Cover
Cover - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 28, 2024 | Jun. 30, 2023 | |
Cover page. | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,712 | ||
Entity Common Stock, Shares Outstanding | 429,033,241 | ||
Entity Central Index Key | 0000813762 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Auditor Name | GRANT THORNTON LLP | ||
Auditor Firm ID | 248 | ||
Auditor Location | Fort Lauderdale, Florida |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and cash equivalents | $ 2,951 | $ 2,337 |
Cash held at consolidated affiliated partnerships and restricted cash | 2,995 | 2,549 |
Investments | 3,012 | 6,809 |
Due from brokers | 4,367 | 7,051 |
Accounts receivable, net | 485 | 606 |
Related party notes receivable, net | 11 | |
Inventories | 1,047 | 1,531 |
Property, plant and equipment, net | 3,969 | 4,038 |
Deferred tax asset | 184 | 127 |
Derivative assets, net | 64 | 805 |
Goodwill | 288 | 288 |
Intangible assets, net | 466 | 533 |
Other assets | 1,019 | 1,240 |
Total Assets | 20,858 | 27,914 |
LIABILITIES AND EQUITY | ||
Accounts payable | 830 | 870 |
Accrued expenses and other liabilities | 1,596 | 1,981 |
Deferred tax liabilities | 399 | 338 |
Derivative liabilities, net | 979 | 691 |
Securities sold, not yet purchased, at fair value | 3,473 | 6,495 |
Due to brokers | 301 | 885 |
Debt | 7,207 | 7,096 |
Total liabilities | 14,785 | 18,356 |
Commitments and contingencies (Note 19) | ||
Equity: | ||
Limited partners: Depositary units: 429,033,241 units issued and outstanding at December 31, 2023 and 353,572,182 units issued and outstanding at December 31, 2022 | 3,969 | 4,647 |
General partner | (761) | (747) |
Equity attributable to Icahn Enterprises | 3,208 | 3,900 |
Equity attributable to non-controlling interests | 2,865 | 5,658 |
Total equity | 6,073 | 9,558 |
Total Liabilities and Equity | $ 20,858 | $ 27,914 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - shares | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Equity: | |||
Limited partners: Depositary units issued | 429,033,241 | 353,572,182 | 293,403,243 |
Limited partners: Depositary units outstanding | 429,033,241 | 353,572,182 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues: | |||
Net sales | $ 11,077 | $ 13,378 | $ 10,304 |
Other revenues from operations | 770 | 748 | 647 |
Net (loss) gain from investment activities | (1,575) | (168) | 193 |
Interest and dividend income | 636 | 328 | 137 |
Gain (loss) on disposition of assets, net | 8 | (8) | 141 |
Other loss, net | (69) | (177) | (84) |
Total revenues | 10,847 | 14,101 | 11,338 |
Expenses: | |||
Cost of goods sold | 9,327 | 11,689 | 9,485 |
Other expenses from operations | 643 | 583 | 522 |
Selling, general and administrative | 852 | 1,250 | 1,238 |
Restructuring, net | 1 | 2 | 5 |
Impairment | 7 | ||
Credit loss on related party note receivable | 139 | ||
Loss on deconsolidation of subsidiary | 246 | ||
Interest expense | 554 | 568 | 666 |
Total Expenses | 11,769 | 14,092 | 11,916 |
(Loss) income before income tax benefit (expense) | (922) | 9 | (578) |
Income tax (expense) benefit | (90) | (34) | 78 |
Net loss | (1,012) | (25) | (500) |
Less: net (loss) income attributable to non-controlling interests | (328) | 158 | 18 |
Net loss attributable to Icahn Enterprises | (684) | (183) | (518) |
Net (loss) income attributable to Icahn Enterprises allocated to: | |||
Limited partners | (670) | (179) | (604) |
General partner | (14) | (4) | 86 |
Net Income (Loss) | $ (684) | $ (183) | $ (518) |
Basic (loss) income per LP unit: | |||
Basic loss per LP unit (in dollars per share) | $ (1.75) | $ (0.57) | $ (2.32) |
Basic weighted average LP units outstanding (in shares) | 382 | 316 | 260 |
Diluted (loss) income per LP unit: | |||
Diluted loss per LP unit (in dollars per share) | $ (1.75) | $ (0.57) | $ (2.32) |
Diluted weighted average LP units outstanding (in shares) | 382 | 316 | 260 |
Distributions declared per LP unit (in dollars per share) | $ 6 | $ 8 | $ 8 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||
Net loss | $ (1,012) | $ (25) | $ (500) |
Other comprehensive income, net of tax: | |||
Translation adjustments | 12 | (7) | (7) |
Post-retirement benefits and other | 3 | 11 | 13 |
Other comprehensive income, net of tax | 15 | 4 | 6 |
Comprehensive loss | (997) | (21) | (494) |
Less: Comprehensive (loss) income attributable to non-controlling interests | (328) | 158 | 19 |
Comprehensive loss attributable to Icahn Enterprises | (669) | (179) | (513) |
Comprehensive loss attributable to Icahn Enterprises allocated to: | |||
Limited partners | (656) | (175) | (599) |
General partner | (13) | (4) | 86 |
Comprehensive loss attributable to Icahn Enterprises | $ (669) | $ (179) | $ (513) |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Millions | General partner Capital Units | Limited partners Capital Units | Total Partners' Equity | Non-controlling Interests | Total |
Total equity at Dec. 31, 2020 | $ (853) | $ 4,236 | $ 3,383 | $ 5,875 | $ 9,258 |
Increase (Decrease) in Equity | |||||
Net income (loss) | 86 | (604) | (518) | 18 | (500) |
Other comprehensive income | 5 | 5 | 1 | 6 | |
Partnership distributions | (3) | (132) | (135) | (135) | |
Partnership contributions | 17 | 825 | 842 | 842 | |
Investment segment contributions | 76 | 76 | |||
Dividends and distributions to non-controlling interests in subsidiaries | (175) | (175) | |||
Changes in subsidiary equity and other | (1) | (32) | (33) | 4 | (29) |
Total equity at Dec. 31, 2021 | (754) | 4,298 | 3,544 | 5,799 | 9,343 |
Increase (Decrease) in Equity | |||||
Net income (loss) | (4) | (179) | (183) | 158 | (25) |
Other comprehensive income | 4 | 4 | 4 | ||
Partnership distributions | (4) | (222) | (226) | (226) | |
Partnership contributions | 15 | 753 | 768 | 768 | |
Investment segment distributions | (27) | (27) | |||
Investment segment contributions | 9 | 9 | |||
Dividends and distributions to non-controlling interests in subsidiaries | (270) | (270) | |||
Changes in subsidiary equity and other | (7) | (7) | (11) | (18) | |
Total equity at Dec. 31, 2022 | (747) | 4,647 | 3,900 | 5,658 | 9,558 |
Increase (Decrease) in Equity | |||||
Net income (loss) | (14) | (670) | (684) | (328) | (1,012) |
Other comprehensive income | 15 | 15 | 15 | ||
Partnership distributions | (6) | (301) | (307) | (307) | |
Partnership contributions | 4 | 175 | 179 | 179 | |
Investment segment contributions | (2,197) | (2,197) | |||
Dividends and distributions to non-controlling interests in subsidiaries | (319) | (319) | |||
Changes in subsidiary equity and other | 2 | 103 | 105 | 51 | 156 |
Total equity at Dec. 31, 2023 | $ (761) | $ 3,969 | $ 3,208 | $ 2,865 | $ 6,073 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net loss | $ (1,012) | $ (25) | $ (500) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Net loss (gain) from securities transactions | 595 | 52 | (1,206) |
Purchases of securities | (963) | (2,985) | (2,158) |
Proceeds from sales of securities | 4,537 | 5,359 | 4,172 |
Payments to cover securities sold, not yet purchased | (4,692) | (2,908) | (2,775) |
Proceeds from securities sold, not yet purchased | 1,358 | 3,836 | 4,025 |
Changes in receivables and payables relating to securities transactions | 2,268 | (2,390) | (2,035) |
Changes in derivative assets and liabilities | 1,029 | (296) | 321 |
(Gain) loss on disposition of assets, net | (8) | 8 | (141) |
Depreciation and amortization | 518 | 509 | 517 |
Loss on deconsolidation of subsidiary | 246 | ||
Credit loss expense | 139 | ||
Impairment | 7 | ||
Deferred taxes | (48) | (148) | (168) |
Inventory write-down | 84 | 59 | |
Other, net | (84) | 72 | 50 |
Changes in other operating assets and liabilities: | |||
Accounts receivable, net | 78 | (110) | (110) |
Related party note receivable | 7 | ||
Inventories | 27 | (180) | (83) |
Other assets | 55 | (11) | 24 |
Accounts payable | 59 | 45 | 77 |
Accrued expenses and other liabilities | (380) | 143 | 252 |
Net cash provided by operating activities | 3,736 | 1,055 | 321 |
Cash flows from investing activities: | |||
Capital expenditures | (303) | (338) | (305) |
Turnaround expenditures | (57) | (83) | (5) |
Acquisition of businesses, net of cash acquired | (20) | (20) | |
Proceeds from sale of investments | 153 | 445 | |
Proceeds from disposition of businesses and assets | 33 | 4 | 414 |
Related party note receivable payments and distributions, net | 30 | ||
Other, net | 27 | 4 | (1) |
Net cash (used in) provided by investing activities | (290) | (260) | 528 |
Cash flows from financing activities: | |||
Investment segment contributions from non-controlling interests | 9 | 79 | |
Investment segment distributions to non-controlling interests | (2,199) | (23) | (5) |
Partnership contributions | 185 | 768 | 835 |
Partnership distributions | (307) | (226) | (134) |
Purchase of additional interests in consolidated subsidiaries | 158 | (1) | |
Dividends and distributions to non-controlling interests in subsidiaries | (319) | (270) | (101) |
Proceeds from Holding Company senior unsecured notes | 699 | 1,214 | |
Repayments of Holding Company senior unsecured notes | (1,159) | (500) | (1,205) |
Proceeds from subsidiary borrowings | 683 | 115 | 1,165 |
Repayments of subsidiary borrowings | (112) | (216) | (1,545) |
Other, net | (14) | (10) | |
Net cash (used in) provided by financing activities | (2,385) | (344) | 293 |
Effect of exchange rate changes on cash and cash equivalents and restricted cash and restricted cash equivalents | (1) | (1) | 3 |
Net increase in cash and cash equivalents and restricted cash and restricted cash equivalents | 1,060 | 450 | 1,145 |
Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period | 4,886 | 4,436 | 3,291 |
Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period | $ 5,946 | $ 4,886 | $ 4,436 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 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”, “us” or “the Company” herein include Icahn Enterprises and its 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 December 31, 2023, representing an aggregate 1.99% general partner interest in Icahn Enterprises Holdings and us. Mr. Icahn and his affiliates owned approximately 86% of our outstanding depositary units as of December 31, 2023. Description of 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. In addition, we operated our Metals segment until sold in December 2021. 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 $3.2 billion and $4.2 billion as of December 31, 2023 and 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 December 31, 2023. During the year ended December 31, 2023, we decreased our ownership in CVR Energy through the sale of common stock resulting in proceeds of $158 million and as of December 31, 2023, we owned approximately 66% of the total outstanding common stock of CVR Energy. Automotive We conduct our Automotive segment through our wholly owned subsidiaries, Icahn Automotive Group LLC (“Icahn Automotive”) and AEP PLC LLC (“AEP PLC”). The Automotive segment is engaged in providing a full range of automotive repair and maintenance services, along with the sale of any installed parts or materials related to automotive services (“Automotive Services”) to its customers, as well as sales of automotive aftermarket parts and retailed merchandise (“Aftermarket Parts”). In addition to its primary businesses, the Automotive segment leases available and excess real estate in certain locations under long-term operating leases. 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 in the United States Bankruptcy Court. As a result of Auto Plus’ filings for bankruptcy protections on January 31, 2023, we no longer controlled the operations of Auto Plus, and 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 December 31, 2023, we owned approximately 90% of the total outstanding common stock of Viskase. Real Estate We conduct our Real Estate segment through various wholly owned subsidiaries. Our Real Estate segment consists of investment properties which includes land, retail, office and industrial properties leased to corporate tenants, the development and sale of single-family homes, and the operations of a resort and two country clubs. 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 Metals We conducted our Metals segment through our indirect wholly-owned subsidiary, PSC Metals, LLC (“PSC Metals”). PSC Metals was principally engaged in the business of collecting, processing, and selling ferrous and non-ferrous metals, as well as the processing and distribution of steel pipe and plate products. PSC Metals collected industrial and obsolete scrap metal, processed it into reusable forms and supplied the recycled metals to its customers . On December 7, 2021, we closed on the sale of 100% of the equity interests in PSC Metals. In connection with this sale, we received proceeds of $323 million and recorded a pretax gain on disposition of assets of $163 million in the fourth quarter of 2021. As a result of the sale of PSC Metals, we no longer operate a Metals segment. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 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 The audited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). 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. Principles of Consolidation Our 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 our Investment segment and Holding Company, for equity investments in which we own 50% or less but greater than 20%, we generally account for such investments using the equity method. All other equity investments are accounted for at fair value. 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. On May 1, 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, in addition to our newly established commercial insurance program. We hold assets in a protected cell, which we are the primary beneficiary of, and therefore consolidate the protected cell. At December 31, 2023, total assets related to the protected cell were $103 million and included in restricted cash in the consolidated balance sheet. Discontinued Operations and Assets Held For Sale We classify assets and liabilities as held for sale when management, having the authority to approve the action, commits to a plan to sell the disposal group, the sale is probable within one year, and the disposal group is available for immediate sale in its present condition. We also consider whether an active program to locate a buyer has been initiated, whether the disposal group is marketed actively for sale at a price that is reasonable in relation to its current fair value, and whether actions required to complete the plan indicate it is unlikely significant changes to the plan will be made or the plan will be withdrawn. In accordance with U.S. GAAP, we classify operations as discontinued when they meet all the criteria to be classified as held for sale and when the sale represents a strategic shift that will have a major impact on our financial condition and results of operations. Use of Estimates in Preparation of Financial Statements The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the period. Due to the inherent uncertainty involved in making estimates, actual results may differ from the estimates and assumptions used in preparing the consolidated financial statements. 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 debt as of December 31, 2023 was approximately $7.2 billion and $6.9 billion, respectively. The carrying value and estimated fair value of our debt as of December 31, 2022 was approximately $7.1 billion and $6.6 billion, respectively. Acquisitions of Businesses We account for business combinations under the acquisition method of accounting (other than acquisitions of businesses under common control), which requires us to recognize separately from goodwill the assets acquired and the liabilities assumed at their acquisition date fair values. While we use our best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date as well as contingent consideration, where applicable, our estimates are inherently uncertain and subject to refinement. Accounting for business combinations requires us to make significant estimates and assumptions, especially at the acquisition date including our estimates for intangible assets, contractual obligations assumed, pre-acquisition contingencies, and contingent consideration, where applicable. In valuing our acquisitions, we estimate fair values based on industry data and trends and by reference to relevant market rates and transactions, and discounted cash flow valuation methods, among other factors. The discount rates used were commensurate with the inherent risks associated with each type of asset and the level and timing of cash flows appropriately reflect market participant assumptions. The primary items that generate goodwill include the value of the synergies between the acquired company and our existing businesses and the value of the acquired assembled workforce, neither of which qualifies for recognition as an intangible asset. Acquisition, Investments and Disposition of Entities under Common Control Acquisitions of or investments in entities under common control are reflected in a manner similar to pooling of interests. The general partner’s capital account or non-controlling interests, as applicable, are charged or credited for the difference between the consideration we pay for the entity and the related entity’s basis prior to our acquisition or investment. Net gains or losses of an acquired entity prior to its acquisition or investment date are allocated to the general partner’s capital account or non-controlling interests, as applicable. In allocating gains and losses upon the sale of a previously acquired common control entity, we allocate a gain or loss for financial reporting purposes by first restoring the general partner’s capital account or non-controlling interests, as applicable, for the cumulative charges or credits relating to prior periods recorded at the time of our acquisition or investment and then allocating the remaining gain or loss (“Common Control Gains or Losses”) among our general partner, limited partners and non-controlling interests, as applicable, in accordance with their respective ownership percentages. In the case of acquisitions of entities under common control, such Common Control Gains or Losses are allocated in accordance with their respective partnership percentages under the Amended and Restated Agreement of Limited Partnership dated as of May 12, 1987, as amended from time to time (together with the partnership agreement of Icahn Enterprises Holdings, the “Partnership Agreement”) (i.e., 98.01% to the limited partners and 1.99% to the general partner). Cash Flow Cash and cash equivalents and restricted cash and restricted cash equivalents in our 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 and Cash Equivalents We consider short-term investments, which are highly liquid with original maturities of three months or less at date of purchase, to be cash equivalents. As of December 31, 2023, our cash and cash equivalents balance includes $598 million of reserved funds at our Energy segment to be utilized for the repayment of our Energy segment’s 5.250% senior unsecured notes due 2025. Cash Held at Consolidated Affiliated Partnerships and Restricted Cash Our cash held at consolidated affiliated partnerships balance was $1,068 million and $1,019 million as of December 31, 2023 and 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 used for the general operating needs of the Investment segment or Icahn Enterprises. Our restricted cash balance was $1,927 million and $1,530 million as of December 31, 2023 and 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 to our captive insurance program. Investments and Related Transactions Investment Investment Transactions and Related Investment Income (Loss). Investments held by our Investment segment are carried at fair value. Our Investment segment applies the fair value option to those investments that are otherwise subject to the equity method of accounting. Valuation of Investments. Foreign Currency Transactions. Fair Values of Financial Instruments. Securities Sold, Not Yet Purchased. Due From Brokers. Due To Brokers. Other Segments and Holding Company Investments in equity securities are carried at fair value with the unrealized gains or losses reflected in the consolidated statements of operations. For purposes of determining gains and losses, the cost of securities is based on specific identification. Dividend income is recorded on the ex-dividend date and interest income is recognized when earned. Fair Value Option for Financial Assets and Financial Liabilities The fair value option gives entities the option to measure eligible financial assets, financial liabilities and firm commitments at fair value (i.e., the fair value option), on an instrument-by-instrument basis, that are otherwise not permitted to be accounted for at fair value pursuant to the provisions of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 825, Financial Instrument Derivatives From time to time, our subsidiaries enter into derivative contracts, including purchased and written option contracts, swap contracts, futures contracts and forward contracts. U.S. GAAP requires recognition of all derivatives as either assets or liabilities in the balance sheet at their fair value. The accounting for changes in fair value depends on the intended use of the derivative and its resulting designation. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation. Gains and losses related to a hedge are either recognized in income immediately to offset the gain or loss on the hedged item or are deferred and reported as a component of accumulated other comprehensive loss and subsequently recognized in earnings when the hedged item affects earnings. The change in fair value of the ineffective portion of a financial instrument, determined using the hypothetical derivative method, is recognized in earnings immediately. The gain or loss related to financial instruments that are not designated as hedges are recognized immediately in earnings. Cash flows related to hedging activities are included in the operating section of the consolidated statements of cash flows. For further information regarding our derivative contracts, see Note 7, “Financial Instruments.” Accounts Receivable, Net Accounts receivable, net consists of trade receivables from customers, including contract assets when we have an unconditional right to receive consideration. An allowance is based on historical loss experience, expected credit losses from current economic conditions, and management’s expectations of future economic conditions. Inventories Energy Our Energy segment inventories consist primarily of domestic and foreign crude oil, blending stock and components, work in progress, fertilizer products, refined fuels and by-products and renewable diesel, all of which are valued at the lower of first-in, first-out (“FIFO”) basis method cost or net realizable value. Other inventories, including other raw materials, spare parts and supplies, are valued at the lower of moving-average cost, which approximates FIFO, or net realizable value. The cost of inventories includes inbound freight costs. Automotive, Food Packaging, Home Fashion and Pharma Our Automotive, Food Packaging, Home Fashion and Pharma segments’ inventories are stated at the lower of cost or net realizable value. Cost is determined by using the FIFO method, except for our Automotive segment which uses the last-in, first out (“LIFO”) method and the Pharma segment which utilizes weighted-average cost. Inventory recorded using the LIFO method was $228 million and $246 million as of December 31, 2023 and 2022, respectively, all of which relates to finished goods. The cost of manufactured goods includes the cost of direct materials, labor and manufacturing overhead. Our Automotive, Food Packaging, Home Fashion and Pharma segments write-down inventory for estimated excess, slow-moving and obsolete inventory as well as inventory whose carrying value is in excess of net realizable value. Long-Lived Assets Long-lived assets such as property, plant, and equipment, and definite-lived intangible assets are recorded at cost or fair value established at acquisition, less accumulated depreciation or amortization, unless the expected future use of the assets indicate a lower value is appropriate. Long-lived assets are evaluated for impairment when impairment indicators 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 estimated undiscounted future net cash flows expected to be generated by the asset. If the carrying value of a long-lived asset is not determined to be recoverable, a fair value assessment is performed. If the carrying amount of the asset exceeds its fair value, an impairment loss is recognized in accordance with U.S. GAAP. Depreciation and amortization are computed principally by the straight-line method for financial reporting purposes. 