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Investor Presentation
November 2015
Investment Highlights
Mr. Icahn believes that the current environment continues to be conducive to activism
Several factors are responsible for this:
(4)
(5)
3)
the current awareness by many institutional investors that the prevalence of mediocre top management and non-caring boards at many
of America's companies must be dealt with if we are ever going to end high unemployment and be able to compete in world markets
We, at IEP, have spent years engaging in the activist model and believe it is the catalyst needed to drive highly accretive M&A and
consolidation activity
As a corollary, low interest rates will greatly increase the ability of the companies IEP controls to make judicious, friendly or not so friendly,
acquisitions using our activist expertise
(1)
(2)
(3)
abundance of cash rich companies that would benefit from making synergistic acquisitions, and
low interest rates, which make acquisitions much less costly and therefore much more attractive,
2)
1)
S&P 500, Dow Jones Industrial and Russell 2000 indices returns of approximately 77%, 106% and 168% respectively over the same
period
Total return of approximately 221%(2) and compounded average annual return of approximately 11%(2)
Returns of 33.3%, 15.2%, 34.5%, 20.2%(3), 30.8%, (7.4%) and (2.8%) in 2009, 2010, 2011, 2012, 2013, 2014 and 2015(4) respectively
Adjusted Net Loss attributable to Icahn Enterprises of $66 million(5) for the nine months ended September 30, 2015
Indicative Net Asset Value of approximately $7.1 billion as of September 30, 2015
Adjusted EBITDA attributable to Icahn Enterprises of approximately $0.9 billion for the last twelve months ended September 30, 2015
Source: Bloomberg. Includes reinvestment of distributions. Based on the share price as of September 30, 2015.
Returns calculated as of September 30, 2015.
Return assumes that IEPs holdings in CVR Energy remained in the Investment Funds for the entire period. IEP obtained a majority stake in CVR Energy in May 2012. Investment Funds returns were approximately 6.6% when excluding
returns on CVR Energy after it became a consolidated entity.
For the first nine months of 2015
See slide 41 for the adjusted net income calculation
Company Overview
Icahn Enterprises L.P. is a diversified holding company with operating segments in Investment, Automotive, Energy, Gaming, Mining,
Railcar, Food Packaging, Metals, Real Estate and Home Fashion
Over the last several years, Carl Icahn has contributed most of his businesses to and executed transactions primarily through IEP
Approximately $600 million of equity raised in 2013 to broaden our shareholder base and improve liquidity
Issued $5 billion of new senior notes in January 2014 which refinanced $3.5 billion of existing senior notes and provided $1.3 billion of
additional liquidity.
As of September 30, 2015, Carl Icahn and his affiliates owned approximately 88.8% of IEPs outstanding depositary units
CVR Refining: $3.12 per common unit of distributions declared for the last twelve months of operations ended September 30, 2015
Recurring cash flows from American Railcar Leasing and Real Estate segment
IEP has daily liquidity through its ability to redeem its investment in the funds on a daily basis
($ millions)
As of September
30, 2015
Segment
Assets
Investment (1)
Revenue
Adjusted EBITDA
Adj. EBITDA
Attrib. to IEP
$9,047
($666)
($891)
($418)
Automotive
8,444
7,676
592
474
Energy
5,410
6,260
835
476
Metals
274
451
(26)
(26)
Railcar
3,370
850
480
310
Gaming
1,297
854
131
90
Mining
391
16
(5)
(4)
Food Packaging
430
340
62
44
Real Estate
708
127
42
42
Home Fashion
207
192
Holding Company
447
(27)
(56)
(56)
$30,025
$16,073
$1,169
$937
Total
(1) Investment segment total assets represents book value of equity.
1%
Icahn Enterprises
L.P.
(NasdaqGS: IEP)
99% LP Interest
Icahn
Enterprises
Holdings L.P.
1%
Icahn Capital LP
100%
100%
100%
59%
75%
68%
WestPoint Home
LLC
Viskase
Companies Inc.
(OTCPK:VKSC)
100%
Ferrous
Resources
77%
Note: Percentages denote equity ownership as of September 30, 2015. Excludes intermediary and pass through entities.
100%
82%
73%
American Railcar
Industries, Inc.
(NasdaqGS:ARII)
American Railcar
Leasing LLC
Tropicana
Entertainment Inc.
(OTCPK:TPCA)
Federal-Mogul
Holdings Corp.
