Icahn Enterprises 10-Q7 May 212021 Q1 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2021	May 07, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	1-9516
Entity Registrant Name	ICAHN ENTERPRISES L.P.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-3398766
Entity Address, Address Line One	16690 Collins Avenue,
Entity Address, Address Line Two	PH-1
Entity Address, City or Town	Sunny Isles Beach,
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33160
City Area Code	305
Local Phone Number	422-4100
Title of 12(b) Security	Depositary Units of Icahn Enterprises L.P. Representing Limited Partner Interests
Trading Symbol	IEP
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		252,493,080
Entity Central Index Key	0000813762
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false
Icahn Enterprises Holdings
Document Information [Line Items]
Entity File Number	333-118021-01
Entity Registrant Name	ICAHN ENTERPRISES HOLDINGS L.P.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-3398767
Entity Address, Address Line One	16690 Collins Avenue
Entity Address, Address Line Two	PH-1
Entity Address, City or Town	Sunny Isles Beach,
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33160
City Area Code	305
Local Phone Number	422-4100
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		0
Entity Central Index Key	0001034563

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 1,942	$ 1,679
Cash held at consolidated affiliated partnerships and restricted cash	1,134	1,612
Investments	11,480	8,913
Due from brokers	4,234	3,437
Accounts receivable, net	572	501
Inventories, net	1,559	1,580
Property, plant and equipment, net	4,231	4,228
Unrealized gain on derivative contracts	855	785
Goodwill	294	294
Intangible assets, net	643	660
Other assets	1,353	1,296
Total Assets	28,297	24,985
LIABILITIES AND EQUITY
Accounts payable	851	738
Accrued expenses and other liabilities	2,303	1,584
Deferred tax liabilities	549	568
Unrealized loss on derivative contracts	584	639
Securities sold, not yet purchased, at fair value	4,863	2,521
Due to brokers	1,509	1,618
Debt	8,056	8,059
Total liabilities	18,715	15,727
Commitments and contingencies (Note 16)
Equity:
Limited partners	4,086	4,236
General partner	(856)	(853)
Equity attributable to Icahn Enterprises	3,230	3,383
Equity attributable to non-controlling interests	6,352	5,875
Total equity	9,582	9,258
Total Liabilities and Equity	28,297	24,985
Icahn Enterprises Holdings
ASSETS
Cash and cash equivalents	1,942	1,679
Cash held at consolidated affiliated partnerships and restricted cash	1,134	1,612
Investments	11,480	8,913
Due from brokers	4,234	3,437
Accounts receivable, net	572	501
Inventories, net	1,559	1,580
Property, plant and equipment, net	4,231	4,228
Unrealized gain on derivative contracts	855	785
Goodwill	294	294
Intangible assets, net	643	660
Other assets	1,353	1,296
Total Assets	28,297	24,985
LIABILITIES AND EQUITY
Accounts payable	851	738
Accrued expenses and other liabilities	2,303	1,584
Deferred tax liabilities	549	568
Unrealized loss on derivative contracts	584	639
Securities sold, not yet purchased, at fair value	4,863	2,521
Due to brokers	1,509	1,618
Debt	8,058	8,061
Total liabilities	18,717	15,729
Commitments and contingencies (Note 16)
Equity:
Limited partners	4,125	4,277
General partner	(897)	(896)
Equity attributable to Icahn Enterprises	3,228	3,381
Equity attributable to non-controlling interests	6,352	5,875
Total equity	9,580	9,256
Total Liabilities and Equity	$ 28,297	$ 24,985

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - shares	Mar. 31, 2021	Dec. 31, 2020
Equity:
Limited partners: Depositary units issued	244,448,180	241,338,835
Limited partners: Depositary units outstanding	244,448,180	241,338,835

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Net sales	$ 2,218	$ 1,860
Other revenues from operations	152	161
Net gain (loss) from investment activities	1,006	(2,128)
Interest and dividend income	26	64
Other (loss) income, net	(18)	(17)
Total Revenues	3,384	(60)
Expenses:
Cost of goods sold	2,139	1,810
Other expenses from operations	118	135
Selling, general and administrative	316	308
Restructuring, net	0	2
Interest expense	195	171
Total Expenses	2,768	2,426
Income (loss) before income tax (expense) benefit	616	(2,486)
Income tax (expense) benefit	(17)	180
Net income (loss)	599	(2,306)
Less: net income (loss) attributable to non-controlling interests	437	(922)
Net income (loss) attributable to Icahn Enterprises	162	(1,384)
Net income (loss) attributable to Icahn Enterprises allocated to:
Limited partners	159	(1,356)
General partner	3	(28)
Net income (loss) attributable to Icahn Enterprises	$ 162	$ (1,384)
Basic and diluted income (loss) per LP unit:
Basic income (loss) per LP unit	$ 0.66	$ (6.34)
Basic weighted average LP units outstanding	242	214
Diluted income (loss) per LP unit	$ 0.65	$ (6.34)
Diluted weighted average LP units outstanding	245	214
Cash distributions declared per LP unit	$ 2	$ 2
Icahn Enterprises Holdings
Revenues:
Net sales	$ 2,218	$ 1,860
Other revenues from operations	152	161
Net gain (loss) from investment activities	1,006	(2,128)
Interest and dividend income	26	64
Other (loss) income, net	(18)	(17)
Total Revenues	3,384	(60)
Expenses:
Cost of goods sold	2,139	1,810
Other expenses from operations	118	135
Selling, general and administrative	316	308
Restructuring, net	0	2
Interest expense	195	171
Total Expenses	2,768	2,426
Income (loss) before income tax (expense) benefit	616	(2,486)
Income tax (expense) benefit	(17)	180
Net income (loss)	599	(2,306)
Less: net income (loss) attributable to non-controlling interests	437	(922)
Net income (loss) attributable to Icahn Enterprises	162	(1,384)
Net income (loss) attributable to Icahn Enterprises allocated to:
Limited partners	160	(1,370)
General partner	2	(14)
Net income (loss) attributable to Icahn Enterprises	$ 162	$ (1,384)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net income (loss)	$ 599	$ (2,306)
Other comprehensive loss, net of tax:
Translation adjustments	(1)	(3)
Other comprehensive loss, net of tax	(1)	(3)
Comprehensive income (loss)	598	(2,309)
Less: Comprehensive income (loss) attributable to non-controlling interests	437	(922)
Comprehensive income (loss) attributable to Icahn Enterprises	161	(1,387)
Limited partners
Net income (loss)	159	(1,356)
Other comprehensive loss, net of tax:
Other comprehensive loss, net of tax	(1)	(3)
Comprehensive income (loss) attributable to Icahn Enterprises	158	(1,359)
General partner
Net income (loss)	3	(28)
Other comprehensive loss, net of tax:
Comprehensive income (loss) attributable to Icahn Enterprises	3	(28)
Icahn Enterprises Holdings
Net income (loss)	599	(2,306)
Other comprehensive loss, net of tax:
Translation adjustments	(1)	(3)
Other comprehensive loss, net of tax	(1)	(3)
Comprehensive income (loss)	598	(2,309)
Less: Comprehensive income (loss) attributable to non-controlling interests	437	(922)
Comprehensive income (loss) attributable to Icahn Enterprises	161	(1,387)
Icahn Enterprises Holdings \| Limited partners
Net income (loss)	160	(1,370)
Other comprehensive loss, net of tax:
Other comprehensive loss, net of tax	(1)	(3)
Comprehensive income (loss) attributable to Icahn Enterprises	159	(1,373)
Icahn Enterprises Holdings \| General partner
Net income (loss)	2	(14)
Other comprehensive loss, net of tax:
Comprehensive income (loss) attributable to Icahn Enterprises	$ 2	$ (14)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - USD ($) $ in Millions	General partnerIcahn Enterprises Holdings	General partner	Limited partnersIcahn Enterprises Holdings	Limited partners	Total Partners' EquityIcahn Enterprises Holdings	Total Partners' Equity	Non-controlling InterestsIcahn Enterprises Holdings	Non-controlling Interests	Icahn Enterprises Holdings	Total
Total equity at Dec. 31, 2019	$ (875)	$ (812)	$ 6,328	$ 6,268	$ 5,453	$ 5,456	$ 5,486	$ 5,486	$ 10,939	$ 10,942
Increase (Decrease) in Equity
Net income (loss)	(14)	(28)	(1,370)	(1,356)	(1,384)	(1,384)	(922)	(922)	(2,306)	(2,306)
Other comprehensive loss			(3)	(3)	(3)	(3)			(3)	(3)
Partnership distributions payable	(4)	(9)	(433)	(428)	(437)	(437)			(437)	(437)
Partnership contributions			7	7	7	7			7	7
Investment segment contributions from non-controlling interests							1,241	1,241	1,241	1,241
Dividends and distributions to non-controlling interests in subsidiaries							(23)	(23)	(23)	(23)
Changes in subsidiary equity and other			(4)	(4)	(4)	(4)			(4)	(4)
Total equity at Mar. 31, 2020	(893)	(849)	4,525	4,484	3,632	3,635	5,782	5,782	9,414	9,417
Total equity at Dec. 31, 2020	(896)	(853)	4,277	4,236	3,381	3,383	5,875	5,875	9,256	9,258
Increase (Decrease) in Equity
Net income (loss)	2	3	160	159	162	162	437	437	599	599
Other comprehensive loss			(1)	(1)	(1)	(1)			(1)	(1)
Partnership distributions payable	(5)	(10)	(494)	(489)	(499)	(499)			(499)	(499)
Partnership contributions	2	4	184	182	186	186			186	186
Investment segment contributions from non-controlling interests							40	40	40	40
Changes in subsidiary equity and other			(1)	(1)	(1)	(1)			(1)	(1)
Total equity at Mar. 31, 2021	$ (897)	$ (856)	$ 4,125	$ 4,086	$ 3,228	$ 3,230	$ 6,352	$ 6,352	$ 9,580	$ 9,582

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net income (loss)	$ 599	$ (2,306)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Net (gain) loss from securities transactions	(1,290)	4,402
Purchases of securities	(1,519)	(1,279)
Proceeds from sales of securities	715	20
Payments to cover securities sold, not yet purchased	(459)	(635)
Proceeds from securities sold, not yet purchased	2,141
Changes in receivables and payables relating to securities transactions	(858)	2,292
Changes in unrealized gains/losses on derivative contracts	(125)	(3,827)
Depreciation and amortization	127	121
Deferred taxes	(18)	(144)
Other, net	10	57
Changes in other operating assets and liabilities	126	(74)
Net cash used in operating activities	(551)	(1,373)
Cash flows from investing activities:
Capital expenditures	(47)	(53)
Acquisition of businesses, net of cash acquired	(20)	(1)
Purchases of investments		(254)
Proceeds from sale of investments	182
Other, net	1	(16)
Net cash provided by (used in) investing activities	116	(324)
Cash flows from financing activities:
Investment segment contributions from non-controlling interests	40	1
Partnership contributions	182	7
Dividends and distributions to non-controlling interests in subsidiaries		(23)
Proceeds from Holding Company senior unsecured notes	750	866
Repayments of Holding Company senior unsecured notes	(750)	(1,350)
Proceeds from subsidiary borrowings	177	1,368
Repayments of subsidiary borrowings	(180)	(848)
Other, net	(5)	(14)
Net cash provided by financing activities	214	7
Effect of exchange rate changes on cash and cash equivalents and restricted cash and restricted cash equivalents	6	2
Net decrease in cash and cash equivalents and restricted cash and restricted cash equivalents	(215)	(1,688)
Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period	3,291	4,945
Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period	3,076	3,257
Icahn Enterprises Holdings
Cash flows from operating activities:
Net income (loss)	599	(2,306)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Net (gain) loss from securities transactions	(1,290)	4,402
Purchases of securities	(1,519)	(1,279)
Proceeds from sales of securities	715	20
Payments to cover securities sold, not yet purchased	(459)	(635)
Proceeds from securities sold, not yet purchased	2,141
Changes in receivables and payables relating to securities transactions	(858)	2,292
Changes in unrealized gains/losses on derivative contracts	(125)	(3,827)
Depreciation and amortization	127	121
Deferred taxes	(18)	(144)
Other, net	10	57
Changes in other operating assets and liabilities	126	(74)
Net cash used in operating activities	(551)	(1,373)
Cash flows from investing activities:
Capital expenditures	(47)	(53)
Acquisition of businesses, net of cash acquired	(20)	(1)
Purchases of investments		(254)
Proceeds from sale of investments	182
Other, net	1	(16)
Net cash provided by (used in) investing activities	116	(324)
Cash flows from financing activities:
Investment segment contributions from non-controlling interests	40	1
Partnership contributions	182	7
Dividends and distributions to non-controlling interests in subsidiaries		(23)
Proceeds from Holding Company senior unsecured notes	750	866
Repayments of Holding Company senior unsecured notes	(750)	(1,350)
Proceeds from subsidiary borrowings	177	1,368
Repayments of subsidiary borrowings	(180)	(848)
Other, net	(5)	(14)
Net cash provided by financing activities	214	7
Effect of exchange rate changes on cash and cash equivalents and restricted cash and restricted cash equivalents	6	2
Net decrease in cash and cash equivalents and restricted cash and restricted cash equivalents	(215)	(1,688)
Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period	3,291	4,945
Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period	$ 3,076	$ 3,257

