Segment Reporting

9 Months Ended

Sep. 30, 2024

Segment Reporting

Segment Reporting

14.  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, 2024
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated
	(in millions)
Revenues:
Net sales	$	—	$	1,834	$	206	$	101	$	6	$	47	$	27	$	—	$	2,221
Other revenues from operations		—		—		168		—		23		—		1		—		192
Net gain from investment activities		257		—		—		—		—		—		—		—		257
Interest and dividend income		77		10		1		—		1		—		—		26		115
Loss on disposition of assets, net		—		—		(1)		—		—		—		—		—		(1)
Other income (loss), net		—		2		—		(1)		—		(3)		1		8		7
		334		1,846		374		100		30		44		29		34		2,791
Expenses:
Cost of goods sold		—		1,914		167		86		5		38		13		—		2,223
Other expenses from operations		—		—		137		—		18		—		—		—		155
Dividend expense		14		—		—		—		—		—		—		—		14
Selling, general and administrative		5		47		102		12		5		10		12		9		202
Restructuring, net		—		—		—		—		—		—		—		—		—
Credit loss on related party note receivable		—		—		—		—		—		—		—		—		—
Loss on deconsolidation of subsidiary		—		—		—		—		—		—		—		—		—
Interest expense		19		27		1		2		—		1		—		80		130
		38		1,988		407		100		28		49		25		89		2,724
Income (loss) before income tax benefit (expense)		296		(142)		(33)		—		2		(5)		4		(55)		67
Income tax benefit (expense)		—		8		9		—		—		—		—		(4)		13
Net income (loss)		296		(134)		(24)		—		2		(5)		4		(59)		80
Less: net income (loss) attributable to non-controlling interests		104		(46)		—		—		—		—		—		—		58
Net income (loss) attributable to Icahn Enterprises	$	192	$	(88)	$	(24)	$	—	$	2	$	(5)	$	4	$	(59)	$	22
Supplemental information:
Capital expenditures	$	—	$	34	$	12	$	5	$	6	$	1	$	—	$	—	$	58
Depreciation and amortization	$	—	$	90	$	19	$	5	$	3	$	2	$	7	$	—	$	126

	Three Months Ended September 30, 2023
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated
	(in millions)
Revenues:
Net sales	$	—	$	2,522	$	264	$	105	$	29	$	46	$	25	$	—	$	2,991
Other revenues from operations		—		—		180		—		22		—		1		—		203
Net loss from investment activities		(332)		—		—		—		—		—		—		—		(332)
Interest and dividend income		108		10		1		—		—		—		—		24		143
(Loss) gain on disposition of assets, net		—		(1)		3		—		—		—		—		—		2
Other income (loss), net		—		4		—		(2)		—		1		—		—		3
		(224)		2,535		448		103		51		47		26		24		3,010
Expenses:
Cost of goods sold		—		2,048		174		83		20		37		15		—		2,377
Other expenses from operations		—		—		148		—		17		—		—		—		165
Dividend expense		21		—		—		—		—		—		—		—		21
Selling, general and administrative		3		43		116		14		4		9		11		9		209
Restructuring, net		—		—		—		—		—		1		—		—		1
Credit loss on related party note receivable		—		—		—		—		—		—		—		23		23
Loss on deconsolidation of subsidiary		—		—		—		—		—		—		—		—		—
Interest expense		49		22		2		3		—		1		—		71		148
		73		2,113		440		100		41		48		26		103		2,944
(Loss) income before income tax (expense) benefit		(297)		422		8		3		10		(1)		—		(79)		66
Income tax (expense) benefit		—		(80)		(1)		(3)		—		—		—		(12)		(96)
Net (loss) income		(297)		342		7		—		10		(1)		—		(91)		(30)
Less: net (loss) income attributable to non-controlling interests		(131)		107		—		—		—		—		—		—		(24)
Net (loss) income attributable to Icahn Enterprises	$	(166)	$	235	$	7	$	—	$	10	$	(1)	$	—	$	(91)	$	(6)
Supplemental information:
Capital expenditures	$	—	$	50	$	17	$	2	$	—	$	1	$	—	$	—	$	70
Depreciation and amortization	$	—	$	96	$	17	$	6	$	4	$	2	$	7	$	1	$	133

	Nine Months Ended September 30, 2024
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated
	(in millions)
Revenues:
Net sales	$	—	$	5,663	$	637	$	307	$	17	$	127	$	76	$	—	$	6,827
Other revenues from operations		—		—		504		—		59		—		3		—		566
Net loss from investment activities		(318)		—		—		—		—		—		—		—		(318)
Interest and dividend income		269		30		3		—		1		—		1		76		380
Loss on disposition of assets, net		—		(1)		(5)		—		—		—		—		—		(6)
Other income (loss), net		—		10		—		(3)		—		(3)		1		8		13
		(49)		5,702		1,139		304		77		124		81		84		7,462
Expenses:
Cost of goods sold		—		5,549		461		252		13		98		41		—		6,414
Other expenses from operations		—		—		412		—		50		—		—		—		462
Dividend expense		47		—		—		—		—		—		—		—		47
Selling, general and administrative		15		124		303		36		14		31		32		23		578
Restructuring, net		—		—		—		1		—		—		—		—		1
Interest expense		63		86		2		8		—		1		—		234		394
		125		5,759		1,178		297		77		130		73		257		7,896
(Loss) income before income tax (expense) benefit		(174)		(57)		(39)		7		—		(6)		8		(173)		(434)
Income tax benefit (expense)		—		26		13		(3)		—		—		—		(34)		2
Net (loss) income		(174)		(31)		(26)		4		—		(6)		8		(207)		(432)
Less: net (loss) income attributable to non-controlling interests		(86)		—		—		1		—		—		—		—		(85)
Net (loss) income attributable to Icahn Enterprises	$	(88)	$	(31)	$	(26)	$	3	$	—	$	(6)	$	8	$	(207)	$	(347)
Supplemental information:
Capital expenditures	$	—	$	124	$	40	$	10	$	15	$	3	$	—	$	—	$	192
Depreciation and amortization	$	—	$	272	$	56	$	18	$	10	$	5	$	21	$	—	$	382

	Nine Months Ended September 30, 2023
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated
	(in millions)
Revenues:
Net sales	$	—	$	7,045	$	799	$	340	$	49	$	132	$	68	$	—	$	8,433
Other revenues from operations		—		—		527		—		58		—		3		—		588
Net loss from investment activities		(1,275)		—		—		—		—		—		—		—		(1,275)
Interest and dividend income		386		23		1		—		—		—		—		71		481
(Loss) gain on disposition of assets, net		—		(1)		6		—		—		—		—		—		5
Other income (loss), net		1		10		—		(8)		1		1		1		—		6
		(888)		7,077		1,333		332		108		133		72		71		8,238
Expenses:
Cost of goods sold		—		5,964		540		264		34		104		41		—		6,947
Other expenses from operations		—		—		435		—		48		—		—		—		483
Dividend expense		68		—		—		—		—		—		—		—		68
Selling, general and administrative		19		128		362		43		13		29		35		24		653
Restructuring, net		—		—		—		—		—		1		—		—		1
Credit loss on related party note receivable		—		—		—		—		—		—		—		139		139
Loss on deconsolidation of subsidiary		—		—		—		—		—		—		—		246		246
Interest expense		132		67		3		9		—		1		—		214		426
		219		6,159		1,340		316		95		135		76		623		8,963
(Loss) income before income tax (expense) benefit		(1,107)		918		(7)		16		13		(2)		(4)		(552)		(725)
Income tax (expense) benefit		—		(173)		5		(4)		—		—		—		90		(82)
Net (loss) income		(1,107)		745		(2)		12		13		(2)		(4)		(462)		(807)
Less: net (loss) income attributable to non-controlling interests		(555)		292		—		1		—		—		—		—		(262)
Net (loss) income attributable to Icahn Enterprises	$	(552)	$	453	$	(2)	$	11	$	13	$	(2)	$	(4)	$	(462)	$	(545)
Supplemental information:
Capital expenditures	$	—	$	150	$	38	$	9	$	2	$	2	$	—	$	—	$	201
Depreciation and amortization	$	—	$	269	$	58	$	20	$	10	$	5	$	21	$	1	$	384