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. Land and construction in progress are stated at the lower of cost or net realizable value. Interest is capitalized on expenditures for long-term projects until a salable or ready-for-use condition is reached. The interest capitalization rate is based on the interest rate on specific borrowings to fund the projects. Costs for planned major maintenance activities (“turnarounds”) for our Energy segment represent major maintenance activities that require shutdown of significant parts of a plant to perform necessary inspection, cleaning, repairs, and replacement of assets. Our Energy segment’s turnaround expenditures are deferred for its petroleum business and expensed as incurred for its nitrogen fertilizer business. Turnarounds generally occur every four Goodwill and Indefinite-Lived Intangible Assets Goodwill and indefinite-lived intangible assets primarily include trademarks and brand names acquired in acquisitions. For a complete discussion of the impairment of goodwill and indefinite-lived intangible assets related to our various segments, see Note 11, “Goodwill and Intangible Assets, Net.” Goodwill Goodwill is determined as the excess of the fair value of consideration transferred in a business combination over the net amounts of identifiable assets acquired and liabilities assumed. Goodwill is reviewed for impairment annually, or more frequently if impairment indicators exist. An impairment exists when a reporting unit’s carrying value exceeds its fair value. When performing the goodwill impairment testing, we first consider qualitative factors to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Qualitative factors include considering macroeconomic conditions, industry and market conditions, overall financial performance and other factors. If necessary, a quantitative impairment test is performed. When a quantitative impairment test is performed, a reporting units’ fair value is based on valuation techniques using the best available information, primarily discounted cash flow projections, guideline transaction multiples, and multiples of current and future earnings. The impairment charge, if any, is the excess of the tested reporting unit’s carrying value over its fair value, limited to the total amount of goodwill allocated to the tested reporting unit. Indefinite-Lived Intangible Assets Indefinite-lived intangible assets are stated at fair value established at acquisition or cost. These indefinite-lived intangible assets are reviewed for impairment annually, or more frequently if impairment indicators exist. An impairment exists when a trademark or brand names’ carrying value exceeds its fair value. The fair values of these assets are based upon the prospective stream of hypothetical after-tax royalty cost savings discounted at rates that reflect the rates of return appropriate for these intangible assets. In the fourth quarter of 2023, our Automotive segment recognized an impairment charge of $7 million, representing the excess of the assets’ carrying value over their fair value. Pension and Other Post-Retirement Benefit Plan Obligations Post-retirement benefit liabilities were $34 million and $36 million as of December 31, 2023 and 2022, respectively, and are included in accrued expenses and other liabilities in our consolidated balance sheets. Appropriate actuarial methods and assumptions are used in accounting for defined benefit pension plans and other post-retirement benefit plans. These assumptions include long-term rate of return on plan assets, discount rates and other factors. Actual results that differ from the assumptions used are accumulated and amortized over future periods. Therefore, assumptions used to calculate benefit obligations as of the end of the year directly impact the expense to be recognized in future periods. The measurement date for all defined benefit plans is December 31 of each year. Accumulated Other Comprehensive Loss Accumulated other comprehensive loss is included in the limited partners and general partner components of equity in the consolidated balance sheets in the amounts of $55 million and $70 million as of December 31, 2023 and 2022, respectively. Refer to Note 17, “Changes in Accumulated Other Comprehensive Loss,” for further information. Allocation of Net Profits and Losses in Consolidated Affiliated Partnerships Net investment income and net realized and unrealized gains and losses on investments of the Investment Funds are allocated to the respective partners of the Investment Funds based on their percentage ownership in such Investment Funds on a monthly basis. Except for our limited partner interest, such allocations made to the limited partners of the Investment Funds are represented as non-controlling interests in our consolidated statements of operations. General Partnership Interest of Icahn Enterprises The general partner’s capital account generally consists of its cumulative share of our net income less cash distributions plus capital contributions. Additionally, in acquisitions of common control companies accounted for at historical cost similar to a pooling of interests, the general partner’s capital account would be charged (or credited) in a manner similar to a distribution (or contribution) for the excess (or deficit) of the fair value of consideration paid over historical basis in the business acquired. Capital Accounts, as defined under the Partnership Agreement, are maintained for our general partner and our limited partners. The capital account provisions of our Partnership Agreement incorporate principles established for U.S. federal income tax purposes and are not comparable to the equity accounts reflected under U.S. GAAP in our consolidated financial statements. Under our Partnership Agreement, the general partner is required to make additional capital contributions to us upon the issuance of any additional depositary units in order to maintain a capital account balance equal to 1.99% of the total capital accounts of all partners. Generally, net earnings for U.S. federal income tax purposes are allocated 1.99% and 98.01% between the general partner and the limited partners, respectively, in the same proportion as aggregate cash distributions made to the general partner and the limited partners during the period. This is generally consistent with the manner of allocating net income under our Partnership Agreement; however, it is not comparable to the allocation of net income reflected in our consolidated financial statements. Pursuant to the Partnership Agreement, in the event of our dissolution, after satisfying our liabilities, our remaining assets would be divided among our limited partners and the general partner in accordance with their respective percentage interests under the Partnership Agreement. If a deficit balance still remains in the general partner’s capital account after all allocations are made between the partners, the general partner would not be required to make whole any such deficit. Basic and Diluted Income Per LP Unit For Icahn Enterprises, basic income (loss) per LP unit is based on net income or loss attributable to Icahn Enterprises allocated to limited partners. Net income or loss allocated to limited partners is divided by the weighted-average number of LP units outstanding. Diluted income (loss) per LP unit, when applicable, is based on basic income (loss) adjusted for the potential effect of dilutive securities as well as the related weighted-average number of units and equivalent units outstanding. For accounting purposes, when applicable, earnings prior to dates of acquisitions of entities under common control are excluded from the computation of basic and diluted income per LP unit as such earnings are allocated to our general partner. Income Taxes Except as described below, no provision has been made for federal, state, local or foreign income taxes on the results of operations generated by partnership activities, as such taxes are the responsibility of the partners. Provision has been made for federal, state, local or foreign income taxes on the results of operations generated by our corporate subsidiaries and these are reflected within continuing and discontinued operations. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred tax assets are limited to amounts considered to be realizable in future periods. A valuation allowance is recorded against deferred tax assets if management does not believe that we have met the “more-likely-than-not” standard to allow recognition of such an asset. U.S. GAAP provides that the tax effects from an uncertain tax position can be recognized in the financial statements only if the position is “more-likely-than-not” to be sustained if the position were to be challenged by a taxing authority. The assessment of the tax position is based solely on the technical merits of the position, without regard to the likelihood that the tax position may be challenged. If an uncertain tax position meets the “more-likely-than-not” threshold, the largest amount of tax benefit that is greater than 50 percent likely to be recognized upon ultimate settlement with the taxing authority is recorded. See Note 16, “Income Taxes,” for additional information. Leases The determination of whether an arrangement is or contains a lease occurs at inception. We account for arrangements that contain lease and non-lease components as a single lease component for all classes of underlying assets. Leases in which we are the lessor are primarily within our Automotive segment and Real Estate segment. Refer to Note 12, “Leases,” for additional information regarding our operating leases. In addition, all of our businesses, including our Real Estate segment, enter into lease arrangements as the lessee. The following is our accounting policy for leases in which we are the lessee. All Segments and Holding Company Leases are classified as either operating or financing by the lessee depending on whether or not the lease terms provide for control of the underlying asset to be transferred to the lessee. When control transfers to the lessee, we classify the lease as a financing lease. All other leases are recorded as operating leases. Effective January 1, 2019, for all leases with an initial lease term in excess of twelve months, we record a right-of-use asset with a corresponding liability in the consolidated balance sheet. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at commencement of the lease based on the present value of the lease payments over the lease term. Right-of-use assets are adjusted for any lease payments made on or before commencement of the lease, less any lease incentives received. As most of our leases do not provide an implicit rate, we use the incremental borrowing rate with respect to each of our businesses based on the information available at commencement of the lease in determining the present value of lease payments. We use the implicit rate when readily determinable. The lease terms used in the determination of our right-of-use assets and lease liabilities reflect any options to extend or terminate the lease when it is reasonably certain that we will exercise such option. We and our subsidiaries, independently of each other, apply a portfolio approach to account for the right-of-use assets and lease liabilities when we or our subsidiaries do not believe that applying the portfolio approach would be materially different from accounting for right-of-use assets and lease liabilities individually. Operating lease costs are recorded as a single expense recognized on a straight-line basis over the lease term. Operating lease right-of-use assets are amortized for the difference between the straight-line expense less the accretion of interest of the related lease liability. Financing lease costs consists of interest expense on the financing lease liability as well as amortization of the right-of-use financing lease assets on a straight-line basis over the lease term. Real Estate Leases are classified as either operating, sales-type or direct financing by the lessor. Our Real Estate segment’s net lease portfolio consists of commercial real estate leased to others under long-term operating leases and we account for these leases in accordance with FASB ASC Topic 842, Leases 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 consolidated statements of operations; however, our Real Estate and Automotive segments’ leasing revenue, as disclosed in Note 12, “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 consolidated balance sheets. Our disaggregation of revenue information includes our net sales and other revenues from operations for each of our repo |
Subsidiary Bankruptcy and Decon
Subsidiary Bankruptcy and Deconsolidation | 12 Months Ended |
Dec. 31, 2023 | |
Subsidiary Bankruptcy and Deconsolidation | |
Subsidiary Bankruptcy and Deconsolidation | 3. Subsidiary Bankruptcy and Deconsolidation On January 31, 2023, 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”). 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 have been and will continue to 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 effective date of the Bankruptcy Plan occurred on October 6, 2023. The Bankruptcy Plan provides for the orderly liquidation of Auto Plus and distribution of its assets. As a result of the filing of the Chapter 11 Cases, the Company determined that it no longer controls Auto Plus under the criteria set out in FASB ASC Topic 810, “Consolidation” and 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 year ended December 31, 2023. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 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 December 31, 2023 and 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 $2.1 billion and $4.9 billion, respectively, representing approximately 39% and 54% of the Investment Funds’ assets under management as of each respective date. Mr. Icahn and his affiliates (excluding us and Brett Icahn) redeemed $2.0 billion and $0 from the Investment Funds for the years ended December 31, 2023 and 2022, respectively. In addition, in December 2023, the Investment Funds issued a pro-rata distribution, including $158 million to Mr. Icahn and his affiliates (excluding us and Brett Icahn). 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). Effective April 1, 2011, based on an expense-sharing arrangement, certain expenses borne by us are reimbursed by the Investment Funds. For the years ended December 31, 2023, 2022 and 2021, $18 million, $18 million and $15 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 eleven months from the date of deconsolidation of January 31, 2023 through December 31, 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. For the eleven months from the date of deconsolidation of January 31, 2023 through December 31, 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 February 6, 2023, we loaned $17 million in cash pursuant to 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. We collected cash for the repayment of the note receivable of $48 million as of December 31, 2023. We estimated our cash to be collected for the repayment of the note receivable to be $11 million at December 31, 2023, resulting in a write-off of $127 million during the year ended December 31, 2023. AEP PLC In connection with the Auto Plus auction, AEP PLC acquired $10 million of assets mostly comprised of Aftermarket Parts inventory during the year ended December 31, 2023. The transaction was considered an asset acquisition, as the group of assets acquired by 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 December 31, 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 $17 million and $14 million in the years ended December 31, 2023 and 2022, respectively. As of December 31, 2023 and 2022, Brett Icahn had investments in the Investment Funds with a total fair market value of $28 million and $50 million, respectively. On October 1, 2020, we entered into a restricted unit agreement with Brett Icahn pursuant to the 2017 Incentive Plan whereby Brett Icahn was awarded a grant of 239,254 restricted depositary units of Icahn Enterprises which will vest over seven years, subject to the terms and conditions of that agreement. 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 | 12 Months Ended |
Dec. 31, 2023 | |
Investments | |
Investments | 5. Investments Investment Investments and securities sold, not yet purchased consist of equities, bonds, bank debt and other corporate obligations, all of which are reported at fair value in our consolidated balance sheets. In addition, our Investment segment has certain derivative transactions which are discussed in Note 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: December 31, 2023 2022 (in millions) Assets Investments: Equity securities: Communications $ — $ 199 Consumer, cyclical 260 692 Energy 708 909 Utilities 1,012 1,205 Healthcare 440 320 Technology 139 655 Materials 52 153 Industrial — 486 2,611 4,619 Debt securities: Financials 158 1,958 Real Estate 44 131 Communications 85 11 287 2,100 $ 2,898 $ 6,719 Liabilities Securities sold, not yet purchased, at fair value: Equity securities: Consumer, non-cyclical $ 41 $ 1,006 Consumer, cyclical 3 352 Energy 2,146 2,690 Utilities 610 813 Healthcare — 387 Materials 350 598 Industrial 138 480 3,288 6,326 Debt securities: Materials 185 169 185 169 $ 3,473 $ 6,495 The portion of unrealized (losses) and gains that relates to securities still held by our Investment segment, primarily equity securities, was $(302) million, $(1,544) million and $1,153 million for the years ended December 31, 2023, 2022 and 2021, respectively. As discussed in Note 2, “Basis of Presentation and Summary of Significant Accounting Policies,” when certain investments become subject to the equity method of accounting, our Investment segment elects the fair value option to such investment. Investments become subject to the equity method of accounting when we possess the ability to exercise significant influence, but not control, over the operating and financial policies of the investee. The ability to exercise significant influence is presumed when we possess more than 20% of the voting interests of the investee. This presumption may be overcome based on specific facts and circumstances that demonstrate that the ability to exercise significant influence is restricted. Conversely, there is a presumption that for investments in which we have less than 20% of the voting interests of the investee that we do not have the ability to exercise significant influence. However, such presumption may be overcome based on specific facts and circumstances that demonstrate that the ability to exercise significant influence is present, such as when we have representation on the board of directors of such investee. After considering specific facts and circumstances, including the collective ownership in entities by the Investment Funds and affiliates of Mr. Icahn, as well as their collective representation on each of the boards of directors, we have determined that we had the ability to exercise significant influence over the operating and financial policies of certain investees of our Investment segment. Voting Fair Value of Gains (Losses) Interests Investment Recognized in Other loss, net December 31, December 31, Year Ended December 31, 2023 2023 2022 2023 2022 2021 (in millions) Xerox Holding Corporation 0.0% $ — $ 500 $ 60 $ (230) $ — $ — $ 500 $ 60 $ (230) $ — During the third quarter of 2023, the Investment Funds sold their entire investment in Xerox. Prior to the sale of its investment in Xerox, the Investment Funds owned approximately 22.0% of the outstanding common stock of Xerox. Due to the nature of our Investment segment’s operations, the sale of Xerox is deemed to be in the ordinary course of business. The following tables contain summarized financial information with respect to our investment in Xerox during the period (or partial periods) in which we possessed the ability to exercise significant influence over the operating and financial policies of the investee. December 31, 2022 Xerox (in millions) Total assets $ 11,543 Total liabilities 7,966 Non-controlling interests 10 Equity attributable to investee shareholders 3,343 The majority of total assets in the table above consists of receivables, goodwill and inventories. The majority of total liabilities in the table above consists of debt. Year Ended December 31, 2022 Xerox (in millions) Net sales/Other revenue from operations $ 7,107 Cost of goods sold/Other expenses from operations 7,435 Net loss (322) Net loss attributable to investee shareholders (322) Other Segments and Holding Company With the exception of certain equity method investments at our operating subsidiaries and our Holding Company disclosed in the table below, our investments are measured at fair value in our consolidated balance sheets. The carrying value of investments held by our other segments and our Holding Company consist of the following: December 31, 2023 2022 (in millions) Equity method investments $ 100 $ 76 Held to maturity debt investments measured at amortized cost 11 11 Other investments measured at fair value 3 3 $ 114 $ 90 The portion of unrealized losses that relates to equity securities still held by our other segments and our Holding Company was $0 million, $61 million and $61 million for the years ended December 31, 2023, 2022 and 2021, respectively. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 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: December 31, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (in millions) Assets Investments (Note 5) $ 2,730 $ 129 $ 42 $ 2,901 $ 5,538 $ 1,142 $ 42 $ 6,722 Derivative assets, net (Note 7) — 64 — 64 — 805 — 805 $ 2,730 $ 193 $ 42 $ 2,965 $ 5,538 $ 1,947 $ 42 $ 7,527 Liabilities Securities sold, not yet purchased (Note 5) $ 3,288 $ 185 $ — $ 3,473 $ 6,326 $ 169 $ — $ 6,495 Derivative liabilities, net (Note 7) — 979 — 979 — 691 — 691 Other liabilities — 329 — 329 — 692 — 692 $ 3,288 $ 1,493 $ — $ 4,781 $ 6,326 $ 1,552 $ — $ 7,878 Refer to Note 20, “Pension and Other Post-Retirement Benefit Plans,” for our Food Packaging segment’s defined benefit plan assets measured at fair value on a recurring basis as of December 31, 2023 and 2022. There were no changes in investments measured at fair value on a recurring basis for which we use Level 3 inputs during the years ended December 31, 2023 and 2022. 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 at December 31, 2023. 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. 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 collateral for the note primarily consists of cash and accounts receivable. The Company estimated the fair value of the accounts receivable by using an average from a range of expected cash collection projections. We determined the estimated fair value to be $11 million at December 31, 2023. |
Inventories, Net
Inventories, Net | 12 Months Ended |
Dec. 31, 2023 | |
Inventories, Net | |
Inventories Net | 9. Inventories, Net Inventories, net consists of the following: December 31, 2023 2022 (in millions) Raw materials $ 367 $ 335 Work in process 95 105 Finished goods 585 1,091 $ 1,047 $ 1,531 Due to the deconsolidation of Auto Plus, inventories decreased $440 million from December 31, 2022. |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment, Net. | |
Property, Plant and Equipment, Net | 10. Property, Plant and Equipment, Net Property, plant and equipment, net consists of the following: December 31, Useful Life 2023 2022 (in years) (in millions) Land $ 332 $ 331 Buildings and improvements 1 – 40 1,058 964 Machinery, equipment and furniture 1 – 30 6,083 6,034 Assets leased to others 3 – 39 334 321 Financing leases 1 – 10 118 106 Construction in progress 275 210 8,200 7,966 Less: Accumulated depreciation and amortization (4,231) (3,928) Property, plant and equipment, net $ 3,969 $ 4,038 Depreciation and amortization expense related to property, plant and equipment for the years ended December 31, 2023, 2022 and 2021 was $384 million, $384 million and $383 million, respectively. |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets, Net | |
