Short answer
Icahn Enterprises L.p (IEP) filed its fiscal 2012 10-K annual report with the SEC on Mar 15, 2013.
- Top risk flagged: Investment segment: Dodd-Frank Act and evolving SEC derivatives rules could restrict fund activities and increase compliance costs
Icahn Enterprises L.p FY2012 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Diversified holding company applying activist investing to acquire undervalued assets, influence management, and assume operational control
- New Energy segment following May 4, 2012 CVR acquisition, combining petroleum refining with nitrogen fertilizer production
- Federal-Mogul reorganized into Powertrain and Vehicle Components Solutions units, sharpening OE and aftermarket focus
- CVR expansion: Icahn Enterprises owned 82.0%; Refining Partnership IPO raised $600 million gross
- R&D spending reached $179 million, up from $172 million in 2011, primarily within Federal-Mogul
Management Discussion & Analysis
- Revenue $15.654B, up $3.812B YoY from $11.842B, driven by CVR consolidation and Automotive
- Railcar best performer: manufacturing margin 21% vs 9%, leasing margin 29% vs 23%; Metals worst, margin loss 1% vs 2% income
- Cash flow $1.514B operating, $2.279B investing, $1.543B financing; capex $890M, CVR acquisition $1.3B
- Capital allocation: $41M distributions, $500M rights offering, $1.0B senior-note issuance
- Outlook: Automotive restructuring through 2015; risks from gaming competition, cyclical railcars, metals markets and leverage
Risk Factors
- Investment segment: Dodd-Frank Act and evolving SEC derivatives rules could restrict fund activities and increase compliance costs
- Federal-Mogul: approximately $2.8 billion indebtedness, including substantial variable-rate debt
- CVR Energy: Coffeyville and Wynnewood refineries plus nitrogen fertilizer production concentrated at single locations
- Seaway Pipeline expansion to 400,000 bpd, planned 850,000 bpd, threatens CVR’s crude-cost advantage
- Mr. Icahn ownership: approximately 93.2% of depositary units, creating control and key-person dependency risks
Generated from the filing text; verify against the original. How to read a 10-K
Other Icahn Enterprises L.p annual reports
- FY2018 10-KFiled Mar 1, 2019
- FY2017 10-KFiled Mar 1, 2018
- FY2016 10-KFiled Mar 1, 2017
- FY2015 10-KFiled Feb 29, 2016
- FY2014 10-KFiled Feb 27, 2015
- FY2013 10-KFiled Mar 3, 2014
- FY2011 10-KFiled Mar 12, 2012
- FY2010 10-KFiled Mar 8, 2011
- FY2009 10-KFiled Mar 3, 2010
- FY2008 10-KFiled Mar 4, 2009
- FY2007 10-KFiled Mar 17, 2008
- FY2006 10-KFiled Mar 6, 2007
- FY2005 10-KFiled Mar 16, 2006
- FY2004 10-KFiled Mar 16, 2005
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