings, dated August 16, 1996 (incorporated by reference to Exhibit 10.2 to Icahn Enterprises' Form 8-K (SEC File No. 1-9516), filed on August 16, 1996).
|
|
3.12
|
Amendment No. 2 to the Amended and Restated Agreement of Limited Partnership of Icahn Enterprises Holdings, dated June 14, 2002 (incorporated by reference to Exhibit 3.9 to Icahn Enterprises' Form 10-K for the year ended December 31, 2002 (SEC File No. 1-9516), filed on March 31, 2003).
|
|
3.13
|
Amendment No. 3 to the Amended and Restated Agreement of Limited Partnership of Icahn Enterprises Holdings, dated June 29, 2005 (incorporated by reference to Exhibit 3.2 to Icahn Enterprises' Form 10-Q for the quarter ended March 31, 2005 (SEC File No. 1-9516), filed on June 30, 2005).
|
|
3.14
|
Amendment No. 4 to the Amended and Restated Agreement of Limited Partnership of Icahn Enterprises Holdings, dated September 17, 2007 (incorporated by reference to Exhibit 3.11 to Icahn Enterprises' Form 10-K for the year ended December 31, 2007 (SEC File No. 1-9516), filed on March 17, 2008).
|
|
4.1
|
|
Form of Transfer Application (incorporated by reference to Exhibit 4.4 to Icahn Enterprises' Form 10-K for the year ended December 31, 2004 (SEC File No. 1-9516), filed on March 16, 2005).
|
4.2
|
|
Specimen Depositary Receipt (incorporated by reference to Exhibit 4.3 to Icahn Enterprises' Form 10-K for the year ended December 31, 2004 (SEC File No. 1-9516), filed on March 16, 2005).
|
4.3
|
|
Specimen Certificate representing preferred units (incorporated by reference to Exhibit 4.9 to Icahn Enterprises' Form S-3 (SEC File No. 33-54767), filed on February 22, 1995).
|
4.4
|
|
Registration Rights Agreement between Icahn Enterprises and High Coast Limited Partnership (f/k/a X LP) (incorporated by reference to Exhibit 10.2 to Icahn Enterprises' Form 10-K for the year ended December 31, 2004 (SEC File No. 1-9516), filed on March 16, 2005).
|
4.5
|
|
Registration Rights Agreement, dated June 30, 2005 between Icahn Enterprises and Highcrest Investors Corp., Amos Corp., Cyprus, LLC and Gascon Partners (incorporated by reference to Exhibit 10.6 to Icahn Enterprises' Form 10-Q (SEC File No. 1-9516), filed on August 9, 2005), as amended by Amendment No. 1 thereto, dated as of August 8, 2007 (incorporated by reference to Exhibit 10.5 to Icahn Enterprises' Form 10-Q for the quarter ended June 30, 2007 (SEC File No. 1-9516), filed on August 9, 2007).
|
4.6
|
|
Indenture, dated as of August 1, 2013, among Icahn Enterprises, Icahn Enterprises Finance, Icahn Enterprises Holdings, as Guarantor, and Wilmington Trust Company, as Trustee relating to the 6.000% Senior Notes Due 2020 (incorporated by reference to Exhibit 4.1 to Icahn Enterprises' Form 8-K (SEC File No. 1-9516), filed on August 1, 2013).
|
4.7
|
|
Amended and Restated Depositary Agreement among Icahn Enterprises, Icahn Enterprises GP and Registrar and Transfer Company, dated as of August 23, 2013 (incorporated by reference to Exhibit 10.1 to Icahn Enterprises' Form 8-K (SEC File No. 1-9516), filed on August 23, 2013).
|
4.8
|
|
Indenture, dated as of January 21, 2014, among Icahn Enterprises, Icahn Enterprises Finance, Icahn Enterprises Holdings, as Guarantor, and Wilmington Trust Company, as Trustee relating to the 3.500% Senior Notes Due 2017 and 4.875% Senior Notes Due 2019 (incorporated by reference to Exhibit 4.1 to Icahn Enterprises' Form 8-K (SEC File No. 1-9516), filed on January 21, 2014).
|
4.9
|
|
Indenture, dated as of January 29, 2014, among Icahn Enterprises, Icahn Enterprises Finance, Icahn Enterprises Holdings, as Guarantor, and Wilmington Trust Company, as Trustee relating to the 5.875% Senior Notes Due 2022 (incorporated by reference to Exhibit 4.1 to Icahn Enterprises' Form 8-K/A (SEC File No. 1-9516), filed on January 30, 2014).
|
10.1
|
|
Amended and Restated Agency Agreement (incorporated by reference to Exhibit 10.12 to Icahn Enterprises' Form 10-K for the year ended December 31, 1994 (SEC File No. 1-9516), filed on March 31, 1995).
|
10.2
|
|
Rights Offering Sponsor Agreement, dated June 23, 2005, by and between WS Textile Co., Inc. and Icahn Enterprises Holdings (incorporated by reference to Exhibit 10.3 to Icahn Enterprises' Form 8-K (SEC File No. 1-9516), filed on July 1, 2005).
|
10.3
|
|
Undertaking, dated November 20, 1998, by Starfire Holding Corporation, for the benefit of Icahn Enterprises and its subsidiaries (incorporated by reference to Exhibit 10.42 to Icahn Enterprises' Form 10-K for the year ended December 31, 2005 (SEC File No. 1-9516), filed on March 16, 2006).
|
10.4
|
|
Exclusivity Agreement and Letter of Intent, dated September 7, 2006, by and among Icahn Enterprises, Icahn Enterprises Holdings and Riata Energy, Inc. (incorporated by reference to Exhibit 10.1 to Icahn Enterprises' Form 8-K (SEC File No. 1-9516), filed on September 8, 2006).
|
10.5
|
|
Subscription and Standby Commitment Agreement, dated as of December 7, 2006, by and among WestPoint International, Inc. and Icahn Enterprises Holdings (incorporated by reference to Exhibit 10.1 to Icahn Enterprises' Form 8-K (SEC File No. 1-9516), filed on December 8, 2006).
|
10.6
|
Equity Commitment Agreement, dated June 23, 2005, by and among WS Textile Co., Inc., Textile Holding, Icahn Enterprises Holdings and Aretex LLC (incorporated by reference to Exhibit 10.2 to Icahn Enterprises' Form 8-K (SEC File No. 1-9516), filed on July 1, 2005).
|
|
10.7
|
|
Stock Purchase Agreement, dated as of November 5, 2007, by and among Cloud Holding LLC, Icahn Enterprises Holdings, Arnos Corp, Philip Services Corporation and PSC Metals Inc. (incorporated by reference to Exhibit 10.1 to Icahn Enterprises' Form 10-Q for the quarter ended September 30, 2007 (SEC File No. 1-9516), filed on November 9, 2007).
|
10.8
|
Membership Interest Purchase Agreement, dated April 22, 2007, by and between W2007/ACEP Holdings, LLC and American Entertainment Properties Corp. (incorporated by reference to Exhibit 10.45 to Icahn Enterprises' Form 8-K (SEC File No. 1-9516), filed on April 24, 2007), as amended by the Second Amendment thereto, dated February 8, 2008 (incorporated by reference to Exhibit 10.46 to Icahn Enterprises' Form 8-K (SEC File No. 1-9516), filed on February 11, 2008).
|
|
10.9
|
|
Stock Purchase Agreement by and among Icahn Enterprises Holdings, IEH FM Holdings LLC , Barberry Corp. and Thornwood Associates Limited Partnership, dated July 3, 2008 (incorporated by reference to Exhibit 10.1 to Icahn Enterprises' Form 8-K (SEC File No. 1-9516), filed on July 3, 2008).
