Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 03, 2023 | |
Cover page. | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
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 | 393,458,414 | |
Entity Central Index Key | 0000813762 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and cash equivalents | $ 2,488 | $ 2,337 |
Cash held at consolidated affiliated partnerships and restricted cash | 2,598 | 2,549 |
Investments | 4,937 | 6,809 |
Due from brokers | 4,219 | 7,051 |
Accounts receivable, net | 495 | 606 |
Related party notes receivable | 82 | |
Inventories, net | 1,015 | 1,531 |
Property, plant and equipment, net | 3,959 | 4,038 |
Deferred tax asset | 184 | 127 |
Derivative assets, net | 344 | 805 |
Goodwill | 288 | 288 |
Intangible assets, net | 502 | 533 |
Other assets | 1,103 | 1,240 |
Total Assets | 22,214 | 27,914 |
LIABILITIES AND EQUITY | ||
Accounts payable | 723 | 870 |
Accrued expenses and other liabilities | 1,878 | 1,981 |
Deferred tax liabilities | 354 | 338 |
Derivative liabilities, net | 911 | 691 |
Securities sold, not yet purchased, at fair value | 3,370 | 6,495 |
Due to brokers | 713 | 885 |
Debt | 7,078 | 7,096 |
Total liabilities | 15,027 | 18,356 |
Commitments and contingencies (Note 18) | ||
Equity: | ||
Limited partners: Depositary units: 393,458,414 units issued and outstanding at June 30, 2023 and 353,572,182 units issued and outstanding at December 31, 2022 | 4,153 | 4,647 |
General partner | (757) | (747) |
Equity attributable to Icahn Enterprises | 3,396 | 3,900 |
Equity attributable to non-controlling interests | 3,791 | 5,658 |
Total equity | 7,187 | 9,558 |
Total Liabilities and Equity | $ 22,214 | $ 27,914 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parentheticals) - shares | Jun. 30, 2023 | Dec. 31, 2022 |
Equity: | ||
Limited partners: Depositary units issued | 393,458,414 | 353,572,182 |
Limited partners: Depositary units outstanding | 393,458,414 | 353,572,182 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenues: | ||||
Net sales | $ 2,684 | $ 3,796 | $ 5,442 | $ 6,764 |
Other revenues from operations | 198 | 197 | 385 | 365 |
Net (loss) gain from investment activities | (500) | (442) | (943) | 497 |
Interest and dividend income | 167 | 50 | 338 | 92 |
Other loss, net | (9) | (98) | (41) | (122) |
Total revenues | 2,540 | 3,503 | 5,181 | 7,596 |
Expenses: | ||||
Cost of goods sold | 2,310 | 3,174 | 4,570 | 5,712 |
Other expenses from operations | 160 | 148 | 318 | 285 |
Selling, general and administrative | 215 | 315 | 444 | 616 |
Impairment on related party note receivable | 116 | 116 | ||
Loss on deconsolidation of subsidiary | 20 | 246 | ||
Interest expense | 136 | 151 | 278 | 285 |
Total Expenses | 2,957 | 3,788 | 5,972 | 6,898 |
(Loss) income before income tax (expense) benefit | (417) | (285) | (791) | 698 |
Income tax (expense) benefit | (2) | (2) | 14 | (100) |
Net (loss) income | (419) | (287) | (777) | 598 |
Less: net (loss) income attributable to non-controlling interests | (150) | (159) | (238) | 403 |
Net (loss) income attributable to Icahn Enterprises | (269) | (128) | (539) | 195 |
Net (loss) income attributable to Icahn Enterprises allocated to: | ||||
Limited partners | (264) | (125) | (528) | 191 |
General partner | (5) | (3) | (11) | 4 |
Net Income (Loss) | $ (269) | $ (128) | $ (539) | $ 195 |
Basic (loss) income per LP unit: | ||||
Basic (loss) income per LP unit | $ (0.72) | $ (0.41) | $ (1.46) | $ 0.64 |
Basic weighted average LP units outstanding | 367 | 306 | 361 | 300 |
Diluted (loss) income per LP unit: | ||||
Diluted (loss) income per LP unit | $ (0.72) | $ (0.41) | $ (1.46) | $ 0.64 |
Diluted weighted average LP units outstanding | 367 | 306 | 361 | 300 |
Distributions declared per LP unit | $ 2 | $ 2 | $ 4 | $ 4 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED) | ||||
Net (loss) income | $ (419) | $ (287) | $ (777) | $ 598 |
Other comprehensive income, net of tax: | ||||
Translation adjustments | 1 | 5 | ||
Post-retirement benefits and other | 2 | (7) | 2 | (7) |
Other comprehensive income (loss), net of tax | 3 | (7) | 7 | (7) |
Comprehensive (loss) income | (416) | (294) | (770) | 591 |
Less: Comprehensive (loss) income attributable to non-controlling interests | (150) | (159) | (238) | 403 |
Comprehensive (loss) income attributable to Icahn Enterprises | (266) | (135) | (532) | 188 |
Comprehensive (loss) income attributable to Icahn Enterprises allocated to: | ||||
Limited partners | (261) | (132) | (521) | 184 |
General partner | (5) | (3) | (11) | 4 |
Comprehensive (loss) income attributable to Icahn Enterprises | $ (266) | $ (135) | $ (532) | $ 188 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - USD ($) $ in Millions | General partner Capital Units | Limited partners Capital Units | Total Partners Equity | Non-controlling Interests | Total |
Total equity at Dec. 31, 2021 | $ (754) | $ 4,298 | $ 3,544 | $ 5,799 | $ 9,343 |
Increase (Decrease) in Equity | |||||
Net (loss) income | 6 | 317 | 323 | 562 | 885 |
Partnership contributions | 4 | 180 | 184 | 184 | |
Partnership distributions | (12) | (591) | (603) | (603) | |
Dividends and distributions to non-controlling interests in subsidiaries | (36) | (36) | |||
Changes in subsidiary equity and other | (5) | (5) | (10) | (15) | |
Total equity at Mar. 31, 2022 | (756) | 4,199 | 3,443 | 6,315 | 9,758 |
Total equity at Dec. 31, 2021 | (754) | 4,298 | 3,544 | 5,799 | 9,343 |
Increase (Decrease) in Equity | |||||
Net (loss) income | 598 | ||||
Other comprehensive income (loss) | (7) | ||||
Total equity at Jun. 30, 2022 | (746) | 4,773 | 4,027 | 6,131 | 10,158 |
Total equity at Mar. 31, 2022 | (756) | 4,199 | 3,443 | 6,315 | 9,758 |
Increase (Decrease) in Equity | |||||
Net (loss) income | (3) | (125) | (128) | (159) | (287) |
Other comprehensive income (loss) | (7) | (7) | (7) | ||
Partnership distributions payable | 12 | 591 | 603 | 603 | |
Partnership contributions | 4 | 210 | 214 | 214 | |
Partnership distributions | (2) | (100) | (102) | (102) | |
Investment segment contributions from non-controlling interests | 5 | 5 | |||
Investment segment distributions to non-controlling interests | (3) | (3) | |||
Dividends and distributions to non-controlling interests in subsidiaries | (26) | (26) | |||
Changes in subsidiary equity and other | (1) | 5 | 4 | (1) | 3 |
Total equity at Jun. 30, 2022 | (746) | 4,773 | 4,027 | 6,131 | 10,158 |
Total equity at Dec. 31, 2022 | (747) | 4,647 | 3,900 | 5,658 | 9,558 |
Increase (Decrease) in Equity | |||||
Net (loss) income | (5) | (265) | (270) | (88) | (358) |
Other comprehensive income (loss) | 4 | 4 | 4 | ||
Partnership contributions | 4 | 175 | 179 | 179 | |
Partnership distributions | (15) | (709) | (724) | (724) | |
Investment segment distributions to non-controlling interests | (80) | (80) | |||
Dividends and distributions to non-controlling interests in subsidiaries | (85) | (85) | |||
Changes in subsidiary equity and other | 2 | 2 | 2 | ||
Total equity at Mar. 31, 2023 | (763) | 3,854 | 3,091 | 5,405 | 8,496 |
Total equity at Dec. 31, 2022 | (747) | 4,647 | 3,900 | 5,658 | 9,558 |
Increase (Decrease) in Equity | |||||
Net (loss) income | (777) | ||||
Other comprehensive income (loss) | 7 | ||||
Total equity at Jun. 30, 2023 | (757) | 4,153 | 3,396 | 3,791 | 7,187 |
Total equity at Mar. 31, 2023 | (763) | 3,854 | 3,091 | 5,405 | 8,496 |
Increase (Decrease) in Equity | |||||
Net (loss) income | (6) | (263) | (269) | (150) | (419) |
Other comprehensive income (loss) | 3 | 3 | 3 | ||
Partnership distributions payable | 15 | 709 | 724 | 724 | |
Partnership distributions | (3) | (152) | (155) | (155) | |
Investment segment distributions to non-controlling interests | (1,380) | (1,380) | |||
Dividends and distributions to non-controlling interests in subsidiaries | (84) | (84) | |||
Changes in subsidiary equity and other | 2 | 2 | 2 | ||
Total equity at Jun. 30, 2023 | $ (757) | $ 4,153 | $ 3,396 | $ 3,791 | $ 7,187 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (777) | $ 598 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Net gain (loss) from securities transactions | 310 | (335) |
Purchases of securities | (446) | (566) |
Proceeds from sales of securities | 2,084 | 3,979 |
Payments to cover securities sold, not yet purchased | (3,618) | (2,597) |
Proceeds from securities sold, not yet purchased | 444 | 1,423 |
Changes in receivables and payables relating to securities transactions | 2,774 | 15 |
Changes in derivative assets and liabilities | 681 | (249) |
Gain on disposition of assets, net | (3) | (2) |
Depreciation and amortization | 251 | 249 |
Loss on deconsolidation of subsidiary | 246 | |
Deferred taxes | (88) | (18) |
Other, net | 9 | 45 |
Changes in other operating assets and liabilities | 110 | 87 |
Net cash provided by operating activities | 1,977 | 2,629 |
Cash flows from investing activities: | ||
Capital expenditures | (131) | (154) |
Turnaround expenditures | (50) | (68) |
Proceeds from sale of investments | 152 | |
Proceeds from disposition of businesses and assets | 2 | |
Other, net | 25 | (1) |
Net cash used in investing activities | (156) | (69) |
Cash flows from financing activities: | ||
Investment segment contributions from non-controlling interests | 5 | |
Investment segment distributions to non-controlling interests | (1,462) | |
Partnership contributions | 185 | 398 |
Partnership distributions | (155) | (102) |
Dividends and distributions to non-controlling interests in subsidiaries | (170) | (62) |
Repayments of Holding Company senior unsecured notes | (500) | |
Proceeds from subsidiary borrowings | 32 | 66 |
Repayments of subsidiary borrowings | (48) | (122) |
Other, net | (3) | (16) |
Net cash used in financing activities | (1,621) | (333) |
Effect of exchange rate changes on cash and cash equivalents and restricted cash and restricted cash equivalents | 6 | |
Net increase in cash and cash equivalents and restricted cash and restricted cash equivalents | 200 | 2,233 |
Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period | 4,886 | 4,436 |
Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period | $ 5,086 | $ 6,669 |
Description of Business
Description of Business | 6 Months Ended |
Jun. 30, 2023 | |
Description of Business | |
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. 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 L.P. (“Icahn Enterprises Holdings”). Icahn Enterprises Holdings and its subsidiaries own substantially all of our assets and liabilities and conduct substantially all of our operations. Icahn Enterprises G.P. Inc. (“Icahn Enterprises GP”), which is indirectly 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 June 30, 2023, representing an aggregate 1.99% general partner interest in Icahn Enterprises Holdings and us. Mr. Icahn and his affiliates owned approximately 85% of our outstanding depositary units as of June 30, 2023. 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, 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 (unless otherwise noted), and investment activity and expenses associated with our Holding Company. See Note 14, “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 $3.8 billion and $4.2 billion as of June 30, 2023 and December 31, 2022, 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 marketing businesses as well as in the nitrogen fertilizer manufacturing businesses through its holdings in CVR Partners, LP, a publicly traded limited partnership (“CVR Partners”). CVR Energy is an independent petroleum refiner and marketer of high value transportation fuels primarily in the form of gasoline and diesel fuels, as well as renewable diesel. CVR Partners produces and markets nitrogen fertilizers in the form of urea ammonium nitrate and ammonia. CVR Energy holds 100% of the general partner interest and approximately 37% of the outstanding common units of CVR Partners as of June 30, 2023. As of June 30, 2023, we owned approximately 71% of the total outstanding common stock of CVR Energy. On November 21, 2022, CVR Energy’s board of directors had authorized its management to explore a potential spin-off of CVR Energy’s interest in the nitrogen fertilizer business into a newly created and separately traded public company. On June 13, 2023, CVR Energy announced that it has concluded such process and that its board of directors has determined not to pursue the potential spin-off at this time. Automotive We conduct our Automotive segment through our wholly owned subsidiary, Icahn Automotive Group LLC (“Icahn Automotive”) and our wholly owned subsidiary, AEP PLC LLC (“AEP PLC”). Icahn Automotive is engaged in providing a full range of automotive repair and maintenance services (“automotive services”) to its customers as well as a retail business which consists of sales of automotive aftermarket parts and retailed merchandise (“aftermarket parts”). On January 31, 2023, a subsidiary of Icahn Automotive, IEH Auto Parts Holding LLC and its subsidiaries (“Auto Plus”), an aftermarket parts distributor held within our Automotive segment, filed voluntary petitions in the United States Bankruptcy Court. As a result of Auto Plus’s filings for bankruptcy protections on January 31, 2023, we no longer controlled the operations of Auto Plus, therefore, we deconsolidated Auto Plus as of January 31, 2023. See Note 3, “Subsidiary Bankruptcy and Deconsolidation”, for a detailed discussion of the Auto Plus bankruptcy and deconsolidation. 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 June 30, 2023, we owned approximately 90% of the total outstanding common stock of Viskase. 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 LLC, formerly Vivus, Inc. (“Vivus”). 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 | 6 Months Ended |
Jun. 30, 2023 | |
Basis of Presentation and Summary of Significant Accounting Policies | |
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 structure and intend to continue structuring our investments 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., Ferrous Resources Ltd., and PSC Metals 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, 2022. 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 (ii) the wholly and majority owned subsidiaries of Icahn Enterprises, 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. For entities over which the Company does not have significant influence, the Company accounts for its equity investment at fair value, except for the Company’s equity interest in Auto Plus. 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 such equity investments are accounted for at fair value. Consolidated Variable Interest Entities 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. Icahn Enterprises Holdings and its subsidiaries own substantially all of our assets and liabilities and therefore, the balance sheets of Icahn Enterprises and Icahn Enterprises Holdings are substantially the same. During the quarter ended June 30, 2023, we established a captive insurance program to supplement the insurance coverage of the officers, directors, employees and agents of the Company, its subsidiaries and our general partner. We hold assets in a protected cell, which we are the primary beneficiary of, and therefore consolidate the protected cell. The total assets related to the protected cell were $100 million at June 30, 2023 and are included in restricted cash in the condensed consolidated balance sheet. 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. 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 5, “Investments,” and Note 6, “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 June 30, 2023 was approximately $7.1 billion and $6.3 billion, respectively. The carrying value and estimated fair value of our long-term debt as of December 31, 2022 was approximately $7.1 billion and $6.6 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 $367 million and $1,019 million as of June 30, 2023 and December 31, 2022, 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 $2,231 million and $1,530 million as of June 30, 2023 and December 31, 2022, respectively. Restricted cash includes, but is not limited to, our Investment segment’s cash pledged and held for margin requirements on derivative transactions and cash held related our captive insurance program. Long-Lived Assets The company reviews long-lived assets for impairment when impairment indcators exist. An evaluation of impairment consists of reviewing the carrying value of a long-lived asset for recoverability. Recoverability of long-lived assets to be held and used is measured by a comparison of the carrying amount of an asset to esimtaed undiscounted future net cash flows expected to be generated by the asset. If the carrying value of the long-lived asset is not determined to be recoverable, a fair value assessment if performed. During the second quarter of 2023, a significant tenant of a commercial high-rise property, within our Real Estate segment, was notified of default for non-payment. The tenant was unable to cure the default status and the lease was terminated. We considered this default, along with other facts and circumstances, a triggering event for potential impairment and we assessed the carrying value of this long-lived asset for recoverability using the undiscounted cash flow method during the second quarter of 2023. We determined the total undiscounted cash flows of the property exceeded its carrying value and therefore, no impairment is required. 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 and Automotive segments’ 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 and Automotive segments’ leasing revenue, as disclosed in Note 11, “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 14, “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 includes 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 revenue is recognized at the point in time in which the customer obtains control of the product. In addition, it includes deferred revenue associated with agreements entered into with third-party investors that has allowed our Energy segment to monetize certain tax credits available under Section 45Q of the Internal Revenue Code (the “45Q Transaction”). Our Energy segment had deferred revenue of $44 million and $48 million as of June 30, 2023 and December 31, 2022, respectively. For the six months ended June 30, 2023 and 2022, our Energy segment recorded revenue of $46 million and $84 million, respectively, with respect to deferred revenue outstanding as of the beginning of each respective period. As of June 30, 2023, our Energy segment had $2 million of remaining performance obligations for contracts with an original expected duration of more than one year. Our Energy segment expects to recognize a majority of these performance obligations as revenue by the end of 2023 and the remaining nominal balance in 2024. Automotive Our Automotive segment had deferred revenue with respect to extended warranty plans of $44 million at each of June 30, 2023 and December 31, 2022, respectively, which are included in accrued expenses and other liabilities on the condensed consolidated balance sheets. For the six months ended June 30, 2023 and 2022, our Automotive segment recorded revenue of $13 million and $12 million, respectively, with respect to deferred revenue outstanding as of the beginning of each respective period. Adoption of New 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 other interest rates used globally. This ASU provides companies with optional expedients for contract modifications under U.S. GAAP, excluded components of certain hedging relationships, fair value hedges, and cash flow hedges, as well as certain exceptions, which are intended to help ease the potential accounting burden associated with transitioning away from these reference rates. We adopted this ASU effective January 1, 2023. The adoption of this standard did not have a significant impact on our condensed consolidated financial statements. In September 2022, the FASB issued ASU 2022-04, Liabilities- Supplier Finance Programs (Subtopic 405-50) Disclosure of Supplier Finance Program Obligations Recently Issued Accounting Standards In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, |
