Segment Reporting

6 Months Ended

Jun. 30, 2022

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. 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

	Three Months Ended June 30, 2022
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Metals		Holding Company		Consolidated
	(in millions)
Revenues:
Net sales	$	—	$	3,144	$	438	$	110	$	17	$	69	$	18	$	—	$	—	$	3,796
Other revenues from operations		—		—		183		—		13		—		1		—		—		197
Net (loss) gain from investment activities		(459)		—		—		—		—		—		—		—		17		(442)
Interest and dividend income		47		1		—		—		—		—		—		—		2		50
Other (loss) income, net		(18)		(75)		—		(6)		—		—		—		—		1		(98)
		(430)		3,070		621		104		30		69		19		—		20		3,503
Expenses:
Cost of goods sold		—		2,715		288		90		12		57		12		—		—		3,174
Other expenses from operations		—		—		134		—		14		—		—		—		—		148
Selling, general and administrative		10		43		219		13		3		11		10		—		6		315
Interest expense		53		24		—		2		—		1		—		—		71		151
		63		2,782		641		105		29		69		22		—		77		3,788
(Loss) income before income tax (expense) benefit		(493)		288		(20)		(1)		1		—		(3)		—		(57)		(285)
Income tax (expense) benefit		—		(61)		5		(2)		—		—		—		—		56		(2)
Net (loss) income		(493)		227		(15)		(3)		1		—		(3)		—		(1)		(287)
Less: net (loss) income attributable to non-controlling interests		(275)		117		—		(1)		—		—		—		—		—		(159)
Net (loss) income attributable to Icahn Enterprises	$	(218)	$	110	$	(15)	$	(2)	$	1	$	—	$	(3)	$	—	$	(1)	$	(128)
Supplemental information:
Capital expenditures	$	—	$	62	$	30	$	5	$	2	$	—	$	—	$	—	$	—	$	99
Depreciation and amortization	$	—	$	89	$	20	$	7	$	3	$	1	$	7	$	—	$	—	$	127

	Three Months Ended June 30, 2021
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Metals		Holding Company		Consolidated
	(in millions)
Revenues:
Net sales	$	—	$	1,783	$	481	$	106	$	20	$	51	$	18	$	153	$	—	$	2,612
Other revenues from operations		—		—		156		—		7		—		1		—		—		164
Net gain from investment activities		175		21		—		—		—		—		—		—		10		206
Interest and dividend income		32		—		—		—		—		—		—		—		2		34
Other (loss) income, net		(18)		(7)		(2)		(2)		—		—		—		—		1		(28)
		189		1,797		635		104		27		51		19		153		13		2,988
Expenses:
Cost of goods sold		—		1,757		345		88		15		41		12		140		—		2,398
Other expenses from operations		—		—		116		—		10		—		—		—		—		126
Selling, general and administrative		3		34		215		11		6		11		9		5		10		304
Restructuring, net		—		—		5		—		—		—		—		—		—		5
Interest expense		41		30		3		1		—		1		—		1		81		158
		44		1,821		684		100		31		53		21		146		91		2,991
(Loss) income before income tax benefit (expense)		145		(24)		(49)		4		(4)		(2)		(2)		7		(78)		(3)
Income tax benefit (expense)		—		10		11		(2)		—		—		—		—		(78)		(59)
Net (loss) income		145		(14)		(38)		2		(4)		(2)		(2)		7		(156)		(62)
Less: net income (loss) attributable to non-controlling interests		77		(3)		—		—		—		—		—		—		—		74
Net (loss) income attributable to Icahn Enterprises	$	68	$	(11)	$	(38)	$	2	$	(4)	$	(2)	$	(2)	$	7	$	(156)	$	(136)
Supplemental information:
Capital expenditures	$	—	$	92	$	12	$	4	$	3	$	—	$	—	$	—	$	—	$	111
Depreciation and amortization	$	—	$	88	$	22	$	7	$	2	$	2	$	7	$	4	$	—	$	132

	Six Months Ended June 30, 2022
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Metals		Holding Company		Consolidated
	(in millions)
Revenues:
Net sales	$	—	$	5,517	$	845	$	211	$	34	$	124	$	33	$	—	$	—	$	6,764
Other revenues from operations		—		—		339		—		24		—		2		—		—		365
Net gain from investment activities		449		—		—		—		—		—		—		—		48		497
Interest and dividend income		87		1		—		—		—		—		—		—		4		92
Other (loss) income, net		(35)		(85)		2		(5)		—		—		1		—		—		(122)
		501		5,433		1,186		206		58		124		36		—		52		7,596
Expenses:
Cost of goods sold		—		4,838		555		171		22		102		24		—		—		5,712
Other expenses from operations		—		—		260		—		25		—		—		—		—		285
Selling, general and administrative		14		88		427		26		7		22		20		—		12		616
Interest expense		85		48		1		3		—		1		—		—		147		285
		99		4,974		1,243		200		54		125		44		—		159		6,898
Income (loss) before income tax benefit (expense)		402		459		(57)		6		4		(1)		(8)		—		(107)		698
Income tax (expense) benefit		—		(91)		14		(3)		—		—		—		—		(20)		(100)
Net income (loss)		402		368		(43)		3		4		(1)		(8)		—		(127)		598
Less: net income (loss) attributable to non-controlling interests		206		197		—		—		—		—		—		—		—		403
Net income (loss) attributable to Icahn Enterprises	$	196	$	171	$	(43)	$	3	$	4	$	(1)	$	(8)	$	—	$	(127)	$	195
Supplemental information:
Capital expenditures	$	—	$	88	$	51	$	9	$	6	$	—	$	—	$	—	$	—	$	154
Depreciation and amortization	$	—	$	172	$	40	$	14	$	6	$	3	$	14	$	—	$	—	$	249

