(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
|
|
|
|
|
Page
No.
|
|
||
|
|
|
|
PART I. FINANCIAL INFORMATION
|
|
|
|
|
|
PART II. OTHER INFORMATION
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
ASSETS
|
(Unaudited)
|
||||||
Cash and cash equivalents
|
$
|
2,764
|
|
|
$
|
2,656
|
|
Cash held at consolidated affiliated partnerships and restricted cash
|
2,299
|
|
|
2,682
|
|
||
Investments
|
8,103
|
|
|
8,337
|
|
||
Due from brokers
|
1,224
|
|
|
664
|
|
||
Accounts receivable, net
|
517
|
|
|
474
|
|
||
Inventories, net
|
1,852
|
|
|
1,779
|
|
||
Property, plant and equipment, net
|
4,682
|
|
|
4,688
|
|
||
Goodwill
|
255
|
|
|
247
|
|
||
Intangible assets, net
|
464
|
|
|
501
|
|
||
Assets held for sale
|
364
|
|
|
333
|
|
||
Other assets
|
1,300
|
|
|
1,128
|
|
||
Total Assets
|
$
|
23,824
|
|
|
$
|
23,489
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
Accounts payable
|
$
|
894
|
|
|
$
|
832
|
|
Accrued expenses and other liabilities
|
1,896
|
|
|
900
|
|
||
Deferred tax liability
|
685
|
|
|
694
|
|
||
Unrealized loss on derivative contracts
|
722
|
|
|
36
|
|
||
Securities sold, not yet purchased, at fair value
|
447
|
|
|
468
|
|
||
Due to brokers
|
—
|
|
|
141
|
|
||
Liabilities held for sale
|
136
|
|
|
112
|
|
||
Debt
|
7,392
|
|
|
7,326
|
|
||
Total liabilities
|
12,172
|
|
|
10,509
|
|
||
|
|
|
|
||||
Commitments and contingencies (Note 17)
|
|
|
|
||||
|
|
|
|
||||
Equity:
|
|
|
|
||||
Limited partners: Depositary units: 191,376,753 units issued and outstanding at March 31, 2019 and 191,366,097 units issued and outstanding at December 31, 2018
|
6,643
|
|
|
7,350
|
|
||
General partner
|
(804
|
)
|
|
(790
|
)
|
||
Equity attributable to Icahn Enterprises
|
5,839
|
|
|
6,560
|
|
||
Equity attributable to non-controlling interests
|
5,813
|
|
|
6,420
|
|
||
Total equity
|
11,652
|
|
|
12,980
|
|
||
Total Liabilities and Equity
|
$
|
23,824
|
|
|
$
|
23,489
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
Revenues:
|
(Unaudited)
|
||||||
Net sales
|
$
|
2,300
|
|
|
$
|
2,364
|
|
Other revenues from operations
|
162
|
|
|
158
|
|
||
Net (loss) gain from investment activities
|
(674
|
)
|
|
432
|
|
||
Interest and dividend income
|
64
|
|
|
26
|
|
||
Other income, net
|
3
|
|
|
3
|
|
||
|
1,855
|
|
|
2,983
|
|
||
Expenses:
|
|
|
|
||||
Cost of goods sold
|
1,900
|
|
|
1,987
|
|
||
Other expenses from operations
|
131
|
|
|
125
|
|
||
Selling, general and administrative
|
336
|
|
|
338
|
|
||
Restructuring, net
|
7
|
|
|
2
|
|
||
Interest expense
|
139
|
|
|
147
|
|
||
|
2,513
|
|
|
2,599
|
|
||
(Loss) income from continuing operations before income tax expense
|
(658
|
)
|
|
384
|
|
||
Income tax expense
|
(6
|
)
|
|
(17
|
)
|
||
(Loss) income from continuing operations
|
(664
|
)
|
|
367
|
|
||
Income from discontinued operations
|
—
|
|
|
45
|
|
||
Net (loss) income
|
(664
|
)
|
|
412
|
|
||
Less: net (loss) income attributable to non-controlling interests
|
(270
|
)
|
|
280
|
|
||
Net (loss) income attributable to Icahn Enterprises
|
$
|
(394
|
)
|
|
$
|
132
|
|
|
|
|
|
||||
Net (loss) income attributable to Icahn Enterprises from:
|
|
|
|
||||
Continuing operations
|
$
|
(394
|
)
|
|
$
|
98
|
|
Discontinued operations
|
—
|
|
|
34
|
|
||
|
$
|
(394
|
)
|
|
$
|
132
|
|
Net (loss) income attributable to Icahn Enterprises allocated to:
|
|
|
|
||||
Limited partners
|
$
|
(386
|
)
|
|
$
|
129
|
|
General partner
|
(8
|
)
|
|
3
|
|
||
|
$
|
(394
|
)
|
|
$
|
132
|
|
Basic (loss) income per LP unit:
|
|
|
|
||||
Continuing operations
|
$
|
(2.02
|
)
|
|
$
|
0.55
|
|
Discontinued operations
|
0.00
|
|
|
0.19
|
|
||
|
$
|
(2.02
|
)
|
|
$
|
0.74
|
|
Basic weighted average LP units outstanding
|
191
|
|
|
174
|
|
||
Diluted (loss) income per LP unit:
|
|
|
|
||||
Continuing operations
|
$
|
(2.02
|
)
|
|
$
|
0.55
|
|
Discontinued operations
|
0.00
|
|
|
0.19
|
|
||
|
$
|
(2.02
|
)
|
|
$
|
0.74
|
|
Diluted weighted average LP units outstanding
|
191
|
|
|
175
|
|
||
Cash distributions declared per LP unit
|
$
|
2.00
|
|
|
$
|
1.75
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(Unaudited)
|
||||||
Net (loss) income
|
$
|
(664
|
)
|
|
$
|
412
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
||||
Post-retirement benefits
|
1
|
|
|
11
|
|
||
Hedge instruments
|
—
|
|
|
(1
|
)
|
||
Translation adjustments and other
|
(1
|
)
|
|
33
|
|
||
Other comprehensive income, net of tax
|
—
|
|
|
43
|
|
||
Comprehensive (loss) income
|
(664
|
)
|
|
455
|
|
||
Less: Comprehensive (loss) income attributable to non-controlling interests
|
(270
|
)
|
|
283
|
|
||
Comprehensive (loss) income attributable to Icahn Enterprises
|
$
|
(394
|
)
|
|
$
|
172
|
|
|
|
|
|
||||
Comprehensive (loss) income attributable to Icahn Enterprises allocated to:
|
|
|
|
||||
Limited partners
|
$
|
(386
|
)
|
|
$
|
169
|
|
General partner
|
(8
|
)
|
|
3
|
|
||
|
$
|
(394
|
)
|
|
$
|
172
|
|
|
Equity Attributable to Icahn Enterprises
|
|
|
|
|
||||||||||||||
|
General Partner's (Deficit) Equity
|
|
Limited Partners' Equity
|
|
Total Partners' Equity
|
|
Non-controlling Interests
|
|
Total Equity
|
||||||||||
Balance, December 31, 2018
|
$
|
(790
|
)
|
|
$
|
7,350
|
|
|
$
|
6,560
|
|
|
$
|
6,420
|
|
|
$
|
12,980
|
|
Net loss
|
(8
|
)
|
|
(386
|
)
|
|
(394
|
)
|
|
(270
|
)
|
|
(664
|
)
|
|||||
Partnership distributions
|
(8
|
)
|
|
(383
|
)
|
|
(391
|
)
|
|
—
|
|
|
(391
|
)
|
|||||
Dividends and distributions to non-controlling interests in subsidiaries
|
—
|
|
|
—
|
|
|
—
|
|
|
(30
|
)
|
|
(30
|
)
|
|||||
Changes in subsidiary equity and other
|
2
|
|
|
62
|
|
|
64
|
|
|
(307
|
)
|
|
(243
|
)
|
|||||
Balance, March 31, 2019
|
$
|
(804
|
)
|
|
$
|
6,643
|
|
|
$
|
5,839
|
|
|
$
|
5,813
|
|
|
$
|
11,652
|
|
|
Equity Attributable to Icahn Enterprises
|
|
|
|
|
||||||||||||||
|
General Partner's (Deficit) Equity
|
|
Limited Partners' Equity
|
|
Total Partners' Equity
|
|
Non-controlling Interests
|
|
Total Equity
|
||||||||||
Balance, December 31, 2017
|
$
|
(234
|
)
|
|
$
|
5,402
|
|
|
$
|
5,168
|
|
|
$
|
6,318
|
|
|
$
|
11,486
|
|
Net income
|
3
|
|
|
129
|
|
|
132
|
|
|
280
|
|
|
412
|
|
|||||
Other comprehensive income
|
—
|
|
|
40
|
|
|
40
|
|
|
3
|
|
|
43
|
|
|||||
Partnership distributions
|
(6
|
)
|
|
(304
|
)
|
|
(310
|
)
|
|
—
|
|
|
(310
|
)
|
|||||
Investment segment contributions
|
—
|
|
|
—
|
|
|
—
|
|
|
280
|
|
|
280
|
|
|||||
Dividends and distributions to non-controlling interests in subsidiaries
|
—
|
|
|
—
|
|
|
—
|
|
|
(31
|
)
|
|
(31
|
)
|
|||||
Cumulative effect adjustment from adoption of accounting principle
