(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
|
333-118021-01
|
ICAHN ENTERPRISES HOLDINGS L.P.
|
Delaware
|
13-3398767
|
Title of Each Class
|
|
Trading Symbol(s)
|
|
Name of Each Exchange on Which Registered
|
|
Depositary Units of Icahn Enterprises L.P.
Representing Limited Partner Interests |
|
IEP
|
|
NASDAQ
|
Global Select Market
|
|
|
Page
No.
|
|
||
|
|
|
|
PART I. FINANCIAL INFORMATION
|
|
|
|
|
|
PART II. OTHER INFORMATION
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
ASSETS
|
(Unaudited)
|
||||||
Cash and cash equivalents
|
$
|
4,008
|
|
|
$
|
2,656
|
|
Cash held at consolidated affiliated partnerships and restricted cash
|
664
|
|
|
2,682
|
|
||
Investments
|
8,858
|
|
|
8,337
|
|
||
Due from brokers
|
1,280
|
|
|
664
|
|
||
Accounts receivable, net
|
508
|
|
|
474
|
|
||
Inventories, net
|
1,851
|
|
|
1,779
|
|
||
Property, plant and equipment, net
|
4,630
|
|
|
4,688
|
|
||
Goodwill
|
277
|
|
|
247
|
|
||
Intangible assets, net
|
465
|
|
|
501
|
|
||
Assets held for sale
|
400
|
|
|
333
|
|
||
Other assets
|
1,407
|
|
|
1,128
|
|
||
Total Assets
|
$
|
24,348
|
|
|
$
|
23,489
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
Accounts payable
|
$
|
841
|
|
|
$
|
832
|
|
Accrued expenses and other liabilities
|
1,502
|
|
|
900
|
|
||
Deferred tax liability
|
675
|
|
|
694
|
|
||
Unrealized loss on derivative contracts
|
902
|
|
|
36
|
|
||
Securities sold, not yet purchased, at fair value
|
146
|
|
|
468
|
|
||
Due to brokers
|
14
|
|
|
141
|
|
||
Liabilities held for sale
|
164
|
|
|
112
|
|
||
Debt
|
8,658
|
|
|
7,326
|
|
||
Total liabilities
|
12,902
|
|
|
10,509
|
|
||
|
|
|
|
||||
Commitments and contingencies (Note 17)
|
|
|
|
||||
|
|
|
|
||||
Equity:
|
|
|
|
||||
Limited partners: Depositary units: 201,551,298 units issued and outstanding at June 30, 2019 and 191,366,097 units issued and outstanding at December 31, 2018
|
6,498
|
|
|
7,350
|
|
||
General partner
|
(807
|
)
|
|
(790
|
)
|
||
Equity attributable to Icahn Enterprises
|
5,691
|
|
|
6,560
|
|
||
Equity attributable to non-controlling interests
|
5,755
|
|
|
6,420
|
|
||
Total equity
|
11,446
|
|
|
12,980
|
|
||
Total Liabilities and Equity
|
$
|
24,348
|
|
|
$
|
23,489
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Revenues:
|
(Unaudited)
|
||||||||||||||
Net sales
|
$
|
2,588
|
|
|
$
|
2,819
|
|
|
$
|
4,888
|
|
|
$
|
5,183
|
|
Other revenues from operations
|
172
|
|
|
167
|
|
|
334
|
|
|
325
|
|
||||
Net (loss) gain from investment activities
|
(637
|
)
|
|
410
|
|
|
(1,311
|
)
|
|
842
|
|
||||
Interest and dividend income
|
58
|
|
|
36
|
|
|
122
|
|
|
62
|
|
||||
Other income (loss), net
|
15
|
|
|
(9
|
)
|
|
18
|
|
|
(6
|
)
|
||||
|
2,196
|
|
|
3,423
|
|
|
4,051
|
|
|
6,406
|
|
||||
Expenses:
|
|
|
|
|
|
|
|
||||||||
Cost of goods sold
|
2,129
|
|
|
2,427
|
|
|
4,029
|
|
|
4,414
|
|
||||
Other expenses from operations
|
137
|
|
|
134
|
|
|
268
|
|
|
259
|
|
||||
Selling, general and administrative
|
339
|
|
|
345
|
|
|
675
|
|
|
683
|
|
||||
Restructuring, net
|
4
|
|
|
1
|
|
|
11
|
|
|
3
|
|
||||
Impairment
|
1
|
|
|
3
|
|
|
1
|
|
|
3
|
|
||||
Interest expense
|
151
|
|
|
119
|
|
|
290
|
|
|
266
|
|
||||
|
2,761
|
|
|
3,029
|
|
|
5,274
|
|
|
5,628
|
|
||||
(Loss) income from continuing operations before income tax (expense) benefit
|
(565
|
)
|
|
394
|
|
|
(1,223
|
)
|
|
778
|
|
||||
Income tax (expense) benefit
|
(8
|
)
|
|
16
|
|
|
(14
|
)
|
|
(1
|
)
|
||||
(Loss) income from continuing operations
|
(573
|
)
|
|
410
|
|
|
(1,237
|
)
|
|
777
|
|
||||
(Loss) income from discontinued operations
|
(24
|
)
|
|
167
|
|
|
(24
|
)
|
|
212
|
|
||||
Net (loss) income
|
(597
|
)
|
|
577
|
|
|
(1,261
|
)
|
|
989
|
|
||||
Less: net (loss) income attributable to non-controlling interests
|
(99
|
)
|
|
275
|
|
|
(369
|
)
|
|
555
|
|
||||
Net (loss) income attributable to Icahn Enterprises
|
$
|
(498
|
)
|
|
$
|
302
|
|
|
$
|
(892
|
)
|
|
$
|
434
|
|
|
|
|
|
|
|
|
|
||||||||
Net (loss) income attributable to Icahn Enterprises from:
|
|
|
|
|
|
|
|
||||||||
Continuing operations
|
$
|
(474
|
)
|
|
$
|
148
|
|
|
$
|
(868
|
)
|
|
$
|
246
|
|
Discontinued operations
|
(24
|
)
|
|
154
|
|
|
(24
|
)
|
|
188
|
|
||||
|
$
|
(498
|
)
|
|
$
|
302
|
|
|
$
|
(892
|
)
|
|
$
|
434
|
|
Net (loss) income attributable to Icahn Enterprises allocated to:
|
|
|
|
|
|
|
|
||||||||
Limited partners
|
$
|
(488
|
)
|
|
$
|
296
|
|
|
$
|
(874
|
)
|
|
$
|
425
|
|
General partner
|
(10
|
)
|
|
6
|
|
|
(18
|
)
|
|
9
|
|
||||
|
$
|
(498
|
)
|
|
$
|
302
|
|
|
$
|
(892
|
)
|
|
$
|
434
|
|
Basic and diluted (loss) income per LP unit:
|
|
|
|
|
|
|
|
||||||||
Continuing operations
|
$
|
(2.37
|
)
|
|
$
|
0.81
|
|
|
$
|
(4.39
|
)
|
|
$
|
1.37
|
|
Discontinued operations
|
(0.12
|
)
|
|
0.85
|
|
|
(0.12
|
)
|
|
1.04
|
|
||||
|
$
|
(2.49
|
)
|
|
$
|
1.66
|
|
|
$
|
(4.51
|
)
|
|
$
|
2.41
|
|
Basic and diluted weighted average LP units outstanding
|
196
|
|
|
178
|
|
|
194
|
|
|
176
|
|
||||
Cash distributions declared per LP unit
|
$
|
2.00
|
|
|
$
|
1.75
|
|
|
$
|
4.00
|
|
|
$
|
3.50
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(Unaudited)
|
||||||||||||||
Net (loss) income
|
$
|
(597
|
)
|
|
$
|
577
|
|
|
$
|
(1,261
|
)
|
|
$
|
989
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
||||||||
Translation adjustments
|
—
|
|
|
(108
|
)
|
|
(1
|
)
|
|
(75
|
)
|
||||
Post-retirement benefits
|
1
|
|
|
5
|
|
|
2
|
|
|
15
|
|
||||
Other comprehensive (loss), net of tax
|
1
|
|
|
(103
|
)
|
|
1
|
|
|
(60
|
)
|
||||
Comprehensive (loss) income
|
(596
|
)
|
|
474
|
|
|
(1,260
|
)
|
|
929
|
|
||||
Less: Comprehensive (loss) income attributable to non-controlling interests
|
(99
|
)
|
|
266
|
|
|
(369
|
)
|
|
549
|
|
||||
Comprehensive (loss) income attributable to Icahn Enterprises
|
$
|
(497
|
)
|
|
$
|
208
|
|
|
$
|
(891
|
)
|
|
$
|
380
|
|
|
|
|
|
|
|
|
|
||||||||
Comprehensive (loss) income attributable to Icahn Enterprises allocated to:
|
|
|
|
|
|
|
|
||||||||
Limited partners
|
$
|
(487
|
)
|
|
$
|
203
|
|
|
$
|
(873
|
)
|
|
$
|
372
|
|
General partner
|
(10
|
)
|
|
5
|
|
|
(18
|
)
|
|
8
|
|
||||
|
$
|
(497
|
)
|
|
$
|
208
|
|
|
$
|
(891
|
)
|
|
$
|
380
|
|
|
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
|
)
|
|||||
Distribution payable
|
(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
|
|
|||||
Net loss
|
(10
|
)
|
|
(488
|
)
|
|
(498
|
)
|
|
(99
|
)
|
|
(597
|
)
|
|||||
Other comprehensive loss
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|||||
Distribution payable reversal
|
8
|
|
|
383
|
|
|
391
|
|
|
—
|
|
|
391
|
|
|||||
Partnership distributions
|
(1
|
)
|
|
(54
|
)
|
|
(55
|
)
|
|
—
|
|
|
(55
|
)
|
|||||
Partnership contributions
|
—
|
|
|
10
|
|
|
10
|
|
|
—
|
|
|
10
|
|
|||||
Investment segment contributions
|
—
|
|
|
—
|
|
|
—
|
|
|
70
|
|
|
70
|
|
|||||
Dividends and distributions to non-controlling interests in subsidiaries
|
—
|
|
|
—
|
|
|
—
|
|
|
(26
|
)
|
|
(26
|
)
|
|||||
Changes in subsidiary equity and other
|
—
|
|
|
3
|
|
|
3
|
|
|
(3
|
)
|
|
—
|
|
|||||
Balance, June 30, 2019
|
$
|
(807
|
)
|
|
$
|
6,498
|
|
|
$
|
5,691
|
|
|
$
|
5,755
|
|
|
$
|
11,446
|
|
|
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
|
|
|||||
Distribution payable
|
(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
|
(1
|
)
|
|
(28
|
)
|
|
(29
|
)
|
|
—
|
|
|
(29
|
)
|
|||||
Changes in subsidiary equity and other
|
1
|
|
|
—
|
|
|
1
|
|
|
10
|
|
|
11
|
|
|||||
Balance, March 31, 2018
|
(237
|
)
|
|
5,239
|
|
|
5,002
|
|
|
6,860
|
|
|
11,862
|
|
