XML 29 R19.htm IDEA: XBRL DOCUMENT v3.25.1

Segment Reporting

3 Months Ended

Mar. 31, 2025

Segment Reporting

Segment Reporting

12.  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.

Our reportable segments reflect the way the Company is managed, and for which separate financial information is available and evaluated regularly by the Company’s Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources and assess performance. The Chairman of the Board of Directors of our general partner, who is our CODM, reviews financial information for each segment and evaluates the results in relation to our broader business strategies. Accordingly, segment operating results are assessed based on net income from continuing operations attributable to Icahn Enterprises. Assets provided to the CODM are consistent with those reported in the condensed consolidated balance sheets, and there are no intra-entity sales or transfers, or significant expense categories regularly reviewed by the CODM beyond those disclosed in the condensed consolidated statements of operations.

​

Condensed Statements of Operations

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended March 31, 2025

​

Investment

Energy

Automotive

Food Packaging

Real Estate

Home Fashion

Pharma

Holding Company

Consolidated

​

​

(in millions)

Revenues:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net sales

​

$

—

​

$

1,646

​

$

198

​

$

94

​

$

—

​

$

41

​

$

23

​

$

—

​

$

2,002

Other revenues from operations

​

—

​

—

​

151

​

—

​

17

​

—

​

—

​

—

​

168

Net loss from investment activities

​

(394)

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

(394)

Interest and dividend income

​

55

​

10

​

1

​

—

​

—

​

—

​

—

​

17

​

83

Loss on disposition of assets, net

​

—

​

(1)

​

(2)

​

—

​

—

​

—

​

—

​

—

​

(3)

Other income (loss), net

​

7

​

2

​

—

​

2

​

—

​

(1)

​

1

​

—

​

11

​

​

(332)

​

1,657

​

348

​

96

​

17

​

40

​

24

​

17

​

1,867

Expenses:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cost of goods sold

​

—

​

1,748

​

144

​

80

​

—

​

31

​

13

​

—

​

2,016

Other expenses from operations

​

—

​

—

​

135

​

—

​

16

​

—

​

—

​

—

​

151

Dividend expense

​

8

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

8

Selling, general and administrative

​

4

​

44

​

105

​

12

​

5

​

11

​

13

​

7

​

201

Impairment

​

​

—

​

​

—

​

​

—

​

​

10

​

​

—

​

​

—

​

​

—

​

​

—

​

​

10

Restructuring, net

​

​

—

​

​

—

​

​

—

​

​

7

​

​

—

​

​

—

​

​

—

​

​

—

​

​

7

Interest expense

​

6

​

35

​

1

​

3

​

—

​

—

​

—

​

83

​

128

​

​

18

​

1,827

​

385

​

112

​

21

​

42

​

26

​

90

​

2,521

(Loss) income before income tax (expense) benefit

​

(350)

​

(170)

​

(37)

​

(16)

​

(4)

​

(2)

​

(2)

​

(73)

​

(654)

Income tax benefit

​

—

​

53

​

10

​

2

​

—

​

—

​

—

​

9

​

74

Net (loss) income

​

(350)

​

(117)

​

(27)

​

(14)

​

(4)

​

(2)

​

(2)

​

(64)

​

(580)

Less: net (loss) income attributable to non-controlling interests

​

(126)

​

(31)

​

—

​

(1)

​

—

​

—

​

—

​

—

​

(158)

Net (loss) income attributable to Icahn Enterprises

​

$

(224)

​

$

(86)

​

$

(27)

​

$

(13)

​

$

(4)

​

$

(2)

​

$

(2)

​

$

(64)

​

$

(422)

Supplemental information:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Capital expenditures