|
—
|
|
|
(20
|
)
|
|
(20
|
)
|
|
—
|
|
|
(20
|
)
|
|||||
Changes in subsidiary equity and other
|
—
|
|
|
(8
|
)
|
|
(8
|
)
|
|
10
|
|
|
2
|
|
|||||
Balance, March 31, 2018
|
$
|
(237
|
)
|
|
$
|
5,239
|
|
|
$
|
5,002
|
|
|
$
|
6,860
|
|
|
$
|
11,862
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(Unaudited)
|
||||||
Cash flows from operating activities:
|
|
|
|
||||
Net (loss) income
|
$
|
(664
|
)
|
|
$
|
412
|
|
Adjustments to reconcile net (loss) income to net cash used in operating activities:
|
|
|
|
||||
Income from discontinued operations
|
—
|
|
|
(45
|
)
|
||
Net gain from securities transactions
|
(505
|
)
|
|
(285
|
)
|
||
Purchases of securities
|
(584
|
)
|
|
(886
|
)
|
||
Proceeds from sales of securities
|
966
|
|
|
3,130
|
|
||
Purchases to cover securities sold, not yet purchased
|
(113
|
)
|
|
(690
|
)
|
||
Proceeds from securities sold, not yet purchased
|
17
|
|
|
—
|
|
||
Changes in receivables and payables relating to securities transactions
|
(663
|
)
|
|
(1,824
|
)
|
||
Depreciation and amortization
|
123
|
|
|
128
|
|
||
Deferred taxes
|
(8
|
)
|
|
20
|
|
||
Other, net
|
5
|
|
|
6
|
|
||
Changes in operating assets and liabilities
|
1,138
|
|
|
(673
|
)
|
||
Net cash used in operating activities from continuing operations
|
(288
|
)
|
|
(707
|
)
|
||
Net cash provided by operating activities from discontinued operations
|
—
|
|
|
112
|
|
||
Net cash used in operating activities
|
(288
|
)
|
|
(595
|
)
|
||
Cash flows from investing activities:
|
|
|
|
||||
Capital expenditures
|
(65
|
)
|
|
(62
|
)
|
||
Acquisition of businesses, net of cash acquired
|
(10
|
)
|
|
(1
|
)
|
||
Purchases of investments
|
(25
|
)
|
|
(5
|
)
|
||
Proceeds from sale of investments
|
424
|
|
|
—
|
|
||
Other, net
|
(10
|
)
|
|
15
|
|
||
Net cash provided by (used in) investing activities from continuing operations
|
314
|
|
|
(53
|
)
|
||
Net cash used in investing activities from discontinued operations
|
—
|
|
|
(154
|
)
|
||
Net cash provided by (used in) investing activities
|
314
|
|
|
(207
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Investment segment contributions from non-controlling interests
|
—
|
|
|
280
|
|
||
Proceeds from offering of subsidiary equity
|
—
|
|
|
6
|
|
||
Purchase of additional interests in consolidated subsidiaries
|
(241
|
)
|
|
—
|
|
||
Dividends and distributions to non-controlling interests in subsidiaries
|
(30
|
)
|
|
(28
|
)
|
||
Proceeds from subsidiary borrowings
|
269
|
|
|
331
|
|
||
Repayments of subsidiary borrowings
|
(271
|
)
|
|
(349
|
)
|
||
Other, net
|
1
|
|
|
(2
|
)
|
||
Net cash (used in) provided by financing activities from continuing operations
|
(272
|
)
|
|
238
|
|
||
Net cash used in financing activities from discontinued operations
|
—
|
|
|
(13
|
)
|
||
Net cash (used in) provided by financing activities
|
(272
|
)
|
|
225
|
|
||
Effect of exchange rate changes on cash and cash equivalents and restricted cash and restricted cash equivalents
|
(1
|
)
|
|
(3
|
)
|
||
Add back change in cash and restricted cash of assets held for sale
|
(28
|
)
|
|
60
|
|
||
Net (decrease) increase in cash and cash equivalents and restricted cash and restricted cash equivalents
|
(275
|
)
|
|
(520
|
)
|
||
Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period
|
5,338
|
|
|
1,911
|
|
||
Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period
|
$
|
5,063
|
|
|
$
|
1,391
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
ASSETS
|
(Unaudited)
|
||||||
Cash and cash equivalents
|
$
|
2,764
|
|
|
$
|
2,656
|
|
Cash held at consolidated affiliated partnerships and restricted cash
|
2,299
|
|
|
2,682
|
|
||
Investments
|
8,103
|
|
|
8,337
|
|
||
Due from brokers
|
1,224
|
|
|
664
|
|
||
Accounts receivable, net
|
517
|
|
|
474
|
|
||
Inventories, net
|
1,852
|
|
|
1,779
|
|
||
Property, plant and equipment, net
|
4,682
|
|
|
4,688
|
|
||
Goodwill
|
255
|
|
|
247
|
|
||
Intangible assets, net
|
464
|
|
|
501
|
|
||
Assets held for sale
|
364
|
|
|
333
|
|
||
Other assets
|
1,332
|
|
|
1,160
|
|
||
Total Assets
|
$
|
23,856
|
|
|
$
|
23,521
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
Accounts payable
|
$
|
894
|
|
|
$
|
832
|
|
Accrued expenses and other liabilities
|
1,896
|
|
|
900
|
|
||
Deferred tax liability
|
685
|
|
|
694
|
|
||
Unrealized loss on derivative contracts
|
722
|
|
|
36
|
|
||
Securities sold, not yet purchased, at fair value
|
447
|
|
|
468
|
|
||
Due to brokers
|
—
|
|
|
141
|
|
||
Liabilities held for sale
|
136
|
|
|
112
|
|
||
Debt
|
7,396
|
|
|
7,330
|
|
||
Total liabilities
|
12,176
|
|
|
10,513
|
|
||
|
|
|
|
||||
Commitments and contingencies (Note 17)
|
|
|
|
||||
|
|
|
|
||||
Equity:
|
|
|
|
||||
Limited partner
|
6,738
|
|
|
7,452
|
|
||
General partner
|
(871
|
)
|
|
(864
|
)
|
||
Equity attributable to Icahn Enterprises Holdings
|
5,867
|
|
|
6,588
|
|
||
Equity attributable to non-controlling interests
|
5,813
|
|
|
6,420
|
|
||
Total equity
|
11,680
|
|
|
13,008
|
|
||
Total Liabilities and Equity
|
$
|
23,856
|
|
|
$
|
23,521
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
Revenues:
|
(Unaudited)
|
||||||
Net sales
|
$
|
2,300
|
|
|
$
|
2,364
|
|
Other revenues from operations
|
162
|
|
|
158
|
|
||
Net (loss) gain from investment activities
|
(674
|
)
|
|
432
|
|
||
Interest and dividend income
|
64
|
|
|
26
|
|
||
Other income, net
|
3
|
|
|
3
|
|
||
|
1,855
|
|
|
2,983
|
|
||
Expenses:
|
|
|
|
||||
Cost of goods sold
|
1,900
|
|
|
1,987
|
|
||
Other expenses from operations
|
131
|
|
|
125
|
|
||
Selling, general and administrative
|
336
|
|
|
338
|
|
||
Restructuring, net
|
7
|
|
|
2
|
|
||
Interest expense
|
139
|
|
|
147
|
|
||
|
2,513
|
|
|
2,599
|
|
||
(Loss) income from continuing operations before income tax expense
|
(658
|
)
|
|
384
|
|
||
Income tax expense
|
(6
|
)
|
|
(17
|
)
|
||
(Loss) income from continuing operations
|
(664
|
)
|
|
367
|
|
||
Income from discontinued operations
|
—
|
|
|
45
|
|
||
Net (loss) income
|
(664
|
)
|
|
412
|
|
||
Less: net (loss) income attributable to non-controlling interests
|
(270
|
)
|
|
280
|
|
||
Net (loss) income attributable to Icahn Enterprises Holdings
|
$
|
(394
|
)
|
|
$
|
132
|
|
|
|
|
|
||||
Net (loss) income attributable to Icahn Enterprises from:
|
|
|
|
||||
Continuing operations
|
$
|
(394
|
)
|
|
$
|
98
|
|
Discontinued operations
|
—
|
|
|
34
|
|
||
|
$
|
(394
|
)
|
|
$
|
132
|
|
Net (loss) income attributable to Icahn Enterprises Holdings allocated to:
|
|
|
|
||||
Limited partner
|
$
|
(390
|
)
|
|
$
|
131
|
|
General partner
|
(4
|
)
|
|
1
|
|
||
|
$
|
(394
|
)
|
|
$
|
132
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(Unaudited)
|
||||||
Net (loss) income
|
$
|
(664
|
)
|
|
$
|
412
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
||||
Post-retirement benefits
|
1
|
|
|
11
|
|
||
Hedge instruments
|
—
|
|
|
(1
|
)
|
||
Translation adjustments and other
|
(1
|
)
|
|
33
|
|
||
Other comprehensive income, net of tax
|
—
|
|
|
43
|
|
||
Comprehensive (loss) income
|
(664
|
)
|
|
455
|
|
||
Less: Comprehensive (loss) income attributable to non-controlling interests
|
(270
|
)
|
|
283
|
|
||
Comprehensive income attributable to Icahn Enterprises Holdings
|
$
|
(394
|
)
|
|
$
|
172
|
|
|
|
|
|
||||
Comprehensive (loss) income attributable to Icahn Enterprises Holdings allocated to:
|
|
|
|
||||
Limited partner
|
$
|
(390
|
)
|
|
$
|
170
|
|
General partner
|
(4
|
)
|
|
2
|
|
||
|
$
|
(394
|
)
|
|
$
|
172
|
|
|
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, 2018
|
$
|
(864
|
)
|
|
$
|
7,452
|
|
|
$
|
6,588
|
|
|
$
|
6,420
|
|
|
$
|
13,008
|
|
Net loss
|
(4
|
)
|
|
(390
|
)
|
|
(394
|
)
|
|
(270
|
)
|
|
(664
|
)
|
|||||
Partnership distributions
|
(4
|
)
|
|
(387
|
)
|
|
(391
|
)
|
|
—
|
|
|
(391
|
)
|
|||||
Dividends and distributions to non-controlling interests in subsidiaries
|
—
|
|
|
—
|
|
|
—
|
|
|
(30
|
)
|
|
(30
|
)
|
|||||
Changes in subsidiary equity and other
|
1
|
|
|
63
|
|
|
64
|
|
|
(307
|
)
|
|
(243
|
)
|
|||||
Balance, March 31, 2019
|
$
|
(871
|
)
|
|
$
|
6,738
|
|
|
$
|
5,867
|
|
|
$
|
5,813
|
|
|
$
|
11,680
|
|
|
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, 2017
|
$
|
(286
|
)
|
|
$
|
5,481
|
|
|
$
|
5,195
|
|
|
$
|
6,318
|
|
|
$
|
11,513
|
|
Net income
|
1
|
|
|
131
|
|
|
132
|
|
|
280
|
|
|
412
|
|
|||||
Other comprehensive income
|
1
|
|
|
39
|
|
|
40
|
|
|
3
|
|
|
43
|
|
|||||
Partnership distributions
|
(3
|
)
|
|
(307
|
)
|
|
(310
|
)
|
|
—
|
|
|
(310
|
)
|
|||||
Investment segment contributions
|
—
|
|
|
—
|
|
|
—
|
|
|
280
|
|
|
280
|
|
|||||
Dividends and distributions to non-controlling interests in subsidiaries
|
—
|
|
|
—
|
|
|
—
|
|
|
(31
|
)
|
|
(31
|
)
|
|||||
Cumulative effect adjustment from adoption of accounting principle
|
—
|
|
|
(20
|
)
|
|
(20
|
)
|
|
—
|
|
|
(20
|
)
|
|||||
Changes in subsidiary equity and other
|
—
|
|
|
(8
|
)
|
|
(8
|
)
|
|
10
|
|
|
2
|
|
|||||
Balance, March 31, 2018
|
$
|
(287
|
)
|
|
$
|
5,316
|
|
|
$
|
5,029
|
|
|
$
|
6,860
|
|
|
$
|
11,889
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(Unaudited)
|
||||||
Cash flows from operating activities:
|
|
|
|
||||
Net (loss) income
|
$
|
(664
|
)
|
|
$
|
412
|
|
Adjustments to reconcile net (loss) income to net cash used in operating activities:
|
|
|
|
||||
Income from discontinued operations
|
—
|
|
|
(45
|
)
|
||
Net gain from securities transactions
|
(505
|
)
|
|
(285
|
)
|
||
Purchases of securities
|
(584
|
)
|
|
(886
|
)
|
||
Proceeds from sales of securities
|
966
|
|
|
3,130
|
|
||
Purchases to cover securities sold, not yet purchased
|
(113
|
)
|
|
(690
|
)
|
||
Proceeds from securities sold, not yet purchased
|
17
|
|
|
—
|
|
||
Changes in receivables and payables relating to securities transactions
|
(663
|
)
|
|
(1,824
|
)
|
||
Depreciation and amortization
|
123
|
|
|
128
|
|
||
Deferred taxes
|
(8
|
)
|
|
20
|
|
||
Other, net
|
5
|
|
|
6
|
|
||
Changes in operating assets and liabilities
|
1,138
|
|
|
(673
|
)
|
||
Net cash used in operating activities from continuing operations
|
(288
|
)
|
|
(707
|
)
|
||
Net cash provided by operating activities from discontinued operations
|
—
|
|
|
112
|
|
||
Net cash used in operating activities
|
(288
|
)
|
|
(595
|
)
|
||
Cash flows from investing activities:
|
|
|
|
||||
Capital expenditures
|
(65
|
)
|
|
(62
|
)
|
||
Acquisition of businesses, net of cash acquired
|
(10
|
)
|
|
(1
|
)
|
||
Purchases of investments
|
(25
|
)
|
|
(5
|
)
|
||
Proceeds from sale of investments
|
424
|
|
|
—
|
|
||
Other, net
|
(10
|
)
|
|
15
|
|
||
Net cash provided by (used in) investing activities from continuing operations
|
314
|
|
|
(53
|
)
|
||
Net cash used in investing activities from discontinued operations
|
—
|
|
|
(154
|
)
|
||
Net cash provided by (used in) investing activities
|
314
|
|
|
(207
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Investment segment contributions from non-controlling interests
|
—
|
|
|
280
|
|
||
Proceeds from offering of subsidiary equity
|
—
|
|
|
6
|
|
||
Purchase of additional interests in consolidated subsidiaries
|
(241
|
)
|
|
—
|
|
||
Dividends and distributions to non-controlling interests in subsidiaries
|
(30
|
)
|
|
(28
|
)
|
||
Proceeds from subsidiary borrowings
|
269
|
|
|
331
|
|
||
Repayments of subsidiary borrowings
|
(271
|
)
|
|
(349
|
)
|
||
Other, net
|
1
|
|
|
(2
|
)
|
||
Net cash (used in) provided by financing activities from continuing operations
|
(272
|
)
|
|
238
|
|
||
Net cash used in financing activities from discontinued operations
|
—
|
|
|
(13
|
)
|
||
Net cash (used in) provided by financing activities
|
(272
|
)
|
|
225
|
|
||
Effect of exchange rate changes on cash and cash equivalents and restricted cash and restricted cash equivalents
|
(1
|
)
|
|
(3
|
)
|
||
Add back change in cash and restricted cash of assets held for sale
|
(28
|
)
|
|
60
|
|
||
Net (decrease) increase in cash and cash equivalents and restricted cash and restricted cash equivalents
|
(275
|
)
|
|
(520
|
)
|
||
Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period
|
5,338
|
|
|
1,911
|
|
||
Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period
|
$
|
5,063
|
|
|
$
|
1,391
|
|
1.
|
Description of Business.
|
2.
|
Basis of Presentation and Summary of Significant Accounting Policies.
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
|
(in millions)
|
||||||
Cash and cash equivalents
|
$
|
97
|
|
|
$
|
415
|
|
Cash held at consolidated affiliated partnerships and restricted cash
|
2,286
|
|
|
2,648
|
|
||
Investments
|
7,130
|
|
|
6,951
|
|
||
Due from brokers
|
1,224
|
|
|
664
|
|
||
Property, plant and equipment, net
|
1,164
|
|
|
3,012
|
|
||
Inventories, net
|
72
|
|
|
380
|
|
||
Intangible assets, net
|
266
|
|
|
278
|
|
||
Other assets
|
55
|
|
|
971
|
|
||
Accounts payable, accrued expenses and other liabilities
|
851
|
|
|
534
|
|
||
Securities sold, not yet purchased, at fair value
|
447
|
|
|
468
|
|
||
Due to brokers
|
—
|
|
|
141
|
|
||
Debt
|
630
|
|
|
1,170
|
|
3.
|
Related Party Transactions.
|
4.
|
Investments and Related Matters.
