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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 June 30, 2020

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

16690 Collins Avenue, Penthouse Suite

Sunny Isles Beach, FL 33160

(305) 422-4000

333-118021-01

ICAHN ENTERPRISES HOLDINGS L.P.

Delaware

13-3398767

16690 Collins Avenue, Penthouse Suite

Sunny Isles Beach, FL 33160

(305) 422-4000

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 August 7, 2020, there were 222,804,933 of Icahn Enterprises’ depositary units outstanding.

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, including the impact of the COVID-19 pandemic, 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 include risks related to economic downturns, substantial competition and rising operating costs; risks related to the severity, magnitude and duration of the COVID-19 pandemic and its impact on the global economy, financial markets and industries in which our subsidiaries operate; risks related to our investment activities, including the nature of the investments made by the private funds in which we invest, declines in the fair value of our investments as a result of the COVID-19 pandemic, losses in the private funds and loss of key employees; risks related to our ability to continue to conduct our activities in a manner so as to not be deemed an investment company under the Investment Company Act of 1940, as amended; risks related to our energy business, including the volatility and availability of crude oil, declines in global demand for crude oil, refined products and liquid transportation fuels as result of the COVID-19 pandemic, other feed stocks and refined products, unfavorable refining margin (crack spread), interrupted access to pipelines, significant fluctuations in nitrogen fertilizer demand in the agricultural industry and seasonality of results; risks related to our automotive activities and exposure to adverse conditions in the automotive industry, including as a result of the COVID-19 pandemic; risks related to our food packaging activities, including competition from better capitalized competitors, inability of its suppliers to timely deliver raw materials, and the failure to effectively respond to industry changes in casings technology; risks related to our scrap metals activities, including potential environmental exposure; risks related to our real estate activities, including the extent of any tenant bankruptcies and insolvencies; risks related to our home fashion operations, including changes in the availability and price of raw materials, and changes in transportation costs and delivery times. These risks and uncertainties also include the risks and uncertainties described in our Annual Report on Form 10-K for the year ended December 31, 2019 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)

June 30, 

December 31, 

    

2020

    

2019

(In millions, except unit amounts)

ASSETS

Cash and cash equivalents

$

1,855

$

3,794

Cash held at consolidated affiliated partnerships and restricted cash

 

916

 

1,151

Investments

 

9,498

 

9,945

Due from brokers

 

2,152

 

858

Accounts receivable, net

 

430

 

483

Inventories, net

 

1,564

 

1,795

Property, plant and equipment, net

 

4,354

 

4,454

Unrealized gain on derivative contracts

1,927

182

Goodwill

 

283

 

282

Intangible assets, net

 

409

 

431

Other assets

 

1,318

 

1,264

Total Assets

$

24,706

$

24,639

LIABILITIES AND EQUITY

 

  

 

  

Accounts payable

$

644

$

945

Accrued expenses and other liabilities

 

1,366

 

1,453

Deferred tax liability

 

630

 

639

Unrealized loss on derivative contracts

 

142

 

1,224

Securities sold, not yet purchased, at fair value

 

1,819

 

1,190

Due to brokers

 

1,678

 

54

Debt

 

8,162

 

8,192

Total liabilities

 

14,441

 

13,697

Commitments and contingencies (Note 16)

 

  

 

  

Equity:

 

  

 

  

Limited partners: Depositary units: 214,185,689 units issued and outstanding at June 30, 2020 and 214,078,558 units issued and outstanding at December 31, 2019

 

4,774

 

6,268

General partner

 

(842)

 

(812)

Equity attributable to Icahn Enterprises

 

3,932

 

5,456

Equity attributable to non-controlling interests

 

6,333

 

5,486

Total equity

 

10,265

 

10,942

Total Liabilities and Equity

$

24,706

$

24,639

See notes to condensed consolidated financial statements.

