Quarterly Report (10-q)

Date : 11/05/2019 @ 9:08PM
Source : Edgar (US Regulatory)
Stock : Icahn Enterprises LP (IEP)
Quote : 60.2  0.0 (0.00%) @ 12:00AM

Quarterly Report (10-q)

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark one)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from to
(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
Securities registered pursuant to Section 12(b) of the Act:
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
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Icahn Enterprises L.P. Yes No             Icahn Enterprises Holdings L.P. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     
Icahn Enterprises L.P. Yes No             Icahn Enterprises Holdings L.P. Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act (Check One):
Icahn Enterprises L.P.
 
Icahn Enterprises Holdings L.P.
Large Accelerated Filer
Accelerated Filer
 
 
Large Accelerated Filer
Accelerated Filer
 
Non-accelerated Filer
Smaller Reporting Company
 
Non-accelerated Filer
Smaller Reporting Company
 
Emerging Growth Company
 
 
 
 
Emerging Growth Company
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Icahn Enterprises L.P. Yes No ☒                Icahn Enterprises Holdings L.P. Yes No
As of November 4, 2019, there were 207,489,066 of Icahn Enterprises’ depositary units outstanding.



ICAHN ENTERPRISES L.P.
ICAHN ENTERPRISES HOLDINGS L.P.
TABLE OF CONTENTS






i


EXPLANATORY NOTE

This Quarterly Report on Form 10-Q (this “Report”) is a joint report being filed by Icahn Enterprises L.P. and Icahn Enterprises Holdings L.P. Each registrant hereto is filing on its own behalf all of the information contained in this Report that relates to such registrant. Each registrant hereto is not filing any information that does not relate to such registrant, and therefore makes no representation as to any such information.

FORWARD-LOOKING STATEMENTS

This Report contains certain statements that are, or may be deemed to be, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (“the Exchange Act”), or by Public Law 104-67. All statements included in this Report, other than statements that relate solely to historical fact, are “forward-looking statements.” Such statements include, but are not limited to, any statement that may predict, forecast, indicate or imply future results, performance, achievements or events, or any statement that may relate to strategies, plans or objectives for, or potential results of, future operations, financial results, financial condition, business prospects, growth strategy or liquidity, and are based upon management’s current plans and beliefs or current estimates of future results or trends. Forward-looking statements can generally be identified by phrases such as “believes,” “expects,” “potential,” “continues,” “may,” “should,” “seeks,” “predicts,” “anticipates,” “intends,” “projects,” “estimates,” “plans,” “could,” “designed,” “should be” and other similar expressions that denote expectations of future or conditional events rather than statements of fact.
Forward-looking statements include certain statements made under the caption, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” under Part I, Item 2 of this Report, but also forward-looking statements that appear in other parts of this Report. Forward-looking statements reflect our current views with respect to future events and are based on certain assumptions and are subject to risks and uncertainties that could cause our actual results to differ materially from trends, plans, or expectations set forth in the forward-looking statements. These risks and uncertainties may include the risks and uncertainties described in our Annual Report on Form 10-K for the year ended December 31, 2018 and those set forth in this Report, including under the caption “Risk Factors,” under Part II, Item 1A of this Report. Additionally, there may be other factors not presently known to us or which we currently consider to be immaterial that may cause our actual results to differ materially from the forward-looking statements.





1


PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

ICAHN ENTERPRISES L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

 
September 30, 2019
 
December 31, 2018
ASSETS
(In millions, except unit amounts)
Cash and cash equivalents
$
3,266

 
$
2,656

Cash held at consolidated affiliated partnerships and restricted cash
613

 
2,682

Investments
9,437

 
8,337

Due from brokers
842

 
664

Accounts receivable, net
500

 
474

Inventories, net
1,817

 
1,779

Property, plant and equipment, net
4,592

 
4,688

Goodwill
281

 
247

Intangible assets, net
449

 
501

Other assets
1,460

 
1,461

Total Assets
$
23,257

 
$
23,489

LIABILITIES AND EQUITY
 
 
 
Accounts payable
$
895

 
$
832

Accrued expenses and other liabilities
2,342

 
1,012

Deferred tax liability
625

 
694

Unrealized loss on derivative contracts
461

 
36

Securities sold, not yet purchased, at fair value
223

 
468

Due to brokers
114

 
141

Debt
7,449

 
7,326

Total liabilities
12,109

 
10,509

 
 
 
 
Commitments and contingencies (Note 17)

 

 
 
 
 
Equity:
 
 
 
Limited partners: Depositary units: 207,489,066 units issued and outstanding at September 30, 2019 and 191,366,097 units issued and outstanding at December 31, 2018
6,441

 
7,350

General partner
(808
)
 
(790
)
Equity attributable to Icahn Enterprises
5,633

 
6,560

Equity attributable to non-controlling interests
5,515

 
6,420

Total equity
11,148

 
12,980

Total Liabilities and Equity
$
23,257

 
$
23,489




See notes to condensed consolidated financial statements.


2


ICAHN ENTERPRISES L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Revenues:
(In millions, except per unit amounts)
Net sales
$
2,484

 
$
2,815

 
$
7,371

 
$
7,998

Other revenues from operations
170

 
166

 
504

 
491

Net (loss) gain from investment activities
(657
)
 
(514
)
 
(1,968
)
 
328

Interest and dividend income
69

 
36

 
192

 
98

Gain on disposition of assets, net
249

 
65

 
256

 
65

Other income (loss), net
5

 
1

 
16

 
(5
)
 
2,320

 
2,569

 
6,371

 
8,975

Expenses:
 
 
 
 
 
 
 
Cost of goods sold
2,069

 
2,372

 
6,098

 
6,786

Other expenses from operations
141

 
138

 
409

 
397

Selling, general and administrative
352

 
329

 
1,027

 
1,012

Restructuring, net
4

 
17

 
15

 
20

Impairment

 

 
1

 
3

Interest expense
153

 
125

 
443

 
391

 
2,719

 
2,981

 
7,993

 
8,609

(Loss) income from continuing operations before income tax benefit
(399
)
 
(412
)
 
(1,622
)
 
366

Income tax benefit
26

 
78

 
12

 
77

(Loss) income from continuing operations
(373
)
 
(334
)
 
(1,610
)
 
443

Income (loss) from discontinued operations

 
176

 
(24
)
 
388

Net (loss) income
(373
)
 
(158
)
 
(1,634
)
 
831

Less: net (loss) income attributable to non-controlling interests
(324
)
 
(276
)
 
(693
)
 
279

Net (loss) income attributable to Icahn Enterprises
$
(49
)
 
$
118

 
$
(941
)
 
$
552

 
 
 
 
 
 
 
 
Net (loss) income attributable to Icahn Enterprises from:
 
 
 
 
 
 
 
    Continuing operations
$
(49
)
 
$
(45
)
 
$
(917
)
 
$
201

    Discontinued operations

 
163

 
(24
)
 
351

 
$
(49
)
 
$
118

 
$
(941
)
 
$
552

Net (loss) income attributable to Icahn Enterprises allocated to:
 
 
 
 
 
 
 
Limited partners
$
(48
)
 
$
116

 
$
(922
)
 
$
541

General partner
(1
)
 
2

 
(19
)
 
11

 
$
(49
)
 
$
118

 
$
(941
)
 
$
552

Basic and diluted (loss) income per LP unit:
 
 
 
 
 
 
 
Continuing operations
$
(0.24
)
 
$
(0.24
)
 
$
(4.56
)
 
$
1.11

Discontinued operations

 
0.88

 
(0.12
)
 
1.93

 
$
(0.24
)
 
$
0.64

 
$
(4.68
)
 
$
3.04

Basic and diluted weighted average LP units outstanding
202

 
183

 
197

 
178

Cash distributions declared per LP unit
$
2.00

 
$
1.75

 
$
6.00

 
$
5.25

See notes to condensed consolidated financial statements.


3


ICAHN ENTERPRISES L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
 
(in millions)
Net (loss) income
$
(373
)
 
$
(158
)
 
$
(1,634
)
 
$
831

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Translation adjustments
(3
)
 
(11
)
 
(4
)
 
(86
)
Post-retirement benefits and other
(1
)
 
3

 
1

 
18

Other comprehensive loss, net of tax
(4
)
 
(8
)
 
(3
)
 
(68
)
Comprehensive (loss) income
(377
)
 
(166
)
 
(1,637
)
 
763

Less: Comprehensive (loss) income attributable to non-controlling interests
(325
)
 
(278
)
 
(694
)
 
271

Comprehensive (loss) income attributable to Icahn Enterprises
$
(52
)
 
$
112

 
$
(943
)
 
$
492

 
 
 
 
 
 
 
 
Comprehensive (loss) income attributable to Icahn Enterprises allocated to:
 
 
 
 
 
 
 
Limited partners
$
(51
)
 
$
110

 
$
(924
)
 
$
482

General partner
(1
)
 
2

 
(19
)
 
10

 
$
(52
)
 
$
112

 
$
(943
)
 
$
492



























See notes to condensed consolidated financial statements.


4


ICAHN ENTERPRISES L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)
(In millions)

 
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

Net loss
(1
)
 
(48
)
 
(49
)
 
(324
)
 
(373
)
Other comprehensive loss

 
(3
)
 
(3
)
 
(1
)
 
(4
)
Partnership distributions
(1
)
 
(27
)
 
(28
)
 

 
(28
)
Partnership contributions
1

 
24

 
25

 

 
25

Investment segment contributions

 

 

 
150

 
150

Dividends and distributions to non-controlling interests in subsidiaries

 

 

 
(34
)
 
(34
)
Changes in subsidiary equity and other

 
(3
)
 
(3
)
 
(31
)
 
(34
)
Balance, September 30, 2019
$
(808
)
 
$
6,441

 
$
5,633

 
$
5,515

 
$
11,148

 
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

Net income (loss)
2

 
116

 
118

 
(276
)
 
(158
)
Other comprehensive loss

 
(6
)
 
(6
)
 
(2
)
 
(8
)
Partnership distributions
(1
)
 
(24
)
 
(25
)
 

 
(25
)
Dividends and distributions to non-controlling interests in subsidiaries

 

 

 
(31
)
 
(31
)
Changes in subsidiary equity and other
3

 
90

 
93

 
6

 
99

Balance, September 30, 2018
$
(224
)
 
$
5,870

 
$
5,646

 
$
6,775

 
$
12,421



See notes to condensed consolidated financial statements.


5


ICAHN ENTERPRISES L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

 
Nine Months Ended September 30,
 
2019
 
2018
 
(in millions)
Cash flows from operating activities:
 
 
 
Net (loss) income
$
(1,634
)
 
$
831

Adjustments to reconcile net (loss) income to net cash used in operating activities:
 
 
 
Loss (income) from discontinued operations
24

 
(388
)
Net loss (gain) from securities transactions
314

 
(858
)
Purchases of securities
(3,885
)
 
(3,911
)
Proceeds from sales of securities
2,133

 
5,538

Payments to cover securities sold, not yet purchased
(451
)
 
(1,390
)
Proceeds from securities sold, not yet purchased
142

 
949

Changes in receivables and payables relating to securities transactions
609

 
(609
)
Gain on disposition of assets, net
(256
)
 
(65
)
Depreciation and amortization
389

 
383

Deferred taxes
(84
)
 
(85
)
Other, net
(1
)
 
48

Changes in operating assets and liabilities
832

 
(548
)
Net cash used in operating activities from continuing operations
(1,868
)
 
(105
)
Net cash provided by operating activities from discontinued operations

 
436

Net cash (used in) provided by operating activities
(1,868
)
 
331

Cash flows from investing activities:
 
 
 
Capital expenditures
(195
)
 
(193
)
Acquisition of businesses, net of cash acquired
(52
)
 
(13
)
Purchases of investments
(50
)
 
(25
)
Proceeds from sale of investments
458

 
1

Proceeds from disposition of businesses and assets
491

 
158

Other, net
(21
)
 
(7
)
Net cash provided by (used in) investing activities from continuing operations
631

 
(79
)
Net cash used in investing activities from discontinued operations

 
(393
)
Net cash provided by (used in) investing activities
631

 
(472
)
Cash flows from financing activities:
 
 
 
Investment segment contributions from non-controlling interests
220

 
280

Partnership contributions
35

 

Partnership distributions
(83
)
 
(73
)
Purchase of additional interests in consolidated subsidiaries
(241
)
 

Dividends and distributions to non-controlling interests in subsidiaries
(90
)
 
(95
)
Proceeds from Holding Company senior unsecured notes
1,757

 

Repayments of Holding Company senior unsecured notes
(1,700
)
 

Proceeds from subsidiary borrowings
565

 
1,003

Repayments of subsidiary borrowings
(597
)
 
(1,046
)
Other, net
(3
)
 
12

Net cash (used in) provided by financing activities from continuing operations
(137
)
 
81

Net cash used in financing activities from discontinued operations

 
(159
)
Net cash used in financing activities
(137
)
 
(78
)
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
(83
)
 
70

Net decrease in cash and cash equivalents and restricted cash and restricted cash equivalents
(1,459
)
 
(150
)
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
$
3,879

 
$
1,761


See notes to condensed consolidated financial statements.


6



ICAHN ENTERPRISES HOLDINGS L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

 
September 30, 2019
 
December 31, 2018
ASSETS
(in millions)
Cash and cash equivalents
$
3,266

 
$
2,656

Cash held at consolidated affiliated partnerships and restricted cash
613

 
2,682

Investments
9,437

 
8,337

Due from brokers
842

 
664

Accounts receivable, net
500

 
474

Inventories, net
1,817

 
1,779

Property, plant and equipment, net
4,592

 
4,688

Goodwill
281

 
247

Intangible assets, net
449

 
501

Other assets
1,460

 
1,493

Total Assets
$
23,257

 
$
23,521

LIABILITIES AND EQUITY
 
 
 
Accounts payable
$
895

 
$
832

Accrued expenses and other liabilities
2,342

 
1,012

Deferred tax liability
625

 
694

Unrealized loss on derivative contracts
461

 
36

Securities sold, not yet purchased, at fair value
223

 
468

Due to brokers
114

 
141

Debt
7,452

 
7,330

Total liabilities
12,112

 
10,513

 
 
 
 
Commitments and contingencies (Note 17)

 

 
 
 
 
Equity:
 
 
 
Limited partner
6,503

 
7,452

General partner
(873
)
 
(864
)
Equity attributable to Icahn Enterprises Holdings
5,630

 
6,588

Equity attributable to non-controlling interests
5,515

 
6,420

Total equity
11,145

 
13,008

Total Liabilities and Equity
$
23,257

 
$
23,521







See notes to condensed consolidated financial statements.


7


ICAHN ENTERPRISES HOLDINGS L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Revenues:
(in millions)
Net sales
$
2,484

 
$
2,815

 
$
7,371

 
$
7,998

Other revenues from operations
170

 
166

 
504

 
491

Net (loss) gain from investment activities
(657
)
 
(514
)
 
(1,968
)
 
328

Interest and dividend income
69

 
36

 
192

 
98

Gain on disposition of assets, net
249

 
65

 
256

 
65

Other income (loss), net
5

 
1

 
16

 
(5
)
 
2,320

 
2,569

 
6,371

 
8,975

Expenses:
 
 
 
 
 
 
 
Cost of goods sold
2,069

 
2,372

 
6,098

 
6,786

Other expenses from operations
141

 
138

 
409

 
397

Selling, general and administrative
352

 
329

 
1,027

 
1,012

Restructuring, net
4

 
17

 
15

 
20

Impairment

 

 
1

 
3

Interest expense
153

 
125

 
442

 
390

 
2,719

 
2,981

 
7,992

 
8,608

(Loss) income from continuing operations before income tax benefit
(399
)
 
(412
)
 
(1,621
)
 
367

Income tax benefit
26

 
78

 
12

 
77

(Loss) income from continuing operations
(373
)
 
(334
)
 
(1,609
)
 
