Icahn Enterprises L.P. (NASDAQ:IEP) is reporting full year 2017
revenues of $21.7 billion and net income attributable to Icahn
Enterprises of $2.4 billion, or $14.80 per depositary unit. For the
year ended December 31, 2016 revenues were $16.3 billion and
net loss attributable to Icahn Enterprises was $1.1 billion, or a
loss of $8.07 per depositary unit. For the year ended
December 31, 2017, Adjusted EBITDA attributable to Icahn
Enterprises was $1.7 billion compared to $842 million for the year
ended December 31, 2016. For the year ended December 31,
2017, Adjusted EBIT attributable to Icahn Enterprises was $856
million compared to $74 million for the year ended
December 31, 2016.
For the fourth quarter of 2017, revenues were
$4.7 billion and net income attributable to Icahn Enterprises was
$298 million, or $1.72 per depositary unit. For the three months
ended December 31, 2016 revenues were $4.0 billion and net
loss attributable to Icahn Enterprises was $206 million, or a loss
of $1.42 per depositary unit. For the three months ended
December 31, 2017, Adjusted EBITDA attributable to Icahn
Enterprises was $167 million compared to $145 million for the three
months ended December 31, 2016. For the three months ended
December 31, 2017, Adjusted EBIT attributable to Icahn
Enterprises was a loss of $41 million compared to a loss of $66
million for the three months ended December 31, 2016.
For the year ended December 31,
2017 indicative net asset value increased to $7.9 billion compared
to $5.6 billion as of December 31, 2016.
Statement by Carl Icahn
Carl Icahn, the Chairman of the Board of Icahn
Enterprises stated:
"I am very pleased with IEP's performance for
2017. Our net income of $14.80 per depositary unit is the highest
in our history. The Investment segment performed satisfactorily,
especially in light of the fact that this performance would have
been much greater if it were not negatively impacted by our
substantial hedging activities, which we use to mitigate down-side
risk. Additionally, the majority of our operating subsidiaries also
performed admirably.
"IEP's performance since 2000 (when we began to
fully embrace our activist strategy) gives testimony to my belief
that activism, when practiced properly, meaningfully enhances value
for all shareholders as well as the economy in general. An
investment in IEP depositary units made at the beginning of 2000
has increased by approximately 1,124%, or an annualized return of
15%, through December 31, 2017 (assuming reinvestment of
dividends). This compares favorably to an investment in the S&P
500 Index over the same 18-year period, where, even assuming the
reinvestment of dividends, the investment would have increased by
only approximately 158%, or an annualized return of 5%.
"A major contributor to our 2017 performance was
the sale of certain of our portfolio companies for well above our
acquisition cost. Over the past 18 years we have been able to
acquire controlling interests in companies for attractive prices
when they were out of favor for various reasons, often because top
management was not doing an adequate job. As activists, we work
assiduously to bring in good management where needed, as well as
making other changes. Through this 18-year period, as certain of
these companies have prospered as a result of our nurturing, we
have been able to sell a number of these companies for very large
profits. While there can be no assurances, we believe that we will
be able to continue this trend, hopefully in the near term. We
believe that our portfolio may present attractive opportunities for
future transactions, especially in light of the current interest
rate environment and robust market conditions.
"We are fully wedded to the activist model
across all of our segments. This strategy has served us well over
the last 18 years and we expect to continue this trend long into
the future.”
Increased Distribution
On February 27, 2018, the Board of
Directors of the general partner of Icahn Enterprises declared a
quarterly distribution in the amount of $1.75 per depositary unit
(an increase from $6.00 to $7.00 in the annualized distribution).
The quarterly distribution is payable in either cash or additional
depositary units, at the election of each depositary unit holder
and will be paid on or about April 16, 2018 to depositary
unitholders of record at the close of business on March 12, 2018.
