Segment and Geographic Reporting

12 Months Ended

Dec. 31, 2019

Segment and Geographic 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.


	Year Ended December 31, 2019
	Investment		Energy		Automotive		Food Packaging		Metals		Real Estate		Home Fashion		Mining		Railcar		Holding Company		Consolidated
	(in millions)
Revenues:
Net sales	$	—	$	6,364	$	2,293	$	383	$	340	$	23	$	187	$	130	$	—	$	—	$	9,720
Other revenues from operations	—		—		591		—		—		75		—		—		—		—		666
Net (loss) gain from investment activities	(1,599)		—		—		—		—		—		—		—		—		(332)		(1,931)
Interest and dividend income	190		4		—		—		—		1		—		1		—		69		265
Gain (loss) on disposition of assets, net	—		4		(4)		—		1		—		—		252		—		—		253
Other (loss) income, net	(5)		13		15		(8)		—		4		(1)		(1)		—		2		19
	(1,414)		6,385		2,895		375		341		103		186		382		—		(261)		8,992
Expenses:
Cost of goods sold	—		5,707		1,625		309		343		18		159		51		—		—		8,212
Other expenses from operations	—		—		464		—		—		54		—		—		—		—		518
Selling, general and administrative	23		146		1,032		56		15		21		42		15		—		26		1,376
Restructuring, net	—		—		6		8		3		—		1		—		—		—		18
Impairment	—		—		—		1		1		—		—		—		—		—		2
Interest expense	106		106		20		17		1		—		1		4		—		350		605
	129		5,959		3,147		391		363		93		203		70		—		376		10,731
(Loss) income from continuing operations before income tax (expense) benefit	(1,543)		426		(252)		(16)		(22)		10		(17)		312		—		(637)		(1,739)
Income tax (expense) benefit	—		(112)		55		(6)		—		6		—		(1)		—		38		(20)
Net (loss) income from continuing operations	(1,543)		314		(197)		(22)		(22)		16		(17)		311		—		(599)		(1,759)
Less: net (loss) income from continuing operations attributable to non-controlling interests	(768)		68		—		(5)		—		—		—		12		—		—		(693)
Net (loss) income from continuing operations attributable to Icahn Enterprises	$	(775)	$	246	$	(197)	$	(17)	$	(22)	$	16	$	(17)	$	299	$	—	$	(599)	$	(1,066)

Supplemental information:
Capital expenditures	$	—	$	121	$	47	$	17	$	24	$	22	$	5	$	14	$	—	$	—	$	250
Depreciation and amortization	$	—	$	352	$	98	$	26	$	19	$	17	$	7	$	—	$	—	$	—	$	519


	Year Ended December 31, 2018
	Investment		Energy		Automotive		Food Packaging		Metals		Real Estate		Home Fashion		Mining		Railcar		Holding Company		Consolidated
	(in millions)
Revenues:
Net sales	$	—	$	7,124	$	2,295	$	395	$	466	$	22	$	171	$	103	$	—	$	—	$	10,576
Other revenues from operations	—		—		563		—		—		84		—		—		—		—		647
Net gain (loss) from investment activities	635		—		—		—		—		—		—		—		—		(313)		322
Interest and dividend income	104		2		—		1		—		16		—		1		—		24		148
(Loss) gain on disposition of assets, net	—		(6)		(1)		—		—		89		—		(3)		5		—		84
Other (loss) income, net	(2)		15		(1)		(17)		1		1		—		5		—		(2)		—
	737		7,135		2,856		379		467		212		171		106		5		(291)		11,777
Expenses:
Cost of goods sold	—		6,508		1,502		316		441		18		144		73		—		—		9,002
Other expenses from operations	—		—		474		—		—		54		—		—		1		—		529
Selling, general and administrative	12		138		1,051		57		19		22		34		27		1		25		1,386
Restructuring, net	—		5		5		9		—		—		2		—		—		—		21
Impairment	—		—		90		—		1		—		1		—		—		—		92
Interest expense	46		104		16		16		—		1		1		3		—		337		524
	58		6,755		3,138		398		461		95		182		103		2		362		11,554
Income (loss) from continuing operations before income tax (expense) benefit	679		380		(282)		(19)		6		117		(11)		3		3		(653)		223
Income tax (expense) benefit	—		(46)		52		4		(1)		(5)		—		(2)		(2)		14		14
Net income (loss) from continuing operations	679		334		(230)		(15)		5		112		(11)		1		1		(639)		237
Less: net income (loss) from continuing operations attributable to non-controlling interests	360		121		—		(3)		—		—		—		(2)		—		(1)		475
Net income (loss) from continuing operations attributable to Icahn Enterprises	$	319	$	213	$	(230)	$	(12)	$	5	$	112	$	(11)	$	3	$	1	$	(638)	$	(238)

Supplemental information:
Capital expenditures	$	—	$	102	$	66	$	25	$	21	$	13	$	5	$	40	$	—	$	—	$	272
Depreciation and amortization	$	—	$	339	$	92	$	26	$	18	$	19	$	8	$	6	$	—	$	—	$	508