	Six Months Ended June 30, 2021
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Metals		Holding Company		Consolidated
	(in millions)
Revenues:
Net sales	$	—	$	3,246	$	937	$	207	$	28	$	92	$	47	$	273	$	—	$	4,830
Other revenues from operations		—		—		298		—		16		—		2		—		—		316
Net gain from investment activities		1,114		83		—		—		—		—		—		—		15		1,212
Interest and dividend income		57		—		—		—		—		—		—		—		3		60
Other (loss) income, net		(39)		—		(3)		(8)		—		—		—		1		3		(46)
		1,132		3,329		1,232		199		44		92		49		274		21		6,372
Expenses:
Cost of goods sold		—		3,336		658		168		22		75		26		252		—		4,537
Other expenses from operations		—		—		228		—		16				—		—		—		244
Selling, general and administrative		8		69		442		24		11		22		17		9		18		620
Restructuring, net		—		—		5		—		—		—		—		—		—		5
Interest expense		117		61		6		3		—		1		—		1		164		353
		125		3,466		1,339		195		49		98		43		262		182		5,759
Income (loss) before income tax benefit (expense)		1,007		(137)		(107)		4		(5)		(6)		6		12		(161)		613
Income tax benefit (expense)		—		56		23		(3)		—		—		—		—		(152)		(76)
Net income (loss)		1,007		(81)		(84)		1		(5)		(6)		6		12		(313)		537
Less: net income (loss) attributable to non-controlling interests		548		(37)		—		—		—		—		—		—		—		511
Net (loss) income attributable to Icahn Enterprises	$	459	$	(44)	$	(84)	$	1	$	(5)	$	(6)	$	6	$	12	$	(313)	$	26
Supplemental information:
Capital expenditures	$	—	$	126	$	20	$	6	$	4	$	1	$	—	$	1	$	—	$	158
Depreciation and amortization	$	—	$	170	$	44	$	14	$	5	$	4	$	14	$	8	$	—	$	259

Disaggregation of Revenue

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

Energy

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(in millions)
Petroleum products	$	2,900	$	1,645	$	5,050	$	3,047
Nitrogen fertilizer products		244		138		467		199
	$	3,144	$	1,783	$	5,517	$	3,246

Automotive

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(in millions)
Automotive services	$	393	$	347	$	746	$	669
Aftermarket parts sales		215		290		416		566
	$	608	$	637	$	1,162	$	1,235

Condensed Balance Sheets

	June 30, 2022
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated
	(in millions)
ASSETS
Cash and cash equivalents	$	21	$	893	$	35	$	8	$	30	$	3	$	17	$	1,446	$	2,453
Cash held at consolidated affiliated partnerships and restricted cash		4,117		7		15		—		11		—		—		66		4,216
Investments		5,720		77		—		—		15		—		—		—		5,812
Accounts receivable, net		—		418		146		91		11		40		22		—		728
Inventories, net		—		722		835		102		—		110		18		—		1,787
Property, plant and equipment, net		—		2,692		801		138		349		57		—		6		4,043
Goodwill and intangible assets, net		—		210		357		25		—		19		240		—		851
Other assets		5,988		301		472		98		103		19		5		19		7,005
Total assets	$	15,846	$	5,320	$	2,661	$	462	$	519	$	248	$	302	$	1,537	$	26,895
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	1,988	$	2,112	$	1,041	$	146	$	55	$	62	$	51	$	86	$	5,541
Securities sold, not yet purchased, at fair value		4,062		—		—		—		—		—		—		—		4,062
Debt		—		1,594		18		162		1		49		—		5,310		7,134
Total liabilities		6,050		3,706		1,059		308		56		111		51		5,396		16,737
Equity attributable to Icahn Enterprises		4,469		828		1,602		140		459		137		251		(3,859)		4,027
Equity attributable to non-controlling interests		5,327		786		—		14		4		—		—		—		6,131
Total equity		9,796		1,614		1,602		154		463		137		251		(3,859)		10,158
Total liabilities and equity	$	15,846	$	5,320	$	2,661	$	462	$	519	$	248	$	302	$	1,537	$	26,895

	December 31, 2021
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated
	(in millions)
ASSETS
Cash and cash equivalents	$	19	$	510	$	28	$	10	$	30	$	3	$	14	$	1,707	$	2,321
Cash held at consolidated affiliated partnerships and restricted cash		2,008		7		17		—		11		—		—		72		2,115
Investments		8,952		79		—		—		15		—		—		105		9,151
Accounts receivable, net		—		299		103		82		10		32		20		—		546
Inventories, net		—		484		780		93		—		106		15		—		1,478
Property, plant and equipment, net		—		2,735		786		147		351		60		—		6		4,085
Goodwill and intangible assets, net		—		221		362		27		—		21		254		—		885
Other assets		6,156		252		506		99		109		21		6		16		7,165
Total assets	$	17,135	$	4,587	$	2,582	$	458	$	526	$	243	$	309	$	1,906	$	27,746
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	2,405	$	1,579	$	981	$	146	$	49	$	71	$	50	$	90	$	5,371
Securities sold, not yet purchased, at fair value		5,340		—		—		—		—		—		—		—		5,340
Debt		—		1,660		26		155		1		40		—		5,810		7,692
Total liabilities		7,745		3,239		1,007		301		50		111		50		5,900		18,403
Equity attributable to Icahn Enterprises		4,271		686		1,575		143		472		132		259		(3,994)		3,544
Equity attributable to non-controlling interests		5,119		662		—		14		4		—		—		—		5,799
Total equity		9,390		1,348		1,575		157		476		132		259		(3,994)		9,343
Total liabilities and equity	$	17,135	$	4,587	$	2,582	$	458	$	526	$	243	$	309	$	1,906	$	27,746