(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.)
|
1-9516
|
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
|
|
|
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 I. FINANCIAL INFORMATION
|
|
|
|
|
|
PART II. OTHER INFORMATION
|
|
|
June 30,
|
|
December 31,
|
||||
|
2016
|
|
2015
|
||||
ASSETS
|
(Unaudited)
|
|
|
||||
Cash and cash equivalents
|
$
|
1,920
|
|
|
$
|
2,078
|
|
Cash held at consolidated affiliated partnerships and restricted cash
|
694
|
|
|
1,282
|
|
||
Investments
|
9,875
|
|
|
15,351
|
|
||
Accounts receivable, net
|
1,796
|
|
|
1,685
|
|
||
Inventories, net
|
2,861
|
|
|
2,259
|
|
||
Property, plant and equipment, net
|
11,442
|
|
|
9,535
|
|
||
Goodwill
|
1,188
|
|
|
1,504
|
|
||
Intangible assets, net
|
1,138
|
|
|
1,108
|
|
||
Other assets
|
1,636
|
|
|
1,601
|
|
||
Total Assets
|
$
|
32,550
|
|
|
$
|
36,403
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
Accounts payable
|
$
|
1,763
|
|
|
$
|
1,416
|
|
Accrued expenses and other liabilities
|
2,578
|
|
|
1,828
|
|
||
Deferred tax liability
|
1,677
|
|
|
1,197
|
|
||
Securities sold, not yet purchased, at fair value
|
1,306
|
|
|
794
|
|
||
Due to brokers
|
2,447
|
|
|
7,317
|
|
||
Post-employment benefit liability
|
1,212
|
|
|
1,224
|
|
||
Debt
|
12,969
|
|
|
12,594
|
|
||
Total liabilities
|
23,952
|
|
|
26,370
|
|
||
|
|
|
|
||||
Commitments and contingencies (Note 17)
|
|
|
|
||||
|
|
|
|
||||
Equity:
|
|
|
|
||||
Limited partners: Depositary units: 138,107,588 units issued and outstanding at June 30, 2016 and 131,481,059 units issued and outstanding at December 31, 2015
|
2,812
|
|
|
4,244
|
|
||
General partner
|
(286
|
)
|
|
(257
|
)
|
||
Equity attributable to Icahn Enterprises
|
2,526
|
|
|
3,987
|
|
||
Equity attributable to non-controlling interests
|
6,072
|
|
|
6,046
|
|
||
Total equity
|
8,598
|
|
|
10,033
|
|
||
Total Liabilities and Equity
|
$
|
32,550
|
|
|
$
|
36,403
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Revenues:
|
(Unaudited)
|
||||||||||||||
Net sales
|
$
|
4,094
|
|
|
$
|
3,979
|
|
|
$
|
7,642
|
|
|
$
|
7,544
|
|
Other revenues from operations
|
523
|
|
|
347
|
|
|
969
|
|
|
676
|
|
||||
Net (loss) gain from investment activities
|
(308
|
)
|
|
592
|
|
|
(1,244
|
)
|
|
1,183
|
|
||||
Interest and dividend income
|
28
|
|
|
47
|
|
|
70
|
|
|
100
|
|
||||
Other income (loss), net
|
13
|
|
|
19
|
|
|
40
|
|
|
(8
|
)
|
||||
|
4,350
|
|
|
4,984
|
|
|
7,477
|
|
|
9,495
|
|
||||
Expenses:
|
|
|
|
|
|
|
|
||||||||
Cost of goods sold
|
3,448
|
|
|
3,324
|
|
|
6,571
|
|
|
6,449
|
|
||||
Other expenses from operations
|
314
|
|
|
161
|
|
|
560
|
|
|
316
|
|
||||
Selling, general and administrative
|
615
|
|
|
528
|
|
|
1,133
|
|
|
1,005
|
|
||||
Restructuring
|
6
|
|
|
27
|
|
|
21
|
|
|
39
|
|
||||
Impairment
|
—
|
|
|
3
|
|
|
577
|
|
|
4
|
|
||||
Interest expense
|
202
|
|
|
287
|
|
|
443
|
|
|
557
|
|
||||
|
4,585
|
|
|
4,330
|
|
|
9,305
|
|
|
8,370
|
|
||||
(Loss) income before income tax expense
|
(235
|
)
|
|
654
|
|
|
(1,828
|
)
|
|
1,125
|
|
||||
Income tax expense
|
(50
|
)
|
|
(113
|
)
|
|
(66
|
)
|
|
(162
|
)
|
||||
Net (loss) income
|
(285
|
)
|
|
541
|
|
|
(1,894
|
)
|
|
963
|
|
||||
Less: net loss (income) attributable to non-controlling interests
|
216
|
|
|
(329
|
)
|
|
988
|
|
|
(590
|
)
|
||||
Net (loss) income attributable to Icahn Enterprises
|
$
|
(69
|
)
|
|
$
|
212
|
|
|
$
|
(906
|
)
|
|
$
|
373
|
|
|
|
|
|
|
|
|
|
||||||||
Net (loss) income attributable to Icahn Enterprises allocable to:
|
|
|
|
|
|
|
|
||||||||
Limited partners
|
$
|
(68
|
)
|
|
$
|
208
|
|
|
$
|
(888
|
)
|
|
$
|
366
|
|
General partner
|
(1
|
)
|
|
4
|
|
|
(18
|
)
|
|
7
|
|
||||
|
$
|
(69
|
)
|
|
$
|
212
|
|
|
$
|
(906
|
)
|
|
$
|
373
|
|
|
|
|
|
|
|
|
|
||||||||
Basic and diluted (loss) income per LP unit
|
$
|
(0.50
|
)
|
|
$
|
1.68
|
|
|
$
|
(6.68
|
)
|
|
$
|
2.95
|
|
Basic and diluted weighted average LP units outstanding
|
135
|
|
|
124
|
|
|
133
|
|
|
124
|
|
||||
Cash distributions declared per LP unit
|
$
|
1.50
|
|
|
$
|
1.50
|
|
|
$
|
3.00
|
|
|
$
|
3.00
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(Unaudited)
|
||||||||||||||
Net (loss) income
|
$
|
(285
|
)
|
|
$
|
541
|
|
|
$
|
(1,894
|
)
|
|
$
|
963
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
||||||||
Post-employment benefits
|
4
|
|
|
2
|
|
|
10
|
|
|
24
|
|
||||
Hedge instruments
|
1
|
|
|
(2
|
)
|
|
1
|
|
|
(1
|
)
|
||||
Translation adjustments and other
|
(60
|
)
|
|
25
|
|
|
(13
|
)
|
|
(103
|
)
|
||||
Other comprehensive (loss) income, net of tax
|
(55
|
)
|
|
25
|
|
|
(2
|
)
|
|
(80
|
)
|
||||
Comprehensive (loss) income
|
(340
|
)
|
|
566
|
|
|
(1,896
|
)
|
|
883
|
|
||||
Less: Comprehensive loss (income) attributable to non-controlling interests
|
224
|
|
|
(333
|
)
|
|
984
|
|
|
(572
|
)
|
||||
Comprehensive income (loss) attributable to Icahn Enterprises
|
$
|
(116
|
)
|
|
$
|
233
|
|
|
$
|
(912
|
)
|
|
$
|
311
|
|
|
|
|
|
|
|
|
|
||||||||
Comprehensive (loss) income attributable to Icahn Enterprises allocable to:
|
|
|
|
|
|
|
|
||||||||
Limited partners
|
$
|
(114
|
)
|
|
$
|
229
|
|
|
$
|
(894
|
)
|
|
$
|
305
|
|
General partner
|
(2
|
)
|
|
4
|
|
|
(18
|
)
|
|
6
|
|
||||
|
$
|
(116
|
)
|
|
$
|
233
|
|
|
$
|
(912
|
)
|
|
$
|
311
|
|
|
Equity Attributable to Icahn Enterprises
|
|
|
|
|
||||||||||||||
|
General Partner's (Deficit) Equity
|
|
Limited Partners' Equity
|
|
Total Partners' Equity
|
|
Non-controlling Interests
|
|
Total Equity
|
||||||||||
Balance, December 31, 2015
|
$
|
(257
|
)
|
|
$
|
4,244
|
|
|
$
|
3,987
|
|
|
$
|
6,046
|
|
|
$
|
10,033
|
|
Net loss
|
(18
|
)
|
|
(888
|
)
|
|
(906
|
)
|
|
(988
|
)
|
|
(1,894
|
)
|
|||||
Other comprehensive income
|
—
|
|
|
(6
|
)
|
|
(6
|
)
|
|
4
|
|
|
(2
|
)
|
|||||
Partnership distributions
|
(1
|
)
|
|
(53
|
)
|
|
(54
|
)
|
|
—
|
|
|
(54
|
)
|
|||||
Partnership contribution
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|||||
Investment segment contributions
|
—
|
|
|
—
|
|
|
—
|
|
|
490
|
|
|
490
|
|
|||||
Dividends and distributions to non-controlling interests in subsidiaries
|
—
|
|
|
—
|
|
|
—
|
|
|
(51
|
)
|
|
(51
|
)
|
|||||
Acquisitions
|
(11
|
)
|
|
(519
|
)
|
|
(530
|
)
|
|
590
|
|
|
60
|
|
|||||
LP unit issuance
|
—
|
|
|
35
|
|
|
35
|
|
|
—
|
|
|
35
|
|
|||||
Changes in subsidiary equity and other
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|
(19
|
)
|
|
(20
|
)
|
|||||
Balance, June 30, 2016
|
$
|
(286
|
)
|
|
$
|
2,812
|
|
|
$
|
2,526
|
|
|
$
|
6,072
|
|
|
$
|
8,598
|
|
|
Equity Attributable to Icahn Enterprises
|
|
|
|
|
||||||||||||||
|
General Partner's (Deficit) Equity
|
|
Limited Partners' Equity
|
|
Total Partners' Equity
|
|
Non-controlling Interests
|
|
Total Equity
|
||||||||||
Balance, December 31, 2014
|
$
|
(229
|
)
|
|
$
|
5,672
|
|
|
$
|
5,443
|
|
|
$
|
6,947
|
|
|
$
|
12,390
|
|
Net income
|
7
|
|
|
366
|
|
|
373
|
|
|
590
|
|
|
963
|
|
|||||
Other comprehensive loss
|
(1
|
)
|
|
(61
|
)
|
|
(62
|
)
|
|
(18
|
)
|
|
(80
|
)
|
|||||
Partnership distributions
|
(1
|
)
|
|
(57
|
)
|
|
(58
|
)
|
|
—
|
|
|
(58
|
)
|
|||||
Investment segment contributions
|
—
|
|
|
—
|
|
|
—
|
|
|
245
|
|
|
245
|
|
|||||
Dividends and distributions to non-controlling interests in subsidiaries
|
—
|
|
|
—
|
|
|
—
|
|
|
(115
|
)
|
|
(115
|
)
|
|||||
Proceeds from subsidiary equity offering
|
—
|
|
|
—
|
|
|
—
|
|
|
31
|
|
|
31
|
|
|||||
Acquisitions
|
—
|
|
|
—
|
|
|
—
|
|
|
65
|
|
|
65
|
|
|||||
Changes in subsidiary equity and other
|
—
|
|
|
(9
|
)
|
|
(9
|
)
|
|
10
|
|
|
1
|
|
|||||
Balance, June 30, 2015
|
$
|
(224
|
)
|
|
$
|
5,911
|
|
|
$
|
5,687
|
|
|
$
|
7,755
|
|
|
$
|
13,442
|
|
|
Six Months Ended June 30,
|
||||||
|
2016
|
|
2015
|
||||
|
(Unaudited)
|
||||||
Cash flows from operating activities:
|
|
|
|
||||
Net (loss) income
|
$
|
(1,894
|
)
|
|
$
|
963
|
|
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
|
|
|
|
||||
Net loss (gain) from securities transactions
|
627
|
|
|
(1,020
|
)
|
||
Purchases of securities
|
(1,211
|
)
|
|
(542
|
)
|
||
Proceeds from sales of securities
|
5,880
|
|
|
1,515
|
|
||
Purchases to cover securities sold, not yet purchased
|
(42
|
)
|
|
(186
|
)
|
||
Proceeds from securities sold, not yet purchased
|
475
|
|
|
895
|
|
||
Changes in receivables and payables relating to securities transactions
|
(5,046
|
)
|
|
(1,463
|
)
|
||
Depreciation and amortization
|
489
|
|
|
419
|
|
||
Impairment
|
577
|
|
|
4
|
|
||
Equity earnings from non-consolidated affiliates
|
(36
|
)
|
|
(32
|
)
|
||
Deferred taxes
|
4
|
|
|
75
|
|
||
Other, net
|
63
|
|
|
(14
|
)
|
||
Changes in cash held at consolidated affiliated partnerships and restricted cash
|
589
|
|
|
(322
|
)
|
||
Changes in other operating assets and liabilities
|
517
|
|
|
(139
|
)
|
||
Net cash provided by operating activities
|
992
|
|
|
153
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Capital expenditures
|
(421
|
)
|
|
(729
|
)
|
||
Acquisition of businesses, net of cash acquired
|
(1,042
|
)
|
|
(786
|
)
|
||
Purchases of investments
|
(75
|
)
|
|
(107
|
)
|
||
Proceeds from sale of investments
|
46
|
|
|
68
|
|
||
Other, net
|
10
|
|
|
61
|
|
||
Net cash used in investing activities
|
(1,482
|
)
|
|
(1,493
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Capital contributions by non-controlling interests
|
490
|
|
|
245
|
|
||
Partnership distributions
|
(54
|
)
|
|
(58
|
)
|
||
Proceeds from offering of subsidiary equity
|
—
|
|
|
31
|
|
||
Dividends and distributions to non-controlling interests in subsidiaries
|
(51
|
)
|
|
(115
|
)
|
||
Proceeds from other borrowings
|
1,368
|
|
|
1,122
|
|
||
Repayments of other borrowings
|
(1,399
|
)
|
|
(643
|
)
|
||
Other, net
|
(16
|
)
|
|
(15
|
)
|
||
Net cash provided by financing activities
|
338
|
|
|
567
|
|
||
Effect of exchange rate changes on cash and cash equivalents
|
(18
|
)
|
|
15
|
|
||
Net change in cash of assets held for sale
|
12
|
|
|
—
|
|
||
Net decrease in cash and cash equivalents
|
(158
|
)
|
|
(758
|
)
|
||
Cash and cash equivalents, beginning of period
|
2,078
|
|
|
2,912
|
|
||
Cash and cash equivalents, end of period
|
$
|
1,920
|
|
|
$
|
2,154
|
|
|
|
|
|
Supplemental information:
|
|
|
|
||||
Cash payments for interest, net of amounts capitalized
|
$
|
318
|
|
|
$
|
312
|
|
Net cash payments (refunds) for income taxes
|
$
|
52
|
|
|
$
|
(14
|
)
|
Investment in Pep Boys prior to acquiring a controlling interest
|
$
|
160
|
|
|
$
|
—
|
|