Depositary unit holders have until April 5, 2018 to make an
election to receive either cash or additional depositary units; if
a holder does not make an election, it will automatically be deemed
to have elected to receive the distribution in cash. Depositary
unit holders who elect to receive additional depositary units will
receive units valued at the volume weighted average trading price
of the units on NASDAQ during the 5 consecutive trading days ending
April 12, 2018. No fractional depositary units will be issued
pursuant to the distribution payment. Icahn Enterprises will make a
cash payment in lieu of issuing fractional depositary units to any
holders electing to receive depositary units. Any holders that
would only be eligible to receive a fraction of a depositary unit
based on the above calculation will receive a cash payment.
Icahn Enterprises L.P., a master limited
partnership, is a diversified holding company engaged in ten
primary business segments: Investment, Automotive, Energy, Railcar,
Gaming, Metals, Mining, Food Packaging, Real Estate and Home
Fashion.
Caution Concerning Forward-Looking
Statements
Results for any interim period are not
necessarily indicative of results for any full fiscal period. This
release contains certain "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995,
many of which are beyond our ability to control or predict.
Forward-looking statements may be identified by words such as
"expects," "anticipates," "intends," "plans," "believes," "seeks,"
"estimates," "will" or words of similar meaning and include, but
are not limited to, statements about the expected future business
and financial performance of Icahn Enterprises L.P. and its
subsidiaries. Among these risks and uncertainties are risks related
to economic downturns, substantial competition and rising operating
costs; risks related to our investment activities, including the
nature of the investments made by the private funds in which we
invest, losses in the private funds and loss of key employees;
risks related to our automotive activities, including exposure to
adverse conditions in the automotive industry, and risks related to
operations in foreign countries; risks related to our energy
business, including the volatility and availability of crude oil,
other feed stocks and refined products, unfavorable refining margin
(crack spread), interrupted access to pipelines, significant
fluctuations in nitrogen fertilizer demand in the agricultural
industry and seasonality of results; risk related to our gaming
operations, including reductions in discretionary spending due to a
downturn in the local, regional or national economy, intense
competition in the gaming industry from present and emerging
internet online markets and extensive regulation; risks related to
our railcar activities, including reliance upon a small number of
customers that represent a large percentage of revenues and
backlog, the health of and prospects for the overall railcar
industry and the cyclical nature of the railcar manufacturing
business; risks related to our food packaging activities, including
competition from better capitalized competitors, inability of its
suppliers to timely deliver raw materials, and the failure to
effectively respond to industry changes in casings technology;
risks related to our scrap metals activities, including potential
environmental exposure; risks related to our real estate
activities, including the extent of any tenant bankruptcies and
insolvencies; risks related to our home fashion operations,
including changes in the availability and price of raw materials,
and changes in transportation costs and delivery times; and other
risks and uncertainties detailed from time to time in our filings
with the Securities and Exchange Commission. Past performance in
our Investment segment is not necessarily indicative of future
performance. We undertake no obligation to publicly update or
review any forward-looking information, whether as a result of new
information, future developments or otherwise.