|||||
Net income
|
6
|
|
|
296
|
|
|
302
|
|
|
275
|
|
|
577
|
|
|||||
Other comprehensive loss
|
(1
|
)
|
|
(93
|
)
|
|
(94
|
)
|
|
(9
|
)
|
|
(103
|
)
|
|||||
Distribution payable reversal
|
6
|
|
|
304
|
|
|
310
|
|
|
—
|
|
|
310
|
|
|||||
Partnership distributions
|
(1
|
)
|
|
(47
|
)
|
|
(48
|
)
|
|
—
|
|
|
(48
|
)
|
|||||
Dividends and distributions to non-controlling interests in subsidiaries
|
—
|
|
|
—
|
|
|
—
|
|
|
(47
|
)
|
|
(47
|
)
|
|||||
Changes in subsidiary equity and other
|
(1
|
)
|
|
(5
|
)
|
|
(6
|
)
|
|
(1
|
)
|
|
(7
|
)
|
|||||
Balance, June 30, 2018
|
$
|
(228
|
)
|
|
$
|
5,694
|
|
|
$
|
5,466
|
|
|
$
|
7,078
|
|
|
$
|
12,544
|
|
|
Six Months Ended June 30,
|
||||||
|
2019
|
|
2018
|
||||
|
(Unaudited)
|
||||||
Cash flows from operating activities:
|
|
|
|
||||
Net (loss) income
|
$
|
(1,261
|
)
|
|
$
|
989
|
|
Adjustments to reconcile net (loss) income to net cash used in operating activities:
|
|
|
|
||||
Loss (income) from discontinued operations
|
24
|
|
|
(212
|
)
|
||
Net gain from securities transactions
|
(81
|
)
|
|
(834
|
)
|
||
Purchases of securities
|
(2,256
|
)
|
|
(3,064
|
)
|
||
Proceeds from sales of securities
|
1,481
|
|
|
5,217
|
|
||
Purchases to cover securities sold, not yet purchased
|
(416
|
)
|
|
(1,119
|
)
|
||
Proceeds from securities sold, not yet purchased
|
17
|
|
|
485
|
|
||
Changes in receivables and payables relating to securities transactions
|
(702
|
)
|
|
(1,425
|
)
|
||
Depreciation and amortization
|
260
|
|
|
258
|
|
||
Deferred taxes
|
(40
|
)
|
|
(4
|
)
|
||
Other, net
|
12
|
|
|
26
|
|
||
Changes in operating assets and liabilities
|
1,150
|
|
|
(1,075
|
)
|
||
Net cash used in operating activities from continuing operations
|
(1,812
|
)
|
|
(758
|
)
|
||
Net cash provided by operating activities from discontinued operations
|
—
|
|
|
281
|
|
||
Net cash used in operating activities
|
(1,812
|
)
|
|
(477
|
)
|
||
Cash flows from investing activities:
|
|
|
|
||||
Capital expenditures
|
(132
|
)
|
|
(126
|
)
|
||
Acquisition of businesses, net of cash acquired
|
(51
|
)
|
|
(10
|
)
|
||
Purchases of investments
|
(45
|
)
|
|
(10
|
)
|
||
Proceeds from sale of investments
|
458
|
|
|
1
|
|
||
Other, net
|
17
|
|
|
11
|
|
||
Net cash provided by (used in) investing activities from continuing operations
|
247
|
|
|
(134
|
)
|
||
Net cash used in investing activities from discontinued operations
|
—
|
|
|
(270
|
)
|
||
Net cash provided by (used in) investing activities
|
247
|
|
|
(404
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Investment segment contributions from non-controlling interests
|
70
|
|
|
280
|
|
||
Partnership contributions
|
10
|
|
|
—
|
|
||
Partnership distributions
|
(55
|
)
|
|
(48
|
)
|
||
Purchase of additional interests in consolidated subsidiaries
|
(241
|
)
|
|
—
|
|
||
Dividends and distributions to non-controlling interests in subsidiaries
|
(56
|
)
|
|
(58
|
)
|
||
Proceeds from Holding Company senior unsecured notes
|
1,257
|
|
|
—
|
|
||
Proceeds from subsidiary borrowings
|
441
|
|
|
652
|
|
||
Repayments of subsidiary borrowings
|
(452
|
)
|
|
(704
|
)
|
||
Other, net
|
(3
|
)
|
|
11
|
|
||
Net cash provided by financing activities from continuing operations
|
971
|
|
|
133
|
|
||
Net cash used in financing activities from discontinued operations
|
—
|
|
|
(77
|
)
|
||
Net cash provided by financing activities
|
971
|
|
|
56
|
|
||
Effect of exchange rate changes on cash and cash equivalents and restricted cash and restricted cash equivalents
|
(2
|
)
|
|
(1
|
)
|
||
Add back change in cash and restricted cash of assets held for sale
|
(70
|
)
|
|
20
|
|
||
Net decrease in cash and cash equivalents and restricted cash and restricted cash equivalents
|
(666
|
)
|
|
(806
|
)
|
||
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
|
$
|
4,672
|
|
|
$
|
1,105
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
ASSETS
|
(Unaudited)
|
||||||
Cash and cash equivalents
|
$
|
4,008
|
|
|
$
|
2,656
|
|
Cash held at consolidated affiliated partnerships and restricted cash
|
664
|
|
|
2,682
|
|
||
Investments
|
8,858
|
|
|
8,337
|
|
||
Due from brokers
|
1,280
|
|
|
664
|
|
||
Accounts receivable, net
|
508
|
|
|
474
|
|
||
Inventories, net
|
1,851
|
|
|
1,779
|
|
||
Property, plant and equipment, net
|
4,630
|
|
|
4,688
|
|
||
Goodwill
|
277
|
|
|
247
|
|
||
Intangible assets, net
|
465
|
|
|
501
|
|
||
Assets held for sale
|
400
|
|
|
333
|
|
||
Other assets
|
1,441
|
|
|
1,160
|
|
||
Total Assets
|
$
|
24,382
|
|
|
$
|
23,521
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
Accounts payable
|
$
|
841
|
|
|
$
|
832
|
|
Accrued expenses and other liabilities
|
1,502
|
|
|
900
|
|
||
Deferred tax liability
|
675
|
|
|
694
|
|
||
Unrealized loss on derivative contracts
|
902
|
|
|
36
|
|
||
Securities sold, not yet purchased, at fair value
|
146
|
|
|
468
|
|
||
Due to brokers
|
14
|
|
|
141
|
|
||
Liabilities held for sale
|
164
|
|
|
112
|
|
||
Debt
|
8,663
|
|
|
7,330
|
|
||
Total liabilities
|
12,907
|
|
|
10,513
|
|
||
|
|
|
|
||||
Commitments and contingencies (Note 17)
|
|
|
|
||||
|
|
|
|
||||
Equity:
|
|
|
|
||||
Limited partner
|
6,592
|
|
|
7,452
|
|
||
General partner
|
(872
|
)
|
|
(864
|
)
|
||
Equity attributable to Icahn Enterprises Holdings
|
5,720
|
|
|
6,588
|
|
||
Equity attributable to non-controlling interests
|
5,755
|
|
|
6,420
|
|
||
Total equity
|
11,475
|
|
|
13,008
|
|
||
Total Liabilities and Equity
|
$
|
24,382
|
|
|
$
|
23,521
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Revenues:
|
(Unaudited)
|
||||||||||||||
Net sales
|
$
|
2,588
|
|
|
$
|
2,819
|
|
|
$
|
4,888
|
|
|
$
|
5,183
|
|
Other revenues from operations
|
172
|
|
|
167
|
|
|
334
|
|
|
325
|
|
||||
Net (loss) gain from investment activities
|
(637
|
)
|
|
410
|
|
|
(1,311
|
)
|
|
842
|
|
||||
Interest and dividend income
|
58
|
|
|
36
|
|
|
122
|
|
|
62
|
|
||||
Other income (loss), net
|
15
|
|
|
(9
|
)
|
|
18
|
|
|
(6
|
)
|
||||
|
2,196
|
|
|
3,423
|
|
|
4,051
|
|
|
6,406
|
|
||||
Expenses:
|
|
|
|
|
|
|
|
||||||||
Cost of goods sold
|
2,129
|
|
|
2,427
|
|
|
4,029
|
|
|
4,414
|
|
||||
Other expenses from operations
|
137
|
|
|
134
|
|
|
268
|
|
|
259
|
|
||||
Selling, general and administrative
|
339
|
|
|
345
|
|
|
675
|
|
|
683
|
|
||||
Restructuring, net
|
4
|
|
|
1
|
|
|
11
|
|
|
3
|
|
||||
Impairment
|
1
|
|
|
3
|
|
|
1
|
|
|
3
|
|
||||
Interest expense
|
150
|
|
|
118
|
|
|
289
|
|
|
265
|
|
||||
|
2,760
|
|
|
3,028
|
|
|
5,273
|
|
|
5,627
|
|
||||
(Loss) income from continuing operations before income tax (expense) benefit
|
(564
|
)
|
|
395
|
|
|
(1,222
|
)
|
|
779
|
|
||||
Income tax (expense) benefit
|
(8
|
)
|
|
16
|
|
|
(14
|
)
|
|
(1
|
)
|
||||
(Loss) income from continuing operations
|
(572
|
)
|
|
411
|
|
|
(1,236
|
)
|
|
778
|
|
||||
(Loss) income from discontinued operations
|
(24
|
)
|
|
167
|
|
|
(24
|
)
|
|
212
|
|
||||
Net (loss) income
|
(596
|
)
|
|
578
|
|
|
(1,260
|
)
|
|
990
|
|
||||
Less: net (loss) income attributable to non-controlling interests
|
(99
|
)
|
|
275
|
|
|
(369
|
)
|
|
555
|
|
||||
Net (loss) income attributable to Icahn Enterprises Holdings
|
$
|
(497
|
)
|
|
$
|
303
|
|
|
$
|
(891
|
)
|
|
$
|
435
|
|
|
|
|
|
|
|
|
|
||||||||
Net (loss) income attributable to Icahn Enterprises from:
|
|
|
|
|
|
|
|
||||||||
Continuing operations
|
$
|
(473
|
)
|
|
$
|
149
|
|
|
$
|
(867
|
)
|
|
$
|
247
|
|
Discontinued operations
|
(24
|
)
|
|
154
|
|
|
(24
|
)
|
|
188
|
|
||||
|
$
|
(497
|
)
|
|
$
|
303
|
|
|
$
|
(891
