(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.)
|
001-09516
|
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
|
|
|
Title of Each Class
|
|
Name of Each Exchange on Which Registered
|
Depositary Units of Icahn Enterprises L.P.
Representing Limited Partner Interests
|
|
NASDAQ Global Select Market
|
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
|
|
|
Page
No
.
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PART III
|
|
|
|
|
|
PART IV
|
|
•
|
restrictions on operations or the need to install enhanced or additional controls;
|
•
|
the need to obtain and comply with permits, licenses and authorizations;
|
•
|
liability for the investigation and remediation of contaminated soil and groundwater at current and former facilities (if any) and for off-site waste disposal locations; and
|
•
|
specifications for the products marketed by the petroleum business and the nitrogen fertilizer business, primarily gasoline, diesel fuel, UAN and ammonia.
|
•
|
the threat of terrorism or war;
|
•
|
loss of any of our or our subsidiaries' key personnel;
|
•
|
the unavailability, as needed, of additional financing;
|
•
|
the unavailability of insurance at acceptable rates; and
|
•
|
litigation not in the ordinary course of business (see Item 3, "Legal Proceedings," of this Report).
|
•
|
fluctuations of interest rates;
|
•
|
lack of control in minority investments;
|
•
|
worsening of general economic and market conditions;
|
•
|
lack of diversification;
|
•
|
lack of success of the Investment Funds' activist strategies;
|
•
|
fluctuations of U.S. dollar exchange rates; and
|
•
|
adverse legal and regulatory developments that may affect particular businesses.
|
•
|
Generally, there are few limitations set forth in the governing documents of the Investment Funds on the execution of their investment activities, which are subject to the sole discretion of our Investment segment.
|
•
|
The Investment Funds may buy or sell (or write) both call options and put options, and when it writes options, it may do so on a covered or an uncovered basis. When the Investment Funds sell (or write) an option, the risk can be substantially greater than when it buys an option. The seller of an uncovered call option bears the risk of an increase in the market price of the underlying security above the exercise price. The risk is theoretically unlimited unless the option is covered. If it is covered, the Investment Funds would forego the opportunity for profit on the underlying security should the market price of the security rise above the exercise price. Swaps and certain options and other custom instruments are subject to the risk of non-performance by the swap counterparty, including risks relating to the creditworthiness of the swap counterparty, market risk, liquidity risk and operations risk.
|
•
|
The Investment Funds may engage in short-selling, which is subject to a theoretically unlimited risk of loss because there is no limit on how much the price of a security may appreciate before the short position is closed out. The Investment Funds may be subject to losses if a security lender demands return of the borrowed securities and an alternative lending source cannot be found or if the Investment Funds are otherwise unable to borrow securities that are necessary to hedge its positions. There can be no assurance that the Investment Funds will be able to maintain the ability to borrow securities sold short. There also can be no assurance that the securities necessary to cover a short position will be available for purchase at or near prices quoted in the market.
|
•
|
The ability of the Investment Funds to execute a short selling strategy may be materially adversely impacted by temporary and/or new permanent rules, interpretations, prohibitions and restrictions adopted in response to adverse market events. Regulatory authorities may from time-to-time impose restrictions that adversely affect the Investment Funds' ability to borrow certain securities in connection with short sale transactions. In addition, traditional lenders of securities might be less likely to lend securities under certain market conditions. As a result, the Investment Funds may not be able to effectively pursue a short selling strategy due to a limited supply of securities available for borrowing.
|
•
|
The Investment Funds may effect transactions through over-the-counter or inter-dealer markets. The participants in such markets are typically not subject to credit evaluation and regulatory oversight as are members of exchange-based markets. This exposes the Investment Funds to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Investment Fund to suffer a loss. Such “counterparty risk” is accentuated for contracts with longer maturities where events may intervene to prevent settlement, or where the Investment Funds have concentrated its transactions with a single or small group of its counterparties. The Investment
|
•
|
Credit risk may arise through a default by one of several large institutions that are dependent on one another to meet their liquidity or operational needs, so that a default by one institution causes a series of defaults by other institutions. This systemic risk may materially adversely affect the financial intermediaries (such as prime brokers, clearing agencies, clearing houses, banks, securities firms and exchanges) with which the Investment Funds interact on a daily basis.
|
•
|
The efficacy of investment and trading strategies depends largely on the ability to establish and maintain an overall market position in a combination of financial instruments. The Investment Funds' trading orders may not be executed in a timely and efficient manner due to various circumstances, including systems failures or human error. In such event, the Investment Funds might only be able to acquire some but not all of the components of the position, or if the overall positions were to need adjustment, the Investment Funds might not be able to make such adjustment. As a result, the Investment Funds may not be able to achieve the market position selected by our Investment segment and might incur a loss in liquidating their position.
|
•
|
The Investment Funds assets may be held in one or more accounts maintained for the Investment Fund by its prime brokers or at other brokers or custodian banks, which may be located in various jurisdictions. The prime broker, other brokers (including those acting as sub-custodians) and custodian banks are subject to various laws and regulations in the relevant jurisdictions in the event of their insolvency. Accordingly, the practical effect of these laws and their application to the Investment Funds' assets may be subject to substantial variations, limitations and uncertainties. The insolvency of any of the prime brokers, local brokers, custodian banks or clearing corporations may result in the loss of all or a substantial portion of the Investment Funds' assets or in a significant delay in the Investment Funds having access to those assets.
|
•
|
The Investment Funds may invest in synthetic instruments with various counterparties. In the event of the insolvency of any counterparty, the Investment Funds' recourse will be limited to the collateral, if any, posted by the counterparty and, in the absence of collateral, the Investment Funds will be treated as a general creditor of the counterparty. While the Investment Funds expect that returns on a synthetic financial instrument may reflect those of each related reference security, as a result of the terms of the synthetic financial instrument and the assumption of the credit risk of the counterparty, a synthetic financial instrument may have a different expected return. The Investment Funds may also invest in credit default swaps.
|
•
|
the volumes of its actual use of crude oil or production of the applicable refined products is less than the volumes subject to the hedging arrangement;
|
•
|
accidents, interruptions in transportation, inclement weather or other events cause unscheduled shutdowns or otherwise adversely affect its refinery or suppliers or customers;
|
•
|
the counterparties to its futures contracts fail to perform under the contracts; or
|
•
|
a sudden, unexpected event materially impacts the commodity or crack spread subject to the hedging arrangement.
|
•
|
exposure to local economic conditions;
|
•
|
exposure to local political conditions (including the risk of seizure of assets by foreign governments);
|
•
|
currency exchange rate fluctuations (including, but not limited to, material exchange rate fluctuations, such as devaluations) and currency controls;
|
•
|
export and import restrictions;
|
•
|
restrictions on ability to repatriate foreign earnings;
|
•
|
labor unrest; and
|
•
|
compliance with U.S. laws such as the Foreign Corrupt Practices Act, and local laws prohibiting inappropriate payments.
|
•
|
limit their ability to borrow money for working capital, capital expenditures, debt service requirements or other corporate purposes, guarantee additional debt or issue redeemable, convertible of preferred equity;
|
•
|
limit their ability to make distributions or prepay its debt, incur liens, enter into agreements that restrict distributions from restricted subsidiaries, sell or otherwise dispose of assets (including capital stock of subsidiaries), enter into transactions with affiliates and merger consolidate or sell substantially all of its assets;
|
•
|
require them to dedicate a substantial portion of its cash flow to payments on indebtedness, which would reduce the amount of cash flow available to fund working capital, capital expenditures, product development, and other corporate requirements;
|
•
|
increase their vulnerability to general adverse economic and industry conditions; and
|
•
|
limit their ability to respond to business opportunities.
|
Location
|
|
Acres
|
|
Use
|
Coffeyville, KS
|
|
440
|
|
Oil refinery, fertilizer plant and office buildings
|
Wynnewood, OK
|
|
400
|
|
Oil refinery, refined oil storage and office buildings
|
East Dubuque, IL
|
|
210
|
|
Fertilizer plant and fertilizer storage
|
Cushing, OK
|
|
138
|
|
Crude oil storage
|
Cowley County, KS
|
|
70
|
|
Crude oil storage
|
Montgomery County, KS
|
|
50
|
|
Crude oil storage
|
2017
|
|
High
|
|
Low
|
||||
First Quarter
|
|
$
|
63.96
|
|
|
$
|
50.17
|
|
Second Quarter
|
|
53.85
|
|
|
47.06
|
|
||
Third Quarter
|
|
56.40
|
|
|
49.13
|
|
||
Fourth Quarter
|
|
59.88
|
|
|
51.01
|
|
||
|
|
|
|
|
||||
2016
|
|
High
|
|
Low
|
||||
First Quarter
|
|
$
|
67.63
|
|
|
$
|
42.50
|
|
Second Quarter
|
|
63.83
|
|
|
51.01
|
|
||
Third Quarter
|
|
60.50
|
|
|
47.08
|
|
||
Fourth Quarter
|
|
64.80
|
|
|
45.42
|
|
|
Icahn Enterprises
|
|
Icahn Enterprises Holdings
|
||||||||||||||||||||||||||||||||||||
|
Year Ended December 31,
|
|
Year Ended December 31,
|
||||||||||||||||||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||||||||||||
|
(in millions, except per unit data)
|
|
(in millions)
|
||||||||||||||||||||||||||||||||||||
Statement of Operations Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Net sales
|
$
|
17,303
|
|
|
$
|
15,511
|
|
|
$
|
14,604
|
|
|
$
|
18,072
|
|
|
$
|
17,785
|
|
|
$
|
17,303
|
|
|
$
|
15,511
|
|
|
$
|
14,604
|
|
|
$
|
18,072
|
|
|
$
|
17,785
|
|
Other revenues from operations
|
1,827
|
|
|
1,958
|
|
|
1,386
|
|
|
1,250
|
|
|
988
|
|
|
1,827
|
|
|
1,958
|
|
|
1,386
|
|
|
1,250
|
|
|
988
|
|
||||||||||
Net gain (loss) from investment activities
|
304
|
|
|
(1,373
|
)
|
|
(987
|
)
|
|
(564
|
)
|
|
1,694
|
|
|
304
|
|
|
(1,373
|
)
|
|
(987
|
)
|
|
(564
|
)
|
|
1,694
|
|
||||||||||
Gain (loss) on disposition of assets
|
2,166
|
|
|
14
|
|
|
40
|
|
|
25
|
|
|
(56
|
)
|
|
2,166
|
|
|
14
|
|
|
40
|
|
|
25
|
|
|
(56
|
)
|
||||||||||
Net income (loss)
|
2,591
|
|
|
(2,220
|
)
|
|
(2,127
|
)
|
|
(529
|
)
|
|
2,444
|
|
|
2,593
|
|
|
(2,219
|
)
|
|
(2,126
|
)
|
|
(528
|
)
|
|
2,444
|
|
||||||||||
Less: Net income (loss) attributable to non-controlling interests
|
161
|
|
|
(1,092
|
)
|
|
(933
|
)
|
|
(156
|
)
|
|
1,419
|
|
|
161
|
|
|
(1,092
|
)
|
|
(933
|
)
|
|
(156
|
)
|
|
1,419
|
|
||||||||||
Net income (loss) attributable to Icahn Enterprises/Icahn Enterprises Holdings
|
$
|
2,430
|
|
|
$
|
(1,128
|
)
|
|
$
|
(1,194
|
)
|
|
$
|
(373
|
)
|
|
$
|
1,025
|
|
|
$
|
2,432
|
|
|
$
|
(1,127
|
)
|
|
$
|
(1,193
|
)
|
|
$
|
(372
|
)
|
|
$
|
1,025
|
|
Net income (loss) attributable to Icahn Enterprises/Icahn Enterprises Holdings allocable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Limited partners
|
$
|
2,382
|
|
|
$
|
(1,106
|
)
|
|
$
|
(1,170
|
)
|
|
$
|
(366
|
)
|
|
$
|
1,005
|
|
|
$
|
2,408
|
|
|
$
|
(1,116
|
)
|
|
$
|
(1,181
|
)
|
|
$
|
(368
|
)
|
|
$
|
1,015
|
|
General partner
|
48
|
|
|
(22
|
)
|
|
(24
|
)
|
|
(7
|
)
|
|
20
|
|
|
24
|
|
|
(11
|
)
|
|
(12
|
)
|
|
(4
|
)
|
|
10
|
|
||||||||||
|
$
|
2,430
|
|
|
$
|
(1,128
|
)
|
|
$
|
(1,194
|
)
|
|
$
|
(373
|
)
|
|
$
|
1,025
|
|
|
$
|
2,432
|
|
|
$
|
(1,127
|
)
|
|
$
|
(1,193
|
)
|
|
$
|
(372
|
)
|
|
$
|
1,025
|
|
Basic income (loss) per LP unit
|
$
|
14.80
|
|
|
$
|
(8.07
|
)
|
|
$
|
(9.29
|
)
|
|
$
|
(3.08
|
)
|
|
$
|
9.14
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic weighted average LP units outstanding
|
161
|
|
|
137
|
|
|
126
|
|
|
119
|
|
|
110
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Diluted income (loss) per LP unit
|
$
|
14.80
|
|
|
$
|
(8.07
|
)
|
|
$
|
(9.29
|
)
|
|
$
|
(3.08
|
)
|
|
$
|
9.07
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Diluted weighted average LP units outstanding
|
161
|
|
|
137
|
|
|
126
|
|
|
119
|
|
|
111
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Cash distributions declared per LP unit
|
$
|
6.00
|
|
|
$
|
6.00
|
|
|
$
|
6.00
|
|
|
$
|
6.00
|
|
|
$
|
4.50
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
December 31,
|
|
December 31,
|
||||||||||||||||||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||||||||||||
|
(in millions)
|
|
(in millions)
|
||||||||||||||||||||||||||||||||||||
Balance Sheet Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Cash and cash equivalents
|
$
|
1,682
|
|
|
$
|
1,833
|
|
|
$
|
2,078
|
|
|
$
|
2,908
|
|
|
$
|
3,257
|
|
|
$
|
1,682
|
|
|
$
|
1,833
|
|
|
$
|
2,078
|
|
|
$
|
2,908
|
|
|
$
|
3,257
|
|
Investments
|
10,369
|
|
|
9,881
|
|
|
15,351
|
|
|
14,480
|
|
|
12,261
|
|
|
10,369
|
|
|
9,881
|
|
|
15,351
|
|
|
14,480
|
|
|
12,261
|
|
||||||||||
Property, plant and equipment, net
|
9,701
|
|
|
10,122
|
|
|
9,535
|
|
|
8,955
|
|
|
8,077
|
|
|
9,701
|
|
|
10,122
|
|
|
9,535
|
|
|
8,955
|
|
|
8,077
|
|
||||||||||
Total assets
|
31,801
|
|
|
33,371
|
|
|
36,407
|
|
|
35,743
|
|
|
31,706
|
|
|
31,833
|
|
|
33,399
|
|
|
36,434
|
|
|
35,769
|
|
|
31,723
|
|
||||||||||
Deferred tax liability
|
924
|
|
|
1,613
|
|
|
1,201
|
|
|
1,255
|
|
|
1,394
|
|
|
924
|
|
|
1,613
|
|
|
1,201
|
|
|
1,255
|
|
|
1,394
|
|
||||||||||
Due to brokers
|
1,057
|
|
|
3,725
|
|
|
7,317
|
|
|
5,197
|
|
|
2,203
|
|
|
1,057
|
|
|
3,725
|
|
|
7,317
|
|
|
5,197
|
|
|
2,203
|
|
||||||||||
Post-employment benefit liability
|
1,159
|
|
|
1,180
|
|
|
1,224
|
|
|
1,391
|
|
|
1,111
|
|
|
1,159
|
|
|
1,180
|
|
|
1,224
|
|
|
1,391
|
|
|
1,111
|
|
||||||||||
Debt
|
11,185
|
|
|
11,119
|
|
|
12,594
|
|
|
11,541
|
|
|
9,256
|
|
|
11,190
|
|
|
11,122
|
|
|
12,597
|
|
|
11,544
|
|
|
9,251
|
|
||||||||||
Equity attributable to Icahn Enterprises/Icahn Enterprises Holdings
|
5,106
|
|
|
2,154
|
|
|
3,987
|
|
|
5,443
|
|
|
6,092
|
|
|
5,133
|
|
|
2,179
|
|
|
4,011
|
|
|
5,466
|
|
|
6,114
|
|
|
Revenues
|
|
Net Income (Loss)
|
|
Net Income (Loss) Attributable to Icahn Enterprises
|
||||||||||||||||||||||||||||||
|
Year Ended December 31,
|
|
Year Ended December 31,
|
|
Year Ended December 31,
|
||||||||||||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2017
|
|
2016
|
|
2015
|
|
2017
|
|
2016
|
|
2015
|
||||||||||||||||||
|
(in millions)
|
||||||||||||||||||||||||||||||||||
Investment
|
$
|
297
|
|
|
$
|
(1,223
|
)
|
|
$
|
(865
|
)
|
|
$
|
118
|
|
|
$
|
(1,487
|
)
|
|
$
|
(1,665
|
)
|
|
$
|
80
|
|
|
$
|
(604
|
)
|
|
$
|
(760
|
)
|
Automotive
|
10,528
|
|
|
9,928
|
|
|
7,853
|
|
|
626
|
|
|
77
|
|
|
(352
|
)
|
|
615
|
|
|
53
|
|
|
(299
|
)
|
|||||||||
Energy
|
5,918
|
|
|
4,764
|
|
|
5,442
|
|
|
275
|
|
|
(604
|
)
|
|
7
|
|
|
229
|
|
|
(327
|
)
|
|
25
|
|
|||||||||
Railcar
|
2,306
|
|
|
962
|
|
|
948
|
|
|
1,267
|
|
|
183
|
|
|
213
|
|
|
1,214
|
|
|
150
|
|
|
137
|
|
|||||||||
Gaming
|
960
|
|
|
948
|
|
|
811
|
|
|
52
|
|
|
(95
|
)
|
|
38
|
|
|
39
|
|
|
(109
|
)
|
|
26
|
|
|||||||||
Metals
|
408
|
|
|
269
|
|
|
365
|
|
|
(44
|
)
|
|
(20
|
)
|
|
(51
|
)
|
|
(44
|
)
|
|
(20
|
)
|
|
(51
|
)
|
|||||||||
Mining
|
93
|
|
|
63
|
|
|
28
|
|
|
10
|
|
|
(24
|
)
|
|
(195
|
)
|
|
9
|
|
|
(19
|
)
|
|
(150
|
)
|
|||||||||
Food Packaging
|
393
|
|
|
332
|
|
|
337
|
|
|
(6
|
)
|
|
8
|
|
|
(3
|