2

ICAHN ENTERPRISES L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

Three Months Ended June 30, 

Six Months Ended June 30, 

    

2020

    

2019

    

2020

    

2019

(In millions, except per unit amounts)

Revenues:

Net sales

$

1,325

$

2,588

$

3,186

$

4,888

Other revenues from operations

 

136

 

172

 

297

 

334

Net gain (loss) from investment activities

 

1,235

 

(637)

 

(893)

 

(1,311)

Interest and dividend income

 

26

 

58

 

89

 

122

Other (loss) income, net

 

(13)

 

15

 

(30)

 

18

 

2,709

 

2,196

 

2,649

 

4,051

Expenses:

Cost of goods sold

 

1,135

 

2,129

 

2,944

 

4,029

Other expenses from operations

 

107

 

137

 

242

 

268

Selling, general and administrative

 

291

 

339

 

599

 

675

Restructuring, net

 

5

 

4

 

7

 

11

Impairment

 

5

 

1

 

5

 

1

Interest expense

 

174

 

151

 

346

 

290

 

1,717

 

2,761

 

4,143

 

5,274

Income (loss) before income tax (expense) benefit

 

992

 

(565)

 

(1,494)

 

(1,223)

Income tax (expense) benefit

 

(128)

 

(8)

 

52

 

(14)

Income (loss) from continuing operations

 

864

 

(573)

 

(1,442)

 

(1,237)

Loss from discontinued operations

 

 

(24)

 

 

(24)

Net income (loss)

 

864

 

(597)

 

(1,442)

 

(1,261)

Less: net income (loss) attributable to non-controlling interests

 

565

 

(99)

 

(357)

 

(369)

Net income (loss) attributable to Icahn Enterprises

$

299

$

(498)

$

(1,085)

$

(892)

Net income (loss) attributable to Icahn Enterprises from:

Continuing operations

$

299

$

(474)

$

(1,085)

$

(868)

Discontinued operations

 

 

(24)

 

 

(24)

$

299

$

(498)

$

(1,085)

$

(892)

Net income (loss) attributable to Icahn Enterprises allocated to:

Limited partners

$

293

$

(488)

$

(1,063)

$

(874)

General partner

 

6

 

(10)

 

(22)

 

(18)

$

299

$

(498)

$

(1,085)

$

(892)

Basic and diluted income (loss) per LP unit:

Continuing operations

$

1.36

$

(2.37)

$

(4.97)

$

(4.39)

Discontinued operations

 

 

(0.12)

 

 

(0.12)

Basic and diluted income (loss) per LP unit

$

1.36

$

(2.49)

$

(4.97)

$

(4.51)

Basic and diluted weighted average LP units outstanding

 

215

 

196

 

214

 

194

Cash distributions declared per LP unit

$

2.00

$

2.00

$

4.00

$

4.00

See notes to condensed consolidated financial statements.

3

ICAHN ENTERPRISES L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

Three Months Ended June 30, 

Six Months Ended June 30, 

    

2020

    

2019

    

2020

    

2019

(in millions)

Net income (loss)

$

864

$

(597)

$

(1,442)

$

(1,261)

Other comprehensive income (loss), net of tax:

 

 

 

 

Translation adjustments

 

2

 

 

(1)

 

(1)

Post-retirement benefits and other

 

 

1

 

 

2

Other comprehensive income (loss), net of tax

 

2

 

1

 

(1)

 

1

Comprehensive income (loss)

 

866

 

(596)

 

(1,443)

 

(1,260)

Less: Comprehensive income (loss) attributable to non-controlling interests

 

566

 

(99)

 

(356)

 

(369)

Comprehensive income (loss) attributable to Icahn Enterprises

$

300

$

(497)

$

(1,087)

$

(891)

Comprehensive income (loss) attributable to Icahn Enterprises allocated to:

 

  

 

 

 

Limited partners

$

294

$

(487)

$

(1,065)

$

(873)

General partner

 

6

 

(10)

 

(22)

 

(18)

$

300

$

(497)

$

(1,087)

$

(891)

See notes to condensed consolidated financial statements.