Investment in Trump prior to acquiring a controlling interest
|
$
|
126
|
|
|
$
|
—
|
|
LP unit issuance for remaining 25% interest in ARL
|
$
|
35
|
|
|
$
|
—
|
|
Subsidiary common unit issuance for acquisition of CVR Nitrogen
|
$
|
336
|
|
|
$
|
—
|
|
Investment in Ferrous Resources prior to acquiring a controlling interest
|
$
|
—
|
|
|
$
|
36
|
|
Changes in liabilities from non-cash acquisitions of property, plant and equipment
|
$
|
18
|
|
|
$
|
26
|
|
|
June 30,
|
|
December 31,
|
||||
|
2016
|
|
2015
|
||||
ASSETS
|
(Unaudited)
|
|
|
||||
Cash and cash equivalents
|
$
|
1,920
|
|
|
$
|
2,078
|
|
Cash held at consolidated affiliated partnerships and restricted cash
|
694
|
|
|
1,282
|
|
||
Investments
|
9,875
|
|
|
15,351
|
|
||
Accounts receivable, net
|
1,796
|
|
|
1,685
|
|
||
Inventories, net
|
2,861
|
|
|
2,259
|
|
||
Property, plant and equipment, net
|
11,442
|
|
|
9,535
|
|
||
Goodwill
|
1,188
|
|
|
1,504
|
|
||
Intangible assets, net
|
1,138
|
|
|
1,108
|
|
||
Other assets
|
1,661
|
|
|
1,625
|
|
||
Total Assets
|
$
|
32,575
|
|
|
$
|
36,427
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
Accounts payable
|
$
|
1,763
|
|
|
$
|
1,416
|
|
Accrued expenses and other liabilities
|
2,578
|
|
|
1,828
|
|
||
Deferred tax liability
|
1,677
|
|
|
1,197
|
|
||
Securities sold, not yet purchased, at fair value
|
1,306
|
|
|
794
|
|
||
Due to brokers
|
2,447
|
|
|
7,317
|
|
||
Post-employment benefit liability
|
1,212
|
|
|
1,224
|
|
||
Debt
|
12,969
|
|
|
12,594
|
|
||
Total liabilities
|
23,952
|
|
|
26,370
|
|
||
|
|
|
|
||||
Commitments and contingencies (Note 17)
|
|
|
|
||||
|
|
|
|
||||
Equity:
|
|
|
|
||||
Limited partner
|
2,864
|
|
|
4,310
|
|
||
General partner
|
(313
|
)
|
|
(299
|
)
|
||
Equity attributable to Icahn Enterprises Holdings
|
2,551
|
|
|
4,011
|
|
||
Equity attributable to non-controlling interests
|
6,072
|
|
|
6,046
|
|
||
Total equity
|
8,623
|
|
|
10,057
|
|
||
Total Liabilities and Equity
|
$
|
32,575
|
|
|
$
|
36,427
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Revenues:
|
(Unaudited)
|
||||||||||||||
Net sales
|
$
|
4,094
|
|
|
$
|
3,979
|
|
|
$
|
7,642
|
|
|
$
|
7,544
|
|
Other revenues from operations
|
523
|
|
|
347
|
|
|
969
|
|
|
676
|
|
||||
Net (loss) gain from investment activities
|
(308
|
)
|
|
592
|
|
|
(1,244
|
)
|
|
1,183
|
|
||||
Interest and dividend income
|
28
|
|
|
47
|
|
|
70
|
|
|
100
|
|
||||
Other income (loss), net
|
13
|
|
|
19
|
|
|
40
|
|
|
(8
|
)
|
||||
|
4,350
|
|
|
4,984
|
|
|
7,477
|
|
|
9,495
|
|
||||
Expenses:
|
|
|
|
|
|
|
|
||||||||
Cost of goods sold
|
3,448
|
|
|
3,324
|
|
|
6,571
|
|
|
6,449
|
|
||||
Other expenses from operations
|
314
|
|
|
161
|
|
|
560
|
|
|
316
|
|
||||
Selling, general and administrative
|
615
|
|
|
528
|
|
|
1,133
|
|
|
1,005
|
|
||||
Restructuring
|
6
|
|
|
27
|
|
|
21
|
|
|
39
|
|
||||
Impairment
|
—
|
|
|
3
|
|
|
577
|
|
|
4
|
|
||||
Interest expense
|
201
|
|
|
286
|
|
|
442
|
|
|
556
|
|
||||
|
4,584
|
|
|
4,329
|
|
|
9,304
|
|
|
8,369
|
|
||||
(Loss) income before income tax expense
|
(234
|
)
|
|
655
|
|
|
(1,827
|
)
|
|
1,126
|
|
||||
Income tax expense
|
(50
|
)
|
|
(113
|
)
|
|
(66
|
)
|
|
(162
|
)
|
||||
Net (loss) income
|
(284
|
)
|
|
542
|
|
|
(1,893
|
)
|
|
964
|
|
||||
Less: net loss (income) attributable to non-controlling interests
|
216
|
|
|
(329
|
)
|
|
988
|
|
|
(590
|
)
|
||||
Net (loss) income attributable to Icahn Enterprises Holdings
|
$
|
(68
|
)
|
|
$
|
213
|
|
|
$
|
(905
|
)
|
|
$
|
374
|
|
|
|
|
|
|
|
|
|
||||||||
Net (loss) income attributable to Icahn Enterprises Holdings allocable to:
|
|
|
|
|
|
|
|
||||||||
Limited partner
|
$
|
(67
|
)
|
|
$
|
211
|
|
|
$
|
(896
|
)
|
|
$
|
370
|
|
General partner
|
(1
|
)
|
|
2
|
|
|
(9
|
)
|
|
4
|
|
||||
|
$
|
(68
|
)
|
|
$
|
213
|
|
|
$
|
(905
|
)
|
|
$
|
374
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(Unaudited)
|
||||||||||||||
Net (loss) income
|
$
|
(284
|
)
|
|
$
|
542
|
|
|
$
|
(1,893
|
)
|
|
$
|
964
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
||||||||
Post-employment benefits
|
4
|
|
|
2
|
|
|
10
|
|
|
24
|
|
||||
Hedge instruments
|
1
|
|
|
(2
|
)
|
|
1
|
|
|
(1
|
)
|
||||
Translation adjustments and other
|
(60
|
)
|
|
25
|
|
|
(13
|
)
|
|
(103
|
)
|
||||
Other comprehensive (loss) income, net of tax
|
(55
|
)
|
|
25
|
|
|
(2
|
)
|
|
(80
|
)
|
||||
Comprehensive (loss) income
|
(339
|
)
|
|
567
|
|
|
(1,895
|
)
|
|
884
|
|
||||
Less: Comprehensive loss (income) attributable to non-controlling interests
|
224
|
|
|
(333
|
)
|
|
984
|
|
|
(572
|
)
|
||||
Comprehensive income (loss) attributable to Icahn Enterprises Holdings
|
$
|
(115
|
)
|
|
$
|
234
|
|
|
$
|
(911
|
)
|
|
$
|
312
|
|
|
|
|
|
|
|
|
|
||||||||
Comprehensive (loss) income attributable to Icahn Enterprises Holdings allocable to:
|
|
|
|
|
|
|
|
||||||||
Limited partner
|
$
|
(114
|
)
|
|
$
|
232
|
|
|
$
|
(902
|
)
|
|
$
|
309
|
|
General partner
|
(1
|
)
|
|
2
|
|
|
(9
|
)
|
|
3
|
|
||||
|
$
|
(115
|
)
|
|
$
|
234
|
|
|
$
|
(911
|
)
|
|
$
|
312
|
|
|
Equity Attributable to Icahn Enterprises Holdings
|
|
|
|
|
||||||||||||||
|
General Partner's Equity (Deficit)
|
|
Limited
Partner's Equity
|
|
Total Partners' Equity
|
|
Non-controlling Interests
|
|
Total Equity
|
||||||||||
Balance, December 31, 2015
|
$
|
(299
|
)
|
|
$
|
4,310
|
|
|
$
|
4,011
|
|
|
$
|
6,046
|
|
|
$
|
10,057
|
|
Net loss
|
(9
|
)
|
|
(896
|
)
|
|
(905
|
)
|
|
(988
|
)
|
|
(1,893
|
)
|
|||||
Other comprehensive income
|
—
|
|
|
(6
|
)
|
|
(6
|
)
|
|
4
|
|
|
(2
|
)
|
|||||
Partnership distributions
|
(1
|
)
|
|
(53
|
)
|
|
(54
|
)
|
|
—
|
|
|
(54
|
)
|
|||||
Partnership contribution
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|||||
Investment segment contributions
|
—
|
|
|
—
|
|
|
—
|
|
|
490
|
|
|
490
|
|
|||||
Dividends and distributions to non-controlling interests in subsidiaries
|
—
|
|
|
—
|
|
|
—
|
|
|
(51
|
)
|
|
(51
|
)
|
|||||
Acquisitions
|
(5
|
)
|
|
(525
|
)
|
|
(530
|
)
|
|
590
|
|
|
60
|
|
|||||
LP unit issuance
|
—
|
|
|
35
|
|
|
35
|
|
|
—
|
|
|
35
|
|
|||||
Changes in subsidiary equity and other
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|
(19
|
)
|
|
(20
|
)
|
|||||
Balance, June 30, 2016
|
$
|
(313
|
)
|
|
$
|
2,864
|
|
|
$
|
2,551
|
|
|
$
|
6,072
|
|
|
$
|
8,623
|
|
|
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, 2014
|
$
|
(285
|
)
|
|
$
|
5,751
|
|
|
$
|
5,466
|
|
|
$
|
6,947
|
|
|
$
|
12,413
|
|
Net income
|
4
|
|
|
370
|
|
|
374
|
|
|
590
|
|
|
964
|
|
|||||
Other comprehensive loss
|
(1
|
)
|
|
(61
|
)
|
|
(62
|
)
|
|
(18
|
)
|
|
(80
|
)
|
|||||
Partnership distributions
|
(1
|
)
|
|
(57
|
)
|
|
(58
|
)
|
|
—
|
|
|
(58
|
)
|
|||||
Investment segment contributions
|
—
|
|
|
—
|
|
|
—
|
|
|
245
|
|
|
245
|
|
|||||
Dividends and distributions to non-controlling interests in subsidiaries
|
—
|
|
|
—
|
|
|
—
|
|
|
(115
|
)
|
|
(115
|
)
|
|||||
Proceeds from subsidiary equity offering
|
—
|
|
|
—
|
|
|
—
|
|
|
31
|
|
|
31
|
|
|||||
Acquisitions
|
—
|
|
|
—
|
|
|
—
|
|
|
65
|
|
|
65
|
|
|||||
Changes in subsidiary equity and other
|
—
|
|
|
(9
|
)
|
|
(9
|
)
|
|
10
|
|
|
1
|
|
|||||
Balance, June 30, 2015
|
$
|
(283
|
)
|
|
$
|
5,994
|
|
|
$
|
5,711
|
|
|
$
|
7,755
|
|
|
$
|
13,466
|
|
|
Six Months Ended June 30,
|
||||||
|
2016
|
|
2015
|
||||
|
(Unaudited)
|
||||||
Cash flows from operating activities:
|
|
|
|
||||
Net (loss) income
|
$
|
(1,893
|
)
|
|
$
|
964
|
|
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
|
|
|
|
||||
Net loss (gain) from securities transactions
|
627
|
|
|
(1,020
|
)
|
||
Purchases of securities
|
(1,211
|
)
|
|
(542
|
)
|
||
Proceeds from sales of securities
|
5,880
|
|
|
1,515
|
|
||
Purchases to cover securities sold, not yet purchased
|
(42
|
)
|
|
(186
|
)
|
||
Proceeds from securities sold, not yet purchased
|
475
|
|
|
895
|
|
||
Changes in receivables and payables relating to securities transactions
|
(5,046
|
)
|
|
(1,463
|
)
|
||
Depreciation and amortization
|
488
|
|
|
418
|
|
||
Impairment
|
577
|
|
|
4
|
|
||
Equity earnings from non-consolidated affiliates
|
(36
|
)
|
|
(32
|
)
|
||
Deferred taxes
|
4
|
|
|
75
|
|
||
Other, net
|
63
|
|
|
(14
|
)
|
||
Changes in cash held at consolidated affiliated partnerships and restricted cash
|
589
|
|
|
(322
|
)
|
||
Changes in other operating assets and liabilities
|
517
|
|
|
(139
|
)
|
||
Net cash provided by operating activities
|
992
|
|
|
153
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Capital expenditures
|
(421
|
)
|
|
(729
|
)
|
||
Acquisition of businesses, net of cash acquired
|
(1,042
|
)
|
|
(786
|
)
|
||
Purchases of investments
|
(75
|
)
|
|
(107
|
)
|
||
Proceeds from sale of investments
|
46
|
|
|
68
|
|
||
Other, net
|
10
|
|
|
61
|
|
||
Net cash used in investing activities
|
(1,482
|
)
|
|
(1,493
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Capital contribution by non-controlling interests
|
490
|
|
|
245
|
|
||
Partnership distributions
|
(54
|
)
|
|
(58
|
)
|
||
Proceeds from offering of subsidiary equity
|
—
|
|
|
31
|
|
||
Distributions to non-controlling interests in subsidiaries
|
(51
|
)
|
|
(115
|
)
|
||
Proceeds from other borrowings
|
1,368
|
|
|
1,122
|
|
||
Repayments of other borrowings
|
(1,399
|
)
|
|
(643
|
)
|
||
Other, net
|
(16
|
)
|
|
(15
|
)
|
||
Net cash provided by financing activities
|
338
|
|
|
567
|
|
||
Effect of exchange rate changes on cash and cash equivalents
|
(18
|
)
|
|
15
|
|
||
Net change in cash of assets held for sale
|
12
|
|
|
—
|
|
||
Net decrease in cash and cash equivalents
|
(158
|
)
|
|
(758
|
)
|
||
Cash and cash equivalents, beginning of period
|
2,078
|
|
|
2,912
|
|
||
Cash and cash equivalents, end of period
|
$
|
1,920
|
|
|
$
|
2,154
|
|
|
|
|
|
Supplemental information:
|
|
|
|
||||
Cash payments for interest, net of amounts capitalized
|
$
|
318
|
|
|
$
|
312
|
|
Net cash payments (refunds) for income taxes
|
$
|
52
|
|
|
$
|
(14
|
)
|
Investment in Pep Boys prior to acquiring a controlling interest
|
$
|
160
|
|
|
$
|
—
|
|
Investment in Trump prior to acquiring a controlling interest
|
$
|
126
|
|
|
$
|
—
|
|
LP unit issuance for remaining 25% interest in ARL
|
$
|
35
|
|
|
$
|
—
|
|
Subsidiary common unit issuance for acquisition of CVR Nitrogen
|
$
|
336
|
|
|
$
|
—
|
|
Investment in Ferrous Resources prior to acquiring a controlling interest
|
$
|
—
|
|
|
$
|
36
|
|
Changes in liabilities from non-cash acquisitions of property, plant and equipment
|
$
|
18
|
|
|
$
|
26
|
|
1
.
|
Description of Business and Basis of Presentation
.
|
|
June 30, 2016
|
|
December 31, 2015
|
||||
|
(in millions)
|
||||||
Cash and cash equivalents
|
$
|
236
|
|
|
$
|
237
|
|
Property, plant and equipment, net
|
3,408
|
|
|
2,674
|
|
||
Inventories
|
325
|
|
|
290
|
|
||
Goodwill
|
—
|
|
|
574
|
|
||
Intangible assets, net
|
328
|
|
|
337
|
|
||
Other assets
|
94
|
|
|
102
|
|
||
Accounts payable, accrued expenses and other liabilities
|
364
|
|
|
333
|
|
||
Debt
|
1,167
|
|
|
667
|
|
2
.
|
Operating Units
.
|
3
.
|
Related Party Transactions
.
|
4
.
|
Investments and Related Matters
.
|
|
June 30, 2016
|
|
December 31, 2015
|
||||
Assets
|
(in millions)
|
||||||
Investments:
|
|
|
|
||||
Equity securities:
|
|
|
|
||||
Basic materials
|
$
|
927
|
|
|
$
|
563
|
|
Communications
|
187
|
|
|
407
|
|
||
Consumer, non-cyclical
|
3,010
|
|
|
3,684
|
|
||
Consumer, cyclical
|
152
|
|
|
115
|
|
||
Diversified
|
17
|
|
|
17
|
|
||
Energy
|
1,447
|
|
|
1,461
|
|
||
Financial
|
1,931
|
|
|
2,094
|
|
||
Industrial
|
256
|
|
|
188
|
|
||
Technology
|
1,022
|
|
|
5,795
|
|
||
|
8,949
|
|
|
14,324
|
|
||
Corporate debt:
|
|
|
|
||||
Consumer, non-cyclical
|
98
|
|
|
—
|
|
||
Consumer, cyclical
|
152
|
|
|
55
|
|
||
Financial
|
4
|
|
|
4
|
|
||
Sovereign debt
|
—
|
|
|
13
|
|
||
Utilities
|
14
|
|
|
—
|
|
||
|
268
|
|
|
72
|
|
||
Mortgage-backed securities:
|
|
|
|
||||
Financial
|
—
|
|
|
157
|
|
||
|
$
|
9,217
|
|
|
$
|
14,553
|
|
Liabilities
|
|
|
|
||||
Securities sold, not yet purchased, at fair value:
|
|
|
|
||||
Equity securities:
|
|
|
|
||||
Consumer, non-cyclical
|
$
|
4
|
|
|
$
|
794
|
|
Consumer, cyclical
|
848
|
|
|
—
|
|
||
Energy
|
136
|
|
|
—
|
|
||
Financial
|
158
|
|
|
—
|
|
||
Industrial
|
105
|
|
|
—
|
|
||
|
1,251
|
|
|
794
|
|
||
Debt securities:
|
|
|
|
||||
Consumer, cyclical
|
55
|
|
|
—
|
|
||
|
$
|
1,306
|
|
|
$
|
794
|
|
|
June 30, 2016
|
|
December 31, 2015
|
||||
|
(in millions)
|
||||||
Equity method investments
|
$
|
293
|
|
|
$
|
323
|
|
Other investments
|
365
|
|
|
475
|
|
||
|
$
|
658
|
|
|
$
|
798
|
|
5
.
|
Fair Value Measurements
.
|
|
June 30, 2016
|
|
December 31, 2015
|
||||||||||||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||||||||
Assets
|
(in millions)
|
||||||||||||||||||||||||||||||
Investments (Note 4)
|
$
|
8,956
|
|
|
$
|
382
|
|
|
$
|
244
|
|
|
$
|
9,582
|
|
|
$
|
14,447
|
|
|
$
|
289
|
|
|
$
|
292
|
|
|
$
|
15,028
|
|
Derivative contracts, at fair value
(1)
|
—
|
|
|
19
|
|
|
—
|
|
|
19
|
|
|
—
|
|
|
259
|
|
|
—
|
|
|
259
|
|
||||||||
|
$
|
8,956
|
|
|
$
|
401
|
|
|
$
|
244
|
|
|
$
|
9,601
|
|
|
$
|
14,447
|
|
|
$
|
548
|
|
|
$
|
292
|
|
|
$
|
15,287
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Securities sold, not yet purchased (Note 4)
|
$
|
1,251
|
|
|
$
|
55
|
|
|
$
|
—
|
|
|
$
|
1,306
|
|
|
$
|
794
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
794
|
|
Other liabilities
|
—
|
|
|
21
|
|
|
—
|
|
|
21
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
||||||||
Derivative contracts, at fair value
(2)
|
—
|
|
|
448
|
|
|
—
|
|
|
448
|
|
|
—
|
|
|
36
|
|
|
—
|
|
|
36
|
|
||||||||
|
$
|
1,251
|
|
|
$
|
524
|
|
|
$
|
—
|
|
|
$
|
1,775
|
|
|
$
|
794
|
|
|
$
|
39
|
|
|
$
|
—
|
|
|
$
|
833
|
|
(1)
|
Amounts are classified within other assets in our condensed consolidated balance sheets.
|
(2)
|
Amounts are classified within accrued expenses and other liabilities in our condensed consolidated balance sheets.
|
|
Six Months Ended June 30,
|
||||||
|
2016
|
|
2015
|
||||
|
(in millions)
|
||||||
Balance at January 1
|
$
|
283
|
|
|
$
|
229
|
|
Net realized and unrealized gains (losses)
(1)
|
10
|
|
|
(43
|
)
|
||
Purchases
|
50
|
|
|
100
|
|
||
Net transfers out
|
(120
|
)
|
|
(34
|
)
|
||
Balance at June 30
|
$
|
223
|
|
|
$
|
252
|
|
6
.
|
Financial Instruments
.
|
|
June 30, 2016
|
|
December 31, 2015
|
||||||||||||
|
Long Notional Exposure
|
|
Short Notional Exposure
|
|
Long Notional Exposure
|
|
Short Notional Exposure
|
||||||||
Primary underlying risk:
|
(in millions)
|
||||||||||||||
Credit swaps
(1)
|
$
|
195
|
|
|
$
|
565
|
|
|
$
|
187
|
|
|
$
|
2,306
|
|
Equity swaps
|
210
|
|
|
15,359
|
|
|
1,343
|
|
|
14,167
|
|
||||
Foreign currency forwards
|
—
|
|
|
861
|
|
|
—
|
|
|
842
|
|
||||
Interest rate swap contracts
(2)
|
—
|
|
|
—
|
|
|
—
|
|
|
137
|
|
||||
Commodity contracts
|
32
|
|
|
654
|
|
|
43
|
|
|
643
|
|
(1)
|
The short notional amount on our credit default swap positions is approximately
$2.6 billion
and
$10.0 billion
as of
June 30, 2016
and December 31, 2015, respectively. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is approximately
$0.6 billion
and
$2.3 billion
as of
June 30, 2016
and December 31, 2015, respectively.
|
(2)
|
The short notional amount on certain of our interest rate contracts with a
six
month duration is approximately
$16.0 billion
as of December 31, 2015. 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) as of December 31, 2015.
|
Derivatives Not Designated as Hedging Instruments
|
|
Asset Derivatives
(1)
|
|
Liability Derivatives
(2)
|
||||||||||||
|
June 30, 2016
|
|
December 31, 2015
|
|
June 30, 2016
|
|
December 31, 2015
|
|||||||||
|
|
(in millions)
|
||||||||||||||
Equity contracts
|
|
$
|
—
|
|
|
$
|
339
|
|
|
$
|
406
|
|
|
$
|
122
|
|
Foreign exchange contracts
|
|
—
|
|
|
—
|
|
|
2
|
|
|
19
|
|
||||
Credit contracts
|
|
6
|
|
|
45
|
|
|
31
|
|
|
53
|
|
||||
Interest rate swap contracts
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Commodity contracts
|
|
15
|
|
|
46
|
|
|
11
|
|
|
10
|
|
||||
Sub-total
|
|
21
|
|
|
430
|
|
|
450
|
|
|
204
|
|
||||
Netting across contract types
(3)
|
|
(2
|
)
|
|
(171
|
)
|
|
(2
|
)
|
|
(171
|
)
|
||||
Total
(3)
|
|
$
|
19
|
|
|
$
|
259
|
|
|
$
|
448
|
|
|
$
|
33
|
|
(1)
|
Net asset derivatives are located within other assets in our condensed consolidated balance sheets.
|
(2)
|
Net liability derivatives are located within accrued expenses and other liabilities in our condensed consolidated balance sheets.
|
(3)
|
Excludes netting of cash collateral received and posted. The total collateral posted at
June 30, 2016
and December 31, 2015 was
$423 million
and
$883 million
, respectively, across all counterparties.
|
(1)
|
Gains (losses) recognized on derivatives are classified in net gain (loss) from investment activities in our condensed consolidated statements of operations for our Investment segment and are included in other income (loss), net for all other segments.
|
7
.
|
Inventories, Net
.
|
|
June 30, 2016
|
|
December 31, 2015
|
||||
|
(in millions)
|
||||||
Raw materials
|
$
|
487
|
|
|
$
|
457
|
|
Work in process
|
293
|
|
|
292
|
|
||
Finished goods
|
2,081
|
|
|
1,510
|
|
||
|
$
|
2,861
|
|
|
$
|
2,259
|
|
8
.
|
Goodwill and Intangible Assets, Net
.
|
|
June 30, 2016
|
|
December 31, 2015
|
||||||||||||||||||||
|
Gross Carrying Amount
|
|
Accumulated
Impairment
|
|
Net
Carrying
Value
|
|
Gross
Carrying
Amount
|
|
Accumulated
Impairment
|
|
Net
Carrying
Value
|
||||||||||||
|
(in millions)
|
||||||||||||||||||||||
Automotive
|
$
|
1,716
|
|
|
$
|
(538
|
)
|
|
$
|
1,178
|
|
|
$
|
1,458
|
|
|
$
|
(538
|
)
|
|
$
|
920
|
|
Energy
|
930
|
|
|
(930
|
)
|
|
—
|
|
|
930
|
|
|
(356
|
)
|
|
574
|
|
||||||
Railcar
|
7
|
|
|
—
|
|
|
7
|
|
|
7
|
|
|
—
|
|
|
7
|
|
||||||
Food Packaging
|
3
|
|
|
—
|
|
|
3
|
|
|
3
|
|
|
—
|
|
|
3
|
|
||||||
|
$
|
2,656
|
|
|
$
|
(1,468
|
)
|
|
$
|
1,188
|
|
|
$
|
2,398
|
|
|
$
|
(894
|
)
|
|
$
|
1,504
|
|
|
June 30, 2016
|
|
December 31, 2015
|
||||||||||||||||||||
|
Gross Carrying Amount
|
|
Accumulated
Amortization
|
|
Net
Carrying
Value
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
Carrying
Value
|
||||||||||||
|
(in millions)
|
||||||||||||||||||||||
Definite-lived intangible assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Customer relationships
|
$
|
1,058
|
|
|
$
|
(442
|
)
|
|
$
|
616
|
|
|
$
|
1,041
|
|
|
$
|
(408
|
)
|
|
$
|
633
|
|
Developed technology
|
142
|
|
|
(97
|
)
|
|
45
|
|
|
144
|
|
|
(90
|
)
|
|
54
|
|
||||||
In-place leases
|
121
|
|
|
(78
|
)
|
|
43
|
|
|
121
|
|
|
(73
|
)
|
|
48
|
|
||||||
Gasification technology license
|
60
|
|
|
(10
|
)
|
|
50
|
|
|
60
|
|
|
(9
|
)
|
|
51
|
|
||||||
Other
|
47
|
|
|
(20
|
)
|
|
27
|
|
|
44
|
|
|
(20
|
)
|
|
24
|
|
||||||
|
$
|
1,428
|
|
|
$
|
(647
|
)
|
|
$
|
781
|
|
|
$
|
1,410
|
|
|
$
|
(600
|
)
|
|
$
|
810
|
|
Indefinite-lived intangible assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Trademarks and brand names
|
|
|
|
|
$
|
319
|
|
|
|
|
|
|
$
|
260
|
|
||||||||
Gaming licenses
|
|
|
|
|
38
|
|
|
|
|
|
|
38
|
|
||||||||||
|
|
|
|
|
357
|
|
|
|
|
|
|
298
|
|
||||||||||
Intangible assets, net
|
|
|
|
|
$
|
1,138
|
|
|
|
|
|
|
$
|
1,108
|
|
9
.
|
Property, Plant and Equipment, Net
.
|
|
Useful Life
|
|
June 30, 2016
|
|
December 31, 2015
|
||||
|
(in years)
|
|
(in millions)
|
||||||
Land
|
|
|
$
|
855
|
|
|
$
|
549
|
|
Buildings and improvements
|
4 - 40
|
|
3,033
|
|
|
2,456
|
|
||
Machinery, equipment and furniture
|
1 - 30
|
|
7,414
|
|
|
6,047
|
|
||
Assets leased to others
|
15 - 39
|
|
4,038
|
|
|
3,994
|
|
||
Construction in progress
|
|
|
591
|
|
|
598
|
|
||
|
|
|
15,931
|
|
|
13,644
|
|
||
Less: Accumulated depreciation and amortization
|
|
|
(4,489
|
)
|
|
(4,109
|
)
|
||
Property, plant and equipment, net
|
|
|
$
|
11,442
|
|
|
$
|
9,535
|
|
10
.