)
|
|
(5
|
)
|
|
6
|
|
|
(3
|
)
|
|||||||||
Real Estate
|
590
|
|
|
88
|
|
|
131
|
|
|
519
|
|
|
12
|
|
|
61
|
|
|
519
|
|
|
12
|
|
|
61
|
|
|||||||||
Home Fashion
|
183
|
|
|
196
|
|
|
194
|
|
|
(20
|
)
|
|
(12
|
)
|
|
(4
|
)
|
|
(20
|
)
|
|
(12
|
)
|
|
(4
|
)
|
|||||||||
Holding Company
|
68
|
|
|
21
|
|
|
28
|
|
|
(206
|
)
|
|
(258
|
)
|
|
(176
|
)
|
|
(206
|
)
|
|
(258
|
)
|
|
(176
|
)
|
|||||||||
|
$
|
21,744
|
|
|
$
|
16,348
|
|
|
$
|
15,272
|
|
|
$
|
2,591
|
|
|
$
|
(2,220
|
)
|
|
$
|
(2,127
|
)
|
|
$
|
2,430
|
|
|
$
|
(1,128
|
)
|
|
$
|
(1,194
|
)
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(in millions)
|
||||||||||
Net sales
|
$
|
9,957
|
|
|
$
|
9,420
|
|
|
$
|
7,789
|
|
Cost of goods sold
|
8,110
|
|
|
7,658
|
|
|
6,577
|
|
|||
Gross margin
|
$
|
1,847
|
|
|
$
|
1,762
|
|
|
$
|
1,212
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(in millions)
|
||||||||||
Net sales
|
$
|
5,988
|
|
|
$
|
4,782
|
|
|
$
|
5,433
|
|
Cost of goods sold
|
5,727
|
|
|
4,618
|
|
|
4,949
|
|
|||
Gross margin
|
$
|
261
|
|
|
$
|
164
|
|
|
$
|
484
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(in millions)
|
||||||||||
Net Sales/Other Revenues From Operations:
|
|
|
|
|
|
||||||
Manufacturing
|
$
|
265
|
|
|
$
|
430
|
|
|
$
|
440
|
|
Railcar leasing
|
300
|
|
|
471
|
|
|
452
|
|
|||
Railcar services
|
70
|
|
|
51
|
|
|
47
|
|
|||
|
$
|
635
|
|
|
$
|
952
|
|
|
$
|
939
|
|
Cost of Goods Sold/Other Expenses From Operations:
|
|
|
|
|
|
||||||
Manufacturing
|
$
|
249
|
|
|
$
|
366
|
|
|
$
|
338
|
|
Railcar leasing
|
84
|
|
|
195
|
|
|
176
|
|
|||
Railcar services
|
50
|
|
|
28
|
|
|
25
|
|
|||
|
$
|
383
|
|
|
$
|
589
|
|
|
$
|
539
|
|
Gross Margin:
|
|
|
|
|
|
||||||
Manufacturing
|
$
|
16
|
|
|
$
|
64
|
|
|
$
|
102
|
|
Railcar leasing
|
216
|
|
|
276
|
|
|
276
|
|
|||
Railcar services
|
20
|
|
|
23
|
|
|
22
|
|
|||
|
$
|
252
|
|
|
$
|
363
|
|
|
$
|
400
|
|
|
Year Ended December 31,
|
|||||||
|
2017
|
|
2016
|
|
2015
|
|||
|
(number of railcars)
|
|||||||
Shipments to leasing customers
|
1,804
|
|
|
799
|
|
|
5,063
|
|
Shipments to non-leasing customers
|
2,418
|
|
|
3,922
|
|
|
3,840
|
|
|
4,222
|
|
|
4,721
|
|
|
8,903
|
|
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(in millions)
|
||||||
3.500% senior unsecured notes due 2017
|
$
|
—
|
|
|
$
|
1,174
|
|
4.875% senior unsecured notes due 2019
|
—
|
|
|
1,271
|
|
||
6.000% senior unsecured notes due 2020
|
1,703
|
|
|
1,705
|
|
||
5.875% senior unsecured notes due 2022
|
1,342
|
|
|
1,340
|
|
||
6.250% senior unsecured notes due 2022
|
1,216
|
|
|
—
|
|
||
6.750% senior unsecured notes due 2024
|
498
|
|
|
—
|
|
||
6.375% senior unsecured notes due 2025
|
748
|
|
|
—
|
|
||
|
$
|
5,507
|
|
|
$
|
5,490
|
|
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(in millions)
|
||||||
Automotive
|
$
|
367
|
|
|
$
|
353
|
|
Energy
|
482
|
|
|
736
|
|
||
Railcar
|
100
|
|
|
179
|
|
||
Gaming
|
105
|
|
|
244
|
|
||
Metals
|
24
|
|
|
4
|
|
||
Mining
|
15
|
|
|
14
|
|
||
Food Packaging
|
16
|
|
|
39
|
|
||
Real Estate
|
30
|
|
|
24
|
|
||
Home Fashion
|
—
|
|
|
2
|
|
||
|
$
|
1,139
|
|
|
$
|
1,595
|
|
|
December 31, 2017
|
||
|
(in millions)
|
||
Automotive
|
$
|
461
|
|
Energy
|
382
|
|
|
Railcar
|
200
|
|
|
Food Packaging
|
8
|
|
|
Home Fashion
|
25
|
|
|
|
$
|
1,076
|
|
|
Year Ended December 31, 2017
|
|
Year Ended December 31, 2016
|
|
Year Ended December 31, 2015
|
||||||||||||||||||||||||||||||
|
Net Cash Provided By (Used In)
|
|
Net Cash Provided By (Used In)
|
|
Net Cash Provided By (Used In)
|
||||||||||||||||||||||||||||||
|
Operating Activities
|
|
Investing Activities
|
|
Financing Activities
|
|
Operating Activities
|
|
Investing Activities
|
|
Financing Activities
|
|
Operating Activities
|
|
Investing Activities
|
|
Financing Activities
|
||||||||||||||||||
|
(in millions)
|
||||||||||||||||||||||||||||||||||
Holding Company
|
$
|
(337
|
)
|
|
$
|
216
|
|
|
$
|
422
|
|
|
$
|
(209
|
)
|
|
$
|
245
|
|
|
$
|
23
|
|
|
$
|
(255
|
)
|
|
$
|
(586
|
)
|
|
$
|
(116
|
)
|
Investment
|
(1,896
|
)
|
|
—
|
|
|
1,900
|
|
|
555
|
|
|
—
|
|
|
(552
|
)
|
|
(132
|
)
|
|
—
|
|
|
140
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Other Operating Segments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Automotive
|
104
|
|
|
(672
|
)
|
|
574
|
|
|
542
|
|
|
(1,395
|
)
|
|
1,025
|
|
|
60
|
|
|
(1,130
|
)
|
|
955
|
|
|||||||||
Energy
|
167
|
|
|
(195
|
)
|
|
(226
|
)
|
|
268
|
|
|
(202
|
)
|
|
(95
|
)
|
|
537
|
|
|
(151
|
)
|
|
(375
|
)
|
|||||||||
Railcar
|
226
|
|
|
(143
|
)
|
|
(279
|
)
|
|
400
|
|
|
(254
|
)
|
|
(477
|
)
|
|
382
|
|
|
(506
|
)
|
|
339
|
|
|||||||||
Gaming
|
177
|
|
|
(56
|
)
|
|
(260
|
)
|
|
78
|
|
|
(56
|
)
|
|
5
|
|
|
105
|
|
|
(83
|
)
|
|
(1
|
)
|
|||||||||
Metals
|
17
|
|
|
(29
|
)
|
|
31
|
|
|
(14
|
)
|
|
(2
|
)
|
|
8
|
|
|
14
|
|
|
(23
|
)
|
|
4
|
|
|||||||||
Mining
|
8
|
|
|
(38
|
)
|
|
31
|
|
|
—
|
|
|
(22
|
)
|
|
22
|
|
|
(29
|
)
|
|
(175
|
)
|
|
218
|
|
|||||||||
Food Packaging
|
24
|
|
|
(57
|
)
|
|
8
|
|
|
28
|
|
|
(22
|
)
|
|
(4
|
)
|
|
25
|
|
|
(22
|
)
|
|
(4
|
)
|
|||||||||
Real Estate
|
76
|
|
|
269
|
|
|
(339
|
)
|
|
11
|
|
|
2
|
|
|
(8
|
)
|
|
34
|
|
|
64
|
|
|
(103
|
)
|
|||||||||
Home Fashion
|
(2
|
)
|
|
(5
|
)
|
|
5
|
|
|
(4
|
)
|
|
(8
|
)
|
|
—
|
|
|
7
|
|
|
(4
|
)
|
|
—
|
|
|||||||||
Other operating segments
|
797
|
|
|
(926
|
)
|
|
(455
|
)
|
|
1,309
|
|
|
(1,959
|
)
|
|
476
|
|
|
1,135
|
|
|
(2,030
|
)
|
|
1,033
|
|
|||||||||
Total before eliminations
|
(1,436
|
)
|
|
(710
|
)
|
|
1,867
|
|
|
1,655
|
|
|
(1,714
|
)
|
|
(53
|
)
|
|
748
|
|
|
(2,616
|
)
|
|
1,057
|
|
|||||||||
Eliminations
|
—
|
|
|
1,124
|
|
|
(1,124
|
)
|
|
—
|
|
|
(140
|
)
|
|
140
|
|
|
—
|
|
|
231
|
|
|
(231
|
)
|
|||||||||
Consolidated
|
$
|
(1,436
|
)
|
|
$
|
414
|
|
|
$
|
743
|
|
|
$
|
1,655
|
|
|
$
|
(1,854
|
)
|
|
$
|
87
|
|
|
$
|
748
|
|
|
$
|
(2,385
|
)
|
|
$
|
826
|
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
|
Total
|
||||||||||||||
|
(in millions)
|
||||||||||||||||||||||||||
Debt obligations
|
$
|
191
|
|
|
$
|
52
|
|
|
$
|
1,897
|
|
|
$
|
2,072
|
|
|
$
|
3,606
|
|
|
$
|
3,370
|
|
|
$
|
11,188
|
|
Capital lease obligations
|
8
|
|
|
7
|
|
|
4
|
|
|
3
|
|
|
2
|
|
|
21
|
|
|
45
|
|
|||||||
Interest payments
|
650
|
|
|
643
|
|
|
642
|
|
|
515
|
|
|
343
|
|
|
664
|
|
|
3,457
|
|
|||||||
Pension and other post-retirement benefit plans
|
90
|
|
|
87
|
|
|
81
|
|
|
75
|
|
|
81
|
|
|
650
|
|
|
1,064
|
|
|||||||
Operating lease obligations
|
237
|
|
|
222
|
|
|
198
|
|
|
170
|
|
|
142
|
|
|
388
|
|
|
1,357
|
|
|||||||
Purchase obligations
|
199
|
|
|
129
|
|
|
103
|
|
|
92
|
|
|
85
|
|
|
543
|
|
|
1,151
|
|
|||||||
Letters of credit
|
99
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
99
|
|
|||||||
Total
|
$
|
1,474
|
|
|
$
|
1,140
|
|
|
$
|
2,925
|
|
|
$
|
2,927
|
|
|
$
|
4,259
|
|
|
$
|
5,636
|
|
|
$
|
18,361
|
|
•
|
Long-term rate of return on plan assets
: In December 2017, an investment policy study was completed for Federal-Mogul's U.S. pension plans. The study resulted in changes to the expected long-term rate of return on assets and is designed to approximate a long-term prospective rate. The long-term rate of return on assets decreased from 5.55% at
December 31, 2016
to 5.50% at
December 31, 2017
. The expected long-term rate of return on plan assets used in determining pension expense for non-U.S. plans is determined in a similar manner to the U.S. plans and the weighted average return on assets increased from 3.05% at
December 31, 2016
to 3.26% at
December 31, 2017
.
|
•
|
Discount rate
: The discount rate assumption is established at the measurement date. In the U.S., Federal-Mogul uses a cash flow matching approach that uses projected cash flows matched to spot rates along a high quality corporate yield curve to determine the present value of cash flows to calculate a single equivalent discount rate. The benefit obligation for pension plans in Belgium, France, and Germany represents 90% of the non-U.S. pension benefit obligation at
December 31, 2017
. The discount rates for these plans are determined using a cash flow matching approach similar to the U.S. approach.
|
•
|
Mortality Assumptions:
Federal-Mogul has reviewed the mortality improvement tables published by the Society of Actuaries in the year ended
December 31, 2017
and determined that the current assumptions are appropriate to measure its
December 31, 2017
U.S. pension plans' obligations.
|
•
|
Health care cost trend:
We review external data and our historical trends for health care costs to determine the health care cost trend rate. The assumed health care cost trend rate used to measure next year’s post-retirement health care benefits is 6.41% for health care and drug costs, both declining to an ultimate trend rate of 5.00% in 2022.
|
|
Pension Benefits
|
|
Other Post-Retirement Benefits
|
||||||||||||||||||||
|
United States Plans
|
|
Non-U.S. Plans
|
|
|||||||||||||||||||
|
Change in 2018 expense
|
|
Change
in
PBO
|
|
Change in 2018 expense
|
|
Change
in
PBO
|
|
Change in 2018 expense
|
|
Change
in
PBO
|
||||||||||||
|
(in millions)
|
||||||||||||||||||||||
25 bp decrease in discount rate
|
$
|
(1
|
)
|
|
$
|
29
|
|
|
$
|
1
|
|
|
$
|
20
|
|
|
$
|
—
|
|
|
$
|
6
|
|
25 bp increase in discount rate
|
1
|
|
|
(28
|
)
|
|
(1
|
)
|
|
(19
|
)
|
|
—
|
|
|
(6
|
)
|
||||||
25 bp decrease in return on assets rate
|
2
|
|
|
n/a
|
|
|
—
|
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
||||||
25 bp increase in return on assets rate
|
(2
|
)
|
|
n/a
|
|
|
—
|
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
Total Service and
Interest Cost
|
|
APBO
|
||||
|
(in millions)
|
||||||
100 bp increase in health care trend rate
|
$
|
1
|
|
|
$
|
23
|
|
100 bp decrease in health care trend rate
|
(1
|
)
|
|
(20
|
)
|
•
|
lock in or fix a percentage of the anticipated or planned gross margin in future periods when the derivative market offers commodity spreads that generate positive cash flows;
|
•
|
hedge the value of inventories in excess of minimum required inventories; and
|
•
|
manage existing derivative positions related to change in anticipated operations and market conditions.
|
•
|
Time Basis
- In entering over-the-counter swap agreements, the settlement price of the swap is typically the average price of the underlying commodity for a designated calendar period. This settlement price is based on the assumption that the underlying physical commodity will price ratably over the swap period. If the commodity does not move ratably over the periods, then weighted-average physical prices will be weighted differently than the swap price as the result of timing.
|
•
|
Location Basis
- In hedging New York Mercantile Exchange ("NYMEX") crack spreads, CVR Energy may be subject to location basis as the settlement of NYMEX refined products (related more to New York Harbor cash markets) may differ from the prices of refined products in CVR Energy's Group 3 pricing area.
|
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
ASSETS
|
|
|
|
||||
Cash and cash equivalents
|
$
|
1,682
|
|
|
$
|
1,833
|
|
Cash held at consolidated affiliated partnerships and restricted cash
|
786
|
|
|
804
|
|
||
Investments
|
10,369
|
|
|
9,881
|
|
||
Due from brokers
|
506
|
|
|
1,482
|
|
||
Accounts receivable, net
|
1,805
|
|
|
1,609
|
|
||
Inventories, net
|
3,261
|
|
|
2,983
|
|
||
Property, plant and equipment, net
|
9,701
|
|
|
10,122
|
|
||
Goodwill
|
1,275
|
|
|
1,136
|
|
||
Intangible assets, net
|
1,135
|
|
|
1,116
|
|
||
Assets held for sale
|
17
|
|
|
1,366
|
|
||
Other assets
|
1,264
|
|
|
1,039
|
|
||
Total Assets
|
$
|
31,801
|
|
|
$
|
33,371
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
Accounts payable
|
$
|
2,064
|
|
|
$
|
1,765
|
|
Accrued expenses and other liabilities
|
1,743
|
|
|
1,895
|
|
||
Deferred tax liability
|
924
|
|
|
1,613
|
|
||
Unrealized loss on derivative contracts
|
1,275
|
|
|
1,139
|
|
||
Securities sold, not yet purchased, at fair value
|
1,023
|
|
|
1,139
|
|
||
Due to brokers
|
1,057
|
|
|
3,725
|
|
||
Post-employment benefit liability
|
1,159
|
|
|
1,180
|
|
||
Liabilities held for sale
|
3
|
|
|
1,779
|
|
||
Debt
|
11,185
|
|
|
11,119
|
|
||
Total liabilities
|
20,433
|
|
|
25,354
|
|
||
|
|
|
|
||||
Commitments and contingencies (Note 17)
|
|
|
|
||||
|
|
|
|
||||
Equity:
|
|
|
|
||||
Limited partners: Depositary units: 173,564,307 and 144,741,149 units issued and outstanding at December 31, 2017 and 2016, respectively
|
5,341
|
|
|
2,448
|
|
||
General partner
|
(235
|
)
|
|
(294
|
)
|
||
Equity attributable to Icahn Enterprises
|
5,106
|
|
|
2,154
|
|
||
Equity attributable to non-controlling interests
|
6,262
|
|
|
5,863
|
|
||
Total equity
|
11,368
|
|
|
8,017
|
|
||
Total Liabilities and Equity
|
$
|
31,801
|
|
|
$
|
33,371
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Revenues:
|
|
||||||||||
Net sales
|
$
|
17,303
|
|
|
$
|
15,511
|
|
|
$
|
14,604
|
|
Other revenues from operations
|
1,827
|
|
|
1,958
|
|
|
1,386
|
|
|||
Net gain (loss) from investment activities
|
304
|
|
|
(1,373
|
)
|
|
(987
|
)
|
|||
Interest and dividend income
|
136
|
|
|
131
|
|
|
194
|
|
|||
Gain on disposition of assets, net
|
2,166
|
|
|
14
|
|
|
40
|
|
|||
Other income, net
|
8
|
|
|
107
|
|
|
35
|
|
|||
|
21,744
|
|
|
16,348
|
|
|
15,272
|
|
|||
Expenses:
|
|
|
|
|
|
||||||
Cost of goods sold
|
15,005
|
|
|
13,412
|
|
|
12,741
|
|
|||
Other expenses from operations
|
1,041
|
|
|
1,159
|
|
|
643
|
|
|||
Selling, general and administrative
|
2,565
|
|
|
2,342
|
|
|
1,908
|
|
|||
Restructuring
|
25
|
|
|
32
|
|
|
97
|
|
|||
Impairment
|
112
|
|
|
709
|
|
|
788
|
|
|||
Interest expense
|
843
|
|
|
878
|
|
|
1,154
|
|
|||
|
19,591
|
|
|
18,532
|
|
|
17,331
|
|
|||
Income (loss) before income tax benefit (expense)
|
2,153
|
|
|
(2,184
|
)
|
|
(2,059
|
)
|
|||
Income tax benefit (expense)
|
438
|
|
|
(36
|
)
|
|
(68
|
)
|
|||
Net income (loss)
|
2,591
|
|
|
(2,220
|
)
|
|
(2,127
|
)
|
|||
Less: net income (loss) attributable to non-controlling interests
|
161
|
|
|
(1,092
|
)
|
|
(933
|
)
|
|||
Net income (loss) attributable to Icahn Enterprises
|
$
|
2,430
|
|
|
$
|
(1,128
|
)
|
|
$
|
(1,194
|
)
|
|
|
|
|
|
|
||||||
Net income (loss) attributable to Icahn Enterprises allocable to:
|
|
|
|
|
|
||||||
Limited partners
|
$
|
2,382
|
|
|
$
|
(1,106
|
)
|
|
$
|
(1,170
|
)
|
General partner
|
48
|
|
|
(22
|
)
|
|
(24
|
)
|
|||
|
$
|
2,430
|
|
|
$
|
(1,128
|
)
|
|
$
|
(1,194
|
)
|
|
|
|
|
|
|
||||||
Basic and diluted income (loss) per LP unit
|
$
|
14.80
|
|
|
$
|
(8.07
|
)
|
|
$
|
(9.29
|
)
|
Basic and diluted weighted average LP units outstanding
|
161
|
|
|
137
|
|
|
126
|
|
|||
Cash distributions declared per LP unit
|
$
|
6.00
|
|
|
$
|
6.00
|
|
|
$
|
6.00
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
|
|
|
|
|
||||||
Net income (loss)
|
$
|
2,591
|
|
|
$
|
(2,220
|
)
|
|
$
|
(2,127
|
)
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
||||||
Post-employment benefits
|
50
|
|
|
18
|
|
|
60
|
|
|||
Hedge instruments
|
(1
|
)
|
|
3
|
|
|
1
|
|
|||
Translation adjustments and other
|
124
|
|
|
(148
|
)
|
|
(225
|
)
|
|||
Other comprehensive income (loss), net of tax
|
173
|
|
|
(127
|
)
|
|
(164
|
)
|
|||
Comprehensive income (loss)
|
2,764
|
|
|
(2,347
|
)
|
|
(2,291
|
)
|
|||
Less: Comprehensive income (loss) attributable to non-controlling interests
|
177
|
|
|
(1,112
|
)
|
|
(973
|
)
|
|||
Comprehensive income (loss) attributable to Icahn Enterprises
|
$
|
2,587
|
|
|
$
|
(1,235
|
)
|
|
$
|
(1,318
|
)
|
|
|
|
|
|
|
||||||
Comprehensive income (loss) attributable to Icahn Enterprises allocable to:
|
|
|
|
|
|
||||||
Limited partners
|
$
|
2,536
|
|
|
$
|
(1,210
|
)
|
|
$
|
(1,292
|
)
|
General partner
|
51
|
|
|
(25
|
)
|
|
(26
|
)
|
|||
|
$
|
2,587
|
|
|
$
|
(1,235
|
)
|
|
$
|
(1,318
|
)
|
|
Equity Attributable to Icahn Enterprises
|
|
|
|
|
||||||||||||||
|
General Partner's (Deficit) Equity
|
|
Limited
Partners' Equity
|
|
Total Partners' Equity
|
|
Non-controlling Interests
|
|
Total Equity
|
||||||||||
Balance, December 31, 2014
|
$
|
(229
|
)
|
|
$
|
5,672
|
|
|
$
|
5,443
|
|
|
$
|
6,947
|
|
|
$
|
12,390
|
|
Net loss
|
(24
|
)
|
|
(1,170
|
)
|
|
(1,194
|
)
|
|
(933
|
)
|
|
(2,127
|
)
|
|||||
Other comprehensive loss
|
(2
|
)
|
|
(122
|
)
|
|
(124
|
)
|
|
(40
|
)
|
|
(164
|
)
|
|||||
Partnership distributions
|
(2
|
)
|
|
(114
|
)
|
|
(116
|
)
|
|
—
|
|
|
(116
|
)
|
|||||
Investment segment contributions
|
—
|
|
|
—
|
|
|
—
|
|
|
276
|
|
|
276
|
|
|||||
Investment segment distributions
|
—
|
|
|
—
|
|
|
—
|
|
|
(36
|
)
|
|
(36
|
)
|
|||||
Dividends and distributions to non-controlling interests in subsidiaries
|
—
|
|
|
—
|
|
|
—
|
|
|
(252
|
)
|
|
(252
|
)
|
|||||
Proceeds from subsidiary equity offerings
|
—
|
|
|
—
|
|
|
—
|
|
|
31
|
|
|
31
|
|
|||||
Changes in subsidiary equity and other
|
—
|
|
|
(22
|
)
|
|
(22
|
)
|
|
53
|
|
|
31
|
|
|||||
Balance, December 31, 2015
