NEW YORK, Aug. 08, 2017 (GLOBE NEWSWIRE) -- Icahn Enterprises L.P. (NASDAQ:IEP) is reporting second quarter 2017 revenues of
$6.7 billion and net income attributable to Icahn Enterprises of $1.6 billion, or $9.51 per depositary unit. For the three
months ended June 30, 2016 revenues were $4.4 billion and net loss attributable to Icahn Enterprises was $69 million, or a
loss of $0.50 per depositary unit. For the three months ended June 30, 2017, Adjusted EBITDA attributable to Icahn
Enterprises was $506 million compared to $292 million for the three months ended June 30, 2016. For the three months
ended June 30, 2017, Adjusted EBIT attributable to Icahn Enterprises was $303 million compared to $105 million for the three
months ended June 30, 2016.
For the six months ended June 30, 2017, revenues were $11.3 billion and net income attributable to Icahn Enterprises was
$1.5 billion, or $9.77 per depositary unit. For the six months ended June 30, 2016 revenues were $7.5 billion and net loss
attributable to Icahn Enterprises was $906 million, or a loss of $6.68 per depositary unit. For the six months ended June 30,
2017, Adjusted EBITDA attributable to Icahn Enterprises was $918 million compared to $222 million for the six months ended
June 30, 2016. For the six months ended June 30, 2017, Adjusted EBIT attributable to Icahn Enterprises was $520
million compared to a loss of $144 million for the six months ended June 30, 2016.
For the six months ended June 30, 2017 indicative net asset value increased by $409 million to $6.0 billion compared to
$5.6 billion as of December 31, 2016.
Icahn Enterprises L.P., a master limited partnership, is a diversified holding company engaged in ten primary
business segments: Investment, Automotive, Energy, Railcar, Gaming, Metals, Mining, Food Packaging, Real Estate and Home Fashion.
Caution Concerning Forward-Looking Statements
Results for any interim period are not necessarily indicative of results for any full fiscal period. 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 activities, including the nature of the investments made by the private funds in which we invest, 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 energy business, including the
volatility and availability of crude oil, 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; risk related to our gaming operations, including reductions in discretionary spending due to a downturn in
the local, regional or national economy, intense competition in the gaming industry from present and emerging internet online
markets and extensive regulation; risks related to our railcar activities, including reliance upon a small number of customers that
represent a large percentage of revenues and backlog, the health of and prospects for the overall railcar industry and the cyclical
nature of the railcar manufacturing business; risks related to our food packaging activities, including competition from better
capitalized competitors, inability of its suppliers to timely deliver raw materials, and the failure to effectively respond to
industry changes in casings technology; 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; and other risks and uncertainties detailed from time to time in our filings with the Securities and Exchange
Commission. Past performance in our Investment segment is not necessarily indicative of future performance. We undertake no
obligation to publicly update or review any forward-looking information, whether as a result of new information, future
developments or otherwise.
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(In millions, except per unit amounts) |
| |
| |
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