Description of Business

Description of Business	3 Months Ended
Description of Business	Mar. 31, 2021
Description of Business [Abstract]
Description of Business	1. Description of Business Overview Icahn Enterprises L.P. (“Icahn Enterprises”) is a master limited partnership formed in Delaware on February 17, 1987. Icahn Enterprises Holdings L.P. (“Icahn Enterprises Holdings”) is a limited partnership formed in Delaware on February 17, 1987. References to “we,” “our” or “us” herein include both Icahn Enterprises and Icahn Enterprises Holdings and their subsidiaries, unless the context otherwise requires. Icahn Enterprises owns a 99% limited partner interest in Icahn Enterprises Holdings. Icahn Enterprises G.P. Inc. (“Icahn Enterprises GP”), which is owned and controlled by Mr. Carl C. Icahn, owns a 1% general partner interest in each of Icahn Enterprises and Icahn Enterprises Holdings as of March 31, 2021. Icahn Enterprises Holdings and its subsidiaries own substantially all of our assets and liabilities and conduct substantially all of our operations. Therefore, the financial results of Icahn Enterprises and Icahn Enterprises Holdings are substantially the same, with differences relating primarily to the allocation of the general partner interest, which is reflected as an aggregate 1.99% general partner interest in the financial statements of Icahn Enterprises. In addition to the above, Mr. Icahn and his affiliates owned approximately 91% of Icahn Enterprises’ outstanding depositary units as of March 31, 2021. Description of Continuing Operating Businesses We are a diversified holding company owning subsidiaries currently engaged in the following continuing operating businesses: Investment, Energy, Automotive, Food Packaging, Metals, Real Estate, Home Fashion and Pharma. We also report the results of our Holding Company, which includes the results of certain subsidiaries of Icahn Enterprises and Icahn Enterprises Holdings (unless otherwise noted), and investment activity and expenses associated with our Holding Company. See Note 12, “Segment Reporting,” for a reconciliation of each of our reporting segment’s results of operations to our consolidated results. Certain additional information with respect to our segments is discussed below. Investment Our Investment segment is comprised of various private investment funds (“Investment Funds”) in which we have general partner interests and through which we invest our proprietary capital. As general partner, we provide investment advisory and certain administrative and back office services to the Investment Funds but do not provide such services to any other entities, individuals or accounts. We and certain of Mr. Icahn’s family members and affiliates are the only investors in the Investment Funds. Interests in the Investment Funds are not offered to outside investors. We had interests in the Investment Funds with a fair value of approximately $4.7 billion and $4.3 billion as of March 31, 2021 and December 31, 2020, respectively. Energy We conduct our Energy segment through our majority owned subsidiary, CVR Energy, Inc. (“CVR Energy”). CVR Energy is a diversified holding company primarily engaged in the petroleum refining and nitrogen fertilizer manufacturing businesses through its holdings in CVR Refining, LP (“CVR Refining”) and CVR Partners, LP (“CVR Partners”), respectively. CVR Refining is an independent petroleum refiner and marketer of high value transportation fuels. CVR Partners produces and markets nitrogen fertilizers in the form of urea ammonium nitrate and ammonia. CVR Energy has a general partner interest in each of CVR Refining and CVR Partners. In addition, CVR Energy is the sole limited partner of CVR Refining and owns approximately 36% of the outstanding common units of CVR Partners as of March 31, 2021. As of March 31, 2021, we owned approximately 71% of the total outstanding common stock of CVR Energy. Automotive We conduct our Automotive segment through our wholly owned subsidiary, Icahn Automotive Group LLC (“Icahn Automotive”). Icahn Automotive is engaged in the retail and wholesale distribution of automotive parts in the aftermarket (“aftermarket parts”) as well as providing automotive repair and maintenance services (“automotive services”) to its customers. Icahn Automotive’s aftermarket parts and automotive services businesses serve different customer channels and have distinct strategies, opportunities and requirements and therefore are operated as two independent operating companies, each with its own Chief Executive Officer and management teams, and both of which are supported by a central shared service group. Our Automotive segment also includes our separate investment in 767 Auto Leasing LLC (“767 Leasing”), a joint venture created by us to purchase vehicles for lease, as described further in Note 3, “Related Party Transactions.” Our investment in 767 Leasing is included as a component of our Automotive segment due to the nature of the joint venture activities. Food Packaging We conduct our Food Packaging segment through our majority owned subsidiary, Viskase Companies, Inc. (“Viskase”). Viskase is a producer of cellulosic, fibrous and plastic casings used to prepare and package processed meat products. As of March 31, 2021, we owned approximately 89% of the total outstanding common stock of Viskase. Metals We conduct our Metals segment through our wholly owned subsidiary, PSC Metals LLC (“PSC Metals”). PSC Metals is principally engaged in the business of collecting, processing and selling ferrous and non-ferrous metals, as well as the processing and distribution of steel pipe and plate products. PSC Metals collects industrial and obsolete scrap metal, processes it into reusable forms and supplies the recycled metals to its customers . Real Estate Our Real Estate segment consists primarily of investment properties, the development and sale of single-family homes and the management of a country club. Home Fashion We conduct our Home Fashion segment through our wholly owned subsidiary, WestPoint Home LLC (“WPH”). WPH’s business consists of manufacturing, sourcing, marketing, distributing and selling home fashion consumer products. Pharma We conduct our Pharma segment through our wholly owned subsidiary, Vivus, Inc. (“Vivus”). We acquired all of the outstanding common stock of Vivus in December 2020 upon its emergence from bankruptcy. Vivus is a specialty pharmaceutical company with two approved therapies and one product candidate in active clinical development.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies We conduct and plan to continue to conduct our activities in such a manner as not to be deemed an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). Therefore, no more than 40% of our total assets can be invested in investment securities, as such term is defined in the Investment Company Act. In addition, we do not invest or intend to invest in securities as our primary business. We intend to structure our investments to continue to be taxed as a partnership rather than as a corporation under the applicable publicly traded partnership rules of the Internal Revenue Code, as amended. Events beyond our control, including significant appreciation or depreciation in the market value of certain of our publicly traded holdings or adverse developments with respect to our ownership of certain of our subsidiaries, could result in our inadvertently becoming an investment company that is required to register under the Investment Company Act. Our sales of Federal-Mogul LLC, Tropicana Entertainment Inc., American Railcar Industries, Inc. and Ferrous Resources Ltd. in recent years did not result in our being considered an investment company. However, additional transactions involving the sale of certain assets could result in our being considered an investment company. Following such events or transactions, an exemption under the Investment Company Act would provide us up to one year to take steps to avoid becoming classified as an investment company. We expect to take steps to avoid becoming classified as an investment company, but no assurance can be made that we will successfully be able to take the steps necessary to avoid becoming classified as an investment company. The accompanying condensed consolidated financial statements and related notes should be read in conjunction with our consolidated financial statements and related notes contained in our Annual Report on Form 10-K for the year ended December 31, 2020. The condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) related to interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. The financial information contained herein is unaudited; however, management believes all adjustments have been made that are necessary to present fairly the results for the interim periods. All such adjustments are of a normal and recurring nature. Principles of Consolidation Our condensed consolidated financial statements include the accounts of (i) Icahn Enterprises and Icahn Enterprises Holdings and (ii) the wholly and majority owned subsidiaries of Icahn Enterprises and Icahn Enterprises Holdings, in addition to variable interest entities (“VIEs”) in which we are the primary beneficiary. In evaluating whether we have a controlling financial interest in entities that we consolidate, we consider the following: (1) for voting interest entities, including limited partnerships and similar entities that are not VIEs, we consolidate these entities in which we own a majority of the voting interests; and (2) for VIEs, we consolidate these entities in which we are the primary beneficiary. See below for a discussion of our VIEs. Kick-out rights, which are the rights underlying the limited partners’ ability to dissolve the limited partnership or otherwise remove the general partners, held through voting interests of partnerships and similar entities that are not VIEs are considered the equivalent of the equity interests of corporations that are not VIEs. Except for our Investment segment and Holding Company, for equity investments in which we own 50% or less but greater than 20%, we generally account for such investments using the equity method. All other equity investments are accounted for at fair value. Reclassifications Certain reclassifications from the prior year presentation have been made to conform to the current year presentation, which did not have an impact on previously reported net income and equity and are not deemed material. Consolidated Variable Interest Entities The following is a discussion of variable interest entities in which we are deemed to be the primary beneficiary and in which we therefore consolidate. Icahn Enterprises Holdings We determined that Icahn Enterprises Holdings is a VIE because it is a limited partnership that lacks both substantive kick-out and participating rights. Although Icahn Enterprises is not the general partner of Icahn Enterprises Holdings, Icahn Enterprises is deemed to be the primary beneficiary of Icahn Enterprises Holdings principally based on its 99% limited partner interest in Icahn Enterprises Holdings, as well as our related party relationship with the general partner, and therefore continues to consolidate Icahn Enterprises Holdings. The condensed consolidated financial statements of Icahn Enterprises Holdings are included in this Report. The balances with respect to Icahn Enterprises Holdings’ consolidated VIEs are discussed below, comprising the Investment Funds, CVR Partners and Viskase’s joint venture. Investment We determined that each of the Investment Funds are considered VIEs because these limited partnerships lack both substantive kick-out and participating rights. Because we have a general partner interest in each of the Investment Funds and have significant limited partner interests in each of the Investment Funds, coupled with our significant exposure to losses and benefits in each of the Investment Funds, we are the primary beneficiary of each of the Investment Funds and therefore continue to consolidate each of the Investment Funds. Energy CVR Partners is considered a VIE because it is a limited partnership that lacks both substantive kick-out and participating rights. In addition, CVR Energy also concluded that, based upon its general partner’s roles and rights in CVR Partners as afforded by CVR Partners’ partnership agreement, coupled with its exposure to losses and benefits in CVR Partners through its significant limited partner interest, intercompany credit facilities and services agreements, it is the primary beneficiary of CVR Partners. Food Packaging Viskase holds a variable interest in a joint venture for which Viskase is the primary beneficiary. Viskase’s interest in the joint venture includes a 50% equity interest and also relates to the sales, operations, administrative and financial support to the joint venture through providing many of the assets used in its business. The following table includes balances of assets and liabilities of VIE’s included in Icahn Enterprises Holdings’ condensed consolidated balance sheets. March 31, December 31, 2021 2020 (in millions) Cash and cash equivalents $ 64 $ 31 Cash held at consolidated affiliated partnerships and restricted cash 1,078 1,558 Investments 10,926 8,239 Due from brokers 4,234 3,437 Accounts receivable, net 15 37 Inventories, net 57 42 Property, plant and equipment, net 1,025 1,042 Unrealized gain on derivative contracts 849 785 Intangible assets, net 227 232 Other assets 124 107 Accounts payable 22 25 Accrued expenses and other liabilities 151 70 Deferred tax liabilities 1 1 Unrealized loss on derivative contracts 521 622 Securities sold, not yet purchased, at fair value 4,863 2,521 Due to brokers 1,509 1,618 Debt 637 636 Fair Value of Financial Instruments The carrying values of cash and cash equivalents, cash held at consolidated affiliated partnerships and restricted cash, accounts receivable, due from brokers, accounts payable, accrued expenses and other liabilities and due to brokers are deemed to be reasonable estimates of their fair values because of their short-term nature. See Note 4, “Investments,” and Note 5, “Fair Value Measurements,” for a detailed discussion of our investments and other non-financial assets and/or liabilities. The fair value of our long-term debt is based on the quoted market prices for the same or similar issues or on the current rates offered to us for debt of the same remaining maturities. The carrying value and estimated fair value of our long-term debt as of March 31, 2021 was approximately $8.1 billion and $8.1 billion, respectively. The carrying value and estimated fair value of our long-term debt as of December 31, 2020 was approximately $8.1 billion and $8.2 billion, respectively. Cash Flow Cash and cash equivalents and restricted cash and restricted cash equivalents on our condensed consolidated statements of cash flows is comprised of (i) cash and cash equivalents and (ii) cash held at consolidated affiliated partnerships and restricted cash. Cash Held at Consolidated Affiliated Partnerships and Restricted Cash Our cash held at consolidated affiliated partnerships balance was $142 million and $686 million as of March 31, 2021 and December 31, 2020, respectively. Cash held at consolidated affiliated partnerships relates to our Investment segment and consists of cash and cash equivalents held by the Investment Funds that, although not legally restricted, are not available to fund the general liquidity needs of the Investment segment or Icahn Enterprises. Our restricted cash balance was $992 million and $926 million as of March 31, 2021 and December 31, 2020, respectively. Restricted cash primarily relates to our Investment segment’s cash pledged and held for margin requirements on derivative transactions. Revenue From Contracts With Customers and Contract Balances Due to the nature of our business, we derive revenue from various sources in various industries. With the exception of all of our Investment segment’s and our Holding Company’s revenues, and our Real Estate segment’s leasing revenue, our revenue is generally derived from contracts with customers in accordance with U.S. GAAP. Such revenue from contracts with customers is included in net sales and other revenues from operations in the condensed consolidated statements of operations, however, our Real Estate segment’s leasing revenue, as disclosed in Note 9, “Leases,” is also included in other revenues from operations. Related contract assets are included in accounts receivable, net or other assets and related contract liabilities are included in accrued expenses and other liabilities in the condensed consolidated balance sheets. Our disaggregation of revenue information includes our net sales and other revenues from operations for each of our reporting segments as well as additional disaggregation of revenue information for our Energy and Automotive segments. See Note 12, “Segment Reporting,” for our complete disaggregation of revenue information. In addition, we disclose additional information with respect to revenue from contracts with customers and contract balances for our Energy and Automotive segments below. Energy Our Energy segment’s deferred revenue is a contract liability that primarily relates to fertilizer sales contracts requiring customer prepayment prior to product delivery to guarantee a price and supply of nitrogen fertilizer. Deferred revenue is recorded at the point in time in which a prepaid contract is legally enforceable and the associated right to consideration is unconditional prior to transferring product to the customer. An associated receivable is recorded for uncollected prepaid contract amounts. Contracts requiring prepayment are generally short-term in nature and, as discussed above, revenue is recognized at the point in time in which the customer obtains control of the product. Our Energy segment had deferred revenue of $40 million and $31 million as of March 31, 2021 and December 31, 2020, respectively. For the three months ended March 31, 2021 and 2020, our Energy segment recorded revenue of $8 million and $6 million, respectively, with respect to deferred revenue outstanding as of the beginning of each respective period. As of March 31, 2021, our Energy segment had $6 million of remaining performance obligations for contracts with an original expected duration of more than one year. Our Energy segment expects to recognize approximately $3 million of these performance obligations as revenue by the end of 2021 and the remaining balance thereafter. Automotive Our Automotive segment has deferred revenue with respect to extended warranty plans of $40 million and $41 million as of March 31, 2021 and December 31, 2020, respectively, which are included in accrued expenses and other liabilities on the condensed consolidated balance sheets. For the three months ended March 31, 2021 and 2020, our Automotive segment recorded revenue of $6 million and $6 million, respectively, with respect to deferred revenue outstanding as of the beginning of each respective period. Adoption of New Accounting Standards In December 2019, the Financial Account Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Simplifying the Accounting for Income Taxes Income Taxes standard on January 1, 2021. Certain amendments in this ASU are applied using a retrospective approach and others using the prospective approach. The adoption of this standard did not have a significant impact on our condensed consolidated financial statements. Recently Issued Accounting Standards In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting Reference Rate Reform

Related Party Transactions

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	3. Related Party Transactions Our second amended and restated agreement of limited partnership expressly permits us to enter into transactions with our general partner or any of its affiliates, including buying or selling properties from or to our general partner and any of its affiliates and borrowing and lending money from or to our general partner and any of its affiliates, subject to limitations contained in our partnership agreement and the Delaware Revised Uniform Limited Partnership Act. The indentures governing our indebtedness contain certain covenants applicable to transactions with affiliates. Investment Funds During the three months ended March 31, 2020, Mr. Icahn and his affiliates (excluding us) contributed $1,241 million to the Investment Funds consisting primarily of in-kind investments previously held directly by Mr. Icahn and his affiliates (excluding us). As of March 31, 2021 and December 31, 2020, the total fair market value of investments in the Investment Funds made by Mr. Icahn and his affiliates (excluding us) was approximately $5.5 billion and $5.0 billion, respectively, representing approximately 54% and 54% of the Investment Funds’ assets under management as of each respective date. We pay for expenses pertaining to the operation, administration and investment activities of our Investment segment for the benefit of the Investment Funds (including salaries, benefits and rent). Based on an expense-sharing arrangement, certain expenses borne by us are reimbursed by the Investment Funds. For the three months ended March 31, 2021 and 2020, $5 million and $(6) million, respectively, was allocated to the Investment Funds based on this expense-sharing arrangement. For the three months ended March 31, 2020, the allocation was reduced by $8 million relating to certain compensation arrangements. Hertz Global Holdings, Inc. and 767 Auto Leasing LLC The Investment Funds had an investment in the common stock of Hertz Global Holdings, Inc. (“Hertz”) measured at fair value that would have otherwise been subject to the equity method of accounting (until sold in the second quarter of 2020). Icahn Automotive provides services to Hertz in the ordinary course of business. Revenue from Hertz was $14 million for the three months ended March 31, 2020. In addition to our transactions with Hertz disclosed above, in January 2018, we entered into a Master Motor Vehicle Lease and Management Agreement with Hertz, pursuant to which Hertz granted 767 Leasing the option to acquire certain vehicles from Hertz at rates aligned with the rates at which Hertz sells vehicles to third parties. Under this agreement, as amended, Hertz will lease the vehicles that 767 Leasing purchases from Hertz, or from third parties, under a mutually developed fleet plan and Hertz will manage, service, repair, sell and maintain those leased vehicles on behalf of 767 Leasing. Additionally, Hertz will rent the leased vehicles to transportation network company drivers from rental counters within locations leased or owned by us. This agreement had an initial term of 18 months and is subject to automatic six-month renewals thereafter, unless terminated by either party (with or without cause) prior to the start of any such six-month renewal. Our agreement with Hertz was unanimously approved by the independent directors of Icahn Enterprises’ audit committee. Due to the nature of our involvement with 767 Leasing, which includes Icahn Enterprises and Icahn Enterprises Holdings guaranteeing the payment obligations of 767 Leasing and sharing in the profits of 767 Leasing with Hertz, we determined that 767 Leasing is a variable interest entity. Furthermore, we determined that we are not the primary beneficiary as we do not have the power to direct the activities of 767 Leasing that most significantly impact its economic performance. Therefore, we do not consolidate the results of 767 Leasing. Our exposure to loss with respect to 767 Leasing is primarily limited to our direct investment in 767 Leasing as well as any payment obligations of 767 Leasing that we guarantee, which are not material as of March 31, 2021 and December 31, 2020. For the three months ended March 31, 2021, 767 Leasing distributed $11 million to us. As of March 31, 2021 and December 31, 2020, we had an equity method investment in 767 Leasing of $28 million and $40 million, respectively, which we report in our Automotive segment. Other Related Party Agreements On October 1, 2020, we entered into a manager agreement with Brett Icahn, the son of Carl C. Icahn, and affiliates of Brett Icahn. Under the manager agreement, Brett Icahn serves as the portfolio manager of a designated portfolio of assets within the Investment Funds over a seven-year term, subject to veto rights by our Investment segment and Carl. C. Icahn. Additionally, Brett Icahn provides certain other services, at our request, which may entail research, analysis and advice with respect to a separate designated portfolio of assets within the Investment Funds. Subject to the terms of the manager agreement, at the end of the seven-year term, Brett Icahn will be entitled to receive a one-time lump sum payment as described in and computed pursuant to the manager agreement. Brett Icahn will not be entitled to receive from us any other compensation (including any salary or bonus) in respect of the services he is to provide under the manager agreement other than restricted depositary units granted under a restricted unit agreement, as discussed below. In accordance with the manager agreement, Brett Icahn will co-invest with the Investment Funds in certain positions, will make cash contributions to the Investment Funds in order to fund such co-investments and will have a special limited partnership interest in the Investment Funds through which the profit and loss attributable to such co-investments will be allocated to him. During 2021, Brett Icahn contributed $40 million in accordance with the manager agreement and has investments in the Investment Funds with a total fair market value of $59 million as of March 31, 2021. We also entered into a guaranty agreement with an affiliate of Brett Icahn, pursuant to which we guaranteed the payment of certain amounts required to be distributed by the Investment Funds to such affiliate pursuant to the terms and conditions of the manager agreement.

Investments

Investments	3 Months Ended
Investments	Mar. 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 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: March 31, December 31, 2021 2020 (in millions) Assets Investments: Equity securities: Consumer, non-cyclical $ 2,079 $ 1,548 Consumer, cyclical 2,572 2,073 Energy 3,703 2,654 Utilities 658 107 Technology 1,589 1,578 Industrial 194 158 10,795 8,118 Corporate debt securities 131 121 $ 10,926 $ 8,239 Liabilities Securities sold, not yet purchased, at fair value: Equity securities: Consumer, non-cyclical $ 971 $ 424 Consumer, cyclical 405 572 Energy 3,091 1,476 Utilities 396 49 $ 4,863 $ 2,521 The portion of unrealized gains (losses) that relates to securities still held by our Investment segment, primarily equity securities, was $1,122 million and $(4,170) million for the three months ended March 31, 2021 and 2020, respectively. 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: March 31, December 31, 2021 2020 (in millions) Equity method investments $ 108 $ 120 Held to maturity debt investments measured at amortized cost 20 20 Other investments measured at fair value 426 534 $ 554 $ 674 The portion of unrealized gains (losses) that relates to equity securities still held by our other segments and Holding Company was $58 million and $(312) million for the three months ended March 31, 2021 and 2020, respectively.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	5. Fair Value Measurements U.S. GAAP requires enhanced disclosures about investments and non-recurring non-financial assets and liabilities that are measured and reported at fair value and has established a hierarchal disclosure framework that prioritizes and ranks the level of market price observability used in measuring investments or non-financial assets and liabilities at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Investments and non-financial assets and/or liabilities measured and reported at fair value are classified and disclosed in one of the following categories: Level 1 - Quoted prices are available in active markets for identical investments and non-financial assets and/or liabilities as of the reporting date. Level 2 - Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies where all significant inputs are observable. The inputs and assumptions of our Level 2 investments are derived from market observable sources including reported trades, broker/dealer quotes and other pertinent data. Level 3 - Pricing inputs are unobservable for the investment and non-financial asset and/or liability and include situations where there is little, if any, market activity for the investment or non-financial asset and/or liability. The inputs into the determination of fair value require significant management judgment or estimation. Fair value is determined using comparable market transactions and other valuation methodologies, adjusted as appropriate for liquidity, credit, market and/or other risk factors. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the investments’, non-financial assets’ and/or liabilities’ level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the investment. Significant transfers, if any, between the levels within the fair value hierarchy are recognized at the beginning of the reporting period when changes in circumstances require such transfers. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table summarizes the valuation of our assets and liabilities by the above fair value hierarchy levels measured on a recurring basis: March 31, 2021 December 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (in millions) Assets Investments (Note 4) $ 11,128 $ 171 $ 41 $ 11,340 $ 8,546 $ 174 $ 41 $ 8,761 Derivative contracts, at fair value (Note 6) — 855 — 855 — 785 — 785 $ 11,128 $ 1,026 $ 41 $ 12,195 $ 8,546 $ 959 $ 41 $ 9,546 Liabilities Securities sold, not yet purchased (Note 4) $ 4,863 $ — $ — $ 4,863 $ 2,521 $ — $ — $ 2,521 Derivative contracts, at fair value (Note 6) — 584 — 584 11 628 — 639 Other liabilities — 342 — 342 — 214 — 214 $ 4,863 $ 926 $ — $ 5,789 $ 2,532 $ 842 $ — $ 3,374