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Assets
|
(in millions)
|
||||||
Investments:
|
|
|
|
||||
Equity securities:
|
|
|
|
||||
Basic materials
|
$
|
456
|
|
|
$
|
414
|
|
Consumer, non-cyclical
|
2,005
|
|
|
2,161
|
|
||
Consumer, cyclical
|
1,627
|
|
|
1,161
|
|
||
Energy
|
1,654
|
|
|
1,598
|
|
||
Financial
|
209
|
|
|
167
|
|
||
Technology
|
819
|
|
|
1,040
|
|
||
Other
|
175
|
|
|
145
|
|
||
|
6,945
|
|
|
6,686
|
|
||
Corporate debt securities
|
185
|
|
|
181
|
|
||
|
$
|
7,130
|
|
|
$
|
6,867
|
|
Liabilities
|
|
|
|
||||
Securities sold, not yet purchased, at fair value:
|
|
|
|
||||
Equity securities:
|
|
|
|
||||
Consumer, non-cyclical
|
$
|
42
|
|
|
$
|
57
|
|
Consumer, cyclical
|
96
|
|
|
106
|
|
||
Energy
|
309
|
|
|
305
|
|
||
|
447
|
|
|
468
|
|
||
Corporate debt securities
|
—
|
|
|
—
|
|
||
|
$
|
447
|
|
|
$
|
468
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
|
(in millions)
|
||||||
Equity method investments
|
$
|
169
|
|
|
$
|
143
|
|
Other investments (measured at fair value)
|
804
|
|
|
1,327
|
|
||
|
$
|
973
|
|
|
$
|
1,470
|
|
5.
|
Fair Value Measurements.
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||||||||
Assets
|
(in millions)
|
||||||||||||||||||||||||||||||
Investments (Note 4)
|
$
|
7,598
|
|
|
$
|
321
|
|
|
$
|
3
|
|
|
$
|
7,922
|
|
|
$
|
7,493
|
|
|
$
|
317
|
|
|
$
|
372
|
|
|
$
|
8,182
|
|
Derivative contracts, at fair value (Note 6)(1)
|
—
|
|
|
27
|
|
|
—
|
|
|
27
|
|
|
7
|
|
|
517
|
|
|
—
|
|
|
524
|
|
||||||||
|
$
|
7,598
|
|
|
$
|
348
|
|
|
$
|
3
|
|
|
$
|
7,949
|
|
|
$
|
7,500
|
|
|
$
|
834
|
|
|
$
|
372
|
|
|
$
|
8,706
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Securities sold, not yet purchased (Note 4)
|
$
|
447
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
447
|
|
|
$
|
468
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
468
|
|
Other liabilities
|
—
|
|
|
16
|
|
|
—
|
|
|
16
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
||||||||
Derivative contracts, at fair value (Note 6)
|
—
|
|
|
722
|
|
|
—
|
|
|
722
|
|
|
—
|
|
|
36
|
|
|
—
|
|
|
36
|
|
||||||||
|
$
|
447
|
|
|
$
|
738
|
|
|
$
|
—
|
|
|
$
|
1,185
|
|
|
$
|
468
|
|
|
$
|
38
|
|
|
$
|
—
|
|
|
$
|
506
|
|
(1)
|
Amounts are classified within other assets in our condensed consolidated balance sheets.
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(in millions)
|
||||||
Balance at January 1
|
$
|
372
|
|
|
$
|
278
|
|
Net gains recognized in income
|
89
|
|
|
23
|
|
||
Sales
|
(458
|
)
|
|
—
|
|
||
Balance at March 31
|
$
|
3
|
|
|
$
|
301
|
|
6.
|
Financial Instruments.
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||
|
Long Notional Exposure
|
|
Short Notional Exposure
|
|
Long Notional Exposure
|
|
Short Notional Exposure
|
||||||||
Primary underlying risk:
|
(in millions)
|
||||||||||||||
Equity contracts
|
$
|
686
|
|
|
$
|
10,870
|
|
|
$
|
118
|
|
|
$
|
8,368
|
|
Credit contracts(1)
|
—
|
|
|
563
|
|
|
—
|
|
|
479
|
|
||||
Commodity contracts
|
—
|
|
|
59
|
|
|
—
|
|
|
114
|
|
(1)
|
The short notional amount on our credit default swap positions was approximately $2.5 billion at March 31, 2019. However, because credit spreads cannot compress below zero, our downside short notional exposure is $563 million as of March 31, 2019. The short notional amount on our credit default swap positions was approximately $1.8 billion as of December 31, 2018. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is $479 million as of December 31, 2018.
|
|
Asset Derivatives(1)
|
|
Liability Derivatives
|
||||||||||||
March 31, 2019
|
|
December 31, 2018
|
|
March 31, 2019
|
|
December 31, 2018
|
|||||||||
|
(in millions)
|
||||||||||||||
Equity contracts
|
$
|
28
|
|
|
$
|
568
|
|
|
$
|
736
|
|
|
$
|
170
|
|
Credit contracts
|
12
|
|
|
76
|
|
|
—
|
|
|
—
|
|
||||
Commodity contracts
|
1
|
|
|
15
|
|
|
—
|
|
|
1
|
|
||||
Sub-total
|
41
|
|
|
659
|
|
|
736
|
|
|
171
|
|
||||
Netting across contract types(2)
|
(14
|
)
|
|
(135
|
)
|
|
(14
|
)
|
|
(135
|
)
|
||||
Total(2)
|
$
|
27
|
|
|
$
|
524
|
|
|
$
|
722
|
|
|
$
|
36
|
|
(1)
|
Net asset derivatives are classified within other assets in our condensed consolidated balance sheets.
|
(2)
|
Excludes netting of cash collateral received and posted. The total collateral posted at March 31, 2019 and December 31, 2018 was $613 million and $0 million, respectively, across all counterparties, which are included in cash held at consolidated affiliated partnerships and restricted cash in the condensed consolidated balance sheets.
|
|
Gain (Loss) Recognized in Income(1)
|
||||||
|
Three Months Ended March 31,
|
||||||
2019
|
|
2018
|
|||||
|
(in millions)
|
||||||
Equity contracts
|
$
|
(1,101
|
)
|
|
$
|
58
|
|
Credit contracts
|
(64
|
)
|
|
53
|
|
||
Commodity contracts
|
2
|
|
|
95
|
|
||
|
$
|
(1,163
|
)
|
|
$
|
206
|
|
(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 cost of goods sold for our Energy segment. (Losses) gains recognized on derivatives for our Investment segment were $(1,179) million and $147 million for the three months ended March 31, 2019 and 2018, respectively. Gains recognized on derivatives for our Energy segment were $16 million and $59 million for the three months ended March 31, 2019 and 2018, respectively.
|
7.
|
Inventories, Net.
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
|
(in millions)
|
||||||
Raw materials
|
$
|
220
|
|
|
$
|
217
|
|
Work in process
|
99
|
|
|
70
|
|
||
Finished goods
|
1,533
|
|
|
1,492
|
|
||
|
$
|
1,852
|
|
|
$
|
1,779
|
|
8.
|
Goodwill and Intangible Assets, Net.
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
|
Gross Carrying Amount
|
|
Accumulated
Impairment
|
|
Net
Carrying
Value
|
|
Gross
Carrying
Amount
|
|
Accumulated
Impairment
|
|
Net
Carrying
Value
|
||||||||||||
|
(in millions)
|
||||||||||||||||||||||
Automotive
|
$
|
336
|
|
|
$
|
(87
|
)
|
|
$
|
249
|
|
|
$
|
328
|
|
|
$
|
(87
|
)
|
|
$
|
241
|
|
Food Packaging
|
6
|
|
|
—
|
|
|
6
|
|
|
6
|
|
|
—
|
|
|
6
|
|
||||||
|
$
|
342
|
|
|
$
|
(87
|
)
|
|
$
|
255
|
|
|
$
|
334
|
|
|
$
|
(87
|
)
|
|
$
|
247
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
|
Gross Carrying Amount
|
|
Accumulated
Amortization
|
|
Net
Carrying
Value
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
Carrying
Value
|
||||||||||||
|
(in millions)
|
||||||||||||||||||||||
Definite-lived intangible assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Customer relationships
|
$
|
396
|
|
|
$
|
(138
|
)
|
|
$
|
258
|
|
|
$
|
396
|
|
|
$
|
(134
|
)
|
|
$
|
262
|
|
Other
|
278
|
|
|
(134
|
)
|
|
144
|
|
|
316
|
|
|
(139
|
)
|
|
177
|
|
||||||
|
$
|
674
|
|
|
$
|
(272
|
)
|
|
$
|
402
|
|
|
$
|
712
|
|
|
$
|
(273
|
)
|
|
$
|
439
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Indefinite-lived intangible assets
|
|
|
|
|
$
|
62
|
|
|
|
|
|
|
$
|
62
|
|
||||||||
Intangible assets, net
|
|
|
|
|
$
|
464
|
|
|
|
|
|
|
$
|
501
|
|
9.
|
Leases.