|
)
|
|
$
|
435
|
|
Net (loss) income attributable to Icahn Enterprises Holdings allocated to:
|
|
|
|
|
|
|
|
||||||||
Limited partner
|
$
|
(492
|
)
|
|
$
|
300
|
|
|
$
|
(882
|
)
|
|
$
|
431
|
|
General partner
|
(5
|
)
|
|
3
|
|
|
(9
|
)
|
|
4
|
|
||||
|
$
|
(497
|
)
|
|
$
|
303
|
|
|
$
|
(891
|
)
|
|
$
|
435
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(Unaudited)
|
||||||||||||||
Net (loss) income
|
$
|
(596
|
)
|
|
$
|
578
|
|
|
$
|
(1,260
|
)
|
|
$
|
990
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
||||||||
Translation adjustments
|
—
|
|
|
(108
|
)
|
|
(1
|
)
|
|
(75
|
)
|
||||
Post-retirement benefits
|
1
|
|
|
5
|
|
|
2
|
|
|
15
|
|
||||
Other comprehensive (loss), net of tax
|
1
|
|
|
(103
|
)
|
|
1
|
|
|
(60
|
)
|
||||
Comprehensive (loss) income
|
(595
|
)
|
|
475
|
|
|
(1,259
|
)
|
|
930
|
|
||||
Less: Comprehensive (loss) income attributable to non-controlling interests
|
(99
|
)
|
|
266
|
|
|
(369
|
)
|
|
549
|
|
||||
Comprehensive (loss) income attributable to Icahn Enterprises Holdings
|
$
|
(496
|
)
|
|
$
|
209
|
|
|
$
|
(890
|
)
|
|
$
|
381
|
|
|
|
|
|
|
|
|
|
||||||||
Comprehensive (loss) income attributable to Icahn Enterprises Holdings allocated to:
|
|
|
|
|
|
|
|
||||||||
Limited partner
|
$
|
(491
|
)
|
|
$
|
207
|
|
|
$
|
(881
|
)
|
|
$
|
377
|
|
General partner
|
(5
|
)
|
|
2
|
|
|
(9
|
)
|
|
4
|
|
||||
|
$
|
(496
|
)
|
|
$
|
209
|
|
|
$
|
(890
|
)
|
|
$
|
381
|
|
|
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
|
)
|
|||||
Distribution payable
|
(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
|
|
|||||
Net loss
|
(5
|
)
|
|
(492
|
)
|
|
(497
|
)
|
|
(99
|
)
|
|
(596
|
)
|
|||||
Other comprehensive loss
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|||||
Distribution payable reversal
|
4
|
|
|
387
|
|
|
391
|
|
|
—
|
|
|
391
|
|
|||||
Partnership distributions
|
(1
|
)
|
|
(54
|
)
|
|
(55
|
)
|
|
—
|
|
|
(55
|
)
|
|||||
Partnership contribution
|
—
|
|
|
10
|
|
|
10
|
|
|
—
|
|
|
10
|
|
|||||
Investment segment contributions
|
—
|
|
|
—
|
|
|
—
|
|
|
70
|
|
|
70
|
|
|||||
Dividends and distributions to non-controlling interests in subsidiaries
|
—
|
|
|
—
|
|
|
—
|
|
|
(26
|
)
|
|
(26
|
)
|
|||||
Changes in subsidiary equity and other
|
1
|
|
|
2
|
|
|
3
|
|
|
(3
|
)
|
|
—
|
|
|||||
Balance, June 30, 2019
|
$
|
(872
|
)
|
|
$
|
6,592
|
|
|
$
|
5,720
|
|
|
$
|
5,755
|
|
|
$
|
11,475
|
|
|
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
|
|
|||||
Distribution payable
|
(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
|
—
|
|
|
(29
|
)
|
|
(29
|
)
|
|
—
|
|
|
(29
|
)
|
|||||
Changes in subsidiary equity and other
|
—
|
|
|
1
|
|
|
1
|
|
|
10
|
|
|
11
|
|
|||||
Balance, March 31, 2018
|
(287
|
)
|
|
5,316
|
|
|
5,029
|
|
|
6,860
|
|
|
11,889
|
|
|||||
Net loss
|
3
|
|
|
300
|
|
|
303
|
|
|
275
|
|
|
578
|
|
|||||
Other comprehensive loss
|
(1
|
)
|
|
(93
|
)
|
|
(94
|
)
|
|
(9
|
)
|
|
(103
|
)
|
|||||
Distribution payable reversal
|
3
|
|
|
307
|
|
|
310
|
|
|
—
|
|
|
310
|
|
|||||
Partnership distributions
|
(1
|
)
|
|
(47
|
)
|
|
(48
|
)
|
|
—
|
|
|
(48
|
)
|
|||||
Dividends and distributions to non-controlling interests in subsidiaries
|
—
|
|
|
—
|
|
|
—
|
|
|
(47
|
)
|
|
(47
|
)
|
|||||
Changes in subsidiary equity and other
|
—
|
|
|
(6
|
)
|
|
(6
|
)
|
|
(1
|
)
|
|
(7
|
)
|
|||||
Balance, June 30, 2018
|
$
|
(283
|
)
|
|
$
|
5,777
|
|
|
$
|
5,494
|
|
|
$
|
7,078
|
|
|
$
|
12,572
|
|
|
Six Months Ended June 30,
|
||||||
|
2019
|
|
2018
|
||||
|
(Unaudited)
|
||||||
Cash flows from operating activities:
|
|
|
|
||||
Net (loss) income
|
$
|
(1,260
|
)
|
|
$
|
990
|
|
Adjustments to reconcile net (loss) income to net cash used in operating activities:
|
|
|
|
||||
Loss (income) from discontinued operations
|
24
|
|
|
(212
|
)
|
||
Net gain from securities transactions
|
(81
|
)
|
|
(834
|
)
|
||
Purchases of securities
|
(2,256
|
)
|
|
(3,064
|
)
|
||
Proceeds from sales of securities
|
1,481
|
|
|
5,217
|
|
||
Purchases to cover securities sold, not yet purchased
|
(416
|
)
|
|
(1,119
|
)
|
||
Proceeds from securities sold, not yet purchased
|
17
|
|
|
485
|
|
||
Changes in receivables and payables relating to securities transactions
|
(702
|
)
|
|
(1,425
|
)
|
||
Depreciation and amortization
|
260
|
|
|
258
|
|
||
Deferred taxes
|
(40
|
)
|
|
(4
|
)
|
||
Other, net
|
11
|
|
|
25
|
|
||
Changes in operating assets and liabilities
|
1,150
|
|
|
(1,075
|
)
|
||
Net cash used in operating activities from continuing operations
|
(1,812
|
)
|
|
(758
|
)
|
||
Net cash provided by operating activities from discontinued operations
|
—
|
|
|
281
|
|
||
Net cash used in operating activities
|
(1,812
|
)
|
|
(477
|
)
|
||
Cash flows from investing activities:
|
|
|
|
||||
Capital expenditures
|
(132
|
)
|
|
(126
|
)
|
||
Acquisition of businesses, net of cash acquired
|
(51
|
)
|
|
(10
|
)
|
||
Purchases of investments
|
(45
|
)
|
|
(10
|
)
|
||
Proceeds from sale of investments
|
458
|
|
|
1
|
|
||
Other, net
|
17
|
|
|
11
|
|
||
Net cash provided by (used in) investing activities from continuing operations
|
247
|
|
|
(134
|
)
|
||
Net cash used in investing activities from discontinued operations
|
—
|
|
|
(270
|
)
|
||
Net cash provided by (used in) investing activities
|
247
|
|
|
(404
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Investment segment contributions from non-controlling interests
|
70
|
|
|
280
|
|
||
Partnership contributions
|
10
|
|
|
—
|
|
||
Partnership distributions
|
(55
|
)
|
|
(48
|
)
|
||
Purchase of additional interests in consolidated subsidiaries
|
(241
|
)
|
|
—
|
|
||
Dividends and distributions to non-controlling interests in subsidiaries
|
(56
|
)
|
|
(58
|
)
|
||
Proceeds from Holding Company senior unsecured notes
|
1,257
|
|
|
—
|
|
||
Proceeds from subsidiary borrowings
|
441
|
|
|
652
|
|
||
Repayments of subsidiary borrowings
|
(452
|
)
|
|
(704
|
)
|
||
Other, net
|
(3
|
)
|
|
11
|
|
||
Net cash provided by financing activities from continuing operations
|
971
|
|
|
133
|
|
||
Net cash used in financing activities from discontinued operations
|
—
|
|
|
(77
|
)
|
||
Net cash provided by financing activities
|
971
|
|
|
56
|
|
||
Effect of exchange rate changes on cash and cash equivalents and restricted cash and restricted cash equivalents
|
(2
|
)
|
|
(1
|
)
|
||
Add back change in cash and restricted cash of assets held for sale
|
(70
|
)
|
|
20
|
|
||
Net decrease in cash and cash equivalents and restricted cash and restricted cash equivalents
|
(666
|
)
|
|
(806
|
)
|
||
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
|
$
|
4,672
|
|
|
$
|
1,105
|
|
1.
|
Description of Business.
|
2.
|
Basis of Presentation and Summary of Significant Accounting Policies.
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
|
(in millions)
|
||||||
Cash and cash equivalents
|
$
|
69
|
|
|
$
|
415
|
|
Cash held at consolidated affiliated partnerships and restricted cash
|
651
|
|
|
2,648
|
|
||
Investments
|
8,273
|
|
|
6,951
|
|
||
Due from brokers
|
1,280
|
|
|
664
|
|
||
Property, plant and equipment, net
|
1,554
|
|
|
3,012
|
|
||
Inventories, net
|
56
|
|
|
380
|
|
||
Intangible assets, net
|
268
|
|
|
278
|
|
||
Other assets
|
228
|
|
|
971
|
|
||
Accounts payable, accrued expenses and other liabilities
|
972
|
|
|
534
|
|
||
Securities sold, not yet purchased, at fair value
|
146
|
|
|
468
|
|
||
Due to brokers
|
14
|
|
|
141
|
|
||
Debt
|
631
|
|
|
1,170
|
|
3.
|
Related Party Transactions.
|
4.
|
Investments and Related Matters.