Subsidiary Bankruptcy and Decon
Subsidiary Bankruptcy and Deconsolidation | 6 Months Ended |
Jun. 30, 2023 | |
Subsidiary Bankruptcy and Deconsolidation | |
Subsidiary Bankruptcy and Deconsolidation | 3. Subsidiary Bankruptcy and Deconsolidation On January 31, 2023, a subsidiary of Icahn Automotive, IEH Auto Parts Holding LLC and its subsidiaries, (collectively, “Auto Plus”), an aftermarket parts distributor held within our Automotive segment, filed voluntary petitions (the “Chapter 11 Cases”) in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”) seeking relief under Chapter 11 of Title 11 of the United States Code. On May 2, 2023, the Bankruptcy Court approved a global settlement in the Chapter 11 Cases between Auto Plus, its non-Auto Plus affiliates, and the Official Committee of Unsecured Creditors appointed in the Chapter 11 Cases (the "Committee”) that provides for a guaranteed recovery to unsecured creditors, the payment of all administrative and priority claims in the Chapter 11 Cases, and the resolution of all disputes between Auto Plus, its non-Auto Plus affiliates, and the Committee. On May 19, 2023, the Bankruptcy Court approved five sales of Auto Plus’ assets to five different bidders pursuant to Section 363 of the Bankruptcy Code, comprising a significant majority of Auto Plus’ total assets (the “363 Sales”). A wholly owned subsidiary of IEP, AEP PLC, was the buyer for one of the 363 Sales, pursuant to a credit bid of $10 million for a portion of its senior secured debtor-in-possession loan to Auto Plus. The last of the 363 sales closed on June 12, 2023. The proceeds of the 363 Sales will be used to satisfy obligations to Auto Plus’ creditors. On June 16, 2023, the Bankruptcy Court entered an order approving Auto Plus’ Third Amended Combined Disclosure Statement and Joint Plan of Liquidation (the “Bankruptcy Plan”). The Bankruptcy Plan provides for the orderly liquidation of Auto Plus and distribution of its assets. As of the date hereof, the effective date of the Bankruptcy Plan had not yet occurred. As a result of the filing of the Chapter 11 Cases, the Company has determined that it no longer controls Auto Plus under the criteria set out in Statement of Financial Accounting Standards (“FASB”) ASC Topic 810, “Consolidation” and has deconsolidated its investment effective January 31, 2023. In order to deconsolidate Auto Plus, we removed the carrying values of the assets and liabilities of Auto Plus as of January 31, 2023 and recorded our investment in Auto Plus at $0 resulting in a non-cash charge of $246 million during the six months ended June 30, 2023. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions | |
Related Party Transactions | 4. 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 As of June 30, 2023 and December 31, 2022, the total fair market value of investments in the Investment Funds made by Mr. Icahn and his affiliates (excluding us and Brett Icahn) was approximately $3.0 billion and $4.9 billion, respectively, representing approximately 44% and 54% of the Investment Funds’ assets under management as of each respective date. During the six months ended June 30, 2023, Mr. Icahn and his affiliates (excluding us and Brett Icahn) had redemptions of $1,452 million from the Investment Funds. There were no redemptions in the six months ended June 30, 2022. 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 six months ended June 30, 2023 and 2022, $7 million and $6 million, respectively, was allocated to the Investment Funds based on this expense-sharing arrangement. Auto Plus and AEP PLC As discussed in Note 3. “Subsidiary Bankruptcy and Deconsolidation,” Auto Plus was deconsolidated as of January 31, 2023. Subsequent to January 31, 2023, Auto Plus had certain transactions with entities within our Automotive and Real Estate segments. Agreements and transactions include (i) lease agreements between Auto Plus and entities in the Automotive segment in which Auto Plus is the lessee, (ii) lease agreements between Auto Plus and entities in the Automotive segment in which Auto Plus is the lessor, (iii) auto parts purchases by entities in the Automotive segment from Auto Plus, (iv) auto parts sales from entities within the Automotive segment to Auto Plus, and (v) lease agreements between entities in the Real Estate segment and Auto Plus in which Auto Plus is the lessee. For the five months from the date of deconsolidation of January 31, 2023 through June 30, 2023, the total lease revenues of entities within the Automotive segment from leases with Auto Plus was $3 million. Total inventory purchases of entities within the Automotive segment from Auto Plus were $4 million and total net trade accounts payable due to Auto Plus as of June 30, 2023 was 2 million. For the five months from the date of deconsolidation of January 31, 2023 through June 30, 2023, the total lease revenues of entities within the Real Estate segment from Auto Plus were $3 million. Note Receivable from Auto Plus In connection with the Auto Plus bankruptcy filing, we entered into a priming, senior secured, super priority debtor-in-possession credit facility with Auto Plus (the “DIP Credit Facility”) on January 31, 2023, under which (i) we agreed to provide new loans in an aggregate amount of up to $75 million and (ii) subject to final approval of the DIP Credit Facility by the Bankruptcy Court, all the loans under our pre-petition credit facility with Auto Plus would be rolled-up and converted into loans under the DIP Credit Facility. On May 2, 2023, we converted and rolled up our related party note receivable with our existing loans under the DIP Credit Facility. In the second quarter of 2023, we estimated our cash to be collected for the repayment of the note receivable to be $82 million, resulting in a write-off of $116 million during the six months ended June 30, 2023. AEP PLC In connection with the Auto Plus auction, our wholly owned subsidiary AEP PLC, acquired $10 million of assets mostly comprised of aftermarket parts inventory during the second quarter of 2023. The transaction was considered an asset acquisition, as AEP PLC does not meet the definition of a business defined in FASB ASC Topic 805. The results of AEP PLC are consolidated within our Automotive segment at June 30, 2023 and were not material. 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. On May 5, 2022, we entered into an amendment to the manager agreement, which allows the Investment Funds to add, from time to time, two additional separately tracked portfolios, in addition to the existing portfolios, which will not be subject to the manager agreement. 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. 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. Brett Icahn had net redemptions of $8 million in the six months ended June 30, 2023 and contributed $3 million in accordance with the manager agreement in the six months ended June 30, 2022. As of June 30, 2023 and December 31, 2022 Brett Icahn had investments in the Investment Funds with a total fair market value of $39 million and $50 million, respectively. 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 | 6 Months Ended |
Jun. 30, 2023 | |
Investments | |
Investments | 5. Investments Investments 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. In addition, our Investment segment has certain derivative transactions which are discussed in Note 7, “Financial Instruments.” The carrying value and detail by security type, including business sector for equity securities, with respect to investments and securities sold, not yet purchased held by our Investment segment consist of the following: June 30, December 31, 2023 2022 (in millions) Assets Investments: Equity securities: Communications $ — $ 199 Consumer, cyclical 504 692 Energy 689 909 Utilities 1,238 1,205 Healthcare 474 320 Technology 639 655 Materials 142 153 Industrial — 486 3,686 4,619 Debt Securities: Financials 1,001 1,958 Real Estate 134 131 Communications — 11 1,135 2,100 $ 4,821 $ 6,719 Liabilities Securities sold, not yet purchased, at fair value: Equity securities: Consumer, non-cyclical $ 116 $ 1,006 Consumer, cyclical — 352 Energy 1,794 2,690 Utilities 563 813 Healthcare — 387 Materials 579 598 Industrial 146 480 3,198 6,326 Debt securities: Materials 172 169 $ 3,370 $ 6,495 The portion of unrealized (losses) and gains that relates to securities still held by our Investment segment, primarily equity securities, was $(69) million and $(894) million for the three months ended June 30, 2023 and 2022, respectively, and $(124) million and $(694) million for the six months ended June 30,2023 and 2022, 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: June 30, December 31, 2023 2022 (in millions) Equity method investments $ 102 $ 76 Other investments measured at fair value 14 14 $ 116 $ 90 The portion of unrealized gains and (losses) that relates to equity securities still held by our other segments and Holding Company was zero and $3 million for each of the three months ended June 30, 2023 and 2022, respectively, and zero and $61 million for the six months ended June 30, 2023 and 2022, respectively. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Measurements | |
Fair Value Measurements | 6. Fair Value Measurements U.S. GAAP requires enhanced disclosures about 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 assets and liabilities at fair value. Market price observability is impacted by a number of factors, including the type of, and the characteristics specific to, the assets and liabilities. Assets and liabilities 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. Assets and 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 assets and 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 assets and liabilities are derived from market observable sources including reported trades, broker/dealer quotes and other pertinent data. Level 3 – Pricing inputs are unobservable for the assets and liabilities and include situations where there is little, if any, market activity for the assets and liabilities. 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 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 assets and liabilities. 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: June 30, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (in millions) Assets Investments (Note 5) $ 3,648 $ 1,134 $ 42 $ 4,824 $ 5,538 $ 1,142 $ 42 $ 6,722 Derivative assets, net (Note 7) — 344 — 344 — 805 — 805 $ 3,648 $ 1,478 $ 42 $ 5,168 $ 5,538 $ 1,947 $ 42 $ 7,527 Liabilities Securities sold, not yet purchased (Note 5) $ 3,198 $ 172 $ — $ 3,370 $ 6,326 $ 169 $ — $ 6,495 Derivative liabilities, net (Note 7) 15 896 — 911 — 691 — 691 RFS obligations (Note 18) — 599 — 599 — 692 — 692 $ 3,213 $ 1,667 $ — $ 4,880 $ 6,326 $ 1,552 $ — $ 7,878 A ssets Measured at Fair Value on a Non-Recurring Basis for Which We Use Level 3 Inputs to Determine Fair Value Energy CVR Partners performed a non-recurring fair value measurement of the equity interest received as part of the 45Q Transaction. Such valuation used a combination of the market approach and the discounted cash flow methodology with key inputs including the discount rate, contractual and expected future cash flows, and market multiples. CVR Partners determined the estimated fair value of the consideration received to be $46 million, which is a non-recurring Level 3 measurement. Holding Company The estimated fair value of the Company’s note receivable from Auto Plus was measured at January 31, 2023 using the income approach with Level 3 inputs by discounting the forecasted cash inflows associated with the note using an estimated market discount rate. During the second quarter of 2023, the Company measured the fair value of the related party note using the practical expedient for a collateral-dependent loan in accordance with ASC Topic 326 to determine the allowance based on the fair value of collateral less costs to sell. The note collateral is primarily made up of cash and accounts receivable and we estimated the fair value to be $82 million. The fair value of accounts receivable was estimated based on expected collectability.We determined the expected credit losses of |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2023 | |
Financial Instruments | |
Financial Instruments | 7. 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 their 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 the overnight bank funding 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. There were no Investment Funds’ derivative instruments with credit-risk-related contingent features in a liability position as of June 30, 2023 and December 31, 2022. The following table summarizes the volume of our Investment segment’s derivative activities based on their notional exposure, categorized by primary underlying risk: June 30, 2023 December 31, 2022 Long Notional Exposure Short Notional Exposure Long Notional Exposure Short Notional Exposure (in millions) Primary underlying risk: Equity contracts $ 2,261 $ 3,719 $ 1,816 $ 5,354 Credit contracts (1) — 797 — 945 Commodity contracts — 426 — 22 (1) The short notional amount on our credit default swap positions was approximately $3.1 billion and $3.5 billion at June 30, 2023 and December 31, 2022, respectively. However, because credit spreads cannot compress below zero , our downside short notional exposure to loss is approximately $0.8 billion and $0.9 billion as of June 30, 2023 and December 31, 2022, respectively. 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: Derivative Assets Derivative Liabilities June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 (in millions) Equity contracts $ 70 $ 392 $ 961 $ 719 Credit contracts 327 447 1 1 Commodity contracts 1 — 15 1 Sub-total 398 839 977 721 Netting across contract types (1) (71) (34) (71) (34) Total (1) $ 327 $ 805 $ 906 $ 687 (1) Excludes netting of cash collateral received and posted. The total collateral posted at June 30, 2023 and December 31, 2022 was $2,034 million and $1,436 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in millions) Equity contracts $ (366) $ 392 $ (650) $ 483 Credit contracts (2) (35) 34 (320) Commodity contracts (17) — (16) — $ (385) $ 357 $ (632) $ 163 (1) Gains (losses) recognized on derivatives are classified in net (loss) gain from investment activities in our condensed consolidated statements of operations for our Investment segment. Energy CVR Energy’s businesses are subject to fluctuations of commodity prices caused by supply conditions, weather, economic conditions, interest rates, and other factors. To manage price risk on crude oil and other inventories and to fix margins on future production, CVR Energy from time to time enters into various commodity derivative transactions and hold derivative instruments, such as futures and swaps, which it believes provide an economic hedge on future transactions, but such instruments are not designated as hedge instruments. CVR Energy may enter into forward purchase or sale contracts associated with its feedstocks, expected future gasoline and diesel production and/or renewable identification numbers (“RINs”). As of June 30, 2023 and December 31, 2022, CVR Energy had 19 million and less than a million outstanding commodity swap positions, respectively. As of June 30, 2023 and December 31, 2022, CVR Energy had future contracts of less than 1 million barrels at each period. As of June 30, 2023 and December 31, 2022, CVR Energy had open fixed-price commitments to purchase a net 63 million and 34 million RINs, respectively. The following table presents the fair value of our Energy segment’s derivatives and the effect of the collateral netting: Derivative Assets Derivative Liabilities June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 (in millions) Commodity contracts 17 — 10 5 Netting across contract types (1) — — (5) (1) Total (1) $ 17 $ — $ 5 $ 4 (1) Excludes netting of derivatives primarily related to initial margin requirements of $9 million and $7 million at June 30, 2023 and December 31, 2022, respectively, which was not offset against derivatives assets, net in the condensed consolidated balance sheets . (Losses) gains recognized on derivatives for our Energy segment were $(4) million and $(68) million for the three months ended June 30, 2023 and 2022, respectively, and $41 million and $(66) million for the six months ended June 30, 2023 and 2022, 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. |
