Segment Reporting

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segment Reporting

13.  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 March 31, 2023
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated
	(in millions)
Revenues:
Net sales	$	—	$	2,286	$	287	$	118	$	7	$	40	$	20	$	—	$	2,758
Other revenues from operations		—		—		170		—		16		—		1		—		187
Net loss from investment activities		(443)		—		—		—		—		—		—		—		(443)
Interest and dividend income		144		5		—		—		—		—		—		22		171
Other (loss) income, net		(28)		3		—		(7)		—		—		—		—		(32)
		(327)		2,294		457		111		23		40		21		22		2,641
Expenses:
Cost of goods sold		—		1,926		193		91		6		32		12		—		2,260
Other expenses from operations		—		—		145		—		13		—		—		—		158
Selling, general and administrative		3		46		132		14		4		10		13		7		229
Loss on deconsolidation of subsidiary		—		—		—		—		—		—		—		226		226
Interest expense		45		23		—		3		—		—		—		71		142
		48		1,995		470		108		23		42		25		304		3,015
(Loss) before income tax benefit (expense)		(375)		299		(13)		3		—		(2)		(4)		(282)		(374)
Income tax (expense) benefit		—		(52)		—		4		—		—		—		64		16
Net (loss) income		(375)		247		(13)		7		—		(2)		(4)		(218)		(358)
Less: net (loss) income attributable to non-controlling interests		(204)		115		—		1		—		—		—		—		(88)
Net (loss) income attributable to Icahn Enterprises	$	(171)	$	132	$	(13)	$	6	$	—	$	(2)	$	(4)	$	(218)	$	(270)
Supplemental information:
Capital expenditures	$	—	$	44	$	10	$	2	$	2	$	—	$	—	$	—	$	58
Depreciation and amortization	$	—	$	84	$	19	$	7	$	3	$	2	$	7	$	—	$	122

	Three Months Ended March 31, 2022
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated
	(in millions)
Revenues:
Net sales	$	—	$	2,373	$	407	$	101	$	17	$	55	$	15	$	—	$	2,968
Other revenues from operations		—		—		156		—		11		—		1		—		168
Net gain from investment activities		908		—		—		—		—		—		—		31		939
Interest and dividend income		40		—		—		—		—		—		—		2		42
Other (loss) income, net		(17)		(10)		2		1		—		—		1		(1)		(24)
		931		2,363		565		102		28		55		17		32		4,093
Expenses:
Cost of goods sold		—		2,123		267		81		10		45		12		—		2,538
Other expenses from operations		—		—		126		—		11				—		—		137
Selling, general and administrative		4		45		208		13		4		11		10		6		301
Interest expense		32		24		1		1		—		—		—		76		134
		36		2,192		602		95		25		56		22		82		3,110
Income (loss) before income tax benefit (expense)		895		171		(37)		7		3		(1)		(5)		(50)		983
Income tax (expense) benefit		—		(30)		9		(1)		—		—		—		(76)		(98)
Net income (loss)		895		141		(28)		6		3		(1)		(5)		(126)		885
Less: net income attributable to non-controlling interests		481		80		—		1		—		—		—		—		562
Net income (loss) attributable to Icahn Enterprises	$	414	$	61	$	(28)	$	5	$	3	$	(1)	$	(5)	$	(126)	$	323
Supplemental information:
Capital expenditures	$	—	$	26	$	21	$	4	$	4	$	—	$	—	$	—	$	55
Depreciation and amortization	$	—	$	83	$	20	$	7	$	3	$	2	$	7	$	—	$	122

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 March 31,
	2023		2022
Petroleum products	$	2,060	$	2,150
Nitrogen fertilizer products		226		223
	$	2,286	$	2,373

Automotive

	Three Months Ended March 31,
	2023		2022
Automotive services	$	369	$	353
Aftermarket parts sales		72		201
	$	441	$	554

Condensed Balance Sheets

	March 31, 2023
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated
	(in millions)
ASSETS
Cash and cash equivalents	$	22	$	601	$	34	$	13	$	41	$	6	$	23	$	1,868	$	2,608
Cash held at consolidated affiliated partnerships and restricted cash		2,384		7		9		—		7		3		—		71		2,481
Investments		6,520		103		—		—		14		—		—		—		6,637
Accounts receivable, net		—		330		53		86		12		24		22		—		527
Inventories, net		—		609		256		112		—		93		27		—		1,097
Related party notes receivable, net		—		—		—		—		—		—		—		207		207
Property, plant and equipment, net		—		2,647		797		139		343		55		—		5		3,986
Goodwill and intangible assets, net		—		195		348		24		—		19		219		—		805
Other assets		6,716		316		472		104		103		16		6		188		7,921
Total assets	$	15,642	$	4,808	$	1,969	$	478	$	520	$	216	$	297	$	2,339	$	26,269
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	1,293	$	1,771	$	838	$	139	$	58	$	46	$	60	$	823	$	5,028
Securities sold, not yet purchased, at fair value		5,654		—		—		—		—		—		—		—		5,654
Debt		—		1,590		18		164		1		9		—		5,309		7,091
Total liabilities		6,947		3,361		856		303		59		55		60		6,132		17,773
Equity attributable to Icahn Enterprises		4,013		744		1,113		159		457		161		237		(3,793)		3,091
Equity attributable to non-controlling interests		4,682		703		—		16		4		—		—		—		5,405
Total equity		8,695		1,447		1,113		175		461		161		237		(3,793)		8,496
Total liabilities and equity	$	15,642	$	4,808	$	1,969	$	478	$	520	$	216	$	297	$	2,339	$	26,269

	December 31, 2022
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated
	(in millions)
ASSETS
Cash and cash equivalents	$	19	$	510	$	32	$	9	$	26	$	5	$	16	$	1,720	$	2,337
Cash held at consolidated affiliated partnerships and restricted cash		2,455		7		10		—		8		3		—		66		2,549
Investments		6,719		76		—		—		14		—		—		—		6,809
Accounts receivable, net		—		358		99		87		12		24		26		—		606
Inventories, net		—		624		686		103		—		90		28		—		1,531
Property, plant and equipment, net		—		2,664		826		142		345		56		—		5		4,038
Goodwill and intangible assets, net		—		200		352		24		—		19		226		—		821
Other assets		8,041		296		527		110		102		16		6		125		9,223
Total assets	$	17,234	$	4,735	$	2,532	$	475	$	507	$	213	$	302	$	1,916	$	27,914
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	1,589	$	1,823	$	981	$	149	$	47	$	45	$	61	$	70	$	4,765
Securities sold, not yet purchased, at fair value		6,495		—		—		—		—		—		—		—		6,495
Debt		—		1,591		21		162		1		12		—		5,309		7,096
Total liabilities		8,084		3,414		1,002		311		48		57		61		5,379		18,356
Equity attributable to Icahn Enterprises		4,184		648		1,530		149		455		156		241		(3,463)		3,900
Equity attributable to non-controlling interests		4,966		673		—		15		4		—		—		—		5,658
Total equity		9,150		1,321		1,530		164		459		156		241		(3,463)		9,558
Total liabilities and equity	$	17,234	$	4,735	$	2,532	$	475	$	507	$	213	$	302	$	1,916	$	27,914