Financial Instruments

Financial Instruments	3 Months Ended
Financial Instruments	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instruments	6. Financial Instruments Overview Investment In the normal course of business, the Investment Funds may trade various financial instruments and enter into certain investment activities, which may give rise to off-balance-sheet risks, with the objective of capital appreciation or as economic hedges against other securities or the market as a whole. The Investment Funds’ investments may include futures, options, swaps and securities sold, not yet purchased. These financial instruments represent future commitments to purchase or sell other financial instruments or to exchange an amount of cash based on the change in an underlying instrument at specific terms at specified future dates. Risks arise with these financial instruments from potential counterparty non-performance and from changes in the market values of underlying instruments. Credit concentrations may arise from investment activities and may be impacted by changes in economic, industry or political factors. The Investment Funds routinely execute transactions with counterparties in the financial services industry, resulting in credit concentration with respect to the financial services industry. In the ordinary course of business, the Investment Funds may also be subject to a concentration of credit risk to a particular counterparty. The Investment Funds seek to mitigate these risks by actively monitoring exposures, collateral requirements and the creditworthiness of its counterparties. The Investment Funds have entered into various types of swap contracts with other counterparties. These agreements provide that they are entitled to receive or are obligated to pay in cash an amount equal to the increase or decrease, respectively, in the value of the underlying shares, debt and other instruments that are the subject of the contracts, during the period from inception of the applicable agreement to its expiration. In addition, pursuant to the terms of such agreements, they are entitled to receive or obligated to pay other amounts, including interest, dividends and other distributions made in respect of the underlying shares, debt and other instruments during the specified time frame. They are also required to pay to the counterparty a floating interest rate equal to the product of the notional amount multiplied by an agreed-upon rate, and they receive interest on any cash collateral that they post to the counterparty at the federal funds or LIBOR rate in effect for such period. The Investment Funds may trade futures contracts. A futures contract is a firm commitment to buy or sell a specified quantity of a standardized amount of a deliverable grade commodity, security, currency or cash at a specified price and specified future date unless the contract is closed before the delivery date. Payments (or variation margin) are made or received by the Investment Funds each day, depending on the daily fluctuations in the value of the contract, and the whole value change is recorded as an unrealized gain or loss by the Investment Funds. When the contract is closed, the Investment Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The Investment Funds may utilize forward contracts to seek to protect their assets denominated in foreign currencies and precious metals holdings from losses due to fluctuations in foreign exchange rates and spot rates. The Investment Funds’ exposure to credit risk associated with non-performance of such forward contracts is limited to the unrealized gains or losses inherent in such contracts, which are recognized in other assets and accrued expenses and other liabilities in our condensed consolidated balance sheets. The Investment Funds may also enter into foreign currency contracts for purposes other than hedging denominated securities. When entering into a foreign currency forward contract, the Investment Funds agree to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date unless the contract is closed before such date. The Investment Funds record unrealized gains or losses on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into such contracts and the forward rates at the reporting date. The Investment Funds may also purchase and write option contracts. As a writer of option contracts, the Investment Funds receive a premium at the outset and then bear the market risk of unfavorable changes in the price of the underlying financial instrument. As a result of writing option contracts, the Investment Funds are obligated to purchase or sell, at the holder’s option, the underlying financial instrument. Accordingly, these transactions result in off-balance-sheet risk, as the Investment Funds’ satisfaction of the obligations may exceed the amount recognized in our condensed consolidated balance sheets. Certain terms of the Investment Funds’ contracts with derivative counterparties, which are standard and customary to such contracts, contain certain triggering events that would give the counterparties the right to terminate the derivative instruments. In such events, the counterparties to the derivative instruments could request immediate payment on derivative instruments in net liability positions. The aggregate fair value of all of the Investment Funds’ derivative instruments with credit-risk-related contingent features that are in a liability position as of March 31, 2021 and December 31, 2020 was $2 million and $1 million, respectively. The following table summarizes the volume of our Investment segment’s derivative activities based on their notional exposure, categorized by primary underlying risk: March 31, 2021 December 31, 2020 Long Notional Exposure Short Notional Exposure Long Notional Exposure Short Notional Exposure (in millions) Primary underlying risk: Equity contracts $ 217 $ 4,074 $ — $ 8,623 Credit contracts (1) 8 4,113 — 2,099 (1) The short notional amount on our credit default swap positions was approximately $8.2 billion at March 31, 2021. However, because credit spreads cannot compress below zero , our downside short notional exposure to loss is approximately $4.1 billion as of March 31, 2021. The short notional amount on our credit default swap positions was approximately $6.3 billion as of December 31, 2020. However, because credit spreads cannot compress below zero , our downside short notional exposure to loss is approximately $2.1 billion as of December 31, 2020. Certain derivative contracts executed by each of the Investment Funds with a single counterparty are reported on a net-by-counterparty basis where a legal right of offset exists under an enforceable netting agreement. Values for the derivative financial instruments, principally swaps, forwards, over-the-counter options and other conditional and exchange contracts, are reported on a net-by-counterparty basis. The following table presents the fair values of our Investment segment’s derivatives that are not designated as hedging instruments in accordance with U.S. GAAP: Asset Derivatives Liability Derivatives March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 (in millions) Equity contracts $ 11 $ 4 $ 737 $ 852 Credit contracts 1,056 1,012 2 1 Sub-total 1,067 1,016 739 853 Netting across contract types (1) (218) (231) (218) (231) Total (1) $ 849 $ 785 $ 521 $ 622 (1) Excludes netting of cash collateral received and posted. The total collateral posted at March 31, 2021 and December 31, 2020 was $936 million and $872 million, respectively, across all counterparties, which are included in cash held at consolidated affiliated partnerships and restricted cash in the condensed consolidated balance sheets. The following table presents the amount of gain (loss) recognized in the condensed consolidated statements of operations for our Investment segment’s derivatives not designated as hedging instruments: Gain (Loss) Recognized in Income (1) Three Months Ended March 31, 2021 2020 (in millions) Equity contracts $ (324) $ 1,468 Credit contracts 39 806 $ (285) $ 2,274 (1) Gains (losses) recognized on derivatives are classified in net gain (loss) from investment activities in our condensed consolidated statements of operations for our Investment segment. Energy CVR Energy’s businesses are subject to price fluctuations caused by supply conditions, weather, economic conditions, interest rate fluctuations and other factors. To manage price risk on crude oil and other inventories and to fix margins on certain future production, CVR Refining regularly enters into various commodity derivative transactions. CVR Refining holds derivative instruments, such as exchange-traded crude oil futures and over-the-counter forward swap agreements, which it believes provide an economic hedge on future transactions, but such instruments are not designated as hedge instruments. CVR Refining may enter into forward purchase or sale contracts associated with renewable identification numbers (“RINs”). As of March 31, 2021 and December 31, 2020, CVR Refining had 12 million and 7 million, respectively, outstanding commodity swap positions. As of March 31, 2021 and December 31, 2020, CVR Refining had open forward purchase and sale commitments for 4 million barrels and 6 million barrels, respectively. As of March 31, 2021 and December 31, 2020, CVR Refining had open fixed-price commitments to purchase a net 32 million and 13 million RINs, respectively. Certain derivative contracts executed by our Energy segment with a single counterparty are reported on a net-by-counterparty basis where a legal right of offset exists under an enforceable netting agreement. As of March 31, 2021 and December 31, 2020, our Energy segment had net asset derivatives of $6 million and net liability derivatives of $63 million, respectively. (Losses) gains recognized on derivatives for our Energy segment were $(32) million and $46 million for the three months ended March 31, 2021 and 2020, respectively. Gains and losses recognized on derivatives for our Energy segment are included in cost of goods sold on the condensed consolidated statements of operations.

Inventories, Net

Inventories, Net	3 Months Ended
Inventories, Net	Mar. 31, 2021
Inventory, Net [Abstract]
Inventories, Net	7. Inventories, Net Inventories, net consists of the following: March 31, December 31, 2021 2020 (in millions) Raw materials $ 235 $ 183 Work in process 90 83 Finished goods 1,234 1,314 $ 1,559 $ 1,580

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, Net	3 Months Ended
Goodwill and Intangible Assets, Net	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets, Net	8. Goodwill and Intangible Assets, Net Goodwill consists of the following: March 31, 2021 December 31, 2020 Gross Net Gross Net Carrying Accumulated Carrying Carrying Accumulated Carrying Amount Impairment Value Amount Impairment Value (in millions) Automotive $ 337 $ (87) $ 250 $ 337 $ (87) $ 250 Food Packaging 6 — 6 6 — 6 Metals 4 — 4 4 — 4 Home Fashion 24 (3) 21 24 (3) 21 Pharma 13 — 13 13 — 13 $ 384 $ (90) $ 294 $ 384 $ (90) $ 294 Intangible assets, net consists of the following: March 31, 2021 December 31, 2020 Gross Net Gross Net Carrying Accumulated Carrying Carrying Accumulated Carrying Amount Amortization Value Amount Amortization Value (in millions) Definite-lived intangible assets: Customer relationships $ 398 $ (181) $ 217 $ 399 $ (176) $ 223 Developed technology 254 (13) 241 254 (6) 248 Other 177 (75) 102 269 (163) 106 $ 829 $ (269) $ 560 $ 922 $ (345) $ 577 Indefinite-lived intangible assets $ 83 $ 83 Intangible assets, net $ 643 $ 660 Amortization expense associated with definite-lived intangible assets was $15 million and $11 million for the three months ended March 31, 2021 and 2020, respectively. We utilize the straight-line method of amortization, recognized over the estimated useful lives of the assets.

Leases

Leases	3 Months Ended
Leases	Mar. 31, 2021
Leases [Abstract]
Leases	9. Leases All Segments and Holding Company We have operating and finance leases primarily within our Automotive, Energy and Food Packaging segments. Our Automotive segment leases assets, primarily real estate (operating) and vehicles (financing). Our Energy segment leases certain pipelines, storage tanks, railcars, office space, land and equipment (operating and financing). Our Food Packaging segment leases assets, primarily real estate, equipment and vehicles (primarily operating). Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Right-of-use assets and related liabilities are recorded on the balance sheet for leases with an initial lease term in excess of twelve months and therefore, do not include any lease arrangements with initial lease terms of twelve months or less. Right-of-use assets and lease liabilities are as follows: March 31, December 31, 2021 2020 (in millions) Operating Leases: Right-of-use assets (other assets) $ 540 $ 552 Lease liabilities (accrued expenses and other liabilities) 557 569 Financing Leases: Right-of-use assets (property, plant and equipment, net) 65 65 Lease liabilities (debt) 82 81 Additional information with respect to our operating leases as of March 31, 2021 and December 31, 2020 is presented below. The lease terms and discount rates for our Energy, Automotive and Food Packaging segments represent weighted averages based on their respective lease liability balances. Right-Of-Use Lease Discount Operating Leases as of March 31, 2021 Assets Liabilities Lease Term Rate (in millions) Energy $ 41 $ 42 4.5 years 5.5% Automotive 423 442 4.6 years 5.7% Food Packaging 30 34 11.1 years 7.4% Other segments and Holding Company 46 39 $ 540 $ 557 Right-Of-Use Lease Discount Operating Leases as of December 31, 2020 Assets Liabilities Lease Term Rate (in millions) Energy $ 37 $ 38 3.1 years 5.5% Automotive 436 456 4.6 years 5.7% Food Packaging 32 35 11.1 years 7.4% Other segments and Holding Company 47 40 $ 552 $ 569 For the three months ended March 31, 2021 and 2020, lease cost was comprised of (i) operating lease cost of $51 million and $51 million, respectively, (ii) amortization of financing lease right-of-use assets of $3 million and $3 million, respectively, and (iii) interest expense on financing lease liabilities of $1 million and $2 million respectively. Our Automotive segment accounted for $43 million and $43 million of total lease cost for the three months ended March 31, 2021 and 2020, respectively. Real Estate Our Real Estate segment leases real estate, primarily commercial properties under long-term operating leases. As of March 31, 2021 and December 31, 2020, our Real Estate segment has assets leased to others included in property, plant and equipment of $222 million and $222 million, respectively, net of accumulated depreciation. Our Real Estate segment’s revenue from operating leases were $5 million and $8 million for the three months ended March 31, 2021 and 2020, respectively. Revenues from operating leases are included in other revenue from operations in the condensed consolidated statements of operations.

Debt

Debt	3 Months Ended
Debt	Mar. 31, 2021
Debt Disclosure [Abstract]
Debt	10. Debt Debt consists of the following: March 31, December 31, 2021 2020 (in millions) Holding Company: 6.250% senior unsecured notes due 2022 $ 456 $ 1,209 6.750% senior unsecured notes due 2024 499 499 4.750% senior unsecured notes due 2024 1,106 1,106 6.375% senior unsecured notes due 2025 748 748 6.250% senior unsecured notes due 2026 1,250 1,250 5.250% senior unsecured notes due 2027 999 999 4.375% senior unsecured notes due 2029 747 — 5,805 5,811 Reporting Segments: Energy 1,691 1,691 Automotive 352 368 Food Packaging 156 151 Metals 28 16 Real Estate 1 1 Home Fashion 23 21 2,251 2,248 Total Debt $ 8,056 $ 8,059 Holding Company In January 2021, Icahn Enterprises and Icahn Enterprises Finance Corp. (together the “Issuers”) issued $750 million in aggregate principal amount of 4.375% senior unsecured notes due 2029 (the “New 2029 Notes”). The proceeds from the New 2029 Notes were used to redeem $750 million principal amount of 6.250% senior unsecured notes due 2022, and to pay accrued interest, related fees and expenses. Interest on the New 2029 Notes is payable semi-annually. In connection with this transaction, our Holding Company recorded a gain on extinguishment of debt of $2 million. The New 2029 Notes and the related guarantee are the senior unsecured obligations of the Issuers and rank equally with all of the Issuers’ and the Guarantor’s existing and future senior unsecured indebtedness and senior to all of the Issuers’ and the Guarantor’s existing and future subordinated indebtedness. The New 2029 Notes and the related guarantees are effectively subordinated to the Issuers’ and the Guarantor’s existing and future secured indebtedness to the extent of the collateral securing such indebtedness. The New 2029 Notes and the related guarantees are also effectively subordinated to all indebtedness and other liabilities of the Issuers’ subsidiaries other than the Guarantor. The indenture governing the New 2029 Notes restricts the payment of cash distributions, the purchase of equity interests or the purchase, redemption, defeasance or acquisition of debt subordinated to the senior unsecured notes. The indenture also restricts the incurrence of debt or the issuance of disqualified stock, as defined in the indenture, with certain exceptions. In addition, the indenture requires that on each quarterly determination date, Icahn Enterprises and the guarantor of the New 2029 Notes (currently only Icahn Enterprises Holdings) maintain certain minimum financial ratios, as defined therein. The indenture also restricts the creation of liens, mergers, consolidations and sales of substantially all of our assets, and transactions with affiliates. Subsequent Event In April 2021, the Issuers issued $455 million in aggregate principal amount of additional 5.250% senior unsecured notes due 2027. The proceeds from this issuance were used to redeem the remaining $455 million principal amount of 6.250% senior unsecured notes due 2022, and to pay accrued interest, related fees and expenses. Covenants All of our subsidiaries are currently in compliance with all covenants and restrictions as described in the various executed agreements and contracts with respect to each debt instrument. These covenants include limitations on indebtedness, liens, investments, acquisitions, asset sales, dividends and other restricted payments and affiliate and extraordinary transactions. Non-Cash Charges to Interest Expense The amortization of deferred financing costs and debt discounts and premiums included in interest expense in the condensed consolidated statements of operations were $1 million and $1 million for the three months ended March 31, 2021 and 2020, respectively.

Net Income Per LP Unit

Net Income Per LP Unit	3 Months Ended
Net Income Per LP Unit	Mar. 31, 2021
Earnings Per Unit [Abstract]
Net Income Per LP Unit	11. Net Income Per LP Unit The components of the computation of basic and diluted income (loss) per LP unit of Icahn Enterprises are as follows: Three Months Ended March 31, 2021 2020 (in millions, except per unit amounts) Net income (loss) attributable to Icahn Enterprises $ 162 $ (1,384) Net income (loss) attributable to Icahn Enterprises allocated to limited partners (98.01% allocation) $ 159 $ (1,356) Basic income (loss) per LP unit $ 0.66 $ (6.34) Basic weighted average LP units outstanding 242 214 Diluted income (loss) per LP unit $ 0.65 $ (6.34) Diluted weighted average LP units outstanding 245 214 As their effect would have been anti-dilutive, four million weighted average units have been excluded from the calculation of diluted income per LP unit for the three months ended March 31, 2020. LP Unit Transactions Unit Distributions On February 24, 2021, Icahn Enterprises declared a quarterly distribution in the amount of $2.00 per depositary unit in which each depositary unitholder had the option to make an election to receive either cash or additional depositary units. Because the depositary unitholders had the election to receive the distribution either in cash or additional depositary units, we recorded a unit distribution liability of $489 million as the unit distribution had not been made as of March 31, 2021. In addition, the unit distribution liability, which is included in accrued expenses and other liabilities in the condensed consolidated balance sheets, is considered a potentially dilutive security and is considered in the calculation of diluted income per LP unit as disclosed above. Any difference between the liability recorded and the amount representing the aggregate value of the number of depositary units distributed and cash paid would be charged to equity. On April 29, 2021, Icahn Enterprises distributed an aggregate 8,044,900 depositary units to unitholders electing to receive depositary units, of which an aggregate of 7,717,918 depositary units were distributed to Mr. Icahn and his affiliates. In connection with this distribution, aggregate cash distributions to all depositary unitholders that made a timely election to receive cash was $27 million. 2019 and 2021 At-The-Market Offerings On May 2, 2019, Icahn Enterprises announced the commencement of its “at-the-market” offering pursuant to its Open Market Sale Agreement, pursuant to which Icahn Enterprises may sell its depositary units, from time to time, during the term of the program ending on March 31, 2021, for up to $400 million in aggregate sale proceeds. During the three months ended March 31, 2020, Icahn Enterprises sold 107,131 depositary units pursuant to this agreement, resulting in gross proceeds of $7 million. This agreement was terminated on February 26, 2021. On February 26, 2021, Icahn Enterprises announced the commencement of its “at-the-market” offering pursuant to its Open Market Sale Agreement, pursuant to which Icahn Enterprises may sell its depositary units, from time to time, during the term of the program ending on December 31, 2023, for up to $400 million in aggregate sale proceeds. During the three months ended March 31, 2021, Icahn Enterprises sold 3,109,345 depositary units pursuant to this agreement, resulting in gross proceeds of $184 million. As of March 31, 2021, Icahn Enterprises may sell its depositary units for up to an additional $216 million in aggregate sale proceeds pursuant to this agreement. No assurance can be made that any or all amounts will be sold during the term of the program.