|
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(In millions, except per unit
amounts) |
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Revenues: |
(Unaudited) |
Net
sales |
$ |
4,410 |
|
|
$ |
3,965 |
|
|
$ |
17,303 |
|
$ |
15,511 |
|
Other
revenues from operations |
438 |
|
|
452 |
|
|
1,827 |
|
1,958 |
|
Net
(loss) income from investment activities |
(300 |
) |
|
(547 |
) |
|
304 |
|
(1,373 |
) |
Interest
and dividend income |
37 |
|
|
34 |
|
|
136 |
|
131 |
|
Gain on
disposition of assets, net |
200 |
|
|
4 |
|
|
2,166 |
|
14 |
|
Other
(loss) income, net |
(52 |
) |
|
64 |
|
|
8 |
|
107 |
|
|
4,733 |
|
|
3,972 |
|
|
21,744 |
|
16,348 |
|
Expenses: |
|
|
|
|
|
|
|
Cost of
goods sold |
3,911 |
|
|
3,463 |
|
|
15,005 |
|
13,412 |
|
Other
expenses from operations |
255 |
|
|
257 |
|
|
1,041 |
|
1,159 |
|
Selling,
general and administrative |
682 |
|
|
606 |
|
|
2,565 |
|
2,342 |
|
Restructuring |
11 |
|
|
3 |
|
|
25 |
|
32 |
|
Impairment |
30 |
|
|
39 |
|
|
112 |
|
709 |
|
Interest
expense |
195 |
|
|
213 |
|
|
843 |
|
878 |
|
|
5,084 |
|
|
4,581 |
|
|
19,591 |
|
18,532 |
|
(Loss) income before
income tax benefit (expense) |
(351 |
) |
|
(609 |
) |
|
2,153 |
|
(2,184 |
) |
Income tax benefit
(expense) |
548 |
|
|
45 |
|
|
438 |
|
(36 |
) |
Net income (loss) |
197 |
|
|
(564 |
) |
|
2,591 |
|
(2,220 |
) |
Less: net (loss) income
attributable to non-controlling interests |
(101 |
) |
|
(358 |
) |
|
161 |
|
(1,092 |
) |
Net income (loss)
attributable to Icahn Enterprises |
$ |
298 |
|
|
$ |
(206 |
) |
|
$ |
2,430 |
|
$ |
(1,128 |
) |
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Icahn Enterprises allocable to: |
|
|
|
|
|
|
|
Limited
partners |
$ |
292 |
|
|
$ |
(202 |
) |
|
$ |
2,382 |
|
$ |
(1,106 |
) |
General
partner |
6 |
|
|
(4 |
) |
|
48 |
|
(22 |
) |
|
$ |
298 |
|
|
$ |
(206 |
) |
|
$ |
2,430 |
|
$ |
(1,128 |
) |
|
|
|
|
|
|
|
|
Basic and diluted
income (loss) per LP unit |
$ |
1.72 |
|
|
$ |
(1.42 |
) |
|
$ |
14.80 |
|
$ |
(8.07 |
) |
Basic and diluted
weighted average LP units outstanding |
170 |
|
|
142 |
|
|
161 |
|
137 |
|
Cash distributions
declared per LP unit |
$ |
1.50 |
|
|
$ |
1.50 |
|
|
$ |
6.00 |
|
$ |
6.00 |
|
|
|
CONDENSED CONSOLIDATED BALANCE
SHEETS(In millions) |
|
|
December 31, |
|
2017 |
|
2016 |
ASSETS |
(Unaudited) |
|
|
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-retirement benefit
liability |
1,159 |
|
|
1,180 |
|
Liabilities held for
sale |
3 |
|
|
1,779 |
|
Debt |
11,185 |
|
|
11,119 |
|
Total liabilities |
20,433 |
|
|
25,354 |
|
|
|
|
|
Equity: |
|
|
|
Limited
partners |
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 |
|
|
Use of Non-GAAP Financial
Measures
The Company uses certain non-GAAP financial
measures in evaluating its performance. These include non-GAAP
EBITDA, Adjusted EBITDA, EBIT and Adjusted EBIT. EBITDA represents
earnings before interest expense, income tax (benefit) expense and
depreciation and amortization. EBIT represents earnings before
interest expense and income tax (benefit) expense. We define
Adjusted EBITDA and Adjusted EBIT as EBITDA and EBIT, respectively,
excluding the effects of impairment, restructuring costs, certain
pension plan expenses, OPEB curtailment gains, purchase accounting
inventory adjustments, certain share-based compensation,
discontinued operations, gains/losses on extinguishment of debt,
major scheduled turnaround expenses, FIFO adjustments and
unrealized gains/losses on energy segment derivatives and certain
other non-operational charges. We present EBITDA, Adjusted EBITDA,
EBIT and Adjusted EBIT on a consolidated basis and attributable to
Icahn Enterprises net of the effect of non-controlling interests.