|
Debt
.
|
|
June 30, 2016
|
|
December 31, 2015
|
||||
|
(in millions)
|
||||||
5.875% senior unsecured notes due 2022 - Icahn Enterprises/Icahn Enterprises Holdings
|
$
|
1,339
|
|
|
$
|
1,338
|
|
6.00% senior unsecured notes due 2020 - Icahn Enterprises/Icahn Enterprises Holdings
|
1,705
|
|
|
1,706
|
|
||
4.875% senior unsecured notes due 2019 - Icahn Enterprises/Icahn Enterprises Holdings
|
1,271
|
|
|
1,270
|
|
||
3.50% senior unsecured notes due 2017 - Icahn Enterprises/Icahn Enterprises Holdings
|
1,173
|
|
|
1,172
|
|
||
Debt facilities - Automotive
|
3,239
|
|
|
3,121
|
|
||
Debt facilities - Energy
|
1,120
|
|
|
619
|
|
||
Debt and credit facilities - Railcar
|
2,426
|
|
|
2,671
|
|
||
Credit facilities - Gaming
|
288
|
|
|
289
|
|
||
Credit facilities - Food Packaging
|
266
|
|
|
267
|
|
||
Other
|
142
|
|
|
141
|
|
||
|
$
|
12,969
|
|
|
$
|
12,594
|
|
11
.
|
Pension, Other Post-employment Benefits and Employee Benefit Plans
.
|
|
Pension Benefits
|
|
OPEB
|
||||||||||||
|
Three Months Ended June 30,
|
|
Three Months Ended June 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(in millions)
|
||||||||||||||
Service cost
|
$
|
4
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest cost
|
17
|
|
|
16
|
|
|
3
|
|
|
4
|
|
||||
Expected return on plan assets
|
(15
|
)
|
|
(18
|
)
|
|
—
|
|
|
—
|
|
||||
Amortization of actuarial losses
|
6
|
|
|
7
|
|
|
—
|
|
|
—
|
|
||||
Amortization of prior service credit
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
||||
|
$
|
12
|
|
|
$
|
10
|
|
|
$
|
2
|
|
|
$
|
3
|
|
|
Pension Benefits
|
|
OPEB
|
||||||||||||
|
Six Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(in millions)
|
||||||||||||||
Service cost
|
$
|
8
|
|
|
$
|
10
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest cost
|
34
|
|
|
32
|
|
|
6
|
|
|
7
|
|
||||
Expected return on plan assets
|
(29
|
)
|
|
(35
|
)
|
|
—
|
|
|
—
|
|
||||
Amortization of actuarial losses
|
11
|
|
|
14
|
|
|
1
|
|
|
2
|
|
||||
Amortization of prior service credit
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
(2
|
)
|
||||
|
$
|
24
|
|
|
$
|
21
|
|
|
$
|
5
|
|
|
$
|
7
|
|
12
.
|
Net Income Per LP Unit
.
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(in millions, except per unit data)
|
||||||||||||||
Net (loss) income attributable to Icahn Enterprises
|
$
|
(69
|
)
|
|
$
|
212
|
|
|
$
|
(906
|
)
|
|
$
|
373
|
|
Net (loss) income attributable to Icahn Enterprises allocable to limited partners (98.01% allocation)
|
$
|
(68
|
)
|
|
$
|
208
|
|
|
$
|
(888
|
)
|
|
$
|
366
|
|
|
|
|
|
|
|
|
|
||||||||
Basic and diluted (loss) income per LP unit
|
$
|
(0.50
|
)
|
|
$
|
1.68
|
|
|
$
|
(6.68
|
)
|
|
$
|
2.95
|
|
Basic and diluted weighted average LP units outstanding
|
135
|
|
|
124
|
|
|
133
|
|
|
124
|
|
13
.
|
Segment Reporting
.
|
|
Three Months Ended June 30, 2016
|
||||||||||||||||||||||||||||||||||||||||||||||
|
Investment
|
|
Automotive
|
|
Energy
|
|
Metals
|
|
Railcar
|
|
Gaming
|
|
Mining
|
|
Food Packaging
|
|
Real Estate
|
|
Home Fashion
|
|
Holding Company
|
|
Consolidated
|
||||||||||||||||||||||||
|
(in millions)
|
||||||||||||||||||||||||||||||||||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net sales
|
$
|
—
|
|
|
$
|
2,473
|
|
|
$
|
1,283
|
|
|
$
|
76
|
|
|
$
|
97
|
|
|
$
|
—
|
|
|
$
|
21
|
|
|
$
|
85
|
|
|
$
|
6
|
|
|
$
|
53
|
|
|
$
|
—
|
|
|
$
|
4,094
|
|
Other revenues from operations
|
—
|
|
|
118
|
|
|
—
|
|
|
—
|
|
|
133
|
|
|
254
|
|
|
—
|
|
|
—
|
|
|
18
|
|
|
—
|
|
|
—
|
|
|
523
|
|
||||||||||||
Net loss from investment activities
|
(308
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(308
|
)
|
||||||||||||
Interest and dividend income
|
22
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
28
|
|
||||||||||||
Other (loss) income, net
|
(1
|
)
|
|
22
|
|
|
(7
|
)
|
|
1
|
|
|
1
|
|
|
—
|
|
|
(5
|
)
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
13
|
|
||||||||||||
|
(287
|
)
|
|
2,614
|
|
|
1,276
|
|
|
77
|
|
|
232
|
|
|
254
|
|
|
17
|
|
|
86
|
|
|
24
|
|
|
53
|
|
|
4
|
|
|
4,350
|
|
||||||||||||
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Cost of goods sold
|
—
|
|
|
1,986
|
|
|
1,175
|
|
|
75
|
|
|
82
|
|
|
—
|
|
|
16
|
|
|
63
|
|
|
5
|
|
|
46
|
|
|
—
|
|
|
3,448
|
|
||||||||||||
Other expenses from operations
|
—
|
|
|
125
|
|
|
—
|
|
|
—
|
|
|
52
|
|
|
125
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
—
|
|
|
314
|
|
||||||||||||
Selling, general and administrative
|
19
|
|
|
399
|
|
|
33
|
|
|
6
|
|
|
10
|
|
|
114
|
|
|
4
|
|
|
15
|
|
|
2
|
|
|
9
|
|
|
4
|
|
|
615
|
|
||||||||||||
Restructuring
|
—
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6
|
|
||||||||||||
Impairment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
Interest expense
|
45
|
|
|
38
|
|
|
19
|
|
|
—
|
|
|
21
|
|
|
3
|
|
|
2
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
71
|
|
|
202
|
|
||||||||||||
|
64
|
|
|
2,554
|
|
|
1,227
|
|
|
81
|
|
|
165
|
|
|
242
|
|
|
22
|
|
|
81
|
|
|
19
|
|
|
55
|
|
|
75
|
|
|
4,585
|
|
||||||||||||
(Loss) income before income tax (expense) benefit
|
(351
|
)
|
|
60
|
|
|
49
|
|
|
(4
|
)
|
|
67
|
|
|
12
|
|
|
(5
|
)
|
|
5
|
|
|
5
|
|
|
(2
|
)
|
|
(71
|
)
|
|
(235
|
)
|
||||||||||||
Income tax (expense) benefit
|
—
|
|
|
(18
|
)
|
|
(15
|
)
|
|
3
|
|
|
(15
|
)
|
|
(4
|
)
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
2
|
|
|
(50
|
)
|
||||||||||||
Net (loss) income
|
(351
|
)
|
|
42
|
|
|
34
|
|
|
(1
|
)
|
|
52
|
|
|
8
|
|
|
(5
|
)
|
|
2
|
|
|
5
|
|
|
(2
|
)
|
|
(69
|
)
|
|
(285
|
)
|
||||||||||||
Less: net loss (income) attributable to non-controlling interests
|
244
|
|
|
(7
|
)
|
|
(12
|
)
|
|
—
|
|
|
(8
|
)
|
|
(2
|
)
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
216
|
|
||||||||||||
Net (loss) income attributable to Icahn Enterprises
|
$
|
(107
|
)
|
|
$
|
35
|
|
|
$
|
22
|
|
|
$
|
(1
|
)
|
|
$
|
44
|
|
|
$
|
6
|
|
|
$
|
(4
|
)
|
|
$
|
2
|
|
|
$
|
5
|
|
|
$
|
(2
|
)
|
|
$
|
(69
|
)
|
|
$
|
(69
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Supplemental information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Capital expenditures
|
$
|
—
|
|
|
$
|
109
|
|
|
$
|
35
|
|
|
$
|
1
|
|
|
$
|
23
|
|
|
$
|
32
|
|
|
$
|
3
|
|
|
$
|
3
|
|
|
$
|
—
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
211
|
|
Depreciation and amortization
(1)
|
$
|
—
|
|
|
$
|
113
|
|
|
$
|
67
|
|
|
$
|
5
|
|
|
$
|
34
|
|
|
$
|
18
|
|
|
$
|
—
|
|
|
$
|
6
|
|
|
$
|
6
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
251
|
|
|
Three Months Ended June 30, 2015
|
||||||||||||||||||||||||||||||||||||||||||||||
|
Investment
|
|
Automotive
|
|
Energy
|
|
Metals
|
|
Railcar
|
|
Gaming
|
|
Mining
|
|
Food Packaging
|
|
Real Estate
|
|
Home Fashion
|
|
Holding Company
|
|
Consolidated
|
||||||||||||||||||||||||
|
(in millions)
|
||||||||||||||||||||||||||||||||||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net sales
|
$
|
—
|
|
|
$
|
2,016
|
|
|
$
|
1,624
|
|
|
$
|
103
|
|
|
$
|
86
|
|
|
$
|
—
|
|
|
$
|
6
|
|
|
$
|
91
|
|
|
$
|
1
|
|
|
$
|
52
|
|
|
$
|
—
|
|
|
$
|
3,979
|
|
Other revenues from operations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
124
|
|
|
203
|
|
|
—
|
|
|
—
|
|
|
20
|
|
|
—
|
|
|
—
|
|
|
347
|
|
||||||||||||
Net gain (loss) from investment activities
|
609
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(18
|
)
|
|
592
|
|
||||||||||||
Interest and dividend income
|
44
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
47
|
|
||||||||||||
Other income (loss), net
|
—
|
|
|
26
|
|
|
(13
|
)
|
|
3
|
|
|
2
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
19
|
|
||||||||||||
|
653
|
|
|
2,044
|
|
|
1,612
|
|
|
106
|
|
|
212
|
|
|
203
|
|
|
5
|
|
|
91
|
|
|
23
|
|
|
52
|
|
|
(17
|
)
|
|
4,984
|
|
||||||||||||
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Cost of goods sold
|
—
|
|
|
1,706
|
|
|
1,332
|
|
|
110
|
|
|
57
|
|
|
—
|
|
|
6
|
|
|
67
|
|
|
1
|
|
|
45
|
|
|
—
|
|
|
3,324
|
|
||||||||||||
Other expenses from operations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
52
|
|
|
97
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
—
|
|
|
161
|
|
||||||||||||
Selling, general and administrative
|
130
|
|
|
236
|
|
|
33
|
|
|
5
|
|
|
8
|
|
|
87
|
|
|
2
|
|
|
11
|
|
|
2
|
|
|
8
|
|
|
6
|
|
|
528
|
|
||||||||||||
Restructuring
|
—
|
|
|
27
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
27
|
|
||||||||||||
Impairment
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
||||||||||||
Interest expense
|
141
|
|
|
34
|
|
|
12
|
|
|
—
|
|
|
21
|
|
|
3
|
|
|
1
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
72
|
|
|
287
|
|
||||||||||||
|
271
|
|
|
2,006
|
|
|
1,377
|
|
|
115
|
|
|
138
|
|
|
187
|
|
|
9
|
|
|
81
|
|
|
15
|
|
|
53
|
|
|
78
|
|
|
4,330
|
|
||||||||||||
Income (loss) before income tax (expense) benefit
|
382
|
|
|
38
|
|
|
235
|
|
|
(9
|
)
|
|
74
|
|
|
16
|
|
|
(4
|
)
|
|
10
|
|
|
8
|
|
|
(1
|
)
|
|
(95
|
)
|
|
654
|
|
||||||||||||
Income tax (expense) benefit
|
—
|
|
|
(8
|
)
|
|
(52
|
)
|
|
4
|
|
|
(18
|
)
|
|
(7
|
)
|
|
(2
|
)
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
(26
|
)
|
|
(113
|
)
|
||||||||||||
Net income (loss)
|
382
|
|
|
30
|
|
|
183
|
|
|
(5
|
)
|
|
56
|
|
|
9
|
|
|
(6
|
)
|
|
6
|
|
|
8
|
|
|
(1
|
)
|
|
(121
|
)
|
|
541
|
|
||||||||||||
Less: net (income) loss attributable to non-controlling interests
|
(206
|
)
|
|
(5
|
)
|
|
(95
|
)
|
|
—
|
|
|
(20
|
)
|
|
(3
|
)
|
|
2
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(329
|
)
|
||||||||||||
Net income (loss) attributable to Icahn Enterprises
|
$
|
176
|
|
|
$
|
25
|
|
|
$
|
88
|
|
|
$
|
(5
|
)
|
|
$
|
36
|
|
|
$
|
6
|
|
|
$
|
(4
|
)
|
|
$
|
4
|
|
|
$
|
8
|
|
|
$
|
(1
|
)
|
|
$
|
(121
|
)
|
|
$
|
212
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Supplemental information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Capital expenditures
|
$
|
—
|
|
|
$
|
109
|
|
|
$
|
41
|
|
|
$
|
4
|
|
|
$
|
168
|
|
|
$
|
35
|
|
|
$
|
2
|
|
|
$
|
5
|
|
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
366
|
|
Depreciation and amortization
(1)
|
$
|
—
|
|
|
$
|
85
|
|
|
$
|
58
|
|
|
$
|
7
|
|
|
$
|
32
|
|
|
$
|
14
|
|
|
$
|
1
|
|
|
$
|
4
|
|
|
$
|
6
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
209
|
|
|
Six Months Ended June 30, 2016
|
||||||||||||||||||||||||||||||||||||||||||||||
|
Investment
|
|
Automotive
|
|
Energy
|
|
Metals
|
|
Railcar
|
|
Gaming
|
|
Mining
|
|
Food Packaging
|
|
Real Estate
|
|
Home Fashion
|
|
Holding Company
|
|
Consolidated
|
||||||||||||||||||||||||
|
(in millions)
|
||||||||||||||||||||||||||||||||||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net sales
|
$
|
—
|
|
|
$
|
4,794
|
|
|
$
|
2,189
|
|
|
$
|
134
|
|
|
$
|
221
|
|
|
$
|
—
|
|
|
$
|
31
|
|
|
$
|
162
|
|
|
$
|
8
|
|
|
$
|
103
|
|
|
$
|
—
|
|
|
$
|
7,642
|
|
Other revenues from operations
|
—
|
|
|
198
|
|
|
—
|
|
|
—
|
|
|
265
|
|
|
472
|
|
|
—
|
|
|
—
|
|
|
34
|
|
|
—
|
|
|
—
|
|
|
969
|
|
||||||||||||
Net (loss) income from investment activities
|
(1,253
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
(1,244
|
)
|
||||||||||||
Interest and dividend income
|
60
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
70
|
|
||||||||||||
Other (loss) income, net
|
(2
|
)
|
|
46
|
|
|
(8
|
)
|
|
1
|
|
|
3
|
|
|
—
|
|
|
(8
|
)
|
|
5
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
40
|
|
||||||||||||
|
(1,195
|
)
|
|
5,040
|
|
|
2,181
|
|
|
135
|
|
|
491
|
|
|
472
|
|
|
24
|
|
|
167
|
|
|
43
|
|
|
104
|
|
|
15
|
|
|
7,477
|
|
||||||||||||
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Cost of goods sold
|
—
|
|
|
3,898
|
|
|
2,102
|
|
|
139
|
|
|
184
|
|
|
—
|
|
|
30
|
|
|
124
|
|
|
6
|
|
|
88
|
|
|
—
|
|
|
6,571
|
|
||||||||||||
Other expenses from operations
|
—
|
|
|
201
|
|
|
—
|
|
|
—
|
|
|
106
|
|
|
231
|
|
|
—
|
|
|
—
|
|
|
22
|
|
|
—
|
|
|
—
|
|
|
560
|
|
||||||||||||
Selling, general and administrative
|
7
|
|
|
749
|
|
|
68
|
|
|
10
|
|
|
22
|
|
|
211
|
|
|
8
|
|
|
27
|
|
|
5
|
|
|
18
|
|
|
8
|
|
|
1,133
|
|
||||||||||||
Restructuring
|
—
|
|
|
21
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21
|
|
||||||||||||
Impairment
|
—
|
|
|
3
|
|
|
574
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
577
|
|
||||||||||||
Interest expense
|
132
|
|
|
77
|
|
|
30
|
|
|
—
|
|
|
44
|
|
|
6
|
|
|
3
|
|
|
6
|
|
|
1
|
|
|
—
|
|
|
144
|
|
|
443
|
|
||||||||||||
|
139
|
|
|
4,949
|
|
|
2,774
|
|
|
149
|
|
|
356
|
|
|
448
|
|
|
41
|
|
|
157
|
|
|
34
|
|
|
106
|
|
|
152
|
|
|
9,305
|
|
||||||||||||
(Loss) income before income tax (expense) benefit
|
(1,334
|
)
|
|
91
|
|
|
(593
|
)
|
|
(14
|
)
|
|
135
|
|
|
24
|
|
|
(17
|
)
|
|
10
|
|
|
9
|
|
|
(2
|
)
|
|
(137
|
)
|
|
(1,828
|
)
|
||||||||||||
Income tax (expense) benefit
|
—
|
|
|
(21
|
)
|
|
13
|
|
|
7
|
|
|
(33
|
)
|
|
(10
|
)
|
|
(1
|
)
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
(17
|
)
|
|
(66
|
)
|
||||||||||||
Net (loss) income
|
(1,334
|
)
|
|
70
|
|
|
(580
|
)
|
|
(7
|
)
|
|
102
|
|
|
14
|
|
|
(18
|
)
|
|
6
|
|
|
9
|
|
|
(2
|
)
|
|
(154
|
)
|
|
(1,894
|
)
|
||||||||||||
Less: net loss (income) attributable to non-controlling interests
|
777
|
|
|
(14
|
)
|
|
249
|
|
|
—
|
|
|
(22
|
)
|
|
(5
|
)
|
|
4
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
988
|
|
||||||||||||
Net (loss) income attributable to Icahn Enterprises
|
$
|
(557
|
)
|
|
$
|
56
|
|
|
$
|
(331
|
)
|
|
$
|
(7
|
)
|
|
$
|
80
|
|
|
$
|
9
|
|
|
$
|
(14
|
)
|
|
$
|
5
|
|
|
$
|
9
|
|
|
$
|
(2
|
)
|
|
$
|
(154
|
)
|
|
$
|
(906
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Supplemental information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Capital expenditures
|
$
|
—
|
|
|
$
|
208
|
|
|
$
|
83
|
|
|
$
|
2
|
|
|
$
|
62
|
|
|
$
|
48
|
|
|
$
|
5
|
|
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
7
|
|
|
$
|
—
|
|
|
$
|
421
|
|
Depreciation and amortization
(1)
|
$
|
—
|
|
|
$
|
217
|
|
|
$
|
123
|
|
|
$
|
11
|
|
|
$
|
68
|
|
|
$
|
35
|
|
|
$
|
1
|
|
|
$
|
11
|
|
|
$
|
11
|
|
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
481
|
|
|
Six Months Ended June 30, 2015
|
||||||||||||||||||||||||||||||||||||||||||||||
|
Investment
|
|
Automotive
|
|
Energy
|
|
Metals
|
|
Railcar
|
|
Gaming
|
|
Mining
|
|
Food Packaging
|
|
Real Estate
|
|
Home Fashion
|
|
Holding Company
|
|
Consolidated
|
||||||||||||||||||||||||
|
(in millions)
|
||||||||||||||||||||||||||||||||||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net sales
|
$
|
—
|
|
|
$
|
3,851
|
|
|
$
|
3,013
|
|
|
$
|
209
|
|
|
$
|
189
|
|
|
$
|
—
|
|
|
$
|
6
|
|
|
$
|
176
|
|
|
$
|
1
|
|
|
$
|
99
|
|
|
$
|
—
|
|
|
$
|
7,544
|
|
Other revenues from operations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
241
|
|
|
396
|
|
|
—
|
|
|
—
|
|
|
39
|
|
|
—
|
|
|
—
|
|
|
676
|
|
||||||||||||
Net gain (loss) from investment activities
|
1,179
|
|
|
—
|
|
|
36
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(32
|
)
|
|
1,183
|
|
||||||||||||
Interest and dividend income
|
93
|
|
|
3
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
100
|
|
||||||||||||
Other income (loss), net
|
—
|
|
|
35
|
|
|
(64
|
)
|
|
3
|
|
|
2
|
|
|
(1
|
)
|
|
(1
|
)
|
|
(3
|
)
|
|
21
|
|
|
—
|
|
|
—
|
|
|
(8
|
)
|
||||||||||||
|
1,272
|
|
|
3,889
|
|
|
2,986
|
|
|
212
|
|
|
433
|
|
|
395
|
|
|
5
|
|
|
173
|
|
|
61
|
|
|
99
|
|
|
(30
|
)
|
|
9,495
|
|
||||||||||||
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Cost of goods sold
|
—
|
|
|
3,290
|
|
|
2,569
|
|
|
226
|
|
|
139
|
|
|
—
|
|
|
6
|
|
|
133
|
|
|
1
|
|
|
85
|
|
|
—
|
|
|
6,449
|
|
||||||||||||
Other expenses from operations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100
|
|
|
193
|
|
|
—
|
|
|
—
|
|
|
23
|
|
|
—
|
|
|
—
|
|
|
316
|
|
||||||||||||
Selling, general and administrative
|
230
|
|
|
453
|
|
|
65
|
|
|
10
|
|
|
19
|
|
|
169
|
|
|
2
|
|
|
23
|
|
|
5
|
|
|
16
|
|
|
13
|
|
|
1,005
|
|
||||||||||||
Restructuring
|
—
|
|
|
39
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
39
|
|
||||||||||||
Impairment
|
—
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
||||||||||||
Interest expense
|
264
|
|
|
70
|
|
|
24
|
|
|
—
|
|
|
41
|
|
|
6
|
|
|
1
|
|
|
6
|
|
|
1
|
|
|
—
|
|
|
144
|
|
|
557
|
|
||||||||||||
|
494
|
|
|
3,856
|
|
|
2,658
|
|
|
236
|
|
|
299
|
|
|
368
|
|
|
9
|
|
|
162
|
|
|
30
|
|
|
101
|
|
|
157
|
|
|
8,370
|
|
||||||||||||
Income (loss) before income tax (expense) benefit
|
778
|
|
|
33
|
|
|
328
|
|
|
(24
|
)
|
|
134
|
|
|
27
|
|
|
(4
|
)
|
|
11
|
|
|
31
|
|
|
(2
|
)
|
|
(187
|
)
|
|
1,125
|
|
||||||||||||
Income tax (expense) benefit
|
—
|
|
|
(23
|
)
|
|
(70
|
)
|
|
10
|
|
|
(34
|
)
|
|
(11
|
)
|
|
(2
|
)
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
|
(27
|
)
|
|
(162
|
)
|
||||||||||||
Net income (loss)
|
778
|
|
|
10
|
|
|
258
|
|
|
(14
|
)
|
|
100
|
|
|
16
|
|
|
(6
|
)
|
|
6
|
|
|
31
|
|
|
(2
|
)
|
|
(214
|
)
|
|
963
|
|
||||||||||||
Less: net (income) loss attributable to non-controlling interests
|
(418
|
)
|
|
(3
|
)
|
|
(127
|
)
|
|
—
|
|
|
(37
|
)
|
|
(5
|
)
|
|
2
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(590
|
)
|
||||||||||||
Net income (loss) attributable to Icahn Enterprises
|
$
|
360
|
|
|
$
|
7
|
|
|
$
|
131
|
|
|
$
|
(14
|
)
|
|
$
|
63
|
|
|
$
|
11
|
|
|
$
|
(4
|
)
|
|
$
|
4
|
|
|
$
|
31
|
|
|
$
|
(2
|
)
|
|
$
|
(214
|
)
|
|
$
|
373
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Supplemental information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Capital expenditures
|
$
|
—
|
|
|
$
|
217
|
|
|
$
|
87
|
|
|
$
|
19
|
|
|
$
|
330
|
|
|
$
|
61
|
|
|
$
|
2
|
|
|
$
|
9
|
|
|
$
|
1
|
|
|
$
|
3
|
|
|
$
|
—
|
|
|
$
|
729
|
|
Depreciation and amortization
(1)
|
$
|
—
|
|
|
$
|
168
|
|
|
$
|
116
|
|
|
$
|
14
|
|
|
$
|
61
|
|
|
$
|
29
|
|
|
$
|
1
|
|
|
$
|
9
|
|
|
$
|
11
|
|
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
413
|
|
(1)
|
Excludes amounts related to the amortization of deferred financing costs and debt discounts and premiums included in interest expense in the amounts of
$4 million
and
$3 million
for the three months ended
June 30, 2016
and 2015, respectively, and
$8 million
and
$6 million
for the
six
months ended
June 30, 2016
and 2015, respectively.
|
|
June 30, 2016
|
||||||||||||||||||||||||||||||||||||||||||||||
|
Investment
|
|
Automotive
|
|
Energy
|
|
Metals
|
|
Railcar
|
|
Gaming
|
|
Mining
|
|
Food Packaging
|
|
Real Estate
|
|
Home Fashion
|
|
Holding Company
|
|
Consolidated
|
||||||||||||||||||||||||
|
(in millions)
|
||||||||||||||||||||||||||||||||||||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Cash and cash equivalents
|
$
|
13
|
|
|
$
|
345
|
|
|
$
|
691
|
|
|
$
|
1
|
|
|
$
|
337
|
|
|
$
|
248
|
|
|
$
|
19
|
|
|
$
|
36
|
|
|
$
|
16
|
|
|
$
|
3
|
|
|
$
|
211
|
|
|
$
|
1,920
|
|
Cash held at consolidated affiliated partnerships and restricted cash
|
610
|
|
|
5
|
|
|
—
|
|
|
5
|
|
|
51
|
|
|
12
|
|
|
—
|
|
|
2
|
|
|
2
|
|
|
4
|
|
|
3
|
|
|
694
|
|
||||||||||||
Investments
|
9,217
|
|
|
266
|
|
|
5
|
|
|
—
|
|
|
27
|
|
|
37
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
323
|
|
|
9,875
|
|
||||||||||||
Accounts receivable, net
|
—
|
|
|
1,429
|
|
|
150
|
|
|
38
|
|
|
51
|
|
|
15
|
|
|
4
|
|
|
63
|
|
|
4
|
|
|
42
|
|
|
—
|
|
|
1,796
|
|
||||||||||||
Inventories, net
|
—
|
|
|
2,238
|
|
|
325
|
|
|
43
|
|
|
77
|
|
|
—
|
|
|
25
|
|
|
79
|
|
|
—
|
|
|
74
|
|
|
—
|
|
|
2,861
|
|
||||||||||||
Property, plant and equipment, net
|
—
|
|
|
3,408
|
|
|
3,433
|
|
|
108
|
|
|
2,760
|
|
|
903
|
|
|
137
|
|
|
149
|
|
|
465
|
|
|
76
|
|
|
3
|
|
|
11,442
|
|
||||||||||||
Goodwill and intangible assets, net
|
—
|
|
|
1,847
|
|
|
327
|
|
|
4
|
|
|
7
|
|
|
88
|
|
|
—
|
|
|
7
|
|
|
43
|
|
|
3
|
|
|
—
|
|
|
2,326
|
|
||||||||||||
Other assets
|
353
|
|
|
565
|
|
|
105
|
|
|
14
|
|
|
82
|
|
|
230
|
|
|
23
|
|
|
89
|
|
|
161
|
|
|
6
|
|
|
8
|
|
|
1,636
|
|
||||||||||||
Total assets
|
$
|
10,193
|
|
|
$
|
10,103
|
|
|
$
|
5,036
|
|
|
$
|
213
|
|
|
$
|
3,392
|
|
|
$
|
1,533
|
|
|
$
|
208
|
|
|
$
|
425
|
|
|
$
|
691
|
|
|
$
|
208
|
|
|
$
|
548
|
|
|
$
|
32,550
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities
|
$
|
901
|
|
|
$
|
2,871
|
|
|
$
|
1,397
|
|
|
$
|
33
|
|
|
$
|
310
|
|
|
$
|
151
|
|
|
$
|
50
|
|
|
$
|
64
|
|
|
$
|
18
|
|
|
$
|
34
|
|
|
$
|
189
|
|
|
$
|
6,018
|
|
Securities sold, not yet purchased, at fair value
|
1,306
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,306
|
|
||||||||||||
Due to brokers
|
2,447
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,447
|
|
||||||||||||
Post-employment benefit liability
|
—
|
|
|
1,151
|
|
|
—
|
|
|
2
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|
51
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,212
|
|
||||||||||||
Debt
|
—
|
|
|
3,254
|
|
|
1,168
|
|
|
—
|
|
|
2,426
|
|
|
288
|
|
|
53
|
|
|
266
|
|
|
26
|
|
|
—
|
|
|
5,488
|
|
|
12,969
|
|
||||||||||||
Total liabilities
|
4,654
|
|
|
7,276
|
|
|
2,565
|
|
|
35
|
|
|
2,744
|
|
|
439
|
|
|
103
|
|
|
381
|
|
|
44
|
|
|
34
|
|
|
5,677
|
|
|
23,952
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Equity attributable to Icahn Enterprises
|
1,713
|
|
|
2,494
|
|
|
1,079
|
|
|
178
|
|
|
436
|
|
|
825
|
|
|
81
|
|
|
28
|
|
|
647
|
|
|
174
|
|
|
(5,129
|
)
|
|
2,526
|
|
||||||||||||
Equity attributable to non-controlling interests
|
3,826
|
|
|
333
|
|
|
1,392
|
|
|
—
|
|
|
212
|
|
|
269
|
|
|
24
|
|
|
16
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,072
|
|
||||||||||||
Total equity
|
5,539
|
|
|
2,827
|
|
|
2,471
|
|
|
178
|
|
|
648
|
|
|
1,094
|
|
|
105
|
|
|
44
|
|
|
647
|
|
|
174
|
|
|
(5,129
|
)
|
|
8,598
|
|
||||||||||||
Total liabilities and equity
|
$
|
10,193
|
|
|
$
|
10,103
|
|
|
$
|
5,036
|
|
|
$
|
213
|
|
|
$
|
3,392
|
|
|
$
|
1,533
|
|
|
$
|
208
|
|
|
$
|
425
|
|
|
$
|
691
|
|
|
$
|
208
|
|
|
$
|
548
|
|
|
$
|
32,550
|
|
|
December 31, 2015
|
||||||||||||||||||||||||||||||||||||||||||||||
|
Investment
|
|
Automotive
|
|
Energy
|
|
Metals
|
|
Railcar
|
|
Gaming
|
|
Mining
|
|
Food Packaging
|
|
Real Estate
|
|
Home Fashion
|
|
Holding Company
|
|
Consolidated
|
||||||||||||||||||||||||
|
(in millions)
|
||||||||||||||||||||||||||||||||||||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Cash and cash equivalents
|
$
|
10
|
|
|
$
|
201
|
|
|
$
|
765
|
|
|
$
|
12
|
|
|
$
|
623
|
|
|
$
|
217
|
|
|
$
|
14
|
|
|
$
|
37
|
|
|
$
|
19
|
|
|
$
|
14
|
|
|
$
|
166
|
|
|
$
|
2,078
|
|
Cash held at consolidated affiliated partnerships and restricted cash
|
1,199
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
53
|
|
|
14
|
|
|
—
|
|
|
1
|
|
|
2
|
|
|
6
|
|
|
3
|
|
|
1,282
|
|
||||||||||||
Investments
|
14,553
|
|
|
296
|
|
|
—
|
|
|
—
|
|
|
27
|
|
|
26
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
449
|
|
|
15,351
|
|
||||||||||||
Accounts receivable, net
|
—
|
|
|
1,418
|
|
|
96
|
|
|
26
|
|
|
36
|
|
|
9
|
|
|
4
|
|
|
60
|
|
|
2
|
|
|
34
|
|
|
—
|
|
|
1,685
|
|
||||||||||||
Inventories, net
|
—
|
|
|
1,656
|
|
|
290
|
|
|
39
|
|
|
97
|
|
|
—
|
|
|
32
|
|
|
77
|
|
|
—
|
|
|
68
|
|
|
—
|
|
|
2,259
|
|
||||||||||||
Property, plant and equipment, net
|
—
|
|
|
2,386
|
|
|
2,698
|
|
|
116
|
|
|
2,767
|
|
|
740
|
|
|
134
|
|
|
152
|
|
|
467
|
|
|
72
|
|
|
3
|
|
|
9,535
|
|
||||||||||||
Goodwill and intangible assets, net
|
—
|
|
|
1,556
|
|
|
911
|
|
|
5
|
|
|
7
|
|
|
74
|
|
|
—
|
|
|
8
|
|
|
48
|
|
|
3
|
|
|
—
|
|
|
2,612
|
|
||||||||||||
Other assets
|
378
|
|
|
430
|
|
|
128
|
|
|
13
|
|
|
71
|
|
|
201
|
|
|
19
|
|
|
81
|
|
|
163
|
|
|
9
|
|
|
108
|
|
|
1,601
|
|
||||||||||||
Total assets
|
$
|
16,140
|
|
|
$
|
7,943
|
|
|
$
|
4,888
|
|
|
$
|
215
|
|
|
$
|
3,681
|
|
|
$
|
1,281
|
|
|
$
|
203
|
|
|
$
|
416
|
|
|
$
|
701
|
|
|
$
|
206
|
|
|
$
|
729
|
|
|
$
|
36,403
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities
|
$
|
488
|
|
|
$
|
2,061
|
|
|
$
|
1,366
|
|
|
$
|
30
|
|
|
$
|
299
|
|
|
$
|
118
|
|
|
$
|
30
|
|
|
$
|
62
|
|
|
$
|
17
|
|
|
$
|
30
|
|
|
$
|
(60
|
)
|
|
$
|
4,441
|
|
Securities sold, not yet purchased, at fair value
|
794
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
794
|
|
||||||||||||
Due to brokers
|
7,317
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,317
|
|
||||||||||||
Post-employment benefit liability
|
—
|
|
|
1,163
|
|
|
—
|
|
|
2
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|
51
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,224
|
|
||||||||||||
Debt
|
—
|
|
|
3,135
|
|
|
667
|
|
|
1
|
|
|
2,671
|
|
|
289
|
|
|
50
|
|
|
267
|
|
|
28
|
|
|
—
|
|
|
5,486
|
|
|
12,594
|
|
||||||||||||
Total liabilities
|
8,599
|
|
|
6,359
|
|
|
2,033
|
|
|
33
|
|
|
2,978
|
|
|
407
|
|
|
80
|
|
|
380
|
|
|
45
|
|
|
30
|
|
|
5,426
|
|
|
26,370
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Equity attributable to Icahn Enterprises
|
3,428
|
|
|
1,270
|
|
|
1,508
|
|
|
182
|
|
|
742
|
|
|
604
|
|
|
95
|
|
|
23
|
|
|
656
|
|
|
176
|
|
|
(4,697
|
)
|
|
3,987
|
|
||||||||||||
Equity attributable to non-controlling interests
|
4,113
|
|
|
314
|
|
|
1,347
|
|
|
—
|
|
|
(39
|
)
|
|
270
|
|
|
28
|
|
|
13
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,046
|
|
||||||||||||
Total equity
|
7,541
|
|
|
1,584
|
|
|
2,855
|
|
|
182
|
|
|
703
|
|
|
874
|
|
|
123
|
|
|
36
|
|
|
656
|
|
|
176
|
|
|
(4,697
|
)
|
|
10,033
|
|
||||||||||||
Total liabilities and equity
|
$
|
16,140
|
|
|
$
|
7,943
|
|
|
$
|
4,888
|
|
|
$
|
215
|
|
|
$
|
3,681
|
|
|
$
|
1,281
|
|
|
$
|
203
|
|
|
$
|
416
|
|
|
$
|
701
|
|
|
$
|
206
|
|
|
$
|
729
|
|
|
$
|
36,403
|
|
|
Three Months Ended June 30,
|
|
June 30,
|
|
December 31,
|
||||||||||||||||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||||||||||||||||||
|
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
|
|
Total Assets
|
|
Total Assets
|
||||||||||||||||
|
(in millions)
|
|
(in millions)
|
||||||||||||||||||||||||||||
Investment
|
$
|
45
|
|
|
$
|
(351
|
)
|
|
$
|
(107
|
)
|
|
$
|
141
|
|
|
$
|
382
|
|
|
$
|
176
|
|
|
$
|
10,193
|
|
|
$
|
16,140
|
|
Automotive
|
38
|
|
|
42
|
|
|
35
|
|
|
34
|
|
|
30
|
|
|
25
|
|
|
10,103
|
|
|
7,943
|
|
||||||||
Energy
|
19
|
|
|
34
|
|
|
22
|
|
|
12
|
|
|
183
|
|
|
88
|
|
|
5,036
|
|
|
4,888
|
|
||||||||
Metals
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
(5
|
)
|
|
(5
|
)
|
|
213
|
|
|
215
|
|
||||||||
Railcar
|
21
|
|
|
52
|
|
|
44
|
|
|
21
|
|
|
56
|
|
|
36
|
|
|
3,392
|
|
|
3,681
|
|
||||||||
Gaming
|
3
|
|
|
8
|
|
|
6
|
|
|
3
|
|
|
9
|
|
|
6
|
|
|
1,533
|
|
|
1,281
|
|
||||||||
Mining
|
2
|
|
|
(5
|
)
|
|
(4
|
)
|
|
1
|
|
|
(6
|
)
|
|
(4
|
)
|
|
208
|
|
|
203
|
|
||||||||
Food Packaging
|
3
|
|
|
2
|
|
|
2
|
|
|
3
|
|
|
6
|
|
|
4
|
|
|
425
|
|
|
416
|
|
||||||||
Real Estate
|
—
|
|
|
5
|
|
|
5
|
|
|
—
|
|
|
8
|
|
|
8
|
|
|
691
|
|
|
701
|
|
||||||||
Home Fashion
|
—
|
|
|
(2
|
)
|
|
(2
|
)
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|
208
|
|
|
206
|
|
||||||||
Holding Company
|
70
|
|
|
(68
|
)
|
|
(68
|
)
|
|
71
|
|
|
(120
|
)
|
|
(120
|
)
|
|
573
|
|
|
753
|
|
||||||||
Consolidated
|
$
|
201
|
|
|
$
|
(284
|
)
|
|
$
|
(68
|
)
|
|
$
|
286
|
|
|
$
|
542
|
|
|
$
|
213
|
|
|
$
|
32,575
|
|
|
$
|
36,427
|
|
|
Six Months Ended June 30,
|
||||||||||||||||||||||
|
2016
|
|
2015
|
||||||||||||||||||||
|
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
|
||||||||||||
|
(in millions)
|
||||||||||||||||||||||
Investment
|
$
|
132
|
|
|
$
|
(1,334
|
)
|
|
$
|
(557
|
)
|
|
$
|
264
|
|
|
$
|
778
|
|
|
$
|
360
|
|
Automotive
|
77
|
|
|
70
|
|
|
56
|
|
|
70
|
|
|
10
|
|
|
7
|
|
||||||
Energy
|
30
|
|
|
(580
|
)
|
|
(331
|
)
|
|
24
|
|
|
258
|
|
|
131
|
|
||||||
Metals
|
—
|
|
|
(7
|
)
|
|
(7
|
)
|
|
—
|
|
|
(14
|
)
|
|
(14
|
)
|
||||||
Railcar
|
44
|
|
|
102
|
|
|
80
|
|
|
41
|
|
|
100
|
|
|
63
|
|
||||||
Gaming
|
6
|
|
|
14
|
|
|
9
|
|
|
6
|
|
|
16
|
|
|
11
|
|
||||||
Mining
|
3
|
|
|
(18
|
)
|
|
(14
|
)
|
|
1
|
|
|
(6
|
)
|
|
(4
|
)
|
||||||
Food Packaging
|
6
|
|
|
6
|
|
|
5
|
|
|
6
|
|
|
6
|
|
|
4
|
|
||||||
Real Estate
|
1
|
|
|
9
|
|
|
9
|
|
|
1
|
|
|
31
|
|
|
31
|
|
||||||
Home Fashion
|
—
|
|
|
(2
|
)
|
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
|
(2
|
)
|
||||||
Holding Company
|
143
|
|
|
(153
|
)
|
|
(153
|
)
|
|
143
|
|
|
(213
|
)
|
|
(213
|
)
|
||||||
Consolidated
|
$
|
442
|
|
|
$
|
(1,893
|
)
|
|
$
|
(905
|
)
|
|
$
|
556
|
|
|
$
|
964
|
|
|
$
|
374
|
|
14
.
|
Income Taxes
.
|
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, December 31, 2015
|
$
|
(632
|
)
|
|
$
|
(25
|
)
|
|
$
|
(800
|
)
|
|
$
|
(1,457
|
)
|
Other comprehensive income (loss) before reclassifications, net of tax
|
1
|
|
|
(1
|
)
|
|
(12
|
)
|
|
(12
|
)
|
||||
Reclassifications from accumulated other comprehensive income (loss) to earnings
|
9
|
|
|
2
|
|
|
(1
|
)
|
|
10
|
|
||||
Other comprehensive income (loss), net of tax
|
10
|
|
|
1
|
|
|
(13
|
)
|
|
(2
|
)
|
||||
Balance, June 30, 2016
|
$
|
(622
|
)
|
|
$
|
(24
|
)
|
|
$
|
(813
|
)
|
|
$
|
(1,459
|
)
|
16
.
|
Other Income (Loss), Net
.