|
(257
|
)
|
|
4,244
|
|
|
3,987
|
|
|
6,046
|
|
|
10,033
|
|
|||||
Net loss
|
(22
|
)
|
|
(1,106
|
)
|
|
(1,128
|
)
|
|
(1,092
|
)
|
|
(2,220
|
)
|
|||||
Other comprehensive loss
|
(3
|
)
|
|
(104
|
)
|
|
(107
|
)
|
|
(20
|
)
|
|
(127
|
)
|
|||||
Partnership distributions
|
(2
|
)
|
|
(101
|
)
|
|
(103
|
)
|
|
—
|
|
|
(103
|
)
|
|||||
Partnership contributions
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|||||
Investment segment contributions
|
—
|
|
|
—
|
|
|
—
|
|
|
505
|
|
|
505
|
|
|||||
Investment segment distributions
|
—
|
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
(7
|
)
|
|||||
Dividends and distributions to non-controlling interests in subsidiaries
|
—
|
|
|
—
|
|
|
—
|
|
|
(86
|
)
|
|
(86
|
)
|
|||||
LP unit issuance
|
—
|
|
|
35
|
|
|
35
|
|
|
—
|
|
|
35
|
|
|||||
Changes in subsidiary equity and other
|
(11
|
)
|
|
(520
|
)
|
|
(531
|
)
|
|
517
|
|
|
(14
|
)
|
|||||
Balance, December 31, 2016
|
(294
|
)
|
|
2,448
|
|
|
2,154
|
|
|
5,863
|
|
|
8,017
|
|
|||||
Net income
|
48
|
|
|
2,382
|
|
|
2,430
|
|
|
161
|
|
|
2,591
|
|
|||||
Other comprehensive income
|
3
|
|
|
154
|
|
|
157
|
|
|
16
|
|
|
173
|
|
|||||
Partnership distributions
|
(2
|
)
|
|
(79
|
)
|
|
(81
|
)
|
|
—
|
|
|
(81
|
)
|
|||||
Partnership contributions
|
12
|
|
|
600
|
|
|
612
|
|
|
—
|
|
|
612
|
|
|||||
Investment segment contributions
|
—
|
|
|
—
|
|
|
—
|
|
|
600
|
|
|
600
|
|
|||||
Dividends and distributions to non-controlling interests in subsidiaries
|
—
|
|
|
—
|
|
|
—
|
|
|
(92
|
)
|
|
(92
|
)
|
|||||
Cumulative effect adjustment from adoption of accounting principal
|
(1
|
)
|
|
(46
|
)
|
|
(47
|
)
|
|
—
|
|
|
(47
|
)
|
|||||
Changes in subsidiary equity and other
|
(1
|
)
|
|
(118
|
)
|
|
(119
|
)
|
|
(286
|
)
|
|
(405
|
)
|
|||||
Balance, December 31, 2017
|
$
|
(235
|
)
|
|
$
|
5,341
|
|
|
$
|
5,106
|
|
|
$
|
6,262
|
|
|
$
|
11,368
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income (loss)
|
$
|
2,591
|
|
|
$
|
(2,220
|
)
|
|
$
|
(2,127
|
)
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Net (gain) loss from securities transactions
|
(2,275
|
)
|
|
(266
|
)
|
|
1,737
|
|
|||
Purchases of securities
|
(781
|
)
|
|
(2,059
|
)
|
|
(6,552
|
)
|
|||
Proceeds from sales of securities
|
2,413
|
|
|
7,630
|
|
|
4,281
|
|
|||
Purchases to cover securities sold, not yet purchased
|
(1,078
|
)
|
|
(361
|
)
|
|
(577
|
)
|
|||
Proceeds from securities sold, not yet purchased
|
1,222
|
|
|
616
|
|
|
952
|
|
|||
Changes in receivables and payables relating to securities transactions
|
(1,704
|
)
|
|
(4,828
|
)
|
|
2,085
|
|
|||
Gain on disposition of assets, net
|
(2,166
|
)
|
|
(14
|
)
|
|
(40
|
)
|
|||
Depreciation and amortization
|
1,017
|
|
|
1,034
|
|
|
863
|
|
|||
Impairment
|
112
|
|
|
709
|
|
|
788
|
|
|||
Equity earnings from non-consolidated affiliates
|
(71
|
)
|
|
(64
|
)
|
|
(62
|
)
|
|||
Deferred taxes
|
(592
|
)
|
|
(99
|
)
|
|
(30
|
)
|
|||
Other, net
|
48
|
|
|
86
|
|
|
49
|
|
|||
Changes in operating assets and liabilities:
|
|
|
|
|
|
||||||
Changes in cash held at consolidated affiliated partnerships and restricted cash
|
23
|
|
|
447
|
|
|
168
|
|
|||
Accounts receivable, net
|
(67
|
)
|
|
72
|
|
|
43
|
|
|||
Inventories, net
|
(198
|
)
|
|
(38
|
)
|
|
(74
|
)
|
|||
Other assets
|
(113
|
)
|
|
261
|
|
|
(200
|
)
|
|||
Accounts payable
|
181
|
|
|
18
|
|
|
(32
|
)
|
|||
Unrealized loss on derivative contracts
|
136
|
|
|
1,103
|
|
|
(593
|
)
|
|||
Accrued expenses and other liabilities
|
(134
|
)
|
|
(372
|
)
|
|
69
|
|
|||
Net cash (used in) provided by operating activities
|
(1,436
|
)
|
|
1,655
|
|
|
748
|
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
||||||
Capital expenditures
|
(991
|
)
|
|
(826
|
)
|
|
(1,359
|
)
|
|||
Acquisition of businesses, net of cash acquired
|
(257
|
)
|
|
(1,050
|
)
|
|
(855
|
)
|
|||
Purchase of additional interests in consolidated subsidiaries
|
(349
|
)
|
|
(2
|
)
|
|
—
|
|
|||
Proceeds from disposition of assets
|
2,064
|
|
|
43
|
|
|
90
|
|
|||
Purchases of investments
|
(82
|
)
|
|
(100
|
)
|
|
(345
|
)
|
|||
Other, net
|
29
|
|
|
81
|
|
|
84
|
|
|||
Net cash provided by (used in) investing activities
|
414
|
|
|
(1,854
|
)
|
|
(2,385
|
)
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
||||||
Investment segment contributions from non-controlling interests
|
600
|
|
|
505
|
|
|
276
|
|
|||
Investment segment distributions from non-controlling interests
|
—
|
|
|
(7
|
)
|
|
(36
|
)
|
|||
Partnership contributions
|
612
|
|
|
1
|
|
|
—
|
|
|||
Partnership distributions
|
(81
|
)
|
|
(103
|
)
|
|
(116
|
)
|
|||
Proceeds from subsidiary equity offerings
|
—
|
|
|
—
|
|
|
31
|
|
|||
Dividends and distributions to non-controlling interests in subsidiaries
|
(92
|
)
|
|
(86
|
)
|
|
(252
|
)
|
|||
Proceeds from Holding Company senior unsecured notes
|
2,470
|
|
|
—
|
|
|
—
|
|
|||
Repayments of Holding Company senior unsecured notes
|
(2,450
|
)
|
|
—
|
|
|
—
|
|
|||
Proceeds from subsidiary borrowings
|
2,752
|
|
|
2,199
|
|
|
1,972
|
|
|||
Repayments of subsidiary borrowings
|
(3,035
|
)
|
|
(2,352
|
)
|
|
(972
|
)
|
|||
Subsidiary repurchase of common stock
|
(36
|
)
|
|
(72
|
)
|
|
(57
|
)
|
|||
Other, net
|
3
|
|
|
2
|
|
|
(20
|
)
|
|||
Net cash provided by financing activities
|
743
|
|
|
87
|
|
|
826
|
|
|||
Effect of exchange rate changes on cash and cash equivalents
|
10
|
|
|
(31
|
)
|
|
(7
|
)
|
|||
Net change in cash of assets held for sale
|
118
|
|
|
(102
|
)
|
|
(12
|
)
|
|||
Net decrease in cash and cash equivalents
|
(151
|
)
|
|
(245
|
)
|
|
(830
|
)
|
|||
Cash and cash equivalents, beginning of period
|
1,833
|
|
|
2,078
|
|
|
2,908
|
|
|||
Cash and cash equivalents, end of period
|
$
|
1,682
|
|
|
$
|
1,833
|
|
|
$
|
2,078
|
|
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
ASSETS
|
|
|
|
||||
Cash and cash equivalents
|
$
|
1,682
|
|
|
$
|
1,833
|
|
Cash held at consolidated affiliated partnerships and restricted cash
|
786
|
|
|
804
|
|
||
Investments
|
10,369
|
|
|
9,881
|
|
||
Due from brokers
|
506
|
|
|
1,482
|
|
||
Accounts receivable, net
|
1,805
|
|
|
1,609
|
|
||
Inventories, net
|
3,261
|
|
|
2,983
|
|
||
Property, plant and equipment, net
|
9,701
|
|
|
10,122
|
|
||
Goodwill
|
1,275
|
|
|
1,136
|
|
||
Intangible assets, net
|
1,135
|
|
|
1,116
|
|
||
Assets held for sale
|
17
|
|
|
1,366
|
|
||
Other assets
|
1,296
|
|
|
1,067
|
|
||
Total Assets
|
$
|
31,833
|
|
|
$
|
33,399
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
Accounts payable
|
$
|
2,064
|
|
|
$
|
1,765
|
|
Accrued expenses and other liabilities
|
1,743
|
|
|
1,895
|
|
||
Deferred tax liability
|
924
|
|
|
1,613
|
|
||
Unrealized loss on derivative contracts
|
1,275
|
|
|
1,139
|
|
||
Securities sold, not yet purchased, at fair value
|
1,023
|
|
|
1,139
|
|
||
Due to brokers
|
1,057
|
|
|
3,725
|
|
||
Post-employment benefit liability
|
1,159
|
|
|
1,180
|
|
||
Liabilities held for sale
|
3
|
|
|
1,779
|
|
||
Debt
|
11,190
|
|
|
11,122
|
|
||
Total liabilities
|
20,438
|
|
|
25,357
|
|
||
|
|
|
|
||||
Commitments and contingencies (Note 17)
|
|
|
|
||||
|
|
|
|
||||
Equity:
|
|
|
|
||||
Limited partner
|
5,420
|
|
|
2,496
|
|
||
General partner
|
(287
|
)
|
|
(317
|
)
|
||
Equity attributable to Icahn Enterprises Holdings
|
5,133
|
|
|
2,179
|
|
||
Equity attributable to non-controlling interests
|
6,262
|
|
|
5,863
|
|
||
Total equity
|
11,395
|
|
|
8,042
|
|
||
Total Liabilities and Equity
|
$
|
31,833
|
|
|
$
|
33,399
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Revenues:
|
|
|
|
|
|
||||||
Net sales
|
$
|
17,303
|
|
|
$
|
15,511
|
|
|
$
|
14,604
|
|
Other revenues from operations
|
1,827
|
|
|
1,958
|
|
|
1,386
|
|
|||
Net gain (loss) from investment activities
|
304
|
|
|
(1,373
|
)
|
|
(987
|
)
|
|||
Interest and dividend income
|
136
|
|
|
131
|
|
|
194
|
|
|||
Gain on disposition of assets, net
|
2,166
|
|
|
14
|
|
|
40
|
|
|||
Other income, net
|
9
|
|
|
107
|
|
|
35
|
|
|||
|
21,745
|
|
|
16,348
|
|
|
15,272
|
|
|||
Expenses:
|
|
|
|
|
|
||||||
Cost of goods sold
|
15,005
|
|
|
13,412
|
|
|
12,741
|
|
|||
Other expenses from operations
|
1,041
|
|
|
1,159
|
|
|
643
|
|
|||
Selling, general and administrative
|
2,565
|
|
|
2,342
|
|
|
1,908
|
|
|||
Restructuring
|
25
|
|
|
32
|
|
|
97
|
|
|||
Impairment
|
112
|
|
|
709
|
|
|
788
|
|
|||
Interest expense
|
842
|
|
|
877
|
|
|
1,153
|
|
|||
|
19,590
|
|
|
18,531
|
|
|
17,330
|
|
|||
Income (loss) before income tax benefit (expense)
|
2,155
|
|
|
(2,183
|
)
|
|
(2,058
|
)
|
|||
Income tax benefit (expense)
|
438
|
|
|
(36
|
)
|
|
(68
|
)
|
|||
Net income (loss)
|
2,593
|
|
|
(2,219
|
)
|
|
(2,126
|
)
|
|||
Less: net income (loss) attributable to non-controlling interests
|
161
|
|
|
(1,092
|
)
|
|
(933
|
)
|
|||
Net income (loss) attributable to Icahn Enterprises Holdings
|
$
|
2,432
|
|
|
$
|
(1,127
|
)
|
|
$
|
(1,193
|
)
|
|
|
|
|
|
|
||||||
Net income (loss) attributable to Icahn Enterprises Holdings allocable to:
|
|
|
|
|
|
||||||
Limited partner
|
$
|
2,408
|
|
|
$
|
(1,116
|
)
|
|
$
|
(1,181
|
)
|
General partner
|
24
|
|
|
(11
|
)
|
|
(12
|
)
|
|||
|
$
|
2,432
|
|
|
$
|
(1,127
|
)
|
|
$
|
(1,193
|
)
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
|
|
|
|
|
||||||
Net income (loss)
|
$
|
2,593
|
|
|
$
|
(2,219
|
)
|
|
$
|
(2,126
|
)
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
||||||
Post-employment benefits
|
50
|
|
|
18
|
|
|
60
|
|
|||
Hedge instruments
|
(1
|
)
|
|
3
|
|
|
1
|
|
|||
Translation adjustments and other
|
124
|
|
|
(148
|
)
|
|
(225
|
)
|
|||
Other comprehensive income (loss), net of tax
|
173
|
|
|
(127
|
)
|
|
(164
|
)
|
|||
Comprehensive income (loss)
|
2,766
|
|
|
(2,346
|
)
|
|
(2,290
|
)
|
|||
Less: Comprehensive income (loss) attributable to non-controlling interests
|
177
|
|
|
(1,112
|
)
|
|
(973
|
)
|
|||
Comprehensive income (loss) attributable to Icahn Enterprises Holdings
|
$
|
2,589
|
|
|
$
|
(1,234
|
)
|
|
$
|
(1,317
|
)
|
|
|
|
|
|
|
||||||
Comprehensive income (loss) attributable to Icahn Enterprises Holdings allocable to:
|
|
|
|
|
|
||||||
Limited partner
|
$
|
2,563
|
|
|
$
|
(1,222
|
)
|
|
$
|
(1,304
|
)
|
General partner
|
26
|
|
|
(12
|
)
|
|
(13
|
)
|
|||
|
$
|
2,589
|
|
|
$
|
(1,234
|
)
|
|
$
|
(1,317
|
)
|
|
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, 2014
|
$
|
(285
|
)
|
|
$
|
5,751
|
|
|
$
|
5,466
|
|
|
$
|
6,947
|
|
|
$
|
12,413
|
|
Net loss
|
(12
|
)
|
|
(1,181
|
)
|
|
(1,193
|
)
|
|
(933
|
)
|
|
(2,126
|
)
|
|||||
Other comprehensive loss
|
(1
|
)
|
|
(123
|
)
|
|
(124
|
)
|
|
(40
|
)
|
|
(164
|
)
|
|||||
Partnership distributions
|
(1
|
)
|
|
(115
|
)
|
|
(116
|
)
|
|
—
|
|
|
(116
|
)
|
|||||
Investment segment contributions
|
—
|
|
|
—
|
|
|
—
|
|
|
276
|
|
|
276
|
|
|||||
Investment segment distributions
|
—
|
|
|
—
|
|
|
—
|
|
|
(36
|
)
|
|
(36
|
)
|
|||||
Dividends and distributions to non-controlling interests in subsidiaries
|
—
|
|
|
—
|
|
|
—
|
|
|
(252
|
)
|
|
(252
|
)
|
|||||
Proceeds from subsidiary equity offerings
|
—
|
|
|
—
|
|
|
—
|
|
|
31
|
|
|
31
|
|
|||||
Changes in subsidiary equity and other
|
—
|
|
|
(22
|
)
|
|
(22
|
)
|
|
53
|
|
|
31
|
|
|||||
Balance, December 31, 2015
|
(299
|
)
|
|
4,310
|
|
|
4,011
|
|
|
6,046
|
|
|
10,057
|
|
|||||
Net loss
|
(11
|
)
|
|
(1,116
|
)
|
|
(1,127
|
)
|
|
(1,092
|
)
|
|
(2,219
|
)
|
|||||
Other comprehensive loss
|
(1
|
)
|
|
(106
|
)
|
|
(107
|
)
|
|
(20
|
)
|
|
(127
|
)
|
|||||
Partnership distributions
|
(1
|
)
|
|
(102
|
)
|
|
(103
|
)
|
|
—
|
|
|
(103
|
)
|
|||||
Partnership contribution
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|||||
Investment segment contributions
|
—
|
|
|
—
|
|
|
—
|
|
|
505
|
|
|
505
|
|
|||||
Investment segment distributions
|
—
|
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
(7
|
)
|
|||||
Dividends and distributions to non-controlling interests in subsidiaries
|
—
|
|
|
—
|
|
|
—
|
|
|
(86
|
)
|
|
(86
|
)
|
|||||
LP unit issuance
|
—
|
|
|
35
|
|
|
35
|
|
|
—
|
|
|
35
|
|
|||||
Changes in subsidiary equity and other
|
(6
|
)
|
|
(525
|
)
|
|
(531
|
)
|
|
517
|
|
|
(14
|
)
|
|||||
Balance, December 31, 2016
|
(317
|
)
|
|
2,496
|
|
|
2,179
|
|
|
5,863
|
|
|
8,042
|
|
|||||
Net loss
|
24
|
|
|
2,408
|
|
|
2,432
|
|
|
161
|
|
|
2,593
|
|
|||||
Other comprehensive loss
|
2
|
|
|
155
|
|
|
157
|
|
|
16
|
|
|
173
|
|
|||||
Partnership distributions
|
(1
|
)
|
|
(80
|
)
|
|
(81
|
)
|
|
—
|
|
|
(81
|
)
|
|||||
Partnership contributions
|
6
|
|
|
606
|
|
|
612
|
|
|
—
|
|
|
612
|
|
|||||
Investment segment contributions
|
—
|
|
|
—
|
|
|
—
|
|
|
600
|
|
|
600
|
|
|||||
Dividends and distributions to non-controlling interests in subsidiaries
|
—
|
|
|
—
|
|
|
—
|
|
|
(92
|
)
|
|
(92
|
)
|
|||||
Cumulative effect adjustment from adoption of accounting principal
|
—
|
|
|
(47
|
)
|
|
(47
|
)
|
|
—
|
|
|
(47
|
)
|
|||||
Changes in subsidiary equity and other
|
(1
|
)
|
|
(118
|
)
|
|
(119
|
)
|
|
(286
|
)
|
|
(405
|
)
|
|||||
Balance, December 31, 2017
|
$
|
(287
|
)
|
|
$
|
5,420
|
|
|
$
|
5,133
|
|
|
$
|
6,262
|
|
|
$
|
11,395
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income (loss)
|
$
|
2,593
|
|
|
$
|
(2,219
|
)
|
|
$
|
(2,126
|
)
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
|
|
|
|
|
||||||
Net (gain) loss from securities transactions
|
(2,275
|
)
|
|
(266
|
)
|
|
1,737
|
|
|||
Purchases of securities
|
(781
|
)
|
|
(2,059
|
)
|
|
(6,552
|
)
|
|||
Proceeds from sales of securities
|
2,413
|
|
|
7,630
|
|
|
4,281
|
|
|||
Purchases to cover securities sold, not yet purchased
|
(1,078
|
)
|
|
(361
|
)
|
|
(577
|
)
|
|||
Proceeds from securities sold, not yet purchased
|
1,222
|
|
|
616
|
|
|
952
|
|
|||
Changes in receivables and payables relating to securities transactions
|
(1,704
|
)
|
|
(4,828
|
)
|
|
2,085
|
|
|||
Gain on disposition of assets, net
|
(2,166
|
)
|
|
(14
|
)
|
|
(40
|
)
|
|||
Depreciation and amortization
|
1,016
|
|
|
1,033
|
|
|
862
|
|
|||
Impairment
|
112
|
|
|
709
|
|
|
788
|
|
|||
Equity earnings from non-consolidated affiliates
|
(71
|
)
|
|
(64
|
)
|
|
(62
|
)
|
|||
Deferred taxes
|
(592
|
)
|
|
(99
|
)
|
|
(30
|
)
|
|||
Other, net
|
47
|
|
|
86
|
|
|
49
|
|
|||
Changes in operating assets and liabilities:
|
|
|
|
|
|
||||||
Changes in cash held at consolidated affiliated partnerships and restricted cash
|
23
|
|
|
447
|
|
|
168
|
|
|||
Accounts receivable, net
|
(67
|
)
|
|
72
|
|
|
43
|
|
|||
Inventories, net
|
(198
|
)
|
|
(38
|
)
|
|
(74
|
)
|
|||
Other assets
|
(113
|
)
|
|
261
|
|
|
(200
|
)
|
|||
Accounts payable
|
181
|
|
|
18
|
|
|
(32
|
)
|
|||
Unrealized loss on derivative contracts
|
136
|
|
|
1,103
|
|
|
(593
|
)
|
|||
Accrued expenses and other liabilities
|
(134
|
)
|
|
(372
|
)
|
|
69
|
|
|||
Net cash (used in) provided by operating activities
|
(1,436
|
)
|
|
1,655
|
|
|
748
|
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
||||||
Capital expenditures
|
(991
|
)
|
|
(826
|
)
|
|
(1,359
|
)
|
|||
Acquisition of businesses, net of cash acquired
|
(257
|
)
|
|
(1,050
|
)
|
|
(855
|
)
|
|||
Purchase of additional interests in consolidated subsidiaries
|
(349
|
)
|
|
(2
|
)
|
|
—
|
|
|||
Proceeds from disposition of assets
|
2,064
|
|
|
43
|
|
|
90
|
|
|||
Purchases of investments
|
(82
|
)
|
|
(100
|
)
|
|
(345
|
)
|
|||
Other, net
|
29
|
|
|
81
|
|
|
84
|
|
|||
Net cash provided by (used in) investing activities
|
414
|
|
|
(1,854
|
)
|
|
(2,385
|
)
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
||||||
Investment segment contributions from non-controlling interests
|
600
|
|
|
505
|
|
|
276
|
|
|||
Investment segment distributions from non-controlling interests
|
—
|
|
|
(7
|
)
|
|
(36
|
)
|
|||
Partnership contributions
|
612
|
|
|
1
|
|
|
—
|
|
|||
Partnership distributions
|
(81
|
)
|
|
(103
|
)
|
|
(116
|
)
|
|||
Proceeds from subsidiary equity offerings
|
—
|
|
|
—
|
|
|
31
|
|
|||
Dividends and distributions to non-controlling interests in subsidiaries
|
(92
|
)
|
|
(86
|
)
|
|
(252
|
)
|
|||
Proceeds from Holding Company senior unsecured notes
|
2,470
|
|
|
—
|
|
|
—
|
|
|||
Repayments of Holding Company senior unsecured notes
|
(2,450
|
)
|
|
—
|
|
|
—
|
|
|||
Proceeds from subsidiary borrowings
|
2,752
|
|
|
2,199
|
|
|
1,972
|
|
|||
Repayments of subsidiary borrowings
|
(3,035
|
)
|
|
(2,352
|
)
|
|
(972
|
)
|
|||
Subsidiary repurchase of treasury stock
|
(36
|
)
|
|
(72
|
)
|
|
(57
|
)
|
|||
Other, net
|
3
|
|
|
2
|
|
|
(20
|
)
|
|||
Net cash provided by financing activities
|
743
|
|
|
87
|
|
|
826
|
|
|||
Effect of exchange rate changes on cash and cash equivalents
|
10
|
|
|
(31
|
)
|
|
(7
|
)
|
|||
Net change in cash of assets held for sale
|
118
|
|
|
(102
|
)
|
|
(12
|
)
|
|||
Net decrease in cash and cash equivalents
|
(151
|
)
|
|
(245
|
)
|
|
(830
|
)
|
|||
Cash and cash equivalents, beginning of period
|
1,833
|
|
|
2,078
|
|
|
2,908
|
|
|||
Cash and cash equivalents, end of period
|
$
|
1,682
|
|
|
$
|
1,833
|
|
|
$
|
2,078
|
|
1
.
