Company Quick10K Filing
Quick10K
Icahn Enterprises
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$75.80 196 $14,870
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-06-27 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2019-06-24 Regulation FD, Other Events, Exhibits
8-K 2019-06-24 Other Events, Exhibits
8-K 2019-06-07 Off-BS Arrangement
8-K 2019-05-22 Regulation FD, Exhibits
8-K 2019-05-10 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2019-05-07 Regulation FD, Other Events, Exhibits
8-K 2019-05-07 Other Events, Exhibits
8-K 2019-05-02 Enter Agreement, Exhibits
8-K 2019-05-02 Earnings, Exhibits
8-K 2019-03-15
8-K 2018-12-18 Officers
8-K 2018-12-05 Regulation FD, Exhibits
8-K 2018-11-15 Regulation FD, Exhibits
8-K 2018-11-08 Earnings, Exhibits
8-K 2018-10-22 Enter Agreement, Other Events, Exhibits
8-K 2018-10-01 Enter Agreement, M&A, Other Events, Exhibits
8-K 2018-09-11 Regulation FD, Exhibits
8-K 2018-08-02 Earnings, Exhibits
8-K 2018-06-15 Regulation FD, Exhibits
8-K 2018-06-08 Regulation FD, Exhibits
8-K 2018-04-15 Enter Agreement, Other Events, Exhibits
8-K 2018-04-10 Enter Agreement, Regulation FD, Exhibits
8-K 2018-03-23 Regulation FD, Exhibits
SHO Sears 3,240
CIGI Colliers 2,330
EPC Edgewell Personal Care 1,820
CPRX Catalyst Pharmaceuticals 278
IDT IDT 192
CATB Catabasis Pharmaceuticals 88
ICON ICON Equipment 14
CRCW Crypto 0
ITC ITC Holdings 0
FNAM Evolutionary Genomics 0
IEP 2019-03-31
Part I. Financial Information
Item 1. Financial Statements.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II. Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 6. Exhibits.
EX-18.1 ex18133119.htm
EX-18.2 ex18233119.htm
EX-31.1 ex31133119.htm
EX-31.2 ex31233119.htm
EX-32.1 ex32133119.htm

Icahn Enterprises Earnings 2019-03-31

IEP 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Wdesk | Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q


QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2019

(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
 
 

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 x No o             Icahn Enterprises Holdings L.P. Yes x No o

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 x No o             Icahn Enterprises Holdings L.P. Yes x No o

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 x
Accelerated Filer o
 
Large Accelerated Filer o
Accelerated Filer o
Non-accelerated Filer o
Smaller Reporting Company o
 
Non-accelerated Filer x
Smaller Reporting Company o
Emerging Growth Company o
 
Emerging Growth Company o
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. o
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 o No x          Icahn Enterprises Holdings L.P. Yes o No x
As of May 1, 2019, there were 196,236,214 of Icahn Enterprises' depositary units outstanding.



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

 
 
Page
No.
 
 
 
 
 
PART I. FINANCIAL INFORMATION
 
 
 
 
 
PART II. OTHER INFORMATION
 





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
(In millions, except unit amounts)
 
March 31, 2019
 
December 31, 2018
ASSETS
(Unaudited)
Cash and cash equivalents
$
2,764

 
$
2,656

Cash held at consolidated affiliated partnerships and restricted cash
2,299

 
2,682

Investments
8,103

 
8,337

Due from brokers
1,224

 
664

Accounts receivable, net
517

 
474

Inventories, net
1,852

 
1,779

Property, plant and equipment, net
4,682

 
4,688

Goodwill
255

 
247

Intangible assets, net
464

 
501

Assets held for sale
364

 
333

Other assets
1,300

 
1,128

Total Assets
$
23,824

 
$
23,489

LIABILITIES AND EQUITY
 
 
 
Accounts payable
$
894

 
$
832

Accrued expenses and other liabilities
1,896

 
900

Deferred tax liability
685

 
694

Unrealized loss on derivative contracts
722

 
36

Securities sold, not yet purchased, at fair value
447

 
468

Due to brokers

 
141

Liabilities held for sale
136

 
112

Debt
7,392

 
7,326

Total liabilities
12,172

 
10,509

 
 
 
 
Commitments and contingencies (Note 17)

 

 
 
 
 
Equity:
 
 
 
Limited partners: Depositary units: 191,376,753 units issued and outstanding at March 31, 2019 and 191,366,097 units issued and outstanding at December 31, 2018
6,643

 
7,350

General partner
(804
)
 
(790
)
Equity attributable to Icahn Enterprises
5,839

 
6,560

Equity attributable to non-controlling interests
5,813

 
6,420

Total equity
11,652

 
12,980

Total Liabilities and Equity
$
23,824

 
$
23,489


See notes to condensed consolidated financial statements.


2


ICAHN ENTERPRISES L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per unit amounts)
 
Three Months Ended March 31,
 
2019
 
2018
Revenues:
(Unaudited)
Net sales
$
2,300

 
$
2,364

Other revenues from operations
162

 
158

Net (loss) gain from investment activities
(674
)
 
432

Interest and dividend income
64

 
26

Other income, net
3

 
3

 
1,855

 
2,983

Expenses:
 
 
 
Cost of goods sold
1,900

 
1,987

Other expenses from operations
131

 
125

Selling, general and administrative
336

 
338

Restructuring, net
7

 
2

Interest expense
139

 
147

 
2,513

 
2,599

(Loss) income from continuing operations before income tax expense
(658
)
 
384

Income tax expense
(6
)
 
(17
)
(Loss) income from continuing operations
(664
)
 
367

Income from discontinued operations

 
45

Net (loss) income
(664
)
 
412

Less: net (loss) income attributable to non-controlling interests
(270
)
 
280

Net (loss) income attributable to Icahn Enterprises
$
(394
)
 
$
132

 
 
 
 
Net (loss) income attributable to Icahn Enterprises from:
 
 
 
    Continuing operations
$
(394
)
 
$
98

    Discontinued operations

 
34

 
$
(394
)
 
$
132

Net (loss) income attributable to Icahn Enterprises allocated to:
 
 
 
Limited partners
$
(386
)
 
$
129

General partner
(8
)
 
3

 
$
(394
)
 
$
132

Basic (loss) income per LP unit:
 
 
 
Continuing operations
$
(2.02
)
 
$
0.55

Discontinued operations
0.00

 
0.19

 
$
(2.02
)
 
$
0.74

Basic weighted average LP units outstanding
191

 
174

Diluted (loss) income per LP unit:
 
 
 
Continuing operations
$
(2.02
)
 
$
0.55

Discontinued operations
0.00

 
0.19

 
$
(2.02
)
 
$
0.74

Diluted weighted average LP units outstanding
191

 
175

Cash distributions declared per LP unit
$
2.00

 
$
1.75



See notes to condensed consolidated financial statements.


3


ICAHN ENTERPRISES L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
 
Three Months Ended March 31,
 
2019
 
2018
 
(Unaudited)
Net (loss) income
$
(664
)
 
$
412

Other comprehensive income (loss), net of tax:
 
 
 
Post-retirement benefits
1

 
11

Hedge instruments

 
(1
)
Translation adjustments and other
(1
)
 
33

Other comprehensive income, net of tax

 
43

Comprehensive (loss) income
(664
)
 
455

Less: Comprehensive (loss) income attributable to non-controlling interests
(270
)
 
283

Comprehensive (loss) income attributable to Icahn Enterprises
$
(394
)
 
$
172

 
 
 
 
Comprehensive (loss) income attributable to Icahn Enterprises allocated to:
 
 
 
Limited partners
$
(386
)
 
$
169

General partner
(8
)
 
3

 
$
(394
)
 
$
172




























See notes to condensed consolidated financial statements.