We conduct substantially all of our operations through
subsidiaries. The operating results of our subsidiaries may not be
sufficient to make distributions to us. In addition, our
subsidiaries are not obligated to make funds available to us for
payment of our indebtedness, payment of distributions on our
depositary units or otherwise, and distributions and intercompany
transfers from our subsidiaries to us may be restricted by
applicable law or covenants contained in debt agreements and other
agreements to which these subsidiaries currently may be subject or
into which they may enter into in the future. The terms of any
borrowings of our subsidiaries or other entities in which we own
equity may restrict dividends, distributions or loans to us.
We believe that providing EBITDA, Adjusted
EBITDA, EBIT and Adjusted EBIT to investors has economic substance
as these measures provide important supplemental information of our
performance to investors and permits investors and management to
evaluate the core operating performance of our business without
regard to interest, taxes and depreciation and amortization and the
effects of impairment, restructuring costs, certain pension plan
expenses, OPEB curtailment gains, purchase accounting inventory
adjustments, certain share-based compensation, discontinued
operations, gains/losses on extinguishment of debt, major scheduled
turnaround expenses, FIFO adjustments and unrealized gains/losses
on energy segment derivatives and certain other non-operational
charges. Additionally, we believe this information is frequently
used by securities analysts, investors and other interested parties
in the evaluation of companies that have issued debt. Management
uses, and believes that investors benefit from referring to these
non-GAAP financial measures in assessing our operating results, as
well as in planning, forecasting and analyzing future periods.
Adjusting earnings for these charges allows investors to evaluate
our performance from period to period, as well as our peers,
without the effects of certain items that may vary depending on
accounting methods and the book value of assets. Additionally,
EBITDA, Adjusted EBITDA, EBIT and Adjusted EBIT present meaningful
measures of performance exclusive of our capital structure and the
method by which assets were acquired and financed.
EBITDA, Adjusted EBITDA, EBIT and Adjusted EBIT
have limitations as analytical tools, and you should not consider
them in isolation, or as substitutes for analysis of our results as
reported under generally accepted accounting principles in the
United States, or U.S. GAAP. For example, EBITDA, Adjusted EBITDA,
EBIT and Adjusted EBIT:
- do not reflect our cash expenditures, or future requirements
for capital expenditures, or contractual commitments;
- do not reflect changes in, or cash requirements for, our
working capital needs; and
- do not reflect the significant interest expense, or the cash
requirements necessary to service interest or principal
payments on our debt.
Although depreciation and amortization are
non-cash charges, the assets being depreciated or amortized often
will have to be replaced in the future, and EBITDA and Adjusted
EBITDA do not reflect any cash requirements for such replacements.
Other companies in the industries in which we operate may calculate
EBITDA, Adjusted EBITDA, EBIT and Adjusted EBIT differently than we
do, limiting their usefulness as comparative measures. In addition,
EBITDA, Adjusted EBITDA, EBIT and Adjusted EBIT do not reflect the
impact of earnings or charges resulting from matters we consider
not to be indicative of our ongoing operations.
EBITDA, Adjusted EBITDA, EBIT and Adjusted EBIT
are not measurements of our financial performance under U.S. GAAP
and should not be considered as alternatives to net income or any
other performance measures derived in accordance with U.S. GAAP or
as alternatives to cash flow from operating activities as a measure
of our liquidity. Given these limitations, we rely primarily on our
U.S. GAAP results and use EBITDA, Adjusted EBITDA, EBIT and
Adjusted EBIT only as a supplemental measure of our financial
performance.
Use of Indicative Net Asset Value
Data
The Company uses indicative net asset value as
an additional method for considering the value of the Company’s
assets, and we believe that this information can be helpful to
investors. Please note, however, that the indicative net asset
value does not represent the market price at which the units trade.
Accordingly, data regarding indicative net asset value is of
limited use and should not be considered in isolation.
The Company's depositary units are not
redeemable, which means that investors have no right or ability to
obtain from the Company the indicative net asset value of units
that they own. Units may be bought and sold on The NASDAQ Global
Select Market at prevailing market prices. Those prices may be
higher or lower than the indicative net asset value of the units as
calculated by management.