4

ICAHN ENTERPRISES L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)

Equity Attributable to Icahn Enterprises

 

General 

Limited  

Non-

Partner’s

Partners’ 

Total Partners’ 

controlling 

    

 (Deficit) Equity

    

Equity

    

Equity

    

Interests

    

Total Equity

(In millions)

Balance, December 31, 2019

$

(812)

$

6,268

$

5,456

$

5,486

$

10,942

Net loss

(28)

 

(1,356)

(1,384)

(922)

(2,306)

Other comprehensive loss

 

 

(3)

 

(3)

 

 

(3)

Partnership distributions payable

 

(9)

 

(428)

 

(437)

 

 

(437)

Partnership contributions

 

 

7

 

7

 

 

7

Investment segment contributions from non-controlling interests

 

 

 

 

1,241

 

1,241

Dividends and distributions to non-controlling interests in subsidiaries

 

 

 

 

(23)

 

(23)

Changes in subsidiary equity and other

 

 

(4)

 

(4)

 

 

(4)

Balance, March 31, 2020

 

(849)

 

4,484

 

3,635

 

5,782

 

9,417

Net income

 

6

 

293

 

299

 

565

 

864

Other comprehensive income

 

 

1

 

1

 

1

 

2

Partnership distributions payable reversal

 

9

 

428

 

437

 

 

437

Partnership distributions

 

(9)

 

(452)

 

(461)

 

 

(461)

Partnership contributions

 

 

19

 

19

 

 

19

Dividends and distributions to non-controlling interests in subsidiaries

 

 

 

 

(13)

 

(13)

Changes in subsidiary equity and other

 

1

 

1

 

2

 

(2)

 

Balance, June 30, 2020

$

(842)

$

4,774

$

3,932

$

6,333

$

10,265

Equity Attributable to Icahn Enterprises

 

General 

Limited  

Non-

Partner’s

Partners’ 

Total Partners’ 

controlling 

    

 (Deficit) Equity

    

Equity

    

Equity

    

Interests

    

Total Equity

(In millions)

Balance, December 31, 2018

$

(790)

$

7,350

$

6,560

$

6,420

$

12,980

Net loss

(8)

(386)

(394)

(270)

(664)

Partnership distributions 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 income

 

 

1

 

1

 

 

1

Partnership distributions payable reversal

 

8

 

383

 

391

 

 

391

Partnership distributions

 

(1)

 

(54)

 

(55)

 

 

(55)

Partnership contributions

 

 

10

 

10

 

 

10

Investment segment contributions from non-controlling interests

 

 

 

 

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

See notes to condensed consolidated financial statements.

5

ICAHN ENTERPRISES L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Six Months Ended June 30, 

    

2020

    

2019

(in millions)

Cash flows from operating activities:

Net loss

$

(1,442)

    

$

(1,261)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

  

Loss from discontinued operations

 

 

24

Net loss (gain) from securities transactions

 

2,054

 

(81)

Purchases of securities

 

(1,299)

 

(2,256)

Proceeds from sales of securities

 

1,387

 

1,481

Payments to cover securities sold, not yet purchased

 

(880)

 

(416)

Proceeds from securities sold, not yet purchased

 

1,299

 

17

Changes in receivables and payables relating to securities transactions

 

308

 

(702)

Depreciation and amortization

 

253

 

260

Deferred taxes

 

(8)

 

(40)

Other, net

 

83

 

12

Changes in unrealized gains/losses on derivative contracts

 

(2,827)

 

1,175

Changes in other operating assets and liabilities

 

(66)

 

(25)

Net cash used in operating activities

 

(1,138)

 

(1,812)

Cash flows from investing activities:

 

  

 

  

Capital expenditures

 

(115)

 

(132)

Turnaround expenditures

(147)

(24)

Acquisition of businesses, net of cash acquired

 

(1)

 

(51)

Purchases of investments

 

(254)

 

(45)

Proceeds from sale of investments

 

 

458

Other, net

 

11

 

41

Net cash (used in) provided by investing activities

 

(506)

 

247

Cash flows from financing activities:

 

  

 

  

Investment segment contributions from non-controlling interests

 

1

 

70

Partnership contributions

 

26

 

10

Partnership distributions

 

(461)

 

(55)

Purchase of additional interests in consolidated subsidiaries

 

 

(241)

Dividends and distributions to non-controlling interests in subsidiaries

 

(36)

