UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

 

FORM 8-K/A

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): December 9, 2013

 

Commission File Number

Exact Name of Registrant as Specified in its Charter,

Address of Principal Executive Offices and Telephone Number

State of

Incorporation

I.R.S.

Employer

Identification No.

       
1-9516

Icahn Enterprises L.P.

767 Fifth Avenue, Suite 4700

New York, New York 10153

(212) 702-4300

Delaware 13-3398766
       
333-118021-01

ICAHN ENTERPRISES HOLDINGS L.P.

767 Fifth Avenue, Suite 4700

New York, New York 10153

(212) 702-4300

Delaware 13-3398767

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

  

 
 

 

Explanatory Note

 

Icahn Enterprises L.P. is filing this Amendment Number 1 to its Current Report on Form 8-K, as filed with the Securities and Exchange Commission on December 9, 2013, to correct certain typographical errors in line item captions and one numerical typographical error in the tables included under Item 8.01.

 

Item 8.01 Other Information

 

Through our Investment segment, we have significant positions in various investments, which include Chesapeake Energy (CHK), Forest Laboratories (FRX), Netflix (NFLX), Transocean Ltd. (RIG), Apple Inc. (APPL), Herbalife Ltd. (HLF), Nuance Communications, Inc. (NUAN), Talisman Energy Inc. (TLM) and Hologic Inc. (HOLX).

 

As of November 29, 2013, based on the closing sale price of CVR stock and distributions since we acquired control, we had gains of approximately $1.7 billion on our purchase of CVR. 

 

On November 29, 2013, our depositary units closed at $121.07 per depositary unit, representing an increase of 1,850% since January 1, 2000 (including reinvestment of distributions into additional depositary units and taking into account in-kind distributions of depositary units). Comparatively, the S&P 500, Dow Jones Industrial and Russell 2000 indices increased approximately 60%, 95% and 172%, respectively, over the same period (including reinvestment of distributions into those indices).

 

 
 

 

The table below sets forth the combined value of our operating subsidiaries and Holding Company’s liquid assets

 

   As of 
   Dec 31,
2012
   March 31,
2013
   June 30,
2013
   Sept 30,
2013
  

Nov 30,

2013

 
Market-valued Subsidiaries:                         
Holding Company interest in Funds(1)   $2,387   $2,607   $2,543   $3,573   $3,610 
CVR Energy(2)    3,474    3,675    3,375    2,743    2,811 
CVR Refining(2)        139    180    150    144 
Federal-Mogul(2)    615    462    783    2,033    2,485 
American Railcar Industries(2)    377    555    398    466    515 
Total market-valued subsidiaries   $6,853   $7,438   $7,279   $8,965   $9,565 
Other Subsidiaries                         
Tropicana(3)   $512   $546   $566   $528   $480 
Viskase(3)    268    283    237    278    255 
Real Estate Holdings(4)    763    696    717    723    723 
PSC Metals(4)    338    334    322    302    302 
WestPoint Home(4)    256    207    205    205    205 
AEP Leasing(4)    60    112    142    214    214 
Total - other subsidiaries   $2,196   $2,178   $2,189   $2,250   $2,179 
Add: Holding Company cash and cash equivalents(5)   $1,045    755    1,412    958    1,013 
Less: Holding Company debt(6)    (4,082)   (3,525)   (3,525)   (4,017)   (4,017)
Add: Other Holding Company net assets(7)    86    137    (133)   (72)   (72)
Indicative Net Asset Value   $6,098   $6,983   $7,222   $8,084   $8,668 

 

 
 

 

(1)Fair market value of Holding Company’s interest in the Funds and Investment segment cash 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 8.0, 9.0, 9.0 and 9.0 times the trailing twelve month Adjusted EBITDA as of December 31, 2012, March 31, 2013, June 30, 2013 and September 30, 2013, respectively. Viskase valued at 11.0, 11.0, 9.5 and 10.0 times the trailing twelve month Adjusted EBITDA as of December 31, 2012, March 31, 2013, June 30, 2013 and September 30, 2013, respectively. November 30, 2013 valuations for Tropicana and Viskase assume 8.0x and 9.5x, respectively, the trailing twelve month Adjusted EBITDA ended September 30, 2013.