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(in millions)
|
||||||||||||||
Realized and unrealized loss on derivatives, net (Note 6)
|
$
|
(2
|
)
|
|
$
|
(13
|
)
|
|
$
|
(3
|
)
|
|
$
|
(64
|
)
|
Gain on disposition of assets
|
1
|
|
|
9
|
|
|
11
|
|
|
20
|
|
||||
Loss on extinguishment of debt
|
(5
|
)
|
|
—
|
|
|
(5
|
)
|
|
(2
|
)
|
||||
Equity earnings from non-consolidated affiliates
|
21
|
|
|
18
|
|
|
36
|
|
|
32
|
|
||||
Gain on acquisition
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
||||
Foreign currency translation gain (loss)
|
1
|
|
|
—
|
|
|
(2
|
)
|
|
(2
|
)
|
||||
Other
|
(3
|
)
|
|
2
|
|
|
3
|
|
|
5
|
|
||||
|
$
|
13
|
|
|
$
|
19
|
|
|
$
|
40
|
|
|
$
|
(8
|
)
|
17
.
|
Commitments and Contingencies
.
|
18
.
|
Subsequent Events
.
|
|
Revenues
|
|
Net (Loss) Income
|
|
Net (Loss) Income Attributable to Icahn Enterprises
|
||||||||||||||||||
|
Three Months Ended June 30,
|
|
Three Months Ended June 30,
|
|
Three Months Ended June 30,
|
||||||||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||||||
|
(in millions)
|
||||||||||||||||||||||
Investment
|
$
|
(287
|
)
|
|
$
|
653
|
|
|
$
|
(351
|
)
|
|
$
|
382
|
|
|
$
|
(107
|
)
|
|
$
|
176
|
|
Automotive
|
2,614
|
|
|
2,044
|
|
|
42
|
|
|
30
|
|
|
35
|
|
|
25
|
|
||||||
Energy
|
1,276
|
|
|
1,612
|
|
|
34
|
|
|
183
|
|
|
22
|
|
|
88
|
|
||||||
Metals
|
77
|
|
|
106
|
|
|
(1
|
)
|
|
(5
|
)
|
|
(1
|
)
|
|
(5
|
)
|
||||||
Railcar
|
232
|
|
|
212
|
|
|
52
|
|
|
56
|
|
|
44
|
|
|
36
|
|
||||||
Gaming
|
254
|
|
|
203
|
|
|
8
|
|
|
9
|
|
|
6
|
|
|
6
|
|
||||||
Mining
|
17
|
|
|
5
|
|
|
(5
|
)
|
|
(6
|
)
|
|
(4
|
)
|
|
(4
|
)
|
||||||
Food Packaging
|
86
|
|
|
91
|
|
|
2
|
|
|
6
|
|
|
2
|
|
|
4
|
|
||||||
Real Estate
|
24
|
|
|
23
|
|
|
5
|
|
|
8
|
|
|
5
|
|
|
8
|
|
||||||
Home Fashion
|
53
|
|
|
52
|
|
|
(2
|
)
|
|
(1
|
)
|
|
(2
|
)
|
|
(1
|
)
|
||||||
Holding Company
|
4
|
|
|
(17
|
)
|
|
(69
|
)
|
|
(121
|
)
|
|
(69
|
)
|
|
(121
|
)
|
||||||
|
$
|
4,350
|
|
|
$
|
4,984
|
|
|
$
|
(285
|
)
|
|
$
|
541
|
|
|
$
|
(69
|
)
|
|
$
|
212
|
|
|
Revenues
|
|
Net (Loss) Income
|
|
Net (Loss) Income Attributable to Icahn Enterprises
|
||||||||||||||||||
|
Six Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||||||
|
(in millions)
|
||||||||||||||||||||||
Investment
|
$
|
(1,195
|
)
|
|
$
|
1,272
|
|
|
$
|
(1,334
|
)
|
|
$
|
778
|
|
|
$
|
(557
|
)
|
|
$
|
360
|
|
Automotive
|
5,040
|
|
|
3,889
|
|
|
70
|
|
|
10
|
|
|
56
|
|
|
7
|
|
||||||
Energy
|
2,181
|
|
|
2,986
|
|
|
(580
|
)
|
|
258
|
|
|
(331
|
)
|
|
131
|
|
||||||
Metals
|
135
|
|
|
212
|
|
|
(7
|
)
|
|
(14
|
)
|
|
(7
|
)
|
|
(14
|
)
|
||||||
Railcar
|
491
|
|
|
433
|
|
|
102
|
|
|
100
|
|
|
80
|
|
|
63
|
|
||||||
Gaming
|
472
|
|
|
395
|
|
|
14
|
|
|
16
|
|
|
9
|
|
|
11
|
|
||||||
Mining
|
24
|
|
|
5
|
|
|
(18
|
)
|
|
(6
|
)
|
|
(14
|
)
|
|
(4
|
)
|
||||||
Food Packaging
|
167
|
|
|
173
|
|
|
6
|
|
|
6
|
|
|
5
|
|
|
4
|
|
||||||
Real Estate
|
43
|
|
|
61
|
|
|
9
|
|
|
31
|
|
|
9
|
|
|
31
|
|
||||||
Home Fashion
|
104
|
|
|
99
|
|
|
(2
|
)
|
|
(2
|
)
|
|
(2
|
)
|
|
(2
|
)
|
||||||
Holding Company
|
15
|
|
|
(30
|
)
|
|
(154
|
)
|
|
(214
|
)
|
|
(154
|
)
|
|
(214
|
)
|
||||||
|
$
|
7,477
|
|
|
$
|
9,495
|
|
|
$
|
(1,894
|
)
|
|
$
|
963
|
|
|
$
|
(906
|
)
|
|
$
|
373
|
|
|
Returns
|
||||||||||
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
Investment Funds
|
-6.0
|
%
|
|
3.9
|
%
|
|
-18.0
|
%
|
|
8.4
|
%
|
|
Performance Attribution
|
||||||||||
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
Long positions
|
—
|
%
|
|
5.5
|
%
|
|
-2.0
|
%
|
|
11.7
|
%
|
Short positions
|
-5.4
|
%
|
|
0.9
|
%
|
|
-13.9
|
%
|
|
-1.7
|
%
|
Other
|
-0.6
|
%
|
|
-2.5
|
%
|
|
-2.1
|
%
|
|
-1.6
|
%
|
|
-6.0
|
%
|
|
3.9
|
%
|
|
-18.0
|
%
|
|
8.4
|
%
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(in millions)
|
||||||||||||||
Net sales
|
$
|
2,473
|
|
|
$
|
2,016
|
|
|
$
|
4,794
|
|
|
$
|
3,851
|
|
Cost of goods sold
|
1,986
|
|
|
1,706
|
|
|
3,898
|
|
|
3,290
|
|
||||
Gross margin
|
$
|
487
|
|
|
$
|
310
|
|
|
$
|
896
|
|
|
$
|
561
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(in millions)
|
||||||||||||||
Net Sales:
|
|
|
|
|
|
|
|
||||||||
Petroleum
|
$
|
1,164
|
|
|
$
|
1,548
|
|
|
$
|
1,998
|
|
|
$
|
2,852
|
|
Fertilizer
|
120
|
|
|
81
|
|
|
193
|
|
|
174
|
|
||||
Eliminations
|
(1
|
)
|
|
(5
|
)
|
|
(2
|
)
|
|
(13
|
)
|
||||
|
$
|
1,283
|
|
|
$
|
1,624
|
|
|
$
|
2,189
|
|
|
$
|
3,013
|
|
Cost of Goods Sold:
|
|
|
|
|
|
|
|
||||||||
Petroleum
|
$
|
1,065
|
|
|
$
|
1,286
|
|
|
$
|
1,945
|
|
|
$
|
2,471
|
|
Fertilizer
|
112
|
|
|
51
|
|
|
161
|
|
|
111
|
|
||||
Eliminations
|
(2
|
)
|
|
(5
|
)
|
|
(4
|
)
|
|
(13
|
)
|
||||
|
$
|
1,175
|
|
|
$
|
1,332
|
|
|
$
|
2,102
|
|
|
$
|
2,569
|
|
Gross Margin:
|
|
|
|
|
|
|
|
||||||||
Petroleum
|
$
|
99
|
|
|
$
|
262
|
|
|
$
|
53
|
|
|
$
|
381
|
|
Fertilizer
|
8
|
|
|
30
|
|
|
32
|
|
|
63
|
|
||||
Eliminations
|
1
|
|
|
—
|
|
|
2
|
|
|
—
|
|
||||
|
$
|
108
|
|
|
$
|
292
|
|
|
$
|
87
|
|
|
$
|
444
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(in millions, except barrels metrics)
|
||||||||||||||
Net sales
|
$
|
1,164
|
|
|
$
|
1,548
|
|
|
$
|
1,998
|
|
|
$
|
2,852
|
|
Cost of goods sold
|
1,065
|
|
|
1,286
|
|
|
1,945
|
|
|
2,471
|
|
||||
Gross margin
|
99
|
|
|
262
|
|
|
53
|
|
|
381
|
|
||||
Add back:
|
|
|
|
|
|
|
|
||||||||
Direct operating expenses and turnaround expenses
|
84
|
|
|
90
|
|
|
202
|
|
|
177
|
|
||||
Flood insurance recovery
|
—
|
|
|
(27
|
)
|
|
—
|
|
|
(27
|
)
|
||||
Depreciation and amortization
|
39
|
|
|
42
|
|
|
79
|
|
|
84
|
|
||||
Refining margin
|
222
|
|
|
367
|
|
|
334
|
|
|
615
|
|
||||
FIFO impacts, favorable
|
(46
|
)
|
|
(37
|
)
|
|
(37
|
)
|
|
(12
|
)
|
||||
Refining margin adjusted for FIFO impacts
|
$
|
176
|
|
|
$
|
330
|
|
|
$
|
297
|
|
|
$
|
603
|
|
|
|
|
|
|
|
|
|
||||||||
Gross margin per barrel
|
$
|
5.37
|
|
|
$
|
13.66
|
|
|
$
|
1.51
|
|
|
$
|
10.21
|
|
Refining margin per barrel
|
12.07
|
|
|
19.12
|
|
|
9.50
|
|
|
16.47
|
|
||||
Refining margin per barrel adjusted for FIFO impacts
|
9.56
|
|
|
17.22
|
|
|
8.44
|
|
|
16.15
|
|
||||
|
|
|
—
|
|
|
|
|
|
|||||||
Total crude oil throughput (barrels per day)
|
202,536
|
|
|
210,727
|
|
|
193,345
|
|
|
206,221
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(in millions)
|
||||||||||||||
Net sales
|
$
|
76
|
|
|
$
|
103
|
|
|
$
|
134
|
|
|
$
|
209
|
|
Cost of goods sold
|
75
|
|
|
110
|
|
|
139
|
|
|
226
|
|
||||
Gross margin
|
$
|
1
|
|
|
$
|
(7
|
)
|
|
$
|
(5
|
)
|
|
$
|
(17
|
)
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
(in 000s)
|
||||||
Ferrous tons sold
|
185
|
|
233
|
|
357
|
|
439
|
Non-ferrous pounds sold
|
26,113
|
|
33,287
|
|
50,033
|
|
66,681
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(in millions)
|
||||||||||||||
Net Sales/Other Revenues From Operations:
|
|
|
|
|
|
|
|
||||||||
Manufacturing
|
$
|
107
|
|
|
$
|
268
|
|
|
$
|
254
|
|
|
$
|
574
|
|
Railcar Leasing
|
122
|
|
|
113
|
|
|
244
|
|
|
220
|
|
||||
Railcar Services
|
21
|
|
|
20
|
|
|
41
|
|
|
37
|
|
||||
Eliminations
|
(20
|
)
|
|
(191
|
)
|
|
(53
|
)
|
|
(401
|
)
|
||||
|
$
|
230
|
|
|
$
|
210
|
|
|
$
|
486
|
|
|
$
|
430
|
|
Cost of Goods Sold/Other Expenses From Operations:
|
|
|
|
|
|
|
|
||||||||
Manufacturing
|
$
|
91
|
|
|
$
|
196
|
|
|
$
|
213
|
|
|
$
|
429
|
|
Railcar Leasing
|
51
|
|
|
50
|
|
|
105
|
|
|
96
|
|
||||
Railcar Services
|
16
|
|
|
16
|
|
|
31
|
|
|
29
|
|
||||
Eliminations
|
(24
|
)
|
|
(153
|
)
|
|
(59
|
)
|
|
(315
|
)
|
||||
|
$
|
134
|
|
|
$
|
109
|
|
|
$
|
290
|
|
|
$
|
239
|
|
Gross Margin:
|
|
|
|
|
|
|
|
||||||||
Manufacturing
|
$
|
16
|
|
|
$
|
72
|
|
|
$
|
41
|
|
|
$
|
145
|
|
Railcar Leasing
|
71
|
|
|
63
|
|
|
139
|
|
|
124
|
|
||||
Railcar Services
|
5
|
|
|
4
|
|
|
10
|
|
|
8
|
|
||||
Eliminations
|
4
|
|
|
(38
|
)
|
|
6
|
|
|
(86
|
)
|
||||
|
$
|
96
|
|
|
$
|
101
|
|
|
$
|
196
|
|
|
$
|
191
|
|
|
June 30, 2016
|
|
December 31, 2015
|
||||
|
(in millions)
|
||||||
5.875% senior unsecured notes due 2022 - Icahn Enterprises/Icahn Enterprises Holdings
|
$
|
1,339
|
|
|
$
|
1,338
|
|
6.00% senior unsecured notes due 2020 - Icahn Enterprises/Icahn Enterprises Holdings
|
1,705
|
|
|
1,706
|
|
||
4.875% senior unsecured notes due 2019 - Icahn Enterprises/Icahn Enterprises Holdings
|
1,271
|
|
|
1,270
|
|
||
3.50% senior unsecured notes due 2017 - Icahn Enterprises/Icahn Enterprises Holdings
|
1,173
|
|
|
1,172
|
|
||
Debt facilities - Automotive
|
3,239
|
|
|
3,121
|
|
||
Debt facilities - Energy
|
1,120
|
|
|
619
|
|
||
Debt and credit facilities - Railcar
|
2,426
|
|
|
2,671
|
|
||
Credit facilities - Gaming
|
288
|
|
|
289
|
|
||
Credit facilities - Food Packaging
|
266
|
|
|
267
|
|
||
Other
|
142
|
|
|
141
|
|
||
|
$
|
12,969
|
|
|
$
|
12,594
|
|
|
Six Months Ended June 30, 2016
|
|
June 30, 2016
|
||||||||||||
|
Net Cash Provided By (Used In)
|
|
Cash and Cash Equivalents
|
||||||||||||
|
Operating Activities
|
|
Investing Activities
|
|
Financing Activities
|
|
|||||||||
|
(in millions)
|
||||||||||||||
Investment
|
$
|
562
|
|
|
$
|
—
|
|
|
$
|
490
|
|
|
$
|
13
|
|
Automotive
|
257
|
|
|
(170
|
)
|
|
89
|
|
|
345
|
|
||||
Energy
|
73
|
|
|
(155
|
)
|
|
82
|
|
|
691
|
|
||||
Metals
|
(13
|
)
|
|
(1
|
)
|
|
—
|
|
|
1
|
|
||||
Railcar
|
196
|
|
|
(58
|
)
|
|
(265
|
)
|
|
337
|
|
||||
Gaming
|
19
|
|
|
(22
|
)
|
|
2
|
|
|
248
|
|
||||
Mining
|
12
|
|
|
(5
|
)
|
|
(2
|
)
|
|
19
|
|
||||
Food Packaging
|
8
|
|
|
(6
|
)
|
|
(3
|
)
|
|
36
|
|
||||
Real Estate
|
14
|
|
|
3
|
|
|
(2
|
)
|
|
16
|
|
||||
Home Fashion
|
(6
|
)
|
|
(5
|
)
|
|
—
|
|
|
3
|
|
||||
Holding Company
|
(130
|
)
|
|
(1,063
|
)
|
|
(53
|
)
|
|
211
|
|
||||
|
$
|
992
|
|
|
$
|
(1,482
|
)
|
|
$
|
338
|
|
|
$
|
1,920
|
|
Exhibit No.