Segment Reporting

Segment Reporting	3 Months Ended
Segment Reporting	Mar. 31, 2021
Segment Reporting [Abstract]
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. 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, 2021 Investment Energy Automotive Food Packaging Metals Real Estate Home Fashion Pharma Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 1,463 $ 456 $ 101 $ 120 $ 8 $ 41 $ 29 $ — $ 2,218 Other revenues from operations — — 142 — — 9 — 1 — 152 Net gain from investment activities 939 62 — — — — — — 5 1,006 Interest and dividend income 25 — — — — — — — 1 26 Other (loss) income, net (21) 7 (1) (6) 1 — — — 2 (18) 943 1,532 597 95 121 17 41 30 8 3,384 Expenses: Cost of goods sold — 1,579 313 80 112 7 34 14 — 2,139 Other expenses from operations — — 112 — — 6 — — — 118 Selling, general and administrative 5 35 227 13 4 5 11 8 8 316 Restructuring, net — — — — — — — — — — Interest expense 76 31 3 2 — — — — 83 195 81 1,645 655 95 116 18 45 22 91 2,768 Income (loss) before income tax benefit (expense) 862 (113) (58) — 5 (1) (4) 8 (83) 616 Income tax benefit (expense) — 46 12 (1) — — — — (74) (17) Net income (loss) 862 (67) (46) (1) 5 (1) (4) 8 (157) 599 Less: net income (loss) attributable to non-controlling interests 471 (34) — — — — — — — 437 Net income (loss) attributable to Icahn Enterprises $ 391 $ (33) $ (46) $ (1) $ 5 $ (1) $ (4) $ 8 $ (157) $ 162 Supplemental information: Capital expenditures $ — $ 34 $ 8 $ 2 $ 1 $ 1 $ 1 $ — $ — $ 47 Depreciation and amortization $ — $ 82 $ 22 $ 7 $ 4 $ 3 $ 2 $ 7 $ — $ 127 Three Months Ended March 31, 2020 Investment Energy Automotive Food Packaging Metals Real Estate Home Fashion Pharma Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 1,130 $ 492 $ 98 $ 86 $ 4 $ 50 $ — $ — $ 1,860 Other revenues from operations — — 143 — — 18 — — — 161 Net (loss) gain from investment activities (1,816) 30 — — — — — — (342) (2,128) Interest and dividend income 52 3 — — — — — — 9 64 Other (loss) income, net (1) (6) 1 (7) — — — — (4) (17) (1,765) 1,157 636 91 86 22 50 — (337) (60) Expenses: Cost of goods sold — 1,250 352 78 85 4 41 — — 1,810 Other expenses from operations — — 123 — — 12 — — — 135 Selling, general and administrative (6) 31 246 12 4 5 11 — 5 308 Restructuring, net — — 2 — — — — — — 2 Interest expense 43 29 5 4 — — — — 90 171 37 1,310 728 94 89 21 52 — 95 2,426 (Loss) income before income tax benefit (expense) (1,802) (153) (92) (3) (3) 1 (2) — (432) (2,486) Income tax benefit (expense) — 40 19 (1) — — — — 122 180 Net (loss) income (1,802) (113) (73) (4) (3) 1 (2) — (310) (2,306) Less: net (loss) income attributable to non-controlling interests (876) (45) — (1) — — — — — (922) Net (loss) income attributable to Icahn Enterprises $ (926) $ (68) $ (73) $ (3) $ (3) $ 1 $ (2) $ — $ (310) $ (1,384) Supplemental information: Capital expenditures $ — $ 35 $ 9 $ 2 $ 1 $ 4 $ 2 $ — $ — $ 53 Depreciation and amortization $ — $ 80 $ 24 $ 6 $ 5 $ 4 $ 2 $ — $ — $ 121 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 Disaggregated revenue for our Energy segment net sales is presented below: Three Months Ended March 31, 2021 2020 Petroleum products $ 1,402 $ 1,055 Nitrogen fertilizer products 61 75 $ 1,463 $ 1,130 Automotive Disaggregated revenue for our Automotive segment net sales and other revenues from operations is presented below: Three Months Ended March 31, 2021 2020 Automotive services $ 322 $ 309 Aftermarket parts sales 276 326 $ 598 $ 635 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 debt and equity attributable to Icahn Enterprises Holdings. March 31, 2021 Investment Energy Automotive Food Metals Real Home Pharma Holding Consolidated (in millions) ASSETS Cash and cash equivalents $ 15 $ 707 $ 42 $ 13 $ — $ 27 $ 2 $ 2 $ 1,134 $ 1,942 Cash held at consolidated affiliated partnerships and restricted cash 1,078 7 18 — 2 10 3 — 16 1,134 Investments 10,926 315 28 — — 15 — — 196 11,480 Accounts receivable, net — 226 119 86 73 11 28 29 — 572 Inventories, net — 378 962 89 33 — 86 11 — 1,559 Property, plant and equipment, net — 2,774 845 152 81 308 64 — 7 4,231 Goodwill and intangible assets, net — 233 370 29 9 — 21 275 — 937 Other assets 5,188 277 679 102 35 123 20 5 13 6,442 Total assets $ 17,207 $ 4,917 $ 3,063 $ 471 $ 233 $ 494 $ 224 $ 322 $ 1,366 $ 28,297 LIABILITIES AND EQUITY Accounts payable, accrued expenses and other liabilities $ 2,100 $ 1,450 $ 1,153 $ 163 $ 72 $ 50 $ 64 $ 52 $ 692 $ 5,796 Securities sold, not yet purchased, at fair value 4,863 — — — — — — — — 4,863 Debt — 1,691 352 156 28 1 23 — 5,805 8,056 Total liabilities 6,963 3,141 1,505 319 100 51 87 52 6,497 18,715 Equity attributable to Icahn Enterprises 4,675 1,006 1,558 139 133 443 137 270 (5,131) 3,230 Equity attributable to non-controlling interests 5,569 770 — 13 — — — — — 6,352 Total equity 10,244 1,776 1,558 152 133 443 137 270 (5,131) 9,582 Total liabilities and equity $ 17,207 $ 4,917 $ 3,063 $ 471 $ 233 $ 494 $ 224 $ 322 $ 1,366 $ 28,297 December 31, 2020 Investment Energy Automotive Food Metals Real Home Pharma Holding Consolidated (in millions) ASSETS Cash and cash equivalents $ 14 $ 667 $ 25 $ 16 $ 1 $ 21 $ 2 $ 8 $ 925 $ 1,679 Cash held at consolidated affiliated partnerships and restricted cash 1,558 7 20 — 2 8 6 — 11 1,612 Investments 8,239 253 40 — — 15 — — 366 8,913 Accounts receivable, net — 178 109 88 63 10 33 20 — 501 Inventories, net — 298 1,080 89 22 — 81 10 — 1,580 Property, plant and equipment, net — 2,747 857 160 82 310 65 — 7 4,228 Goodwill and intangible assets, net — 238 372 31 9 1 21 282 — 954 Other assets 4,308 335 582 103 38 121 19 6 6 5,518 Total assets $ 14,119 $ 4,723 $ 3,085 $ 487 $ 217 $ 486 $ 227 $ 326 $ 1,315 $ 24,985 LIABILITIES AND EQUITY Accounts payable, accrued expenses and other liabilities $ 2,256 $ 1,189 $ 1,163 $ 182 $ 73 $ 45 $ 65 $ 64 $ 110 $ 5,147 Securities sold, not yet purchased, at fair value 2,521 — — — — — — — — 2,521 Debt — 1,691 368 151 16 1 21 — 5,811 8,059 Total liabilities 4,777 2,880 1,531 333 89 46 86 64 5,921 15,727 Equity attributable to Icahn Enterprises 4,283 1,039 1,554 142 128 440 141 262 (4,606) 3,383 Equity attributable to non-controlling interests 5,059 804 — 12 — — — — — 5,875 Total equity 9,342 1,843 1,554 154 128 440 141 262 (4,606) 9,258 Total liabilities and equity $ 14,119 $ 4,723 $ 3,085 $ 487 $ 217 $ 486 $ 227 $ 326 $ 1,315 $ 24,985

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	13. Income Taxes For the three months ended March 31, 2021, we recorded an income tax expense of $17 million on pre-tax income of $616 million compared to an income tax benefit of $180 million on pre-tax loss of $2,486 million for the three months ended March 31, 2020. Our effective income tax rate was 2.8% and 7.2% for the three months ended March 31, 2021 and 2020, respectively. For the three months ended March 31, 2021, the effective tax rate was lower than the statutory federal rate of 21%, primarily due to partnership income for which there was no tax expense, as such loss is allocated to the partners. For the three months ended March 31, 2020, the effective tax rate was lower than the statutory federal rate of 21%, primarily due to partnership loss for which there was no tax benefit, as such loss is allocated to the partners.

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive Loss	3 Months Ended
Changes in Accumulated Other Comprehensive Loss	Mar. 31, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Changes in Accumulated Other Comprehensive Loss.	14. Changes in Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss consists of the following: Translation Post-Retirement Adjustments, Net Benefits and of Tax Other, Net of Tax Total (in millions) Balance, December 31, 2020 $ (31) $ (49) $ (80) Other comprehensive loss before reclassifications, net of tax (1) — (1) Reclassifications from accumulated other comprehensive loss to earnings, net of tax — — — Other comprehensive loss, net of tax (1) — (1) Balance, March 31, 2021 $ (32) $ (49) $ (81)

Other Income, Net

Other Income, Net	3 Months Ended
Other Income, Net	Mar. 31, 2021
Other Income and Expenses [Abstract]
Other Income, Net	15. Other Income, Net Other income, net consists of the following: Three Months Ended March 31, 2021 2020 (in millions) Dividend expense $ (21) $ (1) Equity earnings from non-consolidated affiliates 1 2 Gain on disposition of assets, net — 1 Foreign currency transaction loss (6) (6) Gain (loss) on extinguishment of debt 2 (12) Other 6 (1) $ (18) $ (17)

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	16. Commitments and Contingencies Environmental Matters Due to the nature of our business, certain of our subsidiaries’ operations are subject to numerous existing and proposed laws and governmental regulations designed to protect the environment, particularly regarding plant wastes and emissions and solid waste disposal. Our consolidated environmental liabilities were $36 million and $37 million as of March 31, 2021 and December 31, 2020, respectively, primarily within our Metals and Energy segments and which are included in accrued expenses and other liabilities in our condensed consolidated balance sheets. We do not believe that environmental matters will have a material adverse impact on our consolidated results of operations and financial condition. On August 21, 2018, CVR Refining received a letter from the United States Department of Justice (the “DOJ”) on behalf of the Environmental Protection Agency (the “EPA”) and the Kansas Department of Health and Environment (“KDHE”) alleging violations of the Clean Air Act and a 2012 Consent Decree (“CD”) between CVR Refining, the United States (on behalf of the EPA) and KDHE at CVR Energy’s Coffeyville refinery. In June 2020, a tolling agreement between the parties relating to such allegations expired, and the United States and KDHE sent demand letters relating to the allegations (the “Stipulated Claims”) and seeking stipulated penalties. In February 2021, the DOJ and KDHE sent CVR Refining a statement of position under the CD regarding its demand for Stipulated Claims. As CVR Refining disputes most claims asserted by the government, in accordance with the CD, CVR Refining deposited funds into a commercial escrow account pending resolution of disputed claims. The escrowed funds are legally restricted for use and are included within other assets on the consolidated balance sheets. In December 2020, the DOJ and KDHE filed a supplement complaint in the United States District Court for the District of Kansas asserting nine counts for alleged violations of the Clean Air Act, the Kansas State Implementation Plan and Kansas law (the “Statutory Claims”) and seeking civil penalties, injunctive and related relief. Negotiations relating to the Stipulated Claims and the Statutory Claims are ongoing and CVR Energy cannot at this time determine the outcome of this matter, including whether such outcome, or any subsequent enforcement or litigation relating thereto would have a material impact on our Energy segment’s financial position, results of operations, or cash flows. Renewable Fuel Standards CVR Refining is subject to the Renewable Fuel Standard (“RFS”) of the EPA which requires refiners to either blend renewable fuels in with their transportation fuels or purchase renewable fuel credits, known as RINs, in lieu of blending. CVR Refining is not able to blend the substantial majority of its transportation fuels and has to purchase RINs on the open market and may have to obtain waiver credits for cellulosic biofuels from the EPA, in order to comply with the RFS. For the three months ended March 31, 2021 and 2020, our Energy segment recognized expenses of $178 million and $19 million, respectively, for CVR Refining’s compliance with the RFS and which is included in cost of goods sold in the condensed consolidated statements of operations. These recognized expenses represent costs to comply with the RFS obligation through purchasing of RINs not otherwise reduced by blending of ethanol or biodiesel. At each reporting period, to the extent RINs purchased or generated through blending are less than the RFS obligation, the remaining obligation is marked-to-market using RIN market prices at period end. As of March 31, 2021 and December 31, 2020, CVR Refining’s RFS obligation was $342 million and $214 million, respectively, and is included in accrued expenses and other liabilities in the condensed consolidated balance sheets. Litigation From time to time, we and our subsidiaries are involved in various lawsuits arising in the normal course of business. We do not believe that such normal routine litigation will have a material effect on our financial condition or results of operations. Energy In 2019, CVR Energy, CVR Refining and its general partner, CVR Refining Holdings, Icahn Enterprises and certain directors and affiliates were named in at least one of nine lawsuits filed by purported former unitholders of CVR Refining, on behalf of themselves and an alleged class of similarly situated unitholders relating to CVR Energy’s exercise of the call option (“Call Option”) under the CVR Refining Amended and Restated Agreement of Limited Partnership assigned to it by CVR Refining’s general partner (the “Delaware Lawsuits”). The Delaware Lawsuits primarily allege breach of contract, tortious interference and breach of the implied covenant of good faith and fair dealing and seek monetary damages and attorneys’ fees, among other remedies. In January 2020, the court dismissed CVR Holdings and certain former directors of CVR Refining’s general partner from the Delaware Lawsuits, though permitted some or all of the claims to proceed against each remaining defendant. On April 6, 2020, a lawsuit was filed in the United States District Court for the Southern District of New York against the CVR Energy, CVR Refining and its general partner, CVR Refining Holdings, Icahn Enterprises, and CVR Energy’s Chief Executive Officer by purported former unitholders of CVR Refining on behalf of themselves and an alleged class of similarly situated unitholders also relating to CVR Energy’s exercise of the Call Option (the “New York Lawsuit” and together with the Delaware Lawsuits, the “Call Option Lawsuits”). The New York Lawsuit primarily alleges violations of Sections 10(b) and 20(a) of the Exchange Act, and Rule 10b-5 thereunder and seeks monetary damages and attorney’s fees, among other remedies. CVR Energy believes the Call Option Lawsuits are without merit and intends to vigorously defend against them. The Call Option Lawsuits remain in the early stages of litigation, and discovery is currently on-going. Accordingly, CVR Energy cannot determine at this time the outcome of the Call Option Lawsuits, including whether the outcome of this matter would have a material impact on our Energy segment’s financial position, results of operations, or cash flows. On January 27, 2021, a lawsuit was filed against the defendants in the Call Option Lawsuits in the 434th Judicial District Court of Fort Bend County, Texas by their primary and excess insurers seeking declaratory judgements determining that they owe no indemnity coverage and, for certain defendants, no defense obligations relating to the Call Option Lawsuits (the “Call Option Insurer Case”). The defendants believe the Call Option Insurer Case is without merit, intends to vigorously defend the claims against them and filed a related lawsuit in the Delaware Court of Chancery. These lawsuits are in the early stages of litigation. Accordingly, CVR Energy cannot determine at this time their outcome, including whether such outcome would have a material impact on our Energy Segment’s financial position, results of operations, or cash flows. Other Matters Pension Obligations Mr. Icahn, through certain affiliates, owns 100% of Icahn Enterprises GP and approximately 91% of Icahn Enterprises’ outstanding depositary units as of March 31, 2021. Applicable pension and tax laws make each member of a “controlled group” of entities, generally defined as entities in which there is at least an 80% common ownership interest, jointly and severally liable for certain pension plan obligations of any member of the controlled group. These pension obligations include ongoing contributions to fund the plan, as well as liability for any unfunded liabilities that may exist at the time the plan is terminated. In addition, the failure to pay these pension obligations when due may result in the creation of liens in favor of the pension plan or the Pension Benefit Guaranty Corporation (the “PBGC”) against the assets of each member of the controlled group. As a result of the more than 80% ownership interest in us by Mr. Icahn’s affiliates, we and our subsidiaries are subject to the pension liabilities of entities in which Mr. Icahn has a direct or indirect ownership interest of at least 80%, which includes the liabilities of pension plans sponsored by Viskase and ACF. All the minimum funding requirements of the Internal Revenue Code, as amended, and the Employee Retirement Income Security Act of 1974, as amended, for the Viskase and ACF plans have been met as of March 31, 2021. If the plans were voluntarily terminated, they would be underfunded by approximately $122 million as of March 31, 2021. These results are based on the most recent information provided by the plans’ actuaries. These liabilities could increase or decrease, depending on a number of factors, including future changes in benefits, investment returns, and the assumptions used to calculate the liability. As members of the controlled group, we would be liable for any failure of Viskase or ACF to make ongoing pension contributions or to pay the unfunded liabilities upon a termination of the Viskase or ACF pension plans. In addition, other entities now or in the future within the controlled group in which we are included may have pension plan obligations that are, or may become, underfunded and we would be liable for any failure of such entities to make ongoing pension contributions or to pay the unfunded liabilities upon termination of such plans. The current underfunded status of the pension plans of Viskase and ACF requires them to notify the PBGC of certain “reportable events,” such as if we cease to be a member of the Viskase or ACF controlled group, or if we make certain extraordinary dividends or stock redemptions. The obligation to report could cause us to seek to delay or reconsider the occurrence of such reportable events. Starfire Holding Corporation (“Starfire”), which is 99.6% owned by Mr. Icahn, has undertaken to indemnify us and our subsidiaries from losses resulting from any imposition of certain pension funding or termination liabilities that may be imposed on us and our subsidiaries or our assets as a result of being a member of the Icahn controlled group, including ACF. The Starfire indemnity provides, among other things, that so long as such contingent liabilities exist and could be imposed on us, Starfire will not make any distributions to its stockholders that would reduce its net worth to below $250 million. Nonetheless, Starfire may not be able to fund its indemnification obligations to us. Other The U.S. Attorney’s office for the Southern District of New York contacted Icahn Enterprises L.P. in September 2017 seeking production of information pertaining to our and Mr. Icahn’s activities relating to the Renewable Fuels Standard and Mr. Icahn’s former role as an advisor to the former President of the United States. We cooperated with the request and provided information in response to the subpoena. The U.S. Attorney’s office for the Southern District of New York contacted Icahn Enterprises L.P. in June 2018 seeking production of information pertaining to trading in Manitowoc Company, Inc. securities. We cooperated with the request and provided documents in response to the subpoena. The U.S. Attorney’s office has not made any claims or allegations against us or Mr. Icahn with respect to either of the foregoing inquiries. We believe that we maintain a strong compliance program and, while no assurances can be made, we do not believe these inquiries will have a material impact on our business, financial condition, results of operations or cash flows.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
Supplemental Cash Flow Information	Mar. 31, 2021
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow Information	17. Supplemental Cash Flow Information Supplemental cash flow information consists of the following: Three Months Ended March 31, 2021 2020 (in millions) Cash payments for interest, net of amounts capitalized $ (117) $ (136) Cash receipts (payments) for income taxes, net of payments 1 10 Non-cash Investment segment contributions from non-controlling interests — 1,240 Partnership distributions payable (499) (437)

Subsequent Events

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	18. Subsequent Events Icahn Enterprises LP Unit Distribution On May 5, 2021, the Board of Directors of the general partner of Icahn Enterprises declared a quarterly distribution in the amount of $2.00 per depositary unit, which will be paid on or about June 30, 2021 to depositary unitholders of record at the close of business on June 1, 2021. Depositary unitholders will have until June 18, 2021 to make a timely election to receive either cash or additional depositary units. If a unitholder does not make a timely election, it will automatically be deemed to have elected to receive the distribution in additional depositary units. Depositary unitholders who elect to receive (or who are deemed to have elected to receive) additional depositary units will receive units valued at the volume weighted average trading price of the units during the 5 consecutive trading days ending June 25, 2021. Icahn Enterprises will make a cash payment in lieu of issuing fractional depositary units to any unitholders electing to receive (or who are deemed to have elected to receive) depositary units. Debt Issuance In April 2021, we refinanced certain of our senior unsecured notes. Refer to Note 10, “Debt,” for further discussion.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation Our condensed consolidated financial statements include the accounts of (i) Icahn Enterprises and Icahn Enterprises Holdings and (ii) the wholly and majority owned subsidiaries of Icahn Enterprises and Icahn Enterprises Holdings, in addition to variable interest entities (“VIEs”) in which we are the primary beneficiary. In evaluating whether we have a controlling financial interest in entities that we consolidate, we consider the following: (1) for voting interest entities, including limited partnerships and similar entities that are not VIEs, we consolidate these entities in which we own a majority of the voting interests; and (2) for VIEs, we consolidate these entities in which we are the primary beneficiary. See below for a discussion of our VIEs. Kick-out rights, which are the rights underlying the limited partners’ ability to dissolve the limited partnership or otherwise remove the general partners, held through voting interests of partnerships and similar entities that are not VIEs are considered the equivalent of the equity interests of corporations that are not VIEs. Except for our Investment segment and Holding Company, for equity investments in which we own 50% or less but greater than 20%, we generally account for such investments using the equity method. All other equity investments are accounted for at fair value.
Reclassifications	Reclassifications Certain reclassifications from the prior year presentation have been made to conform to the current year presentation, which did not have an impact on previously reported net income and equity and are not deemed material.
Consolidated Variable Interest Entities	Consolidated Variable Interest Entities The following is a discussion of variable interest entities in which we are deemed to be the primary beneficiary and in which we therefore consolidate. Icahn Enterprises Holdings We determined that Icahn Enterprises Holdings is a VIE because it is a limited partnership that lacks both substantive kick-out and participating rights. Although Icahn Enterprises is not the general partner of Icahn Enterprises Holdings, Icahn Enterprises is deemed to be the primary beneficiary of Icahn Enterprises Holdings principally based on its 99% limited partner interest in Icahn Enterprises Holdings, as well as our related party relationship with the general partner, and therefore continues to consolidate Icahn Enterprises Holdings. The condensed consolidated financial statements of Icahn Enterprises Holdings are included in this Report. The balances with respect to Icahn Enterprises Holdings’ consolidated VIEs are discussed below, comprising the Investment Funds, CVR Partners and Viskase’s joint venture. Investment We determined that each of the Investment Funds are considered VIEs because these limited partnerships lack both substantive kick-out and participating rights. Because we have a general partner interest in each of the Investment Funds and have significant limited partner interests in each of the Investment Funds, coupled with our significant exposure to losses and benefits in each of the Investment Funds, we are the primary beneficiary of each of the Investment Funds and therefore continue to consolidate each of the Investment Funds. Energy CVR Partners is considered a VIE because it is a limited partnership that lacks both substantive kick-out and participating rights. In addition, CVR Energy also concluded that, based upon its general partner’s roles and rights in CVR Partners as afforded by CVR Partners’ partnership agreement, coupled with its exposure to losses and benefits in CVR Partners through its significant limited partner interest, intercompany credit facilities and services agreements, it is the primary beneficiary of CVR Partners. Food Packaging Viskase holds a variable interest in a joint venture for which Viskase is the primary beneficiary. Viskase’s interest in the joint venture includes a 50% equity interest and also relates to the sales, operations, administrative and financial support to the joint venture through providing many of the assets used in its business. The following table includes balances of assets and liabilities of VIE’s included in Icahn Enterprises Holdings’ condensed consolidated balance sheets. March 31, December 31, 2021 2020 (in millions) Cash and cash equivalents $ 64 $ 31 Cash held at consolidated affiliated partnerships and restricted cash 1,078 1,558 Investments 10,926 8,239 Due from brokers 4,234 3,437 Accounts receivable, net 15 37 Inventories, net 57 42 Property, plant and equipment, net 1,025 1,042 Unrealized gain on derivative contracts 849 785 Intangible assets, net 227 232 Other assets 124 107 Accounts payable 22 25 Accrued expenses and other liabilities 151 70 Deferred tax liabilities 1 1 Unrealized loss on derivative contracts 521 622 Securities sold, not yet purchased, at fair value 4,863 2,521 Due to brokers 1,509 1,618 Debt 637 636
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying values of cash and cash equivalents, cash held at consolidated affiliated partnerships and restricted cash, accounts receivable, due from brokers, accounts payable, accrued expenses and other liabilities and due to brokers are deemed to be reasonable estimates of their fair values because of their short-term nature. See Note 4, “Investments,” and Note 5, “Fair Value Measurements,” for a detailed discussion of our investments and other non-financial assets and/or liabilities. The fair value of our long-term debt is based on the quoted market prices for the same or similar issues or on the current rates offered to us for debt of the same remaining maturities. The carrying value and estimated fair value of our long-term debt as of March 31, 2021 was approximately $8.1 billion and $8.1 billion, respectively. The carrying value and estimated fair value of our long-term debt as of December 31, 2020 was approximately $8.1 billion and $8.2 billion, respectively.
Cash Flow	Cash Flow Cash and cash equivalents and restricted cash and restricted cash equivalents on our condensed consolidated statements of cash flows is comprised of (i) cash and cash equivalents and (ii) cash held at consolidated affiliated partnerships and restricted cash.
Cash Held at Consolidated Affiliated Partnerships and Restricted Cash	Cash Held at Consolidated Affiliated Partnerships and Restricted Cash Our cash held at consolidated affiliated partnerships balance was $142 million and $686 million as of March 31, 2021 and December 31, 2020, respectively. Cash held at consolidated affiliated partnerships relates to our Investment segment and consists of cash and cash equivalents held by the Investment Funds that, although not legally restricted, are not available to fund the general liquidity needs of the Investment segment or Icahn Enterprises. Our restricted cash balance was $992 million and $926 million as of March 31, 2021 and December 31, 2020, respectively. Restricted cash primarily relates to our Investment segment’s cash pledged and held for margin requirements on derivative transactions.
Revenue From Contracts With Customers and Contract Balances	Revenue From Contracts With Customers and Contract Balances Due to the nature of our business, we derive revenue from various sources in various industries. With the exception of all of our Investment segment’s and our Holding Company’s revenues, and our Real Estate segment’s leasing revenue, our revenue is generally derived from contracts with customers in accordance with U.S. GAAP. Such revenue from contracts with customers is included in net sales and other revenues from operations in the condensed consolidated statements of operations, however, our Real Estate segment’s leasing revenue, as disclosed in Note 9, “Leases,” is also included in other revenues from operations. Related contract assets are included in accounts receivable, net or other assets and related contract liabilities are included in accrued expenses and other liabilities in the condensed consolidated balance sheets. Our disaggregation of revenue information includes our net sales and other revenues from operations for each of our reporting segments as well as additional disaggregation of revenue information for our Energy and Automotive segments. See Note 12, “Segment Reporting,” for our complete disaggregation of revenue information. In addition, we disclose additional information with respect to revenue from contracts with customers and contract balances for our Energy and Automotive segments below. Energy Our Energy segment’s deferred revenue is a contract liability that primarily relates to fertilizer sales contracts requiring customer prepayment prior to product delivery to guarantee a price and supply of nitrogen fertilizer. Deferred revenue is recorded at the point in time in which a prepaid contract is legally enforceable and the associated right to consideration is unconditional prior to transferring product to the customer. An associated receivable is recorded for uncollected prepaid contract amounts. Contracts requiring prepayment are generally short-term in nature and, as discussed above, revenue is recognized at the point in time in which the customer obtains control of the product. Our Energy segment had deferred revenue of $40 million and $31 million as of March 31, 2021 and December 31, 2020, respectively. For the three months ended March 31, 2021 and 2020, our Energy segment recorded revenue of $8 million and $6 million, respectively, with respect to deferred revenue outstanding as of the beginning of each respective period. As of March 31, 2021, our Energy segment had $6 million of remaining performance obligations for contracts with an original expected duration of more than one year. Our Energy segment expects to recognize approximately $3 million of these performance obligations as revenue by the end of 2021 and the remaining balance thereafter. Automotive Our Automotive segment has deferred revenue with respect to extended warranty plans of $40 million and $41 million as of March 31, 2021 and December 31, 2020, respectively, which are included in accrued expenses and other liabilities on the condensed consolidated balance sheets. For the three months ended March 31, 2021 and 2020, our Automotive segment recorded revenue of $6 million and $6 million, respectively, with respect to deferred revenue outstanding as of the beginning of each respective period.
Adoption of New Accounting Standards	Adoption of New Accounting Standards In December 2019, the Financial Account Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Simplifying the Accounting for Income Taxes Income Taxes standard on January 1, 2021. Certain amendments in this ASU are applied using a retrospective approach and others using the prospective approach. The adoption of this standard did not have a significant impact on our condensed consolidated financial statements.
Recently Issued Accounting Standards	Recently Issued Accounting Standards In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting Reference Rate Reform

Fair Value Measurements (Polici

Fair Value Measurements (Policies)	3 Months Ended
Fair Value Measurements (Policies)	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Determination of when transfers between fair value levels occurs	In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the investments’, non-financial assets’ and/or liabilities’ level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the investment. Significant transfers, if any, between the levels within the fair value hierarchy are recognized at the beginning of the reporting period when changes in circumstances require such transfers.

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, Net (Policies)	3 Months Ended
Goodwill and Intangible Assets, Net (Policies)	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets	We utilize the straight-line method of amortization, recognized over the estimated useful lives of the assets

Segment Reporting (Policies)

Segment Reporting (Policies)	3 Months Ended
Segment Reporting (Policies)	Mar. 31, 2021
Segment Reporting [Abstract]
Determination of what constitutes a segment	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.

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2021
Icahn Enterprises Holdings
Variable Interest Entity [Line Items]
Variable interest entities	March 31, December 31, 2021 2020 (in millions) Cash and cash equivalents $ 64 $ 31 Cash held at consolidated affiliated partnerships and restricted cash 1,078 1,558 Investments 10,926 8,239 Due from brokers 4,234 3,437 Accounts receivable, net 15 37 Inventories, net 57 42 Property, plant and equipment, net 1,025 1,042 Unrealized gain on derivative contracts 849 785 Intangible assets, net 227 232 Other assets 124 107 Accounts payable 22 25 Accrued expenses and other liabilities 151 70 Deferred tax liabilities 1 1 Unrealized loss on derivative contracts 521 622 Securities sold, not yet purchased, at fair value 4,863 2,521 Due to brokers 1,509 1,618 Debt 637 636

Investments (Tables)

Investments (Tables)	3 Months Ended
Investments (Tables)	Mar. 31, 2021
Investment Segment
Schedule of Investments [Line Items]
Investments	March 31, December 31, 2021 2020 (in millions) Assets Investments: Equity securities: Consumer, non-cyclical $ 2,079 $ 1,548 Consumer, cyclical 2,572 2,073 Energy 3,703 2,654 Utilities 658 107 Technology 1,589 1,578 Industrial 194 158 10,795 8,118 Corporate debt securities 131 121 $ 10,926 $ 8,239 Liabilities Securities sold, not yet purchased, at fair value: Equity securities: Consumer, non-cyclical $ 971 $ 424 Consumer, cyclical 405 572 Energy 3,091 1,476 Utilities 396 49 $ 4,863 $ 2,521
Other Segments and Holding Company
Schedule of Investments [Line Items]
Investments	March 31, December 31, 2021 2020 (in millions) Equity method investments $ 108 $ 120 Held to maturity debt investments measured at amortized cost 20 20 Other investments measured at fair value 426 534 $ 554 $ 674

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
Fair Value Measurements (Tables)	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Assets measured at fair value on a recurring basis	March 31, 2021 December 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (in millions) Assets Investments (Note 4) $ 11,128 $ 171 $ 41 $ 11,340 $ 8,546 $ 174 $ 41 $ 8,761 Derivative contracts, at fair value (Note 6) — 855 — 855 — 785 — 785 $ 11,128 $ 1,026 $ 41 $ 12,195 $ 8,546 $ 959 $ 41 $ 9,546 Liabilities Securities sold, not yet purchased (Note 4) $ 4,863 $ — $ — $ 4,863 $ 2,521 $ — $ — $ 2,521 Derivative contracts, at fair value (Note 6) — 584 — 584 11 628 — 639 Other liabilities — 342 — 342 — 214 — 214 $ 4,863 $ 926 $ — $ 5,789 $ 2,532 $ 842 $ — $ 3,374

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
Financial Instruments (Tables)	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Notional exposure of derivative instruments	March 31, 2021 December 31, 2020 Long Notional Exposure Short Notional Exposure Long Notional Exposure Short Notional Exposure (in millions) Primary underlying risk: Equity contracts $ 217 $ 4,074 $ — $ 8,623 Credit contracts (1) 8 4,113 — 2,099 (1) The short notional amount on our credit default swap positions was approximately $8.2 billion at March 31, 2021. However, because credit spreads cannot compress below zero , our downside short notional exposure to loss is approximately $4.1 billion as of March 31, 2021. The short notional amount on our credit default swap positions was approximately $6.3 billion as of December 31, 2020. However, because credit spreads cannot compress below zero , our downside short notional exposure to loss is approximately $2.1 billion as of December 31, 2020.
Fair value and income recognized for derivatives not designated as hedging instruments	Asset Derivatives Liability Derivatives March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 (in millions) Equity contracts $ 11 $ 4 $ 737 $ 852 Credit contracts 1,056 1,012 2 1 Sub-total 1,067 1,016 739 853 Netting across contract types (1) (218) (231) (218) (231) Total (1) $ 849 $ 785 $ 521 $ 622 (1) Excludes netting of cash collateral received and posted. The total collateral posted at March 31, 2021 and December 31, 2020 was $936 million and $872 million, respectively, across all counterparties, which are included in cash held at consolidated affiliated partnerships and restricted cash in the condensed consolidated balance sheets. The following table presents the amount of gain (loss) recognized in the condensed consolidated statements of operations for our Investment segment’s derivatives not designated as hedging instruments: Gain (Loss) Recognized in Income (1) Three Months Ended March 31, 2021 2020 (in millions) Equity contracts $ (324) $ 1,468 Credit contracts 39 806 $ (285) $ 2,274 (1) Gains (losses) recognized on derivatives are classified in net gain (loss) from investment activities in our condensed consolidated statements of operations for our Investment segment.