Related Party Notes Receivable
Related Party Notes Receivable | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Notes Receivable | |
Related Party Notes Receivable | 8. Related Party Notes Receivable Related party notes receivable and its related allowance for expected credit losses consists of the following: June 30, 2023 Related party notes receivable, gross $ 82 Less: Allowance for expected credit losses — Related party notes receivable $ 82 Allowance for expected credit losses: Beginning Balance $ - Credit loss provision 116 Write-offs (116) Ending Balance $ — Write-offs associated with related party notes receivable was $116 million for the three and six months ended June 30, 2023. See Note 6, “Financial Instruments,” for additional information related to the fair value of the related party notes receivable. |
Inventories, Net
Inventories, Net | 6 Months Ended |
Jun. 30, 2023 | |
Inventories Net | |
Inventories, Net | 9. Inventories, Net Inventories, net consists of the following: June 30, December 31, 2023 2022 (in millions) Raw materials $ 307 $ 335 Work in process 106 105 Finished goods 589 1,091 In transit 13 — $ 1,015 $ 1,531 Due to the deconsolidation of Auto Plus inventories decreased $440 million from December 31, 2022. |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Net | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets, Net | |
Goodwill and Intangible Assets, Net | 10. Goodwill and Intangible Assets, Net Goodwill consists of the following: June 30, 2023 December 31, 2022 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 Home Fashion 22 (3) 19 22 (3) 19 Pharma 13 — 13 13 — 13 $ 378 $ (90) $ 288 $ 378 $ (90) $ 288 Intangible assets, net consists of the following: June 30, 2023 December 31, 2022 Gross Net Gross Net Carrying Accumulated Carrying Carrying Accumulated Carrying Amount Amortization Value Amount Amortization Value (in millions) Definite-lived intangible assets: Customer relationships $ 392 $ (219) $ 173 $ 393 $ (212) $ 181 Developed technology 254 (76) 178 254 (62) 192 Other 164 (96) 68 167 (90) 77 $ 810 $ (391) $ 419 $ 814 $ (364) $ 450 Indefinite-lived intangible assets $ 83 $ 83 Intangible assets, net $ 502 $ 533 Amortization expense associated with definite-lived intangible assets was $14 million and $16 million for the three months ended June 30, 2023 and 2022, respectively, and $29 million for each of the six months ended June 30, 2023 and 2022, respectively. We utilize the straight-line method of amortization, recognized over the estimated useful lives of the assets. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2023 | |
Leases | |
Leases | 11. 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: June 30, December 31, 2023 2022 (in millions) Operating Leases: Right-of-use assets (other assets) $ 509 $ 478 Lease liabilities (accrued expenses and other liabilities) 517 484 Financing Leases: Right-of-use assets (property, plant and equipment, net) 49 48 Lease liabilities (debt) 65 64 Additional information with respect to our operating leases as of June 30, 2023 and December 31, 2022 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 June 30, 2023 Assets Liabilities Lease Term Rate (in millions) Energy $ 40 $ 38 3.9 years 5.5% Automotive 426 439 5.3 years 5.9% Food Packaging 23 26 9.5 years 7.4% Other segments and Holding Company 20 14 $ 509 $ 517 Right-Of-Use Lease Discount Operating Leases as of December 31, 2022 Assets Liabilities Lease Term Rate (in millions) Energy $ 40 $ 40 4.1 years 5.2% Automotive 386 395 4.7 years 5.9% Food Packaging 24 27 9.8 years 7.4% Other segments and Holding Company 28 22 $ 478 $ 484 For the three months ended June 30, 2023 and 2022, lease cost was comprised of (i) operating lease cost of $49 million and $51 million, respectively, (ii) amortization of financing lease right-of-use assets of $3 million and $1 million, respectively, and (iii) interest expense on financing lease liabilities of $1 million and $1 million, respectively. For the six months ended June 30, 2023 and 2022, lease cost was comprised of (i) operating lease cost of $90 million and $98 million, respectively, (ii) amortization of financing lease right-of-use assets of $4 million and $4 million, respectively, and (iii) interest expense on financing lease liabilities of $2 million at each period. Our automotive segment accounted for $72 million and $81 million of total lease cost for the six months ended June 30, 2023 and 2022, respectively. Automotive Our Automotive segment leases certain operating locations under long-term operating leases. Our Automotive segment’s revenues from operating leases were $13 million and $13 million for the three months ended June 30, 2023 and 2022, respectively, and $29 million and $22 million for the six months ended June 30, 2023 and 2022, respectively. Revenues from operating leases are included in other revenue from operations in the condensed consolidated statements of operations. Real Estate Our Real Estate segment leases real estate, primarily commercial properties under long-term operating leases. As of June 30, 2023 and December 31, 2022, our Real Estate segment had assets leased to others included in property, plant and equipment of $256 million and $252 million, respectively, net of accumulated depreciation. Our Real Estate segment’s revenue from operating leases were $7 million and $1 million for the three months ended June 30, 2023 and 2022, respectively, and $12 million and $3 million for the six months ended June 30, 2023 and 2022, respectively. Revenues from operating leases are included in other revenue from operations in the condensed consolidated statements of operations. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2023 | |
Debt | |
Debt | 12. Debt Debt consists of the following: June 30, December 31, 2023 2022 (in millions) Holding Company: 4.750% senior unsecured notes due 2024 $ 1,102 $ 1,103 6.375% senior unsecured notes due 2025 749 749 6.250% senior unsecured notes due 2026 1,250 1,250 5.250% senior unsecured notes due 2027 1,460 1,460 4.375% senior unsecured notes due 2029 747 747 5,308 5,309 Reporting Segments: Energy 1,591 1,591 Automotive 19 21 Food Packaging 150 162 Real Estate 1 1 Home Fashion 9 12 1,770 1,787 Total Debt $ 7,078 $ 7,096 Holding Company In February 2022, we redeemed all of our $500 million aggregate principal amount of 6.750% senior unsecured notes due 2024 at par. As a result of this transaction, Icahn Enterprises recorded a loss on extinguishment of debt of $1 million during the six months ended June 30, 2022. Covenants We and 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 less than $1 million and $1 million for the three months ended June 30, 2023 and 2022, respectively, and $2 million for each of the six months ended June 30, 2023 and 2022. |
Net Income Per LP Unit
Net Income Per LP Unit | 6 Months Ended |
Jun. 30, 2023 | |
Net Income Per LP Unit [Abstract] | |
Net Income Per LP Unit | 13. Net Income Per LP Unit The components of the computation of basic and diluted income per LP unit of Icahn Enterprises are as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in millions, except per unit amounts) Net (loss) income attributable to Icahn Enterprises $ (269) $ (128) $ (539) $ 195 Net (loss) income attributable to Icahn Enterprises allocated to limited partners (98.01% allocation) $ (264) $ (125) $ (528) $ 191 Basic (loss) income per LP unit: $ (0.72) $ (0.41) $ (1.46) $ 0.64 Basic weighted average LP units outstanding 367 306 361 300 Diluted (loss) income per LP unit: $ (0.72) $ (0.41) $ (1.46) $ 0.64 Diluted weighted average LP units outstanding 367 306 361 300 LP Unit Transactions Unit Distributions On February 22, 2023, we 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. On May 9, 2023, we 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. As a result of the above distributions declared, during the six months ended June 30, 2023, we distributed an aggregate At-The-Market Offerings During the three months ended June 30, 2023, we did not sell depositary units pursuant to our Open Market Sale Agreement. During the six months ended June 30, 2023, we sold 3,395,353 depository units pursuant to the Open Market Sale Agreement, resulting in gross proceeds of $175 million. As of June 30, 2023, we continue to have an active Open Market Sale Agreement and Icahn Enterprises may sell its depositary units for up to an additional $149 million in aggregate gross sale proceeds pursuant to this agreement. Repurchase Authorization On May 9, 2023, the Board of Directors of the General Partner approved a repurchase program which authorizes Icahn Enterprises or affiliates of Icahn Enterprises to repurchase up to an aggregate of $500 million worth of any of our outstanding fixed-rate senior unsecured notes issued by Icahn Enterprises and Icahn Enterprises Finance Corp. and up to an aggregate of $500 million worth of the depositary units issued by Icahn Enterprises (the “Repurchase Program”). The repurchases of senior notes or depositary units may be done for cash from time to time in the open market, through tender offers or in privately negotiated transactions upon such terms and at such prices as management may determine. The authorization of the Repurchase Program is for an indefinite term and does not expire until later terminated by the Board of Directors. As of June 30, 2023, the Company has not repurchased any of the Company’s depository units or senior notes under the Repurchase Program. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting | 14. 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. 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 Three Months Ended June 30, 2023 Investment Energy Automotive Food Packaging Real Estate Home Fashion Pharma Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 2,237 $ 248 $ 117 $ 13 $ 46 $ 23 $ — $ 2,684 Other revenues from operations — — 177 — 20 — 1 — 198 Net loss from investment activities (500) — — — — — — — (500) Interest and dividend income 134 8 — — — — — 25 167 Other (loss) income, net (18) 3 3 1 1 — 1 — (9) (384) 2,248 428 118 34 46 25 25 2,540 Expenses: Cost of goods sold — 1,990 173 90 8 35 14 — 2,310 Other expenses from operations — — 142 — 18 — — — 160 Selling, general and administrative 13 39 114 15 5 10 11 8 215 Credit loss on related party note receivable — — — — — — — 116 116 Loss on deconsolidation of subsidiaries — — — — — — — 20 20 Interest expense 38 22 1 3 — — — 72 136 51 2,051 430 108 31 45 25 216 2,957 (Loss) income before income tax (expense) benefit (435) 197 (2) 10 3 1 — (191) (417) Income tax (expense) benefit — (41) 6 (5) — — — 38 (2) Net (loss) income (435) 156 4 5 3 1 — (153) (419) Less: net (loss) income attributable to non-controlling interests (220) 70 — — — — — — (150) Net (loss) income attributable to Icahn Enterprises $ (215) $ 86 $ 4 $ 5 $ 3 $ 1 $ — $ (153) $ (269) Supplemental information: Capital expenditures $ — $ 56 $ 11 $ 5 $ — $ 1 $ — $ — $ 73 Depreciation and amortization $ — $ 89 $ 22 $ 7 $ 3 $ 1 $ 7 $ — $ 129 Three Months Ended June 30, 2022 Investment Energy Automotive Food Packaging Real Estate Home Fashion Pharma Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 3,144 $ 438 $ 110 $ 17 $ 69 $ 18 $ — $ 3,796 Other revenues from operations — — 183 — 13 — 1 — 197 Net (loss) from investment activities (459) — — — — — — 17 (442) Interest and dividend income 47 1 — — — — — 2 50 Other (loss) income, net (18) (75) — (6) — — — 1 (98) (430) 3,070 621 104 30 69 19 20 3,503 Expenses: Cost of goods sold — 2,715 288 90 12 57 12 — 3,174 Other expenses from operations — — 134 — 14 — — — 148 Selling, general and administrative 10 43 219 13 3 11 10 6 315 Restructuring, net — — — — — — — — — Interest expense 53 24 — 2 — 1 — 71 151 63 2,782 641 105 29 69 22 77 3,788 (Loss) income before income tax (expense) benefit (493) 288 (20) (1) 1 — (3) (57) (285) Income tax (expense) benefit — (61) 5 (2) — — — 56 (2) Net (loss) income (493) 227 (15) (3) 1 — (3) (1) (287) Less: net (loss) income attributable to non-controlling interests (275) 117 — (1) — — — — (159) Net (loss) income attributable to Icahn Enterprises $ (218) $ 110 $ (15) $ (2) $ 1 $ — $ (3) $ (1) $ (128) Supplemental information: Capital expenditures $ — $ 62 $ 30 $ 5 $ 2 $ — $ — $ — $ 99 Depreciation and amortization $ — $ 89 $ 20 $ 7 $ 3 $ 1 $ 7 $ — $ 127 Six Months Ended June 30, 2023 Investment Energy Automotive Food Packaging Real Estate Home Fashion Pharma Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 4,523 $ 535 $ 235 $ 20 $ 86 $ 43 $ — $ 5,442 Other revenues from operations — — 347 — 36 — 2 — 385 Net loss from investment activities (943) — — — — — — — (943) Interest and dividend income 278 13 — — — — — 47 338 Other (loss) income, net (46) 6 3 (6) 1 — 1 — (41) (711) 4,542 885 229 57 86 46 47 5,181 Expenses: Cost of goods sold — 3,916 366 181 14 67 26 — 4,570 Other expenses from operations — — 287 — 31 — — — 318 Selling, general and administrative 16 85 246 29 9 20 24 15 444 Credit loss on related party note receivable — — — — — — — 116 116 Loss on deconsolidation of subsidiary — — — — — — — 246 246 Interest expense 83 45 1 6 — — — 143 278 99 4,046 900 216 54 87 50 520 5,972 (Loss) before income tax (expense) benefit (810) 496 (15) 13 3 (1) (4) (473) (791) Income tax (expense) benefit — (93) 6 (1) — — — 102 14 Net (loss) income (810) 403 (9) 12 3 (1) (4) (371) (777) Less: net (loss) income attributable to non-controlling interests (424) 185 — 1 — — — — (238) Net (loss) income attributable to Icahn Enterprises $ (386) $ 218 $ (9) $ 11 $ 3 $ (1) $ (4) $ (371) $ (539) Supplemental information: Capital expenditures $ — $ 100 $ 21 $ 7 $ 2 $ 1 $ — $ — $ 131 Depreciation and amortization $ — $ 173 $ 41 $ 14 $ 6 $ 3 $ 14 $ — $ 251 Six Months Ended June 30, 2022 Investment Energy Automotive Food Packaging Real Estate Home Fashion Pharma Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 5,517 $ 845 $ 211 $ 34 $ 124 $ 33 $ — $ 6,764 Other revenues from operations — — 339 — 24 — 2 — 365 Net gain from investment activities 449 — — — — — — 48 497 Interest and dividend income 87 1 — — — — — 4 92 Other (loss) income, net (35) (85) 2 (5) — — 1 — (122) 501 5,433 1,186 206 58 124 36 52 7,596 Expenses: Cost of goods sold — 4,838 555 171 22 102 24 — 5,712 Other expenses from operations — — 260 — 25 — — 285 Selling, general and administrative 14 88 427 26 7 22 20 12 616 Interest expense 85 48 1 3 — 1 — 147 285 99 4,974 1,243 200 54 125 44 159 6,898 Income (loss) before income tax benefit (expense) 402 459 (57) 6 4 (1) (8) (107) 698 Income tax (expense) benefit — (91) 14 (3) — — — (20) (100) Net income (loss) 402 368 (43) 3 4 (1) (8) (127) 598 Less: net income attributable to non-controlling interests 206 197 — — — — — — 403 Net income (loss) attributable to Icahn Enterprises $ 196 $ 171 $ (43) $ 3 $ 4 $ (1) $ (8) $ (127) $ 195 Supplemental information: Capital expenditures $ — $ 88 $ 51 $ 9 $ 6 $ — $ — $ — $ 154 Depreciation and amortization $ — $ 172 $ 40 $ 14 $ 6 $ 3 $ 14 $ — $ 249 Disaggregation of Revenue In addition to the condensed statements of operations by reporting segment above, we provide additional disaggregated revenue information for our Energy and Automotive segments below. Energy Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in millions) Petroleum products $ 2,054 $ 2,900 $ 4,114 $ 5,050 Nitrogen fertilizer products 183 244 409 467 $ 2,237 $ 3,144 $ 4,523 $ 5,517 Automotive Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in millions) Automotive services $ 392 $ 393 $ 761 $ 746 Aftermarket parts sales 20 215 92 416 $ 412 $ 608 $ 853 $ 1,162 Condensed Balance Sheets June 30, 2023 Investment Energy Automotive Food Packaging Real Estate Home Fashion Pharma Holding Company Consolidated (in millions) ASSETS Cash and cash equivalents $ 22 $ 751 $ 59 $ 7 $ 46 $ 5 $ 24 $ 1,574 $ 2,488 Cash held at consolidated affiliated partnerships and restricted cash 2,401 7 9 — 7 3 — 171 2,598 Investments 4,821 102 — — 14 — — — 4,937 Accounts receivable, net — 300 39 90 15 27 24 — 495 Inventories, net — 524 260 111 — 90 30 — 1,015 Related party notes receivable — — — — — — — 82 82 Property, plant and equipment, net — 2,630 792 137 341 54 — 5 3,959 Goodwill and intangible assets, net — 189 346 24 — 19 212 — 790 Other assets 4,644 298 469 104 96 17 5 217 5,850 Total assets $ 11,888 $ 4,801 $ 1,974 $ 473 $ 519 $ 215 $ 295 $ 2,049 $ 22,214 LIABILITIES AND EQUITY Accounts payable, accrued expenses and other liabilities $ 1,637 $ 1,727 $ 847 $ 140 $ 53 $ 44 $ 58 $ 73 $ 4,579 Securities sold, not yet purchased, at fair value 3,370 — — — — — — — 3,370 Debt — 1,591 19 150 1 9 — 5,308 7,078 Total liabilities 5,007 3,318 866 290 54 53 58 5,381 15,027 Equity attributable to Icahn Enterprises 3,799 795 1,108 166 461 162 237 (3,332) 3,396 Equity attributable to non-controlling interests 3,082 688 — 17 4 — — — 3,791 Total equity 6,881 1,483 1,108 183 465 162 237 (3,332) 7,187 Total liabilities and equity $ 11,888 $ 4,801 $ 1,974 $ 473 $ 519 $ 215 $ 295 $ 2,049 $ 22,214 December 31, 2022 Investment Energy Automotive Food Packaging Real Estate Home Fashion Pharma Holding Company Consolidated (in millions) ASSETS Cash and cash equivalents $ 19 $ 510 $ 32 $ 9 $ 26 $ 5 $ 16 $ 1,720 $ 2,337 Cash held at consolidated affiliated partnerships and restricted cash 2,455 7 10 — 8 3 — 66 2,549 Investments 6,719 76 — — 14 — — — 6,809 Accounts receivable, net — 358 99 87 12 24 26 — 606 Inventories, net — 624 686 103 — 90 28 — 1,531 Property, plant and equipment, net — 2,664 826 142 345 56 — 5 4,038 Goodwill and intangible assets, net — 200 352 24 — 19 226 — 821 Other assets 8,041 296 527 110 102 16 6 125 9,223 Total assets $ 17,234 $ 4,735 $ 2,532 $ 475 $ 507 $ 213 $ 302 $ 1,916 $ 27,914 LIABILITIES AND EQUITY Accounts payable, accrued expenses and other liabilities $ 1,589 $ 1,823 $ 981 $ 149 $ 47 $ 45 $ 61 $ 70 $ 4,765 Securities sold, not yet purchased, at fair value 6,495 — — — — — — — 6,495 Debt — 1,591 21 162 1 12 — 5,309 7,096 Total liabilities 8,084 3,414 1,002 311 48 57 61 5,379 18,356 Equity attributable to Icahn Enterprises 4,184 648 1,530 149 455 156 241 (3,463) 3,900 Equity attributable to non-controlling interests 4,966 673 — 15 4 — — — 5,658 Total equity 9,150 1,321 1,530 164 459 156 241 (3,463) 9,558 Total liabilities and equity $ 17,234 $ 4,735 $ 2,532 $ 475 $ 507 $ 213 $ 302 $ 1,916 $ 27,914 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 15. Income Taxes For the three months ended June 30, 2023, we recorded an income tax expense of $2 million on pre-tax loss of $417 million compared to an income tax expense of $2 million on pre-tax loss of $285 For the three months ended June 30, 2023 and 2022, the effective tax rate was lower than the statutory federal rate of 21%, for corporations, primarily due to partnership loss for which there was no tax benefit as such losses are allocated to the partners. For the six months ended June 30, 2023, we recorded an income tax benefit of For the six months ended June 30, 2023, the effective tax rate was lower than the statutory federal tax rate of 21%, for corporations, primarily due to partnership loss for which there was no tax benefit as such losses are allocated to the partners. For the six months ended June 30, 2022, 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 income is allocated to the partners. |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2023 | |
