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Segment Reporting | 3 Months Ended
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Mar. 31, 2019
Segment Reporting [Abstract] |
Segment Reporting | 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 March 31, 2019
| Investment |  | Energy |  | Automotive |  | Food Packaging |  | Metals |  | Real Estate |  | Home Fashion |  | Mining |  | Railcar |  | Holding Company |  | Consolidated
| (in millions)
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales | $ | — |  |  | $ | 1,486 |  |  | $ | 550 |  |  | $ | 95 |  |  | $ | 93 |  |  | $ | 2 |  |  | $ | 39 |  |  | $ | 35 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,300 |
Other revenues from operations | — |  |  | — |  |  | 143 |  |  | — |  |  | — |  |  | 19 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 162 |
Net loss from investment activities | (609 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (65 | ) |  | (674 | )
Interest and dividend income | 42 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 21 |  |  | 64 |
Other (loss) income, net | (1 | ) |  | 1 |  |  | 4 |  |  | (3 | ) |  | — |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3 |
| (568 | ) |  | 1,487 |  |  | 697 |  |  | 92 |  |  | 93 |  |  | 23 |  |  | 39 |  |  | 36 |  |  | — |  |  | (44 | ) |  | 1,855 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of goods sold | — |  |  | 1,303 |  |  | 375 |  |  | 75 |  |  | 92 |  |  | 2 |  |  | 33 |  |  | 20 |  |  | — |  |  | — |  |  | 1,900 |
Other expenses from operations | — |  |  | — |  |  | 119 |  |  | — |  |  | — |  |  | 12 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 131 |
Selling, general and administrative | 2 |  |  | 37 |  |  | 252 |  |  | 15 |  |  | 4 |  |  | 5 |  |  | 10 |  |  | 7 |  |  | — |  |  | 4 |  |  | 336 |
Restructuring, net | — |  |  | — |  |  | — |  |  | 7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7 |
Interest expense | 18 |  |  | 26 |  |  | 5 |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 84 |  |  | 139 |
| 20 |  |  | 1,366 |  |  | 751 |  |  | 101 |  |  | 96 |  |  | 19 |  |  | 43 |  |  | 29 |  |  | — |  |  | 88 |  |  | 2,513 |
(Loss) income from continuing operations before income tax (expense) benefit | (588 | ) |  | 121 |  |  | (54 | ) |  | (9 | ) |  | (3 | ) |  | 4 |  |  | (4 | ) |  | 7 |  |  | — |  |  | (132 | ) |  | (658 | )
Income tax (expense) benefit | — |  |  | (31 | ) |  | 12 |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | (1 | ) |  | — |  |  | 10 |  |  | (6 | )
Net (loss) income from continuing operations | (588 | ) |  | 90 |  |  | (42 | ) |  | (5 | ) |  | (3 | ) |  | 4 |  |  | (4 | ) |  | 6 |  |  | — |  |  | (122 | ) |  | (664 | )
Less: net (loss) income from continuing operations attributable to non-controlling interests | (293 | ) |  | 24 |  |  | — |  |  | (2 | ) |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | (270 | )
Net (loss) income from continuing operations attributable to Icahn Enterprises | $ | (295 | ) |  | $ | 66 |  |  | $ | (42 | ) |  | $ | (3 | ) |  | $ | (3 | ) |  | $ | 4 |  |  | $ | (4 | ) |  | $ | 5 |  |  | $ | — |  |  | $ | (122 | ) |  | $ | (394 | )
Supplemental information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures | $ | — |  |  | $ | 29 |  |  | $ | 13 |  |  | $ | 7 |  |  | $ | 5 |  |  | $ | 6 |  |  | $ | 1 |  |  | $ | 4 |  |  | $ | — |  |  | $ | — |  |  | $ | 65 |
Depreciation and amortization | $ | — |  |  | $ | 83 |  |  | $ | 24 |  |  | $ | 6 |  |  | $ | 4 |  |  | $ | 4 |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 123 |
| Three Months Ended March 31, 2018
| Investment |  | Energy |  | Automotive |  | Food Packaging |  | Metals |  | Real Estate |  | Home Fashion |  | Mining |  | Railcar |  | Holding Company |  | Consolidated
