Segment Reporting

6 Months Ended

Jun. 30, 2020

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 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.

	Three Months Ended June 30, 2020
	Investment		Energy		Automotive		Food Packaging		Metals		Real Estate		Home Fashion		Mining		Holding Company		Consolidated
	(in millions)
Revenues:
Net sales	$	—	$	675	$	463	$	103	$	34	$	13	$	37	$	—	$	—	$	1,325
Other revenues from operations		—		—		124		—		—		12		—		—		—		136
Net gain from investment activities		1,089		18		—		—		—		—		—		—		128		1,235
Interest and dividend income		17		5		—		—		—		—		—		—		4		26
Other (loss) income, net		(4)		(4)		(6)		(2)		—		—		3		—		—		(13)
		1,102		694		581		101		34		25		40		—		132		2,709
Expenses:
Cost of goods sold		—		645		333		81		39		9		28		—		—		1,135
Other expenses from operations		—		—		101		—		—		6		—		—		—		107
Selling, general and administrative		3		30		202		13		4		21		9		—		9		291
Restructuring, net		—		—		5		—		—		—		—		—		—		5
Impairment		—		—		—		—		—		2		3		—		—		5
Interest expense		51		32		2		3		1		—		1		—		84		174
		54		707		643		97		44		38		41		—		93		1,717
Income (loss) from continuing operations before income tax benefit (expense)		1,048		(13)		(62)		4		(10)		(13)		(1)		—		39		992
Income tax benefit (expense)		—		10		12		(1)		—		—		—		—		(149)		(128)
Net income (loss) from continuing operations		1,048		(3)		(50)		3		(10)		(13)		(1)		—		(110)		864
Less: net income(loss) from continuing operations attributable to non-controlling interests		569		(4)		—		—		—		—		—		—		—		565
Net income (loss) from continuing operations attributable to Icahn Enterprises	$	479	$	1	$	(50)	$	3	$	(10)	$	(13)	$	(1)	$	—	$	(110)	$	299
Supplemental information:
Capital expenditures	$	—	$	42	$	7	$	4	$	1	$	5	$	1	$	—	$	2	$	62
Depreciation and amortization	$	—	$	90	$	24	$	7	$	4	$	5	$	2	$	—	$	—	$	132

	Three Months Ended June 30, 2019
	Investment		Energy		Automotive		Food Packaging		Metals		Real Estate		Home Fashion		Mining		Holding Company		Consolidated
	(in millions)
Revenues:
Net sales	$	—	$	1,687	$	590	$	97	$	95	$	9	$	44	$	66	$	—	$	2,588
Other revenues from operations		—		—		154		—		—		18		—		—		—		172
Net loss from investment activities		(311)		—		—		—		—		—		—		—		(326)		(637)
Interest and dividend income		40		1		—		—		—		—		—		—		17		58
Other income, net		—		12		1		1		1		—		—		—		—		15
		(271)		1,700		745		98		96		27		44		66		(309)		2,196
Expenses:
Cost of goods sold		—		1,486		406		75		93		7		39		23		—		2,129
Other expenses from operations		—		—		124		—		—		13		—		—		—		137
Selling, general and administrative		3		34		256		14		4		7		9		6		6		339
Restructuring, net		—		—		2		—		2		—		—		—		—		4
Impairment		—		—		—		1		—		—		—		—		—		1
Interest expense		21		27		5		5		—		—		—		1		92		151
		24		1,547		793		95		99		27		48		30		98		2,761
(Loss) income from continuing operations before income tax (expense) benefit		(295)		153		(48)		3		(3)		—		(4)		36		(407)		(565)
Income tax (expense) benefit		—		(37)		10		(2)		—		1		—		(1)		21		(8)
Net (loss) income from continuing operations		(295)		116		(38)		1		(3)		1		(4)		35		(386)		(573)
Less: net (loss) income from continuing operations attributable to non-controlling interests		(147)		40		—		1		—		—		—		7		—		(99)
Net (loss) income from continuing operations attributable to Icahn Enterprises	$	(148)	$	76	$	(38)	$	—	$	(3)	$	1	$	(4)	$	28	$	(386)	$	(474)
Supplemental information:
Capital expenditures	$	—	$	26	$	9	$	3	$	12	$	10	$	1	$	6	$	—	$	67
Depreciation and amortization	$	—	$	94	$	24	$	8	$	5	$	5	$	1	$	—	$	—	$	137