Changes in Accumulated Other Comprehensive Loss | |
Changes in Accumulated Other Comprehensive Loss | 16. Changes in Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss consists of the following: Translation Post-Retirement Adjustments, Net Benefits, Net of Tax of Tax Total (in millions) Balance, December 31, 2022 $ (45) $ (25) $ (70) Other comprehensive (loss) income before reclassifications, net of tax 5 — 5 Reclassifications from accumulated other comprehensive loss to earnings, net of tax — 2 2 Other comprehensive (loss) income, net of tax 5 2 7 Balance, June 30, 2023 $ (40) $ (23) $ (63) |
Other Loss, Net
Other Loss, Net | 6 Months Ended |
Jun. 30, 2023 | |
Other Loss, Net | |
Other Loss, Net | 17. Other Loss, Net Other loss, net consists of the following: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in millions) Dividend expense $ (19) $ (18) $ (47) $ (35) Equity earnings from non-consolidated affiliates 3 3 5 5 Gain on disposition of assets, net 3 — 3 2 Foreign currency transaction gain 2 (6) 2 (5) Legal settlement loss — (78) — (88) Loss on extinguishment of debt, net — 1 — (1) Other 2 — (4) — $ (9) $ (98) $ (41) $ (122) |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 18. 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 human health and the environment, particularly regarding plant wastes and emissions and solid waste disposal. Our consolidated environmental liabilities on an undiscounted basis were $20 million and $22 million as of June 30, 2023 and December 31, 2022, respectively, primarily within our Energy segment, 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. Energy Clean Air Act Matter - CVR Energy’s indirect wholly-owned subsidiary, Coffeyville Resource Refining & Marketing, LLC (“CRRM”) is party to proceedings relating to claims by the United States, on behalf of the U.S. Environmental Protection Agency (the “EPA”) and the State of Kansas, on behalf of the Kansas Department of Health and Environment (“KDHE”). One of these proceedings concerns claims arising under a 2012 Consent Decree (“CD”), which primarily relate to the CRRM refinery’s flares; the United States, on behalf of the EPA, and KDHE are seeking approximately CRRM is also party to proceedings brought by the United States, on behalf of the EPA, and KDHE in the D. Kan, alleging violations of the federal Clean Air Act, the Kansas State Implementation Plan, Kansas law, and CRRM’s permits relating to flares, heaters, and related matters; the United States, on behalf of the EPA, and KDHE are seeking civil penalties, injunctive relief, and related relief in connection with these claims (collectively, the “Statutory Claims”). In May 2023, the parties mediated both the Stipulated Claims and the Statutory Claims before the Tenth Circuit mediation office and agreed to stay the proceedings before the D. Kan. for 90 days while the parties work to reach a final settlement agreement, including with respect to injunctive relief. As negotiations and proceedings relating to the Stipulated Claims and the Statutory Claims are ongoing, CVR Energy cannot at this time determine the outcome of these matters, 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. 45Q Transaction In January 2023, CVR Energy and its obligated-party subsidiaries entered into a joint venture and related agreements with unaffiliated third-party investors and others intended to qualify for certain tax credits available under Section 45Q of the Internal Revenue Code. Under the agreements entered into in connection with the 45Q Transactions, CVR Partners and certain of its subsidiaries are obligated to meet certain minimum quantities of carbon dioxide supply each year during the term of the agreement and could be subject to fees of up to Renewable Fuel Standards CVR Energy’s obligated-party subsidiaries are subject to the Renewable Fuel Standard (“RFS”) implemented primarily by the EPA which requires refiners to either blend renewable fuels into their transportation fuels or purchase renewable fuel credits, known as Renewable Identification Numbers (“RINs), in lieu of blending. CVR Energy’s obligated subsidiaries are not able to blend the substantial majority of their transportation fuels and, unless their obligations are waived by the EPA, have to purchase RINs on the open market and may have to obtain waiver credits for cellulosic biofuels or other exemptions from the EPA, to the extent available, in order to comply with the RFS. CVR Energy’s obligated-party subsidiaries have filed a number of petitions in the United States Court of Appeals for the Fifth Circuit (the “Fifth Circuit”) and the United States Court of Appeals for the District of Colombia Circuit (the “DC Circuit”) challenging certain actions taken by the EPA in April 2022 and June 2022 petitions from small refineries seeking SREs for one or more of the compliance years between 2016 and 2023, including the SRE sought by WRC for 2022, which denial WRC intends to challenge in court. CVR Energy cannot yet determine at this time the outcomes of these matters. However, while CVR Energy intends to prosecute these actions vigorously, if these matters are ultimately concluded in a manner adverse to CVR Energy, they could have a material effect on our Energy business’ financial position, results of operations, or cash flows. Our Energy segment recognized expenses of approximately $48 million and $135 million for the three months ended June 30, 2023 and 2022, respectively, for CVR Energy’s obligated-party subsidiaries’ compliance with the RFS (based on the 2020, 2021, 2022 and 2023 annual RVO for the respective periods, excluding the impacts of any exemptions or waivers to which the obligated-party subsidiaries may be entitled). For the six months ended June 30, 2023 and 2022, such expenses were $37 million and $241 million, respectively. These recognized amounts are included in cost of goods sold in the condensed consolidated statements of operations and 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 (excluding the impact of exemptions or waivers to which CVR Refining may be entitled), the remaining position is marked-to-market using RIN market prices at period end. As of June 30, 2023 and December 31, 2022, CVR Energy’s obligated-party subsidiaries’ RFS position was $599 million and $692 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 Call Option Coverage Case – In July 2023, the Superior Court of the State of Delaware (the “Superior Court”) heard oral argument on the motion filed by the primary and excess insurers (the “Insurers”) of CVR Energy and certain of its affiliates (the “Call Defendants”) seeking to stay the Call Defendants’ action against the Insurers. The Call Defendants’ action alleged breach of contract and breach of the implied covenant of good faith and fair dealing with respect to the Insurers’ denial of coverage of the Call Defendants’ defense expenses and indemnity, as well as other conduct of the Insurers, relating to the lawsuits filed by former unitholders of CVR Refining, LP (“CVR Refining”) against the Call Defendants regarding CVR Energy’s exercise of the call option under the CVR Refining Amended and Restated Agreement of Limited Partnership assigned to it by CVR Refining’s general partner, which action was settled by the parties on August 19, 2022 th As the potential appeal of the Texas Court decision and the Superior Court lawsuit are in their early stages, CVR Energy cannot determine at this time the outcome of these lawsuits, including whether the outcome would have a material impact on our Energy business’ 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 85% of Icahn Enterprises’ outstanding depositary units as of June 30, 2023. 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 Industries LLC (“ACF”), an affiliate of Mr. Icahn. 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 June 30, 2023. If the plans were voluntarily terminated, they would be underfunded by an aggregate of approximately $42 million as of June 30, 2023. 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 Icahn Enterprises L.P. was contacted on May 3, 2023 by the U.S. Attorney’s office for the Southern District of New York and on June 21, 2023 by the staff of the Division of Enforcement of the U.S. Securities and Exchange Commission (the “SEC”), seeking production of information relating to the Company and certain of its affiliates’ corporate governance, capitalization, securities offerings, disclosure, dividends, valuation, marketing materials, due diligence and other materials. We are cooperating with these requests and are providing documents in response to these voluntary requests for information. Neither the U.S. Attorney’s office nor the SEC has made any claims or allegations against us or Mr. Icahn with respect to the foregoing inquiries. In addition, two putative securities class action lawsuits have been filed against the Company in the U.S. District Court for the Southern District of Florida alleging violations of the federal securities laws, Okaro v. Icahn Enterprises L.P. et al. Levine v. Icahn Enterprises L.P. et al. We believe that we maintain a strong compliance program and, while no assurances can be made, and we are still evaluating these matters, we do not currently believe that these inquiries and litigations will have a material impact on our business, financial condition, results of operations or cash flows. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 6 Months Ended |
Jun. 30, 2023 | |
Supplemental Cash Flow Information | |
Supplemental Cash Flow Information | 19. Supplemental Cash Flow Information Supplemental cash flow information consists of the following: Six Months Ended June 30, 2023 2022 (in millions) Cash payments for interest $ (216) $ (221) Cash payments for income taxes, net of payments (43) (60) Partnership contributions receivable 6 7 Non-cash Investment segment distributions to non-controlling interests (2) — |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events | |
Subsequent Events | 20. Subsequent Events Icahn Enterprises LP Unit Distribution On August 2, 2023, the Board of Directors of the general partner of Icahn Enterprises declared a quarterly distribution in the amount of $1.00 per depositary unit, which will be paid on or about September 27, 2023 to depositary unitholders of record at the close of business on August 18, 2023. Depositary unitholders will have until September 15, 2023 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 five consecutive trading days ending September 22, 2023. 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. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Basis of Presentation and Summary of Significant Accounting Policies | |
Principles of Consolidation | Principles of Consolidation Our condensed consolidated financial statements include the accounts of (i) Icahn Enterprises and (ii) the wholly and majority owned subsidiaries of Icahn Enterprises, 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. For entities over which the Company does not have significant influence, the Company accounts for its equity investment at fair value, except for the Company’s equity interest in Auto Plus. 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 such equity investments are accounted for at fair value. |
Consolidated Variable Interest Entities | Consolidated Variable Interest Entities 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. Icahn Enterprises Holdings and its subsidiaries own substantially all of our assets and liabilities and therefore, the balance sheets of Icahn Enterprises and Icahn Enterprises Holdings are substantially the same. During the quarter ended June 30, 2023, we established a captive insurance program to supplement the insurance coverage of the officers, directors, employees and agents of the Company, its subsidiaries and our general partner. We hold assets in a protected cell, which we are the primary beneficiary of, and therefore consolidate the protected cell. The total assets related to the protected cell were $100 million at June 30, 2023 and are included in restricted cash in the condensed consolidated balance sheet. |
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. |
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 5, “Investments,” and Note 6, “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 June 30, 2023 was approximately $7.1 billion and $6.3 billion, respectively. The carrying value and estimated fair value of our long-term debt as of December 31, 2022 was approximately $7.1 billion and $6.6 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 $367 million and $1,019 million as of June 30, 2023 and December 31, 2022, 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 $2,231 million and $1,530 million as of June 30, 2023 and December 31, 2022, respectively. Restricted cash includes, but is not limited to, our Investment segment’s cash pledged and held for margin requirements on derivative transactions and cash held related our captive insurance program. Long-Lived Assets The company reviews long-lived assets for impairment when impairment indcators exist. An evaluation of impairment consists of reviewing the carrying value of a long-lived asset for recoverability. Recoverability of long-lived assets to be held and used is measured by a comparison of the carrying amount of an asset to esimtaed undiscounted future net cash flows expected to be generated by the asset. If the carrying value of the long-lived asset is not determined to be recoverable, a fair value assessment if performed. During the second quarter of 2023, a significant tenant of a commercial high-rise property, within our Real Estate segment, was notified of default for non-payment. The tenant was unable to cure the default status and the lease was terminated. We considered this default, along with other facts and circumstances, a triggering event for potential impairment and we assessed the carrying value of this long-lived asset for recoverability using the undiscounted cash flow method during the second quarter of 2023. We determined the total undiscounted cash flows of the property exceeded its carrying value and therefore, no impairment is required. |
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 and Automotive segments’ 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 and Automotive segments’ leasing revenue, as disclosed in Note 11, “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 14, “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 includes 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 revenue is recognized at the point in time in which the customer obtains control of the product. In addition, it includes deferred revenue associated with agreements entered into with third-party investors that has allowed our Energy segment to monetize certain tax credits available under Section 45Q of the Internal Revenue Code (the “45Q Transaction”). Our Energy segment had deferred revenue of $44 million and $48 million as of June 30, 2023 and December 31, 2022, respectively. For the six months ended June 30, 2023 and 2022, our Energy segment recorded revenue of $46 million and $84 million, respectively, with respect to deferred revenue outstanding as of the beginning of each respective period. As of June 30, 2023, our Energy segment had $2 million of remaining performance obligations for contracts with an original expected duration of more than one year. Our Energy segment expects to recognize a majority of these performance obligations as revenue by the end of 2023 and the remaining nominal balance in 2024. Automotive Our Automotive segment had deferred revenue with respect to extended warranty plans of $44 million at each of June 30, 2023 and December 31, 2022, respectively, which are included in accrued expenses and other liabilities on the condensed consolidated balance sheets. For the six months ended June 30, 2023 and 2022, our Automotive segment recorded revenue of $13 million and $12 million, respectively, with respect to deferred revenue outstanding as of the beginning of each respective period. |
Adoption of New Accounting Standards and Recently Issued Accounting Standards | Adoption of New 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 other interest rates used globally. This ASU provides companies with optional expedients for contract modifications under U.S. GAAP, excluded components of certain hedging relationships, fair value hedges, and cash flow hedges, as well as certain exceptions, which are intended to help ease the potential accounting burden associated with transitioning away from these reference rates. We adopted this ASU effective January 1, 2023. The adoption of this standard did not have a significant impact on our condensed consolidated financial statements. In September 2022, the FASB issued ASU 2022-04, Liabilities- Supplier Finance Programs (Subtopic 405-50) Disclosure of Supplier Finance Program Obligations Recently Issued Accounting Standards In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, |
Fair Value Measurements (Polici
Fair Value Measurements (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Measurements | |
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 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 assets and liabilities. 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) | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets, Net | |
Intangible assets | We utilize the straight-line method of amortization, recognized over the estimated useful lives of the assets |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Investment Segment | |
Schedule of Investments | |
Investment | June 30, December 31, 2023 2022 (in millions) Assets Investments: Equity securities: Communications $ — $ 199 Consumer, cyclical 504 692 Energy 689 909 Utilities 1,238 1,205 Healthcare 474 320 Technology 639 655 Materials 142 153 Industrial — 486 3,686 4,619 Debt Securities: Financials 1,001 1,958 Real Estate 134 131 Communications — 11 1,135 2,100 $ 4,821 $ 6,719 Liabilities Securities sold, not yet purchased, at fair value: Equity securities: Consumer, non-cyclical $ 116 $ 1,006 Consumer, cyclical — 352 Energy 1,794 2,690 Utilities 563 813 Healthcare — 387 Materials 579 598 Industrial 146 480 3,198 6,326 Debt securities: Materials 172 169 $ 3,370 $ 6,495 |
Other Segments and Holding Company | |
Schedule of Investments | |
Investment | June 30, December 31, 2023 2022 (in millions) Equity method investments $ 102 $ 76 Other investments measured at fair value 14 14 $ 116 $ 90 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Measurements | |
Assets measured at fair value on a recurring basis | June 30, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (in millions) Assets Investments (Note 5) $ 3,648 $ 1,134 $ 42 $ 4,824 $ 5,538 $ 1,142 $ 42 $ 6,722 Derivative assets, net (Note 7) — 344 — 344 — 805 — 805 $ 3,648 $ 1,478 $ 42 $ 5,168 $ 5,538 $ 1,947 $ 42 $ 7,527 Liabilities Securities sold, not yet purchased (Note 5) $ 3,198 $ 172 $ — $ 3,370 $ 6,326 $ 169 $ — $ 6,495 Derivative liabilities, net (Note 7) 15 896 — 911 — 691 — 691 RFS obligations (Note 18) — 599 — 599 — 692 — 692 $ 3,213 $ 1,667 $ — $ 4,880 $ 6,326 $ 1,552 $ — $ 7,878 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Derivative | |
Notional exposure of derivative instruments | June 30, 2023 December 31, 2022 Long Notional Exposure Short Notional Exposure Long Notional Exposure Short Notional Exposure (in millions) Primary underlying risk: Equity contracts $ 2,261 $ 3,719 $ 1,816 $ 5,354 Credit contracts (1) — 797 — 945 Commodity contracts — 426 — 22 (1) The short notional amount on our credit default swap positions was approximately $3.1 billion and $3.5 billion at June 30, 2023 and December 31, 2022, respectively. However, because credit spreads cannot compress below zero , our downside short notional exposure to loss is approximately $0.8 billion and $0.9 billion as of June 30, 2023 and December 31, 2022, respectively. |
Investment Segment | |
Derivative | |
Fair value and income recognized for derivatives not designated as hedging instruments | Derivative Assets Derivative Liabilities June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 (in millions) Equity contracts $ 70 $ 392 $ 961 $ 719 Credit contracts 327 447 1 1 Commodity contracts 1 — 15 1 Sub-total 398 839 977 721 Netting across contract types (1) (71) (34) (71) (34) Total (1) $ 327 $ 805 $ 906 $ 687 (1) Excludes netting of cash collateral received and posted. The total collateral posted at June 30, 2023 and December 31, 2022 was $2,034 million and $1,436 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in millions) Equity contracts $ (366) $ 392 $ (650) $ 483 Credit contracts (2) (35) 34 (320) Commodity contracts (17) — (16) — $ (385) $ 357 $ (632) $ 163 (1) Gains (losses) recognized on derivatives are classified in net (loss) gain from investment activities in our condensed consolidated statements of operations for our Investment segment. |
Energy Segment | |
Derivative | |
Fair value and income recognized for derivatives not designated as hedging instruments | Derivative Assets Derivative Liabilities June 30, 2023 December 31, 2022 June 30, 2023 December 31, 2022 (in millions) Commodity contracts 17 — 10 5 Netting across contract types (1) — — (5) (1) Total (1) $ 17 $ — $ 5 $ 4 (1) Excludes netting of derivatives primarily related to initial margin requirements of $9 million and $7 million at June 30, 2023 and December 31, 2022, respectively, which was not offset against derivatives assets, net in the condensed consolidated balance sheets . |
Related Party Notes Receivable
Related Party Notes Receivable (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Notes Receivable | |
Schedule of related party notes receivable and related allowance for expected credit losses | June 30, 2023 Related party notes receivable, gross $ 82 Less: Allowance for expected credit losses — Related party notes receivable $ 82 Allowance for expected credit losses: Beginning Balance $ - Credit loss provision 116 Write-offs (116) Ending Balance $ — |
Inventories, Net (Tables)
Inventories, Net (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Inventories Net | |
Inventories | June 30, December 31, 2023 2022 (in millions) Raw materials $ 307 $ 335 Work in process 106 105 Finished goods 589 1,091 In transit 13 — $ 1,015 $ 1,531 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets, Net (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets, Net | |
Schedule of Goodwill | June 30, 2023 December 31, 2022 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 Home Fashion 22 (3) 19 22 (3) 19 Pharma 13 — 13 13 — 13 $ 378 $ (90) $ 288 $ 378 $ (90) $ 288 |
Intangible assets, net | June 30, 2023 December 31, 2022 Gross Net Gross Net Carrying Accumulated Carrying Carrying Accumulated Carrying Amount Amortization Value Amount Amortization Value (in millions) Definite-lived intangible assets: Customer relationships $ 392 $ (219) $ 173 $ 393 $ (212) $ 181 Developed technology 254 (76) 178 254 (62) 192 Other 164 (96) 68 167 (90) 77 $ 810 $ (391) $ 419 $ 814 $ (364) $ 450 Indefinite-lived intangible assets $ 83 $ 83 Intangible assets, net $ 502 $ 533 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Leases | |
Lessee right-of-use assets and liabilities | June 30, December 31, 2023 2022 (in millions) Operating Leases: Right-of-use assets (other assets) $ 509 $ 478 Lease liabilities (accrued expenses and other liabilities) 517 484 Financing Leases: Right-of-use assets (property, plant and equipment, net) 49 48 Lease liabilities (debt) 65 64 |
Operating lease term and discount rate | Right-Of-Use Lease Discount Operating Leases as of June 30, 2023 Assets Liabilities Lease Term Rate (in millions) Energy $ 40 $ 38 3.9 years 5.5% Automotive 426 439 5.3 years 5.9% Food Packaging 23 26 9.5 years 7.4% Other segments and Holding Company 20 14 $ 509 $ 517 Right-Of-Use Lease Discount Operating Leases as of December 31, 2022 Assets Liabilities Lease Term Rate (in millions) Energy $ 40 $ 40 4.1 years 5.2% Automotive 386 395 4.7 years 5.9% Food Packaging 24 27 9.8 years 7.4% Other segments and Holding Company 28 22 $ 478 $ 484 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt | |
Schedule of Long-term Debt Instruments | June 30, December 31, 2023 2022 (in millions) Holding Company: 4.750% senior unsecured notes due 2024 $ 1,102 $ 1,103 6.375% senior unsecured notes due 2025 749 749 6.250% senior unsecured notes due 2026 1,250 1,250 5.250% senior unsecured notes due 2027 1,460 1,460 4.375% senior unsecured notes due 2029 747 747 5,308 5,309 Reporting Segments: Energy 1,591 1,591 Automotive 19 21 Food Packaging 150 162 Real Estate 1 1 Home Fashion 9 12 1,770 1,787 Total Debt $ 7,078 $ 7,096 |
Net Income Per LP Unit (Tables)
Net Income Per LP Unit (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Net Income Per LP Unit [Abstract] | |
Net Income Per LP Unit | Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in millions, except per unit amounts) Net (loss) income attributable to Icahn Enterprises $ (269) $ (128) $ (539) $ 195 Net (loss) income attributable to Icahn Enterprises allocated to limited partners (98.01% allocation) $ (264) $ (125) $ (528) $ 191 Basic (loss) income per LP unit: $ (0.72) $ (0.41) $ (1.46) $ 0.64 Basic weighted average LP units outstanding 367 306 361 300 Diluted (loss) income per LP unit: $ (0.72) $ (0.41) $ (1.46) $ 0.64 Diluted weighted average LP units outstanding 367 306 361 300 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disaggregation of Revenue [Line Items] | |
Schedule of Condensed Income Statement by Segment | Condensed Statements of Operations Three Months Ended June 30, 2023 Investment Energy Automotive Food Packaging Real Estate Home Fashion Pharma Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 2,237 $ 248 $ 117 $ 13 $ 46 $ 23 $ — $ 2,684 Other revenues from operations — — 177 — 20 — 1 — 198 Net loss from investment activities (500) — — — — — — — (500) Interest and dividend income 134 8 — — — — — 25 167 Other (loss) income, net (18) 3 3 1 1 — 1 — (9) (384) 2,248 428 118 34 46 25 25 2,540 Expenses: Cost of goods sold — 1,990 173 90 8 35 14 — 2,310 Other expenses from operations — — 142 — 18 — — — 160 Selling, general and administrative 13 39 114 15 5 10 11 8 215 Credit loss on related party note receivable — — — — — — — 116 116 Loss on deconsolidation of subsidiaries — — — — — — — 20 20 Interest expense 38 22 1 3 — — — 72 136 51 2,051 430 108 31 45 25 216 2,957 (Loss) income before income tax (expense) benefit (435) 197 (2) 10 3 1 — (191) (417) Income tax (expense) benefit — (41) 6 (5) — — — 38 (2) Net (loss) income (435) 156 4 5 3 1 — (153) (419) Less: net (loss) income attributable to non-controlling interests (220) 70 — — — — — — (150) Net (loss) income attributable to Icahn Enterprises $ (215) $ 86 $ 4 $ 5 $ 3 $ 1 $ — $ (153) $ (269) Supplemental information: Capital expenditures $ — $ 56 $ 11 $ 5 $ — $ 1 $ — $ — $ 73 Depreciation and amortization $ — $ 89 $ 22 $ 7 $ 3 $ 1 $ 7 $ — $ 129 Three Months Ended June 30, 2022 Investment Energy Automotive Food Packaging Real Estate Home Fashion Pharma Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 3,144 $ 438 $ 110 $ 17 $ 69 $ 18 $ — $ 3,796 Other revenues from operations — — 183 — 13 — 1 — 197 Net (loss) from investment activities (459) — — — — — — 17 (442) Interest and dividend income 47 1 — — — — — 2 50 Other (loss) income, net (18) (75) — (6) — — — 1 (98) (430) 3,070 621 104 30 69 19 20 3,503 Expenses: Cost of goods sold — 2,715 288 90 12 57 12 — 3,174 Other expenses from operations — — 134 — 14 — — — 148 Selling, general and administrative 10 43 219 13 3 11 10 6 315 Restructuring, net — — — — — — — — — Interest expense 53 24 — 2 — 1 — 71 151 63 2,782 641 105 29 69 22 77 3,788 (Loss) income before income tax (expense) benefit (493) 288 (20) (1) 1 — (3) (57) (285) Income tax (expense) benefit — (61) 5 (2) — — — 56 (2) Net (loss) income (493) 227 (15) (3) 1 — (3) (1) (287) Less: net (loss) income attributable to non-controlling interests (275) 117 — (1) — — — — (159) Net (loss) income attributable to Icahn Enterprises $ (218) $ 110 $ (15) $ (2) $ 1 $ — $ (3) $ (1) $ (128) Supplemental information: Capital expenditures $ — $ 62 $ 30 $ 5 $ 2 $ — $ — $ — $ 99 Depreciation and amortization $ — $ 89 $ 20 $ 7 $ 3 $ 1 $ 7 $ — $ 127 Six Months Ended June 30, 2023 Investment Energy Automotive Food Packaging Real Estate Home Fashion Pharma Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 4,523 $ 535 $ 235 $ 20 $ 86 $ 43 $ — $ 5,442 Other revenues from operations — — 347 — 36 — 2 — 385 Net loss from investment activities (943) — — — — — — — (943) Interest and dividend income 278 13 — — — — — 47 338 Other (loss) income, net (46) 6 3 (6) 1 — 1 — (41) (711) 4,542 885 229 57 86 46 47 5,181 Expenses: Cost of goods sold — 3,916 366 181 14 67 26 — 4,570 Other expenses from operations — — 287 — 31 — — — 318 Selling, general and administrative 16 85 246 29 9 20 24 15 444 Credit loss on related party note receivable — — — — — — — 116 116 Loss on deconsolidation of subsidiary — — — — — — — 246 246 Interest expense 83 45 1 6 — — — 143 278 99 4,046 900 216 54 87 50 520 5,972 (Loss) before income tax (expense) benefit (810) 496 (15) 13 3 (1) (4) (473) (791) Income tax (expense) benefit — (93) 6 (1) — — — 102 14 Net (loss) income (810) 403 (9) 12 3 (1) (4) (371) (777) Less: net (loss) income attributable to non-controlling interests (424) 185 — 1 — — — — (238) Net (loss) income attributable to Icahn Enterprises $ (386) $ 218 $ (9) $ 11 $ 3 $ (1) $ (4) $ (371) $ (539) Supplemental information: Capital expenditures $ — $ 100 $ 21 $ 7 $ 2 $ 1 $ — $ — $ 131 Depreciation and amortization $ — $ 173 $ 41 $ 14 $ 6 $ 3 $ 14 $ — $ 251 Six Months Ended June 30, 2022 Investment Energy Automotive Food Packaging Real Estate Home Fashion Pharma Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 5,517 $ 845 $ 211 $ 34 $ 124 $ 33 $ — $ 6,764 Other revenues from operations — — 339 — 24 — 2 — 365 Net gain from investment activities 449 — — — — — — 48 497 Interest and dividend income 87 1 — — — — — 4 92 Other (loss) income, net (35) (85) 2 (5) — — 1 — (122) 501 5,433 1,186 206 58 124 36 52 7,596 Expenses: Cost of goods sold — 4,838 555 171 22 102 24 — 5,712 Other expenses from operations — — 260 — 25 — — 285 Selling, general and administrative 14 88 427 26 7 22 20 12 616 Interest expense 85 48 1 3 — 1 — 147 285 99 4,974 1,243 200 54 125 44 159 6,898 Income (loss) before income tax benefit (expense) 402 459 (57) 6 4 (1) (8) (107) 698 Income tax (expense) benefit — (91) 14 (3) — — — (20) (100) Net income (loss) 402 368 (43) 3 4 (1) (8) (127) 598 Less: net income attributable to non-controlling interests 206 197 — — — — — — 403 Net income (loss) attributable to Icahn Enterprises $ 196 $ 171 $ (43) $ 3 $ 4 $ (1) $ (8) $ (127) $ 195 Supplemental information: Capital expenditures $ — $ 88 $ 51 $ 9 $ 6 $ — $ — $ — $ 154 Depreciation and amortization $ — $ 172 $ 40 $ 14 $ 6 $ 3 $ 14 $ — $ 249 |
Schedule of Condensed Financial Statements by Segment | June 30, 2023 Investment Energy Automotive Food Packaging Real Estate Home Fashion Pharma Holding Company Consolidated (in millions) ASSETS Cash and cash equivalents $ 22 $ 751 $ 59 $ 7 $ 46 $ 5 $ 24 $ 1,574 $ 2,488 Cash held at consolidated affiliated partnerships and restricted cash 2,401 7 9 — 7 3 — 171 2,598 Investments 4,821 102 — — 14 — — — 4,937 Accounts receivable, net — 300 39 90 15 27 24 — 495 Inventories, net — 524 260 111 — 90 30 — 1,015 Related party notes receivable — — — — — — — 82 82 Property, plant and equipment, net — 2,630 792 137 341 54 — 5 3,959 Goodwill and intangible assets, net — 189 346 24 — 19 212 — 790 Other assets 4,644 298 469 104 96 17 5 217 5,850 Total assets $ 11,888 $ 4,801 $ 1,974 $ 473 $ 519 $ 215 $ 295 $ 2,049 $ 22,214 LIABILITIES AND EQUITY Accounts payable, accrued expenses and other liabilities $ 1,637 $ 1,727 $ 847 $ 140 $ 53 $ 44 $ 58 $ 73 $ 4,579 Securities sold, not yet purchased, at fair value 3,370 — — — — — — — 3,370 Debt — 1,591 19 150 1 9 — 5,308 7,078 Total liabilities 5,007 3,318 866 290 54 53 58 5,381 15,027 Equity attributable to Icahn Enterprises 3,799 795 1,108 166 461 162 237 (3,332) 3,396 Equity attributable to non-controlling interests 3,082 688 — 17 4 — — — 3,791 Total equity 6,881 1,483 1,108 183 465 162 237 (3,332) 7,187 Total liabilities and equity $ 11,888 $ 4,801 $ 1,974 $ 473 $ 519 $ 215 $ 295 $ 2,049 $ 22,214 December 31, 2022 Investment Energy Automotive Food Packaging Real Estate Home Fashion Pharma Holding Company Consolidated (in millions) ASSETS Cash and cash equivalents $ 19 $ 510 $ 32 $ 9 $ 26 $ 5 $ 16 $ 1,720 $ 2,337 Cash held at consolidated affiliated partnerships and restricted cash 2,455 7 10 — 8 3 — 66 2,549 Investments 6,719 76 — — 14 — — — 6,809 Accounts receivable, net — 358 99 87 12 24 26 — 606 Inventories, net — 624 686 103 — 90 28 — 1,531 Property, plant and equipment, net — 2,664 826 142 345 56 — 5 4,038 Goodwill and intangible assets, net — 200 352 24 — 19 226 — 821 Other assets 8,041 296 527 110 102 16 6 125 9,223 Total assets $ 17,234 $ 4,735 $ 2,532 $ 475 $ 507 $ 213 $ 302 $ 1,916 $ 27,914 LIABILITIES AND EQUITY Accounts payable, accrued expenses and other liabilities $ 1,589 $ 1,823 $ 981 $ 149 $ 47 $ 45 $ 61 $ 70 $ 4,765 Securities sold, not yet purchased, at fair value 6,495 — — — — — — — 6,495 Debt — 1,591 21 162 1 12 — 5,309 7,096 Total liabilities 8,084 3,414 1,002 311 48 57 61 5,379 18,356 Equity attributable to Icahn Enterprises 4,184 648 1,530 149 455 156 241 (3,463) 3,900 Equity attributable to non-controlling interests 4,966 673 — 15 4 — — — 5,658 Total equity 9,150 1,321 1,530 164 459 156 241 (3,463) 9,558 Total liabilities and equity $ 17,234 $ 4,735 $ 2,532 $ 475 $ 507 $ 213 $ 302 $ 1,916 $ 27,914 |
Energy Segment | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue | Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in millions) Petroleum products $ 2,054 $ 2,900 $ 4,114 $ 5,050 Nitrogen fertilizer products 183 244 409 467 $ 2,237 $ 3,144 $ 4,523 $ 5,517 |
Automotive Segment | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue | Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in millions) Automotive services $ 392 $ 393 $ 761 $ 746 Aftermarket parts sales 20 215 92 416 $ 412 $ 608 $ 853 $ 1,162 |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Changes in Accumulated Other Comprehensive Loss | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Translation Post-Retirement Adjustments, Net Benefits, Net of Tax of Tax Total (in millions) Balance, December 31, 2022 $ (45) $ (25) $ (70) Other comprehensive (loss) income before reclassifications, net of tax 5 — 5 Reclassifications from accumulated other comprehensive loss to earnings, net of tax — 2 2 Other comprehensive (loss) income, net of tax 5 2 7 Balance, June 30, 2023 $ (40) $ (23) $ (63) |