|
Description of Business
.
|
2
.
|
Basis of Presentation and Summary of Significant Accounting Policies
.
|
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(in millions)
|
||||||
Cash and cash equivalents
|
$
|
223
|
|
|
$
|
370
|
|
Cash held at consolidated affiliated partnerships and restricted cash
|
734
|
|
|
752
|
|
||
Investments
|
9,615
|
|
|
9,219
|
|
||
Due from brokers
|
506
|
|
|
1,482
|
|
||
Property, plant and equipment, net
|
3,191
|
|
|
3,331
|
|
||
Inventories
|
385
|
|
|
349
|
|
||
Intangible assets, net
|
298
|
|
|
318
|
|
||
Other assets
|
48
|
|
|
110
|
|
||
Accounts payable, accrued expenses and other liabilities
|
1,816
|
|
|
1,769
|
|
||
Securities sold, not yet purchased, at fair value
|
1,023
|
|
|
1,139
|
|
||
Due to brokers
|
1,057
|
|
|
3,725
|
|
||
Debt
|
1,166
|
|
|
1,165
|
|
3
.
|
Related Party Transactions
.
|
4
.
|
Investments and Related Matters
.
|
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
Assets
|
(in millions)
|
||||||
Investments:
|
|
|
|
||||
Equity securities:
|
|
|
|
||||
Basic materials
|
$
|
1,170
|
|
|
$
|
963
|
|
Consumer, non-cyclical
|
2,551
|
|
|
2,677
|
|
||
Energy
|
1,489
|
|
|
1,278
|
|
||
Financial
|
2,185
|
|
|
2,385
|
|
||
Technology
|
833
|
|
|
911
|
|
||
Other
|
1,149
|
|
|
809
|
|
||
|
9,377
|
|
|
9,023
|
|
||
Corporate debt securities
|
155
|
|
|
190
|
|
||
|
$
|
9,532
|
|
|
$
|
9,213
|
|
Liabilities
|
|
|
|
||||
Securities sold, not yet purchased, at fair value:
|
|
|
|
||||
Equity securities:
|
|
|
|
||||
Consumer, non-cyclical
|
$
|
101
|
|
|
$
|
—
|
|
Consumer, cyclical
|
667
|
|
|
968
|
|
||
Energy
|
110
|
|
|
19
|
|
||
Industrial
|
110
|
|
|
100
|
|
||
|
988
|
|
|
1,087
|
|
||
Corporate debt securities
|
35
|
|
|
52
|
|
||
|
$
|
1,023
|
|
|
$
|
1,139
|
|
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(in millions)
|
||||||
Equity method investments
|
$
|
430
|
|
|
$
|
302
|
|
Other investments (measured at fair value)
|
407
|
|
|
366
|
|
||
|
$
|
837
|
|
|
$
|
668
|
|
5
.
|
Fair Value Measurements
.
|
|
December 31, 2017
|
|
December 31, 2016
|
||||||||||||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||||||||
Assets
|
(in millions)
|
||||||||||||||||||||||||||||||
Investments (Note 4)
|
$
|
9,378
|
|
|
$
|
264
|
|
|
$
|
279
|
|
|
$
|
9,921
|
|
|
$
|
9,033
|
|
|
$
|
306
|
|
|
$
|
212
|
|
|
$
|
9,551
|
|
Derivative contracts, at fair value (Note 6)
(1)
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
23
|
|
|
—
|
|
|
23
|
|
||||||||
|
$
|
9,378
|
|
|
$
|
265
|
|
|
$
|
279
|
|
|
$
|
9,922
|
|
|
$
|
9,033
|
|
|
$
|
329
|
|
|
$
|
212
|
|
|
$
|
9,574
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Securities sold, not yet purchased (Note 4)
|
$
|
988
|
|
|
$
|
35
|
|
|
$
|
—
|
|
|
$
|
1,023
|
|
|
$
|
1,087
|
|
|
$
|
52
|
|
|
$
|
—
|
|
|
$
|
1,139
|
|
Other liabilities
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
187
|
|
|
—
|
|
|
187
|
|
||||||||
Derivative contracts, at fair value (Note 6)
|
36
|
|
|
1,239
|
|
|
—
|
|
|
1,275
|
|
|
—
|
|
|
1,139
|
|
|
—
|
|
|
1,139
|
|
||||||||
|
$
|
1,024
|
|
|
$
|
1,275
|
|
|
$
|
—
|
|
|
$
|
2,299
|
|
|
$
|
1,087
|
|
|
$
|
1,378
|
|
|
$
|
—
|
|
|
$
|
2,465
|
|
(1)
|
Amounts are classified within other assets in our consolidated balance sheets.
|
|
Year Ended December 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(in millions)
|
||||||
Balance at January 1
|
$
|
212
|
|
|
$
|
283
|
|
Net realized gains
|
—
|
|
|
16
|
|
||
Net unrealized gains
|
67
|
|
|
(6
|
)
|
||
Purchases
|
5
|
|
|
50
|
|
||
Transfers out
|
(6
|
)
|
|
(135
|
)
|
||
Transfers in
|
1
|
|
|
4
|
|
||
Balance at December 31
|
$
|
279
|
|
|
$
|
212
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||||||||||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||||||||
|
(in millions)
|
||||||||||||||||||||||||||||||
U.S. Plans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Cash
|
$
|
35
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
35
|
|
|
$
|
30
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
30
|
|
Investments with registered investment companies:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity securities
|
393
|
|
|
—
|
|
|
—
|
|
|
393
|
|
|
346
|
|
|
—
|
|
|
—
|
|
|
346
|
|
||||||||
Fixed income securities
|
163
|
|
|
—
|
|
|
—
|
|
|
163
|
|
|
154
|
|
|
—
|
|
|
—
|
|
|
154
|
|
||||||||
Real estate and other
|
46
|
|
|
—
|
|
|
—
|
|
|
46
|
|
|
41
|
|
|
—
|
|
|
—
|
|
|
41
|
|
||||||||
Equity securities
|
223
|
|
|
—
|
|
|
—
|
|
|
223
|
|
|
204
|
|
|
—
|
|
|
—
|
|
|
204
|
|
||||||||
Debt securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Corporate and other
|
—
|
|
|
22
|
|
|
—
|
|
|
22
|
|
|
—
|
|
|
21
|
|
|
—
|
|
|
21
|
|
||||||||
Government
|
11
|
|
|
21
|
|
|
—
|
|
|
32
|
|
|
11
|
|
|
17
|
|
|
—
|
|
|
28
|
|
||||||||
Hedge funds
|
—
|
|
|
—
|
|
|
29
|
|
|
29
|
|
|
—
|
|
|
—
|
|
|
32
|
|
|
32
|
|
||||||||
|
$
|
871
|
|
|
$
|
43
|
|
|
$
|
29
|
|
|
$
|
943
|
|
|
$
|
786
|
|
|
$
|
38
|
|
|
$
|
32
|
|
|
$
|
856
|
|
Non-U.S. Plans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Insurance contracts
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
54
|
|
|
$
|
54
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
42
|
|
|
$
|
42
|
|
Investments with registered investment companies:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fixed income securities
|
25
|
|
|
—
|
|
|
—
|
|
|
25
|
|
|
19
|
|
|
—
|
|
|
—
|
|
|
19
|
|
||||||||
Equity securities
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
||||||||
Corporate bonds
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
|
$
|
27
|
|
|
$
|
—
|
|
|
$
|
54
|
|
|
$
|
81
|
|
|
$
|
21
|
|
|
$
|
—
|
|
|
$
|
42
|
|
|
$
|
63
|
|
|
Year Ended December 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(in millions)
|
||||||
U.S. Plans:
|
|
|
|
||||
Hedge funds:
|
|
|
|
||||
Balance at January 1
|
$
|
32
|
|
|
$
|
86
|
|
Net realized and unrealized gains
|
3
|
|
|
—
|
|
||
Purchases and settlements, net
|
12
|
|
|
48
|
|
||
Sales, net
|
(18
|
)
|
|
(102
|
)
|
||
Balance at December 31
|
$
|
29
|
|
|
$
|
32
|
|
|
Year Ended December 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(in millions)
|
||||||
Non-U.S. Plans:
|
|
|
|
||||
Insurance contracts:
|
|
|
|
||||
Balance at January 1
|
$
|
42
|
|
|
$
|
40
|
|
Net realized and unrealized gains
|
2
|
|
|
2
|
|
||
Purchases and settlements, net
|
6
|
|
|
3
|
|
||
Proceeds
|
(2
|
)
|
|
(2
|
)
|
||
Foreign currency exchange rate movements
|
6
|
|
|
(1
|
)
|
||
Balance at December 31
|
$
|
54
|
|
|
$
|
42
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||||||||||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||||||||
|
(in millions)
|
||||||||||||||||||||||||||||||
U.S. and Non-U.S. Plans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Asset category:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
|
$
|
4
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
5
|
|
|
$
|
4
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
5
|
|
Equity securities
|
79
|
|
|
3
|
|
|
—
|
|
|
82
|
|
|
77
|
|
|
3
|
|
|
—
|
|
|
80
|
|
||||||||
Fixed income securities
|
26
|
|
|
3
|
|
|
—
|
|
|
29
|
|
|
25
|
|
|
2
|
|
|
—
|
|
|
27
|
|
||||||||
Other
(1)
|
6
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
5
|
|
||||||||
|
$
|
115
|
|
|
$
|
7
|
|
|
$
|
—
|
|
|
$
|
122
|
|
|
$
|
111
|
|
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
117
|
|
(1)
|
Excludes hedge fund plan assets measured at fair value using net asset value per share in the amount of
$9 million
and
$9 million
as of
December 31, 2017
and
2016
, respectively.
|
6
.
|
Financial Instruments
.
|
|
Asset Derivatives
(1)
|
|
Liability Derivatives
|
||||||||||||
|
December 31,
|
|
December 31,
|
||||||||||||
2017
|
|
2016
|
|
2017
|
|
2016
|
|||||||||
|
(in millions)
|
||||||||||||||
Equity contracts
|
$
|
—
|
|
|
$
|
15
|
|
|
$
|
1,159
|
|
|
$
|
1,104
|
|
Credit contracts
|
—
|
|
|
17
|
|
|
17
|
|
|
39
|
|
||||
Commodity contracts
|
7
|
|
|
2
|
|
|
106
|
|
|
11
|
|
||||
Sub-total
|
7
|
|
|
34
|
|
|
1,282
|
|
|
1,154
|
|
||||
Netting across contract types
(2)
|
(7
|
)
|
|
(15
|
)
|
|
(7
|
)
|
|
(15
|
)
|
||||
|
$
|
—
|
|
|
$
|
19
|
|
|
$
|
1,275
|
|
|
$
|
1,139
|
|
(1)
|
Net asset derivatives are located within other assets in our consolidated balance sheets.
|
(2)
|
Excludes netting of cash collateral received and posted. The total collateral posted at
December 31, 2017
and
2016
was
$542 million
and
$634 million
, respectively, across all counterparties.
|
|
Gain (Loss) Recognized in Income
(1)
|
||||||||||
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(in millions)
|
||||||||||
Equity contracts
|
$
|
(1,815
|
)
|
|
$
|
(1,609
|
)
|
|
$
|
(1
|
)
|
Foreign exchange contracts
|
—
|
|
|
35
|
|
|
160
|
|
|||
Credit contracts
|
(42
|
)
|
|
44
|
|
|
489
|
|
|||
Interest rate contracts
|
—
|
|
|
(28
|
)
|
|
—
|
|
|||
Commodity contracts
|
(182
|
)
|
|
(101
|
)
|
|
57
|
|
|||
|
$
|
(2,039
|
)
|
|
$
|
(1,659
|
)
|
|
$
|
705
|
|
(1)
|
Gains (losses) recognized on derivatives are classified in net gain from investment activities in our consolidated statements of operations for our Investment segment and are included in other income, net for all other segments.
|
|
December 31, 2017
|
|
December 31, 2016
|
||||||||||||
|
Long Notional Exposure
|
|
Short Notional Exposure
|
|
Long Notional Exposure
|
|
Short Notional Exposure
|
||||||||
Primary underlying risk:
|
(in millions)
|
||||||||||||||
Equity contracts
|
$
|
243
|
|
|
$
|
6,660
|
|
|
$
|
112
|
|
|
$
|
14,094
|
|
Credit contracts
(1)
|
—
|
|
|
391
|
|
|
202
|
|
|
472
|
|
||||
Commodity contracts
|
20
|
|
|
911
|
|
|
16
|
|
|
754
|
|
(1)
|
The short notional amount on our credit default swap positions is approximately
$2.5 billion
and
$2.6 billion
as of
December 31, 2017
and
2016
, respectively. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is approximately
$391 million
and
$472 million
as of
December 31, 2017
and
2016
, respectively.
|
7
.
|
Inventories, Net
.
|
8
.
|
Goodwill and Intangible Assets, Net
.
|
|
December 31, 2017
|
||||||||||||||||||||||
|
Automotive
|
|
Energy
|
|
Railcar
|
|
Gaming
|
|
Food Packaging
|
|
Consolidated
|
||||||||||||
|
(in millions)
|
||||||||||||||||||||||
Gross carrying amount, January 1
|
$
|
1,662
|
|
|
$
|
930
|
|
|
$
|
7
|
|
|
$
|
3
|
|
|
$
|
4
|
|
|
$
|
2,606
|
|
Acquisitions
|
121
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
124
|
|
||||||
Foreign exchange
|
15
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15
|
|
||||||
Gross carrying amount, December 31
|
1,798
|
|
|
930
|
|
|
7
|
|
|
3
|
|
|
7
|
|
|
2,745
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Accumulated impairment, January 1
|
(537
|
)
|
|
(930
|
)
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
(1,470
|
)
|
||||||
Impairment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Accumulated impairment, December 31
|
(537
|
)
|
|
(930
|
)
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
(1,470
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net carrying value, December 31
|
$
|
1,261
|
|
|
$
|
—
|
|
|
$
|
7
|
|
|
$
|
—
|
|
|
$
|
7
|
|
|
$
|
1,275
|
|
|
December 31, 2016
|
||||||||||||||||||||||
|
Automotive
|
|
Energy
|
|
Railcar
|
|
Gaming
|
|
Food Packaging
|
|
Consolidated
|
||||||||||||
|
(in millions)
|
||||||||||||||||||||||
Gross carrying amount, January 1
|
$
|
1,457
|
|
|
$
|
930
|
|
|
$
|
7
|
|
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
2,397
|
|
Acquisitions
|
205
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
1
|
|
|
209
|
|
||||||
Gross carrying amount, December 31
|
1,662
|
|
|
930
|
|
|
7
|
|
|
3
|
|
|
4
|
|
|
2,606
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Accumulated impairment, January 1
|
(537
|
)
|
|
(356
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(893
|
)
|
||||||
Impairment
|
—
|
|
|
(574
|
)
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
(577
|
)
|
||||||
Accumulated impairment, December 31
|
(537
|
)
|
|
(930
|
)
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
(1,470
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net carrying value, December 31
|
$
|
1,125
|
|
|
$
|
—
|
|
|
$
|
7
|
|
|
$
|
—
|
|
|
$
|
4
|
|
|
$
|
1,136
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
|
Gross Carrying Amount
|
|
Accumulated
Amortization
|
|
Net
Carrying
Value
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
Carrying
Value
|
||||||||||||
|
(in millions)
|
||||||||||||||||||||||
Definite-lived intangible assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Customer relationships
|
$
|
1,084
|
|
|
$
|
(538
|
)
|
|
$
|
546
|
|
|
$
|
1,059
|
|
|
$
|
(471
|
)
|
|
$
|
588
|
|
Developed technology
|
143
|
|
|
(117
|
)
|
|
26
|
|
|
142
|
|
|
(104
|
)
|
|
38
|
|
||||||
In-place leases
|
121
|
|
|
(92
|
)
|
|
29
|
|
|
121
|
|
|
(83
|
)
|
|
38
|
|
||||||
Gasification technology license
|
60
|
|
|
(14
|
)
|
|
46
|
|
|
60
|
|
|
(11
|
)
|
|
49
|
|
||||||
Other
|
162
|
|
|
(27
|
)
|
|
135
|
|
|
78
|
|
|
(17
|
)
|
|
61
|
|
||||||
|
$
|
1,570
|
|
|
$
|
(788
|
)
|
|
$
|
782
|
|
|
$
|
1,460
|
|
|
$
|
(686
|
)
|
|
$
|
774
|
|
Indefinite-lived intangible assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Trademarks and brand names
|
|
|
|
|
$
|
316
|
|
|
|
|
|
|
$
|
305
|
|
||||||||
Gaming licenses
|
|
|
|
|
37
|
|
|
|
|
|
|
37
|
|
||||||||||
|
|
|
|
|
353
|
|
|
|
|
|
|
342
|
|
||||||||||
Intangible assets, net
|
|
|
|
|
$
|
1,135
|
|
|
|
|
|
|
$
|
1,116
|
|
Year
|
|
Amount
|
||
|
|
(in millions)
|
||
2018
|
|
$
|
97
|
|
2019
|
|
96
|
|
|
2020
|
|
94
|
|
|
2021
|
|
85
|
|
|
2022
|
|
63
|
|
|
Thereafter
|
|
347
|
|
|
|
|
$
|
782
|
|
9
.