​

$

—

​

$

51

​

$

24

​

$

7

​

$

4

​

$

2

​

$

—

​

$

—

​

$

88

Depreciation and amortization

​

$

—

​

$

84

​

$

17

​

$

5

​

$

4

​

$

1

​

$

7

​

$

—

​

$

118

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

$

228

​

$

101

​

$

1

​

$

36

​

$

24

​

$

—

​

$

2,253

Other revenues from operations

​

—

​

—

​

156

​

—

​

17

​

—

​

1

​

—

​

174

Net loss from investment activities

​

(96)

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

(96)

Interest and dividend income

​

105

​

13

​

1

​

—

​

—

​

—

​

—

​

24

​

143

(Loss) gain on disposition of assets, net

​

—

​

(1)

​

(5)

​

—

​

—

​

—

​

—

​

—

​

(6)

Other income (loss), net

​

—

​

4

​

—

​

(2)

​

—

​

—

​

—

​

—

​

2

​

​

9

​

1,879

​

380

​

99

​

18

​

36

​

25

​

24

​

2,470

Expenses:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cost of goods sold

​

—

​

1,713

​

156

​

80

​

1

​

27

​

14

​

—

​

1,991

Other expenses from operations

​

—

​

—

​

135

​

—

​

14

​

—

​

—

​

—

​

149

Dividend expense

​

20

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

20

Selling, general and administrative

​

4

​

42

​

102

​

13

​

5

​

10

​

10

​

7

​

193

Interest expense

​

​

25

​

33

​

—

​

3

​

—

​

—

​

—

​

75

​

136

​

​

49

​

1,788

​

393

​

96

​

20

​

37

​

24

​

82

​

2,489

(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

​

​

​

​

​

​

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,
​		2025			2024
​	​	​	​	​	​	​
Petroleum products	​	​	1,475	​	$	1,718
Renewable products	​	​	28	​	​	17
Nitrogen fertilizer products	​		143	​		128
​	​	$	1,646	​	$	1,863

​

Automotive

​

​	​	​	​	​	​	​
​	​	Three Months Ended March 31,
​		2025			2024
​	​	​	​	​	​	​
Automotive Services	​	$	333	​	$	356
Aftermarket Parts	​	​	2	​	​	13
Total revenue from customers	​	​	335	​	​	369
Lease revenue outside the scope of ASC 606	​	​	14	​	​	15
Total Automotive net sales and other revenues from operations	​	$	349	​	$	384

​

Condensed Balance Sheets

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2025

​

​

Investment

​

Energy

​

Automotive

​

Food Packaging

​

Real Estate

​

Home Fashion

​

Pharma

​

Holding Company

​

Consolidated

​

​

(in millions)

ASSETS

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cash and cash equivalents

​

$

12

​

$

695

​

$

70

​

$

6

​

$

38

​

$

3

​

$

41

​

$

1,318

​

$

2,183

Cash held at consolidated affiliated partnerships and restricted cash

​

2,508

​

—

​

3

​

—

​

2

​

5

​

—

​

174

​

2,692

Investments

​

2,039

​

20

​

—

​

—

​

14

​

—

​

—

​

—

​

2,073

Accounts receivable, net

​

—

​

320

​

27

​

77

​

14

​

26

​

39

​

—

​

503

Inventories, net

​

—

​

585

​

178

​

116

​

—

​

96

​

25

​

—

​

1,000

Property, plant and equipment, net

​

—

​

2,484

​

815

​

118

​

350

​

53

​

—

​

4

​

3,824

Goodwill and intangible assets, net

​

—

​

154

​

326

​

21

​

—

​

19

​

163

​

—

​

683

Other assets

​

1,171

​

464

​

462

​

96

​

94

​

18

​

6

​

212

​

2,523

Total assets

​

$

5,730

​

$

4,722

​

$

1,881

​

$

434

​

$

512

​

$

220

​

$

274

​

$

1,708

​

$

15,481

LIABILITIES AND EQUITY

​

​

​

​

​

​

​

​

​

​

Accounts payable, accrued expenses and other liabilities

​

$

984

​

$

1,610

​

$

783

​

$

120

​

$

76

​

$

42

​

$

59

​

$

375

​

$

4,049

Securities sold, not yet purchased, at fair value

​

896

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

896

Debt

​

—

​

1,918

​

28

​

136

​

1

​

12

​

—

​

4,699

​

6,794

Total liabilities

​

1,880

​

3,528

​

811

​

256

​

77

​

54

​

59

​

5,074

​

11,739

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Equity attributable to Icahn Enterprises

​

2,479

​

616

​

1,070

​

164

​

430

​

166

​

215

​

(3,366)

​

1,774

Equity attributable to non-controlling interests

​

1,371

​

578

​

—

​

14

​

5

​

—

​

—

​

—

​

1,968

Total equity

​

3,850

​

1,194

​

1,070

​

178

​

435

​

166

​

215

​

(3,366)

​

3,742

Total liabilities and equity

​

$

5,730

​

$

4,722

​

$

1,881

​

$

434

​

$

512

​

$

220

​

$

274

​

$

1,708

​

$

15,481

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

​

Investment

​

Energy

​

Automotive

​

Food Packaging

​

Real Estate

​

Home Fashion

​

Pharma

​

Holding Company

​

Consolidated

​

​

(in millions)

ASSETS

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cash and cash equivalents

​

$

9

​

$

987

​

$

133

​

$

6

​

$

25

​

$

4

​

$

42

​

$

1,397

​

$

2,603

Cash held at consolidated affiliated partnerships and restricted cash

​

2,449

​

—

​

8

​

—

​

2

​

4

​

—

​

173

​

2,636

Investments

​

2,272

​

24

​

—

​

—

​

14

​

—

​

—

​

—

​

2,310

Accounts receivable, net

​

—

​

295

​

30

​

75

​

14

​

28

​

37

​

—

​

479

Inventories, net

​

—

​

502

​

168

​

109

​

—

​

93

​

25

​

—

​

897

Property, plant and equipment, net

​

—

​

2,504

​

808

​

124

​

350

​

53

​

—

​

4

​

3,843

Goodwill and intangible assets, net

​

—

​

159

​

328

​

21

​

—

​

19

​

170

​

—

​

697

Other assets

​

1,660

​

280

​

464

​

90

​

90

​

19

​

7

​

204

​

2,814

Total assets

​

$

6,390

​

$

4,751

​

$

1,939

​

$

425

​

$

495

​

$

220

​

$

281

​

$

1,778

​

$

16,279

LIABILITIES AND EQUITY

​

​

​

​

​

​

​

​

​

​

Accounts payable, accrued expenses and other liabilities

​

$

817

​

$

1,509

​

$

809

​

$

107

​

$

42

​

$

43

​

$

72

​

$

77

​

$

3,476

Securities sold, not yet purchased, at fair value

​

1,373

​

—

​

—

​

—

​

—

​

—

​

—

​

—

​

1,373

Debt

​

—

​

1,919

​

31

​

144

​

1

​

15

​

—

​

4,699

​

6,809

Total liabilities

​

2,190

​

3,428

​

840

​

251

​

43

​

58

​

72

​

4,776

​

11,658

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Equity attributable to Icahn Enterprises

​

2,703

​

685

​

1,099

​

159

​

447

​

162

​

209

​

(2,998)

​

2,466

Equity attributable to non-controlling interests

​

1,497

​

638

​

—

​

15

​

5

​

—

​

—

​

—

​

2,155

Total equity

​

4,200

​

1,323

​

1,099

​

174

​

452

​

162

​

209

​

(2,998)

​

4,621

Total liabilities and equity

​

$

6,390

​

$

4,751

​

$

1,939

​

$

425

​

$

495

​

$

220

​

$

281

​

$

1,778

​

$

16,279

​

X

- References

No definition available.

+ Details

Name:	us-gaap_SegmentReportingAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
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