444

Income (loss) from discontinued operations

 
176

 
(24
)
 
388

Net (loss) income
(373
)
 
(158
)
 
(1,633
)
 
832

Less: net (loss) income attributable to non-controlling interests
(324
)
 
(276
)
 
(693
)
 
279

Net (loss) income attributable to Icahn Enterprises Holdings
$
(49
)
 
$
118

 
$
(940
)
 
$
553

 
 
 
 
 
 
 
 
Net (loss) income attributable to Icahn Enterprises from:
 
 
 
 
 
 
 
    Continuing operations
$
(49
)
 
$
(45
)
 
$
(916
)
 
$
202

    Discontinued operations

 
163

 
(24
)
 
351

 
$
(49
)
 
$
118

 
$
(940
)
 
$
553

Net (loss) income attributable to Icahn Enterprises Holdings allocated to:
 
 
 
 
 
 
 
Limited partner
$
(49
)
 
$
116

 
$
(931
)
 
$
547

General partner

 
2

 
(9
)
 
6

 
$
(49
)
 
$
118

 
$
(940
)
 
$
553




See notes to condensed consolidated financial statements.


8


ICAHN ENTERPRISES HOLDINGS L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
 
(in millions)
Net (loss) income
$
(373
)
 
$
(158
)
 
$
(1,633
)
 
$
832

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Translation adjustments
(3
)
 
(11
)
 
(4
)
 
(86
)
Post-retirement benefits and other
(1
)
 
3

 
1

 
18

Other comprehensive loss, net of tax
(4
)
 
(8
)
 
(3
)
 
(68
)
Comprehensive (loss) income
(377
)
 
(166
)
 
(1,636
)
 
764

Less: Comprehensive (loss) income attributable to non-controlling interests
(325
)
 
(278
)
 
(694
)
 
271

Comprehensive (loss) income attributable to Icahn Enterprises Holdings
$
(52
)
 
$
112

 
$
(942
)
 
$
493

 
 
 
 
 
 
 
 
Comprehensive (loss) income attributable to Icahn Enterprises Holdings allocated to:
 
 
 
 
 
 
 
Limited partner
$
(52
)
 
$
111

 
$
(933
)
 
$
488

General partner

 
1

 
(9
)
 
5

 
$
(52
)
 
$
112

 
$
(942
)
 
$
493




























See notes to condensed consolidated financial statements.


9


ICAHN ENTERPRISES HOLDINGS L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)
(In millions)

 
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

Net loss

 
(49
)
 
(49
)
 
(324
)
 
(373
)
Other comprehensive loss

 
(3
)
 
(3
)
 
(1
)
 
(4
)
Partnership distributions
(1
)
 
(59
)
 
(60
)
 

 
(60
)
Partnership contribution

 
25

 
25

 

 
25

Investment segment contributions

 

 

 
150

 
150

Dividends and distributions to non-controlling interests in subsidiaries

 

 

 
(34
)
 
(34
)
Changes in subsidiary equity and other

 
(3
)
 
(3
)
 
(31
)
 
(34
)
Balance, September 30, 2019
$
(873
)
 
$
6,503

 
$
5,630

 
$
5,515

 
$
11,145

 
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

Net loss (loss)
2

 
116

 
118

 
(276
)
 
(158
)
Other comprehensive loss
(1
)
 
(5
)
 
(6
)
 
(2
)
 
(8
)
Partnership distributions

 
(25
)
 
(25
)
 

 
(25
)
Dividends and distributions to non-controlling interests in subsidiaries

 

 

 
(31
)
 
(31
)
Changes in subsidiary equity and other
1

 
92

 
93

 
6

 
99

Balance, September 30, 2018
$
(281
)
 
$
5,955

 
$
5,674

 
$
6,775

 
$
12,449



See notes to condensed consolidated financial statements.