 

(4)Represents equity attributable to us as of each respective date.

 

(5)Holding Company’s cash and cash equivalents balance as of each respective date, except for November 30, 2013, which is the September 30, 2013 balance adjusted for dividends received subsequently from CVI and CVRR.

 

(6)Holding Company’s debt balance as of each respective date.

 

(7)Holding Company’s other net asset balance as of each respective date, except for November 30, 2013, which is the September 30, 2013 balance. Distribution accruals are adjusted for additional depositary units distributed subsequent to the balance sheet date (if any).

 

 
 

 

   Year
Ended
December 31,
   Nine Months
Ended
September 30,
   Twelve Months Ended September 30, 
   2010   2011   2012   2012   2013   2013 
      (unaudited) 
   (in millions) 
Segment Operating Data:                              
Consolidated revenues:                              
Investment   $887   $1,896   $398   $304   $1,706   $1,800 
Automotive    6,239    6,937    6,677    5,083    5,177    6,771 
Energy(1)            5,519    3,651    6,735    8,603 
Metals    725    1,096    1,103    872    737    968 
Railcar    270    514    657    488    433    602 
Gaming(2)    78    624    611    488    445    568 
Food Packaging    317    338    341    253    251    339 
Real Estate    90    90    88    69    65    84 
Home Fashion    431    325    231    176    144    199 
Holding Company    57    36    29    29    (35)   (35)
Eliminations    (22)   (14)                
   $9,072   $11,842   $15,654   $11,413   $15,658   $19,899 
   (unaudited)   (unaudited) 
Adjusted EBITDA before non-controlling interests(3):                              
Investment   $823   $1,845   $374   $286   $1,622   $1,710 
Automotive    661    688    513    419    447    541 
Energy(1)            977    746    709    940 
Metals    24    26    (16)   (11)   (12)   (17)
Railcar    3    50    143    100    112    155 
Gaming(2)    6    72    79    76    68    71 
Food Packaging    50    48    57    40    50    67 
Real Estate    40    47    47    39    33    41 
Home Fashion    (32)   (31)   (3)   (2)   1     
Holding Company    69    5    11    17    (48)   (54)
   $1,644   $2,750   $2,182   $1,710   $2,982   $3,454 
                     
Adjusted EBITDA attributable to Icahn Enterprises(3):                              
Investment   $342   $876   $158   $122   $693   $729 
Automotive    499    518    390    320    348    418 
Energy(1)            787    592    465    660 
Metals    24    26    (16)   (11)   (12)   (17)
Railcar    2    27    77    58    52    71 
Gaming(2)    1    37    54    50    45    49 
Food Packaging    37    35    41    30    37    48 
Real Estate    40    47    47    39    33    41 
Home Fashion    (23)   (24)   (3)   (2)   1     
Holding Company    17    5    11    17    (48)   (54)
   $939   $1,547   $1,546   $1,215   $1,614   $1,945 

 

(1) Energy segment results for 2012 are for the periods commencing May 5, 2012.
(2) Gaming segment results for 2010 are for the period commencing November 15, 2010.
(3) EBITDA represents earnings before interest expense, net, income tax (benefit) expense and depreciation and amortization. We define Adjusted EBITDA as EBITDA excluding the effects of impairment, restructuring costs, certain pension plan expenses, FIFO impacts, OPEB curtailment gains, certain share-based compensation, major scheduled turnaround, disposal of assets, certain proxy matter expenses, certain acquisition expenses, losses on extinguishment of debt, unrealized gain and losses on derivatives and certain commercial settlement charges. 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 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 and Adjusted EBITDA to investors has economic substance as these measures provide important supplemental information regarding our performance to investors and permits investors and management to evaluate the core operating performance of our business. 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 and Adjusted EBITDA present meaningful measures of corporate performance exclusive of our capital structure and the method by which assets were acquired and financed.