Inventories, Net (Tables)

Inventories, Net (Tables)	3 Months Ended
Inventories, Net (Tables)	Mar. 31, 2021
Inventory, Net [Abstract]
Inventories, net	March 31, December 31, 2021 2020 (in millions) Raw materials $ 235 $ 183 Work in process 90 83 Finished goods 1,234 1,314 $ 1,559 $ 1,580

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, Net (Tables)	3 Months Ended
Goodwill and Intangible Assets, Net (Tables)	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	March 31, 2021 December 31, 2020 Gross Net Gross Net Carrying Accumulated Carrying Carrying Accumulated Carrying Amount Impairment Value Amount Impairment Value (in millions) Automotive $ 337 $ (87) $ 250 $ 337 $ (87) $ 250 Food Packaging 6 — 6 6 — 6 Metals 4 — 4 4 — 4 Home Fashion 24 (3) 21 24 (3) 21 Pharma 13 — 13 13 — 13 $ 384 $ (90) $ 294 $ 384 $ (90) $ 294
Intangible assets, net	March 31, 2021 December 31, 2020 Gross Net Gross Net Carrying Accumulated Carrying Carrying Accumulated Carrying Amount Amortization Value Amount Amortization Value (in millions) Definite-lived intangible assets: Customer relationships $ 398 $ (181) $ 217 $ 399 $ (176) $ 223 Developed technology 254 (13) 241 254 (6) 248 Other 177 (75) 102 269 (163) 106 $ 829 $ (269) $ 560 $ 922 $ (345) $ 577 Indefinite-lived intangible assets $ 83 $ 83 Intangible assets, net $ 643 $ 660

Leases (Tables)

Leases (Tables)	3 Months Ended
Leases (Tables)	Mar. 31, 2021
Leases [Abstract]
Lessee right-of-use assets and liabilities	March 31, December 31, 2021 2020 (in millions) Operating Leases: Right-of-use assets (other assets) $ 540 $ 552 Lease liabilities (accrued expenses and other liabilities) 557 569 Financing Leases: Right-of-use assets (property, plant and equipment, net) 65 65 Lease liabilities (debt) 82 81
Operating lease term and discount rate	Right-Of-Use Lease Discount Operating Leases as of March 31, 2021 Assets Liabilities Lease Term Rate (in millions) Energy $ 41 $ 42 4.5 years 5.5% Automotive 423 442 4.6 years 5.7% Food Packaging 30 34 11.1 years 7.4% Other segments and Holding Company 46 39 $ 540 $ 557 Right-Of-Use Lease Discount Operating Leases as of December 31, 2020 Assets Liabilities Lease Term Rate (in millions) Energy $ 37 $ 38 3.1 years 5.5% Automotive 436 456 4.6 years 5.7% Food Packaging 32 35 11.1 years 7.4% Other segments and Holding Company 47 40 $ 552 $ 569

Debt (Tables)

Debt (Tables)	3 Months Ended
Debt (Tables)	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	March 31, December 31, 2021 2020 (in millions) Holding Company: 6.250% senior unsecured notes due 2022 $ 456 $ 1,209 6.750% senior unsecured notes due 2024 499 499 4.750% senior unsecured notes due 2024 1,106 1,106 6.375% senior unsecured notes due 2025 748 748 6.250% senior unsecured notes due 2026 1,250 1,250 5.250% senior unsecured notes due 2027 999 999 4.375% senior unsecured notes due 2029 747 — 5,805 5,811 Reporting Segments: Energy 1,691 1,691 Automotive 352 368 Food Packaging 156 151 Metals 28 16 Real Estate 1 1 Home Fashion 23 21 2,251 2,248 Total Debt $ 8,056 $ 8,059

Net Income Per LP Unit (Tables)

Net Income Per LP Unit (Tables)	3 Months Ended
Net Income Per LP Unit (Tables)	Mar. 31, 2021
Earnings Per Unit [Abstract]
Net income per LP unit	Three Months Ended March 31, 2021 2020 (in millions, except per unit amounts) Net income (loss) attributable to Icahn Enterprises $ 162 $ (1,384) Net income (loss) attributable to Icahn Enterprises allocated to limited partners (98.01% allocation) $ 159 $ (1,356) Basic income (loss) per LP unit $ 0.66 $ (6.34) Basic weighted average LP units outstanding 242 214 Diluted income (loss) per LP unit $ 0.65 $ (6.34) Diluted weighted average LP units outstanding 245 214

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
Segment Reporting (Tables)	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Condensed statements of operations by reporting segment	Three Months Ended March 31, 2021 Investment Energy Automotive Food Packaging Metals Real Estate Home Fashion Pharma Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 1,463 $ 456 $ 101 $ 120 $ 8 $ 41 $ 29 $ — $ 2,218 Other revenues from operations — — 142 — — 9 — 1 — 152 Net gain from investment activities 939 62 — — — — — — 5 1,006 Interest and dividend income 25 — — — — — — — 1 26 Other (loss) income, net (21) 7 (1) (6) 1 — — — 2 (18) 943 1,532 597 95 121 17 41 30 8 3,384 Expenses: Cost of goods sold — 1,579 313 80 112 7 34 14 — 2,139 Other expenses from operations — — 112 — — 6 — — — 118 Selling, general and administrative 5 35 227 13 4 5 11 8 8 316 Restructuring, net — — — — — — — — — — Interest expense 76 31 3 2 — — — — 83 195 81 1,645 655 95 116 18 45 22 91 2,768 Income (loss) before income tax benefit (expense) 862 (113) (58) — 5 (1) (4) 8 (83) 616 Income tax benefit (expense) — 46 12 (1) — — — — (74) (17) Net income (loss) 862 (67) (46) (1) 5 (1) (4) 8 (157) 599 Less: net income (loss) attributable to non-controlling interests 471 (34) — — — — — — — 437 Net income (loss) attributable to Icahn Enterprises $ 391 $ (33) $ (46) $ (1) $ 5 $ (1) $ (4) $ 8 $ (157) $ 162 Supplemental information: Capital expenditures $ — $ 34 $ 8 $ 2 $ 1 $ 1 $ 1 $ — $ — $ 47 Depreciation and amortization $ — $ 82 $ 22 $ 7 $ 4 $ 3 $ 2 $ 7 $ — $ 127 Three Months Ended March 31, 2020 Investment Energy Automotive Food Packaging Metals Real Estate Home Fashion Pharma Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 1,130 $ 492 $ 98 $ 86 $ 4 $ 50 $ — $ — $ 1,860 Other revenues from operations — — 143 — — 18 — — — 161 Net (loss) gain from investment activities (1,816) 30 — — — — — — (342) (2,128) Interest and dividend income 52 3 — — — — — — 9 64 Other (loss) income, net (1) (6) 1 (7) — — — — (4) (17) (1,765) 1,157 636 91 86 22 50 — (337) (60) Expenses: Cost of goods sold — 1,250 352 78 85 4 41 — — 1,810 Other expenses from operations — — 123 — — 12 — — — 135 Selling, general and administrative (6) 31 246 12 4 5 11 — 5 308 Restructuring, net — — 2 — — — — — — 2 Interest expense 43 29 5 4 — — — — 90 171 37 1,310 728 94 89 21 52 — 95 2,426 (Loss) income before income tax benefit (expense) (1,802) (153) (92) (3) (3) 1 (2) — (432) (2,486) Income tax benefit (expense) — 40 19 (1) — — — — 122 180 Net (loss) income (1,802) (113) (73) (4) (3) 1 (2) — (310) (2,306) Less: net (loss) income attributable to non-controlling interests (876) (45) — (1) — — — — — (922) Net (loss) income attributable to Icahn Enterprises $ (926) $ (68) $ (73) $ (3) $ (3) $ 1 $ (2) $ — $ (310) $ (1,384) Supplemental information: Capital expenditures $ — $ 35 $ 9 $ 2 $ 1 $ 4 $ 2 $ — $ — $ 53 Depreciation and amortization $ — $ 80 $ 24 $ 6 $ 5 $ 4 $ 2 $ — $ — $ 121
Condensed balance sheets by reporting segment	March 31, 2021 Investment Energy Automotive Food Metals Real Home Pharma Holding Consolidated (in millions) ASSETS Cash and cash equivalents $ 15 $ 707 $ 42 $ 13 $ — $ 27 $ 2 $ 2 $ 1,134 $ 1,942 Cash held at consolidated affiliated partnerships and restricted cash 1,078 7 18 — 2 10 3 — 16 1,134 Investments 10,926 315 28 — — 15 — — 196 11,480 Accounts receivable, net — 226 119 86 73 11 28 29 — 572 Inventories, net — 378 962 89 33 — 86 11 — 1,559 Property, plant and equipment, net — 2,774 845 152 81 308 64 — 7 4,231 Goodwill and intangible assets, net — 233 370 29 9 — 21 275 — 937 Other assets 5,188 277 679 102 35 123 20 5 13 6,442 Total assets $ 17,207 $ 4,917 $ 3,063 $ 471 $ 233 $ 494 $ 224 $ 322 $ 1,366 $ 28,297 LIABILITIES AND EQUITY Accounts payable, accrued expenses and other liabilities $ 2,100 $ 1,450 $ 1,153 $ 163 $ 72 $ 50 $ 64 $ 52 $ 692 $ 5,796 Securities sold, not yet purchased, at fair value 4,863 — — — — — — — — 4,863 Debt — 1,691 352 156 28 1 23 — 5,805 8,056 Total liabilities 6,963 3,141 1,505 319 100 51 87 52 6,497 18,715 Equity attributable to Icahn Enterprises 4,675 1,006 1,558 139 133 443 137 270 (5,131) 3,230 Equity attributable to non-controlling interests 5,569 770 — 13 — — — — — 6,352 Total equity 10,244 1,776 1,558 152 133 443 137 270 (5,131) 9,582 Total liabilities and equity $ 17,207 $ 4,917 $ 3,063 $ 471 $ 233 $ 494 $ 224 $ 322 $ 1,366 $ 28,297 December 31, 2020 Investment Energy Automotive Food Metals Real Home Pharma Holding Consolidated (in millions) ASSETS Cash and cash equivalents $ 14 $ 667 $ 25 $ 16 $ 1 $ 21 $ 2 $ 8 $ 925 $ 1,679 Cash held at consolidated affiliated partnerships and restricted cash 1,558 7 20 — 2 8 6 — 11 1,612 Investments 8,239 253 40 — — 15 — — 366 8,913 Accounts receivable, net — 178 109 88 63 10 33 20 — 501 Inventories, net — 298 1,080 89 22 — 81 10 — 1,580 Property, plant and equipment, net — 2,747 857 160 82 310 65 — 7 4,228 Goodwill and intangible assets, net — 238 372 31 9 1 21 282 — 954 Other assets 4,308 335 582 103 38 121 19 6 6 5,518 Total assets $ 14,119 $ 4,723 $ 3,085 $ 487 $ 217 $ 486 $ 227 $ 326 $ 1,315 $ 24,985 LIABILITIES AND EQUITY Accounts payable, accrued expenses and other liabilities $ 2,256 $ 1,189 $ 1,163 $ 182 $ 73 $ 45 $ 65 $ 64 $ 110 $ 5,147 Securities sold, not yet purchased, at fair value 2,521 — — — — — — — — 2,521 Debt — 1,691 368 151 16 1 21 — 5,811 8,059 Total liabilities 4,777 2,880 1,531 333 89 46 86 64 5,921 15,727 Equity attributable to Icahn Enterprises 4,283 1,039 1,554 142 128 440 141 262 (4,606) 3,383 Equity attributable to non-controlling interests 5,059 804 — 12 — — — — — 5,875 Total equity 9,342 1,843 1,554 154 128 440 141 262 (4,606) 9,258 Total liabilities and equity $ 14,119 $ 4,723 $ 3,085 $ 487 $ 217 $ 486 $ 227 $ 326 $ 1,315 $ 24,985
Energy Segment
Disaggregation of Revenue [Line Items]
Disaggregation of revenue	Three Months Ended March 31, 2021 2020 Petroleum products $ 1,402 $ 1,055 Nitrogen fertilizer products 61 75 $ 1,463 $ 1,130
Automotive Segment
Disaggregation of Revenue [Line Items]
Disaggregation of revenue	Three Months Ended March 31, 2021 2020 Automotive services $ 322 $ 309 Aftermarket parts sales 276 326 $ 598 $ 635

Changes in Accumulated Other _2

Changes in Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
Changes in Accumulated Other Comprehensive Loss (Tables)	Mar. 31, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of changes in accumulated other comprehensive loss	Translation Post-Retirement Adjustments, Net Benefits and of Tax Other, Net of Tax Total (in millions) Balance, December 31, 2020 $ (31) $ (49) $ (80) Other comprehensive loss before reclassifications, net of tax (1) — (1) Reclassifications from accumulated other comprehensive loss to earnings, net of tax — — — Other comprehensive loss, net of tax (1) — (1) Balance, March 31, 2021 $ (32) $ (49) $ (81)

Other Income, Net (Tables)

Other Income, Net (Tables)	3 Months Ended
Other Income, Net (Tables)	Mar. 31, 2021
Other Income and Expenses [Abstract]
Schedule of other income	Three Months Ended March 31, 2021 2020 (in millions) Dividend expense $ (21) $ (1) Equity earnings from non-consolidated affiliates 1 2 Gain on disposition of assets, net — 1 Foreign currency transaction loss (6) (6) Gain (loss) on extinguishment of debt 2 (12) Other 6 (1) $ (18) $ (17)

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	3 Months Ended
Supplemental Cash Flow Information (Tables)	Mar. 31, 2021
Supplemental Cash Flow Information [Abstract]
Supplemental cash flow information	Three Months Ended March 31, 2021 2020 (in millions) Cash payments for interest, net of amounts capitalized $ (117) $ (136) Cash receipts (payments) for income taxes, net of payments 1 10 Non-cash Investment segment contributions from non-controlling interests — 1,240 Partnership distributions payable (499) (437)

Description of Business (Detail

Description of Business (Details) $ in Billions	3 Months Ended
Description of Business (Details) $ in Billions	Mar. 31, 2021USD ($)productitemcompany	Dec. 31, 2020USD ($)
Description Of Business [Line Items]
Number of operating companies \| company	2
Icahn Enterprises Holdings
Description Of Business [Line Items]
Percentage of equity ownership in operating subsidiary	99.00%
CVR Refining
Description Of Business [Line Items]
Percentage of equity ownership in operating subsidiary	36.00%
Viskase \| Private Placement
Description Of Business [Line Items]
Percentage of equity ownership in operating subsidiary	89.00%
Investment Funds
Description Of Business [Line Items]
Fair value of interest in subsidiary \| $	$ 4.7	$ 4.3
Icahn Enterprises G.P.
Description Of Business [Line Items]
Aggregate general partner ownership interest of parent and operating subsidiary	1.99%
Icahn Enterprises G.P. \| Icahn Enterprises Holdings
Description Of Business [Line Items]
General partner ownership percentage in Icahn Enterprises	1.00%
Mr. Icahn and affiliates \| Icahn Enterprises Holdings
Description Of Business [Line Items]
Affiliate ownership interest in Icahn Enterprises	91.00%
Energy Segment \| CVR Energy
Description Of Business [Line Items]
Percentage of equity ownership in operating subsidiary	71.00%
Pharma Segment \| Vivus
Description Of Business [Line Items]
Number of approved therapies \| item	2
Number of product candidate in active clinical development \| product	1

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Accounting Policies [Line Items]
Assets	$ 28,297		$ 24,985
Liabilities	18,715		15,727
Carrying value	8,056		8,059
Fair value of long-term debt	8,100		8,200
Cash held at consolidated affiliated partnerships and restricted cash	1,134		1,612
Cash held at consolidated affiliated partnerships
Accounting Policies [Line Items]
Cash held at consolidated affiliated partnerships and restricted cash	142		686
Restricted cash
Accounting Policies [Line Items]
Cash held at consolidated affiliated partnerships and restricted cash	992		926
Energy Segment
Accounting Policies [Line Items]
Assets	4,917		4,723
Liabilities	3,141		2,880
Carrying value	1,691		1,691
Cash held at consolidated affiliated partnerships and restricted cash	7		7
Deferred revenue	40		31
Recorded revenue	8	$ 6
Revenue, remaining performance obligation	6
Revenue, current portion of remaining performance obligation	3
Automotive Segment
Accounting Policies [Line Items]
Assets	3,063		3,085
Liabilities	1,505		1,531
Carrying value	352		368
Cash held at consolidated affiliated partnerships and restricted cash	18		20
Deferred revenue	40		41
Recorded revenue	6	$ 6
Real Estate Segment
Accounting Policies [Line Items]
Assets	494		486
Liabilities	51		46
Carrying value	1		1
Cash held at consolidated affiliated partnerships and restricted cash	10		8
Food Packaging Segment
Accounting Policies [Line Items]
Assets	471		487
Liabilities	319		333
Carrying value	156		151
Icahn Enterprises Holdings
Accounting Policies [Line Items]
Assets	28,297		24,985
Liabilities	18,717		15,729
Carrying value	8,058		8,061
Cash held at consolidated affiliated partnerships and restricted cash	1,134		1,612
Cash and cash equivalents \| Icahn Enterprises Holdings \| Variable Interest Entity, Primary Beneficiary
Accounting Policies [Line Items]
Assets	64		31
Cash held at consolidated affiliated partnerships and restricted cash \| Icahn Enterprises Holdings \| Variable Interest Entity, Primary Beneficiary
Accounting Policies [Line Items]
Assets	1,078		1,558
Investments. \| Icahn Enterprises Holdings \| Variable Interest Entity, Primary Beneficiary
Accounting Policies [Line Items]
Assets	10,926		8,239
Due from brokers \| Icahn Enterprises Holdings \| Variable Interest Entity, Primary Beneficiary
Accounting Policies [Line Items]
Assets	4,234		3,437
Accounts receivable, net \| Icahn Enterprises Holdings \| Variable Interest Entity, Primary Beneficiary
Accounting Policies [Line Items]
Assets	15		37
Inventories, net \| Icahn Enterprises Holdings \| Variable Interest Entity, Primary Beneficiary
Accounting Policies [Line Items]
Assets	57		42
Property, plant and equipment, net. \| Icahn Enterprises Holdings \| Variable Interest Entity, Primary Beneficiary
Accounting Policies [Line Items]
Assets	1,025		1,042
Unrealized gain on derivative contracts \| Icahn Enterprises Holdings \| Variable Interest Entity, Primary Beneficiary
Accounting Policies [Line Items]
Assets	849		785
Intangible assets, net \| Icahn Enterprises Holdings \| Variable Interest Entity, Primary Beneficiary
Accounting Policies [Line Items]
Assets	227		232
Other assets. \| Icahn Enterprises Holdings \| Variable Interest Entity, Primary Beneficiary
Accounting Policies [Line Items]
Assets	124		107
Accounts payable. \| Icahn Enterprises Holdings \| Variable Interest Entity, Primary Beneficiary
Accounting Policies [Line Items]
Liabilities	22		25
Accrued expenses and other liabilities \| Icahn Enterprises Holdings \| Variable Interest Entity, Primary Beneficiary
Accounting Policies [Line Items]
Liabilities	151		70
Deferred tax liabilities \| Icahn Enterprises Holdings \| Variable Interest Entity, Primary Beneficiary
Accounting Policies [Line Items]
Liabilities	1		1
Unrealized loss on derivative contracts \| Icahn Enterprises Holdings \| Variable Interest Entity, Primary Beneficiary
Accounting Policies [Line Items]
Liabilities	521		622
Securities sold, not yet purchased, at fair value \| Icahn Enterprises Holdings \| Variable Interest Entity, Primary Beneficiary
Accounting Policies [Line Items]
Liabilities	4,863		2,521
Due to brokers \| Icahn Enterprises Holdings \| Variable Interest Entity, Primary Beneficiary
Accounting Policies [Line Items]
Liabilities	1,509		1,618
Debt \| Icahn Enterprises Holdings \| Variable Interest Entity, Primary Beneficiary
Accounting Policies [Line Items]
Liabilities	$ 637		$ 636
Icahn Enterprises Holdings
Accounting Policies [Line Items]
Percentage of equity ownership in operating subsidiary	99.00%
Viskase \| Variable Interest Entity, Primary Beneficiary
Accounting Policies [Line Items]
Percentage of equity ownership in operating subsidiary	50.00%