10


ICAHN ENTERPRISES HOLDINGS L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

 
Nine Months Ended September 30,
 
2019
 
2018
 
(in millions)
Cash flows from operating activities:
 
 
 
Net (loss) income
$
(1,633
)
 
$
832

Adjustments to reconcile net (loss) income to net cash used in operating activities:
 
 
 
Loss (income) from discontinued operations
24

 
(388
)
Net loss (gain) from securities transactions
314

 
(858
)
Purchases of securities
(3,885
)
 
(3,911
)
Proceeds from sales of securities
2,133

 
5,538

Payments to cover securities sold, not yet purchased
(451
)
 
(1,390
)
Proceeds from securities sold, not yet purchased
142

 
949

Changes in receivables and payables relating to securities transactions
609

 
(609
)
Gain on disposition of assets, net
(256
)
 
(65
)
Depreciation and amortization
389

 
383

Deferred taxes
(84
)
 
(85
)
Other, net
(2
)
 
47

Changes in operating assets and liabilities
832

 
(548
)
Net cash used in operating activities from continuing operations
(1,868
)
 
(105
)
Net cash provided by operating activities from discontinued operations

 
436

Net cash (used in) provided by operating activities
(1,868
)
 
331

Cash flows from investing activities:
 
 
 
Capital expenditures
(195
)
 
(193
)
Acquisition of businesses, net of cash acquired
(52
)
 
(13
)
Purchases of investments
(50
)
 
(25
)
Proceeds from sale of investments
458

 
1

Proceeds from disposition of businesses and assets
491

 
158

Other, net
(21
)
 
(7
)
Net cash provided by (used in) investing activities from continuing operations
631

 
(79
)
Net cash used in investing activities from discontinued operations

 
(393
)
Net cash provided by (used in) investing activities
631

 
(472
)
Cash flows from financing activities:
 
 
 
Investment segment contributions from non-controlling interests
220

 
280

Partnership contributions
35

 

Partnership distributions
(83
)
 
(73
)
Purchase of additional interests in consolidated subsidiaries
(241
)
 

Dividends and distributions to non-controlling interests in subsidiaries
(90
)
 
(95
)
Proceeds from Holding Company senior unsecured notes
1,757

 

Repayments of Holding Company senior unsecured notes
(1,700
)
 

Proceeds from subsidiary borrowings
565

 
1,003

Repayments of subsidiary borrowings
(597
)
 
(1,046
)
Other, net
(3
)
 
12

Net cash (used in) provided by financing activities from continuing operations
(137
)
 
81

Net cash used in financing activities from discontinued operations

 
(159
)
Net cash used in financing activities
(137
)
 
(78
)
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
(83
)
 
70

Net decrease in cash and cash equivalents and restricted cash and restricted cash equivalents
(1,459
)
 
(150
)
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
$
3,879

 
$
1,761

See notes to condensed consolidated financial statements.


11



ICAHN ENTERPRISES L.P. AND SUBSIDIARIES
ICAHN ENTERPRISES HOLDINGS L.P. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)


1.
Description of Business.
Overview
Icahn Enterprises L.P. (“Icahn Enterprises”) is a master limited partnership formed in Delaware on February 17, 1987. Icahn Enterprises Holdings L.P. (“Icahn Enterprises Holdings”) is a limited partnership formed in Delaware on February 17, 1987. References to “we,” “our” or “us” herein include both Icahn Enterprises and Icahn Enterprises Holdings and their subsidiaries, unless the context otherwise requires.
Icahn Enterprises owns a 99% limited partner interest in Icahn Enterprises Holdings. Icahn Enterprises G.P. Inc. (“Icahn Enterprises GP”), which is owned and controlled by Mr. Carl C. Icahn, owns a 1% general partner interest in each of Icahn Enterprises and Icahn Enterprises Holdings as of September 30, 2019. Icahn Enterprises Holdings and its subsidiaries own substantially all of our assets and liabilities and conduct substantially all of our operations. Therefore, the financial results of Icahn Enterprises and Icahn Enterprises Holdings are substantially the same, with differences relating primarily to the allocation of the general partner interest, which is reflected as an aggregate 1.99% general partner interest in the financial statements of Icahn Enterprises. In addition to the above, Mr. Icahn and his affiliates owned approximately 92.0% of Icahn Enterprises’ outstanding depositary units as of September 30, 2019.