| |
2017 |
|
2016 |
|
2017 |
|
2016 |
| Revenues: |
(Unaudited) |
| Net sales |
$ |
4,282 |
|
|
$ |
4,094 |
|
|
$ |
8,601 |
|
|
$ |
7,642 |
|
| Other revenues from operations |
487 |
|
|
523 |
|
|
962 |
|
|
969 |
|
| Net income (loss) from investment activities |
314 |
|
|
(308 |
) |
|
184 |
|
|
(1,244 |
) |
| Interest and dividend income |
33 |
|
|
28 |
|
|
62 |
|
|
70 |
|
| Gain on disposition of assets, net |
1,525 |
|
|
1 |
|
|
1,520 |
|
|
11 |
|
| Other income, net |
13 |
|
|
12 |
|
|
2 |
|
|
29 |
|
| |
6,654 |
|
|
4,350 |
|
|
11,331 |
|
|
7,477 |
|
| Expenses: |
|
|
|
|
|
|
|
| Cost of goods sold |
3,723 |
|
|
3,448 |
|
|
7,415 |
|
|
6,571 |
|
| Other expenses from operations |
278 |
|
|
314 |
|
|
532 |
|
|
560 |
|
| Selling, general and administrative |
623 |
|
|
615 |
|
|
1,250 |
|
|
1,133 |
|
| Restructuring |
2 |
|
|
6 |
|
|
9 |
|
|
21 |
|
| Impairment |
69 |
|
|
— |
|
|
77 |
|
|
577 |
|
| Interest expense |
218 |
|
|
202 |
|
|
441 |
|
|
443 |
|
| |
4,913 |
|
|
4,585 |
|
|
9,724 |
|
|
9,305 |
|
| Income (loss) before income tax expense |
1,741 |
|
|
(235 |
) |
|
1,607 |
|
|
(1,828 |
) |
| Income tax expense |
(16 |
) |
|
(50 |
) |
|
(42 |
) |
|
(66 |
) |
| Net income (loss) |
1,725 |
|
|
(285 |
) |
|
1,565 |
|
|
(1,894 |
) |
Less: net income (loss) attributable to non-
controlling interests |
172 |
|
|
(216 |
) |
|
30 |
|
|
(988 |
) |
| Net income (loss) attributable to Icahn Enterprises
|
$ |
1,553 |
|
|
$ |
(69 |
) |
|
$ |
1,535 |
|
|
$ |
(906 |
) |
| |
|
|
|
|
|
|
|
Net income (loss) attributable to Icahn Enterprises
allocable to: |
|
|
|
|
|
|
|
| Limited partners |
$ |
1,522 |
|
|
$ |
(68 |
) |
|
$ |
1,504 |
|
|
$ |
(888 |
) |
| General partner |
31 |
|
|
(1 |
) |
|
31 |
|
|
(18 |
) |
| |
$ |
1,553 |
|
|
$ |
(69 |
) |
|
$ |
1,535 |
|
|
$ |
(906 |
) |
| |
|
|
|
|
|
|
|
| Basic and diluted income (loss) per LP unit |
$ |
9.51 |
|
|
$ |
(0.50 |
) |
|
$ |
9.77 |
|
|
$ |
(6.68 |
) |
Basic and diluted weighted average LP units
outstanding |
160 |
|
|
135 |
|
|
154 |
|
|
133 |
|
| Cash distributions declared per LP unit |
$ |
1.50 |
|
|
$ |
1.50 |
|
|
$ |
3.00 |
|
|
$ |
3.00 |
|
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions) |
| |
| |
June 30,
2017 |
|
December 31,
2016 |
| ASSETS |
(Unaudited) |
|
|
| Cash and cash equivalents |
$ |
2,389 |
|
|
$ |
1,833 |
|
| Cash held at consolidated affiliated partnerships and restricted cash |
1,019 |
|
|
804 |
|
| Investments |
9,302 |
|
|
9,881 |
|
| Due from brokers |
1,391 |
|
|
1,482 |
|
| Accounts receivable, net |
1,757 |
|
|
1,609 |
|
| Inventories, net |
3,142 |
|
|
2,983 |
|
| Property, plant and equipment, net |
9,610 |
|
|
10,122 |
|
| Goodwill |
1,168 |
|
|
1,136 |
|
| Intangible assets, net |
1,063 |
|
|
1,080 |
|
| Assets held for sale |
549 |
|
|
1,366 |
|
| Other assets |
1,167 |
|
|
1,039 |
|
| Total Assets |
$ |
32,557 |
|
|
$ |
33,335 |
|
| LIABILITIES AND EQUITY |
|
|
|
| Accounts payable |
$ |
2,017 |
|
|
$ |
1,765 |
|
| Accrued expenses and other liabilities |
3,440 |
|
|
2,998 |
|
| Deferred tax liability |
1,658 |
|
|
1,613 |
|
| Securities sold, not yet purchased, at fair value |
1,729 |
|
|
1,139 |
|
| Due to brokers |
676 |
|
|
3,725 |
|
| Post-retirement benefit liability |
1,210 |
|
|
1,180 |
|
| Liabilities held for sale |
12 |
|
|
1,779 |
|
| Debt |
11,285 |
|
|
11,119 |
|
| Total liabilities |
22,027 |
|
|
25,318 |
|
| |
|
|
|
| Equity: |
|
|
|
| Limited partners |
4,484 |
|
|
2,448 |
|
| General partner |
(253 |
) |
|
(294 |
) |
| Equity attributable to Icahn Enterprises |
4,231 |
|
|
2,154 |
|
| Equity attributable to non-controlling interests |
6,299 |
|
|
5,863 |
|
| Total equity |
10,530 |
|
|
8,017 |
|
| Total Liabilities and Equity |
$ |
32,557 |
|
|
$ |
33,335 |
|
Use of Non-GAAP Financial Measures
The Company uses certain non-GAAP financial measures in evaluating its performance. These include non-GAAP EBITDA, Adjusted
EBITDA, EBIT and Adjusted EBIT. EBITDA represents earnings before interest expense, income tax (benefit) expense and
depreciation and amortization. EBIT represents earnings before interest expense and income tax (benefit) expense. We
define Adjusted EBITDA and Adjusted EBIT as EBITDA and EBIT, respectively, excluding the effects of impairment, restructuring
costs, certain pension plan expenses, OPEB curtailment gains, purchase accounting inventory adjustments, certain share-based
compensation, discontinued operations, gains/losses on extinguishment of debt, major scheduled turnaround expenses, FIFO
adjustments and unrealized gains/losses on energy segment derivatives and certain other non-operational charges. We present
EBITDA, Adjusted EBITDA, EBIT and Adjusted EBIT on a consolidated basis and attributable to Icahn Enterprises net of the effect of
non-controlling interests. 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 into 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, Adjusted EBITDA, EBIT and Adjusted EBIT to investors has economic substance as these measures
provide important supplemental information of our performance to investors and permits investors and management to evaluate the
core operating performance of our business without regard to interest, taxes and depreciation and amortization and the effects of
impairment, restructuring costs, certain pension plan expenses, OPEB curtailment gains, purchase accounting inventory adjustments,
certain share-based compensation, discontinued operations, gains/losses on extinguishment of debt, major scheduled turnaround
expenses, FIFO adjustments and unrealized gains/losses on energy segment derivatives and certain other non-operational
charges. 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, Adjusted EBITDA, EBIT and Adjusted EBIT present meaningful measures of performance exclusive
of our capital structure and the method by which assets were acquired and financed.
EBITDA, Adjusted EBITDA, EBIT and Adjusted EBIT have limitations as analytical tools, and you should not consider them in
isolation, or as substitutes for analysis of our results as reported under generally accepted accounting principles in the United
States, or U.S. GAAP. For example, EBITDA, Adjusted EBITDA, EBIT and Adjusted EBIT:
- 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, Adjusted EBITDA, EBIT and Adjusted EBIT differently than we
do, limiting their usefulness as comparative measures. In addition, EBITDA, Adjusted EBITDA, EBIT and Adjusted EBIT do not
reflect the impact of earnings or charges resulting from matters we consider not to be indicative of our ongoing operations.
EBITDA, Adjusted EBITDA, EBIT and Adjusted EBIT 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, Adjusted EBITDA, EBIT and Adjusted EBIT only as a supplemental measure of our financial
performance.
Use of Indicative Net Asset Value Data
The Company uses indicative net asset value as an additional method for considering the value of the Company’s assets, and we
believe that this information can be helpful to investors. Please note, however, that the indicative net asset value does not
represent the market price at which the units trade. Accordingly, data regarding indicative net asset value is of limited use
and should not be considered in isolation.
The Company's depositary units are not redeemable, which means that investors have no right or ability to obtain from the