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Mr. Icahn and affiliates \| Investment in funds
Related Party Transaction [Line Items]
Amount of transaction with related party		$ 1,241
Related party transaction, balance	$ 5,500		$ 5,000
Percentage fair value of investments in Funds that is attributable to Mr. Icahn	54.00%		54.00%
Consolidated VIE \| Expense sharing arrangement
Related Party Transaction [Line Items]
Amount of transaction with related party	$ 5	(6)
Reduction in amount of transaction with related party		8
Hertz (equity method investee) \| Receipts and revenue from related party
Related Party Transaction [Line Items]
Amount of transaction with related party		$ 14
767 Leasing \| Automotive Segment
Related Party Transaction [Line Items]
Investment in non-consolidated VIE during the period	11
Investment balance in non-consolidated VIE as of end of period period	28		$ 40
Brett Icahn
Related Party Transaction [Line Items]
Amount contributed in accordance with manager agreement	40
Investment funds total fair value	$ 59

Investments - Investment Segmen

Investments - Investment Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Schedule of Investments [Line Items]
Investments	$ 11,480		$ 8,913
Securities sold, not yet purchased, at fair value	4,863		2,521
Investment Segment
Schedule of Investments [Line Items]
Investments	10,926		8,239
Securities sold, not yet purchased, at fair value	4,863		2,521
Unrealized gain (loss) on debt and equity securities still held	1,122	$ (4,170)
Investment Segment \| Equity securities:
Schedule of Investments [Line Items]
Investments	10,795		8,118
Investment Segment \| Consumer, non-cyclical
Schedule of Investments [Line Items]
Investments	2,079		1,548
Securities sold, not yet purchased, at fair value	971		424
Investment Segment \| Consumer, cyclical
Schedule of Investments [Line Items]
Investments	2,572		2,073
Securities sold, not yet purchased, at fair value	405		572
Investment Segment \| Energy
Schedule of Investments [Line Items]
Investments	3,703		2,654
Securities sold, not yet purchased, at fair value	3,091		1,476
Investment Segment \| Utilities
Schedule of Investments [Line Items]
Investments	658		107
Securities sold, not yet purchased, at fair value	396		49
Investment Segment \| Technology
Schedule of Investments [Line Items]
Investments	1,589		1,578
Investment Segment \| Industrial
Schedule of Investments [Line Items]
Investments	194		158
Investment Segment \| Corporate debt securities
Schedule of Investments [Line Items]
Investments	$ 131		$ 121

Investments - Other Segments an

Investments - Other Segments and Holding Company (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Schedule of Investments [Line Items]
Investments	$ 11,480		$ 8,913
Other Segments and Holding Company
Schedule of Investments [Line Items]
Investments	554		674
Unrealized gains (losses) that relate to equity securities still held	58	$ (312)
Other Segments and Holding Company \| Equity method investments
Schedule of Investments [Line Items]
Investments	108		120
Other Segments and Holding Company \| Held to maturity debt investments measured at amortized cost
Schedule of Investments [Line Items]
Investments	20		20
Other Segments and Holding Company \| Other investments measured at fair value
Schedule of Investments [Line Items]
Investments	$ 426		$ 534

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Measurement (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Assets
Derivative contracts, at fair value	$ 855	$ 785
Liabilities
Securities sold, not yet purchased	4,863	2,521
Derivative contracts at fair value	584	639
Recurring measurement
Assets
Investments	11,340	8,761
Derivative contracts, at fair value	855	785
Assets, Fair Value Disclosure	12,195	9,546
Liabilities
Securities sold, not yet purchased	4,863	2,521
Derivative contracts at fair value	584	639
Other liabilities	342	214
Financial and Nonfinancial Liabilities, Fair Value Disclosure	5,789	3,374
Recurring measurement \| Level 1
Assets
Investments	11,128	8,546
Assets, Fair Value Disclosure	11,128	8,546
Liabilities
Securities sold, not yet purchased	4,863	2,521
Derivative contracts at fair value		11
Financial and Nonfinancial Liabilities, Fair Value Disclosure	4,863	2,532
Recurring measurement \| Level 2
Assets
Investments	171	174
Derivative contracts, at fair value	855	785
Assets, Fair Value Disclosure	1,026	959
Liabilities
Derivative contracts at fair value	584	628
Other liabilities	342	214
Financial and Nonfinancial Liabilities, Fair Value Disclosure	926	842
Recurring measurement \| Level 3
Assets
Investments	41	41
Assets, Fair Value Disclosure	$ 41	$ 41

Financial Instruments - Derivat

Financial Instruments - Derivative Activities Table (Details) - Investment Segment - USD ($) $ in Millions		Mar. 31, 2021	Dec. 31, 2020
Equity contracts
Derivative [Line Items]
Long Notional Exposure		$ 217	$ 0
Short Notional Exposure		4,074	8,623
Credit contracts
Derivative [Line Items]
Long Notional Exposure	[1]	8	0
Short Notional Exposure	[1]	4,113	2,099
Credit Default Swap
Derivative [Line Items]
Short notional amount of credit default swap positions		$ 8,200	$ 6,300

[1]	The short notional amount on our credit default swap positions was approximately $8.2 billion at March 31, 2021. However, because credit spreads cannot compress below zero , our downside short notional exposure to loss is approximately $4.1 billion as of March 31, 2021. The short notional amount on our credit default swap positions was approximately $6.3 billion as of December 31, 2020. However, because credit spreads cannot compress below zero , our downside short notional exposure to loss is approximately $2.1 billion as of December 31, 2020.

Financial Instruments - Deriv_2

Financial Instruments - Derivatives Not Designated as Hedging, Fair Value Table (Details) - USD ($) $ in Millions		Mar. 31, 2021		Dec. 31, 2020
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items]
Derivative contracts, at fair value		$ 855		$ 785
Derivative contracts at fair value		584		639
Investment Segment
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items]
Collateral for derivative positions		936		872
Investment Segment \| Not designated as hedging instrument \| Other assets.
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items]
Asset Derivatives, Gross		1,067		1,016
Netting across contract types	[1]	(218)		(231)
Derivative contracts, at fair value		849		785	[1]
Investment Segment \| Not designated as hedging instrument \| Other assets. \| Equity contracts
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items]
Asset Derivatives, Gross		11		4
Investment Segment \| Not designated as hedging instrument \| Other assets. \| Credit contracts
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items]
Asset Derivatives, Gross		1,056		1,012
Investment Segment \| Not designated as hedging instrument \| Accrued expenses and other liabilities
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items]
Liability Derivatives, Gross		739		853
Netting across contract types		(218)		(231)
Derivative contracts at fair value		521	[1]	622
Investment Segment \| Not designated as hedging instrument \| Accrued expenses and other liabilities \| Equity contracts
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items]
Liability Derivatives, Gross		737		852
Investment Segment \| Not designated as hedging instrument \| Accrued expenses and other liabilities \| Credit contracts
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items]
Liability Derivatives, Gross		$ 2		$ 1

[1]	Excludes netting of cash collateral received and posted. The total collateral posted at March 31, 2021 and December 31, 2020 was $936 million and $872 million, respectively, across all counterparties, which are included in cash held at consolidated affiliated partnerships and restricted cash in the condensed consolidated balance sheets.

Financial Instruments - Gain (L

Financial Instruments - Gain (Loss) Recognized on Derivatives Not Designated as Hedging Table (Details) - Not designated as hedging instrument - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Equity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in Income	[1]	$ (324)	$ 1,468
Credit contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in Income	[1]	39	806
Net gain from investment activities
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in Income	[1]	$ (285)	$ 2,274

[1]	Gains (losses) recognized on derivatives are classified in net gain (loss) from investment activities in our condensed consolidated statements of operations for our Investment segment.

Financial Instruments - Narrati

Financial Instruments - Narrative (Details) bbl in Millions, $ in Millions	3 Months Ended			12 Months Ended
	Mar. 31, 2021USD ($)bbl	Mar. 31, 2020USD ($)	[1]	Dec. 31, 2020USD ($)bbl
Derivative [Line Items]
Derivative contracts, at fair value	$ 855			$ 785
Investment Segment
Derivative [Line Items]
Fair value derivative instruments with credit risk related contingent features in a liability position	$ 2			$ 1
Not designated as hedging instrument \| Commodity contracts not considered probable of settlement \| Energy Segment
Derivative [Line Items]
Volume of derivatives (barrels) \| bbl	4			6
Not designated as hedging instrument \| RINs contracts \| Energy Segment
Derivative [Line Items]
Number of derivatives \| bbl	32			13
Not designated as hedging instrument \| Credit Default Swap \| Energy Segment
Derivative [Line Items]
Number of derivatives	12			7
Cost of goods sold \| Not designated as hedging instrument \| Energy Segment
Derivative [Line Items]
Gain (loss) on derivatives not designated as hedging instruments recognized in income	$ (32)	$ 46
Other assets. \| Not designated as hedging instrument \| Investment Segment
Derivative [Line Items]
Derivative contracts, at fair value	849			$ 785	[2]
Other assets. \| Not designated as hedging instrument \| Energy Segment
Derivative [Line Items]
Derivative contracts, at fair value	$ 6			$ 63

[1]	Gains (losses) recognized on derivatives are classified in net gain (loss) from investment activities in our condensed consolidated statements of operations for our Investment segment.
[2]	Excludes netting of cash collateral received and posted. The total collateral posted at March 31, 2021 and December 31, 2020 was $936 million and $872 million, respectively, across all counterparties, which are included in cash held at consolidated affiliated partnerships and restricted cash in the condensed consolidated balance sheets.

Inventories, Net (Details)

Inventories, Net (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Inventory, Net [Abstract]
Raw materials	$ 235	$ 183
Work in process	90	83
Finished goods	1,234	1,314
Inventory, net	$ 1,559	$ 1,580

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets, Net - Goodwill Table (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Goodwill [Line Items]
Gross Carrying Amount	$ 384	$ 384
Accumulated Impairment	(90)	(90)
Net Carrying Amount	294	294
Automotive Segment
Goodwill [Line Items]
Gross Carrying Amount	337	337
Accumulated Impairment	(87)	(87)
Net Carrying Amount	250	250
Food Packaging Segment
Goodwill [Line Items]
Gross Carrying Amount	6	6
Net Carrying Amount	6	6
Metals Segment
Goodwill [Line Items]
Gross Carrying Amount	4	4
Net Carrying Amount	4	4
Home Fashion Segment
Goodwill [Line Items]
Gross Carrying Amount	24	24
Accumulated Impairment	(3)	(3)
Net Carrying Amount	21	21
Pharma Segment
Goodwill [Line Items]
Gross Carrying Amount	13	13
Net Carrying Amount	$ 13	$ 13

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets, Net - Definite-lived and Indefinite-lived Intangible Assets Table (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Definite-lived intangible assets: [Abstract]
Gross carrying amount of definite-lived intangible assets	$ 829		$ 922
Accumulated amortization of definite-lived intangible assets	(269)		(345)
Net carrying amount of definite-lived intangible assets	560		577
Net carrying amount of indefinite-lived intangible assets	83		83
Intangible assets, net	643		660
Amortization of intangible assets	15	$ 11
Customer relationships
Definite-lived intangible assets: [Abstract]
Gross carrying amount of definite-lived intangible assets	398		399
Accumulated amortization of definite-lived intangible assets	(181)		(176)
Net carrying amount of definite-lived intangible assets	217		223
Developed technology
Definite-lived intangible assets: [Abstract]
Gross carrying amount of definite-lived intangible assets	254		254
Accumulated amortization of definite-lived intangible assets	(13)		(6)
Net carrying amount of definite-lived intangible assets	241		248
Other
Definite-lived intangible assets: [Abstract]
Gross carrying amount of definite-lived intangible assets	177		269
Accumulated amortization of definite-lived intangible assets	(75)		(163)
Net carrying amount of definite-lived intangible assets	$ 102		$ 106

Leases (Details)

Leases (Details) - USD ($) $ in Millions	3 Months Ended
Leases (Details) - USD ($) $ in Millions	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Operating lease right-of-use asset	$ 540		$ 552
Operating lease liability	$ 557		$ 569
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Accrued Liabilities		Accrued Liabilities
Operating lease expense	$ 51	$ 51
Amortization of financing lease right-of-use assets	3	3
Interest expense on financing lease liabilities	1	2
Property, plant and equipment, net	4,231		$ 4,228
Energy Segment
Lessee, Lease, Description [Line Items]
Operating lease right-of-use asset	41		37
Operating lease liability	$ 42		$ 38
Operating lease weighted average lease term, lessee	4 years 6 months		3 years 1 month 6 days
Operating lease weighted average discount rate, lessee (percent)	5.50%		5.50%
Property, plant and equipment, net	$ 2,774		$ 2,747
Automotive Segment
Lessee, Lease, Description [Line Items]
Operating lease right-of-use asset	423		436
Operating lease liability	$ 442		$ 456
Operating lease weighted average lease term, lessee	4 years 7 months 6 days		4 years 7 months 6 days
Operating lease weighted average discount rate, lessee (percent)	5.70%		5.70%
Operating lease expense	$ 43	43
Property, plant and equipment, net	845		$ 857
Food Packaging Segment
Lessee, Lease, Description [Line Items]
Operating lease right-of-use asset	30		32
Operating lease liability	$ 34		$ 35
Operating lease weighted average lease term, lessee	11 years 1 month 6 days		11 years 1 month 6 days
Operating lease weighted average discount rate, lessee (percent)	7.40%		7.40%
Property, plant and equipment, net	$ 152		$ 160
Other Segments and Holding Company
Lessee, Lease, Description [Line Items]
Operating lease right-of-use asset	46		47
Operating lease liability	39		40
Real Estate Segment
Lessee, Lease, Description [Line Items]
Property, plant and equipment, net	308		310
Operating lease rental revenue	5	$ 8
Assets leased to others \| Real Estate Segment
Lessee, Lease, Description [Line Items]
Property, plant and equipment, net	222		222
Other assets.
Lessee, Lease, Description [Line Items]
Operating lease right-of-use asset	540		552
Accrued expenses and other liabilities
Lessee, Lease, Description [Line Items]
Operating lease liability	$ 557		$ 569
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Accrued Liabilities		Accrued Liabilities
Property, plant and equipment, net.
Lessee, Lease, Description [Line Items]
Financing lease right-of-use asset	$ 65		$ 65
Debt
Lessee, Lease, Description [Line Items]
Financing lease liability	$ 82		$ 81

Debt (Details)

Debt (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
Debt (Details) - USD ($) $ in Thousands	Jan. 31, 2021	Mar. 31, 2021	Mar. 31, 2020	Apr. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Debt		$ 8,056,000			$ 8,059,000
Amortization included in interest expense		1,000	$ 1,000
Holding Company
Debt Instrument [Line Items]
Gain on extinguishment of debt	$ 2,000
Debt		5,805,000			5,811,000
Energy Segment
Debt Instrument [Line Items]
Debt		1,691,000			1,691,000
Automotive Segment
Debt Instrument [Line Items]
Debt		352,000			368,000
Food Packaging Segment
Debt Instrument [Line Items]
Debt		156,000			151,000
Metals Segment
Debt Instrument [Line Items]
Debt		28,000			16,000
Real Estate Segment
Debt Instrument [Line Items]
Debt		1,000			1,000
Home Fashion Segment
Debt Instrument [Line Items]
Debt		23,000			21,000
Reporting Segments
Debt Instrument [Line Items]
Debt		$ 2,251,000			$ 2,248,000
6.250% senior unsecured notes due 2022 \| Holding Company
Debt Instrument [Line Items]
Interest rate on debt issued	6.25%	6.25%		6.25%	6.25%
Redemption of senior notes	$ 750,000,000			$ 455,000
Debt		$ 456,000			$ 1,209,000
6.750% senior unsecured notes due 2024 \| Holding Company
Debt Instrument [Line Items]
Interest rate on debt issued		6.75%			6.75%
Debt		$ 499,000			$ 499,000
4.750% senior unsecured notes due 2024 \| Holding Company
Debt Instrument [Line Items]
Interest rate on debt issued		4.75%			4.75%
Debt		$ 1,106,000			$ 1,106,000
6.375% senior unsecured notes due 2025 \| Holding Company
Debt Instrument [Line Items]
Interest rate on debt issued		6.375%			6.375%
Debt		$ 748,000			$ 748,000
6.250% senior unsecured notes due 2026 \| Holding Company
Debt Instrument [Line Items]
Interest rate on debt issued		6.25%			6.25%
Debt		$ 1,250,000			$ 1,250,000
5.250% senior unsecured notes due 2027 \| Holding Company
Debt Instrument [Line Items]
Face value of debit issued				$ 455,000
Interest rate on debt issued		5.25%		5.25%	5.25%
Debt		$ 999,000			$ 999,000
4.375% senior unsecured notes due 2029 \| Holding Company
Debt Instrument [Line Items]
Face value of debit issued	$ 750,000
Interest rate on debt issued	4.375%	4.375%
Debt		$ 747,000			$ 0