4


ICAHN ENTERPRISES L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(In millions, Unaudited)
 
Equity Attributable to Icahn Enterprises
 
 
 
 
 
General Partner's (Deficit) Equity
 
Limited Partners' Equity
 
Total Partners' Equity
 
Non-controlling Interests
 
Total Equity
Balance, December 31, 2018
$
(790
)
 
$
7,350

 
$
6,560

 
$
6,420

 
$
12,980

Net loss
(8
)
 
(386
)
 
(394
)
 
(270
)
 
(664
)
Partnership distributions
(8
)
 
(383
)
 
(391
)
 

 
(391
)
Dividends and distributions to non-controlling interests in subsidiaries

 

 

 
(30
)
 
(30
)
Changes in subsidiary equity and other
2

 
62

 
64

 
(307
)
 
(243
)
Balance, March 31, 2019
$
(804
)
 
$
6,643

 
$
5,839

 
$
5,813

 
$
11,652


 
Equity Attributable to Icahn Enterprises
 
 
 
 
 
General Partner's (Deficit) Equity
 
Limited Partners' Equity
 
Total Partners' Equity
 
Non-controlling Interests
 
Total Equity
Balance, December 31, 2017
$
(234
)
 
$
5,402

 
$
5,168

 
$
6,318

 
$
11,486

Net income
3

 
129

 
132

 
280

 
412

Other comprehensive income

 
40

 
40

 
3

 
43

Partnership distributions
(6
)
 
(304
)
 
(310
)
 

 
(310
)
Investment segment contributions

 

 

 
280

 
280

Dividends and distributions to non-controlling interests in subsidiaries

 

 

 
(31
)
 
(31
)
Cumulative effect adjustment from adoption of accounting principle

 
(20
)
 
(20
)
 

 
(20
)
Changes in subsidiary equity and other

 
(8
)
 
(8
)
 
10

 
2

Balance, March 31, 2018
$
(237
)
 
$
5,239

 
$
5,002

 
$
6,860

 
$
11,862















See notes to condensed consolidated financial statements.


5


ICAHN ENTERPRISES L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
 
Three Months Ended March 31,
 
2019
 
2018
 
(Unaudited)
Cash flows from operating activities:
 
 
 
Net (loss) income
$
(664
)
 
$
412

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

 
(45
)
Net gain from securities transactions
(505
)
 
(285
)
Purchases of securities
(584
)
 
(886
)
Proceeds from sales of securities
966

 
3,130

Purchases to cover securities sold, not yet purchased
(113
)
 
(690
)
Proceeds from securities sold, not yet purchased
17

 

Changes in receivables and payables relating to securities transactions
(663
)
 
(1,824
)
Depreciation and amortization
123

 
128

Deferred taxes
(8
)
 
20

Other, net
5

 
6

Changes in operating assets and liabilities
1,138

 
(673
)
Net cash used in operating activities from continuing operations
(288
)
 
(707
)
Net cash provided by operating activities from discontinued operations

 
112

Net cash used in operating activities
(288
)
 
(595
)
Cash flows from investing activities:
 
 
 
Capital expenditures
(65
)
 
(62
)
Acquisition of businesses, net of cash acquired
(10
)
 
(1
)
Purchases of investments
(25
)
 
(5
)
Proceeds from sale of investments
424

 

Other, net
(10
)
 
15

Net cash provided by (used in) investing activities from continuing operations
314

 
(53
)
Net cash used in investing activities from discontinued operations

 
(154
)
Net cash provided by (used in) investing activities
314

 
(207
)
Cash flows from financing activities:
 
 
 
Investment segment contributions from non-controlling interests

 
280

Proceeds from offering of subsidiary equity

 
6

Purchase of additional interests in consolidated subsidiaries
(241
)
 

Dividends and distributions to non-controlling interests in subsidiaries
(30
)
 
(28
)
Proceeds from subsidiary borrowings
269

 
331

Repayments of subsidiary borrowings
(271
)
 
(349
)
Other, net
1

 
(2
)
Net cash (used in) provided by financing activities from continuing operations
(272
)
 
238

Net cash used in financing activities from discontinued operations

 
(13
)
Net cash (used in) provided by financing activities
(272
)
 
225

Effect of exchange rate changes on cash and cash equivalents and restricted cash and restricted cash equivalents
(1
)
 
(3
)
Add back change in cash and restricted cash of assets held for sale
(28
)
 
60

Net (decrease) increase in cash and cash equivalents and restricted cash and restricted cash equivalents
(275
)
 
(520
)
Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period
5,338

 
1,911

Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period
$
5,063

 
$
1,391



See notes to condensed consolidated financial statements.


6



ICAHN ENTERPRISES HOLDINGS L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
 
March 31, 2019
 
December 31, 2018
ASSETS
(Unaudited)
Cash and cash equivalents
$
2,764

 
$
2,656

Cash held at consolidated affiliated partnerships and restricted cash
2,299

 
2,682

Investments
8,103

 
8,337

Due from brokers
1,224

 
664

Accounts receivable, net
517

 
474

Inventories, net
1,852

 
1,779

Property, plant and equipment, net
4,682

 
4,688

Goodwill
255

 
247

Intangible assets, net
464

 
501

Assets held for sale
364

 
333

Other assets
1,332

 
1,160

Total Assets
$
23,856

 
$
23,521

LIABILITIES AND EQUITY
 
 
 
Accounts payable
$
894

 
$
832

Accrued expenses and other liabilities
1,896

 
900

Deferred tax liability
685

 
694

Unrealized loss on derivative contracts
722

 
36

Securities sold, not yet purchased, at fair value
447

 
468

Due to brokers

 
141

Liabilities held for sale
136

 
112

Debt
7,396

 
7,330

Total liabilities
12,176

 
10,513

 
 
 
 
Commitments and contingencies (Note 17)

 

 
 
 
 
Equity:
 
 
 
Limited partner
6,738

 
7,452

General partner
(871
)
 
(864
)
Equity attributable to Icahn Enterprises Holdings
5,867

 
6,588

Equity attributable to non-controlling interests
5,813

 
6,420

Total equity
11,680

 
13,008

Total Liabilities and Equity
$
23,856

 
$
23,521





See notes to condensed consolidated financial statements.


7


ICAHN ENTERPRISES HOLDINGS L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions)
 
Three Months Ended March 31,
 
2019
 
2018
Revenues:
(Unaudited)
Net sales
$
2,300

 
$
2,364

Other revenues from operations
162

 
158

Net (loss) gain from investment activities
(674
)
 
432

Interest and dividend income
64

 
26

Other income, net
3

 
3

 
1,855

 
2,983

Expenses:
 
 
 
Cost of goods sold
1,900

 
1,987

Other expenses from operations
131

 
125

Selling, general and administrative
336

 
338

Restructuring, net
7

 
2

Interest expense
139

 
147

 
2,513

 
2,599

(Loss) income from continuing operations before income tax expense
(658
)
 
384

Income tax expense
(6
)
 
(17
)
(Loss) income from continuing operations
(664
)
 
367

Income from discontinued operations

 
45

Net (loss) income
(664
)
 
412

Less: net (loss) income attributable to non-controlling interests
(270
)
 
280

Net (loss) income attributable to Icahn Enterprises Holdings
$
(394
)
 
$
132

 
 
 
 
Net (loss) income attributable to Icahn Enterprises from:
 
 
 
    Continuing operations
$
(394
)
 
$
98

    Discontinued operations

 
34

 
$
(394
)
 
$
132

Net (loss) income attributable to Icahn Enterprises Holdings allocated to:
 
 
 
Limited partner
$
(390
)
 
$
131

General partner
(4
)
 
1

 
$
(394
)
 
$
132








See notes to condensed consolidated financial statements.


8


ICAHN ENTERPRISES HOLDINGS L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
 
Three Months Ended March 31,
 
2019
 
2018
 
(Unaudited)
Net (loss) income
$
(664
)
 
$
412

Other comprehensive income (loss), net of tax:
 
 
 
Post-retirement benefits
1

 
11

Hedge instruments

 
(1
)
Translation adjustments and other
(1
)
 
33

Other comprehensive income, net of tax

 
43

Comprehensive (loss) income
(664
)
 
455

Less: Comprehensive (loss) income attributable to non-controlling interests
(270
)
 
283

Comprehensive income attributable to Icahn Enterprises Holdings
$
(394
)
 
$
172

 
 
 
 
Comprehensive (loss) income attributable to Icahn Enterprises Holdings allocated to:
 
 
 
Limited partner
$
(390
)
 
$
170

General partner
(4
)
 
2

 
$
(394
)
 
$
172































See notes to condensed consolidated financial statements.


9


ICAHN ENTERPRISES HOLDINGS L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(In millions, Unaudited)
 
Equity Attributable to Icahn Enterprises Holdings
 
 
 
 
 
General Partner's Equity (Deficit)
 
Limited
Partner's Equity
 
Total Partners' Equity
 
Non-controlling Interests
 
Total Equity
Balance, December 31, 2018
$
(864
)
 
$
7,452

 
$
6,588

 
$
6,420

 
$
13,008

Net loss
(4
)
 
(390
)
 
(394
)
 
(270
)
 
(664
)
Partnership distributions
(4
)
 
(387
)
 
(391
)
 

 
(391
)
Dividends and distributions to non-controlling interests in subsidiaries

 

 

 
(30
)
 
(30
)
Changes in subsidiary equity and other
1

 
63

 
64

 
(307
)
 
(243
)
Balance, March 31, 2019
$
(871
)
 
$
6,738

 
$
5,867

 
$
5,813

 
$
11,680


 
Equity Attributable to Icahn Enterprises Holdings
 
 
 
 
 
General Partner's Equity (Deficit)
 
Limited
Partner's Equity
 
Total Partners' Equity
 
Non-controlling Interests
 
Total Equity
Balance, December 31, 2017
$
(286
)
 
$
5,481

 
$
5,195

 
$
6,318

 
$
11,513

Net income
1

 
131

 
132

 
280

 
412

Other comprehensive income
1

 
39

 
40

 
3

 
43

Partnership distributions
(3
)
 
(307
)
 
(310
)
 

 
(310
)
Investment segment contributions

 

 

 
280

 
280

Dividends and distributions to non-controlling interests in subsidiaries

 

 

 
(31
)
 
(31
)
Cumulative effect adjustment from adoption of accounting principle

 
(20
)
 
(20
)
 

 
(20
)
Changes in subsidiary equity and other

 
(8
)
 
(8
)
 
10

 
2

Balance, March 31, 2018
$
(287
)
 
$
5,316

 
$
5,029

 
$
6,860

 
$
11,889















See notes to condensed consolidated financial statements.


10


ICAHN ENTERPRISES HOLDINGS L.P. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
 
Three Months Ended March 31,
 
2019
 
2018
 
(Unaudited)
Cash flows from operating activities:
 
 
 
Net (loss) income
$
(664
)
 
$
412

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

 
(45
)
Net gain from securities transactions
(505
)
 
(285
)
Purchases of securities
(584
)
 
(886
)
Proceeds from sales of securities
966

 
3,130

Purchases to cover securities sold, not yet purchased
(113
)
 
(690
)
Proceeds from securities sold, not yet purchased
17

 

Changes in receivables and payables relating to securities transactions
(663
)
 
(1,824
)
Depreciation and amortization
123

 
128

Deferred taxes
(8
)
 
20

Other, net
5

 
6

Changes in operating assets and liabilities
1,138

 
(673
)
Net cash used in operating activities from continuing operations
(288
)
 
(707
)
Net cash provided by operating activities from discontinued operations

 
112

Net cash used in operating activities
(288
)
 
(595
)
Cash flows from investing activities:
 
 
 
Capital expenditures
(65
)
 
(62
)
Acquisition of businesses, net of cash acquired
(10
)
 
(1
)
Purchases of investments
(25
)
 
(5
)
Proceeds from sale of investments
424

 

Other, net
(10
)
 
15

Net cash provided by (used in) investing activities from continuing operations
314

 
(53
)
Net cash used in investing activities from discontinued operations

 
(154
)
Net cash provided by (used in) investing activities
314

 
(207
)
Cash flows from financing activities:
 
 
 
Investment segment contributions from non-controlling interests

 
280

Proceeds from offering of subsidiary equity

 
6

Purchase of additional interests in consolidated subsidiaries
(241
)
 

Dividends and distributions to non-controlling interests in subsidiaries
(30
)
 
(28
)
Proceeds from subsidiary borrowings
269

 
331

Repayments of subsidiary borrowings
(271
)
 
(349
)
Other, net
1

 
(2
)
Net cash (used in) provided by financing activities from continuing operations
(272
)
 
238

Net cash used in financing activities from discontinued operations

 
(13
)
Net cash (used in) provided by financing activities
(272
)
 
225

Effect of exchange rate changes on cash and cash equivalents and restricted cash and restricted cash equivalents
(1
)
 