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,
	2024		2023		2024		2023
	(in millions)
Petroleum products	$	1,709	$	2,392		5,277	$	6,505
Nitrogen fertilizer products		125		130		386		540
	$	1,834	$	2,522	$	5,663	$	7,045

Automotive

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(in millions)
Automotive Services	$	355	$	406	$	1,074	$	1,167
Aftermarket Parts		4		24		22		116
Total revenue from customers	$	359	$	430		1,096		1,283
Lease revenue outside the scope of ASC 606		15		14		45		43
Total Automotive net sales and other revenues from operations	$	374	$	444	$	1,141	$	1,326

Condensed Balance Sheets

	September 30, 2024
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated
	(in millions)
ASSETS
Cash and cash equivalents	$	5	$	534	$	111	$	6	$	27	$	5	$	40	$	1,566	$	2,294
Cash held at consolidated affiliated partnerships and restricted cash		2,254		—		6		—		2		3		—		175		2,440
Investments		2,476		95		—		—		14		—		—		—		2,585
Accounts receivable, net		—		281		34		83		18		28		32		—		476
Inventories, net		—		498		156		111		—		96		22		—		883
Related party notes receivable, net		—		—		—		—		—		—		—		7		7
Property, plant and equipment, net		—		2,503		810		126		370		52		—		4		3,865
Goodwill and intangible assets, net		—		164		329		22		—		20		177		—		712
Other assets		3,013		307		484		99		65		17		7		189		4,181
Total assets	$	7,748	$	4,382	$	1,930	$	447	$	496	$	221	$	278	$	1,941	$	17,443
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	802	$	1,497	$	811	$	117	$	47	$	43	$	57	$	116	$	3,490
Securities sold, not yet purchased, at fair value		2,679		—		—		—		—		—		—		—		2,679
Debt		—		1,582		24		142		2		14		—		4,683		6,447
Total liabilities		3,481		3,079		835		259		49		57		57		4,799		12,616
Equity attributable to Icahn Enterprises		2,745		664		1,095		172		442		164		221		(2,858)		2,645
Equity attributable to non-controlling interests		1,522		639		—		16		5		—		—		—		2,182
Total equity		4,267		1,303		1,095		188		447		164		221		(2,858)		4,827
Total liabilities and equity	$	7,748	$	4,382	$	1,930	$	447	$	496	$	221	$	278	$	1,941	$	17,443

	December 31, 2023
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated
	(in millions)
ASSETS
Cash and cash equivalents	$	23	$	1,179	$	104	$	8	$	22	$	5	$	26	$	1,584	$	2,951
Cash held at consolidated affiliated partnerships and restricted cash		2,799		7		9		—		4		3		—		173		2,995
Investments		2,898		100		—		—		14		—		—		—		3,012
Accounts receivable, net		—		286		41		89		16		26		27		—		485
Related party note receivable, net		—		—		—		—		—		—		—		11		11
Inventories, net		—		604		228		111		—		81		23		—		1,047
Property, plant and equipment, net		—		2,594		822		134		363		52		—		4		3,969
Goodwill and intangible assets, net		—		179		335		23		—		19		198		—		754
Other assets		4,425		310		480		101		69		17		8		224		5,634
Total assets	$	10,145	$	5,259	$	2,019	$	466	$	488	$	203	$	282	$	1,996	$	20,858
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	1,312	$	1,553	$	890	$	148	$	43	$	42	$	55	$	62	$	4,105
Securities sold, not yet purchased, at fair value		3,473		—		—		—		—		—		—		—		3,473
Debt		—		2,185		33		133		1		8		—		4,847		7,207
Total liabilities		4,785		3,738		923		281		44		50		55		4,909		14,785
Equity attributable to Icahn Enterprises		3,243		795		1,096		168		439		153		227		(2,913)		3,208
Equity attributable to non-controlling interests		2,117		726		—		17		5		—		—		—		2,865
Total equity		5,360		1,521		1,096		185		444		153		227		(2,913)		6,073
Total liabilities and equity	$	10,145	$	5,259	$	2,019	$	466	$	488	$	203	$	282	$	1,996	$	20,858