XML 58 R28.htm IDEA: XBRL DOCUMENT v2.4.1.9
Schedule I (Parent Company [Member])
 12 Months Ended
Dec. 31, 2014
Condensed Financial Statements, Captions [Line Items]  
Condensed Financial Information of Parent Company Only Disclosure [Text Block]
SCHEDULE I

ICAHN ENTERPRISES, L.P.
(Parent Company)

CONDENSED BALANCE SHEETS


 
December 31,
 
2014
 
2013
 
(In millions, except unit amounts)
ASSETS
 
 
 
Investments in subsidiaries, net
$
11,028

 
$
10,384

Deferred financing costs
8

 
7

Total Assets
$
11,036

 
$
10,391

 
 
 
 
LIABILITIES AND EQUITY
 
 
 
Accrued expenses and other liabilities
$
107

 
$
283

Debt
5,486

 
4,016

 
5,593

 
4,299

 
 
 
 
Commitments and contingencies (Note 3)
 
 
 
 
 
 
 
Equity:
 
 
 
Limited partners: Depositary units: 123,103,414 and 115,900,309 units issued and outstanding at December 31, 2014 and 2013, respectively
5,672

 
6,308

General partner
(229
)
 
(216
)
Total equity
5,443

 
6,092

Total Liabilities and Equity
$
11,036

 
$
10,391
























See notes to condensed financial statements.
SCHEDULE I

ICAHN ENTERPRISES, L.P.  
(Parent Company)

CONDENSED STATEMENTS OF OPERATIONS


 
Year Ended December 31,
 
2014
 
2013
 
2012
 
(In millions)
Interest expense
$
(291
)
 
$
(303
)
 
$
(284
)
Loss on extinguishment of debt
(108
)
 
—

 
—

Equity in earnings of subsidiaries
26

 
1,328

 
680

Net (loss) income
$
(373
)
 
$
1,025

 
$
396

Net (loss) income allocable to:
 
 
 
 
 
     Limited partners
$
(366
)
 
$
1,005

 
$
379

     General partner
(7
)
 
20

 
17

 
$
(373
)
 
$
1,025

 
$
396





































See notes to condensed financial statements.
SCHEDULE I

ICAHN ENTERPRISES, L.P.
(Parent Company)

CONDENSED STATEMENTS OF CASH FLOWS


 
Year Ended December 31,
 
2014
 
2013
 
2012
 
(In millions)
Cash flows from operating activities:
 
 
 
 
 
Net (loss) income
$
(373
)
 
$
1,025

 
$
396

Adjustments to reconcile net (loss) income to net cash used in operating activities:
 
 
 
 
 
     Amortization of deferred financing costs
1

 
2

 
2

     Loss on extinguishment of debt
108

 
—

 
—

     Equity in earnings of subsidiary
(26
)
 
(1,328
)
 
(680
)
Net cash used in operating activities
(290
)
 
(301
)
 
(282
)
Cash flows from investing activities:
 
 
 
 
 
Net investment in and advances from subsidiary
(952
)
 
(172
)
 
(1,212
)
Net cash used in investing activities
(952
)
 
(172
)
 
(1,212
)
Cash flows from financing activities:
 
 
 
 
 
Partnership distributions
(125
)
 
(51
)
 
(41
)
Partnership contributions
—

 
587

 
505

Proceeds from borrowings
4,991

 
493

 
1,030

Repayments of borrowings
(3,624
)
 
(556
)
 
—

Net cash provided by financing activities
1,242

 
473

 
1,494

Net change in cash and cash equivalents
—

 
—

 
—

Cash and cash equivalents, beginning of period
—

 
—

 
—

Cash and cash equivalents, end of period
$
—

 
$
—

 
$
—























See notes to condensed financial statements.
ICAHN ENTERPRISES L.P. (Parent Company)
NOTES TO CONDENSED FINANCIAL STATEMENTS

1. Description of Business and Basis of Presentation
Icahn Enterprises, L.P. (“Icahn Enterprises”) is a master limited partnership formed in Delaware on February 17, 1987. We own a 99% limited partner interest in Icahn Enterprises Holdings L.P. (''Icahn Enterprises Holdings''). Icahn Enterprises Holdings and its subsidiaries own substantially all of our assets and liabilities and conduct substantially all of our operations. Icahn Enterprises G.P. Inc. (''Icahn Enterprises GP''), our sole general partner, which is owned and controlled by Carl C. Icahn, owns a 1% general partner interest in both us and Icahn Enterprises Holdings, representing an aggregate 1.99% general partner interest in us and Icahn Enterprises Holdings.  As of December 31, 2014, Icahn Enterprises Holdings is engaged in the following continuing operating businesses: Investment, Automotive, Energy, Metals, Railcar, Gaming, Food Packaging, Real Estate and Home Fashion.
The condensed financial statements of Icahn Enterprises should be read in conjunction with the consolidated financial statements and notes thereto included in Part II, Item 8 of this Report.
2. Debt
See Note 10, “Debt,” to the consolidated financial statements located in Part II, Item 8 of this Report. Icahn Enterprises' Parent company debt consists of the following:
 
December 31,
 
2014
 
2013
 
(in millions)
Senior unsecured 5.875% notes due 2022
$
1,337

 
$
—

Senior unsecured 6.00% notes due 2020
1,708

 
493

Senior unsecured 4.875% notes due 2019
1,270

 
—

Senior unsecured 8% notes due 2018
—

 
2,473

Senior unsecured 3.5% notes due 2017
1,171

 
—

Senior unsecured 7.75% notes due 2016
—

 
1,050

Total debt
$
5,486

 
$
4,016


3. Commitments and Contingencies
See Note 17, “Commitments and Contingencies,” to the consolidated financial statements located in Part II, Item 8 of this Report.
Icahn Enterprises Holdings [Member]
  
Condensed Financial Statements, Captions [Line Items]  
Condensed Financial Information of Parent Company Only Disclosure [Text Block]
SCHEDULE I
ICAHN ENTERPRISES HOLDINGS L.P.
(Parent Company)  
CONDENSED BALANCE SHEETS

 
December 31,
 
2014
 
2013
 
(in millions)
ASSETS
 
 
 
Cash and cash equivalents
$
388

 
$
142

Other assets
114

 
112

Investments in subsidiaries, net
10,592

 
10,054

Total Assets
$
11,094

 
$
10,308

LIABILITIES AND EQUITY
 
 
 
Accrued expenses and other liabilities
$
111

 
$
144

Debt
5,517

 
4,050

 
5,628

 
4,194

 
 
 
 
Commitments and contingencies (Note 3)
 
 
 
 
 
 
 
Equity:
 
 
 
Limited partner
5,751

 
6,393

General partner
(285
)
 
(279
)
Total equity
5,466

 
6,114

Total Liabilities and Equity
$
11,094

 
$
10,308


























See notes to condensed financial statements.
SCHEDULE I 
ICAHN ENTERPRISES HOLDINGS L.P.
(Parent Company)
CONDENSED STATEMENTS OF OPERATIONS

 
Year Ended December 31,
 
2014
 
2013
 
2012
 
(in millions)
Net gain from investment activities
$
—

 
$
—

 
$
8

Interest and dividend income
1

 
—

 
—

Loss on extinguishment of debt
(108
)
 
—

 
—

Equity in earnings of subsidiaries
28

 
1,342

 
682

Other income, net
20

 
15

 
16

 
(59
)
 
1,357

 
706

Interest expense
290

 
305

 
286

Selling, general and administrative
23

 
27

 
23

 
313

 
332

 
309

Net (loss) income
$
(372
)
 
$
1,025

 
$
397

Net (loss) income allocable to:
 
 
 
 
 
     Limited partner
$
(368
)
 