(NasdaqGS:FDML)
82%
4%
CVR Refining, LP
(NYSE: CVRR)
CVR Partners, LP
(NYSE: UAN)
IEPs subsidiary companies possess key competitive strengths and / or leading market positions
IEP seeks to create incremental value by investing in organic growth and targeting businesses that offer consolidation opportunities
Capitalize on attractive interest rate environment to pursue acquisitions and recognize meaningful synergies
200 year heritage with some of the best known brands in home
fashion; consolidation likely in fragmented sector
The Companys diversification across multiple industries and geographies provides a natural hedge against
cyclical and general economic swings
IEP began as American Real Estate Partners, which was founded in 1987, and has grown its diversified portfolio to ten operating segments and
approximately $36 billion of assets as of September 30, 2015
IEP has demonstrated a history of successfully acquiring undervalued assets and improving and enhancing their operations and financial results
IEPs record is based on a long-term horizon that can enhance business value and facilitate a profitable exit strategy
In 2006, IEP sold its oil and gas assets for $1.5 billion, resulting in a net pre-tax gain of $0.6 billion
In 2008, IEP sold its investment in American Casino & Entertainment Properties LLC for $1.2 billion, resulting in a pre-tax gain of $0.7 billion
IEP also has grown the business through organic investment and through a series of bolt-on acquisitions
Current(1)
Mkt. Cap: $8.6bn
Total Assets: $36.5bn
American Casino &
Entertainment Properties
2/20/08: Sale of the casinos
resulted in proceeds of $1.2
billion and a pre-tax gain of
$0.7 billion
Tropicana Entertainment
11/15/10: Received an
equity interest as a result
of a Ch.11 restructuring
and subsequently acquired
a majority stake
Year / Returns:(3)
2006
37.8%
2007
12.3%
2008
(35.6%)
PSC Metals
11/5/07: Acquired
100% of the equity
of PSC Metals from
companies wholly
owned by Carl Icahn
2009
33.3%
Federal-Mogul
7/3/08: Acquired a majority
interest in Federal-Mogul
from companies wholly
owned by Carl Icahn
2010
15.2%
Viskase
1/15/10: 71.4% of Viskases
shares outstanding were
contributed by Carl Icahn in
exchange for IEP depositary
units
2011
34.5%
2012
20.2% (4)
2013
30.8%
2014
(7.4%)
American Railcar
Leasing LLC
10/2/13: Acquired a 75%
interest in ARL from
companies wholly owned
by Carl Icahn
2015 (5)
(2.8%)
Ferrous Resources
6/8/15: IEP
acquired a
controlling interest in
Ferrous Resources
Market capitalization as of September 30, 2015 and balance sheet data as of September 30, 2015.
Oil and gas assets included National Energy Group, Inc., TransTexas Gas Corporation and Panaco, Inc.
Percentages represents weighted-average composite of the gross returns, net of expenses for the Investment Funds.
Return assumes that IEPs holdings in CVR Energy remained in the Investment Funds for the entire period. IEP obtained a majority stake in CVR Energy in May 2012. Investment Funds returns were approximately 6.6% when excluding
returns on CVR Energy after it became a consolidated entity.
For the nine months ended September 30, 2015.
10
IEP seeks undervalued companies and often becomes actively involved in the targeted companies
Putting Activism into Action
Corporate structure provides IEP the optionality to invest in any security, in any industry and during any cycle over a longer term time
horizon
Mr. Icahn and Icahn Capital have a long and successful track record of generating significant returns employing the activist strategy
IEPs subsidiaries often started out as investment positions in debt or equity either directly by Icahn Capital or Mr. Icahn
11
Active participation in the strategy and capital allocation for targeted companies
Not involved in day-to-day operations
IEP will make necessary investments to ensure subsidiary companies can compete effectively
Select Examples of Strategic and Financial Initiatives
Structured as a C-Corporation
Investors seeking more favorable alternative structures
Situation Overview
Strategic /
Financial Initiative
Result
(1)
12
Years at Icahn
Years of Industry
Experience
11
14
SungHwan Cho
18
Vincent J. Intrieri
17
32
Samuel Merksamer
13
Jonathan Christodoro
15
Courtney Mather
16
Brett Icahn
12
12
David Schechter
12
19
Jesse Lynn
11
20
Andrew Langham
10
16
Name
Title
Keith Cozza
13
14
Segment: Investment
Company Description
Long history of investing in public equity and debt securities and pursuing activist agenda
Employs an activist strategy that seeks to unlock hidden value through various tactics
($ millions)
Select Income Statement Data:
Total revenues
Adjusted EBITDA
Net income
Adjusted EBITDA attrib. to IEP
Net income attrib. to IEP
Select Balance Sheet Data(1):
Total equity
Equity attributable to IEP
(1)
(2)
(3)
2012
2013
2014
The Investment Funds net notional exposure was (26%) at September 30, 2015
LTM
September 30,
Since inception in 2004 through September 30, 2015, the Investment Funds cumulative
return was approximately 221%, representing an annualized rate of return of approximately
11%
The Investment Funds returned all fee-paying capital to their investors during fiscal 2011,
which payments were funded through cash on hand and borrowings under existing credit
lines.
Returns of 33.3%, 15.2%, 34.5%, 20.2%(2), 30.8%, (7.4%) and (2.8%) in 2009, 2010, 2011,
2012, 2013, 2014 and 2015(3), respectively
2015
$398
374
372
$2,031
1,912
1,902
($218)
(385)
(684)
($666)
(891)
(1,414)
$158
157
$816
812
($162)
(305)
($418)
(660)
$5,908
2,387
$8,353
3,696
$9,062
4,284
$9,047
4,168
Apple, CVR Energy, El Paso, Family Dollar, Forest Labs, Genzyme, Hain Celestial,
Netflix
15
Icahn Capital
Historical Returns(1)
37.8%
34.5%
33.3%
30.8%
(2)
20.2%
17.9%
15.2%
12.3%
(35.6%)
2005
2006
2007
2008
2009
2010
2011
2012
2013
(7.4%)
2014
(2.8%)
(3)
2015
Significant Holdings
As of September 30, 2015(4)
Company
(1)
(2)
(3)
(4)
(5)
(6)
Mkt. Value
%
($mm)(5) Ownership(6)
Company
Mkt. Value
%
($mm)(5) Ownership(6)
Company
Mkt. Value
%
($mm)(5) Ownership(6)
$5,820
0.9%
$5,824
0.9%
$2,654
0.5%
$1,436
3.8%
$2,597
3.7%
$1,841
11.4%
$1,379
12.1%
$1,300
10.0%
$1,803
10.0%
$1,102
10.0%
$1,295
11.3%
$1,335
16.8%
$995
19.6%
$913
12.3%
$1,061
6.0%
Represents a weighted-average composite of the gross returns, net of expenses for the Investment Funds.
Return assumes that IEPs holdings in CVR Energy remained in the Investment Funds for the entire period. IEP obtained a majority stake in CVR Energy in May 2012. Investment Funds returns were ~6.6% when excluding returns on CVR Energy
after it became a consolidated entity.
For the nine months ended September 30, 2015.
Aggregate ownership held directly by IEP, as well as Carl Icahn and his affiliates. Based on most recent 13F Holdings Reports, 13D filings or other public filings available as of specified date.
Based on closing share price as of specified date.
Total shares owned as a percentage of common shares issued and outstanding.
16
Segment: Energy
Company Description
(1)
(2)
LTM
September 30,
2013
2014
Strategic location allows CVR to benefit from access to price advantaged crude
oil
CVR Refining full year distribution was $2.85 per common unit in 2014 and $2.75
per common unit for the first nine months of operation in 2015
CVR Partners full year distribution was $1.39 per common unit in 2014 and $0.84
per common unit for the first nine months of operation in 2015
2015
$5,519
977
338
$9,063
869
479
$9,292
716
168
$6,260
835
165
$787
263
$556
289
$415
95
$476
91
$5,743
2,383
$5,748
1,926
$5,334
1,612
$5,410
1,751
IEP acquired a controlling interest in CVI on May 4, 2012 and therefore 2012 results only include performance from that date forward.
Balance Sheet data as of the end of each respective fiscal period.
17
Has access to and can process price-advantaged midcontinent local and Canadian crude oils
(1)
(2)
Sweet
90.4%
Gasoline
49.1%
Medium Heavy
1.6% Sour
8.0%
Distillate
42.0%
Other
8.9%
(2)
18
19
Segment: Automotive
Recent Developments
Company Description
On June 1, 2015, IEH Auto Parts Holding LLC acquired substantially all of the auto parts assets in the United
States of Uni-Select Inc. for a purchase price of $330 million, subject to post-closing adjustments.
($ millions)
Select Income Statement Data:
Total revenues
Adjusted EBITDA
Net income
Adjusted EBITDA attrib. to IEP
Net income attrib. to IEP
Select Balance Sheet Data(1):
Total assets
Equity attributable to IEP
LTM
September 30,
2013
2014
Extensive technology and intellectual property with focus on core product lines
Investing in emerging markets where there are attractive opportunities for growth
Aftermarket benefits from the growing number of vehicles globally and the increasing age of vehicles in Europe
and North America
Leader in most of its product categories with a long history of quality and strong brand names including
Champion, Wagner, Ferodo, MOOG, Fel-Pro
Investing in Growth
(2)
2015
$6,677
513
(22)
$6,876
591
263
$7,324
624
(90)
$7,676
592
(118)
$390
(24)
$462
250
$497
(87)
$474
(112)
$7,282
860
$7,545
1,660
$7,529
1,231
$8,444
1,655
Global Expansion: Leverage global capabilities in Asia and other emerging markets
Distribution and IT: Improve customer service and delivery, order and inventory management, on-line
initiatives
Cost Structure: improve manufacturing footprint, optimize low-cost sourcing and operational performance
Product Line Growth: expand existing product lines and add new product lines through acquisition or
internal investment
Product Differentiation and Brand Value: invest in product innovation and communicate brand value
proposition to end customers
A leading automotive parts distributor with distribution centers, satellite locations and corporate-owned parts
stores throughout the United States
(1)
(2)
20
(1)
Motorparts
Market Position
Product Line
Pistons
#1 in diesel pistons
#2 across all pistons
Engine
#1 Global
Market leader
Sealing Components
#1 Global in Gaskets
Market leader
Brake Pads /
Components
#2 Global(1)
Bearings
Market leader
Chassis
#1 North America
#3 Europe
Ignition
#3 Overall
Wipers
#4 North America
#4 Europe
Sealing
#3 Overall
Ignition
#2 Global(1)
Systems Protection
Market leader
Valvetrain
#2 Overall
Market Position
21
Segment: Railcar
Segment Description
Combined ARL and ARI railcar lease fleets grew to approximately 44,600
railcars as of September 30, 2015 from approximately 39,700 at the end of 2014
(1)
$163
97
14
(48)
$226
$197
146
19
(109)
$253
$271
214
13
(171)
$327
$276
256
15
(174)
$373
$77
29
$111
30
$269
122
$310
140
$2,238
257
$2,547
591
$3,120
711
$3,370
726
ARL currently distributing $100 million per year ($75 million to IEP)
On July 28, 2015, ARIs Board of Directors authorized a stock repurchase program
pursuant to which ARI may, from time to time, repurchase up to $250 million of its
common stock.
22
Segment: Gaming
Company Description
$849
99
269
$854
131
250
$54
21
$45
13
$66
185
$90
173
$852
379
$996
392
$1,260
578
$1,297
601
(1)
(2)
Capital structure with ample liquidity for synergistic acquisitions in regional gaming
markets
LTM
September 30,
2015
$611
79
30
23
LTM
September 30,
2015
$341
57
6
$346
67
43
$346
66
9
$340
62
9
$41
4
$50
32
$47
6
$44
6
$355
(3)
$405
55
$436
30
$430
28
(1)
Food Packaging
($ millions)
Select Income Statement Data:
Total revenues
Adjusted EBITDA
Net income
24
Segment: Metals
Company Description
Increasing global demand for steel and other metals drives demand for U.S.
scrap
LTM
September 30,
2013
2014
$929
(18)
(28)
$711
(15)
(25)
$451
(26)
(34)
($16)
(58)
($18)
(28)
($15)
(25)
($26)
(34)
$417
338
$334
273
$315
250
$274
222
(1)
2015
$1,103
(16)
(58)
25
Company Description
Approximately $39 million gain from sale of 14 rental properties and Oak Harbor during the
nine months ended September 30, 2015
LTM
September 30,
2015
$88
47
19
$85
46
17
$101
46
22
$127
42
61
$47
19
$46
17
$46
22
$42
61
$852
763
$780
711
$745
693
$708
658
(1)
Single tenant (Over $100bn market cap, A- credit) for two large buildings with leases
through 2020 2021
13 legacy properties with 2.9 million square feet: 13% Retail, 66% Industrial, 21% Office.
Property Development
New Seabury in Cape Cod, Massachusetts and Grand Harbor in Vero Beach, Florida
include land for future residential development of approximately 239 and 1,128 units,
respectively
Opportunistically acquired Fontainebleau (Las Vegas casino development) in 2009 for $150
million
Club Operations
Club operations in Cape Cod and Vero Beach focus on operating golf club and related
activities
26
Segment: Mining
Company Description
Prior to the tender offer, IEP owned approximately 14.1% of the total
outstanding shares of Ferrous Resources. Following the tender offer and a
certain rights offering, IEP owned approximately 77.2% of the outstanding
shares of Ferrous Resources as of September 30, 2015.
Seaborne iron ore market impacted by low prices due to new supply and
Chinese demand
2015(2)
$16
(5)
(13)
($4)
(10)
$391
234
27
1)
2)
WestPoint Home owns many of the most wellknown brands in home textiles including Martex,
Grand Patrician, Luxor and Vellux
One of the largest providers of home textile goods in the United States
(1)
2012
LTM
September 30,
2015
$231
(3)
(27)
$187
1
(16)
$181
5
2
$192
5
(4)
($3)
(27)
$1
(16)
$5
2
$5
(4)
$291
256
$222
191
$208
180
$207
177
28
Financial Performance
29
Financial Performance
Adjusted EBITDA Attributable to Icahn Enterprises
$1,899
$6,092
$5,443
$1,546
$5,140
$4,669
$1,013
FYE 2012
FYE 2013
$937
FYE 2014
LTM 2015
($ in millions)
2012
2013
Adjusted EBITDA attributable to Icahn Enterprises
Investment
$158
$816
Automotive
390
462
Energy
787
556
Metals
(16)
(18)
Railcar
77
111
Gaming
54
45
Mining
Food Packaging
41
50
Real Estate
47
46
Home Fashion
(3)
1
Holding Company
11
(170)
Total
$1,546
$1,899
(1)
(1)
As of
12/31/12
As of
12/31/13
2014
($162)
497
415
(15)
269
66
47
46
5
(155)
$1,013
2015
($418)
474
476
(26)
310
90
(4)
44
42
5
(56)
$937
As of
12/31/14
As of
9/30/15
As of December 31,
($ in millions)
2012
Equity attributable to Icahn Enterprises
Investment
$2,387
Automotive
860
Energy
2,383
Metals
338
Railcar
257
Gaming
379
Mining
Food Packaging
(3)
Real Estate
763
Home Fashion
256
Holding Company
(2,951)
Total
$4,669
2013
$3,696
1,660
1,926
273
591
392
55
711
191
(3,403)
$6,092
As of September 30,
2014
$4,284
1,231
1,612
250
711
578
30
693
180
(4,126)
$5,443
2015
$4,168
1,655
1,751
222
726
601
234
28
658
177
(5,080)
$5,140
30
LTM
September 30,
2013
2014
2015
$398
6,677
5,519
1,103
799
611
0
341
88
231
29
$15,796
$2,031
6,876
9,063
929
744
571
0
346
85
187
(150)
$20,682
($218)
7,324
9,292
711
809
849
0
346
101
181
(238)
$19,157
($666)
7,676
6,260
451
850
854
16
340
127
192
(27)
$16,073
$374
513
977
(16)
279
79
0
57
47
(3)
11
$2,318
(772)
$1,546
$1,912
591
869
(18)
311
66
0
67
46
1
(170)
$3,675
(1,776)
$1,899
($385)
624
716
(15)
415
99
0
66
46
5
(155)
$1,416
(403)
$1,013
($891)
592
835
(26)
480
131
(5)
62
42
5
(56)
$1,169
(232)
$937
$936
$1,161
$1,411
$1,492
31
Energy
$11
1,366
13,150
947
$15,474
$235
280
1,529
1,675
2,379
1,881
465
$8,444
$1,012
133
285
2,691
1,170
119
$5,410
$686
1,237
4,504
6,427
$2,137
1,253
3,025
6,415
4,168
4,879
9,047
$15,474
1,655
374
2,029
$8,444
Metals
$6
4
Railcar
Gaming
Mining
Food
Packaging Real Estate
Home
Fashion
Holding
Company Consolidated
39
53
142
7
23
$274
$271
45
29
52
126
2,741
7
99
$3,370
$223
14
29
9
743
74
205
$1,297
$28
1
4
37
295
6
20
$391
$43
1
65
76
151
8
86
$430
$16
2
7
614
51
18
$708
$14
5
38
66
72
3
9
$207
$182
3
173
3
86
$447
$2,041
1,441
13,661
1,876
2,318
9,831
3,207
2,077
$36,452
$1,402
674
2,076
$49
2
1
52
$319
8
2,361
2,688
$135
293
428
$48
39
87
$66
49
271
386
$21
29
50
$30
30
$38
5,489
5,527
$4,931
1,237
4,504
1,312
12,182
24,166
1,751
1,583
3,334
$5,410
222
222
$274
726
(44)
682
$3,370
601
268
869
$1,297
234
70
304
$391
28
16
44
$430
658
658
$708
177
177
$207
(5,080)
(5,080)
$447
5,140
7,146
12,286
$36,452
32
Significant Valuation demonstrated by market value of IEPs public subsidiaries and Holding Company interest in Funds and book value
or market comparables of other assets
As of
($ Millions)
Sept 30
2014
Market-valued Subsidiaries:
Holding Company interest in Funds (1)
CVR Energy (2)
CVR Refining - direct holding (2)
Federal-Mogul (2)
American Railcar Industries (2)
Total market-valued subsidiaries
Other Subsidiaries
Tropicana (3)
Viskase (3)
Real Estate Holdings (1)
PSC Metals (1)
WestPoint Home (1)
ARL (4)
Ferrous Resources (1)
IEH Auto (1)
Total - other subsidiaries
Add: Holding Company cash and cash equivalents (5)
Less: Holding Company debt (5)
Add: Other Holding Company net assets (5)
Indicative Net Asset Value
$4,824
3,185
140
1,801
878
$10,827
$468
246
732
262
194
908
$2,810
1,074
(5,486)
1
$9,225
Dec 31
2014
$4,284
2,756
101
1,949
611
$9,701
$497
246
693
250
180
944
$2,810
1,123
(5,486)
237
$8,385
March 31
2015
$4,470
3,030
124
1,845
590
$10,059
$560
210
720
234
179
977
$2,880
826
(5,488)
42
$8,319
June 30
2015
Sept 30
2015
$4,646
2,680
110
1,573
577
$9,586
$4,168
2,923
115
947
429
$8,581
$613
217
692
242
179
964
241
334
$3,482
222
(5,488)
164
$7,966
$739
206
658
222
177
979
234
330
$3,546
182
(5,489)
261
$7,081
Note: Indicative net asset value does not purport to reflect a valuation of IEP. The calculated Indicative net asset value does not include any value for our Investment Segment other than the fair market value of our investment in the Investment Funds. A
valuation is a subjective exercise and Indicative net asset value does not necessarily consider all elements or consider in the adequate proportion the elements that could affect the valuation of IEP. Investors may reasonably differ on what such
elements are and their impact on IEP. No representation or assurance, express or implied is made as to the accuracy and correctness of indicative net asset value as of these dates or with respect to any future indicative or prospective results which
may vary.
(1)
(2)
(3)
(4)
(5)
33
34
Adjusted EBITDA Reconciliation by Segment Last Twelve Months Ended September 30, 2015
($Millions)
Investment Automotive
Energy
Metals
Railcar
Gaming
Mining
Food
Packaging
Real
Estate
Home
Holding
Fashion Company Consolidated
Adjusted EBITDA:
Net income (loss)
Interest expense, net
Income tax expense (benefit)
Depreciation, depletion and amortization
EBITDA before non-controlling interests
Impairment of assets
Restructuring costs
Non-service cost of U.S. based pension
FIFO impact unfavorable
Certain share-based compensation expense
Major scheduled turnaround expense
Expenses related to certain acquisitions
Net loss on extinguishment of debt
Unrealized gain on certain derivatives
Other
Adjusted EBITDA before non-controlling interests
($1,414)
522
($892)
1
($891)
($118)
137
94
341
$454
31
80
(2)
(1)
(8)
38
$592
$165
44
60
229
$498
103
190
11
25
33
(25)
$835
($34)
(24)
29
($29)
3
($26)
$215
75
68
121
$479
(1)
2
$480
$250
11
(142)
60
$179
(48)
$131
($13)
1
4
($8)
3
($5)
$9
12
4
21
$46
2
14
$62
$61
3
21
$85
2
(45)
$42
($4)
7
$3
2
$5
($196)
288
(146)
($54)
(2)
($56)
($1,079)
1,092
(85)
833
$761
139
80
190
9
25
(8)
2
33
(62)
$1,169
($660)
242
($418)
($418)
($112)
112
86
278
$364
24
64
(3)
(4)
(6)
35
$474
$91
24
54
125
$294
45
110
9
14
19
(15)
$476
($34)
(24)
29
($29)
3
($26)
$140
54
34
81
$309
1
$310
$173
7
(98)
41
$123
(33)
$90
($10)
1
3
($6)
2
($4)
$6
9
3
15
$33
1
10
$44
$61
3
21
$85
2
(45)
$42
($4)
7
$3
2
$5
($196)
288
(146)
($54)
(2)
($56)
($545)
739
(90)
600
$704
74
64
(2)
110
5
14
(6)
1
19
(46)
$937
35
Adjusted EBITDA Reconciliation by Segment Nine Months Ended September 30, 2015
($Millions)
Investment Automotive
Energy
Metals
Railcar
Gaming
Mining
Food
Packaging
Real
Estate
Home
Holding
Fashion Company Consolidated
Adjusted EBITDA:
Net income (loss)
Interest expense, net
Income tax expense (benefit)
Depreciation, depletion and amortization
EBITDA before non-controlling interests
Impairment of assets
Restructuring costs
Non-service cost of U.S. based pension
FIFO impact unfavorable
Certain share-based compensation expense
Major scheduled turnaround expense
Expenses related to certain acquisitions
Net loss on extinguishment of debt
Unrealized gain on certain derivatives
Other
Adjusted EBITDA before non-controlling interests
($263)
412
$149
1
$150
$0
103
30
257
$390
10
57
(1)
(1)
7
12
$474
$347
35
87
172
$641
35
9
24
18
(25)
$702
($22)
(17)
22
($17)
(1)
($18)
$154
59
50
93
$356
2
$358
$33
8
23
46
$110
3
$113
($13)
1
4
($8)
3
($5)
$2
9
5
15
$31
2
12
$45
$55
2
16
$73
(41)
$32
($3)
5
$2
2
$4
($267)
214
5
($48)
(2)
($50)
$23
842
184
630
$1,679
10
57
1
35
8
24
7
2
18
(36)
$1,805
($119)
190
$71
$71
($4)
84
24
211
$315
8
47
(1)
(1)
6
10
$384
$181
19
75
94
$369
20
8
13
11
(15)
$406
($22)
(17)
22
($17)
(1)
($18)
$98
42
25
63
$228
1
$229
$23
5
16
31
$75
2
$77
($10)
1
3
($6)
2
($4)
$1
7
4
11
$23
1
9
$33
$55
2
16
$73
(41)
$32
($3)
5
$2
2
$4
($267)
214
5
($48)
(2)
($50)
($67)
563
133
456
$1,085
8
47
20
7
13
6
1
11
(34)
$1,164
36
Adjusted EBITDA Reconciliation by Segment Nine Months Ended September 30, 2014
($Millions)
Investment Automotive
Energy
Metals
Railcar
Gaming
Mining
Food
Packaging
Real
Estate
Home
Holding
Fashion Company Consolidated
Adjusted EBITDA:
Net income (loss)
Interest expense, net
Income tax expense (benefit)
Depreciation, depletion and amortization
EBITDA before non-controlling interests
Impairment of assets
Restructuring costs
Non-service cost of U.S. based pension
FIFO impact unfavorable
Certain share-based compensation expense
Major scheduled turnaround expense
Expenses related to certain acquisitions
Net loss on extinguishment of debt
Unrealized gain on certain derivatives
Other
Adjusted EBITDA before non-controlling interests
$467
189
$656
$656
$28
89
27
251
$395
3
63
(5)
(4)
15
36
3
$506
$350
26
100
162
$638
6
11
6
(78)
$583
($13)
(11)
19
($5)
(2)
($7)
$127
41
38
78
$284
4
2
3
$293
$52
8
18
36
$114
$236
91
$327
$327
$21
71
18
203
$313
3
52
(3)
12
31
(1)
$407
$185
15
85
93
$378
4
8
4
(49)
$345
($13)
(11)
19
($5)
(2)
($7)
$80
30
17
56
$183
2
1
2
$188
$35
5
12
24
$76
(33)
$81
$0
$0
$0
$2
11
4
16
$33
(1)
16
1
$49
$16
2
17
$35
3
(2)
$36
$3
5
$8
(2)
(2)
$4
($459)
216
(10)
($253)
108
(4)
($149)
$573
582
166
584
$1,905
6
61
(6)
6
11
6
15
162
(78)
(36)
$2,052
$1
8
3
12
$24
(1)
12
1
$36
$16
2
17
$35
3
(2)
$36
$3
5
$8
(2)
(2)
$4
($459)
216
(10)
($253)
108
(4)
($149)
$105
438
114
429
$1,086
6
50
(4)
4
10
4
12
152
(49)
(31)
$1,240
(23)
$53
$0
$0
$0
37
Energy
Metals
Railcar
Gaming
Food
Packaging
Real
Estate
Home
Holding
Fashion Company Consolidated
Adjusted EBITDA:
Net income (loss)
Interest expense, net
Income tax expense (benefit)
Depreciation, depletion and amortization
EBITDA before non-controlling interests
Impairment of assets
Restructuring costs
Non-service cost of U.S. based pension
FIFO impact unfavorable
Certain share-based compensation expense
Major scheduled turnaround expense
Net loss on extinguishment of debt
Unrealized gain on certain derivatives
Other
Adjusted EBITDA before non-controlling interests
($684)
299
($385)
($385)
($90)
123
91
335
$459
24
86
(6)
(4)
36
29
$624
$168
35
73
219
$495
103
161
13
7
(63)
$716
($25)
(18)
26
($17)
3
(1)
($15)
$188
57
56
106
$407
3
2
3
$415
$269
11
(147)
50
$183
(84)
$99
$9
14
3
22
$48
(1)
16
3
$66
$22
3
22
$47
5
(6)
$46
$2
7
$9
(2)
(2)
$5
($388)
290
(161)
($259)
108
(4)
($155)
($529)
832
(103)
787
$987
135
84
(7)
161
12
7
162
(63)
(62)
$1,416
($305)
143
($162)
($162)
($87)
99
80
270
$362
19
69
(5)
(3)
31
24
$497
$95
20
64
124
$303
45
94
9
5
(41)
$415
($25)
(18)
26
($17)
3
(1)
($15)
$122
42
26
74
$264
2
1
2
$269
$185
7
(102)
34
$124
$6
10
2
16
$34
(1)
12
2
$47
$22
3
22
$47
5
(6)
$46
$2
7
$9
(2)
(2)
$5
($388)
290
(161)
($259)
108
(4)
($155)
($373)
614
(109)
573
$705
72
67
(6)
94
8
5
152
(41)
(43)
$1,013
(58)
$66
38
Energy
Metals
Railcar
Gaming
Food
Packaging
Real
Estate
Home
Holding
Fashion Company Consolidated
Adjusted EBITDA:
Net income (loss)
Interest expense, net
Income tax (benefit) expense