Company the indicative net asset value of units that they own. Units may be bought and sold on The NASDAQ Global Select
Market at prevailing market prices. Those prices may be higher or lower than the indicative net asset value of the units as
calculated by management.
See below for more information on how we calculate the Company’s indicative net asset value.
| |
| ($ in millions) |
June 30,
2017 |
|
December 31,
2016 |
| Market-valued Subsidiaries: |
(Unaudited) |
| Holding Company interest in Funds (1) |
$ |
2,742 |
|
|
$ |
1,669 |
|
| CVR Energy (2) |
1,549 |
|
|
1,808 |
|
| CVR Refining - direct holding (2) |
55 |
|
|
60 |
|
| American Railcar Industries (2) |
455 |
|
|
538 |
|
| Total market-valued subsidiaries |
$ |
4,801 |
|
|
$ |
4,074 |
|
| |
|
|
|
| Other Subsidiaries: |
|
|
|
| Tropicana (3) |
$ |
1,092 |
|
|
$ |
862 |
|
| Viskase (3) |
164 |
|
|
154 |
|
| Federal-Mogul (4) |
1,690 |
|
|
1,429 |
|
| Real Estate Holdings (1) |
643 |
|
|
642 |
|
| PSC Metals (1) |
169 |
|
|
155 |
|
| WestPoint Home (1) |
157 |
|
|
164 |
|
| ARL/RemainCo (5) |
557 |
|
|
1,689 |
|
| Ferrous Resources (1) |
125 |
|
|
104 |
|
| Icahn Automotive Group (1) |
1,325 |
|
|
1,319 |
|
| Trump Entertainment (1) |
32 |
|
|
86 |
|
| Total - other subsidiaries |
$ |
5,954 |
|
|
$ |
6,605 |
|
| Add: Holding Company cash and cash equivalents (6) |
653 |
|
|
225 |
|
| Less: Holding Company debt (6) |
(5,507 |
) |
|
(5,490 |
) |
| Add: Other Holding Company net assets (6) |
93 |
|
|
171 |
|
| Indicative Net Asset Value |
$ |
5,994 |
|
|
$ |
5,585 |
|
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) |
|
Represents equity attributable to us 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 9.0x Adjusted EBITDA for the twelve months ended June 30, 2017 and 8.5x Adjusted EBITDA for the twelve
months ended December 31, 2016. Viskase valued at 9.0x Adjusted EBITDA for the twelve months ended June 30, 2017 and December
31, 2016. |
| |
|
|
| (4) |
|
June 30, 2017 represents the value of the company based on IEP's tender offer during
Q1 2017. December 31, 2016 represents the closing share price (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 December 31, 2016. |
| |
|
|
| (5) |
|
June 30, 2017 represents the option purchase price of the remaining cars not sold in
the initial ARL sale, plus working capital as of that date. December 31, 2016 reflects the initial sale of ARL to SMBC Rail and
assumes that the ARL cars not being sold to SMBC Rail during the initial closing are valued at the purchase price option set
forth in the ARL sales agreement less liabilities. |
| |
|
|
| (6) |
|
Holding Company's balance as of each respective date. |
| |
|
|
|
| ($ in millions) |
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
| |
2017 |
|
2016 |
|
2017 |
|
2016 |
| Consolidated Adjusted EBITDA: |
(Unaudited) |
| Net income (loss) |
$ |
1,725 |
|
|
$ |
(285 |
) |
|
$ |
1,565 |
|
|
$ |
(1,894 |
) |
| Interest expense, net |
214 |
|
|
199 |
|
|
436 |
|
|
438 |
|
| Income tax expense |
16 |
|
|
50 |
|
|
42 |
|
|
66 |
|
| Depreciation and amortization |
252 |
|
|
251 |
|
|
495 |
|
|
481 |
|
| Consolidated EBITDA |
$ |
2,207 |
|
|
$ |
215 |
|
|
$ |
2,538 |
|
|
$ |
(909 |
) |
| Impairment of assets |
69 |
|
|
— |
|
|
77 |
|
|
577 |
|
| Restructuring costs |
2 |
|
|
6 |
|
|
9 |
|
|
21 |
|
| Non-Service cost US based pensions |
4 |
|
|
4 |
|
|
7 |
|
|
8 |
|
| FIFO impact unfavorable (favorable) |
15 |
|
|
(46 |
) |
|
15 |
|
|
(37 |
) |
| Major scheduled turnaround expense |
3 |
|
|
9 |
|
|
16 |
|
|
38 |
|
| Gain on disposition of assets |
(1,525 |
) |
|
(1 |
) |
|
(1,520 |
) |
|
(11 |
) |
| Net loss on extinguishment of debt |
2 |
|
|
5 |
|
|
4 |
|
|
5 |
|
| Unrealized loss (gain) on certain derivatives |
