XML 28 R11.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Investments | 12 Months Ended
--- | ---
Dec. 31, 2021
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 consolidated balance sheets. 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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ |  | 2021 |  | 2020
​ | ​ | (in millions)
Assets | ​ | ​ | ​ | ​ | ​ | ​
Investments: |  | ​ |  |  | ​ |
Equity securities: |  | ​ |  |  | ​ |
Consumer, non-cyclical | ​ | $ | 680 | ​ | $ | 1,548
Consumer, cyclical | ​ |  | 1,633 | ​ |  | 2,073
Energy | ​ |  | 3,184 | ​ |  | 2,654
Utilities | ​ |  | 992 | ​ |  | 107
Healthcare | ​ |  | 959 | ​ |  | —
Technology | ​ |  | 931 | ​ |  | 1,578
Materials | ​ |  | 194 | ​ |  | —
Industrial | ​ |  | 265 | ​ |  | 158
​ | ​ |  | 8,838 | ​ |  | 8,118
Corporate debt securities | ​ |  | 114 | ​ |  | 121
​ | ​ | $ | 8,952 | ​ | $ | 8,239
Liabilities | ​ |  |  | ​ |  |
Securities sold, not yet purchased, at fair value: | ​ |  |  | ​ |  |
Equity securities: | ​ |  |  | ​ |  |
Consumer, non-cyclical | ​ | $ | 139 | ​ | $ | 424
Consumer, cyclical | ​ |  | 709 | ​ |  | 572
Energy | ​ |  | 2,028 | ​ |  | 1,476
Utilities | ​ |  | 659 | ​ |  | 49
Healthcare | ​ |  | 1,049 | ​ |  | —
Materials | ​ |  | 365 | ​ |  | —
Industrial | ​ | ​ | 391 | ​ | ​ | —
​ | ​ | $ | 5,340 | ​ | $ | 2,521
​ The portion of unrealized gains that relates to securities still held by our Investment segment, primarily equity securities, was $1,153 million, $65 million and $706 million for the years ended December 31, 2021, 2020 and 2019, respectively. As discussed in Note 2, “Basis of Presentation and Summary of Significant Accounting Policies,” when certain investments become subject to the equity method of accounting, our Investment segment elects the fair value option to such investment. Investments become subject to the equity method of accounting when we possess the ability to exercise significant influence, but not control, over the operating and financial policies of the investee. The ability to exercise significant influence is presumed when we possess more than 20% of the voting interests of the investee. This presumption may be overcome based on specific facts and circumstances that demonstrate that the ability to exercise significant influence is restricted. Conversely, there is a presumption that for investments in which we have less than 20% of the voting interests of the investee that we do not have the ability to exercise significant influence. However, such presumption may be overcome based on specific facts and circumstances that demonstrate that the ability to exercise significant influence is present, such as when we have representation on the board of directors of such investee. 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 had the ability to exercise significant influence over the operating and financial policies of certain investees of our Investment segment. 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 outstanding common stock of Hertz. In addition, in August 2020, the Investment Funds sold a portion of their investment in Herbalife Nutrition Ltd. (“Herbalife”) pursuant to Herbalife’s “modified Dutch auction” tender offer to purchase its common shares, and as a result, the Investment Funds ceased to have an ability to exercise significant influence over the operating and financial policies of Herbalife. Prior to this transaction, the Investment Funds owned approximately 23.8% of the outstanding common stock of Herbalife. Due to the nature of our Investment segment’s operations, the sales of Hertz and Herbalife are deemed to be in the ordinary course of business. The following table contains summarized financial information with respect to our investments in Hertz and Herbalife during the respective periods (or partial periods) in which we possessed the ability to exercise significant influence over the operating and financial policies of the investee. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Hertz | ​ | Herbalife
​ | Year Ended December 31, | ​ | Year Ended December 31,
​ | 2021 |  | 2020 |  | 2019 | ​ | 2021 |  | 2020 |  | 2019
​ | (in millions)
Net sales/Other revenue from operations | $ | — | ​ | $ | 2,755 | ​ | $ | 9,779 | ​ | $ | — | ​ | $ | 2,609 | ​ | $ | 4,877
Cost of goods sold/Other expenses from operations | ​ | — | ​ | ​ | 3,231 | ​ | ​ | 8,051 | ​ | ​ | — | ​ | ​ | 518 | ​ | ​ | 958
Net (loss) income | ​ | — | ​ | ​ | (1,209) | ​ | ​ | (50) | ​ | ​ | — | ​ | ​ | 161 | ​ | ​ | 311
Net (loss) income attributable to investee shareholders |  | — | ​ |  | (1,203) | ​ |  | (58) | ​ |  | — | ​ |  | 161 | ​ |  | 311
​ ​ ​ 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 consolidated balance sheets. The carrying value of investments held by our other segments and our Holding Company consist of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ |  | 2021 |  | 2020
​ | ​ | (in millions)
Equity method investments | ​ | $ | 79 | ​ | $ | 120
Held to maturity debt investments measured at amortized cost | ​ | ​ | — | ​ | ​ | 20
Other investments measured at fair value | ​ |  | 120 | ​ |  | 534
​ | ​ | $ | 199 | ​ | $ | 674
​ The portion of unrealized losses that relates to equity securities still held by our other segments and our Holding Company was $61 million, $36 million and $421 million for the years ended December 31, 2021, 2020 and 2019, respectively.

X
- Definition The entire disclosure for investments and other noncurrent assets. + References No definition available. + Details
Name: | us-gaap_InvestmentsAndOtherNoncurrentAssetsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_ScheduleOfInvestmentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration