SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant to Section
13 or 15(d) of the Securities Exchange
Act of 1934
Date
of Report (Date of earliest event reported): November 5, 2009
ICAHN
ENTERPRISES L.P.
(Exact
Name of Registrant as Specified in Its Charter)
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Delaware
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1-9516
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13-3398766
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(State
or Other Jurisdiction of Incorporation)
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(Commission
File Number)
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(IRS
Employer Identification No.)
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767
Fifth Avenue, Suite 4700, New York, NY 10153
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(Address
of Principal Executive Offices) (Zip
Code)
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(212)
702-4300
(Registrant’s
Telephone Number, Including Area Code)
N/A
(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:
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o
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Written
communication pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
2.02 Results of Operations and Financial
Condition.
On
November 5, 2009, Icahn Enterprises L.P. issued a press release reporting its
financial results for the third quarter ended September 30, 2009. A copy of the
press release is attached hereto as Exhibit 99.1.
Section
9 - Financial Statements and Exhibits
Item
9.01 Financial Statements and Exhibits.
(d)
Exhibits
99.1 - Press Release dated
November 5, 2009.
[Remainder
of page intentionally left blank; signature page follows]
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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ICAHN
ENTERPRISES L.P.
(Registrant)
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By:
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Icahn
Enterprises G.P. Inc.,
its
general partner
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By:
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/s/
Dominick Ragone
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Dominick
Ragone
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Chief
Financial Officer
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Date: November 5, 2009
EXHIBIT
99.1
Investor
Contact:
Dominick
Ragone
Chief
Financial Officer
(646)
861-7500
For
Release: November 5, 2009
Icahn
Enterprises L.P. Reports Third Quarter Financial Results
New York, NY – Icahn
Enterprises L.P. (NYSE: IEP) reported revenues of $6,171 million for the nine
months ended September 30, 2009, as compared to $4,791 million for the nine
months ended September 30, 2008. Net income attributable to Icahn
Enterprises from continuing operations was $240 million for the nine months
ended September 30, 2009, or $3.13 per LP unit, compared to a net loss of $61
million, or $1.27 loss per LP unit, for the comparable period of
2008. Net income attributable to Icahn Enterprises from discontinued
operations was $1 million for the nine months ended September 30, 2009, compared
to $486 million for the comparable period of 2008, primarily as a result of its
gain on the sale of Nevada gaming properties.
Third
Quarter 2009
For the
three months ended September 30, 2009, revenues were $2,182 million as compared
to $1,796 million for the three months ended September 30, 2008. Net
income attributable to Icahn Enterprises from continuing operations was $111
million for the three months ended September 30, 2009, or $1.45 per LP unit,
compared to net income of $25 million, or $0.34 per LP unit, for the comparable
period of 2008. Net loss attributable to Icahn Enterprises from
discontinued operations was $1 million for the three months ended September 30,
2009, compared to a loss of $2 million for the comparable period of
2008.
Conference
Call Information
Icahn
Enterprises L.P. will discuss its third quarter results on a conference call and
Webcast on Thursday, November 5, 2009 at 10:00 a.m. EST. The Webcast
can be viewed live on Icahn Enterprises L.P.’s website at
www.icahnenterprises.com. It will also be archived and made available
at www.icahnenterprises.com under the Investor Relations section. The
toll-free dial-in number for the conference call in the United States is (800)
938-1410. The international number is
(702) 696-4768. The access code for both is
37561288.
* *
*
Icahn
Enterprises L.P. (NYSE: IEP), a master limited partnership, is a diversified
holding company engaged in five primary business segments: Investment
Management, Automotive, Metals, Real Estate and Home Fashion. For
more information, please visit the company’s website at
www.icahnenterprises.com.
Caution
Concerning Forward-Looking Statements
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 management activities, including the nature of the
investments made by the private funds we manage, 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 scrap metals activities,
including potential environmental exposure; risks related to our real estate
activities, including the extent of any tenant bankruptcies and insolvencies,
and competition for residential and investment properties; 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
SEC. We undertake no obligation to publicly update or review any
forward-looking information, whether as a result of new information, future
developments or otherwise.
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APPENDIX
I
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CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
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In millions, except
per unit data
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Three
Months Ended
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September
30,
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2009
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2008
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(Unaudited)
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Revenues
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$ | 2,182 | $ | 1,796 | ||||
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Expenses
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1,724 | 2,297 | ||||||
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Income
(loss) from continuing operations before
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458 | (501 | ) | |||||
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income
tax benefit (expense)
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Income
tax benefit (expense)
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5 | (33 | ) | |||||
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Income
(loss) from continuing operations
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463 | (534 | ) | |||||
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Loss
from discontinued operations
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(1 | ) | (2 | ) | ||||
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Net
income (loss)
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462 | (536 | ) | |||||
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Less:
net (income) loss attributable to non-controlling
interests
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(352 | ) | 559 | |||||
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Net
income attributable to Icahn Enterprises
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$ | 110 | $ | 23 | ||||
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Net
income (loss) attributable to Icahn Enterprises from:
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Continuing
operations
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$ | 111 | $ | 25 | ||||
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Discontinued
operations
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(1 | ) | (2 | ) | ||||
| $ | 110 | $ | 23 | |||||
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Basic
income (loss) per LP unit
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Income
from continuing operations
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$ | 1.45 | $ | 0.34 | ||||
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Loss
from discontinued operations
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(0.01 | ) | (0.02 | ) | ||||
| $ | 1.44 | $ | 0.32 | |||||
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Basic
weighted average LP units outstanding
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75 | 70 | ||||||
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Diluted
income (loss) per LP unit
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Income from
continuing operations
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$ | 1.40 | $ | 0.34 | ||||
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Loss
from discontinued operations
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(0.01 | ) | (0.02 | ) | ||||
| $ | 1.39 | $ | 0.32 | |||||
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Dilutive
weighted average LP units outstanding
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84 | 70 | ||||||
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APPENDIX
II
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CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
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In millions except per
unit data
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Nine
Months Ended
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September
30,
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2009
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2008
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(Unaudited)
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Revenues
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$ | 6,171 | $ | 4,791 | ||||
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Expenses
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4,975 | 5,923 | ||||||
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Income
(loss) from continuing operations before
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1,196 | (1,132 | ) | |||||
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income
tax benefit (expense)
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Income
tax benefit (expense)
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25 | (109 | ) | |||||
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Income
(loss) from continuing operations
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1,221 | (1,241 | ) | |||||
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Income
from discontinued operations
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1 | 486 | ||||||
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Net
income (loss)
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1,222 | (755 | ) | |||||
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Less:
net (income) loss attributable to non-controlling
interests
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(981 | ) | 1,180 | |||||
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Net
income attributable to Icahn Enterprises
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$ | 241 | $ | 425 | ||||
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Net
income (loss) attributable to Icahn Enterprises from:
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Continuing
operations
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$ | 240 | $ | (61 | ) | |||
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Discontinued
operations
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1 | 486 | ||||||
| $ | 241 | $ | 425 | |||||
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Basic
income (loss) per LP unit
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Income
(loss) from continuing operations
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$ | 3.13 | $ | (1.27 | ) | |||
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Income
from discontinued operations
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0.02 | 7.10 | ||||||
| $ | 3.15 | $ | 5.83 | |||||
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Basic
weighted average LP units outstanding
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75 | 70 | ||||||
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Diluted
income (loss) per LP unit
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Income
(loss) from continuing operations
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$ | 3.04 | $ | (1.27 | ) | |||
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Income
from discontinued operations
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0.01 | 7.10 | ||||||
| $ | 3.05 | $ | 5.83 | |||||
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Dilutive
weighted average LP units outstanding
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79 | 70 | ||||||
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APPENDIX
III
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CONDENSED
CONSOLIDATED BALANCE SHEETS
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(in
millions)
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September
30,
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December
31,
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|||||||
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2009
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2008
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(Unaudited)
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ASSETS
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Cash
and cash equivalents
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$ | 2,093 | $ | 2,612 | ||||
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Cash
held at consolidated affiliated partnerships and restricted
cash
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3,264 | 3,947 | ||||||
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Investments
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5,203 | 4,515 | ||||||
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Accounts
receivable, net
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1,242 | 1,057 | ||||||
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Due
from brokers
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32 | 54 | ||||||
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Inventories,
net
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1,017 | 1,093 | ||||||
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Property,
plant and equipment, net
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2,712 | 2,878 | ||||||
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Goodwill
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1,045 | 1,086 | ||||||
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Intangible
assets, net
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1,005 | 943 | ||||||
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Other
assets
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641 | 630 | ||||||
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Total
Assets
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$ | 18,254 | $ | 18,815 | ||||
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LIABILITIES
AND EQUITY
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Accounts
payable
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$ | 555 | $ | 679 | ||||
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Accrued
expenses and other liabilities
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1,929 | 2,805 | ||||||
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Securities
sold, not yet purchased, at fair value
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2,083 | 2,273 | ||||||
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Due
to brokers
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441 | 713 | ||||||
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Postemployment
benefit liability
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1,342 | 1,302 | ||||||
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Debt
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4,634 | 4,571 | ||||||
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Preferred
limited partner units
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135 | 130 | ||||||
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Total
Liabilities
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11,119 | 12,473 | ||||||
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Equity:
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Equity
attributable to Icahn Enterprises
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2,668 | 2,398 | ||||||
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Equity
attributable to non-controlling interests
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4,467 | 3,944 | ||||||
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Total
Equity
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7,135 | 6,342 | ||||||
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Total
Liabilities and Equity
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$ | 18,254 | $ | 18,815 | ||||