|
|
Description
|
3.1
|
|
Second Amended and Restated Agreement of Limited Partnership of Icahn Enterprises L.P., dated August 2, 2016.
|
4.1
|
|
Specimen Depositary Certificate
|
31.1
|
|
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.
|
31.2
|
|
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.
|
32.1
|
|
Certification of Chief Executive Officer and 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.
|
Exhibit 101
|
|
The following financial information from Icahn Enterprises' and Icahn Enterprises Holdings' Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2016, formatted in XBRL (Extensible Business Reporting Language) includes: (i) the Condensed Consolidated Balance Sheets as of June 30, 2016 and December 31, 2015, (ii) the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2016 and 2015, (iii) the Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2016 and 2015, (iv) the Condensed Consolidated Statements of Changes in Equity for the six months ended June 30, 2016 and 2015, (v) the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2016 and 2015 and (vi) the Notes to the Condensed Consolidated Financial Statements.
|
|
Icahn Enterprises L.P.
|
|
By:
|
Icahn Enterprises G.P. Inc., its
general partner
|
|
By:
|
/s/SungHwan Cho
|
|
|
SungHwan Cho,
Chief Financial Officer and Director
|
|
By:
|
Icahn Enterprises G.P. Inc., its
general partner
|
|
By:
|
/s/Peter Reck
|
|
|
Peter Reck,
Chief Accounting Officer
|
|
Icahn Enterprises Holdings L.P.
|
|
By:
|
Icahn Enterprises G.P. Inc., its
general partner
|
|
By:
|
/s/SungHwan Cho
|
|
|
SungHwan Cho,
Chief Financial Officer and Director
|
|
By:
|
Icahn Enterprises G.P. Inc., its
general partner
|
|
By:
|
/s/Peter Reck
|
|
|
Peter Reck,
Chief Accounting Officer
|
|
|
|
Page
|
|
ARTICLE I
|
Certain Definitions
|
1
|
|
|
ARTICLE II
|
Formation; Name; Place of Business; Term
|
9
|
|
|
|
2.01.
|
Formation of Partnership: Certificate of Limited Partnership
|
9
|
|
|
2.02.
|
Name of Partnership
|
10
|
|
|
2.03.
|
Place of Business
|
10
|
|
|
2.04.
|
Registered Office and Registered Agent
|
10
|
|
|
2.05.
|
Term
|
10
|
|
ARTICLE III
|
Purposes; Nature of Business
|
10
|
|
|
|
3.01.
|
Purposes and Business
|
10
|
|
ARTICLE IV
|
Capital
|
10
|
|
|
|
4.01.
|
Capital Contributions of General Partner
|
10
|
|
|
4.02.
|
Capital Contribution of Organizational Limited Partner
|
11
|
|
|
4.03.
|
Initial Capital Contributions
|
11
|
|
|
4.04.
|
Non-Assessability of Units
|
11
|
|
|
4.05.
|
Additional Issuance of Units: Additional Issuance of Securities
|
11
|
|
|
4.06.
|
Splits and Combinations
|
12
|
|
|
4.07.
|
No Preemptive Rights
|
13
|
|
|
4.08.
|
Capital Accounts
|
13
|
|
|
4.09.
|
Negative Capital Accounts
|
15
|
|
|
4.10.
|
No Interest on Amounts in Capital Accounts
|
16
|
|
|
4.11.
|
Loans by the General Partner and Record Holders
|
16
|
|
|
4.12.
|
Liability of Record Holders
|
16
|
|
|
4.13.
|
Nevada Gaming Law Dispositions
|
16
|
|
ARTICLE V
|
Allocations of Income and Loss; Distributions
|
17
|
|
|
|
5.01.
|
Capital Account Allocations
|
17
|
|
|
5.02.
|
Tax Allocations
|
19
|
|
|
5.03.
|
Distributions of Cash Flow and Capital Proceeds
|
20
|
|
|
5.04.
|
Distributions and Allocations of Income and Loss With Respect to Interests Transferred
|
21
|
|
ARTICLE VI
|
Management
|
22
|
|
|
|
6.01.
|
Management and Control of Partnership
|
22
|
|
|
6.02.
|
Powers of General Partner
|
22
|
|
|
6.03.
|
Purchase or Sale of Units
|
23
|
|
|
6.04.
|
Compensation Plans
|
23
|
|
|
6.05.
|
Distributions
|
23
|
|
|
6.06.
|
Election to the Governed by Successor Limited Partnership Law
|
23
|
|
|
6.07.
|
Operating Partnership
|
23
|
|
|
6.08.
|
Restrictions on Authority of General Partner
|
24
|
|
|
6.09.
|
Reliance by Third Parties
|
24
|
|
|
6.10.
|
Title to Partnership Assets
|
25
|
|
|
6.11.
|
Other Business Activities of Partners
|
25
|
|
|
6.12.
|
Transactions with General Partner or Affiliates
|
25
|
|
|
6.13.
|
Audit Committee; Resolution of Conflicts of Interest
|
25
|
|
|
6.14.
|
Liability of General Partner to Partnership and Limited Partners
|
26
|
|
|
6.15.
|
Indemnification of General Partner and Affiliates
|
26
|
|
|
6.16.
|
No Management by Record Holders
|
28
|
|
|
6.17.
|
National Securities Exchange Listing
|
28
|
|
|
6.18.
|
Other Matters Concerning General Partner
|
28
|
|
ARTICLE VII
|
Reimbursement of Expenses
|
30
|
|
|
|
7.01.
|
Reimbursement of Expenses of General Partner
|
30
|
|
|
7.02.
|
Remuneration of General Partner and Affiliates
|
30
|
|
ARTICLE VIII
|
Bank Accounts; Books and Records; Fiscal Year; Reports; Tax Matters
|
30
|
|
|
|
8.01.
|
Bank Accounts
|
30
|
|
|
8.02.
|
Books and Records
|
30
|
|
|
8.03.
|
Fiscal Year
|
31
|
|
|
8.04.
|
Reports
|
31
|
|
|
8.05.
|
Accounting Decisions
|
32
|
|
|
8.06.
|
Where Maintained
|
32
|
|
|
8.07.
|
Preparation of Tax Returns
|
32
|
|
|
8.08.
|
Tax Elections
|
32
|
|
|
8.09.
|
Tax Controversies
|
33
|
|
|
8.10.
|
Taxation as a Partnership
|
33
|
|
|
8.11.
|
Determination of Adjusted Basis in Connection with Section 754 Election
|
33
|
|
|
8.12.
|
FIRPTA and State Income Tax Withholding
|
34
|
|
|
8.13.
|
Loss of Partnership Status
|
34
|
|
|
8.14.
|
Opinions Regarding Taxation
|
34
|
|
ARTICLE IX
|
Issuance and Deposit of Certificates of Partnership Interest
|
34
|
|
|
|
9.01.
|
Issuance of Certificates and the Book-Entry System
|
34
|
|
|
9.02.
|
Lost, Stolen, Destroyed or Mutilated Certificates or Depositary Receipts
|
35
|
|
|
9.03.
|
Record Holder
|
36
|
|
ARTICLE X
|
Transfer of Interests and Units
|
36
|
|
|
|
10.01.
|
Transfer
|
36
|
|
|
10.02.
|
Transfers of Interest of General Partner
|
36
|
|
|
10.03.
|
Transfer of Units
|
37
|
|
|
10.04.
|
Transfer of Depositary Units
|
37
|
|
ARTICLE XI
|
Admission of Partners
|
39
|
|
|
|
11.01.
|
Admission of Limited Partners
|
39
|
|
|
11.02.
|
Admission of Successor General Partner
|
40
|
|
|
11.03.
|
Admission of Additional Limited Partners
|
40
|
|
ARTICLE XII
|
Withdrawal or Removal of General Partner
|
40
|
|
|
|
12.01.
|
Withdrawal of General Partner
|
40
|
|
|
12.02.
|
Removal of General Partner
|
41
|
|
|
12.03.
|
Amendment of Agreement and Certificate of Limited Partnership
|
41
|
|
|
12.04.
|
Interests of Departing General Partner and Successor
|
41
|
|
ARTICLE XIII
|
Dissolution and Liquidation
|
44
|
|
|
|
13.01.
|
No Dissolution
|
44
|
|
|
13.02.
|
Events Causing Dissolution
|
44
|
|
|
13.03.
|
Right to Continue Business of Partnership
|
44
|
|
|
13.04.
|
Dissolution
|
45
|
|
|
13.05.
|
Liquidation
|
45
|
|
|
13.06.
|
Reasonable Time for Winding Up
|
46
|
|
|
13.07.
|
Termination of Partnership
|
46
|
|
ARTICLE XIV
|
Amendments; Meetings; Voting; Record Date
|
46
|
|
|
|
14.01.
|
Amendments to be Adopted Solely by General Partner
|
46
|
|
|
14.02.
|
Amendment Procedures
|
47
|
|
|
14.03.
|
Amendment Restrictions
|
48
|
|
|
14.04.
|
Meetings
|
48
|
|
|
14.05.
|
Notice of Meeting
|
49
|
|
|
14.06.
|
Record Date
|
49
|
|
|
14.07.
|
Adjournment
|
49
|
|
|
14.08.
|
Waiver of Notice; Consent to Meeting; Approval of Minutes
|
49
|
|
|
14.09.
|
Quorum
|
50
|
|
|
14.10.
|
Conduct of Meeting
|
50
|
|
|
14.11.
|
Voting Rights
|
50
|
|
|
14.12.
|
Voting Rights Conditional
|
52
|
|
|
14.13.
|
Action Without a Meeting
|
52
|
|
ARTICLE XV
|
Power of Attorney
|
52
|
|
|
ARTICLE XVI
|
Miscellaneous Provisions
|
54
|
|
|
|
16.01.
|
Additional Actions and Documents
|
54
|
|
|
16.02.
|
Notices
|
54
|
|
|
16.03.
|
Severability
|
55
|
|
|
16.04.
|
Survival
|
55
|
|
|
16.05.
|
Waivers
|
55
|
|
|
16.06.
|
Exercise of Rights
|
55
|
|
|
16.07.
|
Binding Effect
|
55
|
|
|
16.08.
|
Limitation on Benefits of this Agreement
|
55
|
|
|
16.09.
|
Force Majeure
|
55
|
|
|
16.10.
|
Consent of Record Holders
|
56
|
|
|
16.11.
|
Entire Agreement
|
56
|
|
|
16.12.
|
Pronouns
|
56
|
|
|
16.13.
|
Headings
|
56
|
|
|
16.14.
|
Governing Law
|
56
|
|
|
16.15.
|
Execution in Counterparts
|
56
|
|
|
16.16.
|
New Jersey Casino Control Act
|
56
|
|
EXHIBIT A
|
TO SECOND AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF ICAHN ENTERPRISES L.P.
59
|
(i)
|
to require each Limited Partner to, subject to Article X, dispose of its Partnership Interest within 30 days (or such earlier date as may be required by the applicable Nevada Gaming Authority) of the occurrence of the event described in clause (a) or (b) above, or
|
(ii)
|
to redeem the Partnership Interest of such Limited Partner, on behalf of and for the account of the Partnership, at a redemption price (the “Redemption Price”) equal to the lowest of:
|
(A)
|
the market price for such Partnership Interest on the Filing Date which, in the case of the Depositary Unit, shall be the Unit Price;
|
(B)
|
the price at which such Limited Partner acquired the Partnership Interest; and
|
(C)
|
such other lesser amount as may be required by any Nevada Gaming Authority.
|
(a)
|
to exercise, directly or indirectly, through any trustee or nominee or any other person or entity, any rights to which Limited Partners or Record Holders are entitled under the Delaware Act or this Partnership Agreement; or
|
(b)
|
to receive any distributions made by the Partnership, except the Redemption Price.
|
|
By:
|
/s/Keith Cozza
|
|
|
|
|
Title:
|
President, Chief Executive Officer and Director
|
/s/Keith Cozza
|
Keith Cozza
|
President and Chief Executive Officer of Icahn Enterprises G.P. Inc., the general partner of Icahn Enterprises L.P. and Icahn Enterprises Holdings L.P.
|
/s/SungHwan Cho
|
SungHwan Cho
|
Chief Financial Officer of Icahn Enterprises G.P. Inc., the general partner of Icahn Enterprises L.P. and Icahn Enterprises Holdings L.P.
|
/s/Keith Cozza
|
Keith Cozza
|
President and Chief Executive Officer of Icahn Enterprises G.P. Inc., the general partner of Icahn Enterprises L.P. and Icahn Enterprises Holdings L.P.
|
/s/SungHwan Cho
|
SungHwan Cho
|
Chief Financial Officer of Icahn Enterprises G.P. Inc., the general partner of Icahn Enterprises L.P. and Icahn Enterprises Holdings L.P.
|