Other Loss, Net (Tables)
Other Loss, Net (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Other Loss, Net | |
Schedule of other loss, net | Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in millions) Dividend expense $ (19) $ (18) $ (47) $ (35) Equity earnings from non-consolidated affiliates 3 3 5 5 Gain on disposition of assets, net 3 — 3 2 Foreign currency transaction gain 2 (6) 2 (5) Legal settlement loss — (78) — (88) Loss on extinguishment of debt, net — 1 — (1) Other 2 — (4) — $ (9) $ (98) $ (41) $ (122) |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Supplemental Cash Flow Information | |
Schedule of Cash Flow, Supplemental Disclosures | Six Months Ended June 30, 2023 2022 (in millions) Cash payments for interest $ (216) $ (221) Cash payments for income taxes, net of payments (43) (60) Partnership contributions receivable 6 7 Non-cash Investment segment distributions to non-controlling interests (2) — |
Description of Business (Detail
Description of Business (Details) $ in Billions | 6 Months Ended | |
Jun. 30, 2023 USD ($) item product | Dec. 31, 2022 USD ($) | |
Icahn Enterprises Holdings | ||
Description of Business [Line Items] | ||
Percentage of equity ownership in operating subsidiary | 99% | |
Icahn Enterprises Holdings | Icahn Enterprises G.P. | ||
Description of Business [Line Items] | ||
General partner ownership percentage in Icahn Enterprises | 1% | |
Icahn Enterprises Holdings | Mr. Icahn and affiliates | ||
Description of Business [Line Items] | ||
Affiliate ownership interest | 85% | |
Icahn Enterprises G.P. | ||
Description of Business [Line Items] | ||
Aggregate general partner ownership interest of parent and operating subsidiary | 1.99% | |
CVR Refining | ||
Description of Business [Line Items] | ||
Percentage of equity ownership in operating subsidiary | 37% | |
CVR Energy | Energy Segment | ||
Description of Business [Line Items] | ||
Percentage of equity ownership in operating subsidiary | 71% | |
Viskase | Private Placement | ||
Description of Business [Line Items] | ||
Percentage of equity ownership in operating subsidiary | 90% | |
Investment Funds | ||
Description of Business [Line Items] | ||
Fair value of investment in subsidiary | $ | $ 3.8 | $ 4.2 |
CVR Partners | CVR Energy | ||
Description of Business [Line Items] | ||
Percentage of equity ownership in operating subsidiary | 100% | |
Vivus | Pharma Segment | ||
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_3
Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Accounting Policies [Line Items] | |||
Total assets | $ 22,214 | $ 27,914 | |
Debt | 7,078 | 7,096 | |
Fair value of long-term debt | 6,300 | 6,600 | |
Restricted cash | 2,598 | 2,549 | |
Accumulated other comprehensive loss | $ 63 | 70 | |
Icahn Enterprises Holdings | |||
Accounting Policies [Line Items] | |||
Percentage of equity ownership in operating subsidiary | 99% | ||
Cash held at consolidated affiliated partnerships | |||
Accounting Policies [Line Items] | |||
Restricted cash | $ 367 | 1,019 | |
Restricted cash | |||
Accounting Policies [Line Items] | |||
Restricted cash | 2,231 | 1,530 | |
Primary beneficiary | |||
Accounting Policies [Line Items] | |||
Total assets | 100 | ||
Energy Segment | |||
Accounting Policies [Line Items] | |||
Total assets | 4,801 | 4,735 | |
Debt | 1,591 | 1,591 | |
Restricted cash | 7 | 7 | |
Remaining performance obligation for contracts with an original expected duration of more than one year | 2 | ||
Deferred revenue | 44 | 48 | |
Recorded revenue | 46 | $ 84 | |
Automotive Segment | |||
Accounting Policies [Line Items] | |||
Total assets | 1,974 | 2,532 | |
Debt | 19 | 21 | |
Restricted cash | 9 | 10 | |
Deferred revenue | 44 | $ 44 | |
Recorded revenue | $ 13 | $ 12 |
Subsidiary Bankruptcy and Dec_2
Subsidiary Bankruptcy and Deconsolidation (Details) $ in Millions | 6 Months Ended | |
May 19, 2023 USD ($) item | Jun. 30, 2023 USD ($) | |
Related Party Transaction [Line Items] | ||
Number of sales of Auto Plus assets | item | 5 | |
Number of bidders | item | 5 | |
Note receivable, net | $ 82 | |
Non cash charge | 246 | |
Credit bid for a portion of its senior secured debtor-in-possession loan | $ 10 | |
Deconsolidation of Investment in Auto Plus | ||
Related Party Transaction [Line Items] | ||
Equity investments, Fair value | $ 0 |
Related Party Transactions (Det
Related Party Transactions (Details) $ in Millions | 3 Months Ended | 5 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Oct. 01, 2022 | Jun. 30, 2023 USD ($) item | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) item | Jun. 30, 2023 USD ($) item | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Jan. 31, 2023 USD ($) | |
Related Party Transaction | ||||||||
Number of Portfolios | item | 2 | 2 | 2 | |||||
Note receivable, net | $ 82 | $ 82 | $ 82 | |||||
Mr. Icahn and affiliates | ||||||||
Related Party Transaction | ||||||||
Percentage of assets under management | 44% | 44% | 44% | 54% | ||||
Noncontrolling Interest in Variable Interest Entity | $ 3,000 | $ 3,000 | $ 3,000 | $ 4,900 | ||||
Brett Icahn | ||||||||
Related Party Transaction | ||||||||
Portfolio Manager Term | 7 years | 7 years | ||||||
Number Of Lump Sum Payments After Term | item | 1 | 1 | 1 | |||||
Auto Plus | ||||||||
Related Party Transaction | ||||||||
Repayment of notes receivable | $ 82 | |||||||
Write-off of notes receivable | 116 | |||||||
Investment in funds | Mr. Icahn and affiliates | ||||||||
Related Party Transaction | ||||||||
Redemption of investment funds | 1,452 | $ 0 | ||||||
Expense sharing arrangement | Consolidated VIE | ||||||||
Related Party Transaction | ||||||||
Amount of transaction with related party | 7 | 6 | ||||||
Debtor in Possession Financing | Auto Plus | ||||||||
Related Party Transaction | ||||||||
Aggregate amount | $ 75 | |||||||
Automotive Segment | ||||||||
Related Party Transaction | ||||||||
Revenues from operating leases | $ 13 | $ 13 | 29 | 22 | ||||
Automotive Segment | Deconsolidation of Investment in Auto Plus | Auto Plus | ||||||||
Related Party Transaction | ||||||||
Revenues from operating leases | $ 3 | |||||||
Purchases from related party | 4 | |||||||
Real Estate Segment | ||||||||
Related Party Transaction | ||||||||
Revenues from operating leases | 7 | $ 1 | 12 | 3 | ||||
Real Estate Segment | Deconsolidation of Investment in Auto Plus | Auto Plus | ||||||||
Related Party Transaction | ||||||||
Accounts payable to related party | $ 2 | $ 2 | 2 | |||||
Brett Icahn | ||||||||
Related Party Transaction | ||||||||
Amount contributed in accordance with manager agreement | 8 | $ 3 | ||||||
Investment funds total fair value | $ 39 | $ 50 |
Investments - Investment Segmen
Investments - Investment Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Schedule of Investments | |||||||
Investments | $ 4,937 | $ 4,937 | $ 6,809 | ||||
Securities sold, not yet purchased, at fair value | 3,370 | 3,370 | 6,495 | ||||
Total assets | 22,214 | 22,214 | 27,914 | ||||
Total liabilities | 15,027 | 15,027 | 18,356 | ||||
Net sales | 2,684 | $ 3,796 | 5,442 | $ 6,764 | |||
Cost of goods sold | 2,310 | 3,174 | 4,570 | 5,712 | |||
Net (loss) income | (419) | $ (358) | (287) | $ 885 | (777) | 598 | |
Net (loss) income attributable to investee shareholders | (269) | (128) | (539) | 195 | |||
Investment Segment | |||||||
Schedule of Investments | |||||||
Investments | 4,821 | 4,821 | 6,719 | ||||
Securities sold, not yet purchased, at fair value | 3,370 | 3,370 | 6,495 | ||||
Portion of unrealized (losses) gains that relates to equity and debt securities still held | (69) | $ (894) | (124) | (694) | |||
Total assets | 11,888 | 11,888 | 17,234 | ||||
Total liabilities | 5,007 | 5,007 | 8,084 | ||||
Net sales | 0 | 0 | |||||
Cost of goods sold | 0 | $ 0 | |||||
Investment Segment | Equity securities | |||||||
Schedule of Investments | |||||||
Investments | 3,686 | 3,686 | 4,619 | ||||
Securities sold, not yet purchased, at fair value | 3,198 | 3,198 | 6,326 | ||||
Investment Segment | Debt securities | |||||||
Schedule of Investments | |||||||
Investments | 1,135 | 1,135 | 2,100 | ||||
Securities sold, not yet purchased, at fair value | 172 | 172 | 169 | ||||
Investment Segment | Communication | |||||||
Schedule of Investments | |||||||
Equity securities | 199 | ||||||
Debt Securities | 11 | ||||||
Investment Segment | Consumer, non-cyclical | |||||||
Schedule of Investments | |||||||
Securities sold, not yet purchased, at fair value | 116 | 116 | 1,006 | ||||
Investment Segment | Consumer, cyclical | |||||||
Schedule of Investments | |||||||
Equity securities | 504 | 504 | 692 | ||||
Securities sold, not yet purchased, at fair value | 352 | ||||||
Investment Segment | Energy | |||||||
Schedule of Investments | |||||||
Equity securities | 689 | 689 | 909 | ||||
Securities sold, not yet purchased, at fair value | 1,794 | 1,794 | 2,690 | ||||
Investment Segment | Utilities | |||||||
Schedule of Investments | |||||||
Equity securities | 1,238 | 1,238 | 1,205 | ||||
Securities sold, not yet purchased, at fair value | 563 | 563 | 813 | ||||
Investment Segment | Healthcares | |||||||
Schedule of Investments | |||||||
Equity securities | 474 | 474 | 320 | ||||
Securities sold, not yet purchased, at fair value | 387 | ||||||
Investment Segment | Financial | |||||||
Schedule of Investments | |||||||
Debt Securities | 1,001 | 1,001 | 1,958 | ||||
Investment Segment | Technology | |||||||
Schedule of Investments | |||||||
Equity securities | 639 | 639 | 655 | ||||
Investment Segment | Materials | |||||||
Schedule of Investments | |||||||
Equity securities | 142 | 142 | 153 | ||||
Securities sold, not yet purchased, at fair value | 579 | 579 | 598 | ||||
Investment Segment | Industrial | |||||||
Schedule of Investments | |||||||
Equity securities | 486 | ||||||
Securities sold, not yet purchased, at fair value | 146 | 146 | 480 | ||||
Investment Segment | Real Estate | |||||||
Schedule of Investments | |||||||
Debt Securities | $ 134 | $ 134 | $ 131 |
Investments - Other Segments an
Investments - Other Segments and Holding Company (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Schedule of Investments | |||||
Investments | $ 4,937 | $ 4,937 | $ 6,809 | ||
Other Segments and Holding Company | |||||
Schedule of Investments | |||||
Investments | 116 | 116 | 90 | ||
Portion of unrealized (losses) gains that relates to equity securities still held | 0 | $ 3 | 0 | $ 61 | |
Equity method investments | Other Segments and Holding Company | |||||
Schedule of Investments | |||||
Investments | 102 | 102 | 76 | ||
Other investments | Other Segments and Holding Company | |||||
Schedule of Investments | |||||
Investments | $ 14 | $ 14 | $ 14 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Measurement (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Assets | ||
Derivative contracts, at fair value (asset) | $ 344 | $ 805 |
Liabilities | ||
Securities sold, not yet purchased, at fair value | 3,370 | 6,495 |
Derivative contracts, at fair value (liability) | 911 | 691 |
Recurring measurement | ||
Assets | ||
Investments | 4,824 | 6,722 |
Derivative contracts, at fair value (asset) | 344 | 805 |
Assets, Fair Value Disclosure | 5,168 | 7,527 |
Liabilities | ||
Securities sold, not yet purchased, at fair value | 3,370 | 6,495 |
Derivative contracts, at fair value (liability) | 911 | 691 |
Other liabilities | 599 | 692 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 4,880 | 7,878 |
Recurring measurement | Level 1 | ||
Assets | ||
Investments | 3,648 | 5,538 |
Assets, Fair Value Disclosure | 3,648 | 5,538 |
Liabilities | ||
Securities sold, not yet purchased, at fair value | 3,198 | 6,326 |
Derivative contracts, at fair value (liability) | 15 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 3,213 | 6,326 |
Recurring measurement | Level 2 | ||
Assets | ||
Investments | 1,134 | 1,142 |
Derivative contracts, at fair value (asset) | 344 | 805 |
Assets, Fair Value Disclosure | 1,478 | 1,947 |
Liabilities | ||
Securities sold, not yet purchased, at fair value | 172 | 169 |
Derivative contracts, at fair value (liability) | 896 | 691 |
Other liabilities | 599 | 692 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1,667 | 1,552 |
Recurring measurement | Level 3 | ||
Assets | ||
Investments | 42 | 42 |
Assets, Fair Value Disclosure | 42 | $ 42 |
Fair value, nonrecurring | Level 3 | ||
Liabilities | ||
Estimated fair value | 46 | |
Fair value of related party note receivable | 82 | |
Wrote off of uncollectible expected credit losses | $ 116 |
Financial Instruments - Derivat
Financial Instruments - Derivative Activities Table (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | |
Commodity Contract | CVR Energy | |||
Primary underlying risk: | |||
Short notional amount of credit default swap positions | $ 19 | ||
Investment Segment | Equity Contract | |||
Primary underlying risk: | |||
Long Notional Exposure | 2,261 | $ 1,816 | |
Short Notional Exposure | 3,719 | 5,354 | |
Investment Segment | Credit Risk Contract | |||
Primary underlying risk: | |||
Long Notional Exposure | [1] | 0 | 0 |
Short Notional Exposure | [1] | 797 | 945 |
Investment Segment | Commodity Contract | |||
Primary underlying risk: | |||
Long Notional Exposure | 0 | 0 | |
Short Notional Exposure | 426 | 22 | |
Investment Segment | Credit Default Swap | |||
Primary underlying risk: | |||
Short Notional Exposure | 0 | ||
Short notional amount of credit default swap positions | $ 3,100 | $ 3,500 | |
[1] The short notional amount on our credit default swap positions was approximately $3.1 billion and $3.5 billion at June 30, 2023 and December 31, 2022, respectively. However, because credit spreads cannot compress below zero , our downside short notional exposure to loss is approximately $0.8 billion and $0.9 billion as of |
Financial Instruments - Deriv_2
Financial Instruments - Derivatives Not Designated as Hedging, Fair Value Table (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | |
Derivatives Not Designated as Hedging Instruments, Fair Value | |||
Unrealized Gain On Derivative Contracts | $ 344 | $ 805 | |
Derivative contracts, at fair value (liability) | $ 911 | $ 691 | |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | [1] | Accrued Liabilities | Accrued Liabilities |
Investment Segment | |||
Derivatives Not Designated as Hedging Instruments, Fair Value | |||
Collateral for derivative positions | $ 2,034 | $ 1,436 | |
Investment Segment | Not designated as hedging instrument | |||
Derivatives Not Designated as Hedging Instruments, Fair Value | |||
Derivative contracts, at fair value (liability) | [1] | 906 | 687 |
Investment Segment | Not designated as hedging instrument | Other assets [Member] | |||
Derivatives Not Designated as Hedging Instruments, Fair Value | |||
Asset derivatives, Gross | 398 | 839 | |
Derivative, Fair Value, Amount Offset Against Collateral, Net | [1] | (71) | (34) |
Unrealized Gain On Derivative Contracts | [1] | 327 | 805 |
Investment Segment | Not designated as hedging instrument | Accrued expenses and other liabilities | |||
Derivatives Not Designated as Hedging Instruments, Fair Value | |||
Liability derivatives, Gross | 977 | 721 | |
Derivative, Fair Value, Amount Offset Against Collateral, Net | [1] | (71) | (34) |
Investment Segment | Not designated as hedging instrument | Equity Contract | Other assets [Member] | |||
Derivatives Not Designated as Hedging Instruments, Fair Value | |||
Asset derivatives, Gross | 70 | 392 | |
Investment Segment | Not designated as hedging instrument | Equity Contract | Accrued expenses and other liabilities | |||
Derivatives Not Designated as Hedging Instruments, Fair Value | |||
Liability derivatives, Gross | 961 | 719 | |
Investment Segment | Not designated as hedging instrument | Credit Risk Contract | Other assets [Member] | |||
Derivatives Not Designated as Hedging Instruments, Fair Value | |||
Asset derivatives, Gross | 327 | 447 | |
Investment Segment | Not designated as hedging instrument | Credit Risk Contract | Accrued expenses and other liabilities | |||
Derivatives Not Designated as Hedging Instruments, Fair Value | |||
Liability derivatives, Gross | 1 | 1 | |
Investment Segment | Not designated as hedging instrument | Commodity Contract | |||
Derivatives Not Designated as Hedging Instruments, Fair Value | |||
Liability derivatives, Gross | 1 | ||
Investment Segment | Not designated as hedging instrument | Commodity Contract | Other assets [Member] | |||
Derivatives Not Designated as Hedging Instruments, Fair Value | |||
Asset derivatives, Gross | 1 | ||
Investment Segment | Not designated as hedging instrument | Commodity Contract | Accrued expenses and other liabilities | |||
Derivatives Not Designated as Hedging Instruments, Fair Value | |||
Liability derivatives, Gross | 15 | ||
Energy Segment | |||
Derivatives Not Designated as Hedging Instruments, Fair Value | |||
Liability derivatives, Gross | (5) | (1) | |
Unrealized Gain On Derivative Contracts | 17 | ||
Derivative contracts, at fair value (liability) | 5 | 4 | |
Energy Segment | Commodity Contract | |||
Derivatives Not Designated as Hedging Instruments, Fair Value | |||
Asset derivatives, Gross | 17 | ||
Liability derivatives, Gross | $ 10 | $ 5 | |
[1] Excludes netting of cash collateral received and posted. The total collateral posted at June 30, 2023 and December 31, 2022 was $2,034 million and $1,436 million, respectively, across all counterparties, which are included in cash held at consolidated affiliated partnerships and restricted cash in the condensed consolidated balance sheets. |
Financial Instruments - Gain (L
Financial Instruments - Gain (Loss) Recognized on Derivatives Not Designated as Hedging Table (Details) - Not designated as hedging instrument - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Net gain (loss) from investment activities | |||||
Derivative | |||||
Gain (loss) on derivatives not designated as hedging instruments recognized in income | [1] | $ (385) | $ 357 | $ (632) | $ 163 |
Equity Contract | |||||
Derivative | |||||
Gain (loss) on derivatives not designated as hedging instruments recognized in income | [1] | (366) | 392 | (650) | 483 |
Credit Risk Contract | |||||
Derivative | |||||
Gain (loss) on derivatives not designated as hedging instruments recognized in income | [1] | (2) | $ (35) | 34 | $ (320) |
Commodity Contract | |||||
Derivative | |||||
Gain (loss) on derivatives not designated as hedging instruments recognized in income | $ (17) | $ (16) | |||
[1] Gains (losses) recognized on derivatives are classified in net (loss) gain from investment activities in our condensed consolidated statements of operations for our Investment segment. |
Financial Instruments - Energy
Financial Instruments - Energy segments derivatives (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Collateral for derivative positions | $ 9 | $ 7 |
Energy Segment | ||
Derivative [Line Items] | ||
Liability derivatives, Gross | (5) | (1) |
Commodity Contract | Energy Segment | ||
Derivative [Line Items] | ||
Asset derivatives, Gross | 17 | |
Liability derivatives, Gross | $ 10 | $ 5 |
Financial Instruments - Narrati
Financial Instruments - Narrative (Details) bbl in Millions, MMBbls in Millions, BarrelOfButane in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2023 USD ($) BarrelOfButane | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) BarrelOfButane MMBbls | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) bbl MMBbls | ||
Derivatives, Fair Value | ||||||
Unrealized Gain On Derivative Contracts | $ 344,000,000 | $ 344,000,000 | $ 805,000,000 | |||
Deconsolidation of Investment in Auto Plus | ||||||
Derivatives, Fair Value | ||||||
Equity investments, Fair value | 0 | 0 | ||||
Investment Segment | ||||||
Derivatives, Fair Value | ||||||
Fair value of derivative instruments with credit risk related contingent features in a liability position | 0 | 0 | 0 | |||
Investment Segment | Not designated as hedging instrument | Other assets [Member] | ||||||
Derivatives, Fair Value | ||||||
Unrealized Gain On Derivative Contracts | [1] | 327,000,000 | 327,000,000 | $ 805,000,000 | ||
Energy Segment | ||||||
Derivatives, Fair Value | ||||||
Unrealized Gain On Derivative Contracts | 17,000,000 | 17,000,000 | ||||
Energy Segment | Not designated as hedging instrument | Cost of Goods and Service Benchmark | ||||||
Derivatives, Fair Value | ||||||
(Losses) gains on derivatives not designated as hedging instruments recognized in income | $ (4,000,000) | $ (68,000,000) | $ 41,000,000 | $ (66,000,000) | ||
Future Contracts | Maximum | ||||||
Derivatives, Fair Value | ||||||
Derivative volume (barrels) | MMBbls | 1 | 1 | ||||
Forward Contracts | Energy Segment | Not designated as hedging instrument | ||||||
Derivatives, Fair Value | ||||||
Derivative, Number of Instruments Held | 63 | 63 | 34 | |||
[1] Excludes netting of cash collateral received and posted. The total collateral posted at June 30, 2023 and December 31, 2022 was $2,034 million and $1,436 million, respectively, across all counterparties, which are included in cash held at consolidated affiliated partnerships and restricted cash in the condensed consolidated balance sheets. |
Related Party Notes Receivabl_2
Related Party Notes Receivable (Details) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | |
Related Party Notes Receivable | ||
Related party notes receivable, gross | $ 82 | $ 82 |
Financing Receivable, after Allowance for Credit Loss, Total | 82 | 82 |
Allowance for expected credit losses: | ||
Credit loss provision | 116 | |
Write-offs | $ (116) | $ (116) |
Inventories, Net (Details)
Inventories, Net (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Jun. 30, 2023 | |
Inventory [Line Items] | ||
Raw materials | $ 335 | $ 307 |
Work in process | 105 | 106 |
Finished goods | 1,091 | 589 |
In transit | 13 | |
Inventories, net | 1,531 | 1,015 |
Inventory write-down | 440 | |
Automotive Segment | ||
Inventory [Line Items] | ||
Inventories, net | $ 686 | $ 260 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets, Net - Goodwill Table (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Goodwill | ||
Gross carrying amount of goodwill | $ 378 | $ 378 |
Accumulated impairment of goodwill | (90) | (90) |
Goodwill | 288 | 288 |
Automotive Segment | ||
Goodwill | ||
Gross carrying amount of goodwill | 337 | 337 |
Accumulated impairment of goodwill | (87) | (87) |
Goodwill | 250 | 250 |
Food Packaging Segment | ||
Goodwill | ||
Gross carrying amount of goodwill | 6 | 6 |
Goodwill | 6 | 6 |
Home Fashion Segment | ||
Goodwill | ||
Gross carrying amount of goodwill | 22 | 22 |
Accumulated impairment of goodwill | (3) | (3) |
Goodwill | 19 | 19 |
Pharma Segment | ||
Goodwill | ||
Gross carrying amount of goodwill | 13 | 13 |
Goodwill | $ 13 | $ 13 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets, Net - Definite-lived and Indefinite-lived Intangible Assets Table (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Definite-lived intangible assets: | ||
Gross Carrying Amount | $ 810 | $ 814 |
Accumulated Amortization | (391) | (364) |
Net Carrying Value | 419 | 450 |
Indefinite-lived intangible assets | 83 | 83 |
Intangible assets, net | 502 | 533 |
Customer Relationships | ||
Definite-lived intangible assets: | ||
Gross Carrying Amount | 392 | 393 |
Accumulated Amortization | (219) | (212) |
Net Carrying Value | 173 | 181 |
Developed Technology | ||
Definite-lived intangible assets: | ||
Gross Carrying Amount | 254 | 254 |
Accumulated Amortization | (76) | (62) |
Net Carrying Value | 178 | 192 |
Unclassified Indefinite-lived Intangible Assets | ||
Definite-lived intangible assets: | ||
Gross Carrying Amount | 164 | 167 |
Accumulated Amortization | (96) | (90) |
Net Carrying Value | $ 68 | $ 77 |
Goodwill and Intangible Asset_6
Goodwill and Intangible Assets, Net - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Goodwill and Intangible Assets, Net | ||||
Amortization expense associated with definite-lived intangible assets | $ 14 | $ 16 | $ 29 | $ 29 |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Leases [Line Items] | |||||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets | Other Assets | ||
Operating lease right-of-use asset | $ 509 | $ 509 | $ 478 | ||
Operating lease liability | $ 517 | $ 517 | $ 484 | ||
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Accrued Liabilities | Accrued Liabilities | Accrued Liabilities | ||
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets | Other Assets | ||
Finance lease right-of-use asset | $ 49 | $ 49 | $ 48 | ||
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Accrued Liabilities | Accrued Liabilities | Accrued Liabilities | ||
Finance lease, liability | $ 65 | $ 65 | $ 64 | ||
Operating lease cost | 49 | $ 51 | 90 | $ 98 | |
Amortization of financing lease right-of-use assets | 3 | 1 | 4 | 4 | |
Interest expense on financing lease liabilities | 1 | 1 | 2 | 2 | |
Property, plant and equipment, net | 3,959 | 3,959 | 4,038 | ||
Real Estate Segment | |||||
Leases [Line Items] | |||||
Revenues from operating leases | 7 | 1 | 12 | 3 | |
Property, plant and equipment, net | 341 | 341 | 345 | ||
Real Estate Segment | Real estate assets leased to others | |||||
Leases [Line Items] | |||||
Property, plant and equipment, net | 256 | 256 | 252 | ||
Energy Segment | |||||
Leases [Line Items] | |||||
Operating lease right-of-use asset | 40 | 40 | 40 | ||
Operating lease liability | $ 38 | $ 38 | $ 40 | ||
Lease term | 3 years 10 months 24 days | 3 years 10 months 24 days | 4 years 1 month 6 days | ||
Operating lease, discount rate percentage | 5.50% | 5.50% | 5.20% | ||
Property, plant and equipment, net | $ 2,630 | $ 2,630 | $ 2,664 | ||
Automotive Segment | |||||
Leases [Line Items] | |||||
Operating lease right-of-use asset | 426 | 426 | 386 | ||
Operating lease liability | $ 439 | $ 439 | $ 395 | ||
Lease term | 5 years 3 months 18 days | 5 years 3 months 18 days | 4 years 8 months 12 days | ||
Operating lease, discount rate percentage | 5.90% | 5.90% | 5.90% | ||
Operating lease cost | $ 72 | 81 | |||
Revenues from operating leases | $ 13 | $ 13 | 29 | $ 22 | |
Property, plant and equipment, net | 792 | 792 | $ 826 | ||
Food Packaging Segment | |||||
Leases [Line Items] | |||||
Operating lease right-of-use asset | 23 | 23 | 24 | ||
Operating lease liability | $ 26 | $ 26 | $ 27 | ||
Lease term | 9 years 6 months | 9 years 6 months | 9 years 9 months 18 days | ||
Operating lease, discount rate percentage | 7.40% | 7.40% | 7.40% | ||
Property, plant and equipment, net | $ 137 | $ 137 | $ 142 | ||
Other Segments and Holding Company | |||||
Leases [Line Items] | |||||
Operating lease right-of-use asset | 20 | 20 | 28 | ||
Operating lease liability | $ 14 | $ 14 | $ 22 |
Debt (Details)
Debt (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Feb. 28, 2022 |
Debt Instrument [Line Items] | |||
Debt | $ 7,078 | $ 7,096 | |
Holding Company | |||
Debt Instrument [Line Items] | |||
Debt | 5,308 | 5,309 | |
Energy Segment | |||
Debt Instrument [Line Items] | |||
Debt | 1,591 | 1,591 | |
Automotive Segment | |||
Debt Instrument [Line Items] | |||
Debt | 19 | 21 | |
Food Packaging Segment | |||
Debt Instrument [Line Items] | |||
Debt | 150 | 162 | |
Real Estate Segment | |||
Debt Instrument [Line Items] | |||
Debt | 1 | 1 | |
Home Fashion Segment | |||
Debt Instrument [Line Items] | |||
Debt | 9 | 12 | |
Reporting Segments | |||
Debt Instrument [Line Items] | |||
Debt | 1,770 | 1,787 | |
6.750% senior unsecured notes due 2024 | Holding Company | |||
Debt Instrument [Line Items] | |||
Interest rate on debt instrument | 6.75% | ||
4.750% senior unsecured notes due 2024 | Holding Company | |||
Debt Instrument [Line Items] | |||
Debt | $ 1,102 | $ 1,103 | |
Interest rate on debt instrument | 4.75% | 4.75% | |
6.375% senior unsecured notes due 2025 | Holding Company | |||
Debt Instrument [Line Items] | |||
Debt | $ 749 | $ 749 | |
Interest rate on debt instrument | 6.375% | 6.375% | |
6.250% senior unsecured notes due 2026 | Holding Company | |||
Debt Instrument [Line Items] | |||
Debt | $ 1,250 | $ 1,250 | |
Interest rate on debt instrument | 6.25% | 6.25% | |
5.250% senior unsecured notes due 2027 | Holding Company | |||
Debt Instrument [Line Items] | |||
Debt | $ 1,460 | $ 1,460 | |
Interest rate on debt instrument | 5.25% | 5.25% | |
4.375% senior unsecured notes due 2029 | Holding Company | |||
Debt Instrument [Line Items] | |||
Debt | $ 747 | $ 747 | |
Interest rate on debt instrument | 4.375% | 4.375% |
Debt - Holding Company Debt (De
Debt - Holding Company Debt (Details) - Holding Company - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Feb. 28, 2022 | |
Debt Instrument [Line Items] | ||
Gain (loss) on extinguishment of debt | $ (1) | |
6.750% senior unsecured notes due 2024 | ||
Debt Instrument [Line Items] | ||
Debt face amount | $ 500 | |
Interest rate on debt instrument | 6.75% |
Debt - Non-Cash Charges to Inte
Debt - Non-Cash Charges to Interest Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Debt Instrument [Line Items] | ||||
Amortization of deferred financing costs and debt discounts and premiums | $ 1 | |||
Maximum | ||||
Debt Instrument [Line Items] | ||||
Amortization of deferred financing costs and debt discounts and premiums | $ 1 | $ 2 | $ 2 |
Net Income Per LP Unit (Details
Net Income Per LP Unit (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
May 09, 2023 | Feb. 22, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net Income Per LP Unit [Line Items] | ||||||
Net Income (Loss) | $ (269) | $ (128) | $ (539) | $ 195 | ||
Net (loss) income attributable to Icahn Enterprises allocated to limited partners (98.01% allocation) | $ (264) | $ (125) | $ (528) | $ 191 | ||
Basic (loss) income per LP unit | $ (0.72) | $ (0.41) | $ (1.46) | $ 0.64 | ||
Basic weighted average LP units outstanding | 367,000,000 | 306,000,000 | 361,000,000 | 300,000,000 | ||
Diluted (loss) income per LP unit | $ (0.72) | $ (0.41) | $ (1.46) | $ 0.64 | ||
Diluted weighted average LP units outstanding | 367,000,000 | 306,000,000 | 361,000,000 | 300,000,000 | ||
Aggregate cash distributions to depositary unit holders | $ 152 | |||||
Partners' Capital Account, Units, Sale of Units | 0 | 3,395,353 | ||||
Proceeds from Sale of Interest in Partnership Unit | $ 175 | |||||
Potential aggregate sales proceeds from equity offering | $ 149 | |||||
Fixed-rate senior unsecured notes, repurchase program authorized amount | $ 500 | |||||
Depositary units, repurchase program authorized amount | $ 500 | |||||
Limited partners | ||||||
Net Income Per LP Unit [Line Items] | ||||||
Distribution declared per LP unit | $ 2 | $ 2 | ||||
Units distributed to LP unitholders | 36,490,879 | |||||
Mr. Icahn and affiliates | ||||||
Net Income Per LP Unit [Line Items] | ||||||
Units distributed to LP unitholders | 34,496,953 | |||||
Icahn Enterprises Holdings LP | ||||||
Net Income Per LP Unit [Line Items] | ||||||
Affiliate ownership interest | 98.01% |
Segment Reporting - Condensed S
Segment Reporting - Condensed Statements of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net sales | $ 2,684 | $ 3,796 | $ 5,442 | $ 6,764 |
Other revenues from operations | 198 | 197 | 385 | 365 |
Net (loss) gain from investment activities | (500) | (442) | (943) | 497 |
Interest and dividend income | 167 | 50 | 338 | 92 |
(Loss) gain on disposition of assets, net | 3 | 2 | ||
Other (loss) income, net | (9) | (98) | (41) | (122) |
Total revenues | 2,540 | 3,503 | 5,181 | 7,596 |
Cost of goods sold | 2,310 | 3,174 | 4,570 | 5,712 |
Other expenses from operations | 160 | 148 | 318 | 285 |
Selling, general and administrative | 215 | 315 | 444 | 616 |
Impairment on related party note receivable | 116 | 116 | ||
Loss on deconsolidation of subsidiary | 20 | 246 | ||
Interest expense | 136 | 151 | 278 | 285 |
Total Expenses | 2,957 | 3,788 | 5,972 | 6,898 |
(Loss) income before income tax (expense) benefit | (417) | (285) | (791) | 698 |
Income tax (expense) benefit | (2) | (2) | 14 | (100) |
Net (loss) income | (419) | (287) | (777) | 598 |
Less: net (loss) income from continuing operations attributable to non-controlling interests | (150) | (159) | (238) | 403 |
Net (loss) income from continuing operations attributable to Icahn Enterprises | (269) | (128) | (539) | 195 |
Capital expenditures | 73 | 99 | 131 | 154 |
Depreciation and amortization | 129 | 127 | 251 | 249 |
Investment Segment | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net sales | 0 | 0 | ||
Other revenues from operations | 0 | 0 | ||
Net (loss) gain from investment activities | (500) | (459) | (943) | 449 |
Interest and dividend income | 134 | 47 | 278 | 87 |
Other (loss) income, net | (18) | (18) | (46) | (35) |
Total revenues | (384) | (430) | (711) | 501 |
Cost of goods sold | 0 | 0 | ||
Other expenses from operations | 0 | 0 | ||
Selling, general and administrative | 13 | 10 | 16 | 14 |
Impairment on related party note receivable | 0 | |||
Loss on deconsolidation of subsidiary | 0 | |||
Interest expense | 38 | 53 | 83 | 85 |
Total Expenses | 51 | 63 | 99 | 99 |
(Loss) income before income tax (expense) benefit | (435) | (493) | (810) | 402 |
Income tax (expense) benefit | 0 | 0 | ||
Net (loss) income | (435) | (493) | (810) | 402 |
Less: net (loss) income from continuing operations attributable to non-controlling interests | (220) | (275) | (424) | 206 |
Net (loss) income from continuing operations attributable to Icahn Enterprises | (215) | (218) | (386) | 196 |
Capital expenditures | 0 | 0 | ||
Depreciation and amortization | 0 | 0 | ||
Energy Segment | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net sales | 2,237 | 3,144 | 4,523 | 5,517 |
Other revenues from operations | 0 | 0 | ||
Net (loss) gain from investment activities | 0 | 0 | ||
Interest and dividend income | 8 | 1 | 13 | 1 |
Other (loss) income, net | 3 | (75) | 6 | (85) |
Total revenues | 2,248 | 3,070 | 4,542 | 5,433 |
Cost of goods sold | 1,990 | 2,715 | 3,916 | 4,838 |
Other expenses from operations | 0 | 0 | ||
Selling, general and administrative | 39 | 43 | 85 | 88 |
Impairment on related party note receivable | 0 | |||
Loss on deconsolidation of subsidiary | 0 | |||
Interest expense | 22 | 24 | 45 | 48 |
Total Expenses | 2,051 | 2,782 | 4,046 | 4,974 |
(Loss) income before income tax (expense) benefit | 197 | 288 | 496 | 459 |
Income tax (expense) benefit | (41) | (61) | (93) | (91) |
Net (loss) income | 156 | 227 | 403 | 368 |
Less: net (loss) income from continuing operations attributable to non-controlling interests | 70 | 117 | 185 | 197 |
Net (loss) income from continuing operations attributable to Icahn Enterprises | 86 | 110 | 218 | 171 |
Capital expenditures | 56 | 62 | 100 | 88 |
Depreciation and amortization | 89 | 89 | 173 | 172 |
Automotive Segment | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net sales | 248 | 438 | 535 | 845 |
Other revenues from operations | 177 | 183 | 347 | 339 |
Net (loss) gain from investment activities | 0 | 0 | ||
Interest and dividend income | 0 | 0 | ||
Other (loss) income, net | 3 | 3 | 2 | |
Total revenues | 428 | 621 | 885 | 1,186 |
Cost of goods sold | 173 | 288 | 366 | 555 |
Other expenses from operations | 142 | 134 | 287 | 260 |
Selling, general and administrative | 114 | 219 | 246 | 427 |
Impairment on related party note receivable | 0 | |||
Loss on deconsolidation of subsidiary | 0 | |||
Interest expense | 1 | 1 | 1 | |
Total Expenses | 430 | 641 | 900 | 1,243 |
(Loss) income before income tax (expense) benefit | (2) | (20) | (15) | (57) |
Income tax (expense) benefit | 6 | 5 | 6 | 14 |
Net (loss) income | 4 | (15) | (9) | (43) |
Less: net (loss) income from continuing operations attributable to non-controlling interests | 0 | 0 | ||
Net (loss) income from continuing operations attributable to Icahn Enterprises | 4 | (15) | (9) | (43) |
Capital expenditures | 11 | 30 | 21 | 51 |
Depreciation and amortization | 22 | 20 | 41 | 40 |
Food Packaging Segment | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net sales | 117 | 110 | 235 | 211 |
Other revenues from operations | 0 | 0 | ||
Net (loss) gain from investment activities | 0 | 0 | ||
Interest and dividend income | 0 | 0 | ||
Other (loss) income, net | 1 | (6) | (6) | (5) |
Total revenues | 118 | 104 | 229 | 206 |