 

EBITDA and Adjusted EBITDA have limitations as analytical tools, and you should not consider them in isolation, or as substitutes for analysis of our results as reported under U.S. GAAP. For example, EBITDA and Adjusted EBITDA:

 

  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 and Adjusted EBITDA differently than we do, limiting their usefulness as comparative measures. In addition, EBITDA and Adjusted EBITDA do not reflect the impact of earnings or charges resulting from matters we consider not to be indicative of our ongoing operations.

 

EBITDA and Adjusted EBITDA 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 and Adjusted EBITDA only as a supplemental measure of our financial performance.

 

 
 

 

The following table reconciles net income to EBITDA and EBITDA to Adjusted EBITDA for the year ended December 31, 2010 for each of our segments:

 

   Investment   Automotive   Energy   Metals   Railcar   Gaming   Food Packaging   Real Estate   Home Fashion   Holding Company   Total 
   (unaudited)
(in millions)
 
Before non-controlling interests:                                                       
Net income (loss)   $818   $160   $   $4   $(27)  $(2)  $14   $8   $(62)  $(170)  $743 
Interest expense, net    4    141            21    1    21    8    1    192    389 
Income tax expense (benefit)    2    12        1    (15)       2            7    9 
Depreciation, depletion and amortization        333        18    23    5    14    23    11        427 
EBITDA before non-controlling interests  $824   $646   $   $23   $2   $4   $51   $39   $(50)  $29   $1,568 
Impairment(a)   $   $2   $   $   $   $   $   $1   $9   $   $12 
Restructuring(b)        8                            8        16 
Non-service cost of U.S. based pension(c)        35                                    35 
OPEB curtailment
gains(e)
       (29)                                   (29)
Net loss on extinguishment of debt(j)                                        40    40 
Other    (1)   (1)       1    1    2    (1)       1        2 
Adjusted EBITDA before non-controlling interests   $823   $661   $   $24   $3   $6   $50   $40   $(32)  $69   $1,644 
Attributable to Icahn Enterprises:                                                       
Net income   $340   $116   $   $4   $(15)  $   $10   $8   $(42)  $(222)  $199 
Interest expense, net    1    109            12        15    8    1    192    338 
Income tax expense
(benefit)
   1    9        1    (8)       1            7    11 
Depreciation, depletion and amortization        254        19    13    1    11    23    7        328 
EBITDA attributable to Icahn Enterprises  $342   $488   $   $24   $2   $1   $37   $39   $(34)  $(23)  $876 
Impairment(a)   $   $1   $   $   $   $   $   $1   $6   $   $8 
Restructuring(b)        7                            5        12 
Non-service cost of U.S. based pension(c)        25                                    25 
OPEB curtailment
gains(e)
       (22)                                   (22)
Net loss on extinguishment of debt(j)                                        40    40 
Adjusted EBITDA attributable to Icahn Enterprises   $342   $499   $   $24   $2   $1   $37   $40   $(23)  $17   $939 

 

 
 

 

The following table reconciles net income to EBITDA and EBITDA to Adjusted EBITDA for the year ended December 31, 2011 for each of our segments:

 

   Investment   Automotive   Energy   Metals   Railcar   Gaming   Food Packaging   Real Estate   Home Fashion   Holding Company   Total 
   (unaudited)
(in millions)
 