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
|
(in millions)
|
||||||
Operating Leases:
|
|
|
|
||||
Right-of-use assets (other assets)
|
$
|
678
|
|
|
$
|
—
|
|
Lease liabilities (accrued expenses and other liabilities)
|
708
|
|
|
—
|
|
||
|
|
|
|
||||
Financing Leases:
|
|
|
|
||||
Right-of-use assets (property, plant and equipment, net)
|
81
|
|
|
51
|
|
||
Lease liabilities (debt)
|
95
|
|
|
54
|
|
Operating Leases
|
|
Right-Of-Use Assets
|
|
Lease Liabilities
|
|
Lease Term
|
|
Discount Rate
|
||||
|
|
(in millions)
|
|
|
|
|
||||||
Energy
|
|
$
|
51
|
|
|
$
|
50
|
|
|
4.0 years
|
|
5.8%
|
Automotive
|
|
560
|
|
|
591
|
|
|
5.6 years
|
|
5.6%
|
||
Food Packaging
|
|
41
|
|
|
41
|
|
|
10.5 years
|
|
6.1%
|
||
Other segments and Holding Company
|
|
26
|
|
|
26
|
|
|
|
|
|
||
|
|
$
|
678
|
|
|
$
|
708
|
|
|
|
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(in millions)
|
||||||
Operating lease expense
|
$
|
49
|
|
|
$
|
38
|
|
|
|
|
|
||||
Amortization of financing lease right-of-use assets
|
$
|
4
|
|
|
$
|
1
|
|
Interest expense on financing lease liabilities
|
2
|
|
|
—
|
|
Year
|
|
Operating Leases
|
|
Financing Leases
|
||||
|
|
(in millions)
|
||||||
Remainder of 2019
|
|
$
|
141
|
|
|
$
|
13
|
|
2020
|
|
168
|
|
|
18
|
|
||
2021
|
|
146
|
|
|
14
|
|
||
2022
|
|
124
|
|
|
13
|
|
||
2023
|
|
79
|
|
|
12
|
|
||
Thereafter
|
|
194
|
|
|
68
|
|
||
Total lease payments
|
|
852
|
|
|
138
|
|
||
Less: imputed interest
|
|
(144
|
)
|
|
(43
|
)
|
||
|
|
$
|
708
|
|
|
$
|
95
|
|
10.
|
Debt.
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
|
(in millions)
|
||||||
Holding Company:
|
|
|
|
||||
6.000% senior unsecured notes due 2020
|
$
|
1,702
|
|
|
$
|
1,702
|
|
5.875% senior unsecured notes due 2022
|
1,344
|
|
|
1,344
|
|
||
6.250% senior unsecured notes due 2022
|
1,213
|
|
|
1,213
|
|
||
6.750% senior unsecured notes due 2024
|
498
|
|
|
498
|
|
||
6.375% senior unsecured notes due 2025
|
748
|
|
|
748
|
|
||
|
5,505
|
|
|
5,505
|
|
||
Reporting Segments:
|
|
|
|
||||
Energy
|
1,196
|
|
|
1,170
|
|
||
Automotive
|
405
|
|
|
372
|
|
||
Food Packaging
|
271
|
|
|
273
|
|
||
Metals
|
1
|
|
|
—
|
|
||
Real Estate
|
2
|
|
|
2
|
|
||
Home Fashion
|
12
|
|
|
4
|
|
||
|
1,887
|
|
|
1,821
|
|
||
Total Debt
|
$
|
7,392
|
|
|
$
|
7,326
|
|
11.
|
Net Income Per LP Unit.
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(in millions, except per unit data)
|
||||||
Net (loss) income attributable to Icahn Enterprises from continuing operations
|
$
|
(394
|
)
|
|
$
|
98
|
|
Net (loss) income attributable to Icahn Enterprises from continuing operations allocated to limited partners (98.01% allocation)
|
$
|
(386
|
)
|
|
$
|
96
|
|
Net income attributable to Icahn Enterprises from discontinued operations allocated to limited partners (98.01% allocation)
|
$
|
—
|
|
|
$
|
33
|
|
|
|
|
|
||||
Basic (loss) income per LP unit:
|
|
|
|
||||
Continuing operations
|
$
|
(2.02
|
)
|
|
$
|
0.55
|
|
Discontinued operations
|
0.00
|
|
|
0.19
|
|
||
|
$
|
(2.02
|
)
|
|
$
|
0.74
|
|
Basic weighted average LP units outstanding
|
191
|
|
|
174
|
|
||
|
|
|
|
||||
Diluted (loss) income per LP unit:
|
|
|
|
||||
Continuing operations
|
$
|
(2.02
|
)
|
|
$
|
0.55
|
|
Discontinued operations
|
0.00
|
|
|
0.19
|
|
||
|
$
|
(2.02
|
)
|
|
$
|
0.74
|
|
Diluted weighted average LP units outstanding
|
191
|
|
|
175
|
|
12.
|
Segment Reporting.
|
|
Three Months Ended March 31, 2019
|
||||||||||||||||||||||||||||||||||||||||||
|
Investment
|
|
Energy
|
|
Automotive
|
|
Food Packaging
|
|
Metals
|
|
Real Estate
|
|
Home Fashion
|
|
Mining
|
|
Railcar
|
|
Holding Company
|
|
Consolidated
|
||||||||||||||||||||||
|
(in millions)
|
||||||||||||||||||||||||||||||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net sales
|
$
|
—
|
|
|
$
|
1,486
|
|
|
$
|
550
|
|
|
$
|
95
|
|
|
$
|
93
|
|
|
$
|
2
|
|
|
$
|
39
|
|
|
$
|
35
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,300
|
|
Other revenues from operations
|
—
|
|
|
—
|
|
|
143
|
|
|
—
|
|
|
—
|
|
|
19
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
162
|
|
|||||||||||
Net loss from investment activities
|
(609
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(65
|
)
|
|
(674
|
)
|
|||||||||||
Interest and dividend income
|
42
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
21
|
|
|
64
|
|
|||||||||||
Other (loss) income, net
|
(1
|
)
|
|
1
|
|
|
4
|
|
|
(3
|
)
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|||||||||||
|
(568
|
)
|
|
1,487
|
|
|
697
|
|
|
92
|
|
|
93
|
|
|
23
|
|
|
39
|
|
|
36
|
|
|
—
|
|
|
(44
|
)
|
|
1,855
|
|
|||||||||||
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Cost of goods sold
|
—
|
|
|
1,303
|
|
|
375
|
|
|
75
|
|
|
92
|
|
|
2
|
|
|
33
|
|
|
20
|
|
|
—
|
|
|
—
|
|
|
1,900
|
|
|||||||||||
Other expenses from operations
|
—
|
|
|
—
|
|
|
119
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
131
|
|
|||||||||||
Selling, general and administrative
|
2
|
|
|
37
|
|
|
252
|
|
|
15
|
|
|
4
|
|
|
5
|
|
|
10
|
|
|
7
|
|
|
—
|
|
|
4
|
|
|
336
|
|
|||||||||||
Restructuring, net
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|||||||||||
Interest expense
|
18
|
|
|
26
|
|
|
5
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
84
|
|
|
139
|
|
|||||||||||
|
20
|
|
|
1,366
|
|
|
751
|
|
|
101
|
|
|
96
|
|
|
19
|
|
|
43
|
|
|
29
|
|
|
—
|
|
|
88
|
|
|
2,513
|
|
|||||||||||
(Loss) income from continuing operations before income tax (expense) benefit
|
(588
|
)
|
|
121
|
|
|
(54
|
)
|
|
(9
|
)
|
|
(3
|
)
|
|
4
|
|
|
(4
|
)
|
|
7
|
|
|
—
|
|
|
(132
|
)
|
|
(658
|
)
|
|||||||||||
Income tax (expense) benefit
|
—
|
|
|
(31
|
)
|
|
12
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
10
|
|
|
(6
|
)
|
|||||||||||
Net (loss) income from continuing operations
|
(588
|
)
|
|
90
|
|
|
(42
|
)
|
|
(5
|
)
|
|
(3
|
)
|
|
4
|
|
|
(4
|
)
|
|
6
|
|
|
—
|
|
|
(122
|
)
|
|
(664
|
)
|
|||||||||||
Less: net (loss) income from continuing operations attributable to non-controlling interests
|
(293
|
)
|
|
24
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
(270
|
)
|
|||||||||||
Net (loss) income from continuing operations attributable to Icahn Enterprises
|
$
|
(295
|
)
|
|
$
|
66
|
|
|
$
|
(42
|
)
|
|
$
|
(3
|
)
|
|
$
|
(3
|
)
|
|
$
|
4
|
|
|
$
|
(4
|
)
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
(122
|
)
|
|
$
|
(394
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Supplemental information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Capital expenditures
|
$
|
—
|
|
|
$
|
29
|
|
|
$
|
13
|
|
|
$
|
7
|
|
|
$
|
5
|
|
|
$
|
6
|
|
|
$
|
1
|
|
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