 

(56)

Proceeds from Holding Company senior unsecured notes

 

866

 

1,257

Repayments of Holding Company senior unsecured notes

 

(1,350)

 

Proceeds from subsidiary borrowings

 

1,535

 

441

Repayments of subsidiary borrowings

 

(1,095)

 

(452)

Other, net

 

(18)

 

(3)

Net cash (used in) provided by financing activities

 

(532)

 

971

Effect of exchange rate changes on cash and cash equivalents and restricted cash and restricted cash equivalents

 

2

 

(2)

Add back change in cash and restricted cash of assets held for sale

 

 

(70)

Net decrease in cash and cash equivalents and restricted cash and restricted cash equivalents

 

(2,174)

 

(666)

Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period

 

4,945

 

5,338

Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period

$

2,771

$

4,672

See notes to condensed consolidated financial statements.

6

ICAHN ENTERPRISES HOLDINGS L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

June 30, 

December 31, 

    

2020

    

2019

(in millions)

ASSETS

Cash and cash equivalents

$

1,855

$

3,794

Cash held at consolidated affiliated partnerships and restricted cash

 

916

 

1,151

Investments

 

9,498

 

9,945

Due from brokers

 

2,152

 

858

Accounts receivable, net

 

430

 

483

Inventories, net

 

1,564

 

1,795

Property, plant and equipment, net

 

4,354

 

4,454

Unrealized gain on derivative contracts

1,927

182

Goodwill

 

283

 

282

Intangible assets, net

 

409

 

431

Other assets

 

1,318

 

1,264

Total Assets

$

24,706

$

24,639

LIABILITIES AND EQUITY

  

Accounts payable

$

644

$

945

Accrued expenses and other liabilities

 

1,366

 

1,453

Deferred tax liability

 

630

 

639

Unrealized loss on derivative contracts

 

142

 

1,224

Securities sold, not yet purchased, at fair value

 

1,819

 

1,190

Due to brokers

 

1,678

 

54

Debt

 

8,165

 

8,195

Total liabilities

 

14,444

 

13,700

Commitments and contingencies (Note 16)

  

Equity:

  

Limited partner

 

4,819

 

6,328

General partner

 

(890)

 

(875)

Equity attributable to Icahn Enterprises Holdings

 

3,929

 

5,453

Equity attributable to non-controlling interests

 

6,333

 

5,486

Total equity

 

10,262

 

10,939

Total Liabilities and Equity

$

24,706

$

24,639

See notes to condensed consolidated financial statements.

7

ICAHN ENTERPRISES HOLDINGS L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

Three Months Ended June 30, 

Six Months Ended June 30, 

    

2020

    

2019

    

2020

    

2019

(in millions)

Revenues:

Net sales

$

1,325

$

2,588

$

3,186

$

4,888

Other revenues from operations

 

136

 

172

 

297

 

334

Net loss from investment activities

 

1,235

 

(637)

 

(893)

 

(1,311)

Interest and dividend income

 

26

 

58

 

89

 

122

Other (loss) income, net

 

(13)

 

15

 

(30)

 

18

 

2,709

 

2,196

 

2,649

 

4,051

Expenses:

Cost of goods sold

 

1,135

 

2,129

 

2,944

 

4,029

Other expenses from operations

 

107

 

137

 

242

 

268

Selling, general and administrative

 

291

 

339

 

599

 

675

Restructuring, net

 

5

 

4

 

7

 

11

Impairment

 

5

 

1

 

5

 

1

Interest expense

 

174

 

150

 

346

 

289

 

1,717

 

2,760

 

4,143

 

5,273

Income (loss) before income tax (expense) benefit

 

992

 

(564)

 

(1,494)

 

(1,222)

Income tax (expense) benefit

 

(128)

 

(8)

 

52

 

(14)

Income (loss) from continuing operations

 

864

 

(572)

 

(1,442)

 

(1,236)

Loss from discontinued operations

 

 

(24)

 

 

(24)

Net income (loss)

 

864

 

(596)

 

(1,442)

 

(1,260)

Less: net income (loss) attributable to non-controlling interests

 