See below for more information on how we
calculate the Company’s indicative net asset value.
|
December 31, |
($ in millions) |
2017 |
|
2016 |
Market-valued
Subsidiaries: |
(Unaudited) |
Holding Company
interest in Funds (1) |
$ |
3,052 |
|
|
$ |
1,669 |
|
CVR Energy (2) |
2,651 |
|
|
1,808 |
|
CVR Refining - direct
holding (2) |
95 |
|
|
60 |
|
American Railcar
Industries (2) |
494 |
|
|
538 |
|
Total
market-valued subsidiaries |
$ |
6,293 |
|
|
$ |
4,074 |
|
|
|
|
|
Other
Subsidiaries: |
|
|
|
Tropicana (3) |
$ |
1,439 |
|
|
$ |
898 |
|
Viskase (3) |
173 |
|
|
154 |
|
Federal-Mogul (4) |
1,690 |
|
|
1,429 |
|
Real Estate Holdings
(1) |
824 |
|
|
642 |
|
PSC Metals (1) |
182 |
|
|
155 |
|
WestPoint Home (1) |
144 |
|
|
164 |
|
ARL/RemainCo (5) |
18 |
|
|
1,689 |
|
Ferrous Resources
(1) |
138 |
|
|
104 |
|
Icahn Automotive Group
(1) |
1,728 |
|
|
1,319 |
|
Trump Entertainment
(1) |
22 |
|
|
86 |
|
Total -
other subsidiaries |
$ |
6,359 |
|
|
$ |
6,640 |
|
Add: Holding Company cash and cash equivalents (6) |
526 |
|
|
225 |
|
Less: Holding Company debt (6) |
(5,507 |
) |
|
(5,490 |
) |
Add: Other Holding Company net assets (6) |
189 |
|
|
171 |
|
Indicative Net
Asset Value |
$ |
7,860 |
|
|
$ |
5,620 |
|
|
Indicative net asset value does not purport to
reflect a valuation of IEP. The calculated Indicative net asset
value does not include any value for our Investment Segment other
than the fair market value of our investment in the Investment
Funds. A valuation is a subjective exercise and Indicative net
asset value does not necessarily consider all elements or consider
in the adequate proportion the elements that could affect the
valuation of IEP. Investors may reasonably differ on what such
elements are and their impact on IEP. No representation or
assurance, expressed or implied is made as to the accuracy and
correctness of indicative net asset value as of these dates or with
respect to any future indicative or prospective results which may
vary.
(1) |
|
|
|
Represents
equity attributable to us as of each respective date. |
(2) |
|
|
|
Based on
closing share price on each date (or if such date was not a trading
day, the immediately preceding trading day) and the number of
shares owned by the Holding Company as of each respective
date. |
(3) |
|
|
|
Amounts
based on market comparables due to lack of material trading volume.
Tropicana valued at 9.0x Adjusted EBITDA for the twelve months
ended December 31, 2017 and 8.5x Adjusted EBITDA for the twelve
months ended December 31, 2016. Viskase valued at 9.0x Adjusted
EBITDA for the twelve months ended December 31, 2017 and December
31, 2016. |
(4) |
|
|
|
December
31, 2017 represents the value of the company based on IEP's tender
offer during Q1 2017. December 31, 2016 represents the closing
share price (or if such date was not a trading day, the immediately
preceding trading day) and the number of shares owned by the
Holding Company as of December 31, 2016. |
(5) |
|
|
|
December
31, 2017 represents the option purchase price of the remaining cars
not sold in the initial ARL sale, plus working capital as of that
date. December 31, 2016 reflects the initial sale of ARL to SMBC
Rail and assumes that the ARL cars not being sold to SMBC Rail
during the initial closing are valued at the purchase price option
set forth in the ARL sales agreement less liabilities. |
(6) |
|
|
|
Holding
Company's balance as of each respective date. |
|
|
|
|
|
|
($ in millions) |
Three Months Ended December 31, |
|
Year Ended December 31, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Consolidated
Adjusted EBITDA: |
(Unaudited) |
Net
income (loss) |
$ |
197 |
|
|
$ |
(564 |
) |
|
$ |
2,591 |
|
|
$ |
(2,220 |
) |
Interest
expense, net |
191 |
|
|
208 |
|
|
828 |
|
|
867 |
|
Income
tax (benefit) expense |
(548 |
) |
|
(45 |
) |
|
(438 |
) |
|
36 |
|
Depreciation and amortization |
256 |
|
|
275 |
|
|
1,002 |
|
|
1,014 |
|
Consolidated
EBITDA |
$ |
96 |
|
|
$ |
(126 |
) |
|
$ |
3,983 |
|
|
$ |
(303 |
) |
Impairment of assets |
30 |
|
|
39 |
|
|
112 |
|
|
709 |
|
Restructuring costs |
11 |
|
|
3 |
|
|
25 |
|
|
32 |
|
Non-Service cost US based pensions |
3 |
|
|
5 |
|
|
14 |
|
|
18 |
|
FIFO
impact favorable |
(30 |
) |
|
(22 |
) |
|
(30 |
) |
|
(52 |
) |
Major
scheduled turnaround expense |
43 |
|
|
— |
|
|
83 |
|
|
38 |
|
Loss on
extinguishment of debt |
12 |
|
|
— |
|
|
16 |
|
|
5 |
|
Gain on
disposition of assets |
(200 |
) |
|
(1 |
) |
|
(2,166 |
) |
|
(11 |
) |
Tax
settlements |
— |
|
|
— |
|
|
(61 |
) |
|
— |
|
Unrealized loss on certain derivatives |
47 |
|
|
16 |
|
|
53 |
|
|
56 |
|
Other |
44 |
|
|
1 |
|
|
111 |
|
|
61 |
|
Consolidated
Adjusted EBITDA |
$ |
56 |
|
|
$ |
(85 |
) |
|
$ |
2,140 |
|
|
$ |
553 |
|
|
|
|
|
|
|
|
|
IEP Adjusted
EBITDA: |
|
|
|
|
|
|
|
Net
income (loss) attributable to IEP |
$ |
298 |
|
|
$ |
(206 |
) |
|
$ |
2,430 |
|
|
$ |
(1,128 |
) |
Interest
expense, net |
153 |
|
|
152 |
|
|
640 |
|
|
620 |
|
Income
tax (benefit) expense |
(427 |
) |
|
(48 |
) |
|
(330 |
) |
|
12 |
|
Depreciation and amortization |
208 |
|
|
211 |
|
|
809 |
|
|
768 |
|
EBITDA
attributable to IEP |
$ |
232 |
|
|
$ |
109 |
|
|
$ |
3,549 |
|
|
$ |
272 |
|
Impairment of assets |
30 |
|
|
37 |
|
|
112 |
|
|
466 |
|
Restructuring costs |
11 |
|
|
2 |
|
|
24 |
|
|
26 |
|
Non-Service cost US based pensions |
3 |
|
|
4 |
|
|
13 |
|
|
14 |
|
FIFO
impact favorable |
(18 |
) |
|
(13 |
) |
|
(18 |
) |
|
(31 |
) |
Major
scheduled turnaround expense |
25 |
|
|
— |
|
|
49 |
|
|
20 |
|
Loss on
extinguishment of debt |
12 |
|
|
— |
|
|
16 |
|
|
1 |
|
Gain on
disposition of assets |
(200 |
) |
|
(1 |
) |
|
(2,166 |
) |
|
(9 |
) |
Tax
settlements |
— |
|
|
— |
|
|
(57 |
) |
|
— |
|
Unrealized loss on certain derivatives |
27 |
|
|
9 |
|
|
31 |
|
|
32 |
|
Other |
45 |
|
|
(2 |
) |
|
112 |
|
|
51 |
|
Adjusted EBITDA
attributable to IEP |
$ |
167 |
|
|
$ |
145 |
|
|
$ |
1,665 |
|
|
$ |
842 |
|
|
|
($ in millions) |
Three Months Ended December 31, |
|
Year Ended December 31, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
Consolidated
Adjusted EBIT: |
(Unaudited) |
Net
income (loss) |
$ |
197 |
|
|
$ |
(564 |
) |
|
$ |
2,591 |
|
|
$ |
(2,220 |
) |
Interest
expense, net |
191 |
|
|
208 |
|
|
828 |
|
|
867 |
|
Income
tax (benefit) expense |
(548 |
) |
|
(45 |
) |
|
(438 |
) |
|
36 |
|
Consolidated
EBIT |
$ |
(160 |
) |
|
$ |
(401 |
) |
|
$ |
2,981 |
|
|
$ |
(1,317 |
) |
Impairment of assets |
30 |
|
|
39 |
|
|
112 |
|
|
709 |
|
Restructuring costs |
11 |
|
|
3 |
|
|
25 |
|
|
32 |
|
Non-Service cost US based pensions |
3 |
|
|
5 |
|
|
14 |
|
|
18 |
|
FIFO
impact favorable |
(30 |
) |
|
(22 |
) |
|
(30 |
) |
|
(52 |
) |
Major
scheduled turnaround expense |
43 |
|
|
— |
|
|
83 |
|
|
38 |
|
Loss on
extinguishment of debt |
12 |
|
|
— |
|
|
16 |
|
|
5 |
|
Gain on
disposition of assets |
(200 |
) |
|
(1 |
) |
|
(2,166 |
) |
|
(11 |
) |
Tax
settlements |
— |
|
|
— |
|
|
(61 |
) |
|
— |
|
Unrealized loss on certain derivatives |
47 |
|
|
16 |
|
|
53 |
|
|
56 |
|
Other |
44 |
|
|
1 |
|
|
111 |
|
|
61 |
|
Consolidated
Adjusted EBIT |
$ |
(200 |
) |
|
$ |
(360 |
) |
|
$ |
1,138 |
|
|
$ |
(461 |
) |
|
|
|
|
|
|
|
|
IEP Adjusted
EBIT: |
|
|
|
|
|
|
|
Net
income (loss) attributable to IEP |
$ |
298 |
|
|
$ |
(206 |
) |
|
$ |
2,430 |
|
|
$ |
(1,128 |
) |
Interest
expense, net |
153 |
|
|
152 |
|
|
640 |
|
|
620 |
|
Income
tax (benefit) expense |
(427 |
) |
|
(48 |
) |
|
(330 |
) |
|
12 |
|
EBIT
attributable to IEP |
$ |
24 |
|
|
$ |
(102 |
) |
|
$ |
2,740 |
|
|
$ |
(496 |
) |
Impairment of assets |
30 |
|
|
37 |
|
|
112 |
|
|
466 |
|
Restructuring costs |
11 |
|
|
2 |
|
|
24 |
|
|
26 |
|
Non-Service cost US based pensions |
3 |
|
|
4 |
|
|
13 |
|
|
14 |
|
FIFO
impact favorable |
(18 |
) |
|
(13 |
) |
|
(18 |
) |
|
(31 |
) |
Major
scheduled turnaround expense |
25 |
|
|
— |
|
|
49 |
|
|
20 |
|
Loss on
extinguishment of debt |
12 |
|
|
— |
|
|
16 |
|
|
1 |
|
Gain on
disposition of assets |
(200 |
) |
|
(1 |
) |
|
(2,166 |
) |
|
(9 |
) |
Tax
settlements |
— |
|
|
— |
|
|
(57 |
) |
|
— |
|
Unrealized loss on certain derivatives |
27 |
|
|
9 |
|
|
31 |
|
|
32 |
|
Other |
45 |
|
|
(2 |
) |
|
112 |
|
|
51 |
|
Adjusted EBIT
attributable to IEP |
$ |
(41 |
) |
|
$ |
(66 |
) |
|
$ |
856 |
|
|
$ |
74 |
|
|
|
Investor Contacts:SungHwan Cho, Chief Financial OfficerPeter
Reck, Chief Accounting Officer(212) 702-4300
Icahn Enterprises (NASDAQ:IEP)
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