|
10.10
|
Covered Affiliate and Shared Expenses Agreement by and among Icahn Enterprises, Icahn Partners LP, Icahn Fund Ltd., Icahn Fund II Ltd., Icahn Fund III Ltd., Icahn Partners Master Fund L.P., Icahn Partners Master Fund II L.P., Icahn Partners Master Fund III L.P., Icahn Cayman Partners, L.P. and Icahn Partners Master Fund II Feeder LP (incorporated by reference to Exhibit 10.4 to Icahn Enterprises' Form 10-Q for the quarter ended June 30, 2007 (SEC File No. 1-9516), filed on August 9, 2007).
|
|
10.11
|
Tender and Support Agreement, dated as of October 6, 2008, by and among Icahn Enterprises Holdings L.P. and Eli Lilly and Company (incorporated by reference to Exhibit 10.1 to Icahn Enterprises' Form 8-K (SEC File No. 1-9516), filed on October 9, 2008).
|
|
10.12
|
Support Agreement, dated as of December 15, 2010, by and among Dynegy Inc., High River Limited Partnership, Icahn Partners LP, Icahn Partners Master Fund LP, Icahn Partners Master Fund II LP and Icahn Partners Master Fund III LP (incorporated by reference to Exhibit 10.1 to Icahn Enterprises' Form 8-K (SEC File No. 1-9516), filed on December 7, 2010).
|
10.13
|
Loan and Security Agreement, dated as of June 15, 2011, among WestPoint Home, Inc., as the Borrower, the Lenders from time to time party thereto, and Bank of America, N.A., as the Administrative Agent (incorporated by reference to Exhibit 10.1 to Icahn Enterprises' Form 8-K (SEC File No. 1-9516), filed on August 9, 2011).
|
|
10.14
|
Transaction Agreement, dated as of April 18, 2012, by and among CVR Energy, Inc., IEP Energy LLC, Icahn Partners LP, Icahn Partners Master Fund LP, Icahn Partners Master Fund II LP, Icahn Partners Master Fund III LP, High River Limited Partnership, Hopper Investments LLC, Barberry Corp., Icahn Onshore LP, Icahn Offshore LP, Icahn Capital LP, IPH GP LLC, Icahn Enterprises Holdings L.P., Icahn Enterprises G.P. Inc., Beckton Corp. and Carl C. Icahn. (incorporated by reference to Exhibit (d) to the CVR Energy Inc. Schedule TO/A (File No. 005-83522) filed on April 23, 2012)
|
|
10.15
|
Investment Agreement, by and between Federal-Mogul Corporation and IEH FM Holdings LLC, dated December 2, 2012 (incorporated by reference to Exhibit 10.1 to Icahn Enterprises' Form 8-K (SEC File No. 1-9516), filed on December 3, 2012).
|
|
10.16
|
Contribution and Exchange Agreement by and among Icahn Enterprises, CCI Offshore Corp., CCI Onshore Corp., Icahn Management LP and Carl C. Icahn (incorporated by reference to Exhibit 10.1 to Icahn Enterprises' Form 10-Q for the quarter ended June 30, 2007 (SEC File No. 1-9516), filed on August 9, 2007).
|
|
10.17
|
Contribution and Exchange Agreement by and among Icahn Enterprises, Barberry Corp. and Thornwood Associates Limited Partnership, dated December 2, 2008 (incorporated by reference to Exhibit 10.1 to Icahn Enterprises' Form 8-K (SEC File No. 1-9516), filed on December 3, 2008).
|
|
10.18
|
Contribution and Exchange Agreement, dated January 12, 2010, among Icahn Enterprises, Beckton Corp., Barberry Corp., Modal LLC and Caboose Holding, LLC (incorporated by reference to Exhibit 10.2 to Icahn Enterprises' Form 8-K (SEC File No. 1-9516), filed on January 15, 2010).
|
|
10.19
|
Contribution and Exchange Agreement, dated January 12, 2010, among Icahn Enterprises, Beckton Corp., Barberry Corp., Koala Holding Limited Partnership, High River Limited Partnership and Meadow Walk Limited Partnership (incorporated by reference to Exhibit 10.3 to Icahn Enterprises' Form 8-K (SEC File No. 1-9516), filed on January 15, 2010).