| (in millions)
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales | $ | — |  |  | $ | 1,537 |  |  | $ | 549 |  |  | $ | 97 |  |  | $ | 118 |  |  | $ | 1 |  |  | $ | 42 |  |  | $ | 20 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,364 |
Other revenues from operations | — |  |  | — |  |  | 137 |  |  | — |  |  | — |  |  | 21 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 158 |
Net gain from investment activities | 410 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 22 |  |  | 432 |
Interest and dividend income | 18 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5 |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | 26 |
Other income (loss), net | — |  |  | 2 |  |  | — |  |  | (6 | ) |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 5 |  |  | 1 |  |  | 3 |
| 428 |  |  | 1,539 |  |  | 686 |  |  | 91 |  |  | 119 |  |  | 27 |  |  | 42 |  |  | 20 |  |  | 5 |  |  | 26 |  |  | 2,983 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of goods sold | — |  |  | 1,385 |  |  | 361 |  |  | 77 |  |  | 110 |  |  | 1 |  |  | 36 |  |  | 17 |  |  | — |  |  | — |  |  | 1,987 |
Other expenses from operations | — |  |  | — |  |  | 113 |  |  | — |  |  | — |  |  | 12 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 125 |
Selling, general and administrative | 1 |  |  | 32 |  |  | 258 |  |  | 15 |  |  | 5 |  |  | 6 |  |  | 9 |  |  | 6 |  |  | — |  |  | 6 |  |  | 338 |
Restructuring, net | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | 2 |
Interest expense | 26 |  |  | 27 |  |  | 3 |  |  | 4 |  |  | — |  |  | 1 |  |  | — |  |  | 2 |  |  | — |  |  | 84 |  |  | 147 |
| 27 |  |  | 1,444 |  |  | 735 |  |  | 96 |  |  | 115 |  |  | 20 |  |  | 47 |  |  | 25 |  |  | — |  |  | 90 |  |  | 2,599 |
Income (loss) from continuing operations before income tax (expense) benefit | 401 |  |  | 95 |  |  | (49 | ) |  | (5 | ) |  | 4 |  |  | 7 |  |  | (5 | ) |  | (5 | ) |  | 5 |  |  | (64 | ) |  | 384 |
Income tax (expense) benefit | — |  |  | (14 | ) |  | 15 |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | (1 | ) |  | — |  |  | (19 | ) |  | (17 | )
Net income (loss) from continuing operations | 401 |  |  | 81 |  |  | (34 | ) |  | (3 | ) |  | 4 |  |  | 7 |  |  | (5 | ) |  | (6 | ) |  | 5 |  |  | (83 | ) |  | 367 |
Less: net income (loss) from continuing operations attributable to non-controlling interests | 240 |  |  | 31 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2 | ) |  | — |  |  | — |  |  | 269 |
Net income (loss) from continuing operations attributable to Icahn Enterprises | $ | 161 |  |  | $ | 50 |  |  | $ | (34 | ) |  | $ | (3 | ) |  | $ | 4 |  |  | $ | 7 |  |  | $ | (5 | ) |  | $ | (4 | ) |  | $ | 5 |  |  | $ | (83 | ) |  | $ | 98 |
Supplemental information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures | $ | — |  |  | $ | 20 |  |  | $ | 19 |  |  | $ | 5 |  |  | $ | 1 |  |  | $ | 3 |  |  | $ | 1 |  |  | $ | 13 |  |  | $ | — |  |  | $ | — |  |  | $ | 62 |
Depreciation and amortization | $ | — |  |  | $ | 83 |  |  | $ | 24 |  |  | $ | 7 |  |  | $ | 5 |  |  | $ | 5 |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | 128 |
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 March 31,
| 2019 |  | 2018
| (in millions)
Petroleum products | $ | 1,394 |  |  | $ | 1,457 |
Nitrogen fertilizer products | 92 |  |  | 80 |
| $ | 1,486 |  |  | $ | 1,537 |
Automotive Disaggregated revenue for our Automotive segment net sales and other revenues from operations is presented below:
| Three Months Ended March 31,
| 2019 |  | 2018
| (in millions)
Automotive services | $ | 327 |  |  | $ | 316 |
Aftermarket parts sales | 366 |  |  | 370 |
| $ | 693 |  |  | $ | 686 |
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.