Cost of goods sold | 90 | 90 | 181 | 171 |
Other expenses from operations | 0 | 0 | ||
Selling, general and administrative | 15 | 13 | 29 | 26 |
Impairment on related party note receivable | 0 | |||
Loss on deconsolidation of subsidiary | 0 | |||
Interest expense | 3 | 2 | 6 | 3 |
Total Expenses | 108 | 105 | 216 | 200 |
(Loss) income before income tax (expense) benefit | 10 | (1) | 13 | 6 |
Income tax (expense) benefit | (5) | (2) | (1) | (3) |
Net (loss) income | 5 | (3) | 12 | 3 |
Less: net (loss) income from continuing operations attributable to non-controlling interests | (1) | 1 | 0 | |
Net (loss) income from continuing operations attributable to Icahn Enterprises | 5 | (2) | 11 | 3 |
Capital expenditures | 5 | 5 | 7 | 9 |
Depreciation and amortization | 7 | 7 | 14 | 14 |
Real Estate Segment | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net sales | 13 | 17 | 20 | 34 |
Other revenues from operations | 20 | 13 | 36 | 24 |
Net (loss) gain from investment activities | 0 | 0 | ||
Interest and dividend income | 0 | 0 | ||
Other (loss) income, net | 1 | 1 | 0 | |
Total revenues | 34 | 30 | 57 | 58 |
Cost of goods sold | 8 | 12 | 14 | 22 |
Other expenses from operations | 18 | 14 | 31 | 25 |
Selling, general and administrative | 5 | 3 | 9 | 7 |
Impairment on related party note receivable | 0 | |||
Loss on deconsolidation of subsidiary | 0 | |||
Interest expense | 0 | 0 | ||
Total Expenses | 31 | 29 | 54 | 54 |
(Loss) income before income tax (expense) benefit | 3 | 1 | 3 | 4 |
Income tax (expense) benefit | 0 | 0 | ||
Net (loss) income | 3 | 1 | 3 | 4 |
Less: net (loss) income from continuing operations attributable to non-controlling interests | 0 | 0 | ||
Net (loss) income from continuing operations attributable to Icahn Enterprises | 3 | 1 | 3 | 4 |
Capital expenditures | 2 | 2 | 6 | |
Depreciation and amortization | 3 | 3 | 6 | 6 |
Home Fashion Segment | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net sales | 46 | 69 | 86 | 124 |
Other revenues from operations | 0 | 0 | ||
Net (loss) gain from investment activities | 0 | 0 | ||
Interest and dividend income | 0 | 0 | ||
Other (loss) income, net | 0 | 0 | ||
Total revenues | 46 | 69 | 86 | 124 |
Cost of goods sold | 35 | 57 | 67 | 102 |
Other expenses from operations | 0 | |||
Selling, general and administrative | 10 | 11 | 20 | 22 |
Impairment on related party note receivable | 0 | |||
Loss on deconsolidation of subsidiary | 0 | |||
Interest expense | 1 | 0 | 1 | |
Total Expenses | 45 | 69 | 87 | 125 |
(Loss) income before income tax (expense) benefit | 1 | (1) | (1) | |
Income tax (expense) benefit | 0 | 0 | ||
Net (loss) income | 1 | (1) | (1) | |
Less: net (loss) income from continuing operations attributable to non-controlling interests | 0 | 0 | ||
Net (loss) income from continuing operations attributable to Icahn Enterprises | 1 | (1) | (1) | |
Capital expenditures | 1 | 1 | 0 | |
Depreciation and amortization | 1 | 1 | 3 | 3 |
Pharma Segment | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net sales | 23 | 18 | 43 | 33 |
Other revenues from operations | 1 | 1 | 2 | 2 |
Net (loss) gain from investment activities | 0 | 0 | ||
Interest and dividend income | 0 | 0 | ||
Other (loss) income, net | 1 | 1 | 1 | |
Total revenues | 25 | 19 | 46 | 36 |
Cost of goods sold | 14 | 12 | 26 | 24 |
Other expenses from operations | 0 | 0 | ||
Selling, general and administrative | 11 | 10 | 24 | 20 |
Impairment on related party note receivable | 0 | |||
Loss on deconsolidation of subsidiary | 0 | |||
Interest expense | 0 | 0 | ||
Total Expenses | 25 | 22 | 50 | 44 |
(Loss) income before income tax (expense) benefit | (3) | (4) | (8) | |
Income tax (expense) benefit | 0 | 0 | ||
Net (loss) income | (3) | (4) | (8) | |
Less: net (loss) income from continuing operations attributable to non-controlling interests | 0 | 0 | ||
Net (loss) income from continuing operations attributable to Icahn Enterprises | (3) | (4) | (8) | |
Capital expenditures | 0 | 0 | ||
Depreciation and amortization | 7 | 7 | 14 | 14 |
Holding Company | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net sales | 0 | 0 | ||
Other revenues from operations | 0 | 0 | ||
Net (loss) gain from investment activities | 17 | 0 | 48 | |
Interest and dividend income | 25 | 2 | 47 | 4 |
Other (loss) income, net | 1 | 0 | 0 | |
Total revenues | 25 | 20 | 47 | 52 |
Cost of goods sold | 0 | 0 | ||
Other expenses from operations | 0 | 0 | ||
Selling, general and administrative | 8 | 6 | 15 | 12 |
Impairment on related party note receivable | 116 | 116 | ||
Loss on deconsolidation of subsidiary | 20 | 246 | ||
Interest expense | 72 | 71 | 143 | 147 |
Total Expenses | 216 | 77 | 520 | 159 |
(Loss) income before income tax (expense) benefit | (191) | (57) | (473) | (107) |
Income tax (expense) benefit | 38 | 56 | 102 | (20) |
Net (loss) income | (153) | (1) | (371) | (127) |
Less: net (loss) income from continuing operations attributable to non-controlling interests | 0 | 0 | ||
Net (loss) income from continuing operations attributable to Icahn Enterprises | $ (153) | $ (1) | (371) | (127) |
Capital expenditures | 0 | 0 | ||
Depreciation and amortization | $ 0 | $ 0 |
Segment Reporting - Disaggregat
Segment Reporting - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Energy Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | $ 2,237 | $ 3,144 | $ 4,523 | $ 5,517 |
Automotive Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 412 | 608 | 853 | 1,162 |
Petroleum products | Energy Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 2,054 | 2,900 | 4,114 | 5,050 |
Nitrogen fertilizer products | Energy Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 183 | 244 | 409 | 467 |
Automotive services | Automotive Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | 392 | 393 | 761 | 746 |
Aftermarket parts sales | ||||
Disaggregation of Revenue [Line Items] | ||||
Disaggregated revenue | $ 20 | $ 215 | $ 92 | $ 416 |
Segment Reporting - Condensed B
Segment Reporting - Condensed Balance Sheets (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||||||
Cash and cash equivalents | $ 2,488 | $ 2,337 | ||||
Cash held at consolidated affiliated partnerships and restricted cash | 2,598 | 2,549 | ||||
Investments | 4,937 | 6,809 | ||||
Accounts receivable, net | 495 | 606 | ||||
Inventories, net | 1,015 | 1,531 | ||||
Related party notes receivable | 82 | |||||
Note receivable, net | 82 | |||||
Property, plant and equipment, net | 3,959 | 4,038 | ||||
Goodwill and intangible assets, net | 790 | 821 | ||||
Other assets | 5,850 | 9,223 | ||||
Total assets | 22,214 | 27,914 | ||||
Accounts payable, accrued expenses and other liabilities | 4,579 | 4,765 | ||||
Securities sold, not yet purchased, at fair value | 3,370 | 6,495 | ||||
Debt | 7,078 | 7,096 | ||||
Total liabilities | 15,027 | 18,356 | ||||
Equity attributable to Icahn Enterprises | 3,396 | 3,900 | ||||
Equity attributable to non-controlling interests | 3,791 | 5,658 | ||||
Total equity | 7,187 | $ 8,496 | 9,558 | $ 10,158 | $ 9,758 | $ 9,343 |
Total Liabilities and Equity | 22,214 | 27,914 | ||||
Investment Segment | ||||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||||
Cash and cash equivalents | 22 | 19 | ||||
Cash held at consolidated affiliated partnerships and restricted cash | 2,401 | 2,455 | ||||
Investments | 4,821 | 6,719 | ||||
Other assets | 4,644 | 8,041 | ||||
Total assets | 11,888 | 17,234 | ||||
Accounts payable, accrued expenses and other liabilities | 1,637 | 1,589 | ||||
Securities sold, not yet purchased, at fair value | 3,370 | 6,495 | ||||
Total liabilities | 5,007 | 8,084 | ||||
Equity attributable to Icahn Enterprises | 3,799 | 4,184 | ||||
Equity attributable to non-controlling interests | 3,082 | 4,966 | ||||
Total equity | 6,881 | 9,150 | ||||
Total Liabilities and Equity | 11,888 | 17,234 | ||||
Energy Segment | ||||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||||
Cash and cash equivalents | 751 | 510 | ||||
Cash held at consolidated affiliated partnerships and restricted cash | 7 | 7 | ||||
Investments | 102 | 76 | ||||
Accounts receivable, net | 300 | 358 | ||||
Inventories, net | 524 | 624 | ||||
Property, plant and equipment, net | 2,630 | 2,664 | ||||
Goodwill and intangible assets, net | 189 | 200 | ||||
Other assets | 298 | 296 | ||||
Total assets | 4,801 | 4,735 | ||||
Accounts payable, accrued expenses and other liabilities | 1,727 | 1,823 | ||||
Debt | 1,591 | 1,591 | ||||
Total liabilities | 3,318 | 3,414 | ||||
Equity attributable to Icahn Enterprises | 795 | 648 | ||||
Equity attributable to non-controlling interests | 688 | 673 | ||||
Total equity | 1,483 | 1,321 | ||||
Total Liabilities and Equity | 4,801 | 4,735 | ||||
Automotive Segment | ||||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||||
Cash and cash equivalents | 59 | 32 | ||||
Cash held at consolidated affiliated partnerships and restricted cash | 9 | 10 | ||||
Accounts receivable, net | 39 | 99 | ||||
Inventories, net | 260 | 686 | ||||
Property, plant and equipment, net | 792 | 826 | ||||
Goodwill and intangible assets, net | 346 | 352 | ||||
Other assets | 469 | 527 | ||||
Total assets | 1,974 | 2,532 | ||||
Accounts payable, accrued expenses and other liabilities | 847 | 981 | ||||
Debt | 19 | 21 | ||||
Total liabilities | 866 | 1,002 | ||||
Equity attributable to Icahn Enterprises | 1,108 | 1,530 | ||||
Total equity | 1,108 | 1,530 | ||||
Total Liabilities and Equity | 1,974 | 2,532 | ||||
Food Packaging Segment | ||||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||||
Cash and cash equivalents | 7 | 9 | ||||
Accounts receivable, net | 90 | 87 | ||||
Inventories, net | 111 | 103 | ||||
Property, plant and equipment, net | 137 | 142 | ||||
Goodwill and intangible assets, net | 24 | 24 | ||||
Other assets | 104 | 110 | ||||
Total assets | 473 | 475 | ||||
Accounts payable, accrued expenses and other liabilities | 140 | 149 | ||||
Debt | 150 | 162 | ||||
Total liabilities | 290 | 311 | ||||
Equity attributable to Icahn Enterprises | 166 | 149 | ||||
Equity attributable to non-controlling interests | 17 | 15 | ||||
Total equity | 183 | 164 | ||||
Total Liabilities and Equity | 473 | 475 | ||||
Real Estate Segment | ||||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||||
Cash and cash equivalents | 46 | 26 | ||||
Cash held at consolidated affiliated partnerships and restricted cash | 7 | 8 | ||||
Investments | 14 | 14 | ||||
Accounts receivable, net | 15 | 12 | ||||
Property, plant and equipment, net | 341 | 345 | ||||
Other assets | 96 | 102 | ||||
Total assets | 519 | 507 | ||||
Accounts payable, accrued expenses and other liabilities | 53 | 47 | ||||
Debt | 1 | 1 | ||||
Total liabilities | 54 | 48 | ||||
Equity attributable to Icahn Enterprises | 461 | 455 | ||||
Equity attributable to non-controlling interests | 4 | 4 | ||||
Total equity | 465 | 459 | ||||
Total Liabilities and Equity | 519 | 507 | ||||
Home Fashion Segment | ||||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||||
Cash and cash equivalents | 5 | 5 | ||||
Cash held at consolidated affiliated partnerships and restricted cash | 3 | 3 | ||||
Accounts receivable, net | 27 | 24 | ||||
Inventories, net | 90 | 90 | ||||
Property, plant and equipment, net | 54 | 56 | ||||
Goodwill and intangible assets, net | 19 | 19 | ||||
Other assets | 17 | 16 | ||||
Total assets | 215 | 213 | ||||
Accounts payable, accrued expenses and other liabilities | 44 | 45 | ||||
Debt | 9 | 12 | ||||
Total liabilities | 53 | 57 | ||||
Equity attributable to Icahn Enterprises | 162 | 156 | ||||
Total equity | 162 | 156 | ||||
Total Liabilities and Equity | 215 | 213 | ||||
Pharma Segment | ||||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||||
Cash and cash equivalents | 24 | 16 | ||||
Accounts receivable, net | 24 | 26 | ||||
Inventories, net | 30 | 28 | ||||
Goodwill and intangible assets, net | 212 | 226 | ||||
Other assets | 5 | 6 | ||||
Total assets | 295 | 302 | ||||
Accounts payable, accrued expenses and other liabilities | 58 | 61 | ||||
Total liabilities | 58 | 61 | ||||
Equity attributable to Icahn Enterprises | 237 | 241 | ||||
Total equity | 237 | 241 | ||||
Total Liabilities and Equity | 295 | 302 | ||||
Holding Company | ||||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||||
Cash and cash equivalents | 1,574 | 1,720 | ||||
Cash held at consolidated affiliated partnerships and restricted cash | 171 | 66 | ||||
Related party notes receivable | 82 | |||||
Note receivable, net | 82 | |||||
Property, plant and equipment, net | 5 | 5 | ||||
Other assets | 217 | 125 | ||||
Total assets | 2,049 | 1,916 | ||||
Accounts payable, accrued expenses and other liabilities | 73 | 70 | ||||
Debt | 5,308 | 5,309 | ||||
Total liabilities | 5,381 | 5,379 | ||||
Equity attributable to Icahn Enterprises | (3,332) | (3,463) | ||||
Total equity | (3,332) | (3,463) | ||||
Total Liabilities and Equity | $ 2,049 | $ 1,916 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ 2 | $ 2 | $ (14) | $ 100 |
(Loss) income before income tax (expense) benefit | $ (417) | $ (285) | $ (791) | $ 698 |
Effective income tax rate | (0.50%) | (0.70%) | (1.80%) | 14.30% |
Statutory federal income tax rate | 21% | 21% | 21% | 21% |
Changes in Accumulated Other _3
Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Changes in Accumulated Other Comprehensive Loss | |||||
Accumulated other comprehensive loss, Translation Adjustments, Net of Tax, Beginning Balance | $ (45) | $ (45) | |||
Accumulated other comprehensive loss, Post-Retirement Benefits, Net of Tax, Beginning Balance | (25) | (25) | |||
Accumulated other comprehensive loss, Beginning Balance | (70) | (70) | |||
Other comprehensive (loss) income before reclassifications, net of tax, Translation Adjustments, Net of Tax | 5 | ||||
Other comprehensive (loss) income before reclassifications, net of tax, Total | 5 | ||||
Reclassifications from accumulated other comprehensive loss to earnings, net of tax, Post-Retirement Benefits, Net of Tax | 2 | ||||
Reclassifications from accumulated other comprehensive loss to earnings, net of tax | 2 | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Total | $ 1 | 5 | |||
Post-retirement benefits and other | 2 | $ (7) | 2 | $ (7) | |
Other comprehensive (loss) income, net of tax, Total | 3 | $ 4 | $ (7) | 7 | $ (7) |
Accumulated other comprehensive loss, Translation Adjustments, Net of Tax, Ending Balance | (40) | (40) | |||
Accumulated other comprehensive loss, Post-Retirement Benefits, Net of Tax, Ending Balance | (23) | (23) | |||
Accumulated other comprehensive loss, Total, Ending Balance | $ (63) | $ (63) |
Other Loss, Net (Details)
Other Loss, Net (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Component of Other Income (Loss), Net [Line Items] | ||||
Other loss, net | $ (9) | $ (98) | $ (41) | $ (122) |
Dividend expense | ||||
Component of Other Income (Loss), Net [Line Items] | ||||
Other loss, net | (19) | (18) | (47) | (35) |
Equity earnings from non-consolidated affiliates | ||||
Component of Other Income (Loss), Net [Line Items] | ||||
Other loss, net | 3 | 3 | 5 | 5 |
Gain on disposition of assets, net | ||||
Component of Other Income (Loss), Net [Line Items] | ||||
Other loss, net | 3 | 3 | 2 | |
Foreign currency transaction gain | ||||
Component of Other Income (Loss), Net [Line Items] | ||||
Other loss, net | 2 | (6) | 2 | (5) |
Tax settlement gain | ||||
Component of Other Income (Loss), Net [Line Items] | ||||
Other loss, net | (78) | (88) | ||
Loss on extinguishment of debt, net | ||||
Component of Other Income (Loss), Net [Line Items] | ||||
Other loss, net | $ 1 | $ (1) | ||
Other | ||||
Component of Other Income (Loss), Net [Line Items] | ||||
Other loss, net | $ 2 | $ (4) |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Jul. 31, 2023 item | Nov. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jan. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Loss Contingencies [Line Items] | ||||||||
Environmental loss contingency accrual | $ 20 | $ 20 | $ 22 | |||||
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration] | Accrued Liabilities | Accrued Liabilities | Accrued Liabilities | |||||
Minimum Carbon Dioxide Supply | $ 15 | |||||||
Maximum fee payable | $ 45 | |||||||
Number of petitions denied | item | 26 | |||||||
Starfire Holding Corporation | ||||||||
Loss Contingencies [Line Items] | ||||||||
Ownership percentage by principal owner | 99.60% | 99.60% | ||||||
Pension funding indemnity agreement with subsidiary | $ 250 | $ 250 | ||||||
ACF | ||||||||
Loss Contingencies [Line Items] | ||||||||
Funded status of related party pension plan | $ 42 | $ 42 | ||||||
Icahn Enterprises Holdings | ACF | Minimum | ||||||||
Loss Contingencies [Line Items] | ||||||||
Ownership percentage by principal owner | 80% | 80% | ||||||
Mr. Icahn and affiliates | Minimum | ||||||||
Loss Contingencies [Line Items] | ||||||||
Affiliate ownership interest | 80% | |||||||
Mr. Icahn and affiliates | Icahn Enterprises G.P. | ||||||||
Loss Contingencies [Line Items] | ||||||||
Affiliate ownership in parent company general partner | 100% | |||||||
Mr. Icahn and affiliates | Icahn Enterprises Holdings | ||||||||
Loss Contingencies [Line Items] | ||||||||
Affiliate ownership interest | 85% | |||||||
Energy Segment | ||||||||
Loss Contingencies [Line Items] | ||||||||
Amount of quantifying alleged damages | $ 6.8 | |||||||
Expense (benefit) | $ 48 | $ 135 | 37 | $ 241 | ||||
RFS position | $ 599 | $ 599 | $ 692 | |||||
Insurance policies coverage limits | $ 50 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Supplemental Cash Flow Information | ||
Cash payments for interest | $ (216) | $ (221) |
Cash payments for income taxes, net of payments | (43) | (60) |
Partnership contributions receivable | 6 | $ 7 |
Non-cash Investment segment distributions to non-controlling interests | $ (2) |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent event | Aug. 02, 2023 D $ / shares |
Subsequent Events | |
Distribution declared per LP unit | $ / shares | $ 1 |
Threshold number of specified trading days | D | 5 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ (269) | $ (128) | $ (539) | $ 195 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |