Segment Reporting

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Segment Reporting

12.  Segment Reporting.

We report segment information based on the various industries in which our businesses operate and how we manage those businesses in accordance with our investment strategies, which may include: identifying and acquiring undervalued assets and businesses, often through the purchase of distressed securities; increasing value through management, financial or other operational changes; and managing complex legal, regulatory or financial issues, which may include bankruptcy or insolvency, environmental, zoning, permitting and licensing issues. Therefore, although many of our businesses are operated under separate local management, certain of our businesses are grouped together when they operate within a similar industry, comprising similarities in products, customers, production processes and regulatory environments, and when such businesses, when considered together, may be managed in accordance with one or more investment strategies specific to those businesses. Among other measures, we assess and measure segment operating results based on net income from continuing operations attributable to Icahn Enterprises and Icahn Enterprises Holdings. Certain terms of financings for certain of our businesses impose restrictions on the business’ ability to transfer funds to us, including restrictions on dividends, distributions, loans and other transactions.

Condensed Statements of Operations

Icahn Enterprises’ condensed statements of operations by reporting segment are presented below. Icahn Enterprises Holdings’ condensed statements of operations are substantially the same, with immaterial differences relating to our Holding Company’s interest expense.

	Three Months Ended March 31, 2020
	Investment		Energy		Automotive		Food Packaging		Metals		Real Estate		Home Fashion		Mining		Holding Company		Consolidated
	(in millions)
Revenues:
Net sales	$	—	$	1,130	$	492	$	98	$	86	$	4	$	50	$	—	$	—	$	1,860
Other revenues from operations		—		—		143		—		—		18		—		—		—		161
Net (loss) income from investment activities		(1,816)		30		—		—		—		—		—		—		(342)		(2,128)
Interest and dividend income		52		3		—		—		—		—		—		—		9		64
Other (loss) income, net		(1)		(6)		1		(7)		—		—		—		—		(4)		(17)
		(1,765)		1,157		636		91		86		22		50		—		(337)		(60)
Expenses:
Cost of goods sold		—		1,250		352		78		85		4		41		—		—		1,810
Other expenses from operations		—		—		123		—		—		12		—		—		—		135
Selling, general and administrative		(6)		31		246		12		4		5		11		—		5		308
Restructuring, net		—		—		2		—		—		—		—		—		—		2
Interest expense		43		29		5		4		—		—		—		—		90		171
		37		1,310		728		94		89		21		52		—		95		2,426
(Loss) income before income tax benefit		(1,802)		(153)		(92)		(3)		(3)		1		(2)		—		(432)		(2,486)
Income tax benefit		—		40		19		(1)		—		—		—		—		122		180
Net (loss) income		(1,802)		(113)		(73)		(4)		(3)		1		(2)		—		(310)		(2,306)
Less: net loss attributable to non-controlling interests		(876)		(45)		—		(1)		—		—		—		—		—		(922)
Net (loss) income from continuing operations attributable to Icahn Enterprises	$	(926)	$	(68)	$	(73)	$	(3)	$	(3)	$	1	$	(2)	$	—	$	(310)	$	(1,384)
Supplemental information:
Capital expenditures	$	—	$	35	$	9	$	2	$	1	$	4	$	2	$	—	$	—	$	53
Depreciation and amortization	$	—	$	80	$	24	$	6	$	5	$	4	$	2	$	—	$	—	$	121

	Three Months Ended March 31, 2019
	Investment		Energy		Automotive		Food Packaging		Metals		Real Estate		Home Fashion		Mining		Holding Company		Consolidated
	(in millions)
Revenues:
Net sales	$	—	$	1,486	$	550	$	95	$	93	$	2	$	39	$	35	$	—	$	2,300
Other revenues from operations		—		—		143		—		—		19		—		—		—		162
Net loss from investment activities		(609)		—		—		—		—		—		—		—		(65)		(674)
Interest and dividend income		42		—		—		—		—		—		—		1		21		64
Other (loss) income, net		(1)		1		4		(3)		—		2		—		—		—		3
		(568)		1,487		697		92		93		23		39		36		(44)		1,855
Expenses:
Cost of goods sold		—		1,303		375		75		92		2		33		20		—		1,900
Other expenses from operations		—		—		119		—		—		12		—		—		—		131
Selling, general and administrative		2		37		252		15		4		5		10		7		4		336
Restructuring, net		—		—		—		7		—		—		—		—		—		7
Interest expense		18		26		5		4		—		—		—		2		84		139
		20		1,366		751		101		96		19		43		29		88		2,513
(Loss) income before income tax (expense) benefit		(588)		121		(54)		(9)		(3)		4		(4)		7		(132)		(658)
Income tax (expense) benefit		—		(31)		12		4		—		—		—		(1)		10		(6)
Net (loss) income		(588)		90		(42)		(5)		(3)		4		(4)		6		(122)		(664)
Less: net (loss) income attributable to non-controlling interests		(293)		24		—		(2)		—		—		—		1		—		(270)
Net (loss) income attributable to Icahn Enterprises	$	(295)	$	66	$	(42)	$	(3)	$	(3)	$	4	$	(4)	$	5	$	(122)	$	(394)
Supplemental information:
Capital expenditures	$	—	$	29	$	13	$	7	$	5	$	6	$	1	$	4	$	—	$	65
Depreciation and amortization	$	—	$	83	$	24	$	6	$	4	$	4	$	2	$	—	$	—	$	123

Disaggregation of Revenue

In addition to the condensed statements of operations by reporting segment above, we provide additional disaggregated revenue information for and Energy and Automotive segments below.

