Segment and Geographic Reporting

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Segment and Geographic Reporting

13. 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, 2020
	Investment		Energy		Automotive		Food Packaging		Metals		Real Estate		Home Fashion		Pharma		Mining		Railcar		Holding Company		Consolidated
	(in millions)
Revenues:
Net sales	$	—	$	3,930	$	1,929	$	409	$	313	$	43	$	188	$	3	$	—		—	$	—	$	6,815
Other revenues from operations		—		—		549		—		—		59		—		—		—		—		—		608
Net (loss) gain from investment activities		(1,368)		34		—		—		—		—		—		—		—		—		(87)		(1,421)
Interest and dividend income		136		10		—		—		—		1		—		—		—		—		22		169
(Loss) gain on disposition of assets, net		—		(7)		(6)		—		1		(5)		—		—		—		—		—		(17)
Other (loss) income, net		(17)		(1)		(7)		(6)		3		—		2		—		—		—		(5)		(31)
		(1,249)		3,966		2,465		403		317		98		190		3		—		—		(70)		6,123
Expenses:
Cost of goods sold		—		4,164		1,344		327		298		35		150		2		—		—		—		6,320
Other expenses from operations		—		—		449		—		—		38		—		—		—		—		—		487
Selling, general and administrative		2		116		904		52		16		34		43		2		—		—		22		1,191
Restructuring, net		—		—		8		1		1		—		—		—		—		—		—		10
Impairment		—		—		—		—		1		7		3		—		—				—		11
Interest expense		196		125		12		11		1		—		1		—		—		—		342		688
		198		4,405		2,717		391		317		114		197		4		—		—		364		8,707
(Loss) income from continuing operations before income tax benefit (expense)		(1,447)		(439)		(252)		12		—		(16)		(7)		(1)		—		—		(434)		(2,584)
Income tax benefit (expense)		—		112		54		(8)		—		—		—		—		—		—		(42)		116
Net (loss) income from continuing operations		(1,447)		(327)		(198)		4		—		(16)		(7)		(1)		—		—		(476)		(2,468)
Less: net (loss) income from continuing operations attributable to non-controlling interests		(682)		(133)		—		—		—		—		—		—		—		—		—		(815)
Net (loss) income from continuing operations attributable to Icahn Enterprises	$	(765)	$	(194)	$	(198)	$	4	$	—	$	(16)	$	(7)	$	(1)	$	—	$	—	$	(476)	$	(1,653)
Supplemental information:
Capital expenditures	$	—	$	124	$	35	$	19	$	3	$	11	$	5	$	—	$	—	$	—	$	2	$	199
Depreciation and amortization	$	—	$	343	$	95	$	27	$	18	$	17	$	8	$	2	$	—	$	—	$	—	$	510

	Year Ended December 31, 2019
	Investment		Energy		Automotive		Food Packaging		Metals		Real Estate		Home Fashion		Pharma		Mining		Railcar		Holding Company		Consolidated
	(in millions)
Revenues:
Net sales	$	—	$	6,364	$	2,293	$	385	$	340	$	23	$	187	$	—	$	130	$	—	$	—	$	9,722
Other revenues from operations		—		—		591		—		—		75		—		—		—		—		—		666
Net loss 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		377		341		103		186		—		382		—		(261)		8,994
Expenses:
Cost of goods sold		—		5,707		1,615		312		343		18		159		—		51		—		—		8,205
Other expenses from operations		—		—		474		—		—		54		—		—		—		—		—		528
Selling, general and administrative		23		146		1,032		55		15		21		42		—		15		—		26		1,375
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		393		363		93		203		—		70		—		376		10,733
(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		Pharma		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 income (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		1,493		316		441		18		144		—		73		—		—		8,993
Other expenses from operations		—		—		483		—		—		54		—		—		—		1		—		538
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

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,
	2020		2019		2018
	(in millions)
Petroleum products	$	3,580	$	5,960	$	6,773
Nitrogen fertilizer products		350		404		351
	$	3,930	$	6,364	$	7,124

Automotive

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

	Year Ended December 31,
	2020		2019		2018
	(in millions)
Automotive services	$	1,228	$	1,373	$	1,321
Aftermarket parts sales		1,250		1,511		1,537
	$	2,478	$	2,884	$	2,858

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, 2020
	Investment		Energy		Automotive		Food Packaging		Metals		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated
	(in millions)
ASSETS
Cash and cash equivalents	$	14	$	667	$	45	$	16	$	1	$	21	$	2	$	8	$	925	$	1,699
Cash held at consolidated affiliated partnerships and restricted cash		1,558		7		—		—		2		8		6		—		11		1,592
Investments		8,239		253		40		—		—		15		—		—		366		8,913
Accounts receivable, net		—		178		109		88		64		10		33		20		—		502
Inventories, net		—		298		1,080		89		22		—		81		10		—		1,580
Property, plant and equipment, net		—		2,747		857		160		82		310		65		—		7		4,228
Goodwill and intangible assets, net		—		238		376		31		9		1		21		282		—		958
Other assets		4,308		335		582		101		37		121		19		6		6		5,515
Total assets	$	14,119	$	4,723	$	3,089	$	485	$	217	$	486	$	227	$	326	$	1,315	$	24,987
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	2,256	$	1,189	$	1,167	$	181	$	73	$	45	$	65	$	64	$	110	$	5,150
Securities sold, not yet purchased, at fair value		2,521		—		—		—		—		—		—		—		—		2,521
Debt		—		1,691		368		151		16		1		21		—		5,811		8,059
Total liabilities		4,777		2,880		1,535		332		89		46		86		64		5,921		15,730
Equity attributable to Icahn Enterprises		4,283		1,039		1,554		141		128		440		141		262		(4,606)		3,382
Equity attributable to non-controlling interests		5,059		804		—		12		—		—		—		—		—		5,875
Total equity		9,342		1,843		1,554		153		128		440		141		262		(4,606)		9,257
Total liabilities and equity	$	14,119	$	4,723	$	3,089	$	485	$	217	$	486	$	227	$	326	$	1,315	$	24,987

	December 31, 2019
	Investment		Energy		Automotive		Food Packaging		Metals		Real Estate		Home Fashion		Pharma		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

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:

														Property, Plant and
		Net Sales						Other Revenues From Operations						Equipment, Net
		Year Ended December 31,						Year Ended December 31,						December 31,
		2020		2019		2018		2020		2019		2018		2020		2019
	(in millions)
United States		$	6,462	$	9,271	$	10,170	$	604	$	652	$	629	$	4,082	$	4,299
International			353		451		406		4		14		18		146		155
		$	6,815	$	9,722	$	10,576	$	608	$	666	$	647	$	4,228	$	4,454

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.