(3
)
Add back change in cash and restricted cash of assets held for sale
(28
)
 
60

Net (decrease) increase in cash and cash equivalents and restricted cash and restricted cash equivalents
(275
)
 
(520
)
Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period
5,338

 
1,911

Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period
$
5,063

 
$
1,391


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 March 31, 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 91.7% of Icahn Enterprises' outstanding depositary units as of March 31, 2019.
Description of Continuing Operating Businesses
We are a diversified holding company owning subsidiaries currently engaged in the following continuing operating businesses: Investment, Energy, Automotive, Food Packaging, Metals, Real Estate, Home Fashion and Mining. We also report the results of our Holding Company, which includes the results of certain subsidiaries of Icahn Enterprises and Icahn Enterprises Holdings (unless otherwise noted), and investment activity and expenses associated with our Holding Company. Our historical results also report the results of our Railcar segment through the date we sold our last remaining railcars on lease, which occurred in the third quarter of 2018. See Note 12, "Segment Reporting," for a reconciliation of each of our reporting segment's results of operations to our consolidated results. Certain additional information with respect to our segments is discussed below.
Investment
Our Investment segment is comprised of various private investment funds ("Investment Funds") in which we have general partner interests and through which we invest our proprietary capital. As general partner, we provide investment advisory and certain administrative and back office services to the Investment Funds but do not provide such services to any other entities, individuals or accounts. We and certain of Mr. Icahn's wholly-owned affiliates are the only investors in the Investment Funds. Interests in the Investment Funds are not offered to outside investors. We had interests in the Investment Funds with a fair value of approximately $4.8 billion and $5.1 billion as of March 31, 2019 and December 31, 2018, respectively.
Energy
We conduct our Energy segment through our majority owned subsidiary, CVR Energy, Inc. ("CVR Energy"). CVR Energy is a diversified holding company primarily engaged in the petroleum refining and nitrogen fertilizer manufacturing businesses through its holdings in CVR Refining, LP ("CVR Refining") and CVR Partners, LP ("CVR Partners"), respectively. CVR Refining is an independent petroleum refiner and marketer of high value transportation fuels. CVR Partners produces and markets nitrogen fertilizers in the form of urea ammonium nitrate and ammonia. As of March 31, 2019, we owned approximately 70.8% of the total outstanding common stock of CVR Energy.
On January 29, 2019, CVR Energy, pursuant to the exercise of its right to purchase all of the issued and outstanding common units in CVR Refining, purchased the remaining common units of CVR Refining not already owned by CVR Energy, including the purchase of CVR Refining common units owned directly by us. Prior to this, CVR Energy owned approximately 80.6% of the common units of CVR Refining and we directly owned approximately 3.9% of the common units of CVR Refining. As a result of exercising its purchase right, as of January 29, 2019, CVR Energy owns all of the common units of CVR Refining and we no longer have any direct ownership in CVR Refining. In addition, the common units of CVR Refining have subsequently ceased to be publicly traded or listed on the New York Stock Exchange any other national securities exchange. The remaining common units of CVR Refining acquired in this transaction were purchased for $241 million, excluding the amount paid by CVR Energy to us for the common units of CVR Refining directly owned by us.