Energy

Disaggregated revenue for our Energy segment net sales is presented below:

	Three Months Ended March 31,
	2020		2019
	(in millions)
Petroleum products	$	1,055	$	1,394
Nitrogen fertilizer products		75		92
	$	1,130	$	1,486

Automotive

Disaggregated revenue for our Automotive segment net sales and other revenues from operations is presented below:

	Three Months Ended March 31,
	2020		2019
	(in millions)
Automotive services	$	309	$	326
Aftermarket parts sales		326		367
	$	635	$	693

Condensed Balance Sheets

Icahn Enterprises’ condensed balance sheets by reporting segment are presented below. Icahn Enterprises Holdings’ condensed balance sheets are substantially the same, with immaterial differences relating to our Holding Company’s debt and equity attributable to Icahn Enterprises Holdings.

	March 31, 2020
	Investment		Energy		Automotive		Food Packaging		Metals		Real Estate		Home Fashion		Holding Company		Consolidated
	(in millions)
ASSETS
Cash and cash equivalents	$	12	$	805	$	51	$	13	$	1	$	56	$	3	$	1,440	$	2,381
Cash held at consolidated affiliated partnerships and restricted cash		851		—		—		1		6		2		8		8		876
Investments		7,519		249		120		—		—		15		—		294		8,197
Accounts receivable, net		—		149		138		84		51		12		38		—		472
Inventories, net		—		211		1,168		102		26		—		76		—		1,583
Property, plant and equipment, net		—		2,866		904		154		118		300		68		6		4,416
Goodwill and intangible assets, net		—		253		379		30		10		6		23		—		701
Other assets		4,328		345		565		123		28		130		22		139		5,680
Total assets	$	12,710	$	4,878	$	3,325	$	507	$	240	$	521	$	238	$	1,887	$	24,306
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	3,028	$	1,082	$	1,180	$	197	$	72	$	40	$	66	$	538	$	6,203
Securities sold, not yet purchased, at fair value		459		—		—		—		—		—		—		—		459
Debt		—		1,691		415		260		17		2		28		5,814		8,227
Total liabilities		3,487		2,773		1,595		457		89		42		94		6,352		14,889
Equity attributable to Icahn Enterprises		4,370		1,187		1,730		39		151		479		144		(4,465)		3,635
Equity attributable to non-controlling interests		4,853		918		—		11		—		—		—		—		5,782
Total equity		9,223		2,105		1,730		50		151		479		144		(4,465)		9,417
Total liabilities and equity	$	12,710	$	4,878	$	3,325	$	507	$	240	$	521	$	238	$	1,887	$	24,306

	December 31, 2019
	Investment		Energy		Automotive		Food Packaging		Metals		Real Estate		Home Fashion		Holding Company		Consolidated
	(in millions)
ASSETS
Cash and cash equivalents	$	11	$	652	$	46	$	22	$	3	$	53	$	1	$	3,006	$	3,794
Cash held at consolidated affiliated partnerships and restricted cash		989		—		—		1		6		2		7		146		1,151
Investments		9,207		81		120		—		—		15		—		522		9,945
Accounts receivable, net		—		182		143		78		32		12		36		—		483
Inventories, net		—		373		1,215		100		32		—		75		—		1,795
Property, plant and equipment, net		—		2,888		916		161		122		299		68		—		4,454
Goodwill and intangible assets, net		—		258		382		30		11		8		24		—		713
Other assets		1,076		239		673		125		27		125		20		19		2,304
Total assets	$	11,283	$	4,673	$	3,495	$	517	$	233	$	514	$	231	$	3,693	$	24,639
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	1,310	$	1,180	$	1,340	$	196	$	70	$	38	$	66	$	115	$	4,315
Securities sold, not yet purchased, at fair value		1,190		—		—		—		—		—		—		—		1,190
Debt		—		1,195		405		268		7		2		18		6,297		8,192
Total liabilities		2,500		2,375		1,745		464		77		40		84		6,412		13,697
Equity attributable to Icahn Enterprises		4,296		1,312		1,750		40		156		474		147		(2,719)		5,456
Equity attributable to non-controlling interests		4,487		986		—		13		—		—		—		—		5,486
Total equity		8,783		2,298		1,750		53		156		474		147		(2,719)		10,942
Total liabilities and equity	$	11,283	$	4,673	$	3,495	$	517	$	233	$	514	$	231	$	3,693	$	24,639