65
|
|
Depreciation and amortization
|
$
|
—
|
|
|
$
|
83
|
|
|
$
|
24
|
|
|
$
|
6
|
|
|
$
|
4
|
|
|
$
|
4
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
123
|
|
|
Three Months Ended March 31, 2018
|
||||||||||||||||||||||||||||||||||||||||||
|
Investment
|
|
Energy
|
|
Automotive
|
|
Food Packaging
|
|
Metals
|
|
Real Estate
|
|
Home Fashion
|
|
Mining
|
|
Railcar
|
|
Holding Company
|
|
Consolidated
|
||||||||||||||||||||||
|
(in millions)
|
||||||||||||||||||||||||||||||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net sales
|
$
|
—
|
|
|
$
|
1,537
|
|
|
$
|
549
|
|
|
$
|
97
|
|
|
$
|
118
|
|
|
$
|
1
|
|
|
$
|
42
|
|
|
$
|
20
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,364
|
|
Other revenues from operations
|
—
|
|
|
—
|
|
|
137
|
|
|
—
|
|
|
—
|
|
|
21
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
158
|
|
|||||||||||
Net gain from investment activities
|
410
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22
|
|
|
432
|
|
|||||||||||
Interest and dividend income
|
18
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
26
|
|
|||||||||||
Other income (loss), net
|
—
|
|
|
2
|
|
|
—
|
|
|
(6
|
)
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
1
|
|
|
3
|
|
|||||||||||
|
428
|
|
|
1,539
|
|
|
686
|
|
|
91
|
|
|
119
|
|
|
27
|
|
|
42
|
|
|
20
|
|
|
5
|
|
|
26
|
|
|
2,983
|
|
|||||||||||
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Cost of goods sold
|
—
|
|
|
1,385
|
|
|
361
|
|
|
77
|
|
|
110
|
|
|
1
|
|
|
36
|
|
|
17
|
|
|
—
|
|
|
—
|
|
|
1,987
|
|
|||||||||||
Other expenses from operations
|
—
|
|
|
—
|
|
|
113
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
125
|
|
|||||||||||
Selling, general and administrative
|
1
|
|
|
32
|
|
|
258
|
|
|
15
|
|
|
5
|
|
|
6
|
|
|
9
|
|
|
6
|
|
|
—
|
|
|
6
|
|
|
338
|
|
|||||||||||
Restructuring, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|||||||||||
Interest expense
|
26
|
|
|
27
|
|
|
3
|
|
|
4
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
84
|
|
|
147
|
|
|||||||||||
|
27
|
|
|
1,444
|
|
|
735
|
|
|
96
|
|
|
115
|
|
|
20
|
|
|
47
|
|
|
25
|
|
|
—
|
|
|
90
|
|
|
2,599
|
|
|||||||||||
Income (loss) from continuing operations before income tax (expense) benefit
|
401
|
|
|
95
|
|
|
(49
|
)
|
|
(5
|
)
|
|
4
|
|
|
7
|
|
|
(5
|
)
|
|
(5
|
)
|
|
5
|
|
|
(64
|
)
|
|
384
|
|
|||||||||||
Income tax (expense) benefit
|
—
|
|
|
(14
|
)
|
|
15
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(19
|
)
|
|
(17
|
)
|
|||||||||||
Net income (loss) from continuing operations
|
401
|
|
|
81
|
|
|
(34
|
)
|
|
(3
|
)
|
|
4
|
|
|
7
|
|
|
(5
|
)
|
|
(6
|
)
|
|
5
|
|
|
(83
|
)
|
|
367
|
|
|||||||||||
Less: net income (loss) from continuing operations attributable to non-controlling interests
|
240
|
|
|
31
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
269
|
|
|||||||||||
Net income (loss) from continuing operations attributable to Icahn Enterprises
|
$
|
161
|
|
|
$
|
50
|
|
|
$
|
(34
|
)
|
|
$
|
(3
|
)
|
|
$
|
4
|
|
|
$
|
7
|
|
|
$
|
(5
|
)
|
|
$
|
(4
|
)
|
|
$
|
5
|
|
|
$
|
(83
|
)
|
|
$
|
98
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Supplemental information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Capital expenditures
|
$
|
—
|
|
|
$
|
20
|
|
|
$
|
19
|
|
|
$
|
5
|
|
|
$
|
1
|
|
|
$
|
3
|
|
|
$
|
1
|
|
|
$
|
13
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
62
|
|
Depreciation and amortization
|
$
|
—
|
|
|
$
|
83
|
|
|
$
|
24
|
|
|
$
|
7
|
|
|
$
|
5
|
|
|
$
|
5
|
|
|
$
|
2
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
128
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(in millions)
|
||||||
Petroleum products
|
$
|
1,394
|
|
|
$
|
1,457
|
|
Nitrogen fertilizer products
|
92
|
|
|
80
|
|
||
|
$
|
1,486
|
|
|
$
|
1,537
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(in millions)
|
||||||
Automotive services
|
$
|
327
|
|
|
$
|
316
|
|
Aftermarket parts sales
|
366
|
|
|
370
|
|
||
|
$
|
693
|
|
|
$
|
686
|
|
|
March 31, 2019
|
||||||||||||||||||||||||||||||||||||||
|
Investment
|
|
Energy
|
|
Automotive
|
|
Food Packaging
|
|
Metals
|
|
Real Estate
|
|
Home Fashion
|
|
Mining
|
|
Holding Company
|
|
Consolidated
|
||||||||||||||||||||
|
(in millions)
|
||||||||||||||||||||||||||||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
7
|
|
|
$
|
467
|
|
|
$
|
65
|
|
|
$
|
33
|
|
|
$
|
11
|
|
|
$
|
41
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
2,139
|
|
|
$
|
2,764
|
|
Cash held at consolidated affiliated partnerships and restricted cash
|
2,286
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
2
|
|
|
2
|
|
|
—
|
|
|
7
|
|
|
2,299
|
|
||||||||||
Investments
|
7,130
|
|
|
83
|
|
|
86
|
|
|
—
|
|
|
—
|
|
|
15
|
|
|
—
|
|
|
—
|
|
|
789
|
|
|
8,103
|
|
||||||||||
Accounts receivable, net
|
—
|
|
|
193
|
|
|
168
|
|
|
76
|
|
|
49
|
|
|
3
|
|
|
28
|
|
|
—
|
|
|
—
|
|
|
517
|
|
||||||||||
Inventories, net
|
—
|
|
|
403
|
|
|
1,233
|
|
|
103
|
|
|
40
|
|
|
—
|
|
|
73
|
|
|
—
|
|
|
—
|
|
|
1,852
|
|
||||||||||
Property, plant and equipment, net
|
—
|
|
|
3,004
|
|
|
951
|
|
|
168
|
|
|
115
|
|
|
376
|
|
|
68
|
|
|
—
|
|
|
—
|
|
|
4,682
|
|
||||||||||
Goodwill and intangible assets, net
|
—
|
|
|
273
|
|
|
391
|
|
|
32
|
|
|
2
|
|
|
21
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
719
|
|
||||||||||
Assets held for sale
|
—
|
|
|
33
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
330
|
|
|
—
|
|
|
364
|
|
||||||||||
Other assets
|
1,268
|
|
|
232
|
|
|
769
|
|
|
139
|
|
|
22
|
|
|
34
|
|
|
11
|
|
|
—
|
|
|
49
|
|
|
2,524
|
|
||||||||||
Total assets
|
$
|
10,691
|
|
|
$
|
4,688
|
|
|
$
|
3,663
|
|
|
$
|
552
|
|
|
$
|
241
|
|
|
$
|
492
|
|
|
$
|
183
|
|
|
$
|
330
|
|
|
$
|
2,984
|
|
|
$
|
23,824
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities
|
$
|
730
|
|
|
$
|
1,171
|
|
|
$
|
1,426
|
|
|
$
|
212
|
|
|
$
|
66
|
|
|
$
|
46
|
|
|
$
|
42
|
|
|
$
|
—
|
|
|
$
|
504
|
|
|
$
|
4,197
|
|
Securities sold, not yet purchased, at fair value
|
447
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
447
|
|
||||||||||
Liabilities held for sale
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
136
|
|
|
—
|
|
|
136
|
|
||||||||||
Debt
|
—
|
|
|
1,196
|
|
|
405
|
|
|
271
|
|
|
1
|
|
|
2
|
|
|
12
|
|
|
—
|
|
|
5,505
|
|
|
7,392
|
|
||||||||||
Total liabilities
|
1,177
|
|
|
2,367
|
|
|
1,831
|
|
|
483
|
|
|
67
|
|
|
48
|
|
|
54
|
|
|
136
|
|
|
6,009
|
|
|
12,172
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Equity attributable to Icahn Enterprises
|
4,772
|
|
|
1,290
|
|
|
1,832
|
|
|
52
|
|
|
174
|
|
|
444
|
|
|
129
|
|
|
171
|
|
|
(3,025
|
)
|
|
5,839
|
|
||||||||||
