Segment Reporting

9 Months Ended

Sep. 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 September 30, 2022
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Metals		Holding Company		Consolidated
	(in millions)
Revenues:
Net sales	$	—	$	2,699	$	448	$	111	$	14	$	49	$	13	$	—	$	—	$	3,334
Other revenues from operations		—		—		177		—		19		—		1		—		—		197
Net (loss) from investment activities		(187)		—		—		—		—		—		—		—		—		(187)
Interest and dividend income		76		3		—		—		—		—		—		—		9		88
Other (loss) income, net		(26)		2		2		(6)		—		1		—		—		(1)		(28)
		(137)		2,704		627		105		33		50		14		—		8		3,404
Expenses:
Cost of goods sold		—		2,569		303		92		9		42		11		—		—		3,026
Other expenses from operations		—		—		140		—		16		—		—		—		—		156
Selling, general and administrative		2		42		213		14		4		15		10		—		5		305
Interest expense		42		22		—		2		—		1		—		—		72		139
		44		2,633		656		108		29		58		21		—		77		3,626
(Loss) income before income tax (expense) benefit		(181)		71		(29)		(3)		4		(8)		(7)		—		(69)		(222)
Income tax (expense) benefit		—		(3)		8		—		—		(1)		—		—		3		7
Net (loss) income		(181)		68		(21)		(3)		4		(9)		(7)		—		(66)		(215)
Less: net (loss) income attributable to non-controlling interests		(100)		8		—		—		—		—		—		—		—		(92)
Net (loss) income attributable to Icahn Enterprises	$	(81)	$	60	$	(21)	$	(3)	$	4	$	(9)	$	(7)	$	—	$	(66)	$	(123)
Supplemental information:
Capital expenditures	$	—	$	57	$	36	$	4	$	1	$	2	$	—	$	—	$	—	$	100
Depreciation and amortization	$	—	$	92	$	20	$	6	$	3	$	2	$	7	$	—	$	1	$	131

	Three Months Ended September 30, 2021
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Metals		Holding Company		Consolidated
	(in millions)
Revenues:
Net sales	$	—	$	1,883	$	440	$	104	$	17	$	51	$	18	$	144	$	—	$	2,657
Other revenues from operations		—		—		154		—		13		—		1		—		—		168
Net (loss) from investment activities		(148)		(1)		—		—		—		—		—		—		(28)		(177)
Interest and dividend income		33		—		—		—		—		—		—		—		1		34
Other (loss) income, net		(16)		1		(17)		(1)		—		—		—		—		—		(33)
		(131)		1,883		577		103		30		51		19		144		(27)		2,649
Expenses:
Cost of goods sold		—		1,686		301		85		12		42		12		132		—		2,270
Other expenses from operations		—		—		121		—		13		—		—		—		—		134
Selling, general and administrative		3		37		225		13		5		12		12		5		4		316
Restructuring, net		—		—		1		—		—		—		—		—		—		1
Interest expense		53		23		1		2		—		—		—		—		79		158
		56		1,746		649		100		30		54		24		137		83		2,879
(Loss) income before income tax (expense) benefit		(187)		137		(72)		3		—		(3)		(5)		7		(110)		(230)
Income tax (expense) benefit		—		(43)		17		(2)		—		—		—		—		47		19
Net (loss) income		(187)		94		(55)		1		—		(3)		(5)		7		(63)		(211)
Less: net (loss) income attributable to non-controlling interests		(103)		40		—		—		—		—		—		—		—		(63)
Net (loss) income attributable to Icahn Enterprises	$	(84)	$	54	$	(55)	$	1	$	—	$	(3)	$	(5)	$	7	$	(63)	$	(148)
Supplemental information:
Capital expenditures	$	—	$	62	$	13	$	3	$	1	$	1	$	—	$	1	$	—	$	81
Depreciation and amortization	$	—	$	83	$	22	$	7	$	2	$	1	$	7	$	3	$	1	$	126

	Nine Months Ended September 30, 2022
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Metals		Holding Company		Consolidated
	(in millions)
Revenues:
Net sales	$	—	$	8,216	$	1,293	$	322	$	48	$	173	$	46	$	—	$	—	$	10,098
Other revenues from operations		—		—		516		—		43		—		3		—		—		562
Net gain from investment activities		262		—		—		—		—		—		—		—		48		310
Interest and dividend income		163		4		—		—		—		—		—		—		13		180
Other (loss) income, net		(61)		(83)		4		(11)		—		1		1		—		(1)		(150)
		364		8,137		1,813		311		91		174		50		—		60		11,000
Expenses:
Cost of goods sold		—		7,407		858		263		31		144		35		—		—		8,738
Other expenses from operations		—		—		400		—		41		—		—		—		—		441
Selling, general and administrative		16		130		640		40		11		37		30		—		17		921
Interest expense		127		70		1		5		—		2		—		—		219		424
		143		7,607		1,899		308		83		183		65		—		236		10,524
Income (loss) before income tax benefit (expense)		221		530		(86)		3		8		(9)		(15)		—		(176)		476
Income tax (expense) benefit		—		(94)		22		(3)		—		(1)		—		—		(17)		(93)
Net income (loss)		221		436		(64)		—		8		(10)		(15)		—		(193)		383
Less: net income (loss) attributable to non-controlling interests		106		205		—		—		—		—		—		—		—		311
Net income (loss) attributable to Icahn Enterprises	$	115	$	231	$	(64)	$	—	$	8	$	(10)	$	(15)	$	—	$	(193)	$	72
Supplemental information:
Capital expenditures	$	—	$	145	$	87	$	13	$	7	$	2	$	—	$	—	$	—	$	254
Depreciation and amortization	$	—	$	264	$	60	$	20	$	9	$	5	$	21	$	—	$	1	$	380

	Nine Months Ended September 30, 2021
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Metals		Holding Company		Consolidated
	(in millions)
Revenues:
Net sales	$	—	$	5,129	$	1,377	$	311	$	45	$	143	$	65	$	417	$	—	$	7,487
Other revenues from operations		—		—		454		—		29		—		3		—		—		486
Net gain (loss) from investment activities		966		82		—		—		—		—		—		—		(13)		1,035
Interest and dividend income		90		—		—		—		—		—		—		—		4		94
Other (loss) income, net		(55)		1		(20)		(9)		—		—		—		1		3		(79)
		1,001		5,212		1,811		302		74		143		68		418		(6)		9,023
Expenses:
Cost of goods sold		—		5,022		964		253		34		117		38		384		—		6,812
Other expenses from operations		—		—		352		—		29				—		—		—		381
Selling, general and administrative		11		106		661		37		16		34		29		14		22		930
Restructuring, net		—		—		6		—		—		—		—		—		—		6
Interest expense		170		84		7		5		—		1		—		1		243		511
		181		5,212		1,990		295		79		152		67		399		265		8,640
Income (loss) before income tax benefit (expense)		820		—		(179)		7		(5)		(9)		1		19		(271)		383
Income tax benefit (expense)		—		13		40		(5)		—		—		—		—		(105)		(57)
Net income (loss)		820		13		(139)		2		(5)		(9)		1		19		(376)		326
Less: net income attributable to non-controlling interests		445		3		—		—		—		—		—		—		—		448
Net income (loss) attributable to Icahn Enterprises	$	375	$	10	$	(139)	$	2	$	(5)	$	(9)	$	1	$	19	$	(376)	$	(122)
Supplemental information:
Capital expenditures	$	—	$	188	$	33	$	9	$	5	$	2	$	—	$	2	$	—	$	239
Depreciation and amortization	$	—	$	253	$	66	$	21	$	7	$	5	$	21	$	11	$	1	$	385

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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	(in millions)
Petroleum products	$	2,543	$	1,738	$	7,593	$	4,785
Nitrogen fertilizer products		156		145		623		344
	$	2,699	$	1,883	$	8,216	$	5,129

Automotive

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	(in millions)
Automotive services	$	410	$	355	$	1,156	$	1,024
Aftermarket parts sales		202		236		618		802
	$	612	$	591	$	1,774	$	1,826

Condensed Balance Sheets

	September 30, 2022
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated
	(in millions)
ASSETS
Cash and cash equivalents	$	21	$	618	$	61	$	12	$	26	$	3	$	20	$	1,671	$	2,432
Cash held at consolidated affiliated partnerships and restricted cash		4,684		7		10		—		10		1		—		66		4,778
Investments		4,786		77		—		—		14		—		—		—		4,877
Accounts receivable, net		—		320		143		84		13		30		20		—		610
Inventories, net		—		632		812		101		—		106		23		—		1,674
Property, plant and equipment, net		—		2,696		819		133		347		57		—		5		4,057
Goodwill and intangible assets, net		—		205		354		24		—		17		233		—		833
Other assets		7,271		284		461		94		105		17		5		22		8,259
Total assets	$	16,762	$	4,839	$	2,660	$	448	$	515	$	231	$	301	$	1,764	$	27,520
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	1,785	$	1,933	$	1,012	$	138	$	52	$	60	$	56	$	108	$	5,144
Securities sold, not yet purchased, at fair value		5,382		—		—		—		—		—		—		—		5,382
Debt		—		1,593		15		163		1		45		—		5,310		7,127
Total liabilities		7,167		3,526		1,027		301		53		105		56		5,418		17,653
Equity attributable to Icahn Enterprises		4,387		674		1,633		134		458		126		245		(3,654)		4,003
Equity attributable to non-controlling interests		5,208		639		—		13		4		—		—		—		5,864
Total equity		9,595		1,313		1,633		147		462		126		245		(3,654)		9,867
Total liabilities and equity	$	16,762	$	4,839	$	2,660	$	448	$	515	$	231	$	301	$	1,764	$	27,520

	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