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
Assets
|
(in millions)
|
||||||
Investments:
|
|
|
|
||||
Equity securities:
|
|
|
|
||||
Basic materials
|
$
|
410
|
|
|
$
|
414
|
|
Consumer, non-cyclical
|
1,752
|
|
|
2,161
|
|
||
Consumer, cyclical
|
1,907
|
|
|
1,161
|
|
||
Energy
|
2,546
|
|
|
1,598
|
|
||
Financial
|
241
|
|
|
167
|
|
||
Technology
|
989
|
|
|
1,040
|
|
||
Other
|
155
|
|
|
145
|
|
||
|
8,000
|
|
|
6,686
|
|
||
Corporate debt securities
|
191
|
|
|
181
|
|
||
|
$
|
8,191
|
|
|
$
|
6,867
|
|
Liabilities
|
|
|
|
||||
Securities sold, not yet purchased, at fair value:
|
|
|
|
||||
Equity securities:
|
|
|
|
||||
Consumer, non-cyclical
|
$
|
42
|
|
|
$
|
57
|
|
Consumer, cyclical
|
86
|
|
|
106
|
|
||
Energy
|
18
|
|
|
305
|
|
||
|
146
|
|
|
468
|
|
||
Corporate debt securities
|
—
|
|
|
—
|
|
||
|
$
|
146
|
|
|
$
|
468
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
|
(in millions)
|
||||||
Equity method investments
|
$
|
189
|
|
|
$
|
143
|
|
Other investments (measured at fair value)
|
478
|
|
|
1,327
|
|
||
|
$
|
667
|
|
|
$
|
1,470
|
|
5.
|
Fair Value Measurements.
|
|
June 30, 2019
|
|
December 31, 2018
|
||||||||||||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||||||||
Assets
|
(in millions)
|
||||||||||||||||||||||||||||||
Investments (Note 4)
|
$
|
8,327
|
|
|
$
|
327
|
|
|
$
|
3
|
|
|
$
|
8,657
|
|
|
$
|
7,493
|
|
|
$
|
317
|
|
|
$
|
372
|
|
|
$
|
8,182
|
|
Derivative contracts, at fair value (Note 6)(1)
|
6
|
|
|
209
|
|
|
—
|
|
|
215
|
|
|
7
|
|
|
517
|
|
|
—
|
|
|
524
|
|
||||||||
|
$
|
8,333
|
|
|
$
|
536
|
|
|
$
|
3
|
|
|
$
|
8,872
|
|
|
$
|
7,500
|
|
|
$
|
834
|
|
|
$
|
372
|
|
|
$
|
8,706
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Securities sold, not yet purchased (Note 4)
|
$
|
146
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
146
|
|
|
$
|
468
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
468
|
|
Other liabilities
|
—
|
|
|
16
|
|
|
—
|
|
|
16
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
||||||||
Derivative contracts, at fair value (Note 6)
|
—
|
|
|
902
|
|
|
—
|
|
|
902
|
|
|
—
|
|
|
36
|
|
|
—
|
|
|
36
|
|
||||||||
|
$
|
146
|
|
|
$
|
918
|
|
|
$
|
—
|
|
|
$
|
1,064
|
|
|
$
|
468
|
|
|
$
|
38
|
|
|
$
|
—
|
|
|
$
|
506
|
|
(1)
|
Amounts are classified within other assets in our condensed consolidated balance sheets.
|
|
Six Months Ended June 30,
|
||||||
|
2019
|
|
2018
|
||||
|
(in millions)
|
||||||
Balance at January 1
|
$
|
372
|
|
|
$
|
278
|
|
Net gains recognized in income
|
89
|
|
|
55
|
|
||
Sales
|
(458
|
)
|
|
—
|
|
||
Balance at June 30
|
$
|
3
|
|
|
$
|
333
|
|
6.
|
Financial Instruments.
|
|
June 30, 2019
|
|
December 31, 2018
|
||||||||||||
|
Long Notional Exposure
|
|
Short Notional Exposure
|
|
Long Notional Exposure
|
|
Short Notional Exposure
|
||||||||
Primary underlying risk:
|
(in millions)
|
||||||||||||||
Equity contracts
|
$
|
1,392
|
|
|
$
|
12,251
|
|
|
$
|
118
|
|
|
$
|
8,368
|
|
Credit contracts(1)
|
—
|
|
|
558
|
|
|
—
|
|
|
479
|
|
||||
Commodity contracts
|
—
|
|
|
54
|
|
|
—
|
|
|
114
|
|
(1)
|
The short notional amount on our credit default swap positions was approximately $2.9 billion at June 30, 2019. However, because credit spreads cannot compress below zero, our downside short notional exposure is $558 million as of June 30, 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
|
||||||||||||
June 30, 2019
|
|
December 31, 2018
|
|
June 30, 2019
|
|
December 31, 2018
|
|||||||||
|
(in millions)
|
||||||||||||||
Equity contracts
|
$
|
271
|
|
|
$
|
568
|
|
|
$
|
904
|
|
|
$
|
170
|
|
Credit contracts
|
—
|
|
|
76
|
|
|
56
|
|
|
—
|
|
||||
Commodity contracts
|
3
|
|
|
15
|
|
|
1
|
|
|
1
|
|
||||
Sub-total
|
274
|
|
|
659
|
|
|
961
|
|
|
171
|
|
||||
Netting across contract types(2)
|
(59
|
)
|
|
(135
|
)
|
|
(59
|
)
|
|
(135
|
)
|
||||
Total(2)
|
$
|
215
|
|
|
$
|
524
|
|
|
$
|
902
|
|
|
$
|
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 June 30, 2019 and December 31, 2018 was $518 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 June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
2019
|
|
2018
|
|
2019
|
|
2018
|
|||||||||
|
(in millions)
|
||||||||||||||
Equity contracts
|
$
|
(150
|
)
|
|
$
|
(147
|
)
|
|
$
|
(1,251
|
)
|
|
$
|
(89
|
)
|
Credit contracts
|
(68
|
)
|
|
—
|
|
|
(132
|
)
|
|
53
|
|
||||
Commodity contracts
|
9
|
|
|
19
|
|
|
11
|
|
|
114
|
|
||||
|
$
|
(209
|
)
|
|
$
|
(128
|
)
|
|
$
|
(1,372
|
)
|
|
$
|
78
|
|
(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 $(213) million and $(139) million for the three months ended June 30, 2019 and 2018, respectively, and $(1,392) million and $8 million for the six months ended June 30, 2019 and 2018, respectively. Gains recognized on derivatives for our Energy segment were $4 million and $11 million for the three months ended June 30, 2019 and 2018, respectively, and $20 million and $70 million for the six months ended June 30, 2019 and 2018, respectively.
|
7.
|
Inventories, Net.
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
|
(in millions)
|
||||||
Raw materials
|
$
|
217
|
|
|
$
|
217
|
|
Work in process
|
98
|
|
|
70
|
|
||
Finished goods
|
1,536
|
|
|
1,492
|
|
||
|
$
|
1,851
|
|
|
$
|
1,779
|
|
8.
|
Goodwill and Intangible Assets, Net.
|
|
June 30, 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
|
|
||||||
Home Fashion
|
22
|
|
|
—
|
|
|
22
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
$
|
364
|
|
|
$
|
(87
|
)
|
|
$
|
277
|
|
|
$
|
334
|
|
|
$
|
(87
|
)
|
|
$
|
247
|
|
|
June 30, 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
|
$
|
399
|
|
|
$
|
(144
|
)
|
|
$
|
255
|
|
|
$
|
396
|
|
|
$
|
(134
|
)
|
|
$
|
262
|
|
Other
|
287
|
|
|
(139
|
)
|
|
148
|
|
|
316
|
|
|
(139
|
)
|
|
177
|
|
||||||
|
$
|
686
|
|
|
$
|
(283
|
)
|
|
$
|
403
|
|
|
$
|
712
|
|
|
$
|
(273
|
)
|
|
$
|
439
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Indefinite-lived intangible assets
|
|
|
|
|
$
|
62
|
|
|
|
|
|
|
$
|
62
|
|
||||||||
Intangible assets, net
|
|
|
|
|
$
|
465
|
|
|
|
|
|
|
$
|
501
|
|
9.
|
Leases.
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
|
(in millions)
|
||||||
Operating Leases:
|
|
|
|
||||
Right-of-use assets (other assets)
|
$
|
654
|
|
|
$
|
—
|
|
Lease liabilities (accrued expenses and other liabilities)
|
685
|
|
|
—
|
|
||
|
|
|
|
||||
Financing Leases:
|
|
|
|
||||
Right-of-use assets (property, plant and equipment, net)
|
79
|
|
|
51
|
|
||
Lease liabilities (debt)
|
93
|
|
|
51
|
|
Operating Leases
|
|
Right-Of-Use Assets
|
|
Lease Liabilities
|
|
Lease Term
|
|
Discount Rate
|
||||
|
|
(in millions)
|
|
|
|
|
||||||
Energy
|
|
$
|
47
|
|
|
$
|
46
|
|
|
4.2 years
|
|
5.9%
|
Automotive
|
|
541
|
|
|
569
|
|
|
5.5 years
|
|
5.6%
|
||
Food Packaging
|
|
33
|
|
|
37
|
|
|
13.0 years
|
|
7.3%
|
||
Other segments and Holding Company
|
|
33
|
|
|
33
|
|
|
|
|
|
||
|
|
$
|
654
|
|
|
$
|
685
|
|
|
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(in millions)
|
||||||||||||||
Operating lease expense
|
$
|
53
|
|
|
$
|
41
|
|
|
$
|
102
|
|
|
$
|
79
|
|
|
|
|
|
|
|
|
|
||||||||
Amortization of financing lease right-of-use assets
|
$
|
2
|
|
|
$
|
1
|
|
|
$
|
6
|
|
|
$
|
2
|
|
Interest expense on financing lease liabilities
|
2
|
|
|
1
|
|
|
4
|
|
|
2
|
|
Year
|
|
Operating Leases
|
|
Financing Leases
|
||||
|
|
(in millions)
|
||||||
Remainder of 2019
|
|
$
|
98
|
|
|
$
|
8
|
|
2020
|
|
172
|
|
|
18
|
|
||
2021
|
|
149
|
|
|
14
|
|
||
2022
|
|
128
|
|
|
13
|
|
||
2023
|
|
84
|
|
|
12
|
|
||
Thereafter
|
|
199
|
|
|
68
|
|
||
Total lease payments
|
|
830
|
|
|
133
|
|
||
Less: imputed interest
|
|
(145
|
)
|
|
(40
|
)
|
||
|
|
$
|
685
|
|
|
$
|
93
|
|
10.
|
Debt.
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
|
(in millions)
|
||||||
Holding Company:
|
|
|
|
||||
6.000% senior unsecured notes due 2020
|
$
|
1,701
|
|
|
$
|
1,702
|
|
5.875% senior unsecured notes due 2022
|
1,345
|
|
|
1,344
|
|
||
6.250% senior unsecured notes due 2022
|
1,212
|
|
|
1,213
|
|
||
6.750% senior unsecured notes due 2024
|
498
|
|
|
498
|
|
||
6.375% senior unsecured notes due 2025
|
748
|
|
|
748
|
|
||
6.250% senior unsecured notes due 2026
|
1,251
|
|
|
—
|
|
||
|
6,755
|
|
|
5,505
|
|
||
Reporting Segments:
|
|
|
|
||||
Energy
|
1,195
|
|
|
1,170
|
|
||
Automotive
|
406
|
|
|
372
|
|
||
Food Packaging
|
270
|
|
|
273
|
|
||
Metals
|
10
|
|
|
—
|
|
||
Real Estate
|
2
|
|
|
2
|
|
||
Home Fashion
|
20
|
|
|
4
|
|
||
|
1,903
|
|
|
1,821
|
|
||
Total Debt
|
$
|
8,658
|
|
|
$
|
7,326
|
|
11.
|
Net Income Per LP Unit.