Before non-controlling interests:                                                       
Net income (loss)   $1,830   $168   $   $6   $4   $24   $6   $18   $(66)  $(226)  $1,764 
Interest expense, net    15    141            20    9    21    6    1    223    436 
Income tax expense (benefit)        17        (3)   4    3    5            8    34 
Depreciation, depletion and amortization        285        23    22    31    16    23    10        410 
EBITDA before non-controlling interests  $1,845   $611   $   $26   $50   $67   $48   $47   $(55)  $5   $2,644 
Impairment(a)   $   $48   $   $   $   $5   $   $   $18   $   $71 
Restructuring(b)        5                            6        11 
Non-service cost of U.S. based pension(c)        25                                    25 
OPEB curtailment
gains(e)
       (1)                                   (1)
Adjusted EBITDA
before non-controlling interests
  $1,845   $688   $   $26   $50   $72   $48   $47   $(31)  $5   $2,750 
Attributable to Icahn Enterprises:                                                       
Net income   $868   $121   $   $6   $2   $13   $4   $18   $(56)  $(226)  $750 
Interest expense, net    8    109            11    5    15    6        223    377 
Income tax expense
(benefit)
       13        (3)   2    3    4            8    27 
Depreciation, depletion
and amortization
       217        23    12    13    12    23    9        309 
EBITDA attributable to Icahn Enterprises  $876   $460   $   $26   $27   $34   $35   $47   $(47)  $5   $1,463 
Impairment(a)   $   $37   $   $   $   $3   $   $   $18   $   $58 
Restructuring(b)        4                            5        9 
Non-service cost of U.S. based pension(c)        18                                    18 
OPEB curtailment
gains(e)
       (1)                                   (1)
Adjusted EBITDA attributable to Icahn Enterprises   $876   $518   $   $26   $27   $37   $35   $47   $(24)  $5   $1,547 

 

 

 
 

 

The following table reconciles net income to EBITDA and EBITDA to Adjusted EBITDA for the year ended December 31, 2012 for each of our segments:

 

   Investment   Automotive   Energy   Metals   Railcar   Gaming   Food Packaging   Real
Estate
   Home
Fashion
   Holding
Company
   Total 
   (unaudited)
(in millions)
 
Before non-controlling interests:                                                       
Net income (loss)   $372   $(22)  $338   $(58)  $57   $30   $6   $19   $(27)  $12   $727 
Interest expense, net    2    136    38        15    12    21    5        283    512 
Income tax (benefit) expense        (29)   182    (1)   42    4    5            (284)   (81)
Depreciation, depletion and
amortization
       289    128    26    24    32    18    23    8        548 
EBITDA before non-controlling interests  $374   $374   $686   $(33)  $138   $78   $50   $47   $(19)  $11   $1,706 
Impairment(a)   $   $98   $   $18   $   $2   $   $   $11   $   $129 
Restructuring(b)        26                    1        4        31 

Non-service cost of U.S.

based pension(c)

       35                    3                38 
FIFO impact unfavorable(d)            71                                71 
OPEB curtailment gains(e)        (51)                                   (51)
Certain share-based compensation expense(f)        (4)   33        5                        34 
Major scheduled turnaround expense(g)            107                                107 

Expenses related to certain

acquisitions(i)

           6                                6 
Net loss on extinguishment of debt(j)            6        2    2                    10 

Unrealized loss on certain

derivatives(k)

           68                                68 
Other        35        (1)   (2)   (3)   3        1        33 
Adjusted EBITDA before
non-controlling interests
  $374   $513   $977   $(16)  $143   $79   $57   $47   $(3)  $11   $2,182 
Attributable to Icahn
Enterprises:
                                                       
Net income (loss)   $157   $(24)  $263   $(58)  $29   $21   $4   $19   $(27)  $12   $396 
Interest expense, net    1    105    31        8    8    15    5        283    456 
Income tax (benefit) expense        (22)   149    (1)   23    3    4            (284)   (128)
Depreciation, depletion and
amortization
       224    105    26    13    22    13    23    8        434 
EBITDA attributable to Icahn Enterprises  $158   $283   $548   $(33)  $73   $54   $36   $47   $(19)  $11   $1,158 
Impairment(a)   $   $76   $   $18   $   $1   $   $   $11   $   $106 
Restructuring(b)        20                    1        4        25 

Non-service cost of U.S.

based pension(c)