	Year Ended December 31, 2017
	Investment		Energy		Automotive		Food Packaging		Metals		Real Estate		Home Fashion		Mining		Railcar		Holding Company		Consolidated
	(in millions)
Revenues:
Net sales	$	—	$	5,988	$	2,225	$	392	$	409	$	15	$	183	$	94	$	—	$	—	$	9,306
Other revenues from operations	—		—		498		—		—		72		—		—		173		—		743
Net gain from investment activities	241		—		—		—		—		—		—		—		—		61		302
Interest and dividend income	106		1		—		—		—		7		—		1		—		12		127
(Loss) gain on disposition of assets, net	—		(3)		5		—		—		496		—		—		1,664		1		2,163
Other (loss) income, net	(50)		2		—		(3)		(1)		38		—		(2)		—		(6)		(22)
	297		5,988		2,728		389		408		628		183		93		1,837		68		12,619
Expenses:
Cost of goods sold	—		5,761		1,540		297		389		11		162		60		—		—		8,220
Other expenses from operations	—		—		438		—		—		46		—		—		34		—		518
Selling, general and administrative	13		143		919		61		19		18		39		14		10		33		1,269
Restructuring	—		—		—		2		1		—		1		—		—		—		4
Impairment	—		—		15		1		—		2		1		—		68		—		87
Interest expense	166		109		13		13		—		2		—		6		23		323		655
	179		6,013		2,925		374		409		79		203		80		135		356		10,753
Income (loss) from continuing operations before income tax benefit (expense)	118		(25)		(197)		15		(1)		549		(20)		13		1,702		(288)		1,866
Income tax benefit (expense)	—		341		146		(21)		(43)		—		—		(3)		(531)		643		532
Net income (loss) from continuing operations	118		316		(51)		(6)		(44)		549		(20)		10		1,171		355		2,398
Less: net income (loss) from continuing operations attributable to non-controlling interests	38		63		—		(1)		—		—		—		1		—		—		101
Net income (loss) from continuing operations attributable to Icahn Enterprises	$	80	$	253	$	(51)	$	(5)	$	(44)	$	549	$	(20)	$	9	$	1,171	$	355	$	2,297

Supplemental information:
Capital expenditures	$	—	$	120	$	86	$	26	$	30	$	9	$	5	$	38	$	2	$	—	$	316
Depreciation and amortization	$	—	$	322	$	111	$	25	$	20	$	20	$	8	$	5	$	7	$	—	$	518

Disaggregation of Revenue

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

Energy

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


	Year Ended December 31,
	2019		2018		2017
	(in millions)
Petroleum products	$	5,960	$	6,773	$	5,657
Nitrogen fertilizer products	404		351		331
	$	6,364	$	7,124	$	5,988

Automotive

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


	Year Ended December 31,
	2019		2018		2017
	(in millions)
Automotive services	$	1,373	$	1,321	$	1,186
Aftermarket parts sales	1,511		1,537		1,537
	$	2,884	$	2,858	$	2,723

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 other assets, debt and equity attributable to Icahn Enterprises Holdings.


	December 31, 2019
	Investment		Energy		Automotive		Food Packaging		Metals		Real Estate		Home Fashion		Mining		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		4		36		—		—		475
Inventories, net	—		390		1,215		100		32		—		75		—		—		1,812
Property, plant and equipment, net	—		2,888		916		161		122		386		68		—		—		4,541
Goodwill and intangible assets, net	—		258		382		30		11		8		24		—		—		713
Other assets	1,076		222		673		125		27		46		20		—		19		2,208
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


	December 31, 2018
	Investment		Energy		Automotive		Food Packaging		Metals		Real Estate		Home Fashion		Mining		Holding Company		Consolidated
	(in millions)
ASSETS
Cash and cash equivalents	$	5	$	668	$	43	$	46	$	20	$	39	$	1	$	—	$	1,834	$	2,656
Cash held at consolidated affiliated partnerships and restricted cash	2,648		—		—		1		1		26		2		—		4		2,682
Investments	6,867		84		59		—		—		15		—		—		1,312		8,337
Accounts receivable, net	—		169		149		74		48		3		31		—		—		474
Inventories, net	—		380		1,203		93		39		—		64		—		—		1,779
Property, plant and equipment, net	—		3,027		941		169		115		367		69		—		—		4,688
Goodwill and intangible assets, net	—		278		412		32		2		24		—		—		—		748
Other assets	1,230		225		217		96		8		34		5		299		11		2,125
Total assets	$	10,750	$	4,831	$	3,024	$	511	$	233	$	508	$	172	$	299	$	3,161	$	23,489
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	181	$	1,043	$	905	$	164	$	56	$	41	$	35	$	112	$	178	$	2,715
Securities sold, not yet purchased, at fair value	468		—		—		—		—		—		—		—		—		468
Debt	—		1,170		372		273		—		2		4		—		5,505		7,326
Total liabilities	649		2,213		1,277		437		56		43		39		112		5,683		10,509

Equity attributable to Icahn Enterprises	5,066		1,274		1,747		55		177		465		133		165		(2,522)		6,560
Equity attributable to non-controlling interests	5,035		1,344		—		19		—		—		—		22		—		6,420
Total equity	10,101		2,618		1,747		74		177		465		133		187		(2,522)		12,980
Total liabilities and equity	$	10,750	$	4,831	$	3,024	$	511	$	233	$	508	$	172	$	299	$	3,161	$	23,489

Geographic Information

The following table presents our consolidated geographic net sales from external customers, other revenues from operations and property, plant and equipment, net for the periods indicated:


	Net Sales										Other Revenues From Operations						Property, Plant and Equipment, Net
	Year Ended December 31,										Year Ended December 31,						December 31,
	2019		2018		2017		2019		2018		2017		2019		2018
	(in millions)
United States	$	9,271	$	10,170	$	8,897	$	652	$	629	$	716	$	4,386	$	4,458
International	449		406		409		14		18		27		155		230
	$	9,720	$	10,576	$	9,306	$	666	$	647	$	743	$	4,541	$	4,688

Geographic locations for net sales and other revenues from operations are based on locations of the customers and geographic locations for property, plant, and equipment are based on the locations of the assets.