565

 

(99)

 

(357)

 

(369)

Net income (loss) attributable to Icahn Enterprises Holdings

$

299

$

(497)

$

(1,085)

$

(891)

Net income (loss) attributable to Icahn Enterprises from:

Continuing operations

$

299

$

(473)

$

(1,085)

$

(867)

Discontinued operations

 

 

(24)

 

 

(24)

$

299

$

(497)

$

(1,085)

$

(891)

Net income (loss) attributable to Icahn Enterprises Holdings allocated to:

Limited partner

$

296

$

(492)

$

(1,074)

$

(882)

General partner

 

3

 

(5)

 

(11)

 

(9)

$

299

$

(497)

$

(1,085)

$

(891)

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 June 30, 

Six Months Ended June 30, 

    

2020

    

2019

    

2020

    

2019

(in millions)

Net income (loss)

$

864

$

(596)

$

(1,442)

$

(1,260)

Other comprehensive income (loss), net of tax:

Translation adjustments

 

2

 

 

(1)

 

(1)

Post-retirement benefits and other

 

 

1

 

 

2

Other comprehensive income (loss), net of tax

 

2

 

1

 

(1)

 

1

Comprehensive income (loss)

 

866

 

(595)

 

(1,443)

 

(1,259)

Less: Comprehensive income (loss) attributable to non-controlling interests

 

566

 

(99)

 

(356)

 

(369)

Comprehensive income (loss) attributable to Icahn Enterprises Holdings

$

300

$

(496)

$

(1,087)

$

(890)

Comprehensive income (loss) attributable to Icahn Enterprises Holdings allocated to:

Limited partner

$

297

$

(491)

$

(1,076)

$

(881)

General partner

 

3

 

(5)

 

(11)

 

(9)

$

300

$

(496)

$

(1,087)

$

(890)

See notes to condensed consolidated financial statements.

9

ICAHN ENTERPRISES HOLDINGS L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)

Equity Attributable to Icahn Enterprises Holdings

 

General 

Limited  

Non-

Partner’s

Partner’s

Total Partners’ 

controlling 

    

 (Deficit) Equity

    

Equity

    

Equity

    

Interests

    

Total Equity

(In millions)

Balance, December 31, 2019

$

(875)

$

6,328

$

5,453

$

5,486

$

10,939

Net loss

(14)

(1,370)

(1,384)

(922)

(2,306)

Other comprehensive loss

 

 

(3)

 

(3)

 

 

(3)

Partnership distributions payable

 

(4)

 

(433)

 

(437)

 

 

(437)

Partnership contributions

 

 

7

 

7

 

 

7

Investment segment contributions from non-controlling interests

 

 

 

 

1,241

 

1,241

Dividends and distributions to non-controlling interests in subsidiaries

 

 

 

 

(23)

 

(23)

Changes in subsidiary equity and other

 

 

(4)

 

(4)

 

 

(4)

Balance, March 31, 2020

 

(893)

 

4,525

 

3,632

 

5,782

 

9,414

Net income

 

3

 

296

 

299

 

565

 

864

Other comprehensive income

 

 

1

 

1

 

1

 

2

Partnership distributions payable reversal

 

4

 

433

 

437

 

 

437

Partnership distributions

 

(5)

 

(456)

 

(461)

 

 

(461)

Partnership contributions

 

 

19

 

19

 

 

19

Dividends and distributions to non-controlling interests in subsidiaries

 

 

 

 

(13)

 

(13)

Changes in subsidiary equity and other

 

1

 

1

2

 

(2)

 

Balance, June 30, 2020

$

(890)

$

4,819

$

3,929

$

6,333

$

10,262

Equity Attributable to Icahn Enterprises Holdings

 

General 

Limited  

Non-

Partner’s

Partner’s

Total Partners’ 

controlling 

    

 (Deficit) Equity

    

Equity

    

Equity

    

Interests

    

Total Equity

(In millions)

Balance, December 31, 2018

$

(864)

$

7,452

$

6,588

$

6,420

$

13,008

Net loss

(4)

(390)

(394)

(270)

(664)

Partnership distributions 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)