Segment Reporting

3 Months Ended

Mar. 31, 2024

Segment Reporting

Segment Reporting

14.  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, 2024
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated
	(in millions)
Revenues:
Net sales	$	—	$	1,863	$	219	$	101	$	1	$	36	$	24	$	—	$	2,244
Other revenues from operations		—		—		165		—		17		—		1		—		183
Net loss from investment activities		(96)		—		—		—		—		—		—		—		(96)
Interest and dividend income		105		13		1		—		—		—		—		24		143
Loss on disposition of assets, net		—		(1)		(5)		—		—		—		—		—		(6)
		9		1,875		380		101		18		36		25		24		2,468
Expenses:
Cost of goods sold		—		1,713		152		80		1		27		14		—		1,987
Other expenses from operations		—		—		139		—		14		—		—		—		153
Selling, general and administrative		4		42		102		13		5		10		10		7		193
Interest expense		25		33		—		3		—		—		—		75		136
Other loss (income), net		20		(4)		—		2		—		—		—		—		18
		49		1,784		393		98		20		37		24		82		2,487
(Loss) income before income tax (expense) benefit		(40)		91		(13)		3		(2)		(1)		1		(58)		(19)
Income tax (expense) benefit		—		(13)		4		(1)		—		—		—		3		(7)
Net (loss) income		(40)		78		(9)		2		(2)		(1)		1		(55)		(26)
Less: net (loss) income attributable to non-controlling interests		(17)		29		—		—		—		—		—		—		12
Net (loss) income attributable to Icahn Enterprises	$	(23)	$	49	$	(9)	$	2	$	(2)	$	(1)	$	1	$	(55)	$	(38)
Supplemental information:
Capital expenditures	$	—	$	47	$	16	$	2	$	2	$	1	$	—	$	—	$	68
Depreciation and amortization	$	—	$	92	$	19	$	6	$	3	$	2	$	7	$	—	$	129

	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
		(299)		2,291		457		118		23		40		21		22		2,673
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
Other loss (income), net		28		(3)		—		7		—		—		—		—		32
		76		1,992		470		115		23		42		25		304		3,047
(Loss) income before income tax (expense) benefit		(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

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,
	2024		2023
Petroleum products	$	1,735	$	2,060
Nitrogen fertilizer products		128		226
	$	1,863	$	2,286

Automotive

	Three Months Ended March 31,
	2024		2023
Automotive Services	$	356	$	369
Aftermarket Parts		13		72
Total revenue from customers		369		441
Lease revenue outside the scope of ASC 606		15		16
Total Automotive net sales and other revenues from operations	$	384	$	457

Condensed Balance Sheets

	March 31, 2024
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated
	(in millions)
ASSETS
Cash and cash equivalents	$	6	$	644	$	64	$	7	$	33	$	4	$	18	$	1,692	$	2,468
Cash held at consolidated affiliated partnerships and restricted cash		2,379		—		8		—		4		3		—		171		2,565
Investments		3,203		98		—		—		14		—		—		—		3,315
Accounts receivable, net		—		253		41		85		16		22		30		—		447
Inventories, net		—		601		213		118		—		85		22		—		1,039
Related party notes receivable, net		—		—		—		—		—		—		—		11		11
Property, plant and equipment, net		—		2,572		822		129		363		50		—		4		3,940
Goodwill and intangible assets, net		—		174		333		23		—		19		191		—		740
Other assets		4,352		287		477		98		71		20		7		227		5,539
Total assets	$	9,940	$	4,629	$	1,958	$	460	$	501	$	203	$	268	$	2,105	$	20,064
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	999	$	1,506	$	840	$	136	$	55	$	44	$	54	$	553	$	4,187
Securities sold, not yet purchased, at fair value		3,644		—		—		—		—		—		—		—		3,644
Debt		—		1,585		29		138		1		8		—		4,847		6,608
Total liabilities		4,643		3,091		869		274		56		52		54		5,400		14,439
Equity attributable to Icahn Enterprises		3,202		811		1,089		169		440		151		214		(3,295)		2,781
Equity attributable to non-controlling interests		2,095		727		—		17		5		—		—		—		2,844
Total equity		5,297		1,538		1,089		186		445		151		214		(3,295)		5,625
Total liabilities and equity	$	9,940	$	4,629	$	1,958	$	460	$	501	$	203	$	268	$	2,105	$	20,064

	December 31, 2023
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated
	(in millions)
ASSETS
Cash and cash equivalents	$	23	$	1,179	$	104	$	8	$	22	$	5	$	26	$	1,584	$	2,951
Cash held at consolidated affiliated partnerships and restricted cash		2,799		7		9		—		4		3		—		173		2,995
Investments		2,898		100		—		—		14		—		—		—		3,012
Accounts receivable, net		—		286		41		89		16		26		27		—		485
Related party note receivable, net		—		—		—		—		—		—		—		11		11
Inventories, net		—		604		228		111		—		81		23		—		1,047
Property, plant and equipment, net		—		2,594		822		134		363		52		—		4		3,969
Goodwill and intangible assets, net		—		179		335		23		—		19		198		—		754
Other assets		4,425		310		480		101		69		17		8		224		5,634
Total assets	$	10,145	$	5,259	$	2,019	$	466	$	488	$	203	$	282	$	1,996	$	20,858
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	1,312	$	1,553	$	890	$	148	$	43	$	42	$	55	$	62	$	4,105
Securities sold, not yet purchased, at fair value		3,473		—		—		—		—		—		—		—		3,473
Debt		—		2,185		33		133		1		8		—		4,847		7,207
Total liabilities		4,785		3,738		923		281		44		50		55		4,909		14,785
Equity attributable to Icahn Enterprises		3,243		795		1,096		168		439		153		227		(2,913)		3,208
Equity attributable to non-controlling interests		2,117		726		—		17		5		—		—		—		2,865
Total equity		5,360		1,521		1,096		185		444		153		227		(2,913)		6,073
Total liabilities and equity	$	10,145	$	5,259	$	2,019	$	466	$	488	$	203	$	282	$	1,996	$	20,858