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Table of Contents

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark one)

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

For the Quarterly Period Ended September 30, 2021

OR

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

For the Transition Period from to

(Commission File Number)

(Exact Name of Registrant as Specified in Its Charter)

(Address of Principal Executive Offices) (Zip Code)

(Telephone Number)

(State or Other Jurisdiction of Incorporation or Organization)

(IRS Employer Identification No.)

1-9516

ICAHN ENTERPRISES L.P.

Delaware

13-3398766

16690 Collins Avenue, PH-1

Sunny Isles Beach, FL 33160

(305) 422-4100

333-118021-01

ICAHN ENTERPRISES HOLDINGS L.P.

Delaware

13-3398767

16690 Collins Avenue, PH-1

Sunny Isles Beach, FL 33160

(305) 422-4100

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

    

Trading Symbol(s)

    

Name of Each Exchange on Which Registered

Depositary Units of Icahn Enterprises L.P.
Representing Limited Partner Interests

IEP

 

Nasdaq

Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Icahn Enterprises L.P. Yes No

Icahn Enterprises Holdings L.P. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Icahn Enterprises L.P. Yes No

Icahn Enterprises Holdings L.P. Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act (Check One):

Icahn Enterprises L.P

Icahn Enterprises Holdings L.P.

Large Accelerated Filer

Accelerated Filer

Large Accelerated Filer

Accelerated Filer

Non-accelerated Filer

Smaller Reporting Company

Non-accelerated Filer

Smaller Reporting Company

Emerging Growth Company

Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Icahn Enterprises L.P. Yes No

Icahn Enterprises Holdings L.P. Yes No

As of November 2, 2021, there were 278,605,558 of Icahn Enterprises’ depositary units outstanding.

ICAHN ENTERPRISES L.P.

ICAHN ENTERPRISES HOLDINGS L.P.

TABLE OF CONTENTS

Page No.

Explanatory Note and Forward-Looking Statements

1

PART I. FINANCIAL INFORMATION

Item 1.

Financial Statements (Unaudited)

2

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

41

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

58

Item 4.

Controls and Procedures

59

PART II. OTHER INFORMATION

Item 1.

Legal Proceedings

60

Item 1A.

Risk Factors

60

Item 2.

Unregistered Sales of Equity Securities and use of Proceeds

60

Item 6.

Exhibits

61

i

Table of Contents

EXPLANATORY NOTE

This Quarterly Report on Form 10-Q (this “Report”) is a joint report being filed by Icahn Enterprises L.P. and Icahn Enterprises Holdings L.P. Each registrant hereto is filing on its own behalf all of the information contained in this Report that relates to such registrant. Each registrant hereto is not filing any information that does not relate to such registrant, and therefore makes no representation as to any such information.

FORWARD-LOOKING STATEMENTS

This Report contains certain statements that are, or may be deemed to be, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or by the Private Securities Litigation Reform Act. All statements included in this Report, other than statements that relate solely to historical fact, are “forward-looking statements.” Such statements include, but are not limited to, any statement that may predict, forecast, indicate or imply future results, performance, achievements or events, including the impact of the COVID-19 pandemic, or any statement that may relate to strategies, plans or objectives for, or potential results of, future operations, financial results, financial condition, business prospects, growth strategy or liquidity, and are based upon management’s current plans and beliefs or current estimates of future results or trends. Forward-looking statements can generally be identified by phrases such as “believes,” “expects,” “potential,” “continues,” “may,” “should,” “seeks,” “predicts,” “anticipates,” “intends,” “projects,” “estimates,” “plans,” “could,” “designed,” “should be” and other similar expressions that denote expectations of future or conditional events rather than statements of fact.

Forward-looking statements include certain statements made under the caption, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” under Part I, Item 2 of this Report, but also forward-looking statements that appear in other parts of this Report. Forward-looking statements reflect our current views with respect to future events and are based on certain assumptions and are subject to risks and uncertainties that could cause our actual results to differ materially from trends, plans, or expectations set forth in the forward-looking statements. These include risks related to economic downturns, substantial competition and rising operating costs; risks related to the severity, magnitude and duration of the COVID-19 pandemic and its impact on the global economy, financial markets and industries in which our subsidiaries operate; risks related to our investment activities, including the nature of the investments made by the private funds in which we invest, declines in the fair value of our investments as a result of the COVID-19 pandemic, losses in the private funds and loss of key employees; risks related to our ability to continue to conduct our activities in a manner so as to not be deemed an investment company under the Investment Company Act of 1940, as amended; risks related to our energy business, including the volatility and availability of crude oil, declines in global demand for crude oil, refined products and liquid transportation fuels as result of the COVID-19 pandemic, other feed stocks and refined products, unfavorable refining margin (crack spread), interrupted access to pipelines, significant fluctuations in nitrogen fertilizer demand in the agricultural industry and seasonality of results; risks related to our automotive activities and exposure to adverse conditions in the automotive industry, including as a result of the COVID-19 pandemic; risks related to our food packaging activities, including competition from better capitalized competitors, inability of our suppliers to timely deliver raw materials, and the failure to effectively respond to industry changes in casings technology; supply chain issues; inflation, including increased costs of raw materials and shipping; labor shortages and workforce availability; risks related to our scrap metals activities, including potential environmental exposure; risks related to our real estate activities, including the extent of any tenant bankruptcies and insolvencies; risks related to our home fashion operations, including changes in the availability and price of raw materials, and changes in transportation costs and delivery times. These risks and uncertainties also include the risks and uncertainties described in our Annual Report on Form 10-K for the year ended December 31, 2020 and those set forth in this Report, including under the caption “Risk Factors,” under Part II, Item 1A of this Report. Additionally, there may be other factors not presently known to us or which we currently consider to be immaterial that may cause our actual results to differ materially from the forward-looking statements.

1

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

ICAHN ENTERPRISES L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

September 30, 

December 31, 

    

2021

    

2020

(in millions, except unit amounts)

ASSETS

Cash and cash equivalents

$

1,945

$

1,679

Cash held at consolidated affiliated partnerships and restricted cash

 

1,747

 

1,612

Investments

 

9,897

 

8,913

Due from brokers

 

5,149

 

3,437

Accounts receivable, net

 

598

 

501

Inventories, net

 

1,590

 

1,580

Property, plant and equipment, net

 

4,194

 

4,228

Derivative assets, net

796

785

Goodwill

 

294

 

294

Intangible assets, net

 

613

 

660

Other assets

 

1,150

 

1,300

Total Assets

$

27,973

$

24,989

LIABILITIES AND EQUITY

 

  

 

  

Accounts payable

$

829

$

738

Accrued expenses and other liabilities

 

1,782

 

1,588

Deferred tax liabilities

 

585

 

568

Derivative liabilities, net

 

479

 

639

Securities sold, not yet purchased, at fair value

 

4,957

 

2,521

Due to brokers

 

1,622

 

1,618

Debt

 

7,712

 

8,059

Total liabilities

 

17,966

 

15,731

Commitments and contingencies (Note 16)

 

  

 

  

Equity:

 

  

 

  

Limited partners: Depositary units: 278,605,558 units issued and outstanding at September 30, 2021 and 241,338,835 units issued and outstanding at December 31, 2020

 

4,616

 

4,236

General partner

 

(846)

 

(853)

Equity attributable to Icahn Enterprises

 

3,770

 

3,383

Equity attributable to non-controlling interests

 

6,237

 

5,875

Total equity

 

10,007

 

9,258

Total Liabilities and Equity

$

27,973

$

24,989

See notes to condensed consolidated financial statements.

2

Table of Contents

ICAHN ENTERPRISES L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

Three Months Ended September 30, 

Nine Months Ended September 30, 

    

2021

    

2020

    

2021

    

2020

(in millions, except per unit amounts)

Revenues:

Net sales

$

2,657

$

1,764

$

7,487

$

4,951

Other revenues from operations

 

165

 

163

 

481

 

460

Net (loss) gain from investment activities

 

(177)

 

(1,259)

 

1,035

 

(2,152)

Interest and dividend income

 

34

 

46

 

94

 

135

Other (loss) income, net

 

(33)

 

9

 

(79)

 

(22)

 

2,646

 

723

 

9,018

 

3,372

Expenses:

Cost of goods sold

 

2,270

 

1,599

 

6,807

 

4,544

Other expenses from operations

 

130

 

127

 

374

 

369

Selling, general and administrative

 

317

 

290

 

937

 

888

Restructuring, net

 

1

 

1

 

6

 

8

Impairment

 

 

1

 

 

6

Interest expense

 

158

 

171

 

511

 