$
1,015

 
$
384

     General partner
(4
)
 
10

 
13

 
$
(372
)
 
$
1,025

 
$
397






























See notes to condensed financial statements.
SCHEDULE I
ICAHN ENTERPRISES HOLDINGS L.P.
(Parent Company)
CONDENSED STATEMENTS OF CASH FLOWS
 
Year Ended December 31,
 
2014
 
2013
 
2012
 
(in millions)
Cash flows from operating activities:
 
 
 
 
 
Net (loss) income
$
(372
)
 
$
1,025

 
$
397

Adjustments to reconcile net (loss) income to net cash used in operating activities:
 
 
 
 
 
     Equity in income of subsidiary
(28
)
 
(1,342
)
 
(682
)
     Loss on extinguishment of debt
108

 
—

 
—

     Investment gains
—

 
—

 
(8
)
     Depreciation and amortization
5

 
(1
)
 
1

     Other, net
—

 
—

 
14

     Change in operating assets and liabilities
(47
)
 
18

 
26

Net cash used in operating activities
(334
)
 
(300
)
 
(252
)
Cash flows from investing activities:
 
 
 
 
 
Net investment in subsidiaries
(661
)
 
(128
)
 
(681
)
Proceeds from sale of investments
—

 
—

 
30

Other, net
9

 
4

 
2

Net cash used in investing activities
(652
)
 
(124
)
 
(649
)
Cash flows from financing activities:
 
 
 
 
 
Partnership distributions
(125
)
 
(51
)
 
(42
)
Partner contribution
—

 
593

 
—

Proceeds from borrowings
4,991

 
493

 
1,030

Repayments of borrowings
(3,634
)
 
(576
)
 
(4
)
Net cash provided by financing activities
1,232

 
459

 
984

Net change in cash and cash equivalents
246

 
35

 
83

Cash and cash equivalents, beginning of period
142

 
107

 
24

Cash and cash equivalents, end of period
$
388

 
$
142

 
$
107


















See notes to condensed financial statements.
ICAHN ENTERPRISES HOLDINGS L.P. (Parent Company)
NOTES TO CONDENSED FINANCIAL STATEMENTS

1.  Description of Business and Basis of Presentation
Icahn Enterprises Holdings L.P. (“Icahn Enterprises Holdings”) is a limited partnership formed in Delaware on February 17, 1987. Our sole limited partner is Icahn Enterprises L.P. (“Icahn Enterprises”), a master limited partnership which owns a 99% interest in us. Icahn Enterprises G.P. Inc. (“Icahn Enterprises GP''), our sole 1% general partner, is a Delaware corporation which is owned and controlled by Carl C. Icahn. As of December 31, 2014, Icahn Enterprises Holdings is engaged in the following continuing operating businesses: Investment, Automotive, Energy, Metals, Railcar, Gaming, Food Packaging, Real Estate and Home Fashion.
The condensed financial statements of Icahn Enterprises Holdings should be read in conjunction with the consolidated financial statements and notes thereto included in Part II, Item 8 of this Report.
2.  Debt
See Note 10, “Debt,” to the consolidated financial statements located in Part II, Item 8 of this Report. Icahn Enterprises Holdings' Parent company debt consists of the following:
 
December 31,
 
2014
 
2013
 
(in millions)
Senior unsecured 5.875% notes due 2022
$
1,337

 
—

Senior unsecured 6.00% notes due 2020
1,708

 
493

Senior unsecured 4.875% notes due 2019
1,270

 
—

Senior unsecured 8% notes due 2018
—

 
2,468

Senior unsecured 3.5% notes due 2017
1,171

 
—

Senior unsecured 7.75% notes due 2016
—

 
1,048

Mortgages payable
31

 
41

Total debt
$
5,517

 
$
4,050



3.  Commitments and Contingencies
See Note 17, “Commitments and Contingencies,” to the consolidated financial statements located in Part II, Item 8 of this Report.