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(in millions, except per unit amounts)
|
||||||||||||||
Net (loss) income attributable to Icahn Enterprises from continuing operations
|
$
|
(474
|
)
|
|
$
|
148
|
|
|
$
|
(868
|
)
|
|
$
|
246
|
|
Net (loss) income attributable to Icahn Enterprises from continuing operations allocated to limited partners (98.01% allocation)
|
$
|
(465
|
)
|
|
$
|
145
|
|
|
$
|
(851
|
)
|
|
$
|
241
|
|
Net income attributable to Icahn Enterprises from discontinued operations allocated to limited partners (98.01% allocation)
|
$
|
(23
|
)
|
|
$
|
151
|
|
|
$
|
(23
|
)
|
|
$
|
184
|
|
|
|
|
|
|
|
|
|
||||||||
Basic and diluted (loss) income per LP unit:
|
|
|
|
|
|
|
|
||||||||
Continuing operations
|
$
|
(2.37
|
)
|
|
$
|
0.81
|
|
|
$
|
(4.39
|
)
|
|
$
|
1.37
|
|
Discontinued operations
|
(0.12
|
)
|
|
0.85
|
|
|
(0.12
|
)
|
|
1.04
|
|
||||
|
$
|
(2.49
|
)
|
|
$
|
1.66
|
|
|
$
|
(4.51
|
)
|
|
$
|
2.41
|
|
Basic and diluted weighted average LP units outstanding
|
196
|
|
|
178
|
|
|
194
|
|
|
176
|
|
12.
|
Segment Reporting.
|
|
Three Months Ended June 30, 2019
|
||||||||||||||||||||||||||||||||||||||
|
Investment
|
|
Energy
|
|
Automotive
|
|
Food Packaging
|
|
Metals
|
|
Real Estate
|
|
Home Fashion
|
|
Mining
|
|
Holding Company
|
|
Consolidated
|
||||||||||||||||||||
|
(in millions)
|
||||||||||||||||||||||||||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Net sales
|
$
|
—
|
|
|
$
|
1,687
|
|
|
$
|
590
|
|
|
$
|
97
|
|
|
$
|
95
|
|
|
$
|
9
|
|
|
$
|
44
|
|
|
$
|
66
|
|
|
$
|
—
|
|
|
$
|
2,588
|
|
Other revenues from operations
|
—
|
|
|
—
|
|
|
154
|
|
|
—
|
|
|
—
|
|
|
18
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
172
|
|
||||||||||
Net loss from investment activities
|
(311
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(326
|
)
|
|
(637
|
)
|
||||||||||
Interest and dividend income
|
40
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17
|
|
|
58
|
|
||||||||||
Other income, net
|
—
|
|
|
12
|
|
|
1
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15
|
|
||||||||||
|
(271
|
)
|
|
1,700
|
|
|
745
|
|
|
98
|
|
|
96
|
|
|
27
|
|
|
44
|
|
|
66
|
|
|
(309
|
)
|
|
2,196
|
|
||||||||||
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Cost of goods sold
|
—
|
|
|
1,486
|
|
|
406
|
|
|
75
|
|
|
93
|
|
|
7
|
|
|
39
|
|
|
23
|
|
|
—
|
|
|
2,129
|
|
||||||||||
Other expenses from operations
|
—
|
|
|
—
|
|
|
124
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
137
|
|
||||||||||
Selling, general and administrative
|
3
|
|
|
34
|
|
|
256
|
|
|
14
|
|
|
4
|
|
|
7
|
|
|
9
|
|
|
6
|
|
|
6
|
|
|
339
|
|
||||||||||
Restructuring, net
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
||||||||||
Impairment
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||||||||
Interest expense
|
21
|
|
|
27
|
|
|
5
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
92
|
|
|
151
|
|
||||||||||
|
24
|
|
|
1,547
|
|
|
793
|
|
|
95
|
|
|
99
|
|
|
27
|
|
|
48
|
|
|
30
|
|
|
98
|
|
|
2,761
|
|
||||||||||
(Loss) income from continuing operations before income tax (expense) benefit
|
(295
|
)
|
|
153
|
|
|
(48
|
)
|
|
3
|
|
|
(3
|
)
|
|
—
|
|
|
(4
|
)
|
|
36
|
|
|
(407
|
)
|
|
(565
|
)
|
||||||||||
Income tax (expense) benefit
|
—
|
|
|
(37
|
)
|
|
10
|
|
|
(2
|
)
|
|
—
|
|
|
1
|
|
|
—
|
|
|
(1
|
)
|
|
21
|
|
|
(8
|
)
|
||||||||||
Net (loss) income from continuing operations
|
(295
|
)
|
|
116
|
|
|
(38
|
)
|
|
1
|
|
|
(3
|
)
|
|
1
|
|
|
(4
|
)
|
|
35
|
|
|
(386
|
)
|
|
(573
|
)
|
||||||||||
Less: net (loss) income from continuing operations attributable to non-controlling interests
|
(147
|
)
|
|
40
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
(99
|
)
|
||||||||||
Net (loss) income from continuing operations attributable to Icahn Enterprises
|
$
|
(148
|
)
|
|
$
|
76
|
|
|
$
|
(38
|
)
|
|
$
|
—
|
|
|
$
|
(3
|
)
|
|
$
|
1
|
|
|
$
|
(4
|
)
|
|
$
|
28
|
|
|
$
|
(386
|
)
|
|
$
|
(474
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Supplemental information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Capital expenditures
|
$
|
—
|
|
|
$
|
26
|
|
|
$
|
9
|
|
|
$
|
3
|
|
|
$
|
12
|
|
|
$
|
10
|
|
|
$
|
1
|
|
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
67
|
|
Depreciation and amortization
|
$
|
—
|
|
|
$
|
94
|
|
|
$
|
24
|
|
|
$
|
8
|
|
|
$
|
5
|
|
|
$
|
5
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
137
|
|
|
Three Months Ended June 30, 2018
|
||||||||||||||||||||||||||||||||||||||||||
|
Investment
|
|
Energy
|
|
Automotive
|
|
Food Packaging
|
|
Metals
|
|
Real Estate
|
|
Home Fashion
|
|
Mining
|
|
Railcar
|
|
Holding Company
|
|
Consolidated
|
||||||||||||||||||||||
|
(in millions)
|
||||||||||||||||||||||||||||||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Net sales
|
$
|
—
|
|
|
$
|
1,914
|
|
|
$
|
592
|
|
|
$
|
104
|
|
|
$
|
132
|
|
|
$
|
6
|
|
|
$
|
45
|
|
|
$
|
26
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,819
|
|
Other revenues from operations
|
—
|
|
|
—
|
|
|
145
|
|
|
—
|
|
|
—
|
|
|
22
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
167
|
|
|||||||||||
Net gain from investment activities
|
372
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
38
|
|
|
410
|
|
|||||||||||
Interest and dividend income
|
28
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
36
|
|
|||||||||||
Other (loss) income, net
|
(1
|
)
|
|
(4
|
)
|
|
—
|
|
|
(7
|
)
|
|
(1
|
)
|
|
—
|
|
|
1
|
|
|
5
|
|
|
—
|
|
|
(2
|
)
|
|
(9
|
)
|
|||||||||||
|
399
|
|
|
1,911
|
|
|
737
|
|
|
97
|
|
|
131
|
|
|
33
|
|
|
46
|
|
|
31
|
|
|
—
|
|
|
38
|
|
|
3,423
|
|
|||||||||||
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Cost of goods sold
|
—
|
|
|
1,778
|
|
|
383
|
|
|
80
|
|
|
124
|
|
|
4
|
|
|
39
|
|
|
19
|
|
|
—
|
|
|
—
|
|
|
2,427
|
|
|||||||||||
Other expenses from operations
|
—
|
|
|
—
|
|
|
118
|
|
|
—
|
|
|
—
|
|
|
15
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
134
|
|
|||||||||||
Selling, general and administrative
|
1
|
|
|
39
|
|
|
258
|
|
|
15
|
|
|
4
|
|
|
7
|
|
|
9
|
|
|
6
|
|
|
1
|
|
|
5
|
|
|
345
|
|
|||||||||||
Restructuring, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|||||||||||
Impairment
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|||||||||||
Interest expense
|
1
|
|
|
27
|
|
|
5
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
83
|
|
|
119
|
|
|||||||||||
|
2
|
|
|
1,844
|
|
|
767
|
|
|
98
|
|
|
128
|
|
|
26
|
|
|
49
|
|
|
25
|
|
|
2
|
|
|
88
|
|
|
3,029
|
|
|||||||||||
Income (loss) from continuing operations before income tax (expense) benefit
|
397
|
|
|
67
|
|
|
(30
|
)
|
|
(1
|
)
|
|
3
|
|
|
7
|
|
|
(3
|
)
|
|
6
|
|
|
(2
|
)
|
|
(50
|
)
|
|
394
|
|
|||||||||||
Income tax (expense) benefit
|
—
|
|
|
(10
|
)
|
|
12
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(2
|
)
|
|
17
|
|
|
16
|
|
|||||||||||
Net income (loss) from continuing operations
|
397
|
|
|
57
|
|
|
(18
|
)
|
|
(1
|
)
|
|
3
|
|
|
7
|
|
|
(3
|
)
|
|
5
|
|
|
(4
|
)
|
|
(33
|
)
|
|
410
|
|
|||||||||||
Less: net income (loss) from continuing operations attributable to non-controlling interests
|
240
|
|
|
22
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
262
|
|
|||||||||||
Net (loss) income from continuing operations attributable to Icahn Enterprises
|
$
|
157
|
|
|
$
|
35
|
|
|
$
|
(18
|
)
|
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
7
|
|
|
$
|
(3
|
)
|
|
$
|
4
|
|
|
$
|
(4
|
)
|
|
$
|
(33
|
)
|
|
$
|
148
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Supplemental information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Capital expenditures
|
$
|
—
|
|
|
$
|
23
|
|
|
$
|
18
|
|
|
$
|
6
|
|
|
$
|
1
|
|
|
$
|
4
|
|
|
$
|
2
|
|
|
$
|
10
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
64
|
|
Depreciation and amortization
|
$
|
—
|
|
|
$
|
86
|
|
|
$
|
25
|
|
|
$
|
6
|
|
|
$
|
4
|
|
|
$
|
5
|
|
|
$
|
2
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
130
|
|
|
Six Months Ended June 30, 2019
|
||||||||||||||||||||||||||||||||||||||
|
Investment
|
|
Energy
|
|
Automotive
|
|
Food Packaging
|
|
Metals