517

 

2,876

 

2,189

 

8,635

 

6,332

(Loss) income before income tax (expense) benefit

 

(230)

 

(1,466)

 

383

 

(2,960)

Income tax benefit (expense)

 

19

 

66

 

(57)

 

118

Net (loss) income

 

(211)

 

(1,400)

 

326

 

(2,842)

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

 

(63)

 

(686)

 

448

 

(1,043)

Net loss attributable to Icahn Enterprises

$

(148)

$

(714)

$

(122)

$

(1,799)

Net loss attributable to Icahn Enterprises allocated to:

Limited partners

$

(145)

$

(700)

$

(120)

$

(1,763)

General partner

 

(3)

 

(14)

 

(2)

 

(36)

$

(148)

$

(714)

$

(122)

$

(1,799)

Basic and diluted loss per LP unit

$

(0.55)

$

(3.14)

$

(0.47)

$

(8.12)

Basic and diluted weighted average LP units outstanding

 

266

 

223

 

253

 

217

Cash distributions declared per LP unit

$

2.00

$

2.00

$

6.00

$

6.00

See notes to condensed consolidated financial statements.

3

Table of Contents

ICAHN ENTERPRISES L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

Three Months Ended September 30, 

Nine Months Ended September 30, 

    

2021

    

2020

    

2021

    

2020

(in millions)

Net (loss) income

$

(211)

$

(1,400)

$

326

$

(2,842)

Other comprehensive (loss) income, net of tax:

 

 

 

 

Translation adjustments

 

(5)

 

1

 

(4)

 

Post-retirement benefits and other

 

 

1

 

1

 

1

Other comprehensive (loss) income, net of tax

 

(5)

 

2

 

(3)

 

1

Comprehensive (loss) income

 

(216)

 

(1,398)

 

323

 

(2,841)

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

 

(64)

 

(686)

 

448

 

(1,042)

Comprehensive loss attributable to Icahn Enterprises

$

(152)

$

(712)

$

(125)

$

(1,799)

Comprehensive loss attributable to Icahn Enterprises allocated to:

 

  

 

 

 

Limited partners

$

(149)

$

(698)

$

(123)

$

(1,763)

General partner

 

(3)

 

(14)

 

(2)

 

(36)

$

(152)

$

(712)

$

(125)

$

(1,799)

See notes to condensed consolidated financial statements.

4

Table of Contents

ICAHN ENTERPRISES L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)

Equity Attributable to Icahn Enterprises

 

General 

Limited  

Non-

Partner’s

Partners’ 

Total Partners’ 

controlling 

    

 (Deficit) Equity

    

Equity

    

Equity

    

Interests

    

Total Equity

(in millions)

Balance, December 31, 2020

$

(853)

$

4,236

$

3,383

$

5,875

$

9,258

Net income

3

 

159

162

437

599

Other comprehensive loss

 

 

(1)

 

(1)

 

 

(1)

Partnership distributions payable

 

(10)

 

(489)

 

(499)

 

 

(499)

Partnership contributions

 

4

 

182

 

186

 

 

186

Investment segment contributions from non-controlling interests

 

 

 

 

40

 

40

Changes in subsidiary equity and other

 

 

(1)

 

(1)

 

 

(1)

Balance, March 31, 2021

 

(856)

 

4,086

 

3,230

 

6,352

 

9,582

Net (loss) income

 

(2)

 

(134)

 

(136)

 

74

 

(62)

Other comprehensive income

 

 

2

 

2

 

1

 

3

Partnership distributions payable reversal

10

489

499

499

Partnership distributions

 

(1)

 

(56)

 

(57)

 

 

(57)

Partnership contributions

4

198

202

202

Investment segment contributions from non-controlling interests

 

 

 

 

6

 

6

Dividends and distributions to non-controlling interests in subsidiaries

 

 

 

 

(144)

 

(144)

Changes in subsidiary equity and other

 

(1)

 

(4)

 

(5)

 

1

 

(4)

Balance, June 30, 2021

 

(846)

 

4,581

 

3,735

 

6,290

 

10,025

Net loss

 

(3)

 

(145)

 

(148)

 

(63)

 

(211)

Other comprehensive loss

 

 

(4)

 

(4)

 

(1)

 

(5)

Partnership distributions

 

(1)

 

(35)

 

(36)

 

 

(36)

Partnership contributions

 