|
Property, Plant and Equipment, Net
.
|
|
|
|
December 31,
|
||||||
|
Useful Life
|
|
2017
|
|
2016
|
||||
|
(in years)
|
|
(in millions)
|
||||||
Land
|
|
|
$
|
876
|
|
|
$
|
944
|
|
Buildings and improvements
|
3 - 40
|
|
3,249
|
|
|
3,050
|
|
||
Machinery, equipment and furniture
|
1 - 30
|
|
8,324
|
|
|
7,538
|
|
||
Assets leased to others
|
15 - 39
|
|
1,529
|
|
|
1,939
|
|
||
Construction in progress
|
|
|
503
|
|
|
541
|
|
||
|
|
|
14,481
|
|
|
14,012
|
|
||
Less: Accumulated depreciation and amortization
|
|
|
(4,780
|
)
|
|
(3,890
|
)
|
||
Property, plant and equipment, net
|
|
|
$
|
9,701
|
|
|
$
|
10,122
|
|
Year
|
|
Amount
|
||
|
|
(in millions)
|
||
2018
|
|
$
|
184
|
|
2019
|
|
160
|
|
|
2020
|
|
118
|
|
|
2021
|
|
66
|
|
|
2022
|
|
42
|
|
|
Thereafter
|
|
92
|
|
|
|
|
$
|
662
|
|
10
.
|
Debt
.
|
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(in millions)
|
||||||
Holding Company:
|
|
|
|
||||
3.500% senior unsecured notes due 2017
|
$
|
—
|
|
|
$
|
1,174
|
|
4.875% senior unsecured notes due 2019
|
—
|
|
|
1,271
|
|
||
6.000% senior unsecured notes due 2020
|
1,703
|
|
|
1,705
|
|
||
5.875% senior unsecured notes due 2022
|
1,342
|
|
|
1,340
|
|
||
6.250% senior unsecured notes due 2022
|
1,216
|
|
|
—
|
|
||
6.750% senior unsecured notes due 2024
|
498
|
|
|
—
|
|
||
6.375% senior unsecured notes due 2025
|
748
|
|
|
—
|
|
||
|
5,507
|
|
|
5,490
|
|
||
Reporting Segments:
|
|
|
|
||||
Automotive
|
3,470
|
|
|
3,259
|
|
||
Energy
|
1,166
|
|
|
1,165
|
|
||
Railcar
|
546
|
|
|
571
|
|
||
Gaming
|
137
|
|
|
287
|
|
||
Metals
|
1
|
|
|
2
|
|
||
Mining
|
58
|
|
|
55
|
|
||
Food Packaging
|
273
|
|
|
265
|
|
||
Real Estate
|
22
|
|
|
25
|
|
||
Home Fashion
|
5
|
|
|
—
|
|
||
|
5,678
|
|
|
5,629
|
|
||
Total Debt
|
$
|
11,185
|
|
|
$
|
11,119
|
|
Year
|
|
|
||
|
|
(in millions)
|
||
2018
|
|
$
|
199
|
|
2019
|
|
59
|
|
|
2020
|
|
1,901
|
|
|
2021
|
|
2,075
|
|
|
2022
|
|
3,608
|
|
|
Thereafter
|
|
3,391
|
|
|
|
|
11,233
|
|
|
Unamortized discounts, premiums and deferred financing fees
|
|
(48
|
)
|
|
Total Debt
|
|
$
|
11,185
|
|
11
.
|
Pension, Other Post-Retirement Benefits and Employee Benefit Plans
.
|
|
Pension Benefits
|
|
Other Post-Retirement Benefits
|
||||||||||||||||||||
|
Year Ended December 31,
|
|
Year Ended December 31,
|
||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2017
|
|
2016
|
|
2015
|
||||||||||||
|
(in millions)
|
||||||||||||||||||||||
Service cost
|
$
|
18
|
|
|
$
|
18
|
|
|
$
|
19
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest cost
|
63
|
|
|
70
|
|
|
66
|
|
|
12
|
|
|
14
|
|
|
13
|
|
||||||
Expected return on plan assets
|
(58
|
)
|
|
(59
|
)
|
|
(71
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Amortization of actuarial losses
|
26
|
|
|
22
|
|
|
26
|
|
|
—
|
|
|
2
|
|
|
5
|
|
||||||
Amortization of prior service credit
|
—
|
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
(4
|
)
|
|
(4
|
)
|
||||||
Curtailment gain
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
$
|
49
|
|
|
$
|
51
|
|
|
$
|
38
|
|
|
$
|
8
|
|
|
$
|
12
|
|
|
$
|
14
|
|
|
Pension Benefits
|
|
Other
Post-Retirement Benefits
|
||||||||||||||||||||
|
United States Plans
|
|
Non-U.S. Plans
|
|
|||||||||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||||
|
(in millions)
|
||||||||||||||||||||||
Change in benefit obligation:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Benefit obligation, beginning of year
|
$
|
1,167
|
|
|
$
|
1,221
|
|
|
$
|
510
|
|
|
$
|
487
|
|
|
$
|
295
|
|
|
$
|
323
|
|
Service cost
|
2
|
|
|
3
|
|
|
15
|
|
|
14
|
|
|
—
|
|
|
—
|
|
||||||
Interest cost
|
44
|
|
|
49
|
|
|
11
|
|
|
13
|
|
|
12
|
|
|
14
|
|
||||||
Benefits paid
|
(73
|
)
|
|
(98
|
)
|
|
(22
|
)
|
|
(21
|
)
|
|
(23
|
)
|
|
(24
|
)
|
||||||
Medicare subsidies received
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
2
|
|
||||||
Curtailments
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||||
Settlements
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
||||||
Actuarial losses (gains)
|
41
|
|
|
(8
|
)
|
|
(17
|
)
|
|
39
|
|
|
(1
|
)
|
|
(21
|
)
|
||||||
Business combinations
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Currency translation
|
—
|
|
|
—
|
|
|
68
|
|
|
(17
|
)
|
|
1
|
|
|
1
|
|
||||||
Benefit obligation, end of year
|
1,181
|
|
|
1,167
|
|
|
565
|
|
|
510
|
|
|
286
|
|
|
295
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Change in plan assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Fair value of plan assets, beginning of year
|
856
|
|
|
870
|
|
|
63
|
|
|
57
|
|
|
—
|
|
|
—
|
|
||||||
Actual return on plan assets
|
116
|
|
|
45
|
|
|
3
|
|
|
3
|
|
|
—
|
|
|
—
|
|
||||||
Settlements
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
||||||
Company contributions
|
44
|
|
|
39
|
|
|
30
|
|
|
30
|
|
|
21
|
|
|
22
|
|
||||||
Benefits paid
|
(73
|
)
|
|
(98
|
)
|
|
(22
|
)
|
|
(21
|
)
|
|
(23
|
)
|
|
(24
|
)
|
||||||
Business combinations
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
||||||
Medicare subsidies received
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
2
|
|
||||||
Currency translation
|
—
|
|
|
—
|
|
|
8
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
||||||
Fair value of plan assets, end of year
|
943
|
|
|
856
|
|
|
81
|
|
|
63
|
|
|
—
|
|
|
—
|
|
||||||
Funded status of the plan and amounts recognized in the consolidated balance sheets
|
$
|
(238
|
)
|
|
$
|
(311
|
)
|
|
$
|
(484
|
)
|
|
$
|
(447
|
)
|
|
$
|
(286
|
)
|
|
$
|
(295
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Amounts recognized in accumulated other comprehensive loss, inclusive of tax impacts:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net actuarial loss
|
$
|
393
|
|
|
$
|
435
|
|
|
$
|
87
|
|
|
$
|
93
|
|
|
$
|
32
|
|
|
$
|
34
|
|
Prior service cost (credit)
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
(2
|
)
|
|
(6
|
)
|
||||||
|
$
|
393
|
|
|
$
|
435
|
|
|
$
|
88
|
|
|
$
|
94
|
|
|
$
|
30
|
|
|
$
|
28
|
|
|
Pension Benefits
|
|
Other
Post-Retirement Benefits |
|||||||||||||||||||||||
|
United States Plans
|
|
Non-U.S. Plans
|
|
||||||||||||||||||||||
|
December 31,
|
|
December 31,
|
|||||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2017
|
|
2016
|
|
2015
|
|
2017
|
|
2016
|
|
2015
|
|||||||||
|
(in millions)
|
|||||||||||||||||||||||||
Discount rate
|
3.50
|
%
|
|
3.90
|
%
|
|
4.15
|
%
|
|
2.26
|
%
|
|
2.03
|
%
|
|
2.72
|
%
|
|
3.68
|
%
|
|
3.98
|
%
|
|
4.18
|
%
|
Rate of compensation increase
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
2.97
|
%
|
|
2.96
|
%
|
|
3.19
|
%
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
Pension Benefits
|
|
Other
Post-Retirement Benefits |
|||||||||||||||||||||||
|
United States Plans
|
|
Non-U.S. Plans
|
|
||||||||||||||||||||||
|
Year Ended December 31,
|
|
Year Ended December 31,
|
|||||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2017
|
|
2016
|
|
2015
|
|
2017
|
|
2016
|
|
2015
|
|||||||||
|
(in millions)
|
|
|
|||||||||||||||||||||||
Discount rate
|
3.90
|
%
|
|
4.15
|
%
|
|
3.85
|
%
|
|
2.03
|
%
|
|
2.72
|
%
|
|
1.77
|
%
|
|
3.98
|
%
|
|
4.18
|
%
|
|
3.84
|
%
|
Expected return on plan assets
|
5.55
|
%
|
|
5.65
|
%
|
|
6.55
|
%
|
|
3.05
|
%
|
|
3.22
|
%
|
|
3.52
|
%
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
Rate of compensation increase
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
2.96
|
%
|
|
3.19
|
%
|
|
3.16
|
%
|
|
n/a
|
|
|
n/a
|
|
|
n/a
|
|
|
Pension Benefits
|
|
Other
Post-Retirement Benefits |
||||||||||||||||||||
|
United States Plans
|
|
Non-U.S. Plans
|
|
|||||||||||||||||||
|
December 31,
|
|
December 31,
|
||||||||||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||||
|
(in millions)
|
||||||||||||||||||||||
Projected benefit obligation
|
$
|
1,181
|
|
|
$
|
1,167
|
|
|
$
|
565
|
|
|
$
|
509
|
|
|
$
|
286
|
|
|
$
|
295
|
|
Fair value of plan assets
|
943
|
|
|
856
|
|
|
81
|
|
|
62
|
|
|
—
|
|
|
—
|
|
|
Pension Benefits
|
||||||||||||||
|
United States Plans
|
|
Non-U.S. Plans
|
||||||||||||
|
December 31,
|
||||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(in millions)
|
||||||||||||||
Projected benefit obligation
|
$
|
1,181
|
|
|
$
|
1,167
|
|
|
$
|
548
|
|
|
$
|
494
|
|
Accumulated benefit obligation
|
1,181
|
|
|
1,167
|
|
|
510
|
|
|
459
|
|
||||
Fair value of plan assets
|
943
|
|
|
856
|
|
|
66
|
|
|
50
|
|
|
Other Post-Retirement Benefits
|
||
|
2017
|
|
2016
|
Initial health care cost trend rate
|
6.41%
|
|
6.69%
|
Ultimate health care cost trend rate
|
5.00%
|
|
5.00%
|
Year ultimate health care cost trend rate reached
|
2022
|
|
2022
|
|
Total Service and
Interest Cost
|
|
APBO
|
||||
|
(in millions)
|
||||||
100 basis point (“bp”) increase in health care cost trend rate
|
$
|
1
|
|
|
$
|
23
|
|
100 bp decrease in health care cost trend rate
|
(1
|
)
|
|
(20
|
)
|
|
Pension Benefits
|
||||||
|
2017
|
|
2016
|
||||
|
(in millions)
|
||||||
Change in benefit obligation:
|
|
|
|
||||
Benefit obligation, beginning of year
|
$
|
189
|
|
|
$
|
191
|
|
Service cost
|
1
|
|
|
1
|
|
||
Interest cost
|
8
|
|
|
8
|
|
||
Benefits paid
|
(10
|
)
|
|
(15
|
)
|
||
Actuarial gain
|
9
|
|
|
4
|
|
||
Adjustment to benefits
|
15
|
|
|
—
|
|
||
Currency translation
|
1
|
|
|
—
|
|
||
Benefit obligation, end of year
|
213
|
|
|
189
|
|
||
Change in plan assets:
|
|
|
|
||||
Fair value of plan assets, beginning of year
|
126
|
|
|
133
|
|
||
Actual return on plan assets
|
16
|
|
|
8
|
|
||
Benefits paid
|
(10
|
)
|
|
(15
|
)
|
||
Fair value of plan assets, end of year
|
132
|
|
|
126
|
|
||
Funded status of the plan
|
$
|
(81
|
)
|
|
$
|
(63
|
)
|
Amounts recognized in the consolidated balance sheets:
|
|
|
|
||||
Net liability recognized
|
$
|
(81
|
)
|
|
$
|
(63
|
)
|
Amounts recognized in accumulated other comprehensive loss, inclusive of tax impacts:
|
|
|
|
||||
Net actuarial loss
|
$
|
(81
|
)
|
|
$
|
(63
|
)
|
Total
|
$
|
(81
|
)
|
|
$
|
(63
|
)
|
12
.
|
Net Income Per LP Unit
.
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(in millions, except per unit data)
|
||||||||||
Net loss attributable to Icahn Enterprises
|
$
|
2,430
|
|
|
$
|
(1,128
|
)
|
|
$
|
(1,194
|
)
|
Net loss attributable to Icahn Enterprises allocable to limited partners (98.01% allocation)
|
$
|
2,382
|
|
|
$
|
(1,106
|
)
|
|
$
|
(1,170
|
)
|
|
|
|
|
|
|
||||||
Basic and diluted loss per LP unit
|
$
|
14.80
|
|
|
$
|
(8.07
|
)
|
|
$
|
(9.29
|
)
|
Basic and diluted weighted average LP units outstanding
|
161
|
|
|
137
|
|
|
126
|
|
13
.
|
Segment and Geographic Reporting
.