— |
|
|
9 |
|
|
(11 |
) |
|
32 |
|
| Other |
10 |
|
|
7 |
|
|
32 |
|
|
40 |
|
| Consolidated Adjusted EBITDA |
$ |
787 |
|
|
$ |
208 |
|
|
$ |
1,167 |
|
|
$ |
(236 |
) |
| |
|
|
|
|
|
|
|
| IEP Adjusted EBITDA: |
|
|
|
|
|
|
|
| Net income (loss) attributable to IEP |
$ |
1,553 |
|
|
$ |
(69 |
) |
|
$ |
1,535 |
|
|
$ |
(906 |
) |
| Interest expense, net |
163 |
|
|
142 |
|
|
331 |
|
|
311 |
|
| Income tax expense |
14 |
|
|
40 |
|
|
34 |
|
|
52 |
|
| Depreciation and amortization |
203 |
|
|
187 |
|
|
398 |
|
|
366 |
|
| EBITDA attributable to IEP |
$ |
1,933 |
|
|
$ |
300 |
|
|
$ |
2,298 |
|
|
$ |
(177 |
) |
| Impairment of assets |
69 |
|
|
— |
|
|
77 |
|
|
336 |
|
| Restructuring costs |
1 |
|
|
5 |
|
|
8 |
|
|
17 |
|
| Non-Service cost US based pensions |
3 |
|
|
3 |
|
|
6 |
|
|
6 |
|
| FIFO impact unfavorable (favorable) |
9 |
|
|
(27 |
) |
|
9 |
|
|
(22 |
) |
| Major scheduled turnaround expense |
2 |
|
|
3 |
|
|
10 |
|
|
20 |
|
| Gain on disposition of assets |
(1,525 |
) |
|
(1 |
) |
|
(1,520 |
) |
|
(9 |
) |
| Net loss on extinguishment of debt |
2 |
|
|
1 |
|
|
4 |
|
|
1 |
|
| Unrealized (gain) loss on certain derivatives |
— |
|
|
5 |
|
|
(6 |
) |
|
18 |
|
| Other |
12 |
|
|
3 |
|
|
32 |
|
|
32 |
|
| Adjusted EBITDA attributable to IEP |
$ |
506 |
|
|
$ |
292 |
|
|
$ |
918 |
|
|
$ |
222 |
|
| ($ in millions) |
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
| |
2017 |
|
2016 |
|
2017 |
|
2016 |
| Consolidated Adjusted EBIT: |
(Unaudited) |
| Net income (loss) |
$ |
1,725 |
|
|
$ |
(285 |
) |
|
$ |
1,565 |
|
|
$ |
(1,894 |
) |
| Interest expense, net |
214 |
|
|
199 |
|
|
436 |
|
|
438 |
|
| Income tax expense |
16 |
|
|
50 |
|
|
42 |
|
|
66 |
|
| Consolidated EBIT |
$ |
1,955 |
|
|
$ |
(36 |
) |
|
$ |
2,043 |
|
|
$ |
(1,390 |
) |
| Impairment of assets |
69 |
|
|
— |
|
|
77 |
|
|
577 |
|
| Restructuring costs |
2 |
|
|
6 |
|
|
9 |
|
|
21 |
|
| Non-Service cost US based pensions |
4 |
|
|
4 |
|
|
7 |
|
|
8 |
|
| FIFO impact unfavorable (favorable) |
15 |
|
|
(46 |
) |
|
15 |
|
|
(37 |
) |
| Major scheduled turnaround expense |
3 |
|
|
9 |
|
|
16 |
|
|
38 |
|
| Gain on disposition of assets |
(1,525 |
) |
|
(1 |
) |
|
(1,520 |
) |
|
(11 |
) |
| Net loss on extinguishment of debt |
2 |
|
|
5 |
|
|
4 |
|
|
5 |
|
| Unrealized loss (gain) on certain derivatives |
— |
|
|
9 |
|
|
(11 |
) |
|
32 |
|
| Other |
10 |
|
|
7 |
|
|
32 |
|
|
40 |
|
| Consolidated Adjusted EBIT |
$ |
535 |
|
|
$ |
(43 |
) |
|
$ |
672 |
|
|
$ |
(717 |
) |
| |
|
|
|
|
|
|
|
| IEP Adjusted EBIT: |
|
|
|
|
|
|
|
| Net income (loss) attributable to IEP |
$ |
1,553 |
|
|
$ |
(69 |
) |
|
$ |
1,535 |
|
|
$ |
(906 |
) |
| Interest expense, net |
163 |
|
|
142 |
|
|
331 |
|
|
311 |
|
| Income tax expense |
14 |
|
|
40 |
|
|
34 |
|
|
52 |
|
| EBIT attributable to IEP |
$ |
1,730 |
|
|
$ |
113 |
|
|
$ |
1,900 |
|
|
$ |
(543 |
) |
| Impairment of assets |
69 |
|
|
— |
|
|
77 |
|
|
336 |
|
| Restructuring costs |
1 |
|
|
5 |
|
|
8 |
|
|
17 |
|
| Non-Service cost US based pensions |
3 |
|
|
3 |
|
|
6 |
|
|
6 |
|
| FIFO impact unfavorable (favorable) |
9 |
|
|
(27 |
) |
|
9 |
|
|
(22 |
) |
| Major scheduled turnaround expense |
2 |
|
|
3 |
|
|
10 |
|
|
20 |
|
| Gain on disposition of assets |
(1,525 |
) |
|
(1 |
) |
|
(1,520 |
) |
|
(9 |
) |
| Net loss on extinguishment of debt |
2 |
|
|
1 |
|
|
4 |
|
|
1 |
|
| Unrealized (gain) loss on certain derivatives |
— |
|
|
5 |
|
|
(6 |
) |
|
18 |
|
| Other |
12 |
|
|
3 |
|
|
32 |
|
|
32 |
|
| Adjusted EBIT attributable to IEP |
$ |
303 |
|
|
$ |
105 |
|
|
$ |
520 |
|
|
$ |
(144 |
) |
Investor Contacts: SungHwan Cho, Chief Financial Officer Peter Reck, Chief Accounting Officer (212) 702-4300