       27                    2                29 
FIFO impact unfavorable(d)            58                                58 
OPEB curtailment gains(e)        (40)                                   (40)

Certain share-based

compensation expense(f)

       (3)   27        3                        27 
Major scheduled turnaround
expense(g)
           88                                88 

Expenses related to certain

acquisitions(i)

           4                                4 
Net loss on extinguishment of debt(j)            5        1    1                    7 

Unrealized loss on certain

derivatives(k)

           57                                57 
Other        27        (1)       (2)   2        1        27 
Adjusted EBITDA attributable to Icahn Enterprises  $158   $390   $787   $(16)  $77   $54   $41   $47   $(3)  $11   $1,546 
                                                        

 

 

 
 

 

The following table reconciles net income to EBITDA and EBITDA to Adjusted EBITDA for the nine months ended September 30, 2012 for each of our segments:

 

   Investment   Automotive   Energy   Metals   Railcar   Gaming   Food Packaging   Real Estate   Home Fashion   Holding Company   Total 
   (unaudited)
(in millions)
 
Before non-controlling interests:                                                       
Net income (loss)   $284   $55   $281   $(21)  $37   $36   $4   $17   $(16)  $(16)  $661 
Interest expense, net    2    102    24        13    10    15    4        208    378 
Income tax expense
(benefit)
       (27)   158    (9)   26    3    3            (175)   (21)
Depreciation, depletion and amortization        212    79    19    18    24    14    17    6        389 
EBITDA before non-controlling interests  $286   $342   $542   $(11)  $94   $73   $36   $38   $(10)  $17   $1,407 
Impairment(a)   $   $79   $   $   $   $2   $   $   $6   $   $87 
Restructuring(b)        19                            2        21 
Non-service cost of U.S. based pension(c)        26                                    26 
FIFO impact unfavorable(d)            48                                48 
OPEB curtailment gains(e)        (51)                                   (51)
Certain share-based compensation expense(f)        (3)   22        5                        24 
Major scheduled turnaround expense(g)           13                                13 
Gain on disposal of assets (h)        (2)                                   (2)
Net gains on extinguishment of debt(j)                    2    2                    4 
Unrealized (gain) on certain derivatives(k)            118                                118 
Other        9    3        (1)   (1)   4    1            15 
Adjusted EBITDA before non-controlling interests  $286   $419   $746   $(11)  $100   $76   $40   $39   $(2)  $17   $1,710 
Attributable to Icahn Enterprises:                                                       
Net income (loss)   $121   $38   $219   $(21)  $20   $25   $3   $17   $(16)  $(16)  $390 
Interest expense, net    1    80    19        8    5    12    4        208    337 
Income tax expense
(benefit)
       (21)   128    (9)   14    1    2            (175)   (60)
Depreciation, depletion and amortization        164    59    19    11    17    10    17    6        303 
EBITDA attributable to Icahn Enterprises  $122   $261   $425   $(11)  $53   $48   $27   $38   $(10)  $17   $970 
Impairment(a)   $   $61   $   $   $   $1   $   $   $6   $   $68 
Restructuring(b)        14                            2        16 
Non-service cost of U.S. based pension(c)        20                                    20 
FIFO impact unfavorable(d)            34                                34 
OPEB curtailment gains(e)        (39)                                   (39)
Certain share-based compensation expense(f)        (2)   25        3                        26 
Major scheduled turnaround expense(g)           10                                10 
Gain on disposal of assets(h)        (2)                                   (2)
Net gains on extinguishment of debt(j)                    1    1                    2 
Unrealized (gain) on certain derivatives(k)            96                                96 
Other        7    2        1        3    1            14 
Adjusted EBITDA attributable to Icahn Enterprises   $122   $320   $592   $(11)  $58   $50   $30   $39   $(2)  $17   $1,215 

 

 

 
 

 

The following table reconciles net income to EBITDA and EBITDA to Adjusted EBITDA for the nine months ended September 30, 2013 for each of our segments:

 