|
|
Year Ended December 31, 2017
|
||||||||||||||||||||||||||||||||||||||||||||||
|
Investment
|
|
Automotive
|
|
Energy
|
|
Railcar
|
|
Gaming
|
|
Metals
|
|
Mining
|
|
Food Packaging
|
|
Real Estate
|
|
Home Fashion
|
|
Holding Company
|
|
Consolidated
|
||||||||||||||||||||||||
|
(in millions)
|
||||||||||||||||||||||||||||||||||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net sales
|
$
|
—
|
|
|
$
|
9,957
|
|
|
$
|
5,988
|
|
|
$
|
265
|
|
|
$
|
—
|
|
|
$
|
409
|
|
|
$
|
94
|
|
|
$
|
392
|
|
|
$
|
15
|
|
|
$
|
183
|
|
|
$
|
—
|
|
|
$
|
17,303
|
|
Other revenues from operations
|
—
|
|
|
487
|
|
|
—
|
|
|
370
|
|
|
898
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
72
|
|
|
—
|
|
|
—
|
|
|
1,827
|
|
||||||||||||
Net income from investment activities
|
241
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
61
|
|
|
304
|
|
||||||||||||
Interest and dividend income
|
106
|
|
|
6
|
|
|
1
|
|
|
2
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
12
|
|
|
136
|
|
||||||||||||
Gain (loss) on disposition of assets, net
|
—
|
|
|
12
|
|
|
(3
|
)
|
|
1,664
|
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
496
|
|
|
—
|
|
|
1
|
|
|
2,166
|
|
||||||||||||
Other (loss) income, net
|
(50
|
)
|
|
66
|
|
|
(68
|
)
|
|
3
|
|
|
65
|
|
|
(1
|
)
|
|
(2
|
)
|
|
1
|
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
8
|
|
||||||||||||
|
297
|
|
|
10,528
|
|
|
5,918
|
|
|
2,306
|
|
|
960
|
|
|
408
|
|
|
93
|
|
|
393
|
|
|
590
|
|
|
183
|
|
|
68
|
|
|
21,744
|
|
||||||||||||
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Cost of goods sold
|
—
|
|
|
8,110
|
|
|
5,727
|
|
|
249
|
|
|
—
|
|
|
389
|
|
|
60
|
|
|
297
|
|
|
11
|
|
|
162
|
|
|
—
|
|
|
15,005
|
|
||||||||||||
Other expenses from operations
|
—
|
|
|
436
|
|
|
—
|
|
|
134
|
|
|
425
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
46
|
|
|
—
|
|
|
—
|
|
|
1,041
|
|
||||||||||||
Selling, general and administrative
|
13
|
|
|
1,802
|
|
|
144
|
|
|
47
|
|
|
379
|
|
|
19
|
|
|
14
|
|
|
65
|
|
|
10
|
|
|
39
|
|
|
33
|
|
|
2,565
|
|
||||||||||||
Restructuring, net
|
—
|
|
|
21
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
25
|
|
||||||||||||
Impairment
|
—
|
|
|
40
|
|
|
—
|
|
|
68
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
2
|
|
|
1
|
|
|
—
|
|
|
112
|
|
||||||||||||
Interest expense
|
166
|
|
|
167
|
|
|
110
|
|
|
45
|
|
|
11
|
|
|
—
|
|
|
6
|
|
|
13
|
|
|
2
|
|
|
—
|
|
|
323
|
|
|
843
|
|
||||||||||||
|
179
|
|
|
10,576
|
|
|
5,981
|
|
|
543
|
|
|
815
|
|
|
409
|
|
|
80
|
|
|
378
|
|
|
71
|
|
|
203
|
|
|
356
|
|
|
19,591
|
|
||||||||||||
Income (loss) before income tax benefit (expense)
|
118
|
|
|
(48
|
)
|
|
(63
|
)
|
|
1,763
|
|
|
145
|
|
|
(1
|
)
|
|
13
|
|
|
15
|
|
|
519
|
|
|
(20
|
)
|
|
(288
|
)
|
|
2,153
|
|
||||||||||||
Income tax benefit (expense)
|
—
|
|
|
674
|
|
|
338
|
|
|
(496
|
)
|
|
(93
|
)
|
|
(43
|
)
|
|
(3
|
)
|
|
(21
|
)
|
|
—
|
|
|
—
|
|
|
82
|
|
|
438
|
|
||||||||||||
Net income (loss)
|
118
|
|
|
626
|
|
|
275
|
|
|
1,267
|
|
|
52
|
|
|
(44
|
)
|
|
10
|
|
|
(6
|
)
|
|
519
|
|
|
(20
|
)
|
|
(206
|
)
|
|
2,591
|
|
||||||||||||
Less: net income (loss) attributable to non-controlling interests
|
38
|
|
|
11
|
|
|
46
|
|
|
53
|
|
|
13
|
|
|
—
|
|
|
1
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
161
|
|
||||||||||||
Net income (loss) attributable to Icahn Enterprises
|
$
|
80
|
|
|
$
|
615
|
|
|
$
|
229
|
|
|
$
|
1,214
|
|
|
$
|
39
|
|
|
$
|
(44
|
)
|
|
$
|
9
|
|
|
$
|
(5
|
)
|
|
$
|
519
|
|
|
$
|
(20
|
)
|
|
$
|
(206
|
)
|
|
$
|
2,430
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Supplemental information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Capital expenditures
|
$
|
—
|
|
|
$
|
479
|
|
|
$
|
119
|
|
|
$
|
173
|
|
|
$
|
112
|
|
|
$
|
30
|
|
|
$
|
38
|
|
|
$
|
26
|
|
|
$
|
9
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
991
|
|
Depreciation and amortization
(1)
|
$
|
—
|
|
|
$
|
508
|
|
|
$
|
278
|
|
|
$
|
65
|
|
|
$
|
73
|
|
|
$
|
20
|
|
|
$
|
5
|
|
|
$
|
25
|
|
|
$
|
20
|
|
|
$
|
8
|
|
|
$
|
—
|
|
|
$
|
1,002
|
|
|
Year Ended December 31, 2016
|
||||||||||||||||||||||||||||||||||||||||||||||
|
Investment
|
|
Automotive
|
|
Energy
|
|
Railcar
|
|
Gaming
|
|
Metals
|
|
Mining
|
|
Food Packaging
|
|
Real Estate
|
|
Home Fashion
|
|
Holding Company
|
|
Consolidated
|
||||||||||||||||||||||||
|
(in millions)
|
||||||||||||||||||||||||||||||||||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net sales
|
$
|
—
|
|
|
$
|
9,420
|
|
|
$
|
4,782
|
|
|
$
|
430
|
|
|
$
|
—
|
|
|
$
|
267
|
|
|
$
|
71
|
|
|
$
|
329
|
|
|
$
|
17
|
|
|
$
|
195
|
|
|
$
|
—
|
|
|
$
|
15,511
|
|
Other revenues from operations
|
—
|
|
|
422
|
|
|
—
|
|
|
522
|
|
|
944
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
70
|
|
|
—
|
|
|
—
|
|
|
1,958
|
|
||||||||||||
Net (loss) gain from investment activities
|
(1,388
|
)
|
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|
(1,373
|
)
|
||||||||||||
Interest and dividend income
|
112
|
|
|
4
|
|
|
1
|
|
|
2
|
|
|
1
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
131
|
|
||||||||||||
Gain on disposition of assets, net
|
—
|
|
|
9
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
14
|
|
||||||||||||
Other (loss) income, net
|
53
|
|
|
73
|
|
|
(24
|
)
|
|
5
|
|
|
3
|
|
|
1
|
|
|
(10
|
)
|
|
3
|
|
|
—
|
|
|
1
|
|
|
2
|
|
|
107
|
|
||||||||||||
|
(1,223
|
)
|
|
9,928
|
|
|
4,764
|
|
|
962
|
|
|
948
|
|
|
269
|
|
|
63
|
|
|
332
|
|
|
88
|
|
|
196
|
|
|
21
|
|
|
16,348
|
|
||||||||||||
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Cost of goods sold
|
—
|
|
|
7,658
|
|
|
4,618
|
|
|
366
|
|
|
—
|
|
|
284
|
|
|
56
|
|
|
249
|
|
|
13
|
|
|
168
|
|
|
—
|
|
|
13,412
|
|
||||||||||||
Other expenses from operations
|
—
|
|
|
430
|
|
|
—
|
|
|
223
|
|
|
460
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
46
|
|
|
—
|
|
|
—
|
|
|
1,159
|
|
||||||||||||
Selling, general and administrative
|
34
|
|
|
1,521
|
|
|
138
|
|
|
48
|
|
|
440
|
|
|
18
|
|
|
22
|
|
|
52
|
|
|
10
|
|
|
38
|
|
|
21
|
|
|
2,342
|
|
||||||||||||
Restructuring, net
|
—
|
|
|
27
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
32
|
|
||||||||||||
Impairment
|
—
|
|
|
18
|
|
|
574
|
|
|
—
|
|
|
106
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
2
|
|
|
3
|
|
|
709
|
|
||||||||||||
Interest expense
|
230
|
|
|
157
|
|
|
83
|
|
|
85
|
|
|
13
|
|
|
—
|
|
|
7
|
|
|
12
|
|
|
2
|
|
|
—
|
|
|
289
|
|
|
878
|
|
||||||||||||
|
264
|
|
|
9,811
|
|
|
5,413
|
|
|
722
|
|
|
1,019
|
|
|
305
|
|
|
85
|
|
|
316
|
|
|
76
|
|
|
208
|
|
|
313
|
|
|
18,532
|
|
||||||||||||
(Loss) income before income tax (expense) benefit
|
(1,487
|
)
|
|
117
|
|
|
(649
|
)
|
|
240
|
|
|
(71
|
)
|
|
(36
|
)
|
|
(22
|
)
|
|
16
|
|
|
12
|
|
|
(12
|
)
|
|
(292
|
)
|
|
(2,184
|
)
|
||||||||||||
Income tax (expense) benefit
|
—
|
|
|
(40
|
)
|
|
45
|
|
|
(57
|
)
|
|
(24
|
)
|
|
16
|
|
|
(2
|
)
|
|
(8
|
)
|
|
—
|
|
|
—
|
|
|
34
|
|
|
(36
|
)
|
||||||||||||
Net (loss) income
|
(1,487
|
)
|
|
77
|
|
|
(604
|
)
|
|
183
|
|
|
(95
|
)
|
|
(20
|
)
|
|
(24
|
)
|
|
8
|
|
|
12
|
|
|
(12
|
)
|
|
(258
|
)
|
|
(2,220
|
)
|
||||||||||||
Less: net (loss) income attributable to non-controlling interests
|
(883
|
)
|
|
24
|
|
|
(277
|
)
|
|
33
|
|
|
14
|
|
|
—
|
|
|
(5
|
)
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,092
|
)
|
||||||||||||
Net (loss) income attributable to Icahn Enterprises
|
$
|
(604
|
)
|
|
$
|
53
|
|
|
$
|
(327
|
)
|
|
$
|
150
|
|
|
$
|
(109
|
)
|
|
$
|
(20
|
)
|
|
$
|
(19
|
)
|
|
$
|
6
|
|
|
$
|
12
|
|
|
$
|
(12
|
)
|
|
$
|
(258
|
)
|
|
$
|
(1,128
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Supplemental information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Capital expenditures
|
$
|
—
|
|
|
$
|
418
|
|
|
$
|
133
|
|
|
$
|
133
|
|
|
$
|
85
|
|
|
$
|
5
|
|
|
$
|
22
|
|
|
$
|
18
|
|
|
$
|
1
|
|
|
$
|
11
|
|
|
$
|
—
|
|
|
$
|
826
|
|
Depreciation and amortization
(1)
|
$
|
—
|
|
|
$
|
473
|
|
|
$
|
258
|
|
|
$
|
134
|
|
|
$
|
71
|
|
|
$
|
22
|
|
|
$
|
6
|
|
|
$
|
20
|
|
|
$
|
22
|
|
|
$
|
8
|
|
|
$
|
—
|
|
|
$
|
1,014
|
|
|
Year Ended December 31, 2015
|
||||||||||||||||||||||||||||||||||||||||||||||
|
Investment
|
|
Automotive
|
|
Energy
|
|
Railcar
|
|
Gaming
|
|
Metals
|
|
Mining
|
|
Food Packaging
|
|
Real Estate
|
|
Home Fashion
|
|
Holding Company
|
|
Consolidated
|
||||||||||||||||||||||||
|
(in millions)
|
||||||||||||||||||||||||||||||||||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net sales
|
$
|
—
|
|
|
$
|
7,789
|
|
|
$
|
5,433
|
|
|
$
|
440
|
|
|
$
|
—
|
|
|
$
|
361
|
|
|
$
|
30
|
|
|
$
|
344
|
|
|
$
|
14
|
|
|
$
|
193
|
|
|
$
|
—
|
|
|
$
|
14,604
|
|
Other revenues from operations
|
—
|
|
|
—
|
|
|
—
|
|
|
499
|
|
|
811
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
76
|
|
|
—
|
|
|
—
|
|
|
1,386
|
|
||||||||||||
Net (loss) gain from investment activities
|
(1,041
|
)
|
|
—
|
|
|
36
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18
|
|
|
(987
|
)
|
||||||||||||
Interest and dividend income
|
178
|
|
|
6
|
|
|
2
|
|
|
2
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
194
|
|
||||||||||||
Gain on disposition of assets, net
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
4
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
40
|
|
|
—
|
|
|
—
|
|
|
40
|
|
||||||||||||
Other (loss) income, net
|
(2
|
)
|
|
58
|
|
|
(27
|
)
|
|
3
|
|
|
—
|
|
|
4
|
|
|
(3
|
)
|
|
(6
|
)
|
|
1
|
|
|
1
|
|
|
6
|
|
|
35
|
|
||||||||||||
|
(865
|
)
|
|
7,853
|
|
|
5,442
|
|
|
948
|
|
|
811
|
|
|
365
|
|
|
28
|
|
|
337
|
|
|
131
|
|
|
194
|
|
|
28
|
|
|
15,272
|
|
||||||||||||
Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Cost of goods sold
|
—
|
|
|
6,577
|
|
|
4,949
|
|
|
338
|
|
|
—
|
|
|
406
|
|
|
38
|
|
|
263
|
|
|
7
|
|
|
163
|
|
|
—
|
|
|
12,741
|
|
||||||||||||
Other expenses from operations
|
—
|
|
|
—
|
|
|
—
|
|
|
201
|
|
|
396
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
46
|
|
|
—
|
|
|
—
|
|
|
643
|
|
||||||||||||
Selling, general and administrative
|
237
|
|
|
1,001
|
|
|
127
|
|
|
45
|
|
|
338
|
|
|
20
|
|
|
12
|
|
|
50
|
|
|
13
|
|
|
34
|
|
|
31
|
|
|
1,908
|
|
||||||||||||
Restructuring
|
—
|
|
|
89
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
97
|
|
||||||||||||
Impairment
|
—
|
|
|
344
|
|
|
253
|
|
|
—
|
|
|
—
|
|
|
20
|
|
|
169
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
788
|
|
||||||||||||
Interest expense
|
563
|
|
|
144
|
|
|
47
|
|
|
82
|
|
|
12
|
|
|
—
|
|
|
3
|
|
|
12
|
|
|
2
|
|
|
—
|
|
|
289
|
|
|
1,154
|
|
||||||||||||
|
800
|
|
|
8,155
|
|
|
5,376
|
|
|
666
|
|
|
746
|
|
|
448
|
|
|
222
|
|
|
330
|
|
|
70
|
|
|
198
|
|
|
320
|
|
|
17,331
|
|
||||||||||||
(Loss) income before income tax (expense) benefit
|
(1,665
|
)
|
|
(302
|
)
|
|
66
|
|
|
282
|
|
|
65
|
|
|
(83
|
)
|
|
(194
|
)
|
|
7
|
|
|
61
|
|
|
(4
|
)
|
|
(292
|
)
|
|
(2,059
|
)
|
||||||||||||
Income tax (expense) benefit
|
—
|
|
|
(50
|
)
|
|
(59
|
)
|
|
(69
|
)
|
|
(27
|
)
|
|
32
|
|
|
(1
|
)
|
|
(10
|
)
|
|
—
|
|
|
—
|
|
|
116
|
|
|
(68
|
)
|
||||||||||||
Net (loss) income
|
(1,665
|
)
|
|
(352
|
)
|
|
7
|
|
|
213
|
|
|
38
|
|
|
(51
|
)
|
|
(195
|
)
|
|
(3
|
)
|
|
61
|
|
|
(4
|
)
|
|
(176
|
)
|
|
(2,127
|
)
|
||||||||||||
Less: net (loss) income attributable to non-controlling interests
|
(905
|
)
|
|
(53
|
)
|
|
(18
|
)
|
|
76
|
|
|
12
|
|
|
—
|
|
|
(45
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(933
|
)
|
||||||||||||
Net income (loss) attributable to Icahn Enterprises
|
$
|
(760
|
)
|
|
$
|
(299
|
)
|
|
$
|
25
|
|
|
$
|
137
|
|
|
$
|
26
|
|
|
$
|
(51
|
)
|
|
$
|
(150
|
)
|
|
$
|
(3
|
)
|
|
$
|
61
|
|
|
$
|
(4
|
)
|
|
$
|
(176
|
)
|
|
$
|
(1,194
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Supplemental information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Capital expenditures
|
$
|
—
|
|
|
$
|
449
|
|
|
$
|
219
|
|
|
$
|
522
|
|
|
$
|
94
|
|
|
$
|
24
|
|
|
$
|
20
|
|
|
$
|
22
|
|
|
$
|
3
|
|
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
1,359
|
|
Depreciation and amortization
(2)
|
$
|
—
|
|
|
$
|
346
|
|
|
$
|
229
|
|
|
$
|
127
|
|
|
$
|
63
|
|
|
$
|
29
|
|
|
$
|
8
|
|
|
$
|
19
|
|
|
$
|
21
|
|
|
$
|
7
|
|
|
$
|
—
|
|
|
$
|
849
|
|
(1)
|
Excludes amounts related to the amortization of deferred financing costs and debt discounts and premiums included in interest expense in the consolidated amounts of
$15 million
,
$20 million
and
$14 million
for the years ended
December 31, 2017
,
2016
and
2015
, respectively.
|
|
December 31, 2017
|
||||||||||||||||||||||||||||||||||||||||||||||
|
Investment
|
|
Automotive
|
|
Energy
|
|
Railcar
|
|
Gaming
|
|
Metals
|
|
Mining
|
|
Food Packaging
|
|
Real Estate
|
|
Home Fashion
|
|
Holding Company
|
|
Consolidated
|
||||||||||||||||||||||||
|
(in millions)
|
||||||||||||||||||||||||||||||||||||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Cash and cash equivalents
|
$
|
17
|
|
|
$
|
367
|
|
|
$
|
482
|
|
|
$
|
100
|
|
|
$
|
105
|
|
|
$
|
24
|
|
|
$
|
15
|
|
|
$
|
16
|
|
|
$
|
30
|
|
|
$
|
—
|
|
|
$
|
526
|
|
|
$
|
1,682
|
|
Cash held at consolidated affiliated partnerships and restricted cash
|
734
|
|
|
4
|
|
|
—
|
|
|
19
|
|
|
16
|
|
|
5
|
|
|
—
|
|
|
2
|
|
|
2
|
|
|
4
|
|
|
—
|
|
|
786
|
|
||||||||||||
Investments
|
9,532
|
|
|
324
|
|
|
83
|
|
|
23
|
|
|
23
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
384
|
|
|
10,369
|
|
||||||||||||
Accounts receivable, net
|
—
|
|
|
1,406
|
|
|
178
|
|
|
44
|
|
|
11
|
|
|
40
|
|
|
10
|
|
|
78
|
|
|
3
|
|
|
35
|
|
|
—
|
|
|
1,805
|
|
||||||||||||
Inventories, net
|
—
|
|
|
2,601
|
|
|
385
|
|
|
54
|
|
|
—
|
|
|
33
|
|
|
30
|
|
|
92
|
|
|
—
|
|
|
66
|
|
|
—
|
|
|
3,261
|
|
||||||||||||
Property, plant and equipment, net
|
—
|
|
|
3,503
|
|
|
3,213
|
|
|
1,199
|
|
|
808
|
|
|
110
|
|
|
188
|
|
|
170
|
|
|
438
|
|
|
72
|
|
|
—
|
|
|
9,701
|
|
||||||||||||
Goodwill and intangible assets, net
|
—
|
|
|
1,963
|
|
|
298
|
|
|
7
|
|
|
74
|
|
|
3
|
|
|
—
|
|
|
36
|
|
|
29
|
|
|
—
|
|
|
—
|
|
|
2,410
|
|
||||||||||||
Other assets
|
516
|
|
|
541
|
|
|
61
|
|
|
41
|
|
|
102
|
|
|
11
|
|
|
22
|
|
|
93
|
|
|
390
|
|
|
6
|
|
|
4
|
|
|
1,787
|
|
||||||||||||
Total assets
|
$
|
10,799
|
|
|
$
|
10,709
|
|
|
$
|
4,700
|
|
|
$
|
1,487
|
|
|
$
|
1,139
|
|
|
$
|
226
|
|
|
$
|
265
|
|
|
$
|
487
|
|
|
$
|
892
|
|
|
$
|
183
|
|
|
$
|
914
|
|
|
$
|
31,801
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities
|
$
|
1,302
|
|
|
$
|
2,770
|
|
|
$
|
1,125
|
|
|
$
|
254
|
|
|
$
|
104
|
|
|
$
|
41
|
|
|
$
|
45
|
|
|
$
|
98
|
|
|
$
|
46
|
|
|
$
|
34
|
|
|
$
|
190
|
|
|
$
|
6,009
|
|
Securities sold, not yet purchased, at fair value
|
1,023
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,023
|
|
||||||||||||
Due to brokers
|
1,057
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,057
|
|
||||||||||||
Post-employment benefit liability
|
—
|
|
|
1,075
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
74
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,159
|
|
||||||||||||
Debt
|
—
|
|
|
3,470
|
|
|
1,166
|
|
|
546
|
|
|
137
|
|
|
1
|
|
|
58
|
|
|
273
|
|
|
22
|
|
|
5
|
|
|
5,507
|
|
|
11,185
|
|
||||||||||||
Total liabilities
|
3,382
|
|
|
7,315
|
|
|
2,291
|
|
|
808
|
|
|
241
|
|
|
44
|
|
|
103
|
|
|
445
|
|
|
68
|
|
|
39
|
|
|
5,697
|
|
|
20,433
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Equity attributable to Icahn Enterprises
|
3,052
|
|
|
3,234
|
|
|
1,098
|
|
|
428
|
|
|
761
|
|
|
182
|
|
|
138
|
|
|
28
|
|
|
824
|
|
|
144
|
|
|
(4,783
|
)
|
|
5,106
|
|
||||||||||||
Equity attributable to non-controlling interests
|
4,365
|
|
|
160
|
|
|
1,311
|
|
|
251
|
|
|
137
|
|
|
—
|
|
|
24
|
|
|
14
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,262
|
|
||||||||||||
Total equity
|
7,417
|
|
|
3,394
|
|
|
2,409
|
|
|
679
|
|
|
898
|
|
|
182
|
|
|
162
|
|
|
42
|
|
|
824
|
|
|
144
|
|
|
(4,783
|
)
|
|
11,368
|
|
||||||||||||
Total liabilities and equity
|
$
|
10,799
|
|
|
$
|
10,709
|
|
|
$
|
4,700
|
|
|
$
|
1,487
|
|
|
$
|
1,139
|
|
|
$
|
226
|
|
|
$
|
265
|
|
|
$
|
487
|
|
|
$
|
892
|
|
|
$
|
183
|
|
|
$
|
914
|
|
|
$
|
31,801
|
|
|
December 31, 2016
|
||||||||||||||||||||||||||||||||||||||||||||||
|
Investment
|
|
Automotive
|
|
Energy
|
|
Railcar
|
|
Gaming
|
|
Metals
|
|
Mining
|
|
Food Packaging
|
|
Real Estate
|
|
Home Fashion
|
|
Holding Company
|
|
Consolidated
|
||||||||||||||||||||||||
|
(in millions)
|
||||||||||||||||||||||||||||||||||||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Cash and cash equivalents
|
$
|
13
|
|
|
$
|
353
|
|
|
$
|
736
|
|
|
$
|
179
|
|
|
$
|
244
|
|
|
$
|
4
|
|
|
$
|
14
|
|
|
$
|
39
|
|
|
$
|
24
|
|
|
$
|
2
|
|
|
$
|
225
|
|
|
$
|
1,833
|
|
Cash held at consolidated affiliated partnerships and restricted cash
|
752
|
|
|
2
|
|
|
—
|
|
|
19
|
|
|
15
|
|
|
5
|
|
|
—
|
|
|
2
|
|
|
2
|
|
|
4
|
|
|
3
|
|
|
804
|
|
||||||||||||
Investments
|
9,213
|
|
|
270
|
|
|
6
|
|
|
35
|
|
|
33
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
324
|
|
|
9,881
|
|
||||||||||||
Accounts receivable, net
|
—
|
|
|
1,270
|
|
|
152
|
|
|
40
|
|
|
12
|
|
|
29
|
|
|
5
|
|
|
63
|
|
|
3
|
|
|
35
|
|
|
—
|
|
|
1,609
|
|
||||||||||||
Inventories, net
|
—
|
|
|
2,353
|
|
|
349
|
|
|
75
|
|
|
—
|
|
|
38
|
|
|
25
|
|
|
72
|
|
|
—
|
|
|
71
|
|
|
—
|
|
|
2,983
|
|
||||||||||||
Property, plant and equipment, net
|
—
|
|
|
3,302
|
|
|
3,358
|
|
|
1,567
|
|
|
814
|
|
|
100
|
|
|
152
|
|
|
152
|
|
|
602
|
|
|
75
|
|
|
—
|
|
|
10,122
|
|
||||||||||||
Goodwill and intangible assets, net
|
—
|
|
|
1,801
|
|
|
318
|
|
|
7
|
|
|
75
|
|
|
4
|
|
|
—
|
|
|
8
|
|
|
38
|
|
|
1
|
|
|
—
|
|
|
2,252
|
|
||||||||||||
Other assets
|
1,518
|
|
|
504
|
|
|
94
|
|
|
1,410
|
|
|
209
|
|
|
13
|
|
|
23
|
|
|
92
|
|
|
18
|
|
|
5
|
|
|
1
|
|
|
3,887
|
|
||||||||||||
Total assets
|
$
|
11,496
|
|
|
$
|
9,855
|
|
|
$
|
5,013
|
|
|
$
|
3,332
|
|
|
$
|
1,402
|
|
|
$
|
193
|
|
|
$
|
219
|
|
|
$
|
428
|
|
|
$
|
687
|
|
|
$
|
193
|
|
|
$
|
553
|
|
|
$
|
33,371
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities
|
$
|
1,236
|
|
|
$
|
2,870
|
|
|
$
|
1,474
|
|
|
$
|
2,100
|
|
|
$
|
153
|
|
|
$
|
34
|
|
|
$
|
38
|
|
|
$
|
69
|
|
|
$
|
20
|
|
|
$
|
29
|
|
|
$
|
168
|
|
|
$
|
8,191
|
|
Securities sold, not yet purchased, at fair value
|
1,139
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,139
|
|
||||||||||||
Due to brokers
|
3,725
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,725
|
|
||||||||||||
Post-employment benefit liability
|
—
|
|
|
1,113
|
|
|
—
|
|
|
9
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
56
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,180
|
|
||||||||||||
Debt
|
—
|
|
|
3,259
|
|
|
1,165
|
|
|
571
|
|
|
287
|
|
|
2
|
|
|
55
|
|
|
265
|
|
|
25
|
|
|
—
|
|
|
5,490
|
|
|
11,119
|
|
||||||||||||
Total liabilities
|
6,100
|
|
|
7,242
|
|
|
2,639
|
|
|
2,680
|
|
|
440
|
|
|
38
|
|
|
93
|
|
|
390
|
|
|
45
|
|
|
29
|
|
|
5,658
|
|
|
25,354
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Equity attributable to Icahn Enterprises
|
1,669
|
|
|
2,292
|
|
|
1,034
|
|
|
444
|
|
|
730
|
|
|
155
|
|
|
104
|
|
|
25
|
|
|
642
|
|
|
164
|
|
|
(5,105
|
)
|
|
2,154
|
|
||||||||||||
Equity attributable to non-controlling interests
|
3,727
|
|
|
321
|
|
|
1,340
|
|
|
208
|
|
|
232
|
|
|
—
|
|
|
22
|
|
|
13
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,863
|
|
||||||||||||
Total equity
|
5,396
|
|
|
2,613
|
|
|
2,374
|
|
|
652
|
|
|
962
|
|
|
155
|
|
|
126
|
|
|
38
|
|
|
642
|
|
|
164
|
|
|
(5,105
|
)
|
|
8,017
|
|
||||||||||||
Total liabilities and equity
|
$
|
11,496
|
|
|
$
|
9,855
|
|
|
$
|
5,013
|
|
|
$
|
3,332
|
|
|
$
|
1,402
|
|
|
$
|
193
|
|
|
$
|
219
|
|
|
$
|
428
|
|
|
$
|
687
|
|
|
$
|
193
|
|
|
$
|
553
|
|
|
$
|
33,371
|
|
|
Net Sales
|
|
Other Revenues From Operations
|
|
Property, Plant and Equipment, Net
|
||||||||||||||||||||||||||
|
Year Ended December 31,
|
|
Year Ended December 31,
|
|
December 31,
|
||||||||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2017
|
|
2016
|
|
2015
|
|
2017
|
|
2016
|
||||||||||||||||
|
(in millions)
|
||||||||||||||||||||||||||||||
United States
|
$
|
11,878
|
|
|
$
|
10,489
|
|
|
$
|
9,672
|
|
|
$
|
1,759
|
|
|
$
|
1,886
|
|
|
$
|
1,304
|
|
|
$
|
7,399
|
|
|
$
|
8,063
|
|
Germany
|
1,531
|
|
|
1,455
|
|
|
1,480
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
529
|
|
|
458
|
|
||||||||
Other
|
3,894
|
|
|
3,567
|
|
|
3,452
|
|
|
68
|
|
|
72
|
|
|
82
|
|
|
1,773
|
|
|
1,601
|
|
||||||||
|
$
|
17,303
|
|
|
$
|
15,511
|
|
|
$
|
14,604
|
|
|
$
|
1,827
|
|
|
$
|
1,958
|
|
|
$
|
1,386
|
|
|
$
|
9,701
|
|
|
$
|
10,122
|
|
14
.