4

 

218

 

222

 

 

222

Investment segment contributions from non-controlling interests

 

 

 

 

22

 

22

Dividends and distributions to non-controlling interests in subsidiaries

 

 

 

 

(11)

 

(11)

Changes in subsidiary equity and other

 

 

1

 

1

 

 

1

Balance, September 30, 2021

$

(846)

$

4,616

$

3,770

$

6,237

$

10,007

Equity Attributable to Icahn Enterprises

 

General 

Limited  

Non-

Partner’s

Partners’ 

Total Partners’ 

controlling 

    

 (Deficit) Equity

    

Equity

    

Equity

    

Interests

    

Total Equity

(in millions)

Balance, December 31, 2019

$

(812)

$

6,268

$

5,456

$

5,486

$

10,942

Net loss

(28)

(1,356)

(1,384)

(922)

(2,306)

Other comprehensive loss

 

 

(3)

 

(3)

 

 

(3)

Partnership distributions payable

 

(9)

 

(428)

 

(437)

 

 

(437)

Partnership contributions

 

 

7

 

7

 

 

7

Investment segment contributions from non-controlling interests

 

 

 

 

1,241

 

1,241

Dividends and distributions to non-controlling interests in subsidiaries

 

 

 

 

(23)

 

(23)

Changes in subsidiary equity and other

 

 

(4)

 

(4)

 

 

(4)

Balance, March 31, 2020

 

(849)

 

4,484

 

3,635

 

5,782

 

9,417

Net income

 

6

 

293

 

299

 

565

 

864

Other comprehensive income

 

 

1

 

1

 

1

 

2

Partnership distributions payable reversal

 

9

 

428

 

437

 

 

437

Partnership distributions

 

(9)

 

(452)

 

(461)

 

 

(461)

Partnership contributions

 

19

 

19

 

19

Dividends and distributions to non-controlling interests in subsidiaries

 

 

 

 

(13)

 

(13)

Changes in subsidiary equity and other

1

 

1

 

2

 

(2)

Balance, June 30, 2020

 

(842)

 

4,774

 

3,932

 

6,333

 

10,265

Net loss

 

(14)

 

(700)

 

(714)

 

(686)

 

(1,400)

Other comprehensive income

 

 

2

 

2

 

 

2

Partnership distributions

 

(1)

 

(31)

 

(32)

 

 

(32)

Partnership contributions

 

1

 

34

 

35

 

 

35

Changes in subsidiary equity and other

 

 

7

 

7

 

(4)

 

3

Balance, September 30, 2020

$

(856)

$

4,086

$

3,230

$

5,643

$

8,873

See notes to condensed consolidated financial statements.

5

Table of Contents

ICAHN ENTERPRISES L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Nine Months Ended September 30, 

    

2021

    

2020

(in millions)

Cash flows from operating activities:

Net income (loss)

$

326

    

$

(2,842)

Adjustments to reconcile net income (loss) to net cash used in operating activities:

 

 

  

Net (gain) loss from securities transactions

 

(1,603)

 

2,777

Purchases of securities

 

(1,991)

 

(1,480)

Proceeds from sales of securities

 

3,246

 

3,756

Payments to cover securities sold, not yet purchased

 

(2,325)

 

(2,291)

Proceeds from securities sold, not yet purchased

 

3,626

 

1,547

Changes in receivables and payables relating to securities transactions

 

(1,672)

 

1,080

Changes in derivative assets and liabilities

 

(171)

 

(2,309)

Depreciation and amortization

 

385

 

379

Deferred taxes

 

18

 

(59)

Other, net

 

60

 

74

Changes in other operating assets and liabilities

 

167

 

92

Net cash provided by operating activities

 

66

 

724

Cash flows from investing activities:

 

  

 

  

Capital expenditures

 

(239)

 

(155)

Turnaround expenditures

(3)

(158)

Acquisition of businesses, net of cash acquired

 

(20)

 

(2)

Purchases of investments

 

 

(317)

Proceeds from sale of investments

 

422

 

55

Proceeds from disposition of businesses and assets

 

60

 

23

Other, net

 

 

3

Net cash provided by (used in) investing activities

 

220

 

(551)

Cash flows from financing activities:

 

  

 

  

Investment segment contributions from non-controlling interests

 

62

 

1

Partnership contributions

 

586

 

61

Partnership distributions

 

(92)