   Investment   Automotive   Energy   Metals   Railcar   Gaming   Food Packaging   Real Estate   Home Fashion   Holding Company   Total 
   (unaudited)
(in millions)
 
Before non-controlling interests:                                                       
Net income (loss)   $1,616   $46   $552   $(18)  $43   $28   $(10)  $12   $(5)  $(273)  $1,991 
Interest expense, net    6    84    38        4    11    16    3        223    385 
Income tax expense
(benefit)
       28    217    (14)   40    2    (1)           2    274 
Depreciation, depletion and amortization        219    154    20    23    25    15    17    6        479 
EBITDA before non-controlling interests  $1,622   $377   $961   $(12)  $110   $66   $20   $32   $1   $(48)  $3,129 
Impairment(a)   $   $3   $   $   $   $2   $   $2   $   $   $7 
Restructuring(b)        20                            2        22 
Non-service cost of U.S. based pension(c)        2                    2                4 
FIFO impact unfavorable(d)            (83)                               (83)
OPEB curtailment gains(e)        (19)                                   (19)
Certain share-based compensation expense(f)        4    13        4                        21 
Loss on disposal of assets (h)        57                                    57 
Net gains on extinguishment of debt(j)            (5)                               (5)
Unrealized (gain) on certain derivatives(k)            (177)                               (177)
Other        3            (2)       28    (1)   (2)       26 
Adjusted EBITDA before non-controlling interests  $1,622   $447   $709   $(12)  $112   $68   $50   $33   $1   $(48)  $2,982 
Attributable to Icahn Enterprises:                                                       
Net income (loss)   $690   $31   $340   $(18)  $15   $18   $(7)  $12   $(5)  $(273)  $803 
Interest expense, net    3    69    25        3    8    12    3        223    346 
Income tax expense
(benefit)
       22    179    (14)   22    1    (1)           2    211 
Depreciation, depletion and amortization        172    90    20    11    16    11    17    6        343 
EBITDA attributable to Icahn Enterprises  $693   $294   $634   $(12)  $51   $43   $15   $32   $1   $(48)  $1,703 
Impairment(a)   $    3   $   $   $   $2   $   $2   $   $   $7 
Restructuring(b)        15                            2        17 
Non-service cost of U.S. based pension(c)        2                    2                4 
FIFO impact unfavorable(d)            (54)                               (54)
OPEB curtailment gains(e)        (15)                                   (15)
Certain share-based compensation expense(f)        3    9        2                        14 
Loss on disposal of assets(h)        44                                    44 
Net gains on extinguishment of debt(j)            (3)                               (3)
Unrealized (gain) on certain derivatives(k)            (121)                               (121)
Other        2            (1)       20    (1)   (2)       18 
Adjusted EBITDA attributable to Icahn Enterprises   $693   $348   $465   $(12)  $52   $45   $37   $33   $1   $(48)  $1,614 

 

 
 

 

The following table reconciles net income to EBITDA and EBITDA to Adjusted EBITDA for the twelve months ended September 30, 2013 for each of our segments:

 

   Investment   Automotive   Energy   Metals   Railcar   Gaming   Food Packaging   Real Estate   Home Fashion   Holding Company   Total 
  

(unaudited)

(in millions)