Net Income Per LP Unit (Details

Net Income Per LP Unit (Details) - USD ($) $ / shares in Units, $ in Millions	Apr. 29, 2021	Feb. 26, 2021	Feb. 24, 2021	May 02, 2019	Mar. 31, 2021	Mar. 31, 2020
Earnings Per LP Unit [Line Items]
Net income (loss) attributable to shareholders					$ 162	$ (1,384)
Net income (loss) attributable to Icahn Enterprises allocated to limited partners (98.01% allocation)					$ 159	$ (1,356)
Basic income (loss) per LP unit
Basic income (loss) per LP unit					$ 0.66	$ (6.34)
Basic weighted average LP units outstanding					242,000,000	214,000,000
Diluted income (loss) per LP unit
Diluted income (loss) per LP unit					$ 0.65	$ (6.34)
Diluted weighted average LP units outstanding					245,000,000	214,000,000
Weighted average units ecluded from EPS calculation						4,000,000
Potential aggregate sales proceeds from equity offering		$ 400		$ 400	$ 216
LP units sold					3,109,345	107,131
Proceeds from sale of LP units					$ 184	$ 7
Limited partners
Diluted income (loss) per LP unit
Distribution declared per LP unit			$ 2
Declared unit distribution liability			$ 489
LP units distributed	8,044,900
Aggregate cash distributions to depositary unitholders	$ 27
Limited partners \| Mr. Icahn and affiliates
Diluted income (loss) per LP unit
LP units distributed	7,717,918

Segment Reporting - Condensed S

Segment Reporting - Condensed Statement of Operations By Reporting Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Net sales	$ 2,218	$ 1,860
Other revenues from operations	152	161
Net gain (loss) from investment activities	1,006	(2,128)
Interest and dividend income	26	64
Other (loss) income, net	(18)	(17)
Revenues	3,384	(60)
Expenses:
Cost of goods sold	2,139	1,810
Other expenses from operations	118	135
Selling, general and administrative	316	308
Restructuring, net	0	2
Interest expense	195	171
Expenses	2,768	2,426
Income (loss) from continuing operations before income tax benefit (expense)	616	(2,486)
Income tax (benefit) expense	(17)	180
Net loss	599	(2,306)
Less: net income (loss) attributable to non-controlling interests	437	(922)
Net income (loss) attributable to Icahn Enterprises	162	(1,384)
Supplemental information:
Capital expenditures	47	53
Depreciation and amortization	127	121
Investment Segment
Revenues:
Net sales	0	0
Other revenues from operations	0	0
Net gain (loss) from investment activities	939	(1,816)
Interest and dividend income	25	52
Other (loss) income, net	(21)	(1)
Revenues	943	(1,765)
Expenses:
Cost of goods sold	0	0
Other expenses from operations	0	0
Selling, general and administrative	5	(6)
Restructuring, net	0	0
Interest expense	76	43
Expenses	81	37
Income (loss) from continuing operations before income tax benefit (expense)	862	(1,802)
Income tax (benefit) expense	0	0
Net loss	862	(1,802)
Less: net income (loss) attributable to non-controlling interests	471	(876)
Net income (loss) attributable to Icahn Enterprises	391	(926)
Supplemental information:
Capital expenditures	0	0
Depreciation and amortization	0	0
Energy Segment
Revenues:
Net sales	1,463	1,130
Other revenues from operations	0	0
Net gain (loss) from investment activities	62	30
Interest and dividend income	0	3
Other (loss) income, net	7	(6)
Revenues	1,532	1,157
Expenses:
Cost of goods sold	1,579	1,250
Other expenses from operations	0	0
Selling, general and administrative	35	31
Restructuring, net	0	0
Interest expense	31	29
Expenses	1,645	1,310
Income (loss) from continuing operations before income tax benefit (expense)	(113)	(153)
Income tax (benefit) expense	46	40
Net loss	(67)	(113)
Less: net income (loss) attributable to non-controlling interests	(34)	(45)
Net income (loss) attributable to Icahn Enterprises	(33)	(68)
Supplemental information:
Capital expenditures	34	35
Depreciation and amortization	82	80
Automotive Segment
Revenues:
Net sales	456	492
Other revenues from operations	142	143
Net gain (loss) from investment activities	0	0
Interest and dividend income	0	0
Other (loss) income, net	(1)	1
Revenues	597	636
Expenses:
Cost of goods sold	313	352
Other expenses from operations	112	123
Selling, general and administrative	227	246
Restructuring, net	0	2
Interest expense	3	5
Expenses	655	728
Income (loss) from continuing operations before income tax benefit (expense)	(58)	(92)
Income tax (benefit) expense	12	19
Net loss	(46)	(73)
Less: net income (loss) attributable to non-controlling interests	0	0
Net income (loss) attributable to Icahn Enterprises	(46)	(73)
Supplemental information:
Capital expenditures	8	9
Depreciation and amortization	22	24
Food Packaging Segment
Revenues:
Net sales	101	98
Other revenues from operations	0	0
Net gain (loss) from investment activities	0	0
Interest and dividend income	0	0
Other (loss) income, net	(6)	(7)
Revenues	95	91
Expenses:
Cost of goods sold	80	78
Other expenses from operations	0	0
Selling, general and administrative	13	12
Restructuring, net	0	0
Interest expense	2	4
Expenses	95	94
Income (loss) from continuing operations before income tax benefit (expense)	0	(3)
Income tax (benefit) expense	(1)	(1)
Net loss	(1)	(4)
Less: net income (loss) attributable to non-controlling interests	0	(1)
Net income (loss) attributable to Icahn Enterprises	(1)	(3)
Supplemental information:
Capital expenditures	2	2
Depreciation and amortization	7	6
Metals Segment
Revenues:
Net sales	120	86
Other revenues from operations	0	0
Net gain (loss) from investment activities	0	0
Interest and dividend income	0	0
Other (loss) income, net	1	0
Revenues	121	86
Expenses:
Cost of goods sold	112	85
Other expenses from operations	0	0
Selling, general and administrative	4	4
Restructuring, net	0	0
Interest expense	0	0
Expenses	116	89
Income (loss) from continuing operations before income tax benefit (expense)	5	(3)
Income tax (benefit) expense	0	0
Net loss	5	(3)
Less: net income (loss) attributable to non-controlling interests	0	0
Net income (loss) attributable to Icahn Enterprises	5	(3)
Supplemental information:
Capital expenditures	1	1
Depreciation and amortization	4	5
Real Estate Segment
Revenues:
Net sales	8	4
Other revenues from operations	9	18
Net gain (loss) from investment activities	0	0
Interest and dividend income	0	0
Other (loss) income, net	0	0
Revenues	17	22
Expenses:
Cost of goods sold	7	4
Other expenses from operations	6	12
Selling, general and administrative	5	5
Restructuring, net	0	0
Interest expense	0	0
Expenses	18	21
Income (loss) from continuing operations before income tax benefit (expense)	(1)	1
Income tax (benefit) expense	0	0
Net loss	(1)	1
Less: net income (loss) attributable to non-controlling interests	0	0
Net income (loss) attributable to Icahn Enterprises	(1)	1
Supplemental information:
Capital expenditures	1	4
Depreciation and amortization	3	4
Home Fashion Segment
Revenues:
Net sales	41	50
Other revenues from operations	0	0
Net gain (loss) from investment activities	0	0
Interest and dividend income	0	0
Other (loss) income, net	0	0
Revenues	41	50
Expenses:
Cost of goods sold	34	41
Other expenses from operations	0	0
Selling, general and administrative	11	11
Restructuring, net	0	0
Interest expense	0	0
Expenses	45	52
Income (loss) from continuing operations before income tax benefit (expense)	(4)	(2)
Income tax (benefit) expense	0	0
Net loss	(4)	(2)
Less: net income (loss) attributable to non-controlling interests	0	0
Net income (loss) attributable to Icahn Enterprises	(4)	(2)
Supplemental information:
Capital expenditures	1	2
Depreciation and amortization	2	2
Pharma Segment
Revenues:
Net sales	29	0
Other revenues from operations	1	0
Net gain (loss) from investment activities	0	0
Interest and dividend income	0	0
Other (loss) income, net	0	0
Revenues	30	0
Expenses:
Cost of goods sold	14	0
Other expenses from operations	0	0
Selling, general and administrative	8	0
Restructuring, net	0	0
Interest expense	0	0
Expenses	22	0
Income (loss) from continuing operations before income tax benefit (expense)	8	0
Income tax (benefit) expense	0	0
Net loss	8	0
Less: net income (loss) attributable to non-controlling interests	0	0
Net income (loss) attributable to Icahn Enterprises	8	0
Supplemental information:
Capital expenditures	0	0
Depreciation and amortization	7	0
Holding Company
Revenues:
Net sales	0	0
Other revenues from operations	0	0
Net gain (loss) from investment activities	5	(342)
Interest and dividend income	1	9
Other (loss) income, net	2	(4)
Revenues	8	(337)
Expenses:
Cost of goods sold	0	0
Other expenses from operations	0	0
Selling, general and administrative	8	5
Restructuring, net	0	0
Interest expense	83	90
Expenses	91	95
Income (loss) from continuing operations before income tax benefit (expense)	(83)	(432)
Income tax (benefit) expense	(74)	122
Net loss	(157)	(310)
Less: net income (loss) attributable to non-controlling interests	0	0
Net income (loss) attributable to Icahn Enterprises	(157)	(310)
Supplemental information:
Capital expenditures	0	0
Depreciation and amortization	$ 0	$ 0

Segment Reporting - Disaggregat

Segment Reporting - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Energy Segment
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 1,463	$ 1,130
Automotive Segment
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	598	635
Petroleum products \| Energy Segment
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,402	1,055
Nitrogen fertilizer products \| Energy Segment
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	61	75
Automotive services \| Automotive Segment
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	322	309
Aftermarket parts sales \| Automotive Segment
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 276	$ 326

Segment Reporting - Condensed B

Segment Reporting - Condensed Balance Sheets By Reporting Segment (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 1,942	$ 1,679
Cash held at consolidated affiliated partnerships and restricted cash	1,134	1,612
Investments	11,480	8,913
Accounts receivable, net	572	501
Inventories, net	1,559	1,580
Property, plant and equipment, net	4,231	4,228
Goodwill and intangible assets, net	937	954
Other assets	6,442	5,518
Assets	28,297	24,985
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	5,796	5,147
Securities sold, not yet purchased, at fair value	4,863	2,521
Debt	8,056	8,059
Total liabilities	18,715	15,727
Equity attributable to Icahn Enterprises	3,230	3,383
Equity attributable to non-controlling interests	6,352	5,875
Total equity	9,582	9,258	$ 9,417	$ 10,942
Liabilities and Equity	28,297	24,985
Investment Segment
ASSETS
Cash and cash equivalents	15	14
Cash held at consolidated affiliated partnerships and restricted cash	1,078	1,558
Investments	10,926	8,239
Other assets	5,188	4,308
Assets	17,207	14,119
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	2,100	2,256
Securities sold, not yet purchased, at fair value	4,863	2,521
Total liabilities	6,963	4,777
Equity attributable to Icahn Enterprises	4,675	4,283
Equity attributable to non-controlling interests	5,569	5,059
Total equity	10,244	9,342
Liabilities and Equity	17,207	14,119
Energy Segment
ASSETS
Cash and cash equivalents	707	667
Cash held at consolidated affiliated partnerships and restricted cash	7	7
Investments	315	253
Accounts receivable, net	226	178
Inventories, net	378	298
Property, plant and equipment, net	2,774	2,747
Goodwill and intangible assets, net	233	238
Other assets	277	335
Assets	4,917	4,723
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	1,450	1,189
Debt	1,691	1,691
Total liabilities	3,141	2,880
Equity attributable to Icahn Enterprises	1,006	1,039
Equity attributable to non-controlling interests	770	804
Total equity	1,776	1,843
Liabilities and Equity	4,917	4,723
Automotive Segment
ASSETS
Cash and cash equivalents	42	25
Cash held at consolidated affiliated partnerships and restricted cash	18	20
Investments	28	40
Accounts receivable, net	119	109
Inventories, net	962	1,080
Property, plant and equipment, net	845	857
Goodwill and intangible assets, net	370	372
Other assets	679	582
Assets	3,063	3,085
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	1,153	1,163
Debt	352	368
Total liabilities	1,505	1,531
Equity attributable to Icahn Enterprises	1,558	1,554
Total equity	1,558	1,554
Liabilities and Equity	3,063	3,085
Food Packaging Segment
ASSETS
Cash and cash equivalents	13	16
Accounts receivable, net	86	88
Inventories, net	89	89
Property, plant and equipment, net	152	160
Goodwill and intangible assets, net	29	31
Other assets	102	103
Assets	471	487
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	163	182
Debt	156	151
Total liabilities	319	333
Equity attributable to Icahn Enterprises	139	142
Equity attributable to non-controlling interests	13	12
Total equity	152	154
Liabilities and Equity	471	487
Metals Segment
ASSETS
Cash and cash equivalents		1
Cash held at consolidated affiliated partnerships and restricted cash	2	2
Accounts receivable, net	73	63
Inventories, net	33	22
Property, plant and equipment, net	81	82
Goodwill and intangible assets, net	9	9
Other assets	35	38
Assets	233	217
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	72	73
Debt	28	16
Total liabilities	100	89
Equity attributable to Icahn Enterprises	133	128
Total equity	133	128
Liabilities and Equity	233	217
Real Estate Segment
ASSETS
Cash and cash equivalents	27	21
Cash held at consolidated affiliated partnerships and restricted cash	10	8
Investments	15	15
Accounts receivable, net	11	10
Property, plant and equipment, net	308	310
Goodwill and intangible assets, net		1
Other assets	123	121
Assets	494	486
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	50	45
Debt	1	1
Total liabilities	51	46
Equity attributable to Icahn Enterprises	443	440
Total equity	443	440
Liabilities and Equity	494	486
Home Fashion Segment
ASSETS
Cash and cash equivalents	2	2
Cash held at consolidated affiliated partnerships and restricted cash	3	6
Accounts receivable, net	28	33
Inventories, net	86	81
Property, plant and equipment, net	64	65
Goodwill and intangible assets, net	21	21
Other assets	20	19
Assets	224	227
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	64	65
Debt	23	21
Total liabilities	87	86
Equity attributable to Icahn Enterprises	137	141
Total equity	137	141
Liabilities and Equity	224	227
Pharma Segment
ASSETS
Cash and cash equivalents	2	8
Accounts receivable, net	29	20
Inventories, net	11	10
Goodwill and intangible assets, net	275	282
Other assets	5	6
Assets	322	326
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	52	64
Total liabilities	52	64
Equity attributable to Icahn Enterprises	270	262
Total equity	270	262
Liabilities and Equity	322	326
Holding Company
ASSETS
Cash and cash equivalents	1,134	925
Cash held at consolidated affiliated partnerships and restricted cash	16	11
Investments	196	366
Property, plant and equipment, net	7	7
Other assets	13	6
Assets	1,366	1,315
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	692	110
Debt	5,805	5,811
Total liabilities	6,497	5,921
Equity attributable to Icahn Enterprises	(5,131)	(4,606)
Total equity	(5,131)	(4,606)
Liabilities and Equity	$ 1,366	$ 1,315

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income tax (benefit) expense	$ 17	$ (180)
Income (loss) from continuing operations before income tax benefit (expense)	$ 616	$ (2,486)
Effective income tax rate	2.80%	7.20%
Statutory federal income tax rate	21.00%	21.00%

Changes in Accumulated Other _3

Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
AOCI, Translation adjustments, net of tax	$ (32)		$ (31)
AOCI, Post-retirement benefits and other, net of tax	(49)		(49)
Accumulated other comprehensive loss, net of tax	(81)		$ (80)
Other comprehensive income (loss), translation adjustments, before reclassification adjustment, net of tax	(1)
Other comprehensive income (loss), before reclassification adjustment, net of tax	(1)
Other comprehensive loss, translation adjustments, net of tax	(1)	$ (3)
Other comprehensive loss, net of tax	$ (1)	$ (3)

Other Income, Net (Details)

Other Income, Net (Details) - USD ($) $ in Millions	3 Months Ended
Other Income, Net (Details) - USD ($) $ in Millions	Mar. 31, 2021	Mar. 31, 2020
Other Income And Expense, Net [Line Items]
Other income, net	$ (18)	$ (17)
Dividend expense
Other Income And Expense, Net [Line Items]
Other income, net	(21)	(1)
Equity earnings from non-consolidated affiliates
Other Income And Expense, Net [Line Items]
Other income, net	1	2
Gain on disposition of assets, net
Other Income And Expense, Net [Line Items]
Other income, net		1
Foreign currency transaction loss
Other Income And Expense, Net [Line Items]
Other income, net	(6)	(6)
Gain (loss) on extinguishment of debt
Other Income And Expense, Net [Line Items]
Other income, net	2	(12)
Other
Other Income And Expense, Net [Line Items]
Other income, net	$ 6	$ (1)

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
ACF
Loss Contingencies [Line Items]
Defined benefit plan underfunded amount	$ 122
Starfire Holding Corporation
Loss Contingencies [Line Items]
Ownership percentage by Mr. Icahn	99.60%
Pension funding indemnity agreement with subsidiary	$ 250
Energy Segment
Loss Contingencies [Line Items]
RINs costs	178	$ 19
RFS obligation	$ 342		$ 214
Icahn Enterprises G.P. \| Mr. Icahn and affiliates
Loss Contingencies [Line Items]
Affiliate ownership in parent company general partner	100.00%
Accrued expenses and other liabilities
Loss Contingencies [Line Items]
Accrued environmental liabilities	$ 36		$ 37
Icahn Enterprises Holdings
Loss Contingencies [Line Items]
Percentage of equity ownership in operating subsidiary	99.00%
Icahn Enterprises Holdings \| Mr. Icahn and affiliates
Loss Contingencies [Line Items]
Affiliate ownership interest	91.00%

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Supplemental Cash Flow Information [Abstract]
Cash payments for interest, net of amounts capitalized	$ (117)	$ (136)
Cash receipts (payments) for income taxes, net of payments	1	10
Non-cash Investment segment contributions from non-controlling interests		1,240
Partnership distributions payable	$ (499)	$ (437)

Subsequent Events (Details)

Subsequent Events (Details)	May 05, 2021$ / shares
Subsequent event
Subsequent Event [Line Items]
Distribution declared per LP unit	$ 2