|
|
Real Estate
|
|
Home Fashion
|
|
Mining
|
|
Holding Company
|
|
Consolidated
|
||||||||||||||||||||
|
(in millions)
|
||||||||||||||||||||||||||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net sales
|
$
|
—
|
|
|
$
|
3,173
|
|
|
$
|
1,140
|
|
|
$
|
192
|
|
|
$
|
188
|
|
|
$
|
11
|
|
|
$
|
83
|
|
|
$
|
101
|
|
|
$
|
—
|
|
|
$
|
4,888
|
|
Other revenues from operations
|
—
|
|
|
—
|
|
|
297
|
|
|
—
|
|
|
—
|
|
|
37
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
334
|
|
||||||||||
Net loss from investment activities
|
(920
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(391
|
)
|
|
(1,311
|
)
|
||||||||||
Interest and dividend income
|
82
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
38
|
|
|
122
|
|
||||||||||
Other (loss) income, net
|
(1
|
)
|
|
13
|
|
|
5
|
|
|
(2
|
)
|
|
1
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18
|
|
||||||||||
|
(839
|
)
|
|
3,187
|
|
|
1,442
|
|
|
190
|
|
|
189
|
|
|
50
|
|
|
83
|
|
|
102
|
|
|
(353
|
)
|
|
4,051
|
|
||||||||||
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Cost of goods sold
|
—
|
|
|
2,789
|
|
|
781
|
|
|
150
|
|
|
185
|
|
|
9
|
|
|
72
|
|
|
43
|
|
|
—
|
|
|
4,029
|
|
||||||||||
Other expenses from operations
|
—
|
|
|
—
|
|
|
243
|
|
|
—
|
|
|
—
|
|
|
25
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
268
|
|
||||||||||
Selling, general and administrative
|
5
|
|
|
71
|
|
|
508
|
|
|
29
|
|
|
8
|
|
|
12
|
|
|
19
|
|
|
13
|
|
|
10
|
|
|
675
|
|
||||||||||
Restructuring, net
|
—
|
|
|
—
|
|
|
2
|
|
|
7
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11
|
|
||||||||||
Impairment
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||||||||
Interest expense
|
39
|
|
|
53
|
|
|
10
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
176
|
|
|
290
|
|
||||||||||
|
44
|
|
|
2,913
|
|
|
1,544
|
|
|
196
|
|
|
195
|
|
|
46
|
|
|
91
|
|
|
59
|
|
|
186
|
|
|
5,274
|
|
||||||||||
(Loss) income from continuing operations before income tax (expense) benefit
|
(883
|
)
|
|
274
|
|
|
(102
|
)
|
|
(6
|
)
|
|
(6
|
)
|
|
4
|
|
|
(8
|
)
|
|
43
|
|
|
(539
|
)
|
|
(1,223
|
)
|
||||||||||
Income tax (expense) benefit
|
—
|
|
|
(68
|
)
|
|
22
|
|
|
2
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
(2
|
)
|
|
31
|
|
|
(14
|
)
|
||||||||||
Net (loss) income from continuing operations
|
(883
|
)
|
|
206
|
|
|
(80
|
)
|
|
(4
|
)
|
|
(6
|
)
|
|
5
|
|
|
(8
|
)
|
|
41
|
|
|
(508
|
)
|
|
(1,237
|
)
|
||||||||||
Less: net (loss) income from continuing operations attributable to non-controlling interests
|
(440
|
)
|
|
64
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|
(369
|
)
|
||||||||||
Net (loss) income from continuing operations attributable to Icahn Enterprises
|
$
|
(443
|
)
|
|
$
|
142
|
|
|
$
|
(80
|
)
|
|
$
|
(3
|
)
|
|
$
|
(6
|
)
|
|
$
|
5
|
|
|
$
|
(8
|
)
|
|
$
|
33
|
|
|
$
|
(508
|
)
|
|
$
|
(868
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Supplemental information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Capital expenditures
|
$
|
—
|
|
|
$
|
55
|
|
|
$
|
22
|
|
|
$
|
10
|
|
|
$
|
17
|
|
|
$
|
16
|
|
|
$
|
2
|
|
|
$
|
10
|
|
|
$
|
—
|
|
|
$
|
132
|
|
Depreciation and amortization
|
$
|
—
|
|
|
$
|
177
|
|
|
$
|
48
|
|
|
$
|
14
|
|
|
$
|
9
|
|
|
$
|
9
|
|
|
$
|
3
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
260
|
|
|
Six Months Ended June 30, 2018
|
||||||||||||||||||||||||||||||||||||||||||
|
Investment
|
|
Energy
|
|
Automotive
|
|
Food Packaging
|
|
Metals
|
|
Real Estate
|
|
Home Fashion
|
|
Mining
|
|
Railcar
|
|
Holding Company
|
|
Consolidated
|
||||||||||||||||||||||
|
(in millions)
|
||||||||||||||||||||||||||||||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net sales
|
$
|
—
|
|
|
$
|
3,451
|
|
|
$
|
1,141
|
|
|
$
|
201
|
|
|
$
|
250
|
|
|
$
|
7
|
|
|
$
|
87
|
|
|
$
|
46
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,183
|
|
Other revenues from operations
|
—
|
|
|
—
|
|
|
282
|
|
|
—
|
|
|
—
|
|
|
43
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
325
|
|
|||||||||||
Net gain from investment activities
|
782
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
60
|
|
|
842
|
|
|||||||||||
Interest and dividend income
|
46
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
62
|
|
|||||||||||
Other (loss) income, net
|
(1
|
)
|
|
(2
|
)
|
|
—
|
|
|
(13
|
)
|
|
—
|
|
|
—
|
|
|
1
|
|
|
5
|
|
|
5
|
|
|
(1
|
)
|
|
(6
|
)
|
|||||||||||
|
827
|
|
|
3,450
|
|
|
1,423
|
|
|
188
|
|
|
250
|
|
|
60
|
|
|
88
|
|
|
51
|
|
|
5
|
|
|
64
|
|
|
6,406
|
|
|||||||||||
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Cost of goods sold
|
—
|
|
|
3,163
|
|
|
744
|
|
|
157
|
|
|
234
|
|
|
5
|
|
|
75
|
|
|
36
|
|
|
—
|
|
|
—
|
|
|
4,414
|
|
|||||||||||
Other expenses from operations
|
—
|
|
|
—
|
|
|
231
|
|
|
—
|
|
|
—
|
|
|
27
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
259
|
|
|||||||||||
Selling, general and administrative
|
2
|
|
|
71
|
|
|
516
|
|
|
30
|
|
|
9
|
|
|
13
|
|
|
18
|
|
|
12
|
|
|
1
|
|
|
11
|
|
|
683
|
|
|||||||||||
Restructuring, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|||||||||||
Impairment
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|||||||||||
Interest expense
|
27
|
|
|
54
|
|
|
8
|
|
|
7
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
167
|
|
|
266
|
|
|||||||||||
|
29
|
|
|
3,288
|
|
|
1,502
|
|
|
194
|
|
|
243
|
|
|
46
|
|
|
96
|
|
|
50
|
|
|
2
|
|
|
178
|
|
|
5,628
|
|
|||||||||||
Income (loss) from continuing operations before income tax (expense) benefit
|
798
|
|
|
162
|
|
|
(79
|
)
|
|
(6
|
)
|
|
7
|
|
|
14
|
|
|
(8
|
)
|
|
1
|
|
|
3
|
|
|
(114
|
)
|
|
778
|
|
|||||||||||
Income tax (expense) benefit
|
—
|
|
|
(24
|
)
|
|
27
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
(2
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|||||||||||
Net income (loss) from continuing operations
|
798
|
|
|
138
|
|
|
(52
|
)
|
|
(4
|
)
|
|
7
|
|
|
14
|
|
|
(8
|
)
|
|
(1
|
)
|
|
1
|
|
|
(116
|
)
|
|
777
|
|
|||||||||||
Less: net income (loss) from continuing operations attributable to non-controlling interests
|
480
|
|
|
53
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
531
|
|
|||||||||||
Net income (loss) from continuing operations attributable to Icahn Enterprises
|
$
|
318
|
|
|
$
|
85
|
|
|
$
|
(52
|
)
|
|
$
|
(3
|
)
|
|
$
|
7
|
|
|
$
|
14
|
|
|
$
|
(8
|
)
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
(116
|
)
|
|
$
|
246
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Supplemental information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Capital expenditures
|
$
|
—
|
|
|
$
|
43
|
|
|
$
|
37
|
|
|
$
|
11
|
|
|
$
|
2
|
|
|
$
|
7
|
|
|
$
|
3
|
|
|
$
|
23
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
126
|
|
Depreciation and amortization
|
$
|
—
|
|
|
$
|
169
|
|
|
$
|
49
|
|
|
$
|
13
|
|
|
$
|
9
|
|
|
$
|
10
|
|
|
$
|
4
|
|
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
258
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(in millions)
|
||||||||||||||
Petroleum products
|
$
|
1,549
|
|
|
$
|
1,821
|
|
|
$
|
2,943
|
|
|
$
|
3,278
|
|
Nitrogen fertilizer products
|
138
|
|
|
93
|
|
|
230
|
|
|
173
|
|
||||
|
$
|
1,687
|
|
|
$
|
1,914
|
|
|
$
|
3,173
|
|
|
$
|
3,451
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(in millions)
|
||||||||||||||
Automotive services
|
$
|
345
|
|
|
$
|
334
|
|
|
$
|
672
|
|
|
$
|
651
|
|
Aftermarket parts sales
|
399
|
|
|
403
|
|
|
765
|
|
|
772
|
|
||||
|
$
|
744
|
|
|
$
|
737
|
|
|
$
|
1,437
|
|
|
$
|
1,423
|
|
|
June 30, 2019
|
||||||||||||||||||||||||||||||||||||||
|
Investment
|
|
Energy
|
|
Automotive
|
|
Food Packaging
|
|
Metals
|
|
Real Estate
|
|
Home Fashion
|
|
Mining
|
|
Holding Company
|
|
Consolidated
|
||||||||||||||||||||
|
(in millions)
|
||||||||||||||||||||||||||||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
8
|
|
|
$
|
540
|
|
|
$
|
53
|
|
|
$
|
22
|
|
|
$
|
3
|
|
|
$
|
41
|
|
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
3,337
|
|
|
$
|
4,008
|
|
Cash held at consolidated affiliated partnerships and restricted cash
|
651
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
2
|
|
|
1
|
|
|
—
|
|
|
8
|
|
|
664
|
|
||||||||||
Investments
|
8,191
|
|
|
82
|
|
|
107
|
|
|
—
|
|
|
—
|
|
|
15
|
|
|
—
|
|
|
—
|
|
|
463
|
|
|
8,858
|
|
||||||||||
Accounts receivable, net
|
—
|
|
|
168
|
|
|
170
|
|
|
82
|
|
|
44
|
|
|
4
|
|
|
40
|
|
|
—
|
|
|
—
|
|
|
508
|
|
||||||||||
Inventories, net
|
—
|
|
|
390
|
|
|
1,231
|
|
|
111
|
|
|
39
|
|
|
—
|
|
|
80
|
|
|
—
|
|
|
—
|
|
|
1,851
|
|
||||||||||
Property, plant and equipment, net
|
—
|
|
|
2,950
|
|
|
939
|
|
|
166
|
|
|
124
|
|
|
382
|
|
|
69
|
|
|
—
|
|
|
—
|
|
|
4,630
|
|
||||||||||
Goodwill and intangible assets, net
|
—
|
|
|
268
|
|
|
388
|
|
|
31
|
|
|
14
|
|
|
19
|
|
|
22
|
|
|
—
|
|
|
—
|
|
|
742
|
|
||||||||||
Assets held for sale
|
—
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
393
|
|
|
—
|
|
|
400
|
|
||||||||||
Other assets
|
1,508
|
|
|
227
|
|
|
736
|
|
|
134
|
|
|
20
|
|
|
32
|
|
|
21
|
|
|
—
|
|
|
9
|
|
|
2,687
|
|
||||||||||
Total assets
|
$
|
10,358
|
|
|
$
|
4,631
|
|
|
$
|
3,624
|
|
|
$
|
547
|
|
|
$
|
246
|
|
|
$
|
495
|
|
|
$
|
237
|
|
|
$
|
393
|
|
|
$
|
3,817
|
|
|
$
|
24,348
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities
|
$
|
923
|
|
|
$
|
1,076
|
|
|
$
|
1,374
|
|
|
$
|
206
|
|
|
$
|
66
|
|
|
$
|
41
|
|
|
$
|
62
|
|
|
$
|
—
|
|
|
$
|
186
|
|
|
$
|
3,934
|
|
Securities sold, not yet purchased, at fair value
|
146
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
146
|
|
||||||||||
Liabilities held for sale
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
164
|
|
|
—
|
|
|
164
|
|
||||||||||
Debt
|
—
|
|
|
1,195
|
|
|
406
|
|
|
270
|
|
|
10
|
|
|
2
|
|
|
20
|
|
|
—
|
|
|
6,755
|
|
|
8,658
|
|
||||||||||
Total liabilities
|
1,069
|
|
|
2,271
|
|
|
1,780
|
|
|
476
|
|
|
76
|
|
|
43
|
|
|
82
|
|
|
164
|
|
|
6,941
|
|
|
12,902
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Equity attributable to Icahn Enterprises
|
4,624
|
|
|
1,317
|
|
|
1,844
|
|
|
54
|
|
|
170
|
|
|
452
|
|
|
155
|
|
|
199
|
|
|
(3,124
|
)
|
|
5,691
|
|
||||||||||
Equity attributable to non-controlling interests
|
4,665
|
|
|
1,043
|
|
|
—
|
|
|
17
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
30
|
|
|
—
|
|
|
5,755
|
|
||||||||||
Total equity
|
9,289
|
|
|
2,360
|
|
|
1,844
|
|
|
71
|
|
|
170
|
|
|
452
|
|
|
155
|
|
|
229
|
|
|
(3,124
|
)
|
|
11,446
|
|
||||||||||
Total liabilities and equity
|
$
|
10,358
|
|
|
$
|
4,631
|
|
|
$
|
3,624
|
|
|
$
|
547
|
|
|
$
|
246
|
|
|
$
|
495
|
|
|
$
|
237
|
|
|
$
|
393
|
|
|
$
|
3,817
|
|
|
$
|
24,348
|
|
|
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 June 30, 2018
|
||||||||||||||
|
Federal-Mogul
|
|
Tropicana
|
|
ARI
|
|
Total
|
||||||||
Revenues:
|
(in millions)
|
||||||||||||||
Net sales
|
$
|
2,047
|
|
|
$
|
—
|
|
|
$
|
90
|
|
|
$
|
2,137
|
|
Other revenues from operations
|
—
|
|
|
227
|
|
|
57
|
|
|
284
|
|
||||
Net loss on investment activities
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
||||
Interest and dividend income
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
||||
Other income (loss), net
|
1
|
|
|
(1
|
)
|
|
1
|
|
|
1
|
|
||||
|
2,048
|
|
|
226
|
|
|
148
|
|
|
2,422
|
|
||||
Expenses:
|
|
|
|
|
|
|
|
||||||||
Cost of goods sold
|
1,672
|
|
|
—
|
|
|
84
|
|
|
1,756
|
|
||||
Other expenses from operations
|
—
|
|
|
104
|
|
|
31
|
|
|
135
|
|
||||
Selling, general and administrative
|
196
|
|
|
71
|
|
|
10
|
|
|
277
|
|
||||
Restructuring, net
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
||||
Impairment
|
2
|
|
|
—
|
|
|
4
|
|
|
6
|
|
||||
Interest expense
|
48
|
|
|
2
|
|
|
6
|
|
|
56
|
|
||||
|
1,916
|
|
|
177
|
|
|
135
|
|
|
2,228
|
|
||||
Income from discontinued operations before income tax expense
|
132
|
|
|
49
|
|
|
13
|
|
|
194
|
|
||||
Income tax expense
|
(18
|
)
|
|
(7
|
)
|
|
(2
|
)
|
|
(27
|
)
|
||||
Income from discontinued operations
|
114
|
|
|
42
|
|
|
11
|
|
|
167
|
|
||||
Less: income from discontinued operations attributable to non-controlling interests
|
3
|
|
|
7
|
|
|
3
|
|
|
13
|
|
||||
Income from discontinued operations attributable to Icahn Enterprises
|
$
|
111
|
|
|
$
|
35
|
|
|
$
|
8
|
|
|
$
|
154
|
|
|
|
|
|
|
|
|
|
||||||||
Supplemental information:
|
|
|
|
|
|
|
|
||||||||
Capital expenditures
|
$
|
97
|
|
|
$
|
20
|
|
|
$
|
5
|
|
|
$
|
122
|
|
Depreciation and amortization
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
16
|
|
|
$
|
16
|
|
|
Six Months Ended June 30, 2018
|
||||||||||||||
|
Federal-Mogul
|
|
Tropicana
|
|
ARI
|
|
Total
|
||||||||
Revenues:
|
(in millions)
|
||||||||||||||
Net sales
|
$
|
4,103
|
|
|
$
|
—
|
|
|
$
|
154
|
|
|
$
|
4,257
|
|
Other revenues from operations
|
—
|
|
|
446
|
|
|
109
|
|
|
555
|
|
||||
Net gain on investment activities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Interest and dividend income
|
1
|
|
|
1
|
|
|
1
|
|
|
3
|
|
||||
Other income (loss), net
|
9
|
|
|
(1
|
)
|
|
2
|
|
|
10
|
|
||||
|
4,113
|
|
|
446
|
|
|
266
|
|
|
4,825
|
|
||||
Expenses:
|
|
|
|
|
|
|
|
||||||||
Cost of goods sold
|
3,437
|
|
|
—
|
|
|
142
|
|
|
3,579
|
|
||||
Other expenses from operations
|
—
|
|
|
206
|
|
|
60
|
|
|
266
|
|
||||
Selling, general and administrative
|
416
|
|
|
160
|
|
|
19
|
|
|
595
|
|
||||
Restructuring, net
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
||||
Impairment
|
2
|
|
|
—
|
|
|
4
|
|
|
6
|
|
||||
Interest expense
|
92
|
|
|
3
|
|
|
11
|
|
|
106
|
|
||||
|
3,945
|
|
|
369
|
|
|
236
|
|
|
4,550
|
|
||||
Income from discontinued operations before income tax expense
|
168
|
|
|
77
|
|
|
30
|
|
|
275
|
|
||||
Income tax expense
|
(41
|
)
|
|
(14
|
)
|
|
(8
|
)
|
|
(63
|
)
|
||||
Income from discontinued operations
|
127
|
|
|
63
|
|
|
22
|
|
|
212
|
|
||||
Less: income from discontinued operations attributable to non-controlling interests
|
6
|
|
|
10
|
|
|
8
|
|
|
24
|
|
||||
Income from discontinued operations attributable to Icahn Enterprises
|
$
|
121
|
|
|
$
|
53
|
|
|
$
|
14
|
|
|
$
|
188
|
|
|
|
|
|
|
|
|
|
||||||||
Supplemental information:
|
|
|
|
|
|
|
|
||||||||
Capital expenditures
|
$
|
215
|
|
|
$
|
41
|
|
|
$
|
24
|
|
|
$
|
280
|
|
Depreciation and amortization
|
$
|
100
|
|
|
$
|
19
|
|
|
$
|
31
|
|
|
$
|
150
|
|
14.
|
Income Taxes.
|
15.
|
Changes in Accumulated Other Comprehensive Loss.
|
|
Translation Adjustments, Net of Tax
|
|
Post-Retirement Benefits, Net of Tax
|
|
Total
|
||||||
|
(in millions)
|
||||||||||
Balance, December 31, 2018
|
$
|
(38
|
)
|
|
$
|
(47
|
)
|
|
$
|
(85
|
)
|
Other comprehensive loss before reclassifications, net of tax
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|||
Reclassifications from accumulated other comprehensive loss to earnings, net of tax
|
—
|
|
|
2
|
|
|
2
|
|
|||
Other comprehensive (loss) income, net of tax
|
(1
|
)
|
|
2
|
|
|
1
|
|
|||
Elimination of stranded tax effects resulting from tax legislation
|
—
|
|
|
(6
|
)
|
|
(6
|
)
|
|||
Balance, June 30, 2019
|
$
|
(39
|
)
|
|
$
|
(51
|
)
|
|
$
|
(90
|
)
|
16.
|
Other Income, Net.
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(in millions)
|
||||||||||||||
Equity earnings from non-consolidated affiliates
|
$
|
4
|
|
|
$
|
1
|
|
|
$
|
8
|
|
|
$
|
3
|
|
Gain (loss) on disposition of assets, net
|
10
|
|
|
(5
|
)
|
|
6
|
|
|
—
|
|
||||
Foreign currency transaction income (loss)
|
1
|
|
|
4
|
|
|
(1
|
)
|
|
5
|
|
||||
Non-service pension and other post-retirement benefits expense
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|
(8
|
)
|
||||
Other
|
—
|
|
|
(8
|
)
|
|
6
|
|
|
(6
|
)
|
||||
|
$
|
15
|
|
|
$
|
(9
|
)
|
|
$
|
18
|
|
|
$
|
(6
|
)
|
17.
|
Commitments and Contingencies.
|
18.
|
Supplemental Cash Flow Information.
|
|
Six Months Ended June 30,
|
||||||
|
2019
|
|
2018
|
||||
|
(in millions)
|
||||||
Cash payments for interest, net of amounts capitalized
|
$
|
238
|
|
|
$
|
242
|
|
Net cash payments (receipts) for income taxes, net of refunds
|
32
|
|
|
(5
|
)
|
||
Accrued dividends and distributions to non-controlling interests in subsidiaries
|
—
|
|
|
12
|
|
19.
|
Subsequent Events.
|
|
Revenues
|
|
Net Income (Loss) From Continuing Operations
|
|
Net Income (Loss) From Continuing Operations Attributable to Icahn Enterprises
|
||||||||||||||||||
|
Three Months Ended June 30,
|
|
Three Months Ended June 30,
|
|
Three Months Ended June 30,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||
|
(in millions)
|
||||||||||||||||||||||
Investment
|
$
|
(271
|
)
|
|
$
|
399
|
|
|
$
|
(295
|
)
|
|
$
|
397
|
|
|
$
|
(148
|
)
|
|
$
|
157
|
|
Holding Company
|
(309
|
)
|
|
38
|
|
|
(386
|
)
|
|
(33
|
)
|
|
(386
|
)
|
|
(33
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other Operating Segments:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Energy
|
1,700
|
|
|
1,911
|
|
|
116
|
|
|
57
|
|
|
76
|
|
|
35
|
|
||||||
Automotive
|
745
|
|
|
737
|
|
|
(38
|
)
|
|
(18
|
)
|
|
(38
|
)
|
|
(18
|
)
|
||||||
Food Packaging
|
98
|
|
|
97
|
|
|
1
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||||
Metals
|
96
|
|
|
131
|
|
|
(3
|
)
|
|
3
|
|
|
(3
|
)
|
|
3
|
|
||||||
Real Estate
|
27
|
|
|
33
|
|
|
1
|
|
|
7
|
|
|
1
|
|
|
7
|
|
||||||
Home Fashion
|
44
|
|
|
46
|
|
|
(4
|
)
|
|
(3
|
)
|
|
(4
|
)
|
|
(3
|
)
|
||||||
Mining
|
66
|
|
|
31
|
|
|
35
|
|
|
5
|
|
|
28
|
|
|
4
|
|
||||||
Railcar
|
—
|
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
(4
|
)
|
||||||
Other operating segments
|
2,776
|
|
|
2,986
|
|
|
108
|
|
|
46
|
|
|
60
|
|
|
24
|
|
||||||
Consolidated
|
$
|
2,196
|
|
|
$
|
3,423
|
|
|
$
|
(573
|
)
|
|
$
|
410
|
|
|
$
|
(474
|
)
|
|
$
|
148
|
|
|
Revenues
|
|
Net Income (Loss) From Continuing Operations
|
|
Net Income (Loss) From Continuing Operations Attributable to Icahn Enterprises
|
||||||||||||||||||
|
Six Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||||||
|
(in millions)
|
||||||||||||||||||||||
Investment
|
$
|
(839
|
)
|
|
$
|
827
|
|
|
$
|
(883
|
)
|
|
$
|
798
|
|
|
$
|
(443
|
)
|
|
$
|
318
|
|
Holding Company
|
(353
|
)
|
|
64
|
|
|
(508
|
)
|
|
(116
|
)
|
|
(508
|
)
|
|
(116
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other Operating Segments:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Energy
|
3,187
|
|
|
3,450
|
|
|
206
|
|
|
138
|
|
|
142
|
|
|
85
|
|
||||||
Automotive
|
1,442
|
|
|
1,423
|
|
|
(80
|
)
|
|
(52
|
)
|
|
(80
|
)
|
|
(52
|
)
|
||||||
Food Packaging
|
190
|
|
|
188
|
|
|
(4
|
)
|
|
(4
|
)
|
|
(3
|
)
|
|
(3
|
)
|
||||||
Metals
|
189
|
|
|
250
|
|
|
(6
|
)
|
|
7
|
|
|
(6
|
)
|
|
7
|
|
||||||
Real Estate
|
50
|
|
|
60
|
|
|
5
|
|
|
14
|
|
|
5
|
|
|
14
|
|
||||||
Home Fashion
|
83
|
|
|
88
|
|
|
(8
|
)
|
|
(8
|
)
|
|
(8
|
)
|
|
(8
|
)
|
||||||
Mining
|
102
|
|
|
51
|
|
|
41
|
|
|
(1
|
)
|
|
33
|
|
|
—
|
|
||||||
Railcar
|
—
|
|
|
5
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||||
Other operating segments
|
5,243
|
|
|
5,515
|
|
|
154
|
|
|
95
|
|
|
83
|
|
|
44
|
|
||||||
Consolidated
|
$
|
4,051
|
|
|
$
|
6,406
|
|
|
$
|
(1,237
|
)
|
|
$
|
777
|
|
|
$
|
(868
|
)
|
|
$
|
246
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
Long positions
|
0.5
|
%
|
|
6.5
|
%
|
|
9.0
|
%
|
|
9.7
|
%
|
Short positions
|
(3.7
|
)%
|
|
(1.7
|
)%
|
|
(18.0
|
)%
|
|
0.1
|
%
|
Other
|
0.1
|
%
|
|
0.1
|
%
|
|
0.2
|
%
|
|
0.7
|
%
|
|
(3.1
|
)%
|
|
4.9
|
%
|
|
(8.8
|
)%
|
|
10.5
|
%
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(in millions)
|
||||||||||||||
Long positions
|
$
|
165
|
|
|
$
|
532
|
|
|
$
|
880
|
|
|
$
|
725
|
|
Short positions
|
(478
|
)
|
|
(149
|
)
|
|
(1,784
|
)
|
|
21
|
|
||||
Other
|
18
|
|
|
14
|
|
|
21
|
|
|
52
|
|
||||
|
$
|
(295
|
)
|
|
$
|
397
|
|
|
$
|
(883
|
)
|
|
$
|
798
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(in millions)
|
||||||||||||||
Net sales
|
$
|
1,687
|
|
|
$
|
1,914
|
|
|
$
|
3,173
|
|
|
$
|
3,451
|
|
Cost of goods sold
|
1,486
|
|
|
1,778
|
|
|
2,789
|
|
|
3,163
|
|
||||
Gross margin
|
$
|
201
|
|
|
$
|
136
|
|
|
$
|
384
|
|
|
$
|
288
|
|
•
|
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 certain high-volume core markets;
|
•
|
Exiting the automotive parts distribution business in certain low volume, non-core markets;
|
•
|
Improving inventory management across Icahn Automotive's parts and tire distribution network;
|
•
|
Select digital initiatives that support revenue growth;
|
•
|
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 June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(in millions)
|
||||||||||||||
Net sales and other revenue from operations
|
$
|
744
|
|
|
$
|
737
|
|
|
$
|
1,437
|
|
|
$
|
1,423
|
|
Cost of goods sold and other expenses from operations
|
530
|
|
|
501
|
|
|
1,024
|
|
|
975
|
|
||||
Gross margin
|
$
|
214
|
|
|
$
|
236
|
|
|
$
|
413
|
|
|
$
|
448
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
|
(in millions)
|
||||||
6.000% senior unsecured notes due 2020
|
$
|
1,701
|
|
|
$
|
1,702
|
|
5.875% senior unsecured notes due 2022
|
1,345
|
|
|
1,344
|
|
||
6.250% senior unsecured notes due 2022
|
1,212
|
|
|
1,213
|
|
||
6.750% senior unsecured notes due 2024
|
498
|
|
|
498
|
|
||
6.375% senior unsecured notes due 2025
|
748
|
|
|
748
|
|
||
6.250% senior unsecured notes due 2026
|
1,251
|
|
|
—
|
|
||
|
$
|
6,755
|
|
|
$
|
5,505
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
|
(in millions)
|
||||||
Energy
|
$
|
540
|
|
|
$
|
668
|
|
Automotive
|
53
|
|
|
43
|
|
||
Food Packaging
|
22
|
|
|
46
|
|
||
Metals
|
3
|
|
|
20
|
|
||
Real Estate
|
41
|
|
|
39
|
|
||
Home Fashion
|
4
|
|
|
1
|
|
||
|
$
|
663
|
|
|
$
|
817
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
|
(in millions)
|
||||||
Energy
|
$
|
1,195
|
|
|
$
|
1,170
|
|
Automotive
|
406
|
|
|
372
|
|
||
Food Packaging
|
270
|
|
|
273
|
|
||
Metals
|
10
|
|
|
—
|
|
||
Real Estate
|
2
|
|
|
2
|
|
||
Home Fashion
|
20
|
|
|
4
|
|
||
|
$
|
1,903
|
|
|
$
|
1,821
|
|
|
June 30, 2019
|
||
|
(in millions)
|
||
Energy
|
$
|
441
|
|
Automotive
|
95
|
|
|
Food Packaging
|
7
|
|
|
Metals
|
38
|
|
|
Home Fashion
|
20
|
|
|
|
$
|
601
|
|
|
Six Months Ended June 30, 2019
|
|
Six Months Ended June 30, 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
|
$
|
(136
|
)
|
|
$
|
437
|
|
|
$
|
1,206
|
|
|
$
|
(166
|
)
|
|
$
|
(233
|
)
|
|
$
|
(48
|
)
|
Investment
|
(2,064
|
)
|
|
—
|
|
|
70
|
|
|
(709
|
)
|
|
—
|
|
|
280
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other Operating Segments:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Energy
|
384
|
|
|
(43
|
)
|
|
(469
|
)
|
|
238
|
|
|
(50
|
)
|
|
(136
|
)
|
||||||
Automotive
|
(69
|
)
|
|
(74
|
)
|
|
153
|
|
|
(139
|
)
|
|
(57
|
)
|
|
197
|
|
||||||
Food Packaging
|
(11
|
)
|
|
(10
|
)
|
|
(2
|
)
|
|
(2
|
)
|
|
(11
|
)
|
|
43
|
|
||||||
Metals
|
1
|
|
|
(28
|
)
|
|
10
|
|
|
(10
|
)
|
|
(2
|
)
|
|
(1
|
)
|
||||||
Real Estate
|
12
|
|
|
(16
|
)
|
|
(18
|
)
|
|
19
|
|
|
(6
|
)
|
|
(20
|
)
|
||||||
Home Fashion
|
(6
|
)
|
|
(30
|
)
|
|
39
|
|
|
5
|
|
|
(2
|
)
|
|
1
|
|
||||||
Mining
|
77
|
|
|
(10
|
)
|
|
3
|
|
|
(1
|
)
|
|
(23
|
)
|
|
20
|
|
||||||
Other operating segments
|
388
|
|
|
(211
|
)
|
|
(284
|
)
|
|
110
|
|
|
(151
|
)
|
|
104
|
|
||||||
Discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
|
288
|
|
|
(270
|
)
|
|
(30
|
)
|
||||||
Total before eliminations
|
(1,812
|
)
|
|
226
|
|
|
992
|
|
|
(477
|
)
|
|
(654
|
)
|
|
306
|
|
||||||
Eliminations
|
—
|
|
|
21
|
|
|
(21
|
)
|
|
—
|
|
|
250
|
|
|
(250
|
)
|
||||||
Consolidated
|
$
|
(1,812
|
)
|
|
$
|
247
|
|
|
$
|
971
|
|
|
$
|
(477
|
)
|
|
$
|
(404
|
)
|
|
$
|
56
|
|
Exhibit No.
|
|
Description
|
|
||
|
||
|
||
101.SCH
|
|
Inline XBRL Taxonomy Extension Schema Document.
|
101.CAL
|
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document.
|
101.LAB
|
|
Inline XBRL Taxonomy Extension Label Linkbase Document.
|
101.PRE
|
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document.
|
101.DEF
|
|
Inline XBRL Taxonomy Extension Definition Linkbase Document.
|
104
|
|
Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL 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.
|