| March 31, 2019
| Investment |  | Energy |  | Automotive |  | Food Packaging |  | Metals |  | Real Estate |  | Home Fashion |  | Mining |  | Holding Company |  | Consolidated
| (in millions)
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 7 |  |  | $ | 467 |  |  | $ | 65 |  |  | $ | 33 |  |  | $ | 11 |  |  | $ | 41 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 2,139 |  |  | $ | 2,764 |
Cash held at consolidated affiliated partnerships and restricted cash | 2,286 |  |  | — |  |  | — |  |  | 1 |  |  | 1 |  |  | 2 |  |  | 2 |  |  | — |  |  | 7 |  |  | 2,299 |
Investments | 7,130 |  |  | 83 |  |  | 86 |  |  | — |  |  | — |  |  | 15 |  |  | — |  |  | — |  |  | 789 |  |  | 8,103 |
Accounts receivable, net | — |  |  | 193 |  |  | 168 |  |  | 76 |  |  | 49 |  |  | 3 |  |  | 28 |  |  | — |  |  | — |  |  | 517 |
Inventories, net | — |  |  | 403 |  |  | 1,233 |  |  | 103 |  |  | 40 |  |  | — |  |  | 73 |  |  | — |  |  | — |  |  | 1,852 |
Property, plant and equipment, net | — |  |  | 3,004 |  |  | 951 |  |  | 168 |  |  | 115 |  |  | 376 |  |  | 68 |  |  | — |  |  | — |  |  | 4,682 |
Goodwill and intangible assets, net | — |  |  | 273 |  |  | 391 |  |  | 32 |  |  | 2 |  |  | 21 |  |  | — |  |  | — |  |  | — |  |  | 719 |
Assets held for sale | — |  |  | 33 |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | 330 |  |  | — |  |  | 364 |
Other assets | 1,268 |  |  | 232 |  |  | 769 |  |  | 139 |  |  | 22 |  |  | 34 |  |  | 11 |  |  | — |  |  | 49 |  |  | 2,524 |
Total assets | $ | 10,691 |  |  | $ | 4,688 |  |  | $ | 3,663 |  |  | $ | 552 |  |  | $ | 241 |  |  | $ | 492 |  |  | $ | 183 |  |  | $ | 330 |  |  | $ | 2,984 |  |  | $ | 23,824 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable, accrued expenses and other liabilities | $ | 730 |  |  | $ | 1,171 |  |  | $ | 1,426 |  |  | $ | 212 |  |  | $ | 66 |  |  | $ | 46 |  |  | $ | 42 |  |  | $ | — |  |  | $ | 504 |  |  | $ | 4,197 |
Securities sold, not yet purchased, at fair value | 447 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 447 |
Liabilities held for sale | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 136 |  |  | — |  |  | 136 |
Debt | — |  |  | 1,196 |  |  | 405 |  |  | 271 |  |  | 1 |  |  | 2 |  |  | 12 |  |  | — |  |  | 5,505 |  |  | 7,392 |
Total liabilities | 1,177 |  |  | 2,367 |  |  | 1,831 |  |  | 483 |  |  | 67 |  |  | 48 |  |  | 54 |  |  | 136 |  |  | 6,009 |  |  | 12,172 |
Equity attributable to Icahn Enterprises | 4,772 |  |  | 1,290 |  |  | 1,832 |  |  | 52 |  |  | 174 |  |  | 444 |  |  | 129 |  |  | 171 |  |  | (3,025 | ) |  | 5,839 |
Equity attributable to non-controlling interests | 4,742 |  |  | 1,031 |  |  | — |  |  | 17 |  |  | — |  |  | — |  |  | — |  |  | 23 |  |  | — |  |  | 5,813 |
Total equity | 9,514 |  |  | 2,321 |  |  | 1,832 |  |  | 69 |  |  | 174 |  |  | 444 |  |  | 129 |  |  | 194 |  |  | (3,025 | ) |  | 11,652 |
Total liabilities and equity | $ | 10,691 |  |  | $ | 4,688 |  |  | $ | 3,663 |  |  | $ | 552 |  |  | $ | 241 |  |  | $ | 492 |  |  | $ | 183 |  |  | $ | 330 |  |  | $ | 2,984 |  |  | $ | 23,824 |
| 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 |
Assets held for sale | — |  |  | 33 |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | 299 |  |  | — |  |  | 333 |
Other assets | 1,230 |  |  | 192 |  |  | 217 |  |  | 96 |  |  | 7 |  |  | 34 |  |  | 5 |  |  | — |  |  | 11 |  |  | 1,792 |
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 |  |  | $ | — |  |  | $ | 178 |  |  | $ | 2,603 |
Securities sold, not yet purchased, at fair value | 468 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 468 |
Liabilities held for sale | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 112 |  |  | — |  |  | 112 |
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 |

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- References No definition available. + Details
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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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