Equity attributable to non-controlling interests
|
4,742
|
|
|
1,031
|
|
|
—
|
|
|
17
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23
|
|
|
—
|
|
|
5,813
|
|
||||||||||
Total equity
|
9,514
|
|
|
2,321
|
|
|
1,832
|
|
|
69
|
|
|
174
|
|
|
444
|
|
|
129
|
|
|
194
|
|
|
(3,025
|
)
|
|
11,652
|
|
||||||||||
Total liabilities and equity
|
$
|
10,691
|
|
|
$
|
4,688
|
|
|
$
|
3,663
|
|
|
$
|
552
|
|
|
$
|
241
|
|
|
$
|
492
|
|
|
$
|
183
|
|
|
$
|
330
|
|
|
$
|
2,984
|
|
|
$
|
23,824
|
|
|
December 31, 2018
|
||||||||||||||||||||||||||||||||||||||
|
Investment
|
|
Energy
|
|
Automotive
|
|
Food Packaging
|
|
Metals
|
|
Real Estate
|
|
Home Fashion
|
|
Mining
|
|
Holding Company
|
|
Consolidated
|
||||||||||||||||||||
|
(in millions)
|
||||||||||||||||||||||||||||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
5
|
|
|
$
|
668
|
|
|
$
|
43
|
|
|
$
|
46
|
|
|
$
|
20
|
|
|
$
|
39
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
1,834
|
|
|
$
|
2,656
|
|
Cash held at consolidated affiliated partnerships and restricted cash
|
2,648
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
26
|
|
|
2
|
|
|
—
|
|
|
4
|
|
|
2,682
|
|
||||||||||
Investments
|
6,867
|
|
|
84
|
|
|
59
|
|
|
—
|
|
|
—
|
|
|
15
|
|
|
—
|
|
|
—
|
|
|
1,312
|
|
|
8,337
|
|
||||||||||
Accounts receivable, net
|
—
|
|
|
169
|
|
|
149
|
|
|
74
|
|
|
48
|
|
|
3
|
|
|
31
|
|
|
—
|
|
|
—
|
|
|
474
|
|
||||||||||
Inventories, net
|
—
|
|
|
380
|
|
|
1,203
|
|
|
93
|
|
|
39
|
|
|
—
|
|
|
64
|
|
|
—
|
|
|
—
|
|
|
1,779
|
|
||||||||||
Property, plant and equipment, net
|
—
|
|
|
3,027
|
|
|
941
|
|
|
169
|
|
|
115
|
|
|
367
|
|
|
69
|
|
|
—
|
|
|
—
|
|
|
4,688
|
|
||||||||||
Goodwill and intangible assets, net
|
—
|
|
|
278
|
|
|
412
|
|
|
32
|
|
|
2
|
|
|
24
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
748
|
|
||||||||||
Assets held for sale
|
—
|
|
|
33
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
299
|
|
|
—
|
|
|
333
|
|
||||||||||
Other assets
|
1,230
|
|
|
192
|
|
|
217
|
|
|
96
|
|
|
7
|
|
|
34
|
|
|
5
|
|
|
—
|
|
|
11
|
|
|
1,792
|
|
||||||||||
Total assets
|
$
|
10,750
|
|
|
$
|
4,831
|
|
|
$
|
3,024
|
|
|
$
|
511
|
|
|
$
|
233
|
|
|
$
|
508
|
|
|
$
|
172
|
|
|
$
|
299
|
|
|
$
|
3,161
|
|
|
$
|
23,489
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities
|
$
|
181
|
|
|
$
|
1,043
|
|
|
$
|
905
|
|
|
$
|
164
|
|
|
$
|
56
|
|
|
$
|
41
|
|
|
$
|
35
|
|
|
$
|
—
|
|
|
$
|
178
|
|
|
$
|
2,603
|
|
Securities sold, not yet purchased, at fair value
|
468
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
468
|
|
||||||||||
Liabilities held for sale
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
112
|
|
|
—
|
|
|
112
|
|
||||||||||
Debt
|
—
|
|
|
1,170
|
|
|
372
|
|
|
273
|
|
|
—
|
|
|
2
|
|
|
4
|
|
|
—
|
|
|
5,505
|
|
|
7,326
|
|
||||||||||
Total liabilities
|
649
|
|
|
2,213
|
|
|
1,277
|
|
|
437
|
|
|
56
|
|
|
43
|
|
|
39
|
|
|
112
|
|
|
5,683
|
|
|
10,509
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Equity attributable to Icahn Enterprises
|
5,066
|
|
|
1,274
|
|
|
1,747
|
|
|
55
|
|
|
177
|
|
|
465
|
|
|
133
|
|
|
165
|
|
|
(2,522
|
)
|
|
6,560
|
|
||||||||||
Equity attributable to non-controlling interests
|
5,035
|
|
|
1,344
|
|
|
—
|
|
|
19
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22
|
|
|
—
|
|
|
6,420
|
|
||||||||||
Total equity
|
10,101
|
|
|
2,618
|
|
|
1,747
|
|
|
74
|
|
|
177
|
|
|
465
|
|
|
133
|
|
|
187
|
|
|
(2,522
|
)
|
|
12,980
|
|
||||||||||
Total liabilities and equity
|
$
|
10,750
|
|
|
$
|
4,831
|
|
|
$
|
3,024
|
|
|
$
|
511
|
|
|
$
|
233
|
|
|
$
|
508
|
|
|
$
|
172
|
|
|
$
|
299
|
|
|
$
|
3,161
|
|
|
$
|
23,489
|
|
13.
|
Discontinued Operations.
|
|
Three Months Ended March 31, 2018
|
||||||||||||||
|
Federal-Mogul
|
|
Tropicana
|
|
ARI
|
|
Total
|
||||||||
Revenues:
|
(in millions)
|
||||||||||||||
Net sales
|
$
|
2,056
|
|
|
$
|
—
|
|
|
$
|
64
|
|
|
$
|
2,120
|
|
Other revenues from operations
|
—
|
|
|
219
|
|
|
52
|
|
|
271
|
|
||||
Net gain on investment activities
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
||||
Interest and dividend income
|
1
|
|
|
1
|
|
|
—
|
|
|
2
|
|
||||
Other income, net
|
8
|
|
|
—
|
|
|
1
|
|
|
9
|
|
||||
|
2,065
|
|
|
220
|
|
|
118
|
|
|
2,403
|
|
||||
Expenses:
|
|
|
|
|
|
|
|
||||||||
Cost of goods sold
|
1,765
|
|
|
—
|
|
|
58
|
|
|
1,823
|
|
||||
Other expenses from operations
|
—
|
|
|
102
|
|
|
29
|
|
|
131
|
|
||||
Selling, general and administrative
|
220
|
|
|
89
|
|
|
9
|
|
|
318
|
|
||||
Interest expense
|
44
|
|
|
1
|
|
|
5
|
|
|
50
|
|
||||
|
2,029
|
|
|
192
|
|
|
101
|
|
|
2,322
|
|
||||
Income from discontinued operations before income tax expense
|
36
|
|
|
28
|
|
|
17
|
|
|
81
|
|
||||
Income tax expense
|
(23
|
)
|
|
(7
|
)
|
|
(6
|
)
|
|
(36
|
)
|
||||
Income from discontinued operations
|
13
|
|
|
21
|
|
|
11
|
|
|
45
|
|
||||
Less: income from discontinued operations attributable to non-controlling interests
|
3
|
|
|
3
|
|
|
5
|
|
|
11
|
|
||||
Income from discontinued operations attributable to Icahn Enterprises
|
$
|
10
|
|
|
$
|
18
|
|
|
$
|
6
|
|
|
$
|
34
|
|
|
|
|
|
|
|
|
|
||||||||
Supplemental information:
|
|
|
|
|
|
|
|
||||||||
Capital expenditures
|
$
|
118
|
|
|
$
|
21
|
|
|
$
|
19
|
|
|
$
|
158
|
|
Depreciation and amortization
|
$
|
100
|
|
|
$
|
19
|
|
|
$
|
15
|
|
|
$
|
134
|
|
14.
|
Income Taxes.
|
15.
|
Changes in Accumulated Other Comprehensive Loss.
|
|
Post-Retirement Benefits, Net of Tax
|
|
Translation Adjustments and Other, Net of Tax
|
|
Total
|
||||||
|
(in millions)
|
||||||||||
Balance, December 31, 2018
|
$
|
(47
|
)
|
|
$
|
(38
|
)
|
|
$
|
(85
|
)
|
Other comprehensive income (loss) before reclassifications, net of tax
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|||
Reclassifications from accumulated other comprehensive loss to earnings
|
1
|
|
|
—
|
|
|
1
|
|
|||
Other comprehensive income (loss), net of tax
|
1
|
|
|
(1
|
)
|
|
—
|
|
|||
Elimination of stranded tax effects resulting from tax legislation
|
(6
|
)
|
|
—
|
|
|
(6
|
)
|
|||
Balance, March 31, 2019
|
$
|
(52
|
)
|
|
$
|
(39
|
)
|
|
$
|
(91
|
)
|
16.
|
Other Income, Net.
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(in millions)
|
||||||
Equity earnings from non-consolidated affiliates
|
$
|
4
|
|
|
$
|
2
|
|
(Loss) gain on disposition of assets, net
|
(4
|
)
|
|
5
|
|
||
Foreign currency transaction (loss) income
|
(2
|
)
|
|
1
|
|
||
Non-service pension and other post-retirement benefits expense
|
(1
|
)
|
|
(7
|
)
|
||
Other
|
6
|
|
|
2
|
|
||
|
$
|
3
|
|
|
$
|
3
|
|
17.
|
Commitments and Contingencies.
|
18.
|
Supplemental Cash Flow Information.
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(in millions)
|
||||||
Cash payments for interest, net of amounts capitalized
|
$
|
157
|
|
|
$
|
159
|
|
Net cash (receipts) payments for income taxes, net of refunds
|
(2
|
)
|
|
1
|
|
||
Non-cash proceeds from sale of investment
|
34
|
|
|
—
|
|
||
Distribution payable
|
391
|
|
|
310
|
|
19.
|
Subsequent Events.
|
|
Revenues
|
|
Net Income (Loss) From Continuing Operations
|
|
Net Income (Loss) From Continuing Operations Attributable to Icahn Enterprises
|
||||||||||||||||||
|
Three Months Ended March 31,
|
|
Three Months Ended March 31,
|
|
Three Months Ended March 31,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||
|
(in millions)
|
||||||||||||||||||||||
Investment
|
$
|
(568
|
)
|
|
$
|
428
|
|
|
$
|
(588
|
)
|
|
$
|
401
|
|
|
$
|
(295
|
)
|
|
$
|
161
|
|
Holding Company
|
(44
|
)
|
|
26
|
|
|
(122
|
)
|
|
(83
|
)
|
|
(122
|
)
|
|
(83
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other Operating Segments:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Energy
|
1,487
|
|
|
1,539
|
|
|
90
|
|
|
81
|
|
|
66
|
|
|
50
|
|
||||||
Automotive
|
697
|
|
|
686
|
|
|
(42
|
)
|
|
(34
|
)
|
|
(42
|
)
|
|
(34
|
)
|
||||||
Food Packaging
|
92
|
|
|
91
|
|
|
(5
|
)
|
|
(3
|
)
|
|
(3
|
)
|
|
(3
|
)
|
||||||
Metals
|
93
|
|
|
119
|
|
|
(3
|
)
|
|
4
|
|
|
(3
|
)
|
|
4
|
|
||||||
Real Estate
|
23
|
|
|
27
|
|
|
4
|
|
|
7
|
|
|
4
|
|
|
7
|
|
||||||
Home Fashion
|
39
|
|
|
42
|
|
|
(4
|
)
|
|
(5
|
)
|
|
(4
|
)
|
|
(5
|
)
|
||||||
Mining
|
36
|
|
|
20
|
|
|
6
|
|
|
(6
|
)
|
|
5
|
|
|
(4
|
)
|
||||||
Railcar
|
—
|
|
|
5
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
5
|
|
||||||
Other operating segments
|
2,467
|
|
|
2,529
|
|
|
46
|
|
|
49
|
|
|
23
|
|
|
20
|
|
||||||
Consolidated
|
$
|
1,855
|
|
|
$
|
2,983
|
|
|
$
|
(664
|
)
|
|
$
|
367
|
|
|
$
|
(394
|
)
|
|
$
|
98
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(in millions)
|
||||||
Net sales
|
$
|
1,486
|
|
|
$
|
1,537
|
|
Cost of goods sold
|
1,303
|
|
|
1,385
|
|
||
Gross margin
|
$
|
183
|
|
|
$
|
152
|
|
•
|
Positioning the service business to take advantage of opportunities in the do-it-for-me market and vehicle fleets;
|
•
|
Optimizing the value of the commercial parts distribution business in high volume markets;
|
•
|
Improving inventory management across Icahn Automotive's parts and tire distribution network;
|
•
|
Optimizing the store and warehouse footprint through openings, closings, consolidations and conversions by market;
|
•
|
Digital initiatives including a new e-commerce platform and enhanced e-fulfillment capabilities;
|
•
|
Investment in customer experience initiatives such as enhanced customer loyalty programs and selective upgrades in facilities;
|
•
|
Investment in employees with focus on training and career development investments; and
|
•
|
Business process improvements, including investments in our supply chain and information technology capabilities.
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
|
(in millions)
|
||||||
Net sales and other revenue from operations
|
$
|
693
|
|
|
$
|
686
|
|
Cost of goods sold and other expenses from operations
|
494
|
|
|
474
|
|
||
Gross margin
|
$
|
199
|
|
|
$
|
212
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
|
(in millions)
|
||||||
6.000% senior unsecured notes due 2020
|
$
|
1,702
|
|
|
$
|
1,702
|
|
5.875% senior unsecured notes due 2022
|
1,344
|
|
|
1,344
|
|
||
6.250% senior unsecured notes due 2022
|
1,213
|
|
|
1,213
|
|
||
6.750% senior unsecured notes due 2024
|
498
|
|
|
498
|
|
||
6.375% senior unsecured notes due 2025
|
748
|
|
|
748
|
|
||
|
$
|
5,505
|
|
|
$
|
5,505
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
|
(in millions)
|
||||||
Energy
|
$
|
467
|
|
|
$
|
668
|
|
Automotive
|
65
|
|
|
43
|
|
||
Food Packaging
|
33
|
|
|
46
|
|
||
Metals
|
11
|
|
|
20
|
|
||
Real Estate
|
41
|
|
|
39
|
|
||
Home Fashion
|
1
|
|
|
1
|
|
||
|
$
|
618
|
|
|
$
|
817
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
|
(in millions)
|
||||||
Energy
|
$
|
1,196
|
|
|
$
|
1,170
|
|
Automotive
|
405
|
|
|
372
|
|
||
Food Packaging
|
271
|
|
|
273
|
|
||
Metals
|
1
|
|
|
—
|
|
||
Real Estate
|
2
|
|
|
2
|
|
||
Home Fashion
|
12
|
|
|
4
|
|
||
|
$
|
1,887
|
|
|
$
|
1,821
|
|
|
March 31, 2019
|
||
|
(in millions)
|
||
Energy
|
$
|
443
|
|
Automotive
|
90
|
|
|
Food Packaging
|
7
|
|
|
Metals
|
51
|
|
|
Home Fashion
|
18
|
|
|
|
$
|
609
|
|
|
Three Months Ended March 31, 2019
|
|
Three Months Ended March 31, 2018
|
||||||||||||||||||||
|
Net Cash Provided By (Used In)
|
|
Net Cash Provided By (Used In)
|
||||||||||||||||||||
|
Operating Activities
|
|
Investing Activities
|
|
Financing Activities
|
|
Operating Activities
|
|
Investing Activities
|
|
Financing Activities
|
||||||||||||
|
(in millions)
|
||||||||||||||||||||||
Holding Company
|
$
|
(128
|
)
|
|
$
|
435
|
|
|
$
|
—
|
|
|
$
|
(152
|
)
|
|
$
|
(175
|
)
|
|
$
|
—
|
|
Investment
|
(360
|
)
|
|
—
|
|
|
—
|
|
|
(424
|
)
|
|
—
|
|
|
280
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other Operating Segments:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Energy
|
228
|
|
|
(42
|
)
|
|
(387
|
)
|
|
25
|
|
|
(20
|
)
|
|
(67
|
)
|
||||||
Automotive
|
(51
|
)
|
|
(45
|
)
|
|
118
|
|
|
(169
|
)
|
|
(25
|
)
|
|
173
|
|
||||||
Food Packaging
|
(3
|
)
|
|
(7
|
)
|
|
(1
|
)
|
|
(2
|
)
|
|
(5
|
)
|
|
44
|
|
||||||
Metals
|
(5
|
)
|
|
(5
|
)
|
|
1
|
|
|
(6
|
)
|
|
(1
|
)
|
|
—
|
|
||||||
Real Estate
|
7
|
|
|
(6
|
)
|
|
(23
|
)
|
|
14
|
|
|
(3
|
)
|
|
(13
|
)
|
||||||
Home Fashion
|
(6
|
)
|
|
(1
|
)
|
|
7
|
|
|
1
|
|
|
(1
|
)
|
|
5
|
|
||||||
Mining
|
30
|
|
|
(4
|
)
|
|
2
|
|
|
—
|
|
|
(13
|
)
|
|
11
|
|
||||||
Other operating segments
|
200
|
|
|
(110
|
)
|
|
(283
|
)
|
|
(137
|
)
|
|
(68
|
)
|
|
153
|
|
||||||
Discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
|
118
|
|
|
(154
|
)
|
|
(18
|
)
|
||||||
Total before eliminations
|
(288
|
)
|
|
325
|
|
|
(283
|
)
|
|
(595
|
)
|
|
(397
|
)
|
|
415
|
|
||||||
Eliminations
|
—
|
|
|
(11
|
)
|
|
11
|
|
|
—
|
|
|
190
|
|
|
(190
|
)
|
||||||
Consolidated
|
$
|
(288
|
)
|
|
$
|
314
|
|
|
$
|
(272
|
)
|
|
$
|
(595
|
)
|
|
$
|
(207
|
)
|
|
$
|
225
|
|
Exhibit No.
|
|
Description
|
|
||
|
||
|
||
|
||
|
||
101.SCH
|
|
XBRL Taxonomy Extension Schema Document.
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document.
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
|
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
|
/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.
|