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Investments | 6 Months Ended
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Jun. 30, 2020
Schedule of Investments [Abstract] |
Investments | 4. Investments. Investment Investments and securities sold, not yet purchased consist of equities, bonds, bank debt and other corporate obligations, all of which are reported at fair value in our condensed consolidated balance sheets. These investments are considered trading securities. In addition, our Investment segment has certain derivative transactions which are discussed in Note 6, “Financial Instruments.” The carrying value and detail by security type, including business sector for equity securities, with respect to investments and securities sold, not yet purchased held by our Investment segment consist of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | December 31,
​ |  | 2020 |  | 2019
​ | ​ | (in millions)
Assets | ​ | ​ | ​ | ​ | ​ | ​
Investments: |  | ​ |  |  | ​ |
Equity securities: |  | ​ |  |  | ​ |
Basic materials | ​ | $ | — | ​ | $ | 281
Consumer, non-cyclical | ​ |  | 1,724 | ​ |  | 2,085
Consumer, cyclical | ​ |  | 3,037 | ​ |  | 2,427
Energy | ​ |  | 2,634 | ​ |  | 1,717
Technology | ​ |  | 1,115 | ​ |  | 2,425
Industrial | ​ |  | 73 | ​ |  | 127
​ | ​ |  | 8,583 | ​ |  | 9,062
Corporate debt securities | ​ |  | 98 | ​ |  | 145
​ | ​ | $ | 8,681 | ​ | $ | 9,207
Liabilities | ​ |  |  | ​ |  |
Securities sold, not yet purchased, at fair value: | ​ |  |  | ​ |  |
Equity securities: | ​ |  |  | ​ |  |
Basic materials | ​ | $ | — | ​ | $ | 209
Consumer, non-cyclical | ​ | ​ | 716 | ​ | ​ | 29
Consumer, cyclical | ​ |  | 831 | ​ |  | 379
Energy | ​ |  | 123 | ​ |  | 124
Financial | ​ |  | — | ​ |  | 152
Technology | ​ |  | 149 | ​ |  | 217
Communication | ​ |  | — | ​ |  | 80
​ | ​ | $ | 1,819 | ​ | $ | 1,190
​ The portion of unrealized gains (losses) that relates to securities still held by our Investment segment, primarily equity securities, was $2,566 million and $(118) million for the three months ended June 30, 2020 and 2019, respectively, and $(1,066) million and $434 million for six months ended June 30, 2020 and 2019, respectively. ​ After considering specific facts and circumstances, including the collective ownership in entities by the Investment Funds and affiliates of Mr. Icahn, as well as their collective representation on each of the boards of directors, we have determined that we have/had the ability to exercise significant influence over the operating and financial policies of certain investees below. The following table summarizes our direct ownership in such investees as well as certain financial information with respect to such investees in our condensed consolidated financial statements during the respective periods in which we possessed the ability to exercise significant influence over the operating and financial policies of the investee. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Voting | ​ | Fair Value of | ​ | Gains (Losses)
​ | ​ | Interests | ​ | Investment | ​ | Recognized in Income
​ | ​ | June 30, | ​ | June 30, | ​ | December 31, | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30,
​ |  | 2020 | ​ | 2020 |  | 2019 | ​ | 2020 |  | 2019 |  | 2020 |  | 2019
​ |  | ​ | ​ | (in millions)
Herbalife Nutrition Ltd. |  | 23.8% | ​ | $ | 1,585 | ​ | $ | 1,343 | ​ | $ | 557 | ​ | $ | (288) |  | $ | 42 | ​ | $ | (456)
Hertz Global Holdings, Inc. |  | 0.0% | ​ |  | — | ​ |  | 551 | ​ |  | (302) | ​ |  | (27) |  |  | (637) | ​ |  | 68
Caesars Entertainment Corporation |  | 16.7% | ​ |  | 1,386 | ​ |  | 1,243 | ​ |  | 613 | ​ |  | 249 |  |  | 18 | ​ |  | 275
​ | ​ | ​ | ​ | $ | 2,971 | ​ | $ | 3,137 | ​ | $ | 868 | ​ | $ | (66) |  | $ | (577) | ​ | $ | (113)
​ Each of these investees file annual, quarterly and current reports, and proxy and information statements with the SEC. During the second quarter of 2020, the Investment Funds sold their entire investment in Hertz. Prior to the sale of its investment in Hertz, the Investment Funds owned approximately 38.9% of the common stock of Hertz. In addition, during July 2020, the Investment Funds sold their entire investment in Caesars Entertainment Corporation (“Caesars”). Due to the nature of our Investment segment’s operations, the sales of Hertz and Caesars are deemed to be in the ordinary course of business. The following table contains summarized financial information for Herbalife Nutrition Ltd. and Hertz, which were each significant investees as defined by SEC Regulations, as if such investees were consolidated in our financial statements during the respective periods in which we possessed the ability to exercise significant influence over the operating and financial policies of. Herbalife Nutrition Ltd. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six Months Ended June 30,
​ |  | 2020 |  | 2019
​ | ​ | (in millions)
Net sales | ​ | $ | 2,609 | ​ | $ | 2,412
Cost of goods sold | ​ | ​ | 518 | ​ | ​ | 485
Net income (loss) | ​ | ​ | 161 | ​ | ​ | 173
Net income (loss) attributable to shareholders | ​ |  | 161 | ​ |  | 173
​ ​ Hertz Global Holdings, Inc. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six Months Ended June 30,
​ |  | 2020 |  | 2019
​ | ​ | (in millions)
Other revenue from operations | ​ | $ | 2,755 | ​ | $ | 4,618
Other expenses from operations | ​ | ​ | 3,231 | ​ | ​ | 3,881
Net income (loss) | ​ | ​ | (1,209) | ​ | ​ | (107)
Net income (loss) attributable to shareholders | ​ |  | (1,203) | ​ |  | (108)
​ ​ Other Segments and Holding Company With the exception of certain equity method investments at our operating subsidiaries and our Holding Company disclosed in the table below, our investments are measured at fair value in our condensed consolidated balance sheets. The carrying value of investments held by our other segments and our Holding Company consist of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, | ​ | December 31,
​ |  | 2020 |  | 2019
​ | ​ | (in millions)
Equity method investments | ​ | $ | 193 | ​ | $ | 201
Other investments (measured at fair value) | ​ |  | 624 | ​ |  | 537
​ | ​ | $ | 817 | ​ | $ | 738
​ The portion of unrealized gains (losses) that relates to equity securities still held by our other segments and Holding Company was $146 million and $(326) million for the three months ended June 30, 2020 and 2019, respectively, and $(166) million and $(480) million for the six months ended June 30, 2020 and 2019, respectively.

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