12


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

Automotive
We conduct our Automotive segment through our wholly-owned subsidiary, Icahn Automotive Group LLC ("Icahn Automotive"). Icahn Automotive is engaged in the retail and wholesale distribution of automotive parts in the aftermarket as well as providing automotive repair and maintenance services to its customers. Our Automotive segment also includes our investment in 767 Auto Leasing LLC ("767 Leasing"), a joint venture created to purchase vehicles for lease, as described further in Note 3, "Related Party Transactions."
Food Packaging
We conduct our Food Packaging segment through our majority owned subsidiary, Viskase Companies, Inc. ("Viskase"). During January 2018, Viskase received $50 million in connection with its common stock rights offering. In connection with this rights offering, we fully exercised our subscription rights under our basic and over subscription privileges to purchase additional shares of Viskase common stock, thereby increasing our ownership of Viskase from 74.6% to 78.6%, for an aggregate additional investment of $44 million.
Viskase is a producer of cellulosic, fibrous and plastic casings used to prepare and package processed meat products.
Metals
We conduct our Metals segment through our wholly-owned subsidiary, PSC Metals LLC (“PSC Metals”). PSC Metals is principally engaged in the business of collecting, processing and selling ferrous and non-ferrous metals, as well as the processing and distribution of steel pipe and plate products. PSC Metals collects industrial and obsolete scrap metal, processes it into reusable forms and supplies the recycled metals to its customers.
Real Estate
Our Real Estate operations consist primarily of rental real estate, property development and associated club activities. Our rental real estate operations consist primarily of office and industrial properties leased to single corporate tenants. Our property development operations are run primarily through a real estate investment, management and development subsidiary that focuses primarily on the construction and sale of single-family and multi-family homes, lots in subdivisions and planned communities, and raw land for residential development. Our property development locations also operate golf and club operations. In addition, our Real Estate operations also includes a hotel, timeshare and casino resort property in Aruba as well as a casino property in Atlantic City, New Jersey, which ceased operations in 2014 prior to our obtaining control of the property.
Home Fashion
We conduct our Home Fashion segment through our wholly-owned subsidiary, WestPoint Home LLC (“WPH”). WPH's business consists of manufacturing, sourcing, marketing, distributing and selling home fashion consumer products.
Mining
We conduct our Mining segment through our majority owned subsidiary, Ferrous Resources Ltd. ("Ferrous Resources"). As of March 31, 2019, we owned approximately 77.2% of the total outstanding common stock of Ferrous Resources. Ferrous Resources acquired certain rights to iron ore mineral resources in Brazil and develops mining operations and related infrastructure to produce and sell iron ore products to the global steel industry.
On December 5, 2018, we announced a definitive agreement to sell Ferrous Resources for total consideration of $550 million. The transaction is expected to close in the second half of 2019. This transaction met all the criteria to be classified as held for sale on December 5, 2018 upon execution of the definitive agreement.
Railcar
We conducted our Railcar segment through our wholly-owned subsidiary, American Railcar Leasing, LLC ("ARL"). ARL operated a leasing business consisting of purchased railcars leased to third parties under operating leases. During 2018, we sold all remaining railcars of ARL not previously sold and as a result, our business no longer includes an active Railcar segment. For the three months ended March 31, 2018, we had proceeds of $15 million in connection with the sale of railcars and we recorded a pretax gain on disposition of assets of $4 million.


13


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

Description of Discontinued Operating Businesses
We also report discontinued operations previously reported in our Automotive and Railcar segments and former Gaming segment.
Our discontinued Automotive operations consists of our previously wholly-owned subsidiary, Federal-Mogul LLC ("Federal-Mogul").
Our discontinued Gaming operations consists of our previous majority ownership in Tropicana Entertainment Inc. ("Tropicana").
Our discontinued Railcar operations consists of our previous majority ownership in American Railcar Industries, Inc. ("ARI").
Each of these businesses were sold in the fourth quarter of 2018 and are reflected in discontinued operations for the three months ended March 31, 2018. See Note 13, "Discontinued Operations," for additional information with respect to our discontinued operating businesses.

2.
Basis of Presentation and Summary of Significant Accounting Policies.
We conduct and plan to continue to conduct our activities in such a manner as not to be deemed an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). Therefore, no more than 40% of our total assets can be invested in investment securities, as such term is defined in the Investment Company Act. In addition, we do not invest or intend to invest in securities as our primary business. We intend to structure our investments to continue to be taxed as a partnership rather than as a corporation under the applicable publicly traded partnership rules of the Internal Revenue Code, as amended.
Events beyond our control, including significant appreciation or depreciation in the market value of certain of our publicly traded holdings or adverse developments with respect to our ownership of certain of our subsidiaries, could result in our inadvertently becoming an investment company that is required to register under the Investment Company Act. Our recent sales of Federal-Mogul, Tropicana and ARI did not result in our being considered an investment company. However, additional transactions involving the sale of certain assets could result in our being considered an investment company. Following such events or transactions, an exemption under the Investment Company Act would provide us up to one year to take steps to avoid becoming classified as an investment company. We expect to take steps to avoid becoming classified as an investment company, but no assurance can be made that we will successfully be able to take the steps necessary to avoid becoming classified as an investment company.
The accompanying condensed consolidated financial