|
|
10.20
|
Contribution and Exchange Agreement by and among Icahn Enterprises, Beckton Corp., Barberry Corp., High River Limited Partnership, and Koala Holding Limited Partnership dated August 24, 2012 (incorporated by reference to Exhibit 10.1 to Icahn Enterprises' Form 8-K (SEC File No. 1-9516), filed on August 28, 2012).
|
|
10.21
|
Contribution Agreement, dated September 20, 2013, among AEP Rail Corp., IRL Holding LLC, American Railcar Leasing, LLC and IEP Energy Holding LLC (incorporated by reference to Exhibit 10.1 to Icahn Enterprises' Form 8-K (SEC File No. 1-9516), filed on September 25, 2013).
|
|
10.22
|
Registration Rights Agreement, dated January 17, 2012, among Icahn Enterprises, Icahn Enterprises Finance, Icahn Enterprises Holdings, as Guarantor, and Jefferies & Company, Inc., as the Initial Purchaser (incorporated by reference to Exhibit 10.1 to Icahn Enterprises' Form 8-K (SEC File No. 1-9516), filed on January 17, 2012).
|
|
10.23
|
Registration Rights Agreement, dated February 6, 2012, among Icahn Enterprises, Icahn Enterprises Finance, Icahn Enterprises Holdings, as Guarantor, and Jefferies & Company, Inc., as the Initial Purchaser (incorporated by reference to Exhibit 10.1 to Icahn Enterprises' Form 8-K (SEC File No. 1-9516), filed on February 6, 2012).
|
|
10.24
|
Registration Rights Agreement, dated July 12, 2012, among Icahn Enterprises, Icahn Enterprises Finance, Icahn Enterprises Holdings, as Guarantor, and Jefferies & Company, Inc., as the Initial Purchaser (incorporated by reference to Exhibit 10.1 to Icahn Enterprises' Form 8-K (SEC File No. 1-9516), filed on July 12, 2012).
|
|
10.25
|
Registration Rights Agreement, dated August 1, 2013, among Icahn Enterprises, Icahn Enterprises Finance, Icahn Enterprises Holdings, as Guarantor, and Jefferies LLC, as the Initial Purchaser (incorporated by reference to Exhibit 10.1 to Icahn Enterprises' Form 8-K (SEC File No. 1-9516), filed on August 1, 2013).
|
|
10.26
|
Agreement dated as of March 31, 2011 among Icahn Enterprises L.P., Icahn Enterprises Holdings L.P. and Icahn Enterprises G.P. Inc., Icahn Onshore LP, Icahn Offshore LP and Icahn Capital LP, Icahn Partners LP, Icahn Partners Master Fund LP, Icahn Partners Master Fund II LP, Icahn Partners Master Fund III LP, Carl C. Icahn, Brett Icahn, Samuel Merksamer, David Schechter, Vincent Intrieri and David Yim (incorporated by reference to Exhibit 10.2 to Icahn Enterprises' Form 8-K (SEC File No. 1-9516), filed on August 9, 2011).
|
|
10.27
|
|
Amended and Restated Co- Manager Agreement, dated July 24, 2012, among Icahn Enterprises L.P., Icahn Capital LP and Brett Icahn (incorporated by reference to Exhibit 10.1 to Icahn Enterprises' Form 8-K (SEC File No. 1-9516), filed on July 27, 2012).
|
10.28
|
|
Amended and Restated Co- Manager Agreement, dated July 24, 2012, among Icahn Enterprises L.P., Icahn Capital LP and David Schechter (incorporated by reference to Exhibit 10.2 to Icahn Enterprises' Form 8-K (SEC File No. 1-9516), filed on July 27, 2012).
|
10.29
|
|
Amended and Restated Co- Manager Agreement, dated October 22, 2013, among Icahn Enterprises, Icahn Capital LP and each of Brett Icahn and David Schechter (incorporated by reference to Exhibit 10.1 to Icahn Enterprises' Form 8-K (SEC File No. 1-9516), filed on October 22, 2013).
|
10.30
|
Non-Competition Agreement by and between Icahn Enterprises and Carl C. Icahn (incorporated by reference to Exhibit 10.3 to Icahn Enterprises' Form 10-Q for the quarter ended June 30, 2007 (SEC File No. 1-9516), filed on August 9, 2007).
|
|
10.31
|
Carl C. Icahn Amendment Agreement (incorporated by reference to Exhibit 10.1 to Icahn Enterprises' Form 8-K (SEC File No. 1-9516), filed on January 7, 2008).
|
|
10.32
|
Employment Agreement by and among Icahn Enterprises, Icahn Capital Management LP and Carl C. Icahn (incorporated by reference to Exhibit 10.2 to Icahn Enterprises' Form 10-Q for the quarter ended June 30, 2007 (SEC File No. 1-9516), filed on August 9, 2007).
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10.33
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Employment Agreement of Daniel A. Ninivaggi, dated as of October 25, 2012 (incorporated by reference to Exhibit 10.1 to Icahn Enterprises' Form 8-K (SEC File No. 1-9516), filed on October 29, 2012).
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10.34
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Employment Agreement of Daniel A. Ninivaggi, dated as of February 1, 2013 (incorporated by reference to Exhibit 10.1 to Icahn Enterprises' Form 8-K (SEC File No. 1-9516), filed on February 6, 2013).
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10.35
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Employment Agreement of Daniel A. Ninivaggi, dated as of November 8, 2013 (incorporated by reference to Exhibit 10.1 to Icahn Enterprises' Form 8-K (SEC File No. 1-9516), filed on November 15, 2013).
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12.1
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Ratio of earnings to fixed charges (Icahn Enterprises).
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12.2
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Ratio of earnings to fixed charges (Icahn Enterprises Holdings).
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14.1
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Code of Business Conduct and Ethics (incorporated by reference to Exhibit 14.1 to Icahn Enterprises' Form 10-Q for the quarter ended September 30, 2012 (SEC File No. 1-9516), filed on November 7, 2012).
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18.1
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Preferability letter received from Grant Thornton LLP, dated November 7, 2007 (incorporated by reference to Exhibit 18.1 to Icahn Enterprises' Form 10-Q for the quarter ended September 30, 2007 (SEC File No. 1-9516), filed on November 9, 2007).
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21.1
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Subsidiaries of the Registrant.
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23.1
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Consent of Grant Thornton LLP.
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23.2
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Consent of KPMG LLP.
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31.1
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Certification of Chief Executive Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002 and Rule 13a-14(a) of the Securities Exchange Act of 1934.
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31.2
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Certification of Chief Financial Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002 and Rule 13a-14(a) of the Securities Exchange Act of 1934.
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31.3
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Certification of Chief Executive Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002 and Rule 13a-14(a) of the Securities Exchange Act of 1934.
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31.4
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Certification of Chief Financial Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002 and Rule 13a-14(a) of the Securities Exchange Act of 1934.
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32.1
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Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350) and Rule 13a-14(b) of the Securities Exchange Act of 1934.
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32.2
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Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350) and Rule 13a-14(b) of the Securities Exchange Act of 1934.
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32.3
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Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350) and Rule 13a-14(b) of the Securities Exchange Act of 1934.
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32.4
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Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350) and Rule 13a-14(b) of the Securities Exchange Act of 1934.
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Exhibit 101(1)
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The following financial information from Icahn Enterprises' and Icahn Enterprises Holdings' Annual Report on Form 10-K for the year ended December 31, 2014, formatted in XBRL (Extensible Business Reporting Language) includes: (i) the Consolidated Balance Sheets as of December 31, 2014 and 2013, (ii) the Consolidated Statements of Operations for the years ended December 31, 2014, 2013 and 2012, (iii) the Consolidated Statements of Comprehensive Income for the years ended December 31, 2014, 2013 and 2012,(iv) the Consolidated Statement of Changes in Equity for the years ended December 31, 2014, 2013 and 2012, (v) the Consolidated Statements of Cash Flows for the years ended December 31, 2014, 2013 and 2012 and (vi) the Notes to the Consolidated Financial Statements.
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(1)
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Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, or deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.
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