	Six Months Ended June 30, 2020
	Investment		Energy		Automotive		Food Packaging		Metals		Real Estate		Home Fashion		Mining		Holding Company		Consolidated
	(in millions)
Revenues:
Net sales	$	—	$	1,806	$	955	$	201	$	120	$	17	$	87	$	—	$	—	$	3,186
Other revenues from operations		—		—		267		—		—		30		—		—		—		297
Net (loss) gain from investment activities		(727)		48		—		—		—		—		—		—		(214)		(893)
Interest and dividend income		69		7		—		—		—		—		—		—		13		89
Other (loss) income, net		(5)		(10)		(5)		(9)		—		—		3		—		(4)		(30)
		(663)		1,851		1,217		192		120		47		90		—		(205)		2,649
Expenses:
Cost of goods sold		—		1,894		685		159		124		13		69		—		—		2,944
Other expenses from operations		—		—		224		—		—		18		—		—		—		242
Selling, general and administrative		(3)		61		448		25		8		26		20		—		14		599
Restructuring, net		—		—		7		—		—		—		—		—		—		7
Impairment		—		—		—		—		—		2		3		—		—		5
Interest expense		94		62		7		7		1		—		1		—		174		346
		91		2,017		1,371		191		133		59		93		—		188		4,143
(Loss) income from continuing operations before income tax benefit (expense)		(754)		(166)		(154)		1		(13)		(12)		(3)		—		(393)		(1,494)
Income tax benefit (expense)		—		50		31		(2)		—		—		—		—		(27)		52
Net (loss) income from continuing operations		(754)		(116)		(123)		(1)		(13)		(12)		(3)		—		(420)		(1,442)
Less: net loss from continuing operations attributable to non-controlling interests		(307)		(49)		—		(1)		—		—		—		—		—		(357)
Net (loss) income from continuing operations attributable to Icahn Enterprises	$	(447)	$	(67)	$	(123)	$	—	$	(13)	$	(12)	$	(3)	$	—	$	(420)	$	(1,085)
Supplemental information:
Capital expenditures	$	—	$	77	$	16	$	6	$	2	$	9	$	3	$	—	$	2	$	115
Depreciation and amortization	$	—	$	170	$	48	$	13	$	9	$	9	$	4	$	—	$	—	$	253

	Six Months Ended June 30, 2019
	Investment		Energy		Automotive		Food Packaging		Metals		Real Estate		Home Fashion		Mining		Holding Company		Consolidated
	(in millions)
Revenues:
Net sales	$	—	$	3,173	$	1,140	$	192	$	188	$	11	$	83	$	101	$	—	$	4,888
Other revenues from operations		—		—		297		—		—		37		—		—		—		334
Net loss from investment activities		(920)		—		—		—		—		—		—		—		(391)		(1,311)
Interest and dividend income		82		1		—		—		—		—		—		1		38		122
Other (loss) income, net		(1)		13		5		(2)		1		2		—		—		—		18
		(839)		3,187		1,442		190		189		50		83		102		(353)		4,051
Expenses:
Cost of goods sold		—		2,789		781		150		185		9		72		43		—		4,029
Other expenses from operations		—		—		243		—		—		25		—		—		—		268
Selling, general and administrative		5		71		508		29		8		12		19		13		10		675
Restructuring, net		—		—		2		7		2		—		—		—		—		11
Impairment		—		—		—		1		—		—		—		—		—		1
Interest expense		39		53		10		9		—		—		—		3		176		290
		44		2,913		1,544		196		195		46		91		59		186		5,274
(Loss) income from continuing operations before income tax (expense) benefit		(883)		274		(102)		(6)		(6)		4		(8)		43		(539)		(1,223)
Income tax (expense) benefit		—		(68)		22		2		—		1		—		(2)		31		(14)
Net (loss) income from continuing operations		(883)		206		(80)		(4)		(6)		5		(8)		41		(508)		(1,237)
Less: net (loss) income from continuing operations attributable to non-controlling interests		(440)		64		—		(1)		—		—		—		8		—		(369)
Net (loss) income from continuing operations attributable to Icahn Enterprises	$	(443)	$	142	$	(80)	$	(3)	$	(6)	$	5	$	(8)	$	33	$	(508)	$	(868)
Supplemental information:
Capital expenditures	$	—	$	55	$	22	$	10	$	17	$	16	$	2	$	10	$	—	$	132
Depreciation and amortization	$	—	$	177	$	48	$	14	$	9	$	9	$	3	$	—	$	—	$	260

Disaggregation of Revenue

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

Energy

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
	(in millions)
Petroleum products	$	570	$	1,549	$	1,626	$	2,943
Nitrogen fertilizer products		105		138		180		230
	$	675	$	1,687	$	1,806	$	3,173

Automotive

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
	(in millions)
Automotive services	$	277	$	345	$	586	$	671
Aftermarket parts sales		310		399		636		766
	$	587	$	744	$	1,222	$	1,437

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 debt and equity attributable to Icahn Enterprises Holdings.

	June 30, 2020
	Investment		Energy		Automotive		Food Packaging		Metals		Real Estate		Home Fashion		Holding Company		Consolidated
	(in millions)
ASSETS
Cash and cash equivalents	$	12	$	606	$	43	$	10	$	1	$	53	$	2	$	1,128	$	1,855
Cash held at consolidated affiliated partnerships and restricted cash		889		—		—		1		5		4		7		10		916
Investments		8,681		266		115		—		—		15		—		421		9,498
Accounts receivable, net		—		139		132		94		21		12		32		—		430
Inventories, net		—		252		1,099		98		33		—		82		—		1,564
Property, plant and equipment, net		—		2,823		887		155		114		302		66		7		4,354
Goodwill and intangible assets, net		—		248		381		30		10		4		19		—		692
Other assets		4,083		371		627		120		37		127		19		13		5,397
Total assets	$	13,665	$	4,705	$	3,284	$	508	$	221	$	517	$	227	$	1,579	$	24,706
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	1,825	$	954	$	1,181	$	189	$	72	$	57	$	59	$	123	$	4,460
Securities sold, not yet purchased, at fair value		1,819		—		—		—		—		—		—		—		1,819
Debt		—		1,690		366		259		7		2		25		5,813		8,162
Total liabilities		3,644		2,644		1,547		448		79		59		84		5,936		14,441
Equity attributable to Icahn Enterprises		4,599		1,162		1,737		48		142		458		143		(4,357)		3,932
Equity attributable to non-controlling interests		5,422		899		—		12		—		—		—		—		6,333
Total equity		10,021		2,061		1,737		60		142		458		143		(4,357)		10,265
Total liabilities and equity	$	13,665	$	4,705	$	3,284	$	508	$	221	$	517	$	227	$	1,579	$	24,706

	December 31, 2019
	Investment		Energy		Automotive		Food Packaging		Metals		Real Estate		Home Fashion		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		12		36		—		483
Inventories, net		—		373		1,215		100		32		—		75		—		1,795
Property, plant and equipment, net		—		2,888		916		161		122		299		68		—		4,454
Goodwill and intangible assets, net		—		258		382		30		11		8		24		—		713
Other assets		1,076		239		673		125		27		125		20		19		2,304
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