 
Before non-controlling interests:                                                       
Net income (loss)   $1,704   $(31)  $609   $(55)  $63   $22   $(8)  $14   $(16)  $(245)  $2,057 
Interest expense, net    6    118    52        6    13    22    4        298    519 
Income tax (benefit)
expense
       26    241    (6)   56    3    1            (107)   214 
Depreciation, depletion and amortization        296    203    27    29    33    19    23    8        638 
EBITDA before non-controlling
interests
  $1,710   $409   $1,105   $(34)  $154   $71   $34   $41   $(8)  $(54)  $3,428 
Impairment(a)   $   $22   $   $18   $   $2   $   $2   $5   $   $49 
Restructuring(b)        27                    1        4        32 
Non-service cost of U.S. based pension(c)        11                    5                16 
FIFO impact unfavorable(d)            (60)                               (60)
OPEB curtailment gains(e)        (19)                                   (19)
Certain share-based compensation expense(f)        3    24        4                        31 
Major scheduled turnaround expense(g)            94                                94 
Loss on disposal of assets (h)        59                                    59 
Expenses related to certain acquisitions(i)            6                                6 
Net loss on extinguishment of debt(j)            1                                1 
Unrealized loss on certain derivatives(k)            (227)                               (227)
Other        29    (3)   (1)   (3)   (2)   27    (2)   (1)       44 
Adjusted EBITDA before non-controlling
interests
  $1,710   $541   $940   $(17)  $155   $71   $67   $41   $   $(54)  $3,454 
Attributable to Icahn Enterprises:                                                       
Net income (loss)   $726   $(31)  $384   $(55)  $24   $14   $(6)  $14   $(16)  $(245)  $809 
Interest expense, net    3    94    37        3    11    15    4        298    465 
Income tax (benefit)
expense
       21    200    (6)   31    3    1            (107)   143 
Depreciation, depletion and
amortization
       232    136    27    13    21    14    23    8        474 
EBITDA attributable to
Icahn Enterprises
  $729   $316   $757   $(34)  $71   $49   $24   $41   $(8)  $(54)  $1,891 
Impairment(a)   $   $18   $   $18   $   $2   $   $2   $5   $   $45 
Restructuring(b)        21                    1        4        26 
Non-service cost of U.S. based pension(c)        9                    4                13 
FIFO impact unfavorable(d)            (30)                               (30)
OPEB curtailment
gains(e)
       (16)                                   (16)
Certain share-based compensation expense(f)        2    11        2                        15 
Major scheduled turnaround
expense(g)
           78                                78 
Loss on disposal of assets(h)        46                                    46 
Expenses related to certain acquisitions(i)            4                                4 
Net loss on extinguishment of debt(j)            2                                2 
Unrealized loss on certain derivative(k)            (160)                               (160)
Other        22    (2)   (1)   (2)   (2)   19    (2)   (1)       31 
Adjusted EBITDA
attributable to Icahn
Enterprises
  $729   $418   $660   $(17)  $71   $49   $48   $41   $   $(54)  $1,945 

 

 

 

 
 

 

  (a) Represents asset impairment charges.
  (b) Restructuring costs primarily include expenses incurred by our Automotive and Home Fashion segments, relating to efforts to integrate and rationalize businesses and to relocate manufacturing operations to best-cost countries.
  (c) Represents certain pension expenses, primarily associated with Federal-Mogul’s non-service cost of U.S. based funded pension.
  (d) Represents FIFO impacts related to CVR’s petroleum business.
  (e) Represents curtailment gains relating to Federal-Mogul’s elimination of certain post-employment benefits for certain of its employees.
  (f) Represents certain share-based compensation expense at our Automotive, Energy and Railcar segments.
  (g) Represents major scheduled turnaround expenses associated with CVR’s petroleum and fertilizer businesses.
  (h) Disposal of assets primarily relate to our Automotive segment’s disposal of certain businesses.
  (i) Represents expenses related to certain acquisitions made by CVR.
  (j) During 2010, we recognized a loss on the extinguishment of our certain senior unsecured notes due 2012 and 2013.
  (k) Represents unrealized gains and losses on certain derivatives.

 

 
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, each Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

ICAHN ENTERPRISES L.P.

(Registrant)

       
  By:

Icahn Enterprises G.P. Inc.

its general partner

       
 Date:  December 9, 2013   By:  /s/  Peter Reck
      Peter Reck
      Chief Accounting Officer

 

 

ICAHN ENTERPRISES HOLDINGS L.P.

(Registrant)

       
  By:

Icahn Enterprises G.P. Inc.

its general partner

       
 Date December 9, 2013   By:  /s/  Peter Reck

 

 

   

Peter Reck

Chief Accounting Officer