|
Income Taxes
.
|
|
Icahn Enterprises
|
|
Icahn Enterprises Holdings
|
||||||||||||
|
December 31,
|
|
December 31,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(in millions)
|
|
(in millions)
|
||||||||||||
Book basis of net assets
|
$
|
5,106
|
|
|
$
|
2,154
|
|
|
$
|
5,133
|
|
|
$
|
2,179
|
|
Book/tax basis difference
|
(450
|
)
|
|
1,888
|
|
|
(450
|
)
|
|
1,888
|
|
||||
Tax basis of net assets
|
$
|
4,656
|
|
|
$
|
4,042
|
|
|
$
|
4,683
|
|
|
$
|
4,067
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(in millions)
|
||||||||||
Income tax benefit (expense) at U.S. statutory rate
|
$
|
(754
|
)
|
|
$
|
764
|
|
|
$
|
721
|
|
Tax effect from:
|
|
|
|
|
|
||||||
Foreign operations
|
42
|
|
|
39
|
|
|
29
|
|
|||
Valuation allowance
|
490
|
|
|
(46
|
)
|
|
(113
|
)
|
|||
Non-controlling interest
|
(7
|
)
|
|
(7
|
)
|
|
41
|
|
|||
Goodwill
|
—
|
|
|
(225
|
)
|
|
(196
|
)
|
|||
Uncertain tax positions and assessments
|
23
|
|
|
(9
|
)
|
|
4
|
|
|||
Income not subject to taxation
|
172
|
|
|
(511
|
)
|
|
(523
|
)
|
|||
Enactment of U.S. tax legislation, net of valuation allowance
|
498
|
|
|
—
|
|
|
—
|
|
|||
Other
|
(26
|
)
|
|
(41
|
)
|
|
(31
|
)
|
|||
Income tax benefit (expense)
|
$
|
438
|
|
|
$
|
(36
|
)
|
|
$
|
(68
|
)
|
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(in millions)
|
||||||
Deferred tax assets:
|
|
|
|
||||
Property, plant and equipment
|
$
|
261
|
|
|
$
|
312
|
|
Net operating loss
|
1,158
|
|
|
1,981
|
|
||
Tax credits
|
141
|
|
|
139
|
|
||
Post-employment benefits, including pensions
|
263
|
|
|
334
|
|
||
Reorganization costs
|
3
|
|
|
7
|
|
||
Other
|
398
|
|
|
430
|
|
||
Total deferred tax assets
|
2,224
|
|
|
3,203
|
|
||
Less: Valuation allowance
|
(1,293
|
)
|
|
(1,821
|
)
|
||
Net deferred tax assets
|
$
|
931
|
|
|
$
|
1,382
|
|
|
|
|
|
||||
Deferred tax liabilities:
|
|
|
|
|
|
||
Property, plant and equipment
|
$
|
(467
|
)
|
|
$
|
(592
|
)
|
Intangible assets
|
(157
|
)
|
|
(195
|
)
|
||
Investment in partnerships
|
(775
|
)
|
|
(1,495
|
)
|
||
Investment in U.S. subsidiaries
|
(184
|
)
|
|
(307
|
)
|
||
Other
|
(138
|
)
|
|
(101
|
)
|
||
Total deferred tax liabilities
|
(1,721
|
)
|
|
(2,690
|
)
|
||
|
$
|
(790
|
)
|
|
$
|
(1,308
|
)
|
|
Years Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(in millions)
|
||||||||||
Balance at January 1
|
$
|
101
|
|
|
$
|
94
|
|
|
$
|
113
|
|
Addition based on tax positions related to the current year
|
7
|
|
|
7
|
|
|
19
|
|
|||
Increase for tax positions of prior years
|
59
|
|
|
8
|
|
|
6
|
|
|||
Decrease for tax positions of prior years
|
(15
|
)
|
|
(1
|
)
|
|
(10
|
)
|
|||
Decrease for statute of limitation expiration
|
(16
|
)
|
|
(6
|
)
|
|
(21
|
)
|
|||
Settlements
|
(11
|
)
|
|
—
|
|
|
(8
|
)
|
|||
Impact of currency translation and other
|
4
|
|
|
(1
|
)
|
|
(5
|
)
|
|||
Balance at December 31
|
$
|
129
|
|
|
$
|
101
|
|
|
$
|
94
|
|
15
.
|
Changes in Accumulated Other Comprehensive Loss
.
|
|
Post-Employment Benefits, Net of Tax
|
|
Hedge Instruments, Net of Tax
|
|
Translation Adjustments and Other, Net of Tax
|
|
Total
|
||||||||
|
(in millions)
|
||||||||||||||
Balance, December 31, 2016
|
$
|
(614
|
)
|
|
$
|
(22
|
)
|
|
$
|
(948
|
)
|
|
$
|
(1,584
|
)
|
Other comprehensive income before reclassifications, net of tax
|
30
|
|
|
2
|
|
|
124
|
|
|
156
|
|
||||
Reclassifications from accumulated other comprehensive income (loss) to earnings
|
20
|
|
|
(3
|
)
|
|
—
|
|
|
17
|
|
||||
Other comprehensive income (loss), net of tax
|
50
|
|
|
(1
|
)
|
|
124
|
|
|
173
|
|
||||
Balance, December 31, 2017
|
$
|
(564
|
)
|
|
$
|
(23
|
)
|
|
$
|
(824
|
)
|
|
$
|
(1,411
|
)
|
16
.
|
Other Income, Net
.
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(in millions)
|
||||||||||
Gain on acquisition
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5
|
|
Realized and unrealized loss on derivatives, net (Note 6)
|
(70
|
)
|
|
(19
|
)
|
|
(29
|
)
|
|||
Other derivative (loss) income
|
(41
|
)
|
|
66
|
|
|
—
|
|
|||
Dividend expense
|
(10
|
)
|
|
(14
|
)
|
|
—
|
|
|||
Loss on extinguishment of debt
|
(16
|
)
|
|
(5
|
)
|
|
(2
|
)
|
|||
Equity earnings from non-consolidated affiliates
|
71
|
|
|
64
|
|
|
62
|
|
|||
Foreign currency transaction loss
|
(11
|
)
|
|
(1
|
)
|
|
(10
|
)
|
|||
Tax settlement gain
|
61
|
|
|
—
|
|
|
—
|
|
|||
Predecessor claim settlement
|
—
|
|
|
3
|
|
|
—
|
|
|||
Other
|
24
|
|
|
13
|
|
|
9
|
|
|||
|
$
|
8
|
|
|
$
|
107
|
|
|
$
|
35
|
|
17
.
|
Commitments and Contingencies
.
|
|
Unconditional Purchase Obligations
(1)
|
||
|
(in millions)
|
||
2018
|
$
|
165
|
|
2019
|
124
|
|
|
2020
|
101
|
|
|
2021
|
90
|
|
|
2022
|
85
|
|
|
Thereafter
|
542
|
|
|
|
$
|
1,107
|
|
Year
|
|
Amount
|
||
|
|
(in millions)
|
||
2018
|
|
$
|
237
|
|
2019
|
|
222
|
|
|
2020
|
|
198
|
|
|
2021
|
|
170
|
|
|
2022
|
|
142
|
|
|
Thereafter
|
|
388
|
|
|
|
|
$
|
1,357
|
|
18
.
|
Supplemental Cash Flow Information
.
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(in millions)
|
||||||||||
Cash payments for interest, net of amounts capitalized
|
$
|
658
|
|
|
$
|
662
|
|
|
$
|
602
|
|
Net cash payments (refunds) for income taxes
|
150
|
|
|
87
|
|
|
(1
|
)
|
|||
Acquisition of subsidiary common stock included in accrued expenses and other liabilities
|
51
|
|
|
—
|
|
|
—
|
|
|||
Seller financing secured mortgages resulting from disposition of assets
|
375
|
|
|
—
|
|
|
—
|
|
|||
Investment in subsidiaries prior to acquiring a controlling interest
|
—
|
|
|
286
|
|
|
36
|
|
|||
LP unit issuance for remaining 25% interest in ARL
|
—
|
|
|
35
|
|
|
—
|
|
|||
Fair value of subsidiary common units issued in an acquisition of business
|
—
|
|
|
336
|
|
|
—
|
|
|||
Fair value of debt assumed in an acquisition of business
|
—
|
|
|
368
|
|
|
—
|
|
|||
Capital expenditures included in accounts payable, accrued expenses and other liabilities
|
80
|
|
|
89
|
|
|
88
|
|
19
.
|
Subsequent Events
.
|
20
.
|
Quarterly Financial Data (Unaudited)
.
|
|
For the Three Months Ended
(1)
|
||||||||||||||||||||||||||||||
|
March 31,
|
|
June 30,
|
|
September 30,
|
|
December 31,
|
||||||||||||||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||||||||
|
(in millions, except per unit data)
|
||||||||||||||||||||||||||||||
Net sales
|
$
|
4,319
|
|
|
$
|
3,548
|
|
|
$
|
4,282
|
|
|
$
|
4,094
|
|
|
$
|
4,292
|
|
|
$
|
3,904
|
|
|
$
|
4,410
|
|
|
$
|
3,965
|
|
Gross margin on net sales
|
627
|
|
|
425
|
|
|
559
|
|
|
646
|
|
|
613
|
|
|
526
|
|
|
499
|
|
|
502
|
|
||||||||
Total revenues
|
4,677
|
|
|
3,127
|
|
|
6,654
|
|
|
4,350
|
|
|
5,680
|
|
|
4,899
|
|
|
4,733
|
|
|
3,972
|
|
||||||||
Net (loss) income
|
(160
|
)
|
|
(1,609
|
)
|
|
1,725
|
|
|
(285
|
)
|
|
829
|
|
|
238
|
|
|
197
|
|
|
(564
|
)
|
||||||||
Net loss (income) attributable to non-controlling interests
|
(142
|
)
|
|
(772
|
)
|
|
172
|
|
|
(216
|
)
|
|
232
|
|
|
254
|
|
|
(101
|
)
|
|
(358
|
)
|
||||||||
Net (loss) income attributable to Icahn Enterprises
|
(18
|
)
|
|
(837
|
)
|
|
1,553
|
|
|
(69
|
)
|
|
597
|
|
|
(16
|
)
|
|
298
|
|
|
(206
|
)
|
||||||||
Basic (loss) income per LP unit
|
$
|
(0.12
|
)
|
|
$
|
(6.21
|
)
|
|
$
|
9.51
|
|
|
$
|
(0.50
|
)
|
|
$
|
3.53
|
|
|
$
|
(0.12
|
)
|
|
$
|
1.72
|
|
|
$
|
(1.42
|
)
|
Diluted (loss) income per LP unit
|
$
|
(0.12
|
)
|
|
$
|
(6.21
|
)
|
|
$
|
9.51
|
|
|
$
|
(0.50
|
)
|
|
$
|
3.53
|
|
|
$
|
(0.12
|
)
|
|
$
|
1.72
|
|
|
$
|
(1.42
|
)
|
(1)
|
The comparability of our quarterly financial data is affected by, among other things, (i) the performance of the Investment Funds, (ii) various acquisitions, primarily the acquisition of Pep Boys during the first quarter of 2016, (iii) certain dispositions of assets, primarily during the second and fourth quarters of 2017, (iv) impairment charges and (v) the enactment of U.S. tax law changes in the fourth quarter of 2017.
|
Name
|
|
Age
|
|
Position
|
Carl C. Icahn
|
|
82
|
|
Chairman of the Board
|
Keith Cozza
|
|
39
|
|
President, Chief Executive Officer and Director
|
SungHwan Cho
|
|
43
|
|
Chief Financial Officer and Director
|
Peter Reck
|
|
51
|
|
Chief Accounting Officer
|
William A. Leidesdorf
|
|
72
|
|
Director
|
James L. Nelson
|
|
68
|
|
Director
|
Jack G. Wasserman
|
|
81
|
|
Director
|
•
|
Carl C. Icahn, Chairman of the Board
(1)
|
•
|
Keith Cozza, President and Chief Executive Officer
(2)
|
•
|
SungHwan Cho, Chief Financial Officer
(3)
|
•
|
Peter Reck, Chief Accounting Officer
|
•
|
overall job performance, including performance against corporate and individual objectives;
|
•
|
job responsibilities, including unique skills necessary to support our long-term performance, including that of our subsidiaries; and
|
•
|
teamwork, both contributions as a member of the executive management team and fostering an environment of personal and professional growth for the entire work force.
|
Country
|
|
Number of Employees
|
Brazil
|
|
2,451
|
Philippines
|
|
205
|
Canada
|
|
90
|
|
|
Annual Compensation
(1)
|
|||||||||||||
Name and
Principal Position
|
|
Year
|
|
Salary
($)
|
|
Bonus
($)
|
|
All Other
Compensation
($)
|
|
Total
($)
|
|||||
Carl C. Icahn
(2)
Chairman of the Board
|
|
2017
|
|
1
|
|
|
—
|
|
|
102,547
|
|
(3)
|
|
102,548
|
|
|
2016
|
|
1
|
|
|
—
|
|
|
104,910
|
|
(3)
|
|
104,911
|
|
|
|
2015
|
|
1
|
|
|
—
|
|
|
138,182
|
|
(3)
|
|
138,183
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Keith Cozza
(4)
President and Chief Executive Officer
|
|
2017
|
|
1,511,582
|
|
|
4,000,000
|
|
|
10,562
|
|
(3)
|
|
5,522,144
|
|
|
2016
|
|
1,557,736
|
|
|
2,500,000
|
|
|
10,779
|
|
(3)
|
|
4,068,515
|
|
|
|
2015
|
|
1,569,498
|
|
|
2,500,000
|
|
|
10,466
|
|
(3)
|
|
4,079,964
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
SungHwan Cho
(5)
Chief Financial Officer
|
|
2017
|
|
840,023
|
|
|
1,400,000
|
|
|
10,562
|
|
(3)
|
|
2,250,585
|
|
|
2016
|
|
822,616
|
|
|
1,200,000
|
|
|
10,779
|
|
(3)
|
|
2,033,395
|
|
|
|
2015
|
|
649,267
|
|
|
1,200,000
|
|
|
10,562
|
|
(3)
|
|
1,859,829
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Peter Reck
(6)
Chief Accounting Officer
|
|
2017
|
|
316,395
|
|
|
215,000
|
|
|
9,742
|
|
(3)
|
|
541,137
|
|
|
2016
|
|
300,000
|
|
|
215,000
|
|
|
9,774
|
|
(3)
|
|
524,774
|
|
|
|
|
2015
|
|
301,154
|
|
|
215,000
|
|
|
9,801
|
|
(3)
|
|
525,955
|
|
(1)
|
Pursuant to applicable regulations, certain columns of the Summary Compensation Table have been omitted, as there has been no compensation awarded to, earned by or paid to any of the named executive officers by us, any of our subsidiaries or by Icahn Enterprises GP, which was subsequently reimbursed by us, required to be reported in those columns.
|
(2)
|
The salary indicated above represents compensation paid to Mr. Icahn in each of
2017
,
2016
and
2015
for his services as Chief Executive Officer of our subsidiary, Icahn Capital LP, and of the general partners of the Investment Funds. Mr. Icahn is currently an at will employee serving as Chairman of the Board of Icahn Enterprises GP and as Chairman and Chief Executive Officer of Icahn Capital LP and Chief Executive Officer of the Investment Funds for which he currently receives an annual base salary of $1 per annum. Mr. Icahn does not receive director fees from us.
|
(3)
|
Represents other compensation paid to the following named executive officers: (i) Carl C. Icahn, $20,107, $20,107 and $18,719, in medical and dental benefits for
2017
,
2016
and
2015
, respectively; $955 in life insurance paid by us for each of
2017
,
2016
and
2015
; and in his capacity as the Chairman of the board of directors of Federal-Mogul, $81,485, $83,848 and $118,508 representing the incremental cost of Mr. Icahn's personal use of Federal-Mogul's corporate aircraft for
2017
,
2016
and
2015
, respectively. Mr. Icahn received no fees or compensation from Federal-Mogul for
2017
,
2016
and
2015
other than the use of the corporate aircraft as discussed above. The calculation of incremental cost for the personal use of Federal-Mogul's corporate aircraft includes the variable costs incurred as a result of personal flight activity, which are comprised of a portion of ongoing maintenance and repairs, aircraft fuel, airport fees, catering, and fees and travel expenses for the flight crew. The use of the aircraft for personal use by Mr. Icahn was approved by the board of directors and the Compensation Committee of Federal-Mogul; (ii) Mr. Cozza, $8,281, $8,438 and $8,125 in matching contributions under our 401(k) Plan for
2017
,
2016
and
2015
, respectively; $1,326, $1,386 and $1,386 in medical and dental benefits paid by us for
2017
,
2016
and
2015
, respectively; $955 in life insurance premiums paid by us for each of
2017
,
2016
and
2015
; (iii) Mr. Cho, $8,281, $8,438 and $8,221 in matching contributions under our 401(k) Plan for
2017
,
2016
and
2015
, respectively; $1,326, $1,386 and $1,386 in medical and dental benefits paid by us for
2017
,
2016
and
2015
, respectively; and $955 in life insurance premiums paid by us for each of
2017
,
2016
and
2015
; and (iv) Mr. Reck, $8,281, $8,291 and $8,342 in matching contributions under our 401(k) Plan for
2017
,
2016
and
2015
, respectively; $742, $764 and $764 in
|
Name
|
|
Fees Earned or
Paid in Cash
($)
|
|
All Other
Compensation
($)
|
|
Total
($)
|
|||
William A. Leidesdorf
|
|
35,000
|
|
|
—
|
|
|
35,000
|
|
James L. Nelson
|
|
35,000
|
|
|
—
|
|
|
35,000
|
|
Jack G. Wasserman
|
|
40,000
|
|
|
—
|
|
|
40,000
|
|
Name of Beneficial Owner
|
|
Beneficial Ownership of Icahn Enterprises' Depositary Units
|
|
Percent of Class
|
||
Carl C. Icahn
|
|
157,898,582
|
|
(a) (b)
|
|
91.0%
|
Keith Cozza
|
|
2,000
|
|
|
|
*
|
SungHwan Cho
|
|
1,100
|
|
|
|
*
|
Jack G. Wasserman
|
|
862
|
|
|
|
*
|
James L. Nelson
|
|
1,292
|
|
|
|
*
|
Peter Reck
|
|
—
|
|
|
|
—%
|
William A. Leidesdorf
|
|
—
|
|
|
|
—%
|
All Directors and Executive Officers as a Group (seven persons)
|
|
157,903,836
|
|
|
|
91.0%
|
(1)
|
CCI Onshore LLC ("CCI Onshore") beneficially owns 36,756,475 Depositary Units. High Coast Limited Partnership ("High Coast") is the sole member of CCI Onshore. Little Meadow Corp. ("Little Meadow") is the general partner of High Coast. Carl C. Icahn beneficially owns 100% of Little Meadow. Pursuant to Rule 16a-1(a)(2) under the Exchange Act, each of Mr. Icahn, Little Meadow and High Coast (by virtue of their relationships to CCI Onshore) may be deemed to indirectly beneficially own the Depositary Units which CCI Onshore owns. Each of Mr. Icahn, Little Meadow and High Coast disclaims beneficial ownership of such Depositary Units except to the extent of their pecuniary interest therein.
|
(2)
|
Gascon Partners ("Gascon") beneficially owns 21,646,658 Depositary Units. Little Meadow is the managing general partner of Gascon. Carl C. Icahn beneficially owns 100% of Little Meadow. Pursuant to Rule 16a-1(a)(2) under the Exchange Act, each of Mr. Icahn and Little Meadow (by virtue of their relationships to Gascon) may be deemed to indirectly beneficially own the Depositary Units which Gascon owns. Each of Mr. Icahn and Little Meadow disclaims beneficial ownership of such Depositary Units except to the extent of their pecuniary interest therein.
|
(3)
|
High Coast beneficially owns 75,949,701 Depositary Units. Little Meadow is the general partner of High Coast. Carl C. Icahn beneficially owns 100% of Little Meadow. Pursuant to Rule 16a-1(a)(2) under the Exchange Act, each of Mr. Icahn and Little Meadow (by virtue of their relationships to High Coast) may be deemed to indirectly beneficially own the Depositary Units which High Coast owns. Each of Mr. Icahn and Little Meadow disclaims beneficial ownership of such Depositary Units except to the extent of their pecuniary interest therein.
|
(4)
|
Highcrest Investors LLC ("Highcrest") beneficially owns 17,667,329 Depositary Units. Starfire Holding Corporation ("Starfire") beneficially owns 100% of Highcrest. Carl C. Icahn beneficially owns 100% of Starfire. Pursuant to Rule 16a-1(a)(2) under the Exchange Act, each of Mr. Icahn and Starfire (by virtue of their relationships to Highcrest) may be deemed to indirectly beneficially own the Depositary Units which Highcrest owns. Each of Mr. Icahn and Starfire disclaims beneficial ownership of such Depositary Units except to the extent of their pecuniary interest therein.
|
(5)
|
Thornwood Associates Limited Partnership ("Thornwood") beneficially owns 5,878,419 Depositary Units. Barberry Corp. ("Barberry") is the general partner of Thornwood. Carl C. Icahn beneficially owns 100% of Barberry. Pursuant to Rule 16a-1(a)(2) under the Exchange Act, each of Mr. Icahn and Barberry (by virtue of their relationships to Thornwood) may be deemed to indirectly beneficially own the Depositary Units which Thornwood owns. Each of Mr. Icahn and Barberry disclaims beneficial ownership of such Depositary Units except to the extent of their pecuniary interest therein.
|
(6)
|
Does not include 12,000 Depositary Units owned by Gail Golden, the wife of Mr. Icahn. Mr. Icahn, by virtue of his relationship to Ms. Golden, may be deemed to beneficially own such Depositary Units. Mr. Icahn disclaims beneficial ownership of such Depositary Units for all purposes.
|
Plan Category
|
|
Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights
(a)
|
|
Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights
(b)
|
|
Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a))
(c)
|
||||
2017 Incentive Plan
|
|
109,925
|
|
|
$
|
51.08
|
|
|
882,173
|
|
•
|
Property Management and Asset Management Services.
To the extent that we acquire any properties requiring active management (e.g., operating properties that are not net-leased) or asset management services, including on-site services, we may enter into fee-paying management or other arrangements with Icahn Enterprises GP or its affiliates.
|
•
|
Brokerage and Leasing Commissions.
We also may pay affiliates of Icahn Enterprises GP real estate brokerage and leasing commissions (which generally may range from 2% to 6% of the purchase price or rentals depending on location; this range may be somewhat higher for problem properties or lesser-valued properties).
|
•
|
Lending Arrangements.
Icahn Enterprises GP or its affiliates may lend money to, or arrange loans for, us. Fees payable to Icahn Enterprises GP or its affiliates in connection with such activities include mortgage brokerage fees (generally .5% to 3% of the loan amount), mortgage origination fees (generally .5% to 1.5% of the loan amount) and
|
•
|
Development and Construction Services.
Icahn Enterprises GP or its affiliates may also receive fees for development services, generally 1% to 4% of development costs, and general contracting services or construction management services, generally 4% to 6% of construction costs.
|
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(In millions, except unit amounts)
|
||||||
ASSETS
|
|
|
|
||||
Investments in subsidiaries, net
|
$
|
10,737
|
|
|
$
|
7,750
|
|
Total Assets
|
$
|
10,737
|
|
|
$
|
7,750
|
|
|
|
|
|
||||
LIABILITIES AND EQUITY
|
|
|
|
||||
Accrued expenses and other liabilities
|
$
|
124
|
|
|
$
|
106
|
|
Debt
|
5,507
|
|
|
5,490
|
|
||
|
5,631
|
|
|
5,596
|
|
||
|
|
|
|
||||
Commitments and contingencies (Note 3)
|
|
|
|
||||
|
|
|
|
||||
Equity:
|
|
|
|
||||
Limited partners: Depositary units: 173,564,307 and 144,741,149 units issued and outstanding at December 31, 2017 and 2016, respectively
|
5,341
|
|
|
2,448
|
|
||
General partner
|
(235
|
)
|
|
(294
|
)
|
||
Total equity
|
5,106
|
|
|
2,154
|
|
||
Total Liabilities and Equity
|
$
|
10,737
|
|
|
$
|
7,750
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(In millions)
|
||||||||||
Interest expense
|
$
|
(323
|
)
|
|
$
|
(289
|
)
|
|
$
|
(289
|
)
|
Loss on extinguishment of debt
|
(12
|
)
|
|
—
|
|
|
—
|
|
|||
Equity in earnings (loss) of subsidiaries
|
2,765
|
|
|
(839
|
)
|
|
(905
|
)
|
|||
Net income (loss)
|
$
|
2,430
|
|
|
$
|
(1,128
|
)
|
|
$
|
(1,194
|
)
|
Net income (loss) allocable to:
|
|
|
|
|
|
||||||
Limited partners
|
$
|
2,382
|
|
|
$
|
(1,106
|
)
|
|
$
|
(1,170
|
)
|
General partner
|
48
|
|
|
(22
|
)
|
|
(24
|
)
|
|||
|
$
|
2,430
|
|
|
$
|
(1,128
|
)
|
|
$
|
(1,194
|
)
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(In millions)
|
||||||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income (loss)
|
$
|
2,430
|
|
|
$
|
(1,128
|
)
|
|
$
|
(1,194
|
)
|
Adjustments to reconcile net income (loss) to net cash used in operating activities:
|
|
|
|
|
|
||||||
Amortization of deferred financing costs
|
1
|
|
|
1
|
|
|
1
|
|
|||
Loss on extinguishment of debt
|
2
|
|
|
—
|
|
|
—
|
|
|||
Equity in (income) loss of subsidiary
|
(2,765
|
)
|
|
839
|
|
|
905
|
|
|||
Net cash used in operating activities
|
(332
|
)
|
|
(288
|
)
|
|
(288
|
)
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
||||||
Net investment in and advances from subsidiary
|
(204
|
)
|
|
390
|
|
|
404
|
|
|||
Net cash (used in) provided by investing activities
|
(204
|
)
|
|
390
|
|
|
404
|
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
||||||
Partnership distributions
|
(81
|
)
|
|
(103
|
)
|
|
(116
|
)
|
|||
Partnership contributions
|
606
|
|
|
1
|
|
|
—
|
|
|||
Proceeds from borrowings
|
2,470
|
|
|
—
|
|
|
—
|
|
|||
Repayments of borrowings
|
(2,450
|
)
|
|
—
|
|
|
—
|
|
|||
Debt issuance costs
|
(9
|
)
|
|
—
|
|
|
—
|
|
|||
Net cash provided by (used in) financing activities
|
536
|
|
|
(102
|
)
|
|
(116
|
)
|
|||
Net change in cash and cash equivalents
|
—
|
|
|
—
|
|
|
—
|
|
|||
Cash and cash equivalents, beginning of period
|
—
|
|
|
—
|
|
|
—
|
|
|||
Cash and cash equivalents, end of period
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(in millions)
|
||||||
3.500% senior unsecured notes due 2017
|
$
|
—
|
|
|
$
|
1,174
|
|
4.875% senior unsecured notes due 2019
|
—
|
|
|
1,271
|
|
||
6.000% senior unsecured notes due 2020
|
1,703
|
|
|
1,705
|
|
||
5.875% senior unsecured notes due 2022
|
1,342
|
|
|
1,340
|
|
||
6.250% senior unsecured notes due 2022
|
1,216
|
|
|
—
|
|
||
6.750% senior unsecured notes due 2024
|
498
|
|
|
—
|
|
||
6.375% senior unsecured notes due 2025
|
748
|
|
|
—
|
|
||
Total debt
|
$
|
5,507
|
|
|
$
|
5,490
|
|
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(in millions)
|
||||||
ASSETS
|
|
|
|
||||
Cash and cash equivalents
|
$
|
241
|
|
|
$
|
65
|
|
Other assets
|
85
|
|
|
94
|
|
||
Investments in subsidiaries, net
|
10,467
|
|
|
7,642
|
|
||
Total Assets
|
$
|
10,793
|
|
|
$
|
7,801
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
Accounts payable, accrued expenses and other liabilities
|
$
|
128
|
|
|
$
|
105
|
|
Debt
|
5,532
|
|
|
5,517
|
|
||
|
5,660
|
|
|
5,622
|
|
||
|
|
|
|
||||
Commitments and contingencies (Note 3)
|
|
|
|
||||
|
|
|
|
||||
Equity:
|
|
|
|
||||
Limited partner
|
5,420
|
|
|
2,496
|
|
||
General partner
|
(287
|
)
|
|
(317
|
)
|
||
Total equity
|
5,133
|
|
|
2,179
|
|
||
Total Liabilities and Equity
|
$
|
10,793
|
|
|
$
|
7,801
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(in millions)
|
||||||||||
Interest and dividend income
|
$
|
2
|
|
|
$
|
1
|
|
|
$
|
—
|
|
Loss on extinguishment of debt
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
Equity in earnings (loss) of subsidiaries
|
2,739
|
|
|
(818
|
)
|
|
(903
|
)
|
|||
Other income, net
|
41
|
|
|
8
|
|
|
28
|
|
|||
|
2,781
|
|
|
(809
|
)
|
|
(875
|
)
|
|||
Interest expense
|
324
|
|
|
290
|
|
|
291
|
|
|||
Selling, general and administrative
|
25
|
|
|
28
|
|
|
27
|
|
|||
|
349
|
|
|
318
|
|
|
318
|
|
|||
Net income (loss)
|
$
|
2,432
|
|
|
$
|
(1,127
|
)
|
|
$
|
(1,193
|
)
|
Net income (loss) allocable to:
|
|
|
|
|
|
||||||
Limited partner
|
$
|
2,408
|
|
|
$
|
(1,116
|
)
|
|
$
|
(1,181
|
)
|
General partner
|
24
|
|
|
(11
|
)
|
|
(12
|
)
|
|||
|
$
|
2,432
|
|
|
$
|
(1,127
|
)
|
|
$
|
(1,193
|
)
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(in millions)
|
||||||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income (loss)
|
$
|
2,432
|
|
|
$
|
(1,127
|
)
|
|
$
|
(1,193
|
)
|
Adjustments to reconcile net income (loss) to net cash used in operating activities:
|
|
|
|
|
|
||||||
Equity in (income) loss of subsidiary
|
(2,739
|
)
|
|
818
|
|
|
903
|
|
|||
Loss on extinguishment of debt
|
1
|
|
|
—
|
|
|
—
|
|
|||
Depreciation and amortization
|
3
|
|
|
3
|
|
|
2
|
|
|||
Other, net
|
(39
|
)
|
|
7
|
|
|
(16
|
)
|
|||
Change in operating assets and liabilities
|
18
|
|
|
(6
|
)
|
|
(4
|
)
|
|||
Net cash used in operating activities
|
(324
|
)
|
|
(305
|
)
|
|
(308
|
)
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
||||||
Net investment in subsidiaries
|
509
|
|
|
421
|
|
|
155
|
|
|||
Purchase of investments
|
—
|
|
|
—
|
|
|
(96
|
)
|
|||
Other, net
|
53
|
|
|
—
|
|
|
28
|
|
|||
Net cash provided by investing activities
|
562
|
|
|
421
|
|
|
87
|
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
||||||
Partnership distributions
|
(81
|
)
|
|
(103
|
)
|
|
(116
|
)
|
|||
Partner contributions
|
6
|
|
|
1
|
|
|
—
|
|
|||
Proceeds from borrowings
|
2,470
|
|
|
—
|
|
|
—
|
|
|||
Repayments of borrowings
|
(2,450
|
)
|
|
—
|
|
|
—
|
|
|||
Debt issuance costs
|
(7
|
)
|
|
—
|
|
|
—
|
|
|||
Net cash used in financing activities
|
(62
|
)
|
|
(102
|
)
|
|
(116
|
)
|
|||
Net change in cash and cash equivalents
|
176
|
|
|
14
|
|
|
(337
|
)
|
|||
Cash and cash equivalents, beginning of period
|
65
|
|
|
51
|
|
|
388
|
|
|||
Cash and cash equivalents, end of period
|
$
|
241
|
|
|
$
|
65
|
|
|
$
|
51
|
|
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(in millions)
|
||||||
3.500% senior unsecured notes due 2017
|
$
|
—
|
|
|
$
|
1,174
|
|
4.875% senior unsecured notes due 2019
|
—
|
|
|
1,272
|
|
||
6.000% senior unsecured notes due 2020
|
1,704
|
|
|
1,706
|
|
||
5.875% senior unsecured notes due 2022
|
1,343
|
|
|
1,341
|
|
||
6.250% senior unsecured notes due 2022
|
1,217
|
|
|
—
|
|
||
6.750% senior unsecured notes due 2024
|
499
|
|
|
—
|
|
||
6.375% senior unsecured notes due 2025
|
749
|
|
|
—
|
|
||
Mortgages payable
|
20
|
|
|
24
|
|
||
Total debt
|
$
|
5,532
|
|
|
$
|
5,517
|
|
|
Icahn Enterprises L.P.
|
|
By:
|
Icahn Enterprises G.P. Inc., its
general partner
|
|
By:
|
/s/Keith Cozza
|
|
|
Keith Cozza
President, Chief Executive Officer and Director
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
/s/Keith Cozza
|
|
President, Chief Executive Officer and Director
|
|
March 1, 2018
|
Keith Cozza
|
|
|
|
|
|
|
|
|
|
/s/SungHwan Cho
|
|
Chief Financial Officer and Director
|
|
March 1, 2018
|
SungHwan Cho
|
|
|
|
|
|
|
|
|
|
/s/Peter Reck
|
|
Chief Accounting Officer
|
|
March 1, 2018
|
Peter Reck
|
|
|
|
|
|
|
|
|
|
/s/Jack G. Wasserman
|
|
Director
|
|
March 1, 2018
|
Jack G. Wasserman
|
|
|
|
|
|
|
|
|
|
/s/William A. Leidesdorf
|
|
Director
|
|
March 1, 2018
|
William A. Leidesdorf
|
|
|
|
|
|
|
|
|
|
/s/James L. Nelson
|
|
Director
|
|
March 1, 2018
|
James L. Nelson
|
|
|
|
|
|
|
|
|
|
|
|
Chairman of the Board
|
|
March 1, 2018
|
Carl C. Icahn
|
|
|
|
|
|
Icahn Enterprises Holdings L.P.
|
|
By:
|
Icahn Enterprises G.P. Inc., its
general partner
|
|
By:
|
/s/Keith Cozza
|
|
|
Keith Cozza
President, Chief Executive Officer and Director |
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
/s/Keith Cozza
|
|
President, Chief Executive Officer and Director
|
|
March 1, 2018
|
Keith Cozza
|
|
|
|
|
|
|
|
|
|
/s/SungHwan Cho
|
|
Chief Financial Officer and Director
|
|
March 1, 2018
|
SungHwan Cho
|
|
|
|
|
|
|
|
|
|
/s/Peter Reck
|
|
Chief Accounting Officer
|
|
March 1, 2018
|
Peter Reck
|
|
|
|
|
|
|
|
|
|
/s/Jack G. Wasserman
|
|
Director
|
|
March 1, 2018
|
Jack G. Wasserman
|
|
|
|
|
|
|
|
|
|
/s/William A. Leidesdorf
|
|
Director
|
|
March 1, 2018
|
William A. Leidesdorf
|
|
|
|
|
|
|
|
|
|
/s/James L. Nelson
|
|
Director
|
|
March 1, 2018
|
James L. Nelson
|
|
|
|
|
|
|
|
|
|
|
|
Chairman of the Board
|
|
March 1, 2018
|
Carl C. Icahn
|
|
|
|
|
Exhibit No.
|
|
Description
|
2.1
|
|
|
2.2
|
|
|
2.3
|
|
|
3.1
|
|
|
3.2
|
|
|
3.3
|
|
|
3.4
|
|
|
3.5
|
|
|
3.6
|
|
|
3.7
|
|
|
3.8
|
|
|
4.1
|
|
|
4.2
|
|
|
4.3
|
|
|
4.4
|
|
|
4.5
|
|
|
4.6
|
|
4.7
|
|
|
4.8
|
|
|
4.9
|
|
|
4.10
|
|
|
4.11
|
|
|
10.1
|
|
|
10.2
|
|
|
10.3
|
|
|
10.4
|
|
|
10.5
|
|
|
10.6
|
|
|
10.7
|
|
|
10.8
|
|
|
10.9
|
|
|
12.1
|
|
|
12.2
|
|
|
14.1
|
|
18.1
|
|
|
21.1
|
|
|
23.1
|
|
|
31.1
|
|
|
31.2
|
|
|
32.1
|
|
|
101.INS
|
|
XBRL Instance Document.
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document.
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document.
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document.
|