Depreciation, depletion and amortization
EBITDA before non-controlling interests
Impairment
Restructuring
Non-service cost of U.S. based pension
FIFO impact unfavorable
OPEB curtailment gains
Certain share-based compensation expense
Losses on divestitures
Net loss on extinguishment of debt
Unrealized gains on certain derivatives
Other
Adjusted EBITDA before non-controlling interests
$1,902
10
$1,912
$1,912
$263
108
(180)
296
$487
8
40
2
(19)
5
60
8
$591
$479
47
195
208
$929
(21)
18
(5)
(51)
(1)
$869
($28)
(20)
26
($22)
2
2
($18)
$139
40
31
92
$302
5
4
$311
$19
13
3
34
$69
3
5
(11)
$66
$43
22
(51)
21
$35
3
29
$67
$17
4
23
$44
2
$46
($16)
8
($8)
1
10
(2)
$1
($374)
300
(96)
($170)
($170)
$2,444
544
(118)
708
$3,578
16
50
5
(21)
(19)
28
60
(51)
29
$3,675
$812
4
$816
$816
$250
88
(191)
234
$381
7
31
2
(15)
4
46
6
$462
$289
32
162
121
$604
(15)
13
(3)
(43)
$556
($28)
(20)
26
($22)
2
2
($18)
$30
11
9
35
$85
3
23
$111
$13
9
2
23
$47
2
3
(7)
$45
$32
16
(36)
15
$27
2
21
$50
$17
4
23
$44
2
$46
($16)
8
($8)
1
10
(2)
$1
($374)
300
(96)
($170)
($170)
$1,025
464
(170)
485
$1,804
14
41
4
(15)
(15)
20
46
(43)
43
$1,899
39
Energy
Metals
Railcar
Gaming
Food
Packaging
Real
Estate
Home
Holding
Fashion Company Consolidated
Adjusted EBITDA:
Net income (loss)
Interest expense, net
Income tax (benefit) expense
Depreciation, depletion and amortization
EBITDA before non-controlling interests
Impairment
Restructuring
Non-service cost of U.S. based pension
FIFO impact unfavorable
OPEB curtailment gains
Certain share-based compensation expense
Major scheduled turnaround expense
Expenses related to certain acquisitions
Net loss on extinguishment of debt
Unrealized loss on certain derivatives
Other
Adjusted EBITDA before non-controlling interests
$372
2
$374
$374
($22)
136
(29)
289
$374
98
26
35
(51)
(4)
35
$513
$338
38
182
128
$686
71
33
107
6
6
68
$977
($58)
(1)
26
($33)
18
(1)
($16)
$92
57
42
83
$274
5
2
(2)
$279
$30
12
4
32
$78
2
2
(3)
$79
$6
21
5
18
$50
1
3
3
$57
$19
5
23
$47
$47
($27)
8
($19)
11
4
1
($3)
$12
283
(284)
$11
$11
$762
554
(81)
607
$1,842
129
31
38
71
(51)
34
107
6
10
68
33
$2,318
$157
1
$158
$158
($24)
105
(22)
224
$283
76
20
27
(40)
(3)
27
$390
$263
31
149
105
$548
58
27
88
4
5
57
$787
($58)
(1)
26
($33)
18
(1)
($16)
$29
8
23
13
$73
3
1
$77
$21
8
3
22
$54
1
1
(2)
$54
$4
15
4
13
$36
1
2
2
$41
$19
5
23
$47
$47
($27)
8
($19)
11
4
1
($3)
$12
283
(284)
$11
$11
$396
456
(128)
434
$1,158
106
25
29
58
(40)
27
88
4
7
57
27
$1,546
40
The following is a reconciliation of net income attributable to Icahn Enterprises, presented and reported in accordance with U.S. generally
accepted accounting principles, to adjusted net income attributable to Icahn Enterprises, adjusted for gains or losses on extinguishment of debt
attributable to Icahn Enterprises:
($ in millions)
Net (loss) income attributable to Icahn Enterprises
Loss on extinguishment of debt attributable to Icahn Enterprises
Adjusted net (loss) income attributable to Icahn Enterprises
($355)
($355)
$105
152
$257
41