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Quarterly Financial Data (Unaudited)
 12 Months Ended
Dec. 31, 2018
Quarterly Financial Data (Unaudited) [Abstract]  
Quarterly Financial Information Quarterly Financial Data (Unaudited).
Unaudited quarterly financial data for Icahn Enterprises is presented below:
 
For the Three Months Ended
 
March 31,
 
June 30,
 
September 30,
 
December 31,
 
2018
 
2017
 
2018
 
2017
 
2018
 
2017
 
2018
 
2017
 
(in millions, except per unit data)
Net sales
$
2,363

 
$
2,310

 
$
2,820

 
$
2,277

 
$
2,815

 
$
2,334

 
$
2,578

 
$
2,385

Gross margin on net sales
390

 
326

 
406

 
259

 
457

 
328

 
376

 
135

Total revenues
2,983

 
2,378

 
3,423

 
4,353

 
2,569

 
3,406

 
2,802

 
2,482

Income (loss) from continuing operations
378

 
(208
)
 
421

 
1,637

 
(323
)
 
790

 
(194
)
 
138

Income from discontinued operations
45

 
48

 
167

 
88

 
176

 
39

 
1,376

 
59

Net income (loss)
423

 
(160
)
 
588

 
1,725

 
(147
)
 
829

 
1,182

 
197

Net loss (income) attributable to non-controlling interests
286

 
(142
)
 
279

 
172

 
(273
)
 
232

 
247

 
(101
)
Net income (loss) attributable to Icahn Enterprises
$
137

 
$
(18
)
 
$
309

 
$
1,553

 
$
126

 
$
597

 
$
935

 
$
298

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic income (loss) per LP unit:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Continuing operations
$
0.58

 
$
(0.34
)
 
$
0.86

 
$
9.04

 
$
(0.20
)
 
$
3.37

 
$
(2.28
)
 
$
1.61

   Discontinued operations
0.19

 
0.22

 
0.84

 
0.47

 
0.88

 
0.16

 
10.31

 
0.11

 
$
0.77

 
$
(0.12
)
 
$
1.70

 
$
9.51

 
$
0.68

 
$
3.53

 
$
8.03

 
$
1.72

Diluted income (loss) per LP unit:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Continuing operations
$
0.58

 
$
(0.34
)
 
$
0.86

 
$
9.04

 
$
(0.20
)
 
$
3.37

 
$
(2.28
)
 
$
1.61

   Discontinued operations
0.19

 
0.22

 
0.84

 
0.47

 
0.88

 
0.16

 
10.31

 
0.11

 
$
0.77

 
$
(0.12
)
 
$
1.70

 
$
9.51

 
$
0.68

 
$
3.53

 
$
8.03

 
$
1.72


The comparability of our unaudited quarterly financial data is affected by, among other things, (i) the performance of the Investment Funds, (ii) the results of our Energy segment's operations, impacted by the relationship of its refined product prices and prices for crude oil and other feedstocks, (iii) impairment charges, primarily in our Automotive segment in the fourth quarter of 2018, (iv) gains on dispositions of assets, primarily in our Railcar and Real Estate segments in the second and third quarters of 2017, respectively, and (v) the enactment of tax legislation in the United States in 2017. In addition, in connection with our sales of Federal-Mogul, Tropicana and ARI, we recorded aggregate pre-tax gains on the sales of discontinued operations of approximately $1.4 billion in the fourth quarter of 2018.
Our unaudited quarterly financial data presented above differs from the results of operations reported in each of our quarterly reports on Form 10-Q filed with the SEC during 2018 due to the recasting of the results of Federal-Mogul and Tropicana to discontinued operations for all periods presented beginning in the second quarter of 2018 and the recasting of the results of ARI to discontinued operations for all periods presented beginning in the fourth quarter of 2018. Certain other reclassifications were made that did not significantly impact our historical reported results.