Goodwill and Intangible Assets, Net | 11. Goodwill and Intangible Assets, Net Goodwill consists of the following: December 31, 2023 Automotive Food Packaging Home Fashion Pharma Consolidated (in millions) Gross carrying amount, Jan 1 $ 337 $ 6 $ 22 $ 13 $ 378 Foreign Exchange — — — — — Gross carrying amount, Dec 31 337 6 22 13 378 Accumulated impairment, Jan 1 (87) — (3) — (90) Impairment — — — — — Accumulated impairment, Dec 31 (87) — (3) — (90) Net carrying value, Dec 31 $ 250 $ 6 $ 19 $ 13 $ 288 December 31, 2022 Automotive Food Packaging Home Fashion Pharma Consolidated (in millions) Gross carrying amount, Jan 1 $ 337 $ 6 $ 24 $ 13 $ 380 Foreign exchange — — (2) — (2) Gross carrying amount, Dec 31 337 6 22 13 378 Accumulated impairment, Jan 1 (87) — (3) — (90) Impairment — — — — — Accumulated impairment, Dec 31 (87) — (3) — (90) Net carrying value, Dec 31 $ 250 $ 6 $ 19 $ 13 $ 288 Intangible assets, net consists of the following: December 31, 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 $ (229) $ 163 $ 393 $ (212) $ 181 Developed technology 254 (90) 164 254 (62) 192 Other 164 (101) 63 167 (90) 77 $ 810 $ (420) $ 390 $ 814 $ (364) $ 450 Indefinite-lived intangible assets $ 76 $ 83 Intangible assets, net $ 466 $ 533 Amortization expense associated with definite-lived intangible assets for the years ended December 31, 2023, 2022 and 2021 was $58 million, $61 million and $62 million, respectively. We utilize the straight-line method of amortization, recognized over the estimated useful lives of the assets. The estimated future amortization expense for our definite-lived intangible assets is as follows: Year Amount (in millions) 2024 $ 57 2025 56 2026 36 2027 35 2028 31 Thereafter 175 $ 390 Impairment of Goodwill When performing the quantitative analysis for goodwill impairment testing, we base the fair value of our reporting units on consideration of various valuation methodologies, including projecting future cash flows discounted at rates commensurate with the risks involved (“DCF”). Assumptions used in a DCF require the exercise of significant judgment, including judgment about appropriate discount rates and terminal values, growth rates, and the amount and timing of expected future cash flows. The forecasted cash flows are based on current plans and for years beyond that plan, the estimates are based on assumed growth rates. We believe that our assumptions are consistent with the plans and estimates used to manage the underlying businesses. The discount rates, which are intended to reflect the risks inherent in future cash flow projections, used in a DCF are based on estimates of the weighted-average cost of capital of a market participant. Such estimates are derived from our analysis of peer companies and consider the industry weighted average return on debt and equity from a market participant perspective. Automotive We perform the annual goodwill impairment test for our Automotive segment as of October 1 of each year, or more frequently if impairment indicators exist. During 2023, our Automotive segment performed a quantitative impairment analysis at its reporting unit and determined that the fair value was higher than the carrying value and therefore, no impairment was required. During 2022, our Automotive segment considered qualitative factors to determine that goodwill at its reporting unit did not require further testing for impairment. Impairment of Intangible Assets In conjunction with our goodwill impairment test, we also performed a trademarks and brand names impairment analysis in accordance with FASB ASC 350, Intangibles-Goodwill and other |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases | |
Leases | 12. 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 included in other assets and other liabilities, respectively, on the consolidated 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: December 31, 2023 2022 (in millions) Operating Leases: Right-of-use assets (other assets) $ 526 $ 478 Lease liabilities (accrued expenses and other liabilities) 531 484 Financing Leases: Right-of-use assets (property, plant and equipment, net) 55 48 Lease liabilities (debt) 70 64 Additional information with respect to our operating leases as of December 31, 2023 and 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 December 31, 2023 Assets Liabilities Lease Term Rate (in millions) Energy $ 53 $ 49 5.4 years 6.7% Automotive 422 434 5.4 years 5.9% Food Packaging 22 25 9.1 years 7.4% Other segments and Holding Company 29 23 $ 526 $ 531 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 Maturities of lease liabilities as of December 31, 2023 are as follows: Operating Financing Year Leases Leases (in millions) 2024 $ 142 $ 17 2025 124 15 2026 110 14 2027 87 13 2028 51 10 Thereafter 103 23 Total lease payments 617 92 Less: imputed interest (86) (22) $ 531 $ 70 For the year ended December 31, 2023, lease cost was comprised of operating lease cost of $177 million, amortization of financing lease right-of-use assets of $8 million and interest expense on financing lease liabilities of $5 million. For the year ended December 31, 2022, lease cost was comprised of operating lease cost of $197 million, amortization of financing lease right-of-use assets of $8 million and interest expense on financing lease liabilities of $5 million. For the year ended December 31, 2021, lease cost was comprised of operating lease cost of $196 million, amortization of financing lease right-of-use assets of $10 million and interest expense on financing lease liabilities of $6 million. Our Automotive segment accounted for $143 million, $163 million and $163 million of total lease cost for the years ended December 31, 2023, 2022 and 2021, respectively. Lessor Arrangements Automotive Our Automotive segment leases available and excess real estate in certain locations under long-term operating leases. Our Automotive segment’s revenues from operating leases were $56 million, $45 million and $10 million for the years ended December 31, 2023, 2022 and 2021, respectively. Our Automotive segment’s expenses from operating leases were $99 million, $46 million and $10 million for the years ended December 31, 2023, 2022 and 2021, respectively. Revenues from operating leases are included in other revenue from operations in the consolidated statements of operations and expenses from operating leases are included in other expenses from operations in the consolidated statements of operations. Our Automotive segment’s anticipated future receipts of minimum operating lease payments are $37 million for 2024, $36 million for each of 2025, 2026 2027 2028 2029 Real Estate Our Real Estate segment leases real estate, primarily commercial properties under long-term operating leases. As of December 31, 2023 and 2022, our Real Estate segment had assets leased to others included in property, plant and equipment of $252 million and $252 million, respectively, net of accumulated depreciation. Our Real Estate segment’s revenue from operating leases were $17 million, $7 million and $8 million for the years ended December 31, 2023, 2022 and 2021, respectively, and are included in other revenue from operations in the consolidated statements of operations. Our Real Estate segment’s anticipated future receipts of minimum operating lease payments are $6 million for each of 2024 2026 2028 2029 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt | |
Debt | 13. Debt Debt consists of the following: December 31, 2023 2022 (in millions) Holding Company: 4.750% senior unsecured notes due 2024 $ — $ 1,103 6.375% senior unsecured notes due 2025 749 749 6.250% senior unsecured notes due 2026 1,238 1,250 5.250% senior unsecured notes due 2027 1,454 1,460 4.375% senior unsecured notes due 2029 708 747 9.750% senior unsecured notes due 2029 698 — 4,847 5,309 Reporting Segments: Energy 2,185 1,591 Automotive 33 21 Food Packaging 133 162 Real Estate 1 1 Home Fashion 8 12 2,360 1,787 Total Debt $ 7,207 $ 7,096 Holding Company Our Holding Company debt consists of various issues of fixed-rate senior unsecured notes issued by Icahn Enterprises and Icahn Enterprises Finance Corp. (together the “Issuers”) and guaranteed by Icahn Enterprises Holdings (the “Guarantor”). Interest on each tranche of the senior unsecured notes is payable semi-annually. In November and December of 2023, we repurchased in the open market approximately $35 million aggregate principal amount of our 4.750% senior unsecured notes due 2024, which the Company then cancelled and reduced the outstanding principal, $12 million aggregate principal amount of our 6.25% senior unsecured notes due 2026, $5 million aggregate principal amount of our 5.25% senior unsecured notes due 2027, and $40 million aggregate principal amount of our 4.375% senior unsecured notes due 2029 for total cash paid of $84 million for a total aggregate principal amount of $92 million. The remaining repurchased notes of $57 million aggregate principal were extinguished but were not retired and are held in treasury. In December 2023, the Issuers issued $700 million in aggregate principal amount of 9.750% senior unsecured notes due 2029. The net proceeds from such issuance, together with $376 million of cash and cash equivalents on hand, was used to satisfy and discharge the remaining outstanding 4.750% senior unsecured notes due 2024, along with any accrued interest associated with the notes and related fees and expenses. In February 2022, we redeemed all of our $500 million in 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 year ended December 31, 2022. In January 2021, the Issuers issued $750 million in aggregate principal amount of 4.375% senior unsecured notes due 2029. The proceeds from these notes were used to redeem $750 million in aggregate principal amount of 6.250% senior unsecured notes due 2022, and to pay accrued interest, related fees and expenses. In April 2021, the Issuers issued $455 million in aggregate principal amount of 5.250% senior unsecured notes due 2027. The proceeds from these issuances, together with cash on hand, were used to redeem in full our prior outstanding $1.1 billion principal amount of the 6.250% senior unsecured notes due 2022, and to pay accrued interest, related fees and expenses. Icahn Enterprises recorded a gain on extinguishment of debt of $13 million in 2023, a loss on extinguishment of debt of $2 million in 2022 and a gain on extinguishment of debt of $3 million in 2021 in connection with the debt transactions discussed above. Each of our senior unsecured notes and the related guarantees are the senior unsecured obligations of the Issuers and rank equally with all of the Issuers’ and the Guarantor’s existing and future senior unsecured indebtedness and senior to all of the Issuers’ and the Guarantor’s existing and future subordinated indebtedness. Each of our senior unsecured notes and the related guarantees are effectively subordinated to the Issuers’ and the Guarantor’s existing and future secured indebtedness to the extent of the collateral securing such indebtedness. Each of our senior unsecured notes and the related guarantees are also effectively subordinated to all indebtedness and other liabilities of the Issuers’ subsidiaries other than the Guarantor. The indentures governing each of our senior unsecured notes: restrict the payment of cash distributions, the purchase of equity interests or the purchase, redemption, defeasance or acquisition of debt subordinated to the senior unsecured notes; restrict the incurrence of debt or the issuance of disqualified stock, as defined in the indentures, with certain exceptions; require that on each quarterly determination date, Icahn Enterprises and the guarantor of each of the senior unsecured notes (currently only Icahn Enterprises Holdings) maintain certain minimum financial ratios, as defined therein; and restrict the creation of liens, mergers, consolidations and sales of substantially all of our assets, and transactions with affiliates. Additionally, the 6.375% senior unsecured notes due 2025, the 6.250% senior unsecured notes due 2026 and the 9.750% senior unsecured notes due 2029 are subject to optional redemption premiums in the event we redeem any of the notes prior to certain dates as described in the respective indentures. Although we have no obligation to do so, we may continue, from time-to-time, to retire our outstanding debt through privately negotiated transactions, open market repurchases, redemptions or otherwise. As of December 31, 2023 and 2022, we were in compliance with all covenants, including maintaining certain minimum financial ratios, as defined in the indentures. Additionally, as of December 31, 2023, based on covenants in the indentures governing our senior unsecured notes, we are not permitted to incur additional indebtedness; however, we are permitted to issue new notes in connection with debt refinancings of existing notes. Reporting Segments Energy Our Energy segment’s debt primarily consists of (i) $600 million in aggregate principal amount of 5.25% senior unsecured notes due 2025, $400 million in aggregate principal amount of 5.75% senior unsecured notes due 2028 and $600 million in aggregate principal amount of 8.50% senior unsecured notes due 2029 (each issued by CVR Energy), and (ii) $550 million in aggregate principal amount of 6.125% senior secured notes due 2028 (issued by CVR Partners). Interest for each of these notes is accrued and paid based on contractual terms. In December 2023, CVR Energy issued $600 million in aggregate principal amount of 8.50% senior unsecured notes due 2029. The proceeds from the issuance of these notes were used to fund the redemption in full of CVR Energy’s existing $600 million in aggregate principal amount of 5.25% senior unsecured notes due 2025, at par in February 2024. As a result of this transaction, CVR Energy will recognize a $1 million loss on extinguishment of debt in the first quarter of 2024. These senior secured notes issued by CVR Partners are guaranteed on a senior secured basis by all of CVR Partners’ existing domestic subsidiaries, excluding CVR Nitrogen Finance Corporation. The indenture governing these notes contain certain covenants that restrict the ability of the issuers and their restricted subsidiaries from incurring additional debt or issuing certain disqualified equity, create liens on certain assets to secure debt, pay dividends/distributions or make other equity distributions, purchase or redeem capital stock/common units, make certain investments, transfer and sell assets, agree to certain restrictions on the ability of restricted subsidiaries to make distributions, loans, or other asset transfers to the issuers, consolidate, merge, sell, or otherwise dispose of all or substantially all of their assets, engage in transactions with affiliates and designate restricted subsidiaries as unrestricted subsidiaries. In April 2022, in connection with the CVR Energy ABL (as defined below), a new wholly owned subsidiary of CVR Energy, CVR Renewables, LLC (“CVR Renew”), delivered to Wells Fargo Bank, National Association, as administrative and collateral agent for the secured parties, a Joinder Agreement pursuant to which CVR Renew became a borrower for all purposes under the Petroleum ABL and other Credit Documents. In September 2023, CVR Energy and certain of its subsidiaries (the “Credit Parties”) entered into Amendment No. 4 to the Amended and Restated ABL Credit Agreement dated December 20, 2012 (the “Amendment”, and as amended, the “CVR Energy ABL”), with a group of lenders and Wells Fargo Bank, National Association, as administrative agent and collateral agent (the “Agent”). The CVR Energy ABL is a senior secured asset based revolving credit facility in an aggregate principle amount of up to $275 million with a $125 million incremental facility, which is subject to additional lender commitments and certain other conditions. The proceeds of the loans may be used for capital expenditures, working capital and general corporate purposes of the Credit Parties and their subsidiaries. The CVR Energy ABL provides for loans and letters of credit in an amount up to the aggregate availability under the facility, subject to certain borrowing base conditions, with sub-limits of $30 million for swingline loans and $60 million (or $100 million if increased by the Agent) for letters of credit. The CVR Energy ABL is scheduled to mature on June 30, 2027. As of December 31, 2023 and 2022, total availability under the CVR Energy ABL and CVR Partners variable rate asset based revolving credit facilities aggregated $288 million and $287 million, respectively. CVR Energy ABL also had $26 million and $23 million of letters of credit outstanding as of December 31, 2023 and 2022, respectively. Food Packaging Viskase’s debt primarily consists of a credit agreement providing for a $133 million term loan and a $30 million revolving credit facility issued in October 2020 that was repaid in full in 2023. The interest rate on Viskase’s term loans were 7.40% and 6.80% as of December 31, 2023 and 2022, respectively. Covenants All of our subsidiaries are currently in compliance with all covenants and restrictions as described in the various executed agreements and contracts with respect to each debt instrument. These covenants include limitations on indebtedness, liens, investments, acquisitions, asset sales, dividends and other restricted payments and affiliate and extraordinary transactions. Non-Cash Charges to Interest Expense The amortization of deferred financing costs and debt discounts and premiums included in interest expense in the consolidated statements of operations were $4 million, $5 million and $5 million for the years ended December 31, 2023, 2022 and 2021, respectively. Consolidated Maturities The following is a summary of the maturities of our debt as of December 31, 2023: Year Amount (in millions) 2024 $ 637 2025 763 2026 1,338 2027 1,450 2028 950 Thereafter 2,010 Total debt payments (excluding financing lease payments) 7,148 Less: unamortized discounts, premiums and deferred financing fees (11) Financing leases (Note 12) 70 $ 7,207 |
Net Income (Loss) Per LP Unit
Net Income (Loss) Per LP Unit | 12 Months Ended |
Dec. 31, 2023 | |
Net Income (Loss) Per LP Unit | |
Net Income (Loss) Per LP Unit | 14. Net Income (Loss) Per LP Unit The components of the computation of basic and diluted income (loss) per LP unit from continuing and discontinued operations are as follows: Year Ended December 31, 2023 2022 2021 (in millions, except per unit amounts) Net loss attributable to Icahn Enterprises from continuing operations $ (684) $ (183) $ (518) Less: net loss attributable to Icahn Enterprises from continuing operations allocated 100% to general partner (13) (4) (98) Net loss attributable to Icahn Enterprises from continuing operations allocable to limited partners $ (697) $ (187) $ (616) Net loss attributable to Icahn Enterprises from continuing operations allocated to limited partners (98.01% allocation) $ (670) $ (179) $ (604) Basic and diluted loss per LP unit $ (1.75) $ (0.57) $ (2.32) Basic and diluted weighted average LP units outstanding 382 316 260 (1) Excludes an immaterial amount of unvested RSU awards during the years ended December 31, 2023, 2022 and 2021, due to their anti-dilutive impact. GP Allocation As disclosed in Note 2, “Basis of Presentation and Summary of Significant Accounting Policies - Acquisition, Investments and Disposition of Entities under Common Control,” upon the sale of common control entities, such as PSC Metals, a portion of the gain or loss on the sale is first allocated to the general partner in order to restore the general partners’ capital account for cumulative charges or credits relating to periods prior to our obtaining a controlling interest in such entities from Mr. Icahn and his affiliates. After such general partner allocation, the remaining gain is allocated among our general partner and limited partners, in accordance with their respective ownership percentages. LP Unit Transactions The following table summarizes the changes in our outstanding depositary units during each of the years ended December 31, 2023, 2022 and 2021. Mr. Icahn and Public Affiliates (1) Unitholders Total December 31, 2021 257,047,260 36,355,983 293,403,243 Unit distributions 42,950,364 2,569,961 45,520,325 2017 Incentive Plan — 29,342 29,342 At-the-market offerings — 14,619,272 14,619,272 December 31, 2022 299,997,624 53,574,558 353,572,182 Unit distributions 67,882,278 4,178,455 72,060,733 2017 Incentive Plan — 4,973 4,973 At-the-market offerings — 3,395,353 3,395,353 December 31, 2023 367,879,902 61,153,339 429,033,241 (1) Unit Distributions During each of the years ended December 31, 2023, 2022 and 2021, we declared four quarterly distributions. Depositary unitholders were given the option to make an election to receive the distributions in either cash or additional depositary units. If a holder did not make a timely election, it was automatically deemed to have elected to receive the distributions in additional depositary units. During the year ended December 31, 2023, we declared four quarterly distributions aggregating $6.00 per share. In connection with these distributions, we distributed an aggregate of 72,060,733 depositary units to unitholders who did not elect to receive cash, of which an aggregate of 67,882,278 depositary units were distributed to Mr. Icahn and his affiliates. The aggregate cash distributions to all depositary unitholders that made a timely election to receive cash was $301 million, of which $70 million was distributed to Mr. Icahn and his affiliates, for the year ended December 31, 2023. During the year ended December 31, 2022, we declared four quarterly distributions aggregating $8.00 per share. In connection with these distributions, we distributed an aggregate of 45,520,325 depositary units to unitholders who did not elect to receive cash, of which an aggregate of 42,950,364 depositary units were distributed to Mr. Icahn and his affiliates. The aggregate cash distributions to all depositary unitholders that made a timely election to receive cash was $222 million, of which $0 was distributed to Mr. Icahn and his affiliates, for the year ended December 31, 2022. At-The-Market-Offerings In May 2019, Icahn Enterprises entered into an Open Market Sale Agreement for the sale of its depositary units, from time to time, for up to $400 million in aggregate sale proceeds, under its ongoing “at-the-market” offering. This agreement has been subsequently terminated and superseded by subsequent agreements with substantially the same terms. During the year ended December 31, 2023, Icahn Enterprises sold 3,395,353 depositary units pursuant to its current agreement, resulting in gross proceeds of $175 million. As of December 31, 2023, we continue to have an 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 of Icahn Enterprises GP. As of December 31, 2023, the Company has not repurchased any of the Company’s depositary units and the Company has repurchased 2017 Incentive Plan During the years ended December 31, 2023, 2022 and 2021, we distributed depositary units, to Brett Icahn net of payroll withholdings, with respect to certain restricted depositary units and deferred unit awards that vested during the respective periods in connection with the Icahn Enterprises L.P. 2017 Long Term Incentive Plan (the “2017 Incentive Plan”). The aggregate impact of the units distributed pursuant to the 2017 Incentive Plan is not material with respect to our consolidated financial statements, including the calculation of potentially dilutive units and diluted income per LP unit. |
Segment and Geographic Reportin
Segment and Geographic Reporting | 12 Months Ended |
Dec. 31, 2023 | |
Segment and Geographic Reporting | |
Segment and Geographic Reporting | 15. Segment and Geographic 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. Our condensed statements of operations and balance sheets by reporting segment are presented below. Condensed Statements of Operations Year Ended December 31, 2023 Investment Energy Automotive Food Packaging Real Estate Home Fashion Pharma Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 9,247 $ 1,047 $ 446 $ 69 $ 175 $ 93 $ — $ 11,077 Other revenues from operations — — 694 — 73 — 3 — 770 Net loss from investment activities (1,575) — — — — — — — (1,575) Interest and dividend income 497 38 3 — — — 1 97 636 (Loss) gain on disposition of assets, net — (2) 10 — — — — — 8 Other (loss) gain, net (87) 14 — (11) 1 — 1 13 (69) (1,165) 9,297 1,754 435 143 175 98 110 10,847 Expenses: Cost of goods sold — 8,019 714 352 48 138 56 — 9,327 Other expenses from operations — — 581 — 62 — — — 643 Selling, general and administrative 26 168 465 54 17 41 45 36 852 Restructuring, net — — — — — 1 — — 1 Impairment — — 7 — — — — — 7 Credit loss on notes receivable — — — — — — — 139 139 Loss on deconsolidation — — — — — — — 246 246 Interest expense 162 90 3 12 — 1 — 286 554 188 8,277 1,770 418 127 181 101 707 11,769 (Loss) income from continuing operations before income tax (expense) benefit (1,353) 1,020 (16) 17 16 (6) (3) (597) (922) Income tax (expense) benefit — (189) 10 (4) — — — 93 (90) Net (loss) income (1,353) 831 (6) 13 16 (6) (3) (504) (1,012) Less: net (loss) income from continuing operations attributable to non-controlling interests (652) 323 — 1 — — — — (328) Net (loss) income from continuing operations attributable to Icahn Enterprises $ (701) $ 508 $ (6) $ 12 $ 16 $ (6) $ (3) $ (504) $ (684) Supplemental information: Capital expenditures $ — $ 205 $ 79 $ 14 $ 3 $ 2 $ — $ — $ 303 Depreciation and amortization $ — $ 363 $ 81 $ 25 $ 13 $ 7 $ 28 $ 1 $ 518 Year Ended December 31, 2022 Investment Energy Automotive Food Packaging Real Estate Home Fashion Pharma Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 10,896 $ 1,707 $ 431 $ 61 $ 217 $ 66 $ — $ 13,378 Other revenues from operations — — 687 — 57 — 4 — 748 Net (loss) gain from investment activities (216) — — — — — — 48 (168) Interest and dividend income 288 8 — — — — 1 31 328 (Loss) gain on disposition of assets, net — (11) 3 — — — — — (8) Other (loss) gain, net (95) (78) 1 (5) — — 1 (1) (177) (23) 10,815 2,398 426 118 217 72 78 14,101 Expenses: Cost of goods sold — 9,811 1,247 357 40 186 48 — 11,689 Other expenses from operations — — 528 — 55 — — — 583 Selling, general and administrative 27 176 867 52 16 48 42 22 1,250 Restructuring, net — — — — — 2 — — 2 Impairment — — — — — — — — — Interest expense 173 92 2 8 — 3 — 290 568 200 10,079 2,644 417 111 239 90 312 14,092 (Loss) income from continuing operations before income tax (expense) benefit (223) 736 (246) 9 7 (22) (18) (234) 9 Income tax (expense) benefit — (140) 54 (7) — — — 59 (34) Net (loss) income (223) 596 (192) 2 7 (22) (18) (175) (25) Less: net (loss) income from continuing operations attributable to non-controlling interests (134) 292 — — — — — — 158 Net (loss) income from continuing operations attributable to Icahn Enterprises $ (89) $ 304 $ (192) $ 2 $ 7 $ (22) $ (18) $ (175) $ (183) Supplemental information: Capital expenditures $ — $ 191 $ 114 $ 22 $ 9 $ 2 $ — $ — $ 338 Depreciation and amortization $ — $ 353 $ 80 $ 27 $ 13 $ 7 $ 28 $ 1 $ 509 Year Ended December 31, 2021 Investment Energy Automotive Food Packaging Real Estate Home Fashion Pharma Metals Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 7,242 $ 1,789 $ 416 $ 55 $ 197 $ 81 $ 524 $ — $ 10,304 Other revenues from operations — — 605 — 38 — 4 — — 647 Net gain (loss) from investment activities 145 81 — — — — — — (33) 193 Interest and dividend income 132 — — — — — — — 5 137 (Loss) gain on disposition of assets, net — (3) (22) — 3 — — 163 — 141 Other (loss) income, net (75) 7 (2) (14) — — — (3) 3 (84) 202 7,327 2,370 402 96 197 85 684 (25) 11,338 Expenses: Cost of goods sold — 7,069 1,339 343 44 159 50 481 — 9,485 Other expenses from operations — — 475 — 47 — — — — 522 Selling, general and administrative 16 147 877 50 13 46 38 16 35 1,238 Restructuring, net — — 4 1 — — — — — 5 Impairment — — — — — — — — — — Interest expense 218 109 7 6 — 2 — 1 323 666 234 7,325 2,702 400 104 207 88 498 358 11,916 (Loss) income from continuing operations before income tax benefit (expense) (32) 2 (332) 2 (8) (10) (3) 186 (383) (578) Income tax benefit (expense) — 27 72 (4) — 2 — — (19) 78 Net (loss) income from continuing operations (32) 29 (260) (2) (8) (8) (3) 186 (402) (500) Less: net (loss) income from continuing operations attributable to non-controlling interests (16) 34 — — — — — — — 18 Net (loss) income from continuing operations attributable to Icahn Enterprises $ (16) $ (5) $ (260) $ (2) $ (8) $ (8) $ (3) $ 186 $ (402) $ (518) Supplemental information: Capital expenditures $ — $ 224 $ 48 $ 17 $ 10 $ 3 $ — $ 3 $ — $ 305 Depreciation and amortization $ — $ 343 $ 87 $ 28 $ 9 $ 7 $ 28 $ 14 $ 1 $ 517 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 Year Ended December 31, 2023 2022 2021 (in millions) Petroleum products $ 8,566 $ 10,060 $ 6,709 Nitrogen fertilizer products 681 836 533 $ 9,247 $ 10,896 $ 7,242 Automotive Year Ended December 31, 2023 2022 2021 (in millions) Automotive Services $ 1,548 $ 1,552 $ 1,377 Aftermarket Parts sales 137 797 1,007 Total revenue from customers 1,685 2,349 2,384 Lease revenue outside scope ASC 606 56 45 10 Total Automotive net sales and other revenues from operations $ 1,741 $ 2,394 $ 2,394 Condensed Balance Sheets December 31, 2023 Investment Energy Automotive Food Packaging Real Estate Home Fashion Pharma Holding Company Consolidated (in millions) ASSETS Cash and cash equivalents $ 23 $ 1,179 $ 104 $ 8 $ 22 $ 5 $ 26 $ 1,584 $ 2,951 Cash held at consolidated affiliated partnerships and restricted cash 2,799 7 9 — 4 3 — 173 2,995 Investments 2,898 100 — — 14 — — — 3,012 Accounts receivable, net — 286 41 89 16 26 27 — 485 Related party note receivable — — — — — — — 11 11 Inventories — 604 228 111 — 81 23 — 1,047 Property, plant and equipment, net — 2,594 822 134 363 52 — 4 3,969 Goodwill and intangible assets, net — 179 335 23 — 19 198 — 754 Other assets 4,425 310 480 101 69 17 8 224 5,634 Total assets $ 10,145 $ 5,259 $ 2,019 $ 466 $ 488 $ 203 $ 282 $ 1,996 $ 20,858 LIABILITIES AND EQUITY Accounts payable, accrued expenses and other liabilities $ 1,312 $ 1,553 $ 890 $ 148 $ 43 $ 42 $ 55 $ 62 $ 4,105 Securities sold, not yet purchased, at fair value 3,473 — — — — — — — 3,473 Debt — 2,185 33 133 1 8 — 4,847 7,207 Total liabilities 4,785 3,738 923 281 44 50 55 4,909 14,785 Equity attributable to Icahn Enterprises 3,243 795 1,096 168 439 153 227 (2,913) 3,208 Equity attributable to non-controlling interests 2,117 726 — 17 5 — — — 2,865 Total equity 5,360 1,521 1,096 185 444 153 227 (2,913) 6,073 Total liabilities and equity $ 10,145 $ 5,259 $ 2,019 $ 466 $ 488 $ 203 $ 282 $ 1,996 $ 20,858 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 — 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 Geographic Information The following table presents our consolidated geographic net sales from external customers, other revenues from operations and property, plant and equipment, net for the periods indicated: Property, Plant and Net Sales Other Revenues From Operations Equipment, Net Year Ended December 31, Year Ended December 31, December 31, 2023 2022 2021 2023 2022 2021 2023 2022 (in millions) United States $ 10,687 $ 12,988 $ 9,924 $ 742 $ 722 $ 636 $ 3,844 $ 3,921 International 390 390 380 28 26 11 125 117 $ 11,077 $ 13,378 $ 10,304 $ 770 $ 748 $ 647 $ 3,969 $ 4,038 Geographic locations for net sales and other revenues from operations are based on locations of the customers and geographic locations for property, plant, and equipment are based on the locations of the assets. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes | |
Income Taxes | 16. Income Taxes The difference between the book basis and the tax basis of our net assets, not directly subject to income taxes, is as follows: Icahn Enterprises December 31, 2023 2022 (in millions) Book basis of net assets $ 3,224 $ 3,901 Book/tax basis difference (540) (1,267) Tax basis of net assets $ 2,684 $ 2,634 Income (loss) from continuing operations before income tax benefit (expense) is as follows: Year Ended December 31, 2023 2022 2021 (in millions) Domestic $ (943) $ (8) $ (576) International 21 17 (2) $ (922) $ 9 $ (578) Income tax benefit (expense) attributable to continuing operations is as follows: Year Ended December 31, 2023 2022 2021 (in millions) Current: Domestic $ (130) $ (174) $ (87) International (8) (8) (3) Total current (138) (182) (90) Deferred: Domestic 41 149 166 International 7 (1) 2 Total deferred 48 148 168 $ (90) $ (34) $ 78 A reconciliation of the income tax benefit (expense) calculated at the federal statutory rate to income tax benefit (expense) on continuing operations as shown in the consolidated statements of operations is as follows: Year Ended December 31, 2023 2022 2021 (in millions) Income tax benefit at U.S. statutory rate $ 193 $ (2) $ 121 Tax effect from: Valuation allowance (1) 100 13 Non-controlling interest 23 38 10 Credits and incentives 26 — — Uncertain tax positions 17 — — Deconsolidation 23 — — Tax gain not on books (83) — — Tax rate changes — — 13 Dividends received (20) (23) (24) Income not subject to taxation (239) (88) (64) State taxes (26) (49) — Other (3) (10) 9 Income tax benefit (expense) $ (90) $ (34) $ 78 The tax effect of significant differences representing deferred tax assets (liabilities) (the difference between financial statement carrying value and the tax basis of assets and liabilities) is as follows: December 31, 2023 2022 (in millions) Deferred tax assets: Contingent liabilities $ 61 $ — Net operating loss 954 954 Tax credits 48 46 Capital loss 200 253 Leases 139 115 Investment in partnerships 147 74 Other 105 101 Total deferred tax assets 1,654 1,543 Less: Valuation allowance (860) (866) Net deferred tax assets $ 794 $ 677 Deferred tax liabilities: Property, plant and equipment $ (408) $ (100) Intangible assets (65) (70) Investment in partnerships (180) (435) Investment in U.S. subsidiaries (163) (184) Leases (135) (112) Other (58) (6) Total deferred tax liabilities (1,009) (907) $ (215) $ (230) We recorded deferred tax assets and deferred tax liabilities of $184 million and $399 million, respectively, as of December 31, 2023 and $109 million and $339 million, respectively, as of December 31, 2022. We analyze all positive and negative evidence to consider whether it is more likely than not that all of the deferred tax assets will be realized. Projected future income, tax planning strategies and the expected reversal of deferred tax liabilities are considered in making this assessment. As of December 31, 2023 we had a valuation allowance of approximately $860 million primarily related to tax loss and credit carryforwards and other deferred tax assets. The current and future provisions for income taxes may be significantly impacted by changes to valuation allowances. These allowances will be maintained until it is more likely than not that the deferred tax assets will be realized. For the year ended December 31, 2023, the valuation allowance on deferred tax assets decreased by $6 million. The decrease was primarily attributable to utilization of capital loss carryforwards and changes in net operating loss carryforwards partially offset by increases in other deferred tax assets. At December 31, 2023, American Entertainment Properties Corp. (“AEPC”), a wholly-owned corporate subsidiary of Icahn Enterprises, which includes all or parts of our Automotive, Food Packaging, Pharma, Home Fashion and Real Estate segments had U.S. federal net operating loss carryforwards of approximately $3.2 billion with expiration dates from 2024 through unlimited carryforward periods. Additionally, AEPC and its corporate subsidiaries had foreign net operating loss carryforwards of $19 million with an unlimited carryforward period. At December 31, 2023, CVR Energy had state income tax credits of $14 million, which are available to reduce future state income taxes. These credits have an indefinite carryforward period. As of December 31, 2023, we have not provided taxes on approximately $74 million of undistributed earnings in foreign subsidiaries which are deemed to be indefinitely reinvested. If at some future date these earnings cease to be permanently reinvested, we may be subject to foreign income and withholding taxes upon repatriation of such amounts. An estimate of the tax liability that would be incurred upon repatriation of foreign earnings is not practicable to determine. Accounting for Uncertainty in Income Taxes A summary of the changes in the gross amounts of unrecognized tax benefits for the years ended December 31, 2023, 2022 and 2021 are as follows: Year Ended December 31, 2023 2022 2021 (in millions) Balance at January 1 $ 27 $ 33 $ 35 Addition based on tax positions related to the current year — — — Increase for tax positions of prior years — — — Decrease for tax positions of prior years — — (1) Decrease for statute of limitation expiration (17) (6) (1) Balance at December 31 $ 10 $ 27 $ 33 At December 31, 2023, 2022 and 2021, we had unrecognized tax benefits of $10 million, $27 million and $33 million, respectively. Of these totals, $10 million, $25 million and $29 million represent the amount of unrecognized tax benefits that if recognized, would affect the annual effective tax rate in the respective periods. The total unrecognized tax benefits differ from the amount which would affect the effective tax rate primarily due to the impact of valuation allowances. During the next 12 months, we believe that it is reasonably possible that unrecognized tax benefits may decrease by approximately $2 million due to statute expirations. We recognize interest and penalties accrued related to unrecognized tax benefits as a component of income tax expense. We recorded $4 million, $6 million and $5 million as of December 31, 2023, 2022 and 2021, respectively, in liabilities for tax related net interest and penalties in our consolidated balance sheets. Income tax expense (benefit) related to interest and penalties were $(2) million, $2 million and $2 million for the years December 31, 2023, 2022 and 2021, respectively. We or certain of our subsidiaries file income tax returns in the U.S. federal jurisdiction, various state jurisdictions and various non-U.S. jurisdictions. We and our subsidiaries are no longer subject to U.S. federal tax examinations for years before 2019 or state and local examinations for years before 2018, with limited exceptions. |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2023 | |
Changes in Accumulated Other Comprehensive Loss | |
Changes in Accumulated Other Comprehensive Loss | 17. Changes in Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss consists of the following: Translation Post-Retirement Adjustments, Net Benefits and of Tax Other, Net of Tax Total (in millions) Balance, December 31, 2022 $ (45) $ (25) $ (70) Other comprehensive income before reclassifications, net of tax 12 3 15 Reclassifications from accumulated other comprehensive loss to earnings, net of tax — — — Other comprehensive income, net of tax 12 3 15 Balance, December 31, 2023 $ (33) $ (22) $ (55) |
Other Loss, Net
Other Loss, Net | 12 Months Ended |
Dec. 31, 2023 | |
Other Loss, Net | |
Other Loss, Net | 18. Other Loss, Net Other loss, net consists of the following: Year Ended December 31, 2023 2022 2021 (in millions) Dividend expense $ (87) $ (95) $ (75) Equity earnings from non-consolidated affiliates 12 10 8 Foreign currency transaction loss 1 (3) (14) Legal settlement loss — (76) — Gain (loss) on extinguishment of debt, net 13 (2) (5) Other (8) (11) 2 $ (69) $ (177) $ (84) |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies. | |
Commitments and Contingencies | 19. 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 safety and the environment, particularly regarding plant wastes and emissions and solid waste disposal. Our consolidated environmental liabilities on an undiscounted basis were $19 million and $22 million as of December 31, 2023 and 2022, respectively, primarily within our Energy segment, which are included in accrued expenses and other liabilities in our 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 CVR Energy’s obligated-party subsidiaries are subject to the Renewable Fuel Standard (“RFS”) implemented by the EPA which requires refiners to either blend renewable fuels into their transportation fuels or purchase renewable fuel credits, known as RINs, in lieu of blending, in an amount equal to the renewable volume obligation (“RVO”) for the applicable compliance year. CVR Energy’s obligated-party subsidiaries are not able to blend the substantial majority of their transportation fuels and, unless their obligations are waived or exempted by the EPA, must either purchase RINs on the open market or obtain waiver credits for cellulosic biofuels in order to comply with the RFS. CVR Energy’s obligated-party subsidiaries also purchase RINs generated from its renewable diesel operations. One of CVR Energy’s obligated-party subsidiaries, Wynnewood Refining Company, LLC (“WRC”), qualifies as a “small refinery” defined under the RFS as a refinery with an average aggregate daily crude oil throughput for a calendar year no greater than 75,000 barrels, which enables WRC to seek small refinery exemptions (“SREs”) under the RFS should it be able to establish it suffered disproportionate economic hardship. WRC sought and received SREs for the 2017 and 2018 compliance years, which SREs were later denied by the EPA in June 2022 and April 2022, respectively (collectively, the “2022 Denials”), based on a new standard for evaluating SREs announced by the EPA in December 2021 and retroactively applied. The EPA’s June 2022 denial also denied WRC’s then pending SRE petitions for the 2019, 2020 and 2021 compliance periods based on the same new standard. In 2022, WRC joined certain other small refiners in bringing suit against the EPA in the United States Court of Appeals for the Fifth Circuit (the “Fifth Circuit”) challenging the 2022 Denials and received from the EPA a stay of enforcement of the RFS for the applicable compliance periods. WRC and certain other refineries also challenged the July 2023 denial by the EPA of additional SRE petitions based on the new standard, including WRC’s 2022 SRE petition. The Fifth Circuit granted WRC a stay of enforcement for the 2022 compliance period and held the case in abeyance pending resolution of lawsuits in the Fifth Circuit, the United States Court of Appeals for the Eleventh Circuit and the United States Court of Appeals for the District of Colombia Circuit (the “DC Circuit”) relating to the 2022 Denials (collectively, the “2022 Denials Cases”). In November 2023, the Fifth Circuit issued an opinion holding that the 2022 Denials were impermissibly retroactive and that the EPA’s interpretation of the SRE provisions of the RFS was contrary to law and arbitrary and capricious as applied to the Fifth Circuit petitioners’ SRE petitions. The Fifth Circuit vacated the EPA’s denials, including those for WRC for 2017 through 2021, and remanded those SRE petitions to EPA for further consideration consistent with the Fifth Circuit’s ruling. The EPA has not yet taken action on those SRE petitions since remand. While WRC’s stay relating to the 2022 compliance year remains in effect until resolution of the 2022 Denials Cases, its stays relating to the preceding compliance periods expired in January 2024. WRC’s other challenges against the EPA relating to the RFS remain pending, including: (a) WRC’s challenges to the EPA’s Final Rules issued in June 2022 and June 2023 establishing the 2020-2022 RVOs and 2023-2025 RVOs, respectively; and (b) WRC’s lawsuit against the EPA currently pending in the DC Circuit related to damages WRC incurred as a result of the EPA’s late grant of its 2018 SRE, which SRE was denied by the EPA in April 2022, which denial was vacated by the Fifth Circuit in November 2023 as noted above. 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 adverse effect on our Energy business’ financial position, results of operations, or cash flows. Our Energy segment recognized a benefit of approximately $114 million and an expense of approximately $435 million for the years ended December 31, 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). These recognized amounts are included in cost of goods sold in the consolidated statements of operations and represent costs to comply with the RFS obligation through purchasing of RINs not otherwise reduced by blending of ethanol, biodiesel, or renewable diesel. 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 Energy’s obligated-party subsidiaries may be entitled), the remaining position is valued using RIN market prices at period end using each specific or closest vintage year. As of December 31, 2023 and December 31, 2022, CVR Energy’s obligated-party subsidiaries’ RFS position was Clean Air Act Matter - CVR Energy’s indirect wholly-owned subsidiary, Coffeyville Resource Refining & Marketing, LLC (“CRRM”) and certain of its affiliates settled claims brought in the United States District Court for the District of Kansas (“D. Kan”) by the United States, on behalf of the EPA, and the State of Kansas, on behalf of the Kansas Department of Health and Environment (“KDHE”) seeking both statutory and stipulated penalties primarily relating to the Coffeyville Refinery’s flares, heaters and related matters. The terms of the settlement are set forth in a consent decree that was entered by the D. Kan on January 10, 2024. The amount of stipulated penalties asserted by EPA and KDHE under a 2012 Consent Decree (the “Stipulated Claims”) was previously deposited by CRRM into a commercial escrow account which were legally restricted for use and included in Prepaid expenses and other current assets on our Consolidated Balance Sheets as of December 31, 2023; those escrowed funds were released in February 2024 and the settlement was paid. The settlement did not and is not expected in the future to have a material adverse impact on CVR Energy or the Company’s financial position, results of operations, or cash flows. 45Q Transaction In January 2023, CVR Partners and certain of its 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 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 January 2021, CVR Energy’s primary and excess insurers (the “Insurers") filed suit for declaratory judgment in the 434th Judicial District Court of Fort Bend County, Texas seeking determination that the Insurers owe no indemnity coverage under policies with coverage limits of million for CVR Energy’s December 2022 settlement of the consolidated lawsuits (collectively, the “Call Option Lawsuits”) filed by purported former unitholders of CVR Refining on behalf of themselves and an alleged class of similarly situated unitholders against CVR Energy and certain of its affiliates (the “Call Defendants”) relating to 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 including the Stipulation, Compromise and Release (the “Settlement”), which Settlement was entered into in August 2022 and had no further impact on the Company’s financial position or results of operations beyond the million recognized within Other (expense) income, net in the Consolidated Statements of Operations for the year ended December 31, 2022 to reflect the estimated probable loss. In November 2022, the court granted summary judgment in favor of the Insurers, which the Company has appealed, and which appeal remains pending and in its earliest stages. Also in January 2021, the Company filed suit against the Insurers in the Superior Court of the State of Delaware (the “Superior Court”) alleging breach of contract and breach of the implied covenant of good faith and fair dealing against their primary and excess insurers relating to their denial of coverage of the Call Defendants’ defense expenses and indemnity, as well as other conduct of the Insurers relating to the Call Option Lawsuits, which complaint was amended in January 2023 to seek recovery from the Insurers of all of the amounts paid in settlement of the Call Option Lawsuits. While CVR Energy’s potential appeal of the Texas Court’s summary judgment rulings and its Delaware Court lawsuit are not yet concluded, CVR Energy does not expect the outcome of these lawsuits to have a material adverse impact on its 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 86% of our outstanding depositary units as of December 31, 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 December 31, 2023. If the plans were voluntarily terminated, they would be underfunded by an aggregate of approximately $34 million as of December 31, 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 investigations and are providing documents in response to these requests for information. 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. 20, 2023. A derivative complaint has also been filed in the U.S. District Court for the Southern District of Florida, naming the Company’s general partner, its directors, and certain current and former officers as defendants, and the Company as a nominal defendant, alleging breaches of fiduciary duties with respect to the Company’s disclosure, Patrick Pickney v. Icahn Enterprises G.P. Inc. Case No. 1:23-cv-22932-KMW Bruno 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. Unconditional Purchase Obligations Unconditional purchase obligations are primarily within our Energy and Pharma segments. Our Energy segment’s unconditional purchase obligations relate to commitments for transportation of feedstock and product supply agreements related to CVR Energy’s biofuel blending obligation and various agreements for gas and gas transportation. Our Pharma segment’s unconditional purchase obligations relate to agreements to purchase goods or services from suppliers for the manufacture of its products. The minimum required payments for our Energy and Pharma segments’ unconditional purchase obligations are as follows: Year Energy Pharma (in millions) 2024 $ 73 $ 15 2025 73 11 2026 67 11 2027 66 12 2028 66 12 Thereafter 147 12 $ 492 $ 73 |
Pension and Other Post-Retireme
Pension and Other Post-Retirement Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Pension and Other Post-Retirement Benefit Plans | |
Pension and Other Post-Retirement Benefit Plans | 20. Pension and Other Post-Retirement Benefit Plans Pension and other post-retirement benefit plan costs and obligations are primarily within our Food Packaging segment. Pension plans and other post-retirement benefit plans for other segments are not material and are not included in our disclosures below. Viskase sponsors several defined benefit pension plans, including defined contribution plans, varying by country and subsidiary. Additionally, Viskase sponsors health care and life insurance benefits for certain employees and retirees around the world. The pension benefits are funded based on the funding requirements of federal and international laws and regulations, as applicable, in advance of benefit payments and the other benefits are funded as benefits are provided to participating employees. Components of net periodic benefit cost (credit) are as follows: U.S. and Non-U.S. Pension Benefits Year Ended December 31, 2023 2022 2021 (in millions) Interest cost $ 6 $ 4 $ 4 Expected return on plan assets (5) (5) (5) Amortization of actuarial losses 0 1 1 $ 1 $ — $ — The following table provides disclosures for Viskase’s benefit obligations, plan assets, funded status, and recognition in the consolidated balance sheets. As pension costs for Viskase are not material to our consolidated financial position and results of operations, we do not provide information regarding their inputs and valuation assumptions. U.S. and Non-U.S. Pension Benefits 2023 2022 (in millions) Change in benefit obligation: Benefit obligation, beginning of year $ 115 $ 154 Interest cost 6 4 Benefits paid (8) (8) Actuarial loss (gain) 1 (34) Currency translation 2 (1) Benefit obligation, end of year 116 115 Change in plan assets: Fair value of plan assets, beginning of year 84 106 Actual return on plan assets 10 (15) Employer contributions 3 1 Benefits paid (8) (8) Fair value of plan assets, end of year 89 84 Funded status of the plan and amounts recognized in the consolidated balance sheets $ (27) $ (31) Defined Benefit Plans Measured at Fair Value on a Recurring Basis The following table presents Viskase’s defined benefit plan assets measured at fair value on a recurring basis: December 31, 2023 December 31, 2022 Level 1 Level 2 Total Level 1 Level 2 Total (in millions) U.S. and Non-U.S. Plans: Cash and cash equivalents $ 1 $ 39 $ 40 $ 13 $ — $ 13 Government debt securities 3 — 3 2 13 15 Exchange traded funds — — — 12 — 12 Mutual funds — — — 20 — 20 Common stock 46 — 46 24 — 24 $ 50 $ 39 $ 89 $ 71 $ 13 $ 84 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Information | |
Supplemental Cash Flow Information | 21. Supplemental Cash Flow Information Supplemental cash flow information consists of the following: Year Ended December 31, 2023 2022 2021 (in millions) Cash payments for interest, net of amounts capitalized $ (426) $ (438) $ (485) Cash (payments) receipts for income taxes, net (105) (180) (72) Non-cash dividends to non-controlling interests in subsidiary — — (74) Partnership contributions receivable 6 — — Non-cash Investment segment contributions from non-controlling interests (2) — 2 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events | |
Subsequent Events | 22. Subsequent Events Icahn Enterprises LP Unit Distribution On February 26, 2024, 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 April 18, 2024 to depositary unitholders of record at the close of business on March 11, 2024. Depositary unitholders will have until April 5, 2024 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 April 12, 2024. 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. |
Schedule I
Schedule I | 12 Months Ended |
Dec. 31, 2023 | |
Icahn Enterprises (Parent) | |
Condensed Financial Statements, Captions [Line Items] | |
Condensed financial information of parent company | SCHEDULE I ICAHN ENTERPRISES, L.P. (Parent Company) CONDENSED BALANCE SHEETS December 31, 2023 2022 (in millions, except unit amounts) ASSETS Investments in subsidiaries, net $ 8,092 $ 9,260 Total Assets $ 8,092 $ 9,260 LIABILITIES AND EQUITY Accrued expenses and other liabilities $ 37 $ 51 Debt 4,847 5,309 4,884 5,360 Commitments and contingencies (Note 3) Equity: Limited partners: Depositary units: 429,033,241 units issued and outstanding at December 31, 2023 and 353,572,182 units issued and outstanding at December 31, 2022 3,969 4,647 General partner (761) (747) Total equity 3,208 3,900 Total Liabilities and Equity $ 8,092 $ 9,260 See notes to condensed financial statements. SCHEDULE I ICAHN ENTERPRISES, L.P. (Parent Company) CONDENSED STATEMENTS OF OPERATIONS Year Ended December 31, 2023 2022 2021 (in millions) Interest expense $ (286) $ (290) $ (323) Gain (loss) on extinguishment of debt 13 (1) 3 Equity in (loss) gain of subsidiaries (411) 108 (198) Net loss $ (684) $ (183) $ (518) Net loss allocated to: Limited partners $ (670) $ (179) $ (604) General partner (14) (4) 86 $ (684) $ (183) $ (518) See notes to condensed financial statements. SCHEDULE I ICAHN ENTERPRISES, L.P. (Parent Company) CONDENSED STATEMENTS OF CASH FLOWS Year Ended December 31, 2023 2022 2021 (in millions) Cash flows from operating activities: Net loss $ (684) $ (183) $ (518) Adjustments to reconcile net loss to net cash used in operating activities: Equity in (gain) loss of subsidiary 411 (108) 198 (Loss) gain on extinguishment of debt (13) (1) (3) Other, net (3) (14) (15) Net cash used in operating activities (289) (306) (338) Cash flows from investing activities: Net investment in and advances from subsidiaries 629 264 (366) Net cash provided by (used in) by investing activities 629 264 (366) Cash flows from financing activities: Partnership distributions (307) (226) (134) Partnership contributions 185 768 835 Proceeds from borrowings 699 — 1,214 Repayments of borrowings (1,159) (500) (1,205) Investment segment distributions 242 — — Debt issuance costs and other — — (6) Net cash provided by (used in) financing activities (340) 42 704 Net change in cash and cash equivalents and restricted cash and restricted cash equivalents — — — Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period — — — Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period $ — $ — $ — See notes to condensed financial statements. SCHEDULE I ICAHN ENTERPRISES L.P. (Parent Company) NOTES TO CONDENSED FINANCIAL STATEMENTS 1. Description of Business and Basis of Presentation Icahn Enterprises, L.P. (“Icahn Enterprises”) is a master limited partnership formed in Delaware on February 17, 1987. We own 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., our sole general partner, which is owned and controlled by Carl C. Icahn, owns a 1% general partner interest in both us and Icahn Enterprises Holdings, representing an aggregate 1.99% general partner interest in us and Icahn Enterprises Holdings. As of December 31, 2023, Icahn Enterprises is engaged in the following continuing operating businesses: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion and Pharma For the years ended December 31, 2023, 2022 and 2021, Icahn Enterprises received (paid) $629 million, $264 million and $(366) million, respectively, for net investment in and advances from subsidiaries. The condensed financial statements of Icahn Enterprises should be read in conjunction with the consolidated financial statements and notes thereto included in Item 8 of this Report. 2. Debt See Note 13, “Debt,” to the consolidated financial statements located in Item 8 of this Report. Icahn Enterprises’ Parent company debt consists of the following: December 31, 2023 2022 (in millions) 4.750% senior unsecured notes due 2024 — 1,103 6.375% senior unsecured notes due 2025 749 749 6.250% senior unsecured notes due 2026 1,238 1,250 5.250% senior unsecured notes due 2027 1,454 1,460 4.375% senior unsecured notes due 2029 708 747 9.750% senior unsecured notes due 2029 698 — Total debt $ 4,847 $ 5,309 In December 2023, Icahn Enterprises issued $700 million in aggregate principal amount of 9.750% senior unsecured notes due 2029 at par. The net proceeds, together with $376 million of cash and cash equivalents on hand, was used to satisfy and discharge the outstanding 4.750% senior unsecured notes due 2024, along with any accrued interest associated with the notes and related fees and expenses. In February 2022, Icahn Enterprises repaid all of its outstanding $500 million aggregate principal amount of 6.750% senior unsecured notes due 2024 at par. 3. Commitments and Contingencies See Note 19, “Commitments and Contingencies,” to the consolidated financial statements located in Item 8 of this Report. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Basis of Presentation and Summary of Significant Accounting Policies | |
Principles of Consolidation | Principles of Consolidation Our 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 our Investment segment and Holding Company, for equity investments in which we own 50% or less but greater than 20%, we generally account for such investments using the equity method. All other equity investments are accounted for at fair value. |
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. On May 1, 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, in addition to our newly established commercial insurance program. We hold assets in a protected cell, which we are the primary beneficiary of, and therefore consolidate the protected cell. At December 31, 2023, total assets related to the protected cell were $103 million and included in restricted cash in the consolidated balance sheet. |
Discontinued Operations and Held For Sale | Discontinued Operations and Assets Held For Sale We classify assets and liabilities as held for sale when management, having the authority to approve the action, commits to a plan to sell the disposal group, the sale is probable within one year, and the disposal group is available for immediate sale in its present condition. We also consider whether an active program to locate a buyer has been initiated, whether the disposal group is marketed actively for sale at a price that is reasonable in relation to its current fair value, and whether actions required to complete the plan indicate it is unlikely significant changes to the plan will be made or the plan will be withdrawn. In accordance with U.S. GAAP, we classify operations as discontinued when they meet all the criteria to be classified as held for sale and when the sale represents a strategic shift that will have a major impact on our financial condition and results of operations. |
Use of Estimates in Preparation of Financial Statements | Use of Estimates in Preparation of Financial Statements The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the period. Due to the inherent uncertainty involved in making estimates, actual results may differ from the estimates and assumptions used in preparing the consolidated financial statements. |
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 debt as of December 31, 2023 was approximately $7.2 billion and $6.9 billion, respectively. The carrying value and estimated fair value of our debt as of December 31, 2022 was approximately $7.1 billion and $6.6 billion, respectively. |
Acquisitions of Businesses | Acquisitions of Businesses We account for business combinations under the acquisition method of accounting (other than acquisitions of businesses under common control), which requires us to recognize separately from goodwill the assets acquired and the liabilities assumed at their acquisition date fair values. While we use our best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date as well as contingent consideration, where applicable, our estimates are inherently uncertain and subject to refinement. Accounting for business combinations requires us to make significant estimates and assumptions, especially at the acquisition date including our estimates for intangible assets, contractual obligations assumed, pre-acquisition contingencies, and contingent consideration, where applicable. In valuing our acquisitions, we estimate fair values based on industry data and trends and by reference to relevant market rates and transactions, and discounted cash flow valuation methods, among other factors. The discount rates used were commensurate with the inherent risks associated with each type of asset and the level and timing of cash flows appropriately reflect market participant assumptions. The primary items that generate goodwill include the value of the synergies between the acquired company and our existing businesses and the value of the acquired assembled workforce, neither of which qualifies for recognition as an intangible asset. |
Acquisition, Investments and Disposition of Entities under Common Control | Acquisition, Investments and Disposition of Entities under Common Control Acquisitions of or investments in entities under common control are reflected in a manner similar to pooling of interests. The general partner’s capital account or non-controlling interests, as applicable, are charged or credited for the difference between the consideration we pay for the entity and the related entity’s basis prior to our acquisition or investment. Net gains or losses of an acquired entity prior to its acquisition or investment date are allocated to the general partner’s capital account or non-controlling interests, as applicable. In allocating gains and losses upon the sale of a previously acquired common control entity, we allocate a gain or loss for financial reporting purposes by first restoring the general partner’s capital account or non-controlling interests, as applicable, for the cumulative charges or credits relating to prior periods recorded at the time of our acquisition or investment and then allocating the remaining gain or loss (“Common Control Gains or Losses”) among our general partner, limited partners and non-controlling interests, as applicable, in accordance with their respective ownership percentages. In the case of acquisitions of entities under common control, such Common Control Gains or Losses are allocated in accordance with their respective partnership percentages under the Amended and Restated Agreement of Limited Partnership dated as of May 12, 1987, as amended from time to time (together with the partnership agreement of Icahn Enterprises Holdings, the “Partnership Agreement”) (i.e., 98.01% to the limited partners and 1.99% to the general partner). |
Cash Flow | Cash Flow Cash and cash equivalents and restricted cash and restricted cash equivalents in our 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 and Cash Equivalents | Cash and Cash Equivalents We consider short-term investments, which are highly liquid with original maturities of three months or less at date of purchase, to be cash equivalents. As of December 31, 2023, our cash and cash equivalents balance includes $598 million of reserved funds at our Energy segment to be utilized for the repayment of our Energy segment’s 5.250% senior unsecured notes due 2025. |
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 $1,068 million and $1,019 million as of December 31, 2023 and 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 used for the general operating needs of the Investment segment or Icahn Enterprises. Our restricted cash balance was $1,927 million and $1,530 million as of December 31, 2023 and 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 to our captive insurance program. |
Investments and Related Transactions | Investments and Related Transactions Investment Investment Transactions and Related Investment Income (Loss). Investments held by our Investment segment are carried at fair value. Our Investment segment applies the fair value option to those investments that are otherwise subject to the equity method of accounting. Valuation of Investments. Foreign Currency Transactions. Fair Values of Financial Instruments. Securities Sold, Not Yet Purchased. Due From Brokers. Due To Brokers. Other Segments and Holding Company Investments in equity securities are carried at fair value with the unrealized gains or losses reflected in the consolidated statements of operations. For purposes of determining gains and losses, the cost of securities is based on specific identification. Dividend income is recorded on the ex-dividend date and interest income is recognized when earned. |
Fair Value Option for Financial Assets and Financial Liabilities | Fair Value Option for Financial Assets and Financial Liabilities The fair value option gives entities the option to measure eligible financial assets, financial liabilities and firm commitments at fair value (i.e., the fair value option), on an instrument-by-instrument basis, that are otherwise not permitted to be accounted for at fair value pursuant to the provisions of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 825, Financial Instrument |
Derivatives | Derivatives From time to time, our subsidiaries enter into derivative contracts, including purchased and written option contracts, swap contracts, futures contracts and forward contracts. U.S. GAAP requires recognition of all derivatives as either assets or liabilities in the balance sheet at their fair value. The accounting for changes in fair value depends on the intended use of the derivative and its resulting designation. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation. Gains and losses related to a hedge are either recognized in income immediately to offset the gain or loss on the hedged item or are deferred and reported as a component of accumulated other comprehensive loss and subsequently recognized in earnings when the hedged item affects earnings. The change in fair value of the ineffective portion of a financial instrument, determined using the hypothetical derivative method, is recognized in earnings immediately. The gain or loss related to financial instruments that are not designated as hedges are recognized immediately in earnings. Cash flows related to hedging activities are included in the operating section of the consolidated statements of cash flows. For further information regarding our derivative contracts, see Note 7, “Financial Instruments.” |
Accounts Receivable, Net | Accounts Receivable, Net Accounts receivable, net consists of trade receivables from customers, including contract assets when we have an unconditional right to receive consideration. An allowance is based on historical loss experience, expected credit losses from current economic conditions, and management’s expectations of future economic conditions. |
Inventories | Inventories Energy Our Energy segment inventories consist primarily of domestic and foreign crude oil, blending stock and components, work in progress, fertilizer products, refined fuels and by-products and renewable diesel, all of which are valued at the lower of first-in, first-out (“FIFO”) basis method cost or net realizable value. Other inventories, including other raw materials, spare parts and supplies, are valued at the lower of moving-average cost, which approximates FIFO, or net realizable value. The cost of inventories includes inbound freight costs. Automotive, Food Packaging, Home Fashion and Pharma Our Automotive, Food Packaging, Home Fashion and Pharma segments’ inventories are stated at the lower of cost or net realizable value. Cost is determined by using the FIFO method, except for our Automotive segment which uses the last-in, first out (“LIFO”) method and the Pharma segment which utilizes weighted-average cost. Inventory recorded using the LIFO method was $228 million and $246 million as of December 31, 2023 and 2022, respectively, all of which relates to finished goods. The cost of manufactured goods includes the cost of direct materials, labor and manufacturing overhead. Our Automotive, Food Packaging, Home Fashion and Pharma segments write-down inventory for estimated excess, slow-moving and obsolete inventory as well as inventory whose carrying value is in excess of net realizable value. |
Long-Lived Assets | Long-Lived Assets Long-lived assets such as property, plant, and equipment, and definite-lived intangible assets are recorded at cost or fair value established at acquisition, less accumulated depreciation or amortization, unless the expected future use of the assets indicate a lower value is appropriate. Long-lived assets are evaluated for impairment when impairment indicators 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 estimated undiscounted future net cash flows expected to be generated by the asset. If the carrying value of a long-lived asset is not determined to be recoverable, a fair value assessment is performed. If the carrying amount of the asset exceeds its fair value, an impairment loss is recognized in accordance with U.S. GAAP. Depreciation and amortization are computed principally by the straight-line method for financial reporting purposes. 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. Land and construction in progress are stated at the lower of cost or net realizable value. Interest is capitalized on expenditures for long-term projects until a salable or ready-for-use condition is reached. The interest capitalization rate is based on the interest rate on specific borrowings to fund the projects. Costs for planned major maintenance activities (“turnarounds”) for our Energy segment represent major maintenance activities that require shutdown of significant parts of a plant to perform necessary inspection, cleaning, repairs, and replacement of assets. Our Energy segment’s turnaround expenditures are deferred for its petroleum business and expensed as incurred for its nitrogen fertilizer business. Turnarounds generally occur every four |
Goodwill and Indefinite-Lived Intangible Assets | Goodwill and Indefinite-Lived Intangible Assets Goodwill and indefinite-lived intangible assets primarily include trademarks and brand names acquired in acquisitions. For a complete discussion of the impairment of goodwill and indefinite-lived intangible assets related to our various segments, see Note 11, “Goodwill and Intangible Assets, Net.” Goodwill Goodwill is determined as the excess of the fair value of consideration transferred in a business combination over the net amounts of identifiable assets acquired and liabilities assumed. Goodwill is reviewed for impairment annually, or more frequently if impairment indicators exist. An impairment exists when a reporting unit’s carrying value exceeds its fair value. When performing the goodwill impairment testing, we first consider qualitative factors to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Qualitative factors include considering macroeconomic conditions, industry and market conditions, overall financial performance and other factors. If necessary, a quantitative impairment test is performed. When a quantitative impairment test is performed, a reporting units’ fair value is based on valuation techniques using the best available information, primarily discounted cash flow projections, guideline transaction multiples, and multiples of current and future earnings. The impairment charge, if any, is the excess of the tested reporting unit’s carrying value over its fair value, limited to the total amount of goodwill allocated to the tested reporting unit. Indefinite-Lived Intangible Assets Indefinite-lived intangible assets are stated at fair value established at acquisition or cost. These indefinite-lived intangible assets are reviewed for impairment annually, or more frequently if impairment indicators exist. An impairment exists when a trademark or brand names’ carrying value exceeds its fair value. The fair values of these assets are based upon the prospective stream of hypothetical after-tax royalty cost savings discounted at rates that reflect the rates of return appropriate for these intangible assets. In the fourth quarter of 2023, our Automotive segment recognized an impairment charge of $7 million, representing the excess of the assets’ carrying value over their fair value. |
Pension and Other Post-Retirement Benefit Plan Obligations | Pension and Other Post-Retirement Benefit Plan Obligations Post-retirement benefit liabilities were $34 million and $36 million as of December 31, 2023 and 2022, respectively, and are included in accrued expenses and other liabilities in our consolidated balance sheets. Appropriate actuarial methods and assumptions are used in accounting for defined benefit pension plans and other post-retirement benefit plans. These assumptions include long-term rate of return on plan assets, discount rates and other factors. Actual results that differ from the assumptions used are accumulated and amortized over future periods. Therefore, assumptions used to calculate benefit obligations as of the end of the year directly impact the expense to be recognized in future periods. The measurement date for all defined benefit plans is December 31 of each year. |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Accumulated other comprehensive loss is included in the limited partners and general partner components of equity in the consolidated balance sheets in the amounts of $55 million and $70 million as of December 31, 2023 and 2022, respectively. Refer to Note 17, “Changes in Accumulated Other Comprehensive Loss,” for further information. |
Allocation of Net Profits and Losses in Consolidated Affiliated Partnerships | Allocation of Net Profits and Losses in Consolidated Affiliated Partnerships Net investment income and net realized and unrealized gains and losses on investments of the Investment Funds are allocated to the respective partners of the Investment Funds based on their percentage ownership in such Investment Funds on a monthly basis. Except for our limited partner interest, such allocations made to the limited partners of the Investment Funds are represented as non-controlling interests in our consolidated statements of operations. |
General Partnership Interest of Icahn Enterprises and Icahn Enterprises Holdings | General Partnership Interest of Icahn Enterprises The general partner’s capital account generally consists of its cumulative share of our net income less cash distributions plus capital contributions. Additionally, in acquisitions of common control companies accounted for at historical cost similar to a pooling of interests, the general partner’s capital account would be charged (or credited) in a manner similar to a distribution (or contribution) for the excess (or deficit) of the fair value of consideration paid over historical basis in the business acquired. Capital Accounts, as defined under the Partnership Agreement, are maintained for our general partner and our limited partners. The capital account provisions of our Partnership Agreement incorporate principles established for U.S. federal income tax purposes and are not comparable to the equity accounts reflected under U.S. GAAP in our consolidated financial statements. Under our Partnership Agreement, the general partner is required to make additional capital contributions to us upon the issuance of any additional depositary units in order to maintain a capital account balance equal to 1.99% of the total capital accounts of all partners. Generally, net earnings for U.S. federal income tax purposes are allocated 1.99% and 98.01% between the general partner and the limited partners, respectively, in the same proportion as aggregate cash distributions made to the general partner and the limited partners during the period. This is generally consistent with the manner of allocating net income under our Partnership Agreement; however, it is not comparable to the allocation of net income reflected in our consolidated financial statements. Pursuant to the Partnership Agreement, in the event of our dissolution, after satisfying our liabilities, our remaining assets would be divided among our limited partners and the general partner in accordance with their respective percentage interests under the Partnership Agreement. If a deficit balance still remains in the general partner’s capital account after all allocations are made between the partners, the general partner would not be required to make whole any such deficit. |
Basic and Diluted Income Per LP Unit | Basic and Diluted Income Per LP Unit For Icahn Enterprises, basic income (loss) per LP unit is based on net income or loss attributable to Icahn Enterprises allocated to limited partners. Net income or loss allocated to limited partners is divided by the weighted-average number of LP units outstanding. Diluted income (loss) per LP unit, when applicable, is based on basic income (loss) adjusted for the potential effect of dilutive securities as well as the related weighted-average number of units and equivalent units outstanding. For accounting purposes, when applicable, earnings prior to dates of acquisitions of entities under common control are excluded from the computation of basic and diluted income per LP unit as such earnings are allocated to our general partner. |
Income Taxes | Income Taxes Except as described below, no provision has been made for federal, state, local or foreign income taxes on the results of operations generated by partnership activities, as such taxes are the responsibility of the partners. Provision has been made for federal, state, local or foreign income taxes on the results of operations generated by our corporate subsidiaries and these are reflected within continuing and discontinued operations. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred tax assets are limited to amounts considered to be realizable in future periods. A valuation allowance is recorded against deferred tax assets if management does not believe that we have met the “more-likely-than-not” standard to allow recognition of such an asset. U.S. GAAP provides that the tax effects from an uncertain tax position can be recognized in the financial statements only if the position is “more-likely-than-not” to be sustained if the position were to be challenged by a taxing authority. The assessment of the tax position is based solely on the technical merits of the position, without regard to the likelihood that the tax position may be challenged. If an uncertain tax position meets the “more-likely-than-not” threshold, the largest amount of tax benefit that is greater than 50 percent likely to be recognized upon ultimate settlement with the taxing authority is recorded. See Note 16, “Income Taxes,” for additional information. |
Leases | Leases The determination of whether an arrangement is or contains a lease occurs at inception. We account for arrangements that contain lease and non-lease components as a single lease component for all classes of underlying assets. Leases in which we are the lessor are primarily within our Automotive segment and Real Estate segment. Refer to Note 12, “Leases,” for additional information regarding our operating leases. In addition, all of our businesses, including our Real Estate segment, enter into lease arrangements as the lessee. The following is our accounting policy for leases in which we are the lessee. All Segments and Holding Company Leases are classified as either operating or financing by the lessee depending on whether or not the lease terms provide for control of the underlying asset to be transferred to the lessee. When control transfers to the lessee, we classify the lease as a financing lease. All other leases are recorded as operating leases. Effective January 1, 2019, for all leases with an initial lease term in excess of twelve months, we record a right-of-use asset with a corresponding liability in the consolidated balance sheet. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at commencement of the lease based on the present value of the lease payments over the lease term. Right-of-use assets are adjusted for any lease payments made on or before commencement of the lease, less any lease incentives received. As most of our leases do not provide an implicit rate, we use the incremental borrowing rate with respect to each of our businesses based on the information available at commencement of the lease in determining the present value of lease payments. We use the implicit rate when readily determinable. The lease terms used in the determination of our right-of-use assets and lease liabilities reflect any options to extend or terminate the lease when it is reasonably certain that we will exercise such option. We and our subsidiaries, independently of each other, apply a portfolio approach to account for the right-of-use assets and lease liabilities when we or our subsidiaries do not believe that applying the portfolio approach would be materially different from accounting for right-of-use assets and lease liabilities individually. Operating lease costs are recorded as a single expense recognized on a straight-line basis over the lease term. Operating lease right-of-use assets are amortized for the difference between the straight-line expense less the accretion of interest of the related lease liability. Financing lease costs consists of interest expense on the financing lease liability as well as amortization of the right-of-use financing lease assets on a straight-line basis over the lease term. |
Real Estate | Real Estate Leases are classified as either operating, sales-type or direct financing by the lessor. Our Real Estate segment’s net lease portfolio consists of commercial real estate leased to others under long-term operating leases and we account for these leases in accordance with FASB ASC Topic 842, Leases |
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 consolidated statements of operations; however, our Real Estate and Automotive segments’ leasing revenue, as disclosed in Note 12, “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 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 15, “Segment and Geographic 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 segments below. Energy Revenue: The transaction prices of our Energy segment’s contracts are either fixed or based on market indices, and any uncertainty related to the variable consideration when determining the transaction price is resolved on the pricing date or the date when the product is delivered. The payment terms depend on the product and type of contract, but generally require customers to pay within 30 days or less, and do not contain significant financing components. Any pass-through finished goods delivery costs reimbursed by customers are reported in net sales, while an offsetting expense is included in cost of goods sold. Non-monetary product exchanges and certain buy/sell transactions which are entered into in the normal course of business are included on a net cost basis in cost of goods sold. Qualifying excise and other taxes collected from customers and remitted to governmental authorities are recorded as a reduction of the transaction price. Certain sales contracts of the petroleum business require 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 the product to the customer. An associated receivable is recorded for uncollected prepaid contract amounts. As of December 31, 2023, our Energy segment had $10 million of remaining performance obligations for contracts with an original expected duration of more than one year. Our Energy segment expects to recognize approximately $3 million of these performance obligations as revenue by the end of 2024 2025 Contract balances: million, $86 million and $30 million, respectively, with respect to deferred revenue outstanding as of the beginning of each respective year. Automotive Revenue: Contract balances: Food Packaging Our Food Packaging segment revenues are recognized at the time products are shipped to the customer, under F.O.B. shipping point or F.O.B. port terms, which is the point at which title is transferred, the customer has the assumed risk of loss, and payment has been received or collection is reasonably assumed. Revenues are net of discounts, rebates and allowances. Viskase records all labor, raw materials, in-bound freight, plant receiving and purchasing, warehousing, handling and distribution costs as a component of costs of goods sold. Home Fashion Our Home Fashion segment records revenue upon delivery and when title is transferred and the customer has assumed the risk of loss. Unless otherwise agreed in writing, title and risk of loss pass from WPH to the customer when WPH delivers the merchandise to the designated point of delivery, to the designated point of destination or to the designated carrier, free on board. Provisions for certain rebates, sales incentives, product returns and discounts to customers are recorded in the same period the related revenue is recorded. Pharma Our Pharma segment records product and supply revenue at the time of shipment at which time it has satisfied its performance obligations. Product revenue represents the significant majority of our Pharma segment’s revenue and is recognized net of estimated returns as well as net of consideration paid to customers, wholesalers and certified pharmacies for services rendered in accordance with their respective services network agreements and includes a fixed rate per prescription shipped and monthly program management and data fees. Consideration fees are not deemed sufficiently separable from the customers’ purchase of the products and therefore, such fees are recorded as a reduction of revenue at the time of revenue recognition. Our Pharma segment, as the principal party in a supply arrangement, recognizes supply revenue on a gross basis. Our Pharma segment also recognizes license and royalty revenue, which are not significant. Metals Our Metals segment’s primary source of revenue was from the sale of processed ferrous scrap metal, non-ferrous scrap metals, steel pipe and steel plate. PSC Metals also generated revenues from sales of secondary plate and pipe, the brokering of scrap metals and from services performed. All sales were recognized when title passes to the customer. Revenues from services were recognized as the service is performed. Sales adjustments related to price and weight differences were reflected as a reduction of revenues when settled. |
Other Revenue and Expense Recognition | Other Revenue and Expense Recognition Real Estate Revenue Recognition: Energy Shipping Costs: Automotive Shipping Costs: |
Environmental Liabilities | Environmental Liabilities We recognize environmental liabilities when a loss is probable and reasonably estimable. Estimates of these costs are based upon currently available facts, internal and third-party assessments of contamination, available remediation technology, site-specific costs, and currently enacted laws and regulations. In reporting environmental liabilities, no offset is made for potential recoveries. Loss contingency accruals, including those for environmental remediation, are subject to revision as further information develops or circumstances change, and such accruals can take into account the legal liability of other parties. Environmental expenditures are capitalized at the time of the expenditure when such costs provide future economic benefits. |
Litigation | Litigation On an ongoing basis, we assess the potential liabilities related to any lawsuits or claims brought against us. While it is typically very difficult to determine the timing and ultimate outcome of such actions, we use our best judgment to determine if it is probable that we will incur an expense related to the settlement or final adjudication of such matters and whether a reasonable estimation of such probable loss, if any, can be made. In assessing probable losses, we make estimates of the amount of insurance recoveries, if any. We accrue a liability when we believe a loss is probable and the amount of loss can be reasonably estimated. Due to the inherent uncertainties related to the eventual outcome of litigation and potential insurance recovery, it is possible that certain matters may be resolved for amounts materially different from any provisions or disclosures that we have previously made. |
Foreign Currency Translation | Foreign Currency Translation Exchange adjustments related to international currency transactions and translation adjustments for international subsidiaries whose functional currency is the U.S. dollar (principally those located in highly inflationary economies) are reflected in the consolidated statements of operations. Translation adjustments of international subsidiaries for which the local currency is the functional currency are reflected in the consolidated balance sheets as a component of accumulated other comprehensive income. Deferred taxes are not provided on translation adjustments, other than for intercompany loans not designated as permanently reinvested, as the earnings of the subsidiaries are considered to be permanently reinvested. |
Concentrations of credit risk | Concentrations of credit risk Concentrations of credit risk relate primarily to derivative instruments from our Investment segment. See Note 7, “Financial Instruments,” for further discussion. In addition, at our Holding Company, financial instruments that potentially subject us to concentrations of credit risk are primarily cash and cash equivalent deposits. These cash and cash equivalent deposits are maintained with several financial institutions. The deposits held at the various financial institutions may exceed federally insured limits. Exposure to this credit risk is reduced by placing such deposits with major financial institutions and monitoring their credit ratings and, therefore, we believe these deposits bear minimal credit risk. |
Adoption of New Accounting Standards and Recently Issued Accounting Standards | Adoption of New Accounting Standards In September 2022, the Statement of Financial Accounting Standards (“FASB “) issued ASU 2022-04, Liabilities- Supplier Finance Programs (Subtopic 405-50) Disclosure of Supplier Finance Program Obligations In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting Reference Rate Reform Recently Issued Accounting Standards In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures, effective for the Company beginning January 1, 2025 with early adoption permitted. We are currently assessing the impact of adopting this standard on our consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures , which includes requirements for more robust disclosures of significant segment expenses and measures of a segment’s profit and loss used in assessing performance. This standard is effective for the Company’s annual period beginning January 1, 2024 and interim periods beginning January 1, 2025 with early adoptions permitted. We are currently assessing the impact of adopting this standard on our consolidated financial statements. 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) | 12 Months Ended |
Dec. 31, 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) | 12 Months Ended |
Dec. 31, 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. |
Segment and Geographic Report_2
Segment and Geographic Reporting (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Segment and Geographic Reporting | |
Determination of what constitutes a segment | We report segment information based on the various industries in which our businesses operate and how we manage those businesses in accordance with our investment strategies, which may include: identifying and acquiring undervalued assets and businesses, often through the purchase of distressed securities; increasing value through management, financial or other operational changes; and managing complex legal, regulatory or financial issues, which may include bankruptcy or insolvency, environmental, zoning, permitting and licensing issues. Therefore, although many of our businesses are operated under separate local management, certain of our businesses are grouped together when they operate within a similar industry, comprising similarities in products, customers, production processes and regulatory environments, and when such businesses, when considered together, may be managed in accordance with one or more investment strategies specific to those businesses. Among other measures, we assess and measure segment operating results based on net income from continuing operations attributable to Icahn Enterprises. 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. |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of Investments | |
Investments Financial Information | Year Ended December 31, 2022 Xerox (in millions) Net sales/Other revenue from operations $ 7,107 Cost of goods sold/Other expenses from operations 7,435 Net loss (322) Net loss attributable to investee shareholders (322) |
Summary of investments | Voting Fair Value of Gains (Losses) Interests Investment Recognized in Other loss, net December 31, December 31, Year Ended December 31, 2023 2023 2022 2023 2022 2021 (in millions) Xerox Holding Corporation 0.0% $ — $ 500 $ 60 $ (230) $ — $ — $ 500 $ 60 $ (230) $ — |
Summarized Financial Information of Equity Method Investments | December 31, 2022 Xerox (in millions) Total assets $ 11,543 Total liabilities 7,966 Non-controlling interests 10 Equity attributable to investee shareholders 3,343 |
Investment Segment | |
Schedule of Investments | |
Investment | December 31, 2023 2022 (in millions) Assets Investments: Equity securities: Communications $ — $ 199 Consumer, cyclical 260 692 Energy 708 909 Utilities 1,012 1,205 Healthcare 440 320 Technology 139 655 Materials 52 153 Industrial — 486 2,611 4,619 Debt securities: Financials 158 1,958 Real Estate 44 131 Communications 85 11 287 2,100 $ 2,898 $ 6,719 Liabilities Securities sold, not yet purchased, at fair value: Equity securities: Consumer, non-cyclical $ 41 $ 1,006 Consumer, cyclical 3 352 Energy 2,146 2,690 Utilities 610 813 Healthcare — 387 Materials 350 598 Industrial 138 480 3,288 6,326 Debt securities: Materials 185 169 185 169 $ 3,473 $ 6,495 |
Other Segments and Holding Company | |
Schedule of Investments | |
Investment | December 31, 2023 2022 (in millions) Equity method investments $ 100 $ 76 Held to maturity debt investments measured at amortized cost 11 11 Other investments measured at fair value 3 3 $ 114 $ 90 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Measurements | |
Assets measured at fair value on a recurring basis | December 31, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total (in millions) Assets Investments (Note 5) $ 2,730 $ 129 $ 42 $ 2,901 $ 5,538 $ 1,142 $ 42 $ 6,722 Derivative assets, net (Note 7) — 64 — 64 — 805 — 805 $ 2,730 $ 193 $ 42 $ 2,965 $ 5,538 $ 1,947 $ 42 $ 7,527 Liabilities Securities sold, not yet purchased (Note 5) $ 3,288 $ 185 $ — $ 3,473 $ 6,326 $ 169 $ — $ 6,495 Derivative liabilities, net (Note 7) — 979 — 979 — 691 — 691 Other liabilities — 329 — 329 — 692 — 692 $ 3,288 $ 1,493 $ — $ 4,781 $ 6,326 $ 1,552 $ — $ 7,878 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative | |
Notional exposure of derivative instruments | December 31, 2023 December 31, 2022 Long Notional Exposure Short Notional Exposure Long Notional Exposure Short Notional Exposure (in millions) Primary underlying risk: Equity contracts $ 1,882 $ 2,350 $ 1,816 $ 5,354 Credit contracts (1) — 435 — 945 Commodity contracts — 409 — 22 (1) The short notional amount on our credit default swap positions was approximately $2.5 billion at December 31, 2023. However, because credit spreads cannot compress below zero , our downside short notional exposure to loss is approximately $0.4 billion as of December 31, 2023. The short notional amount on our credit default swap positions was approximately $3.5 billion as of December 31, 2022. However, because credit spreads cannot compress below zero , our downside short notional exposure to loss is $0.9 billion as of December 31, 2022. |
Fair value and income recognized for derivatives not designated as hedging instruments | Derivative Assets Derivative Liabilities December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 (in millions) Equity contracts $ 11 $ 392 $ 999 $ 719 Credit contracts 39 447 2 1 Commodity contracts 14 — 3 1 Sub-total 64 839 1,004 721 Netting across contract types (1) (25) (34) (25) (34) Total (1) $ 39 $ 805 $ 979 $ 687 (1) Excludes netting of cash collateral received and posted. The total collateral posted at December 31, 2023 and 2022 was $1,731 million and $1,436 million, respectively, across all counterparties, which are included in cash held at consolidated affiliated partnerships and restricted cash in the consolidated balance sheets . Gain (Loss) Recognized in Income (1) Year Ended December 31, 2023 2022 2021 Equity contracts $ (903) $ 456 $ (1,100) Credit contracts (87) (586) 88 Commodity contracts (26) (1) — $ (1,016) $ (131) $ (1,012) (1) Gains (losses) recognized on derivatives are classified in net (loss) gain from investment activities in our consolidated statements of operations for our Investment segment. |
Energy | |
Derivative | |
Fair value and income recognized for derivatives not designated as hedging instruments | Derivative Assets Derivative Liabilities December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 (in millions) Commodity contracts $ 31 $ — $ (6) $ 5 Netting across contract types (1) (6) — 6 (1) Total (1) $ 25 $ — $ — $ 4 (1) Excludes netting of derivatives primarily related to initial margin requirements of $13 million and $7 million at December 31, 2023 and 2022, respectively, which was not offset against derivatives liabilities, net in the consolidated balance sheets. |
Related Party Notes Receivable,
Related Party Notes Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Notes Receivable, Net | |
Schedule of related party notes receivable and related allowance for expected credit losses | December 31, 2023 Related party notes receivable, gross $ 23 Less: Allowance for expected credit losses 12 Related party notes receivable, net $ 11 Allowance for expected credit losses: Beginning Balance $ - Credit loss provision 139 Write-offs (127) Ending Balance $ 12 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventories, Net | |
Inventories | December 31, 2023 2022 (in millions) Raw materials $ 367 $ 335 Work in process 95 105 Finished goods 585 1,091 $ 1,047 $ 1,531 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment, Net. | |
Schedule of Property, Plant and Equipment, Net | December 31, Useful Life 2023 2022 (in years) (in millions) Land $ 332 $ 331 Buildings and improvements 1 – 40 1,058 964 Machinery, equipment and furniture 1 – 30 6,083 6,034 Assets leased to others 3 – 39 334 321 Financing leases 1 – 10 118 106 Construction in progress 275 210 8,200 7,966 Less: Accumulated depreciation and amortization (4,231) (3,928) Property, plant and equipment, net $ 3,969 $ 4,038 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets, Net | |
Schedule of Goodwill | December 31, 2023 Automotive Food Packaging Home Fashion Pharma Consolidated (in millions) Gross carrying amount, Jan 1 $ 337 $ 6 $ 22 $ 13 $ 378 Foreign Exchange — — — — — Gross carrying amount, Dec 31 337 6 22 13 378 Accumulated impairment, Jan 1 (87) — (3) — (90) Impairment — — — — — Accumulated impairment, Dec 31 (87) — (3) — (90) Net carrying value, Dec 31 $ 250 $ 6 $ 19 $ 13 $ 288 December 31, 2022 Automotive Food Packaging Home Fashion Pharma Consolidated (in millions) Gross carrying amount, Jan 1 $ 337 $ 6 $ 24 $ 13 $ 380 Foreign exchange — — (2) — (2) Gross carrying amount, Dec 31 337 6 22 13 378 Accumulated impairment, Jan 1 (87) — (3) — (90) Impairment — — — — — Accumulated impairment, Dec 31 (87) — (3) — (90) Net carrying value, Dec 31 $ 250 $ 6 $ 19 $ 13 $ 288 |
Intangible assets, net | December 31, 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 $ (229) $ 163 $ 393 $ (212) $ 181 Developed technology 254 (90) 164 254 (62) 192 Other 164 (101) 63 167 (90) 77 $ 810 $ (420) $ 390 $ 814 $ (364) $ 450 Indefinite-lived intangible assets $ 76 $ 83 Intangible assets, net $ 466 $ 533 |
Schedule of Definite-Lived Intangible Assets, Future Amortization Expense | Year Amount (in millions) 2024 $ 57 2025 56 2026 36 2027 35 2028 31 Thereafter 175 $ 390 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases | |
Lessee right-of-use assets and liabilities | December 31, 2023 2022 (in millions) Operating Leases: Right-of-use assets (other assets) $ 526 $ 478 Lease liabilities (accrued expenses and other liabilities) 531 484 Financing Leases: Right-of-use assets (property, plant and equipment, net) 55 48 Lease liabilities (debt) 70 64 |
Operating lease term and discount rate | Right-Of-Use Lease Discount Operating Leases as of December 31, 2023 Assets Liabilities Lease Term Rate (in millions) Energy $ 53 $ 49 5.4 years 6.7% Automotive 422 434 5.4 years 5.9% Food Packaging 22 25 9.1 years 7.4% Other segments and Holding Company 29 23 $ 526 $ 531 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 |
Operating and Finance Lease liability maturities | Operating Financing Year Leases Leases (in millions) 2024 $ 142 $ 17 2025 124 15 2026 110 14 2027 87 13 2028 51 10 Thereafter 103 23 Total lease payments 617 92 Less: imputed interest (86) (22) $ 531 $ 70 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt | |
Schedule of Long-term Debt Instruments | December 31, 2023 2022 (in millions) Holding Company: 4.750% senior unsecured notes due 2024 $ — $ 1,103 6.375% senior unsecured notes due 2025 749 749 6.250% senior unsecured notes due 2026 1,238 1,250 5.250% senior unsecured notes due 2027 1,454 1,460 4.375% senior unsecured notes due 2029 708 747 9.750% senior unsecured notes due 2029 698 — 4,847 5,309 Reporting Segments: Energy 2,185 1,591 Automotive 33 21 Food Packaging 133 162 Real Estate 1 1 Home Fashion 8 12 2,360 1,787 Total Debt $ 7,207 $ 7,096 |
Schedule of Maturities of Long-term Debt | Year Amount (in millions) 2024 $ 637 2025 763 2026 1,338 2027 1,450 2028 950 Thereafter 2,010 Total debt payments (excluding financing lease payments) 7,148 Less: unamortized discounts, premiums and deferred financing fees (11) Financing leases (Note 12) 70 $ 7,207 |
Net Income (Loss) Per LP Unit (
Net Income (Loss) Per LP Unit (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Net Income (Loss) Per LP Unit | |
Schedule of Capital Units | Mr. Icahn and Public Affiliates (1) Unitholders Total December 31, 2021 257,047,260 36,355,983 293,403,243 Unit distributions 42,950,364 2,569,961 45,520,325 2017 Incentive Plan — 29,342 29,342 At-the-market offerings — 14,619,272 14,619,272 December 31, 2022 299,997,624 53,574,558 353,572,182 Unit distributions 67,882,278 4,178,455 72,060,733 2017 Incentive Plan — 4,973 4,973 At-the-market offerings — 3,395,353 3,395,353 December 31, 2023 367,879,902 61,153,339 429,033,241 (1) |
Segment and Geographic Report_3
Segment and Geographic Reporting (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disaggregation of Revenue [Line Items] | |
Schedule of Condensed Income Statement by Segment | Year Ended December 31, 2023 Investment Energy Automotive Food Packaging Real Estate Home Fashion Pharma Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 9,247 $ 1,047 $ 446 $ 69 $ 175 $ 93 $ — $ 11,077 Other revenues from operations — — 694 — 73 — 3 — 770 Net loss from investment activities (1,575) — — — — — — — (1,575) Interest and dividend income 497 38 3 — — — 1 97 636 (Loss) gain on disposition of assets, net — (2) 10 — — — — — 8 Other (loss) gain, net (87) 14 — (11) 1 — 1 13 (69) (1,165) 9,297 1,754 435 143 175 98 110 10,847 Expenses: Cost of goods sold — 8,019 714 352 48 138 56 — 9,327 Other expenses from operations — — 581 — 62 — — — 643 Selling, general and administrative 26 168 465 54 17 41 45 36 852 Restructuring, net — — — — — 1 — — 1 Impairment — — 7 — — — — — 7 Credit loss on notes receivable — — — — — — — 139 139 Loss on deconsolidation — — — — — — — 246 246 Interest expense 162 90 3 12 — 1 — 286 554 188 8,277 1,770 418 127 181 101 707 11,769 (Loss) income from continuing operations before income tax (expense) benefit (1,353) 1,020 (16) 17 16 (6) (3) (597) (922) Income tax (expense) benefit — (189) 10 (4) — — — 93 (90) Net (loss) income (1,353) 831 (6) 13 16 (6) (3) (504) (1,012) Less: net (loss) income from continuing operations attributable to non-controlling interests (652) 323 — 1 — — — — (328) Net (loss) income from continuing operations attributable to Icahn Enterprises $ (701) $ 508 $ (6) $ 12 $ 16 $ (6) $ (3) $ (504) $ (684) Supplemental information: Capital expenditures $ — $ 205 $ 79 $ 14 $ 3 $ 2 $ — $ — $ 303 Depreciation and amortization $ — $ 363 $ 81 $ 25 $ 13 $ 7 $ 28 $ 1 $ 518 Year Ended December 31, 2022 Investment Energy Automotive Food Packaging Real Estate Home Fashion Pharma Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 10,896 $ 1,707 $ 431 $ 61 $ 217 $ 66 $ — $ 13,378 Other revenues from operations — — 687 — 57 — 4 — 748 Net (loss) gain from investment activities (216) — — — — — — 48 (168) Interest and dividend income 288 8 — — — — 1 31 328 (Loss) gain on disposition of assets, net — (11) 3 — — — — — (8) Other (loss) gain, net (95) (78) 1 (5) — — 1 (1) (177) (23) 10,815 2,398 426 118 217 72 78 14,101 Expenses: Cost of goods sold — 9,811 1,247 357 40 186 48 — 11,689 Other expenses from operations — — 528 — 55 — — — 583 Selling, general and administrative 27 176 867 52 16 48 42 22 1,250 Restructuring, net — — — — — 2 — — 2 Impairment — — — — — — — — — Interest expense 173 92 2 8 — 3 — 290 568 200 10,079 2,644 417 111 239 90 312 14,092 (Loss) income from continuing operations before income tax (expense) benefit (223) 736 (246) 9 7 (22) (18) (234) 9 Income tax (expense) benefit — (140) 54 (7) — — — 59 (34) Net (loss) income (223) 596 (192) 2 7 (22) (18) (175) (25) Less: net (loss) income from continuing operations attributable to non-controlling interests (134) 292 — — — — — — 158 Net (loss) income from continuing operations attributable to Icahn Enterprises $ (89) $ 304 $ (192) $ 2 $ 7 $ (22) $ (18) $ (175) $ (183) Supplemental information: Capital expenditures $ — $ 191 $ 114 $ 22 $ 9 $ 2 $ — $ — $ 338 Depreciation and amortization $ — $ 353 $ 80 $ 27 $ 13 $ 7 $ 28 $ 1 $ 509 Year Ended December 31, 2021 Investment Energy Automotive Food Packaging Real Estate Home Fashion Pharma Metals Holding Company Consolidated (in millions) Revenues: Net sales $ — $ 7,242 $ 1,789 $ 416 $ 55 $ 197 $ 81 $ 524 $ — $ 10,304 Other revenues from operations — — 605 — 38 — 4 — — 647 Net gain (loss) from investment activities 145 81 — — — — — — (33) 193 Interest and dividend income 132 — — — — — — — 5 137 (Loss) gain on disposition of assets, net — (3) (22) — 3 — — 163 — 141 Other (loss) income, net (75) 7 (2) (14) — — — (3) 3 (84) 202 7,327 2,370 402 96 197 85 684 (25) 11,338 Expenses: Cost of goods sold — 7,069 1,339 343 44 159 50 481 — 9,485 Other expenses from operations — — 475 — 47 — — — — 522 Selling, general and administrative 16 147 877 50 13 46 38 16 35 1,238 Restructuring, net — — 4 1 — — — — — 5 Impairment — — — — — — — — — — Interest expense 218 109 7 6 — 2 — 1 323 666 234 7,325 2,702 400 104 207 88 498 358 11,916 (Loss) income from continuing operations before income tax benefit (expense) (32) 2 (332) 2 (8) (10) (3) 186 (383) (578) Income tax benefit (expense) — 27 72 (4) — 2 — — (19) 78 Net (loss) income from continuing operations (32) 29 (260) (2) (8) (8) (3) 186 (402) (500) Less: net (loss) income from continuing operations attributable to non-controlling interests (16) 34 — — — — — — — 18 Net (loss) income from continuing operations attributable to Icahn Enterprises $ (16) $ (5) $ (260) $ (2) $ (8) $ (8) $ (3) $ 186 $ (402) $ (518) Supplemental information: Capital expenditures $ — $ 224 $ 48 $ 17 $ 10 $ 3 $ — $ 3 $ — $ 305 Depreciation and amortization $ — $ 343 $ 87 $ 28 $ 9 $ 7 $ 28 $ 14 $ 1 $ 517 |
Schedule of Condensed Financial Statements by Segment | December 31, 2023 Investment Energy Automotive Food Packaging Real Estate Home Fashion Pharma Holding Company Consolidated (in millions) ASSETS Cash and cash equivalents $ 23 $ 1,179 $ 104 $ 8 $ 22 $ 5 $ 26 $ 1,584 $ 2,951 Cash held at consolidated affiliated partnerships and restricted cash 2,799 7 9 — 4 3 — 173 2,995 Investments 2,898 100 — — 14 — — — 3,012 Accounts receivable, net — 286 41 89 16 26 27 — 485 Related party note receivable — — — — — — — 11 11 Inventories — 604 228 111 — 81 23 — 1,047 Property, plant and equipment, net — 2,594 822 134 363 52 — 4 3,969 Goodwill and intangible assets, net — 179 335 23 — 19 198 — 754 Other assets 4,425 310 480 101 69 17 8 224 5,634 Total assets $ 10,145 $ 5,259 $ 2,019 $ 466 $ 488 $ 203 $ 282 $ 1,996 $ 20,858 LIABILITIES AND EQUITY Accounts payable, accrued expenses and other liabilities $ 1,312 $ 1,553 $ 890 $ 148 $ 43 $ 42 $ 55 $ 62 $ 4,105 Securities sold, not yet purchased, at fair value 3,473 — — — — — — — 3,473 Debt — 2,185 33 133 1 8 — 4,847 7,207 Total liabilities 4,785 3,738 923 281 44 50 55 4,909 14,785 Equity attributable to Icahn Enterprises 3,243 795 1,096 168 439 153 227 (2,913) 3,208 Equity attributable to non-controlling interests 2,117 726 — 17 5 — — — 2,865 Total equity 5,360 1,521 1,096 185 444 153 227 (2,913) 6,073 Total liabilities and equity $ 10,145 $ 5,259 $ 2,019 $ 466 $ 488 $ 203 $ 282 $ 1,996 $ 20,858 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 — 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 |
Geographic Information | Property, Plant and Net Sales Other Revenues From Operations Equipment, Net Year Ended December 31, Year Ended December 31, December 31, 2023 2022 2021 2023 2022 2021 2023 2022 (in millions) United States $ 10,687 $ 12,988 $ 9,924 $ 742 $ 722 $ 636 $ 3,844 $ 3,921 International 390 390 380 28 26 11 125 117 $ 11,077 $ 13,378 $ 10,304 $ 770 $ 748 $ 647 $ 3,969 $ 4,038 |
Energy | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue | Year Ended December 31, 2023 2022 2021 (in millions) Petroleum products $ 8,566 $ 10,060 $ 6,709 Nitrogen fertilizer products 681 836 533 $ 9,247 $ 10,896 $ 7,242 |
Automotive Segment | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue | Year Ended December 31, 2023 2022 2021 (in millions) Automotive Services $ 1,548 $ 1,552 $ 1,377 Aftermarket Parts sales 137 797 1,007 Total revenue from customers 1,685 2,349 2,384 Lease revenue outside scope ASC 606 56 45 10 Total Automotive net sales and other revenues from operations $ 1,741 $ 2,394 $ 2,394 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Taxes | |
Schedule of difference between the book basis and the tax basis of our net asset | Icahn Enterprises December 31, 2023 2022 (in millions) Book basis of net assets $ 3,224 $ 3,901 Book/tax basis difference (540) (1,267) Tax basis of net assets $ 2,684 $ 2,634 |
Schedule of income (loss) from continuing operations before income tax expense (benefit) | Year Ended December 31, 2023 2022 2021 (in millions) Domestic $ (943) $ (8) $ (576) International 21 17 (2) $ (922) $ 9 $ (578) |
Schedule of Income tax benefit (expense) attributable to continuing operations | Year Ended December 31, 2023 2022 2021 (in millions) Current: Domestic $ (130) $ (174) $ (87) International (8) (8) (3) Total current (138) (182) (90) Deferred: Domestic 41 149 166 International 7 (1) 2 Total deferred 48 148 168 $ (90) $ (34) $ 78 |
Schedule of reconciliation of the income tax benefit (expense) | Year Ended December 31, 2023 2022 2021 (in millions) Income tax benefit at U.S. statutory rate $ 193 $ (2) $ 121 Tax effect from: Valuation allowance (1) 100 13 Non-controlling interest 23 38 10 Credits and incentives 26 — — Uncertain tax positions 17 — — Deconsolidation 23 — — Tax gain not on books (83) — — Tax rate changes — — 13 Dividends received (20) (23) (24) Income not subject to taxation (239) (88) (64) State taxes (26) (49) — Other (3) (10) 9 Income tax benefit (expense) $ (90) $ (34) $ 78 |
Schedule of deferred tax assets (liabilities) | December 31, 2023 2022 (in millions) Deferred tax assets: Contingent liabilities $ 61 $ — Net operating loss 954 954 Tax credits 48 46 Capital loss 200 253 Leases 139 115 Investment in partnerships 147 74 Other 105 101 Total deferred tax assets 1,654 1,543 Less: Valuation allowance (860) (866) Net deferred tax assets $ 794 $ 677 Deferred tax liabilities: Property, plant and equipment $ (408) $ (100) Intangible assets (65) (70) Investment in partnerships (180) (435) Investment in U.S. subsidiaries (163) (184) Leases (135) (112) Other (58) (6) Total deferred tax liabilities (1,009) (907) $ (215) $ (230) |
Schedule of unrecognized tax benefits | Year Ended December 31, 2023 2022 2021 (in millions) Balance at January 1 $ 27 $ 33 $ 35 Addition based on tax positions related to the current year — — — Increase for tax positions of prior years — — — Decrease for tax positions of prior years — — (1) Decrease for statute of limitation expiration (17) (6) (1) Balance at December 31 $ 10 $ 27 $ 33 |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Changes in Accumulated Other Comprehensive Loss | |
Schedule of Accumulated Other Comprehensive Loss | Translation Post-Retirement Adjustments, Net Benefits and of Tax Other, Net of Tax Total (in millions) Balance, December 31, 2022 $ (45) $ (25) $ (70) Other comprehensive income before reclassifications, net of tax 12 3 15 Reclassifications from accumulated other comprehensive loss to earnings, net of tax — — — Other comprehensive income, net of tax 12 3 15 Balance, December 31, 2023 $ (33) $ (22) $ (55) |
Other Loss, Net (Tables)
Other Loss, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Loss, Net | |
Schedule of other loss, net | Year Ended December 31, 2023 2022 2021 (in millions) Dividend expense $ (87) $ (95) $ (75) Equity earnings from non-consolidated affiliates 12 10 8 Foreign currency transaction loss 1 (3) (14) Legal settlement loss — (76) — Gain (loss) on extinguishment of debt, net 13 (2) (5) Other (8) (11) 2 $ (69) $ (177) $ (84) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies. | |
Contractual Obligation, Fiscal Year Maturity Schedule | Year Energy Pharma (in millions) 2024 $ 73 $ 15 2025 73 11 2026 67 11 2027 66 12 2028 66 12 Thereafter 147 12 $ 492 $ 73 |
Pension and Other Post-Retire_2
Pension and Other Post-Retirement Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Pension and Other Post-Retirement Benefit Plans | |
Components of net periodic benefit cost (credit) | U.S. and Non-U.S. Pension Benefits Year Ended December 31, 2023 2022 2021 (in millions) Interest cost $ 6 $ 4 $ 4 Expected return on plan assets (5) (5) (5) Amortization of actuarial losses 0 1 1 $ 1 $ — $ — |
Changes in benefit obligations and plan assets, and funded status of plans | U.S. and Non-U.S. Pension Benefits 2023 2022 (in millions) Change in benefit obligation: Benefit obligation, beginning of year $ 115 $ 154 Interest cost 6 4 Benefits paid (8) (8) Actuarial loss (gain) 1 (34) Currency translation 2 (1) Benefit obligation, end of year 116 115 Change in plan assets: Fair value of plan assets, beginning of year 84 106 Actual return on plan assets 10 (15) Employer contributions 3 1 Benefits paid (8) (8) Fair value of plan assets, end of year 89 84 Funded status of the plan and amounts recognized in the consolidated balance sheets $ (27) $ (31) |
Defined benefit plan assets measured at fair value on a recurring basis | December 31, 2023 December 31, 2022 Level 1 Level 2 Total Level 1 Level 2 Total (in millions) U.S. and Non-U.S. Plans: Cash and cash equivalents $ 1 $ 39 $ 40 $ 13 $ — $ 13 Government debt securities 3 — 3 2 13 15 Exchange traded funds — — — 12 — 12 Mutual funds — — — 20 — 20 Common stock 46 — 46 24 — 24 $ 50 $ 39 $ 89 $ 71 $ 13 $ 84 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Information | |
Schedule of Cash Flow, Supplemental Disclosures | Year Ended December 31, 2023 2022 2021 (in millions) Cash payments for interest, net of amounts capitalized $ (426) $ (438) $ (485) Cash (payments) receipts for income taxes, net (105) (180) (72) Non-cash dividends to non-controlling interests in subsidiary — — (74) Partnership contributions receivable 6 — — Non-cash Investment segment contributions from non-controlling interests (2) — 2 |
Schedule I (Tables)
Schedule I (Tables) - Icahn Enterprises (Parent) | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Statements, Captions [Line Items] | |
Financial statement schedule, parent company balance sheet | ICAHN ENTERPRISES, L.P. (Parent Company) CONDENSED BALANCE SHEETS December 31, 2023 2022 (in millions, except unit amounts) ASSETS Investments in subsidiaries, net $ 8,092 $ 9,260 Total Assets $ 8,092 $ 9,260 LIABILITIES AND EQUITY Accrued expenses and other liabilities $ 37 $ 51 Debt 4,847 5,309 4,884 5,360 Commitments and contingencies (Note 3) Equity: Limited partners: Depositary units: 429,033,241 units issued and outstanding at December 31, 2023 and 353,572,182 units issued and outstanding at December 31, 2022 3,969 4,647 General partner (761) (747) Total equity 3,208 3,900 Total Liabilities and Equity $ 8,092 $ 9,260 |
Financial statement schedule, parent company statement of operations | ICAHN ENTERPRISES, L.P. (Parent Company) CONDENSED STATEMENTS OF OPERATIONS Year Ended December 31, 2023 2022 2021 (in millions) Interest expense $ (286) $ (290) $ (323) Gain (loss) on extinguishment of debt 13 (1) 3 Equity in (loss) gain of subsidiaries (411) 108 (198) Net loss $ (684) $ (183) $ (518) Net loss allocated to: Limited partners $ (670) $ (179) $ (604) General partner (14) (4) 86 $ (684) $ (183) $ (518) |
Financial statement schedule, parent company statement of cash flows | ICAHN ENTERPRISES, L.P. (Parent Company) CONDENSED STATEMENTS OF CASH FLOWS Year Ended December 31, 2023 2022 2021 (in millions) Cash flows from operating activities: Net loss $ (684) $ (183) $ (518) Adjustments to reconcile net loss to net cash used in operating activities: Equity in (gain) loss of subsidiary 411 (108) 198 (Loss) gain on extinguishment of debt (13) (1) (3) Other, net (3) (14) (15) Net cash used in operating activities (289) (306) (338) Cash flows from investing activities: Net investment in and advances from subsidiaries 629 264 (366) Net cash provided by (used in) by investing activities 629 264 (366) Cash flows from financing activities: Partnership distributions (307) (226) (134) Partnership contributions 185 768 835 Proceeds from borrowings 699 — 1,214 Repayments of borrowings (1,159) (500) (1,205) Investment segment distributions 242 — — Debt issuance costs and other — — (6) Net cash provided by (used in) financing activities (340) 42 704 Net change in cash and cash equivalents and restricted cash and restricted cash equivalents — — — Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period — — — Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period $ — $ — $ — |
Financial statement schedule, parent company debt note | December 31, 2023 2022 (in millions) 4.750% senior unsecured notes due 2024 — 1,103 6.375% senior unsecured notes due 2025 749 749 6.250% senior unsecured notes due 2026 1,238 1,250 5.250% senior unsecured notes due 2027 1,454 1,460 4.375% senior unsecured notes due 2029 708 747 9.750% senior unsecured notes due 2029 698 — Total debt $ 4,847 $ 5,309 |
Description of Business (Detail
Description of Business (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 07, 2021 | Dec. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) product item | Dec. 31, 2022 USD ($) | |
Description of Business [Line Items] | ||||
Aggregate general partner ownership interest of parent and operating subsidiary | 1.99% | |||
Disposal Group Not Discontinued Operation Gain Loss On Disposal Statement Of Income Extensible List Not Disclosed Flag | true | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | PSC Metals | ||||
Description of Business [Line Items] | ||||
Percentage of interest sold | 100% | |||
Proceeds from sale of equity interests | $ 163 | |||
Pretax gain on disposition of assets | $ 323 | |||
Icahn Enterprises Holdings | ||||
Description of Business [Line Items] | ||||
Percentage of equity ownership in operating subsidiary | 99% | |||
Affiliate ownership interest | 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 | 86% | |||
Icahn Enterprises G.P. | ||||
Description of Business [Line Items] | ||||
General partner ownership percentage in Icahn Enterprises | 1% | |||
Aggregate general partner ownership interest of parent and operating subsidiary | 1.99% | |||
Affiliate ownership interest | 98.01% | |||
CVR Refining | ||||
Description of Business [Line Items] | ||||
Percentage of equity ownership in operating subsidiary | 37% | |||
CVR Energy | Energy | ||||
Description of Business [Line Items] | ||||
Percentage of equity ownership in operating subsidiary | 66% | |||
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 | $ 3,200 | $ 4,200 | ||
CVR Partners | CVR Energy | ||||
Description of Business [Line Items] | ||||
Percentage of equity ownership in operating subsidiary | 100% | |||
CVR Energy | Energy | ||||
Description of Business [Line Items] | ||||
Proceeds from partial sale of interests in consolidated subsidiaries | $ 158 | |||
Vivus | Pharma | ||||
Description of Business [Line Items] | ||||
Number of approved therapies | item | 2 | |||
Number of product candidates in active clinical development | product | 2 |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Line Items] | ||||
Total assets | $ 20,858 | $ 20,858 | $ 27,914 | |
Debt | 7,207 | 7,207 | 7,096 | |
Fair value of long-term debt | 6,900 | 6,900 | 6,600 | |
Cash and cash equivalents | 2,951 | 2,951 | 2,337 | |
Restricted cash | 2,995 | 2,995 | 2,549 | |
Portion of inventory under LIFO method | 228 | 228 | 246 | |
Post-retirement benefit liability | 34 | 34 | 36 | |
Accumulated other comprehensive loss | (55) | $ (55) | (70) | |
Aggregate general partner ownership interest of parent and operating subsidiary | 1.99% | |||
Impairment | $ 7 | |||
Icahn Enterprises G.P. | ||||
Accounting Policies [Line Items] | ||||
Affiliate ownership interest | 98.01% | |||
Aggregate general partner ownership interest of parent and operating subsidiary | 1.99% | |||
Icahn Enterprises Holdings | ||||
Accounting Policies [Line Items] | ||||
Percentage of equity ownership in operating subsidiary | 99% | |||
Affiliate ownership interest | 99% | |||
Cash held at consolidated affiliated partnerships | ||||
Accounting Policies [Line Items] | ||||
Restricted cash | 1,068 | $ 1,068 | 1,019 | |
Restricted cash | ||||
Accounting Policies [Line Items] | ||||
Restricted cash | 1,927 | 1,927 | 1,530 | |
Primary beneficiary | ||||
Accounting Policies [Line Items] | ||||
Total assets | 103 | 103 | ||
Energy | ||||
Accounting Policies [Line Items] | ||||
Total assets | 5,259 | 5,259 | 4,735 | |
Debt | 2,185 | 2,185 | 1,591 | |
Cash and cash equivalents | 1,179 | 1,179 | 510 | |
Restricted cash | 7 | 7 | 7 | |
Remaining performance obligation for contracts with an original expected duration of more than one year | 10 | 10 | ||
Deferred revenue | $ 49 | 49 | 48 | |
Recorded revenue | $ 47 | $ 86 | $ 30 | |
Lease term | 5 years 4 months 24 days | 5 years 4 months 24 days | 4 years 1 month 6 days | |
Energy | 5.25% senior unsecured notes due 2025 | ||||
Accounting Policies [Line Items] | ||||
Interest rate on debt instrument | 5.25% | 5.25% | ||
Energy | Reserved Funds [Member] | ||||
Accounting Policies [Line Items] | ||||
Cash and cash equivalents | $ 598 | $ 598 | ||
Energy | Minimum | Refineries | ||||
Accounting Policies [Line Items] | ||||
Turnaround Term of Plants | 4 years | |||
Energy | Maximum | Refineries | ||||
Accounting Policies [Line Items] | ||||
Turnaround Term of Plants | 5 years | |||
Energy | Maximum | Nitrogen Fertilizer Plants | ||||
Accounting Policies [Line Items] | ||||
Turnaround Term of Plants | 3 years | |||
Automotive Segment | ||||
Accounting Policies [Line Items] | ||||
Total assets | 2,019 | $ 2,019 | $ 2,532 | |
Debt | 33 | 33 | 21 | |
Cash and cash equivalents | 104 | 104 | 32 | |
Restricted cash | 9 | 9 | 10 | |
Deferred revenue | 45 | 45 | 44 | |
Impairment | $ 7 | |||
Recorded revenue | $ 22 | $ 25 | $ 24 | |
Lease term | 5 years 4 months 24 days | 5 years 4 months 24 days | 4 years 8 months 12 days | |
Real Estate Segment | ||||
Accounting Policies [Line Items] | ||||
Total assets | $ 488 | $ 488 | $ 507 | |
Debt | 1 | 1 | 1 | |
Cash and cash equivalents | 22 | 22 | 26 | |
Restricted cash | $ 4 | $ 4 | $ 8 | |
Real Estate Segment | Minimum | ||||
Accounting Policies [Line Items] | ||||
Lease term | 5 years | 5 years | ||
Real Estate Segment | Maximum | ||||
Accounting Policies [Line Items] | ||||
Lease term | 39 years | 39 years | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | ||||
Accounting Policies [Line Items] | ||||
Remaining performance obligation for contracts with an original expected duration of more than one year | 1 year | 1 year | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Energy | ||||
Accounting Policies [Line Items] | ||||
Remaining performance obligation expected to be recognized as revenue within one year | $ 3 | $ 3 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | ||||
Accounting Policies [Line Items] | ||||
Remaining performance obligation for contracts with an original expected duration of more than one year | 2 years | 2 years | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Energy | ||||
Accounting Policies [Line Items] | ||||
Remaining performance obligation for contracts with an original expected duration of more than one year | $ 3 | $ 3 |
Subsidiary Bankruptcy and Dec_2
Subsidiary Bankruptcy and Deconsolidation (Details) $ in Millions | 12 Months Ended | |
May 19, 2023 USD ($) item | Dec. 31, 2023 USD ($) | |
Related Party Transaction [Line Items] | ||
Number of sales of Auto Plus assets | item | 5 | |
Number of bidders | item | 5 | |
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 | 1 Months Ended | 11 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2023 USD ($) | May 05, 2022 item | Oct. 01, 2020 shares | Dec. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Feb. 06, 2023 USD ($) | Jan. 31, 2023 USD ($) | |
Related Party Transaction | ||||||||||
Number of portfolios | item | 2 | |||||||||
Incentive Plan 2017 [Member] | Restricted Depositary Units [Member] | ||||||||||
Related Party Transaction | ||||||||||
Grants of restricted depository units | shares | 239,254 | |||||||||
Vesting period | 7 years | |||||||||
Mr. Icahn and affiliates | ||||||||||
Related Party Transaction | ||||||||||
Percentage of assets under management | 39% | 39% | 39% | 39% | 54% | |||||
Noncontrolling Interest in Variable Interest Entity | $ 2,100 | $ 2,100 | $ 2,100 | $ 2,100 | $ 4,900 | |||||
Investment funds | $ 158 | |||||||||
Brett Icahn | ||||||||||
Related Party Transaction | ||||||||||
Portfolio manager term | 7 years | 7 years | ||||||||
Number of lump sum payment after term | item | 1 | |||||||||
Auto Plus | ||||||||||
Related Party Transaction | ||||||||||
Repayment of notes receivable | 11 | |||||||||
Write-off of notes receivable | 127 | |||||||||
ProceedsFromSaleAndCollectionOfNotesReceivable | $ 48 | |||||||||
Investment in funds | Mr. Icahn and affiliates | ||||||||||
Related Party Transaction | ||||||||||
Redemption of investment funds | 2 | 0 | ||||||||
Expense sharing arrangement | Consolidated VIE | ||||||||||
Related Party Transaction | ||||||||||
Amount of transaction with related party | 18 | 18 | $ 15 | |||||||
Debtor in Possession Financing | Auto Plus | ||||||||||
Related Party Transaction | ||||||||||
Aggregate amount | $ 75 | |||||||||
Auto Plus Auction | AEP PLC | ||||||||||
Related Party Transaction | ||||||||||
Assets acquired | 10 | |||||||||
Automotive Segment | ||||||||||
Related Party Transaction | ||||||||||
DIP loan amount | $ 17 | |||||||||
Revenues from operating leases | 56 | 45 | 10 | |||||||
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 | 17 | 7 | $ 8 | |||||||
Brett Icahn | ||||||||||
Related Party Transaction | ||||||||||
Amount redeemed in accordance with manager agreement | 17 | 14 | ||||||||
Investment funds total fair value | $ 28 | $ 50 |
Investments - Investment Segmen
Investments - Investment Segment (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2023 | |
Schedule of Investments | ||||
Securities sold, not yet purchased, at fair value | $ 3,473 | $ 6,495 | ||
Fair value of equity method investment under fair value option | 500 | |||
Unrealized gain on equity method investments under fair value option | 60 | (230) | ||
Total liabilities | 14,785 | 18,356 | ||
Total assets | 20,858 | 27,914 | ||
Net sales | 11,077 | 13,378 | $ 10,304 | |
Cost of goods sold | 9,327 | 11,689 | 9,485 | |
Net loss | (1,012) | (25) | (500) | |
Net (loss) income attributable to investee shareholders | (684) | (183) | (518) | |
Xerox | ||||
Schedule of Investments | ||||
Non-controlling interests | 10 | |||
Equity attributable to investee shareholders | 3,343 | |||
Total liabilities | 7,966 | |||
Total assets | 11,543 | |||
Net sales | 7,107 | |||
Cost of goods sold | 7,435 | |||
Net loss | (322) | |||
Net (loss) income attributable to investee shareholders | (322) | |||
Investment Segment. | ||||
Schedule of Investments | ||||
Debt Securities | 287 | 2,100 | ||
Securities sold, not yet purchased, at fair value | 3,473 | 6,495 | ||
Portion of unrealized (losses) gains that relates to equity and debt securities still held | (302) | (1,544) | $ 1,153 | |
Total liabilities | 4,785 | 8,084 | ||
Total assets | 10,145 | 17,234 | ||
Net sales | 0 | |||
Cost of goods sold | 0 | |||
Investment Segment. | Equity securities | ||||
Schedule of Investments | ||||
Equity securities | 2,611 | 4,619 | ||
Securities sold, not yet purchased, at fair value | 3,288 | 6,326 | ||
Investment Segment. | Communication | ||||
Schedule of Investments | ||||
Equity securities | 199 | |||
Debt Securities | 85 | 11 | ||
Investment Segment. | Consumer, non-cyclical | ||||
Schedule of Investments | ||||
Securities sold, not yet purchased, at fair value | 41 | 1,006 | ||
Investment Segment. | Consumer, cyclical | ||||
Schedule of Investments | ||||
Equity securities | 260 | 692 | ||
Securities sold, not yet purchased, at fair value | 3 | 352 | ||
Investment Segment. | Energy | ||||
Schedule of Investments | ||||
Equity securities | 708 | 909 | ||
Securities sold, not yet purchased, at fair value | 2,146 | 2,690 | ||
Investment Segment. | Financial | ||||
Schedule of Investments | ||||
Debt Securities | 158 | 1,958 | ||
Investment Segment. | Utilities | ||||
Schedule of Investments | ||||
Equity securities | 1,012 | 1,205 | ||
Securities sold, not yet purchased, at fair value | 610 | 813 | ||
Investment Segment. | Healthcares | ||||
Schedule of Investments | ||||
Equity securities | 440 | 320 | ||
Securities sold, not yet purchased, at fair value | 387 | |||
Investment Segment. | Technology | ||||
Schedule of Investments | ||||
Equity securities | 139 | 655 | ||
Investment Segment. | Materials | ||||
Schedule of Investments | ||||
Equity securities | 52 | 153 | ||
Securities sold, not yet purchased, at fair value | 350 | 598 | ||
Investment Segment. | Industrial | ||||
Schedule of Investments | ||||
Equity securities | 486 | |||
Securities sold, not yet purchased, at fair value | 138 | 480 | ||
Investment Segment. | Debt securities | ||||
Schedule of Investments | ||||
Debt Securities | 2,898 | 6,719 | ||
Securities sold, not yet purchased, at fair value | 185 | 169 | ||
Investment Segment. | Real Estate | ||||
Schedule of Investments | ||||
Debt Securities | 44 | 131 | ||
Investment Segment. | Materials | ||||
Schedule of Investments | ||||
Securities sold, not yet purchased, at fair value | $ 185 | 169 | ||
Xerox | ||||
Schedule of Investments | ||||
Ownership percentage in equity method investment | 0% | 22% | ||
Fair value of equity method investment under fair value option | 500 | |||
Unrealized gain on equity method investments under fair value option | $ 60 | $ (230) |
Investments - Other Segments an
Investments - Other Segments and Holding Company (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Investments | |||
Investments | $ 3,012 | $ 6,809 | |
Other Segments and Holding Company | |||
Schedule of Investments | |||
Investments | 114 | 90 | |
Portion of unrealized (losses) gains that relates to equity securities still held | 0 | 61 | $ 61 |
Equity method investments | Other Segments and Holding Company | |||
Schedule of Investments | |||
Investments | 100 | 76 | |
Held-to-maturity Securities [Member] | Other Segments and Holding Company | |||
Schedule of Investments | |||
Investments | 11 | 11 | |
Other investments measured at fair value | Other Segments and Holding Company | |||
Schedule of Investments | |||
Investments | $ 3 | $ 3 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Measurement (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Derivative contracts, at fair value (asset) | $ 64 | $ 805 |
Liabilities | ||
Securities sold, not yet purchased, at fair value | 3,473 | 6,495 |
Derivative contracts, at fair value (liability) | 979 | 691 |
Recurring measurement | ||
Assets | ||
Investments | 2,901 | 6,722 |
Derivative contracts, at fair value (asset) | 64 | 805 |
Assets, Fair Value Disclosure | 2,965 | 7,527 |
Liabilities | ||
Securities sold, not yet purchased, at fair value | 3,473 | 6,495 |
Derivative contracts, at fair value (liability) | 979 | 691 |
Other liabilities | 329 | 692 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 4,781 | 7,878 |
Recurring measurement | Level 1 | ||
Assets | ||
Investments | 2,730 | 5,538 |
Assets, Fair Value Disclosure | 2,730 | 5,538 |
Liabilities | ||
Securities sold, not yet purchased, at fair value | 3,288 | 6,326 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 3,288 | 6,326 |
Recurring measurement | Level 2 | ||
Assets | ||
Investments | 129 | 1,142 |
Derivative contracts, at fair value (asset) | 64 | 805 |
Assets, Fair Value Disclosure | 193 | 1,947 |
Liabilities | ||
Securities sold, not yet purchased, at fair value | 185 | 169 |
Derivative contracts, at fair value (liability) | 979 | 691 |
Other liabilities | 329 | 692 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1,493 | 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 | $ 11 |
Financial Instruments - Derivat
Financial Instruments - Derivative Activities Table (Details) - Investment Segment. - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Equity Contracts | |||
Primary underlying risk: | |||
Long Notional Exposure | $ 1,882 | $ 1,816 | |
Short Notional Exposure | 2,350 | 5,354 | |
Credit Contracts | |||
Primary underlying risk: | |||
Long Notional Exposure | [1] | 0 | 0 |
Short Notional Exposure | [1] | 435 | 945 |
Commodity Contracts | |||
Primary underlying risk: | |||
Long Notional Exposure | 0 | 0 | |
Short Notional Exposure | 409 | 22 | |
Credit Default Swap | |||
Primary underlying risk: | |||
Short notional amount of credit default swap positions | $ 2,500 | $ 3,500 | |
[1] The short notional amount on our credit default swap positions was approximately $2.5 billion at December 31, 2023. However, because credit spreads cannot compress below zero , our downside short notional exposure to loss is approximately $0.4 billion as of December 31, 2023. The short notional amount on our credit default swap positions was approximately $3.5 billion as of December 31, 2022. However, because credit spreads cannot compress below zero , our downside short notional exposure to loss is $0.9 billion as of December 31, 2022. |
Financial Instruments - Deriv_2
Financial Instruments - Derivatives Not Designated as Hedging, Fair Value Table (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Derivatives Not Designated as Hedging Instruments, Fair Value | |||
Unrealized Gain On Derivative Contracts | $ 64 | $ 805 | |
Derivative contracts, at fair value (liability) | $ 979 | $ 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 | $ 1,731 | $ 1,436 | |
Investment Segment | Not designated as hedging instrument | |||
Derivatives Not Designated as Hedging Instruments, Fair Value | |||
Derivative contracts, at fair value (liability) | [1] | 979 | 687 |
Investment Segment | Not designated as hedging instrument | Other assets [Member] | |||
Derivatives Not Designated as Hedging Instruments, Fair Value | |||
Asset derivatives, Gross | 64 | 839 | |
Derivative, Fair Value, Amount Offset Against Collateral, Net | [1] | (25) | (34) |
Unrealized Gain On Derivative Contracts | [1] | 39 | 805 |
Investment Segment | Not designated as hedging instrument | Accrued expenses and other liabilities | |||
Derivatives Not Designated as Hedging Instruments, Fair Value | |||
Liability derivatives, Gross | 1,004 | 721 | |
Derivative, Fair Value, Amount Offset Against Collateral, Net | [1] | (25) | (34) |
Investment Segment | Not designated as hedging instrument | Equity Contracts | Other assets [Member] | |||
Derivatives Not Designated as Hedging Instruments, Fair Value | |||
Asset derivatives, Gross | 11 | 392 | |
Investment Segment | Not designated as hedging instrument | Equity Contracts | Accrued expenses and other liabilities | |||
Derivatives Not Designated as Hedging Instruments, Fair Value | |||
Liability derivatives, Gross | 999 | 719 | |
Investment Segment | Not designated as hedging instrument | Credit Contracts | Other assets [Member] | |||
Derivatives Not Designated as Hedging Instruments, Fair Value | |||
Asset derivatives, Gross | 39 | 447 | |
Investment Segment | Not designated as hedging instrument | Credit Contracts | Accrued expenses and other liabilities | |||
Derivatives Not Designated as Hedging Instruments, Fair Value | |||
Liability derivatives, Gross | 2 | 1 | |
Investment Segment | Not designated as hedging instrument | Commodity Contracts | Other assets [Member] | |||
Derivatives Not Designated as Hedging Instruments, Fair Value | |||
Asset derivatives, Gross | 14 | ||
Investment Segment | Not designated as hedging instrument | Commodity Contracts | Accrued expenses and other liabilities | |||
Derivatives Not Designated as Hedging Instruments, Fair Value | |||
Liability derivatives, Gross | $ 3 | $ 1 | |
[1] Excludes netting of cash collateral received and posted. The total collateral posted at December 31, 2023 and 2022 was $1,731 million and $1,436 million, respectively, across all counterparties, which are included in cash held at consolidated affiliated partnerships and restricted cash in the consolidated balance sheets . |
Financial Instruments - Gain (L
Financial Instruments - Gain (Loss) Recognized on Derivatives Not Designated as Hedging Table (Details) - Not designated as hedging instrument - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Net gain (loss) from investment activities | ||||
Derivative | ||||
Gain (loss) on derivatives not designated as hedging instruments recognized in income | [1] | $ (1,016) | $ (131) | $ (1,012) |
Equity Contracts | ||||
Derivative | ||||
Gain (loss) on derivatives not designated as hedging instruments recognized in income | [1] | (903) | 456 | (1,100) |
Credit Contracts | ||||
Derivative | ||||
Gain (loss) on derivatives not designated as hedging instruments recognized in income | [1] | (87) | (586) | $ 88 |
Commodity Contracts | ||||
Derivative | ||||
Gain (loss) on derivatives not designated as hedging instruments recognized in income | [1] | $ (26) | $ (1) | |
[1] Gains (losses) recognized on derivatives are classified in net (loss) gain from investment activities in our consolidated statements of operations for our Investment segment. |
Financial Instruments - Energy
Financial Instruments - Energy Segments Derivatives (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | |
Derivative [Line Items] | |||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | [1] | Unrealized Gain On Derivative Contracts | Unrealized Gain On Derivative Contracts |
Derivative liabilities | $ 979 | $ 691 | |
Collateral for derivative positions | 13 | 7 | |
Energy | |||
Derivative [Line Items] | |||
Asset derivatives, Gross | (6) | ||
Derivative asset | 25 | ||
Liability derivatives, Gross | 6 | (1) | |
Derivative liabilities | 4 | ||
Commodity Contracts | Energy | |||
Derivative [Line Items] | |||
Asset derivatives, Gross | 31 | ||
Liability derivatives, Gross | $ (6) | $ 5 | |
[1] Excludes netting of cash collateral received and posted. The total collateral posted at December 31, 2023 and 2022 was $1,731 million and $1,436 million, respectively, across all counterparties, which are included in cash held at consolidated affiliated partnerships and restricted cash in the consolidated balance sheets . |
Financial Instruments - Narrati
Financial Instruments - Narrative (Details) BarrelOfButane in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) BarrelOfButane MMBbls | Dec. 31, 2022 USD ($) BarrelOfButane MMBbls | Dec. 31, 2021 USD ($) | |
Investment Segment | |||
Derivatives, Fair Value | |||
Fair value of derivative instruments with credit risk related contingent features in a liability position | $ 0 | $ 0 | |
Energy | |||
Derivatives, Fair Value | |||
Fair value of derivative instruments with credit risk related contingent features in a liability position | 0 | 0 | |
Derivative Asset | 25 | ||
Energy | 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 | $ 5 | $ (55) | $ (44) |
Commodity swap positions | CVR Energy | |||
Derivatives, Fair Value | |||
Derivative volume (barrels) | MMBbls | 11 | 0 | |
Future Contracts | Maximum | |||
Derivatives, Fair Value | |||
Derivative volume (barrels) | MMBbls | 1 | 1 | |
Forward Contracts | Energy | Not designated as hedging instrument | |||
Derivatives, Fair Value | |||
Derivative, Number of Instruments Held | BarrelOfButane | 11 | 34 |
Related Party Notes Receivabl_2
Related Party Notes Receivable, Net (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Related Party Notes Receivable, Net | |
Related party notes receivable, gross | $ 23 |
Less: Allowance for expected credit losses | 12 |
Related party notes receivable, net | 11 |
Allowance for expected credit losses: | |
Credit loss provision | 139 |
Write-offs | (127) |
Ending Balance | $ 12 |
Inventories, Net (Details)
Inventories, Net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Inventories, Net | |||
Raw materials | $ 367 | $ 335 | |
Work in process | 95 | 105 | |
Finished goods | 585 | 1,091 | |
Inventory, Net, Total | 1,047 | 1,531 | |
Inventory write-down | $ (27) | 180 | $ 83 |
Auto Plus | |||
Inventories, Net | |||
Inventory write-down | $ 440 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment, Net | |||
Property, plant and equipment, gross | $ 8,200 | $ 7,966 | |
Less: Accumulated depreciation and amortization | (4,231) | (3,928) | |
Property, plant and equipment, net | 3,969 | 4,038 | |
Depreciation and amortization expense related to property, plant and equipment | 384 | 384 | $ 383 |
Land | |||
Property, Plant and Equipment, Net | |||
Property, plant and equipment, gross | 332 | 331 | |
Buildings and improvements | |||
Property, Plant and Equipment, Net | |||
Property, plant and equipment, gross | $ 1,058 | 964 | |
Buildings and improvements | Minimum | |||
Property, Plant and Equipment, Net | |||
Property, plant and equipment, useful life (in years) | 1 year | ||
Buildings and improvements | Maximum | |||
Property, Plant and Equipment, Net | |||
Property, plant and equipment, useful life (in years) | 40 years | ||
Machinery, equipment and furniture | |||
Property, Plant and Equipment, Net | |||
Property, plant and equipment, gross | $ 6,083 | 6,034 | |
Machinery, equipment and furniture | Minimum | |||
Property, Plant and Equipment, Net | |||
Property, plant and equipment, useful life (in years) | 1 year | ||
Machinery, equipment and furniture | Maximum | |||
Property, Plant and Equipment, Net | |||
Property, plant and equipment, useful life (in years) | 30 years | ||
Assets leased to others | |||
Property, Plant and Equipment, Net | |||
Property, plant and equipment, gross | $ 334 | 321 | |
Assets leased to others | Minimum | |||
Property, Plant and Equipment, Net | |||
Property, plant and equipment, useful life (in years) | 3 years | ||
Assets leased to others | Maximum | |||
Property, Plant and Equipment, Net | |||
Property, plant and equipment, useful life (in years) | 39 years | ||
Financing leases | |||
Property, Plant and Equipment, Net | |||
Property, plant and equipment, gross | $ 118 | 106 | |
Financing leases | Minimum | |||
Property, Plant and Equipment, Net | |||
Property, plant and equipment, useful life (in years) | 1 year | ||
Financing leases | Maximum | |||
Property, Plant and Equipment, Net | |||
Property, plant and equipment, useful life (in years) | 10 years | ||
Construction in progress | |||
Property, Plant and Equipment, Net | |||
Property, plant and equipment, gross | $ 275 | $ 210 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets, Net - Goodwill Table (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill | |||
Gross carrying amount of goodwill | $ 378 | $ 378 | $ 380 |
Foreign exchange | (2) | ||
Accumulated impairment of goodwill | (90) | (90) | (90) |
Goodwill | 288 | 288 | |
Automotive Segment | |||
Goodwill | |||
Gross carrying amount of goodwill | 337 | 337 | 337 |
Accumulated impairment of goodwill | (87) | (87) | (87) |
Impairment | 0 | ||
Goodwill | 250 | 250 | |
Food Packaging Segment | |||
Goodwill | |||
Gross carrying amount of goodwill | 6 | 6 | 6 |
Goodwill | 6 | 6 | |
Home Fashion Segment | |||
Goodwill | |||
Gross carrying amount of goodwill | 22 | 22 | 24 |
Foreign exchange | (2) | ||
Accumulated impairment of goodwill | (3) | (3) | (3) |
Goodwill | 19 | 19 | |
Pharma | |||
Goodwill | |||
Gross carrying amount of goodwill | 13 | 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 | Dec. 31, 2023 | Dec. 31, 2022 |
Definite-lived intangible assets: | ||
Gross Carrying Amount | $ 810 | $ 814 |
Accumulated Amortization | (420) | (364) |
Net Carrying Value | 390 | 450 |
Indefinite-lived intangible assets | 76 | 83 |
Intangible assets, net | 466 | 533 |
Customer Relationships | ||
Definite-lived intangible assets: | ||
Gross Carrying Amount | 392 | 393 |
Accumulated Amortization | (229) | (212) |
Net Carrying Value | 163 | 181 |
Developed Technology | ||
Definite-lived intangible assets: | ||
Gross Carrying Amount | 254 | 254 |
Accumulated Amortization | (90) | (62) |
Net Carrying Value | 164 | 192 |
Unclassified Indefinite-lived Intangible Assets | ||
Definite-lived intangible assets: | ||
Gross Carrying Amount | 164 | 167 |
Accumulated Amortization | (101) | (90) |
Net Carrying Value | $ 63 | $ 77 |
Goodwill and Intangible Asset_6
Goodwill and Intangible Assets, Net - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill and Intangible Assets | ||||
Amortization expense associated with definite-lived intangible assets | $ 58 | $ 61 | $ 62 | |
2024 | $ 57 | 57 | ||
2025 | 56 | 56 | ||
2026 | 36 | 36 | ||
2027 | 35 | 35 | ||
2028 | 31 | 31 | ||
Thereafter | 175 | 175 | ||
Net Carrying Value | 390 | 390 | $ 450 | |
Impairment | 7 | |||
Automotive Segment | ||||
Goodwill and Intangible Assets | ||||
Impairment of goodwill | 0 | |||
Impairment | $ 7 | $ 7 |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Line Items] | |||
Operating lease right-of-use asset | $ 526 | $ 478 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets | |
Operating lease liability | $ 531 | $ 484 | |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Accrued Liabilities | Accrued Liabilities | |
Finance lease right-of-use asset | $ 55 | $ 48 | |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, plant and equipment, net | Property, plant and equipment, net | |
Finance lease, liability | $ 70 | $ 64 | |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Accrued Liabilities | Accrued Liabilities | |
Operating lease cost | $ 177 | $ 197 | $ 196 |
Amortization of financing lease right-of-use assets | 8 | 8 | 10 |
Interest expense on financing lease liabilities | 5 | 5 | 6 |
Property, plant and equipment, net | 3,969 | 4,038 | |
Real Estate Segment | |||
Leases [Line Items] | |||
2024 | 6 | ||
2025 | 6 | ||
2026 | 5 | ||
2027 | 5 | ||
2028 | 5 | ||
2029 | 15 | ||
thereafter | 15 | ||
Revenues from operating leases | 17 | 7 | 8 |
Property, plant and equipment, net | 363 | 345 | |
Real Estate Segment | Assets leased to others | |||
Leases [Line Items] | |||
Property, plant and equipment, net | 252 | 252 | |
Energy | |||
Leases [Line Items] | |||
Operating lease right-of-use asset | 53 | 40 | |
Operating lease liability | $ 49 | $ 40 | |
Lease term | 5 years 4 months 24 days | 4 years 1 month 6 days | |
Operating lease, discount rate percentage | 6.70% | 5.20% | |
Property, plant and equipment, net | $ 2,594 | $ 2,664 | |
Automotive Segment | |||
Leases [Line Items] | |||
2024 | 37 | ||
2025 | 36 | ||
2026 | 36 | ||
2027 | 36 | ||
2028 | 36 | ||
2029 | 103 | ||
thereafter | 103 | ||
Operating lease right-of-use asset | 422 | 386 | |
Operating lease liability | $ 434 | $ 395 | |
Lease term | 5 years 4 months 24 days | 4 years 8 months 12 days | |
Operating lease, discount rate percentage | 5.90% | 5.90% | |
Operating lease cost | $ 99 | $ 46 | 10 |
Lease cost | 143 | 163 | 163 |
Revenues from operating leases | $ 56 | $ 45 | $ 10 |
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Operating Revenue | Other Operating Revenue | Other Operating Revenue |
Property, plant and equipment, net | $ 822 | $ 826 | |
Food Packaging Segment | |||
Leases [Line Items] | |||
Operating lease right-of-use asset | 22 | 24 | |
Operating lease liability | $ 25 | $ 27 | |
Lease term | 9 years 1 month 6 days | 9 years 9 months 18 days | |
Operating lease, discount rate percentage | 7.40% | 7.40% | |
Property, plant and equipment, net | $ 134 | $ 142 | |
Other Segments and Holding Company | |||
Leases [Line Items] | |||
Operating lease right-of-use asset | 29 | 28 | |
Operating lease liability | $ 23 | $ 22 |
Leases - Maturities (Details)
Leases - Maturities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
2024 | $ 142 | |
2025 | 124 | |
2026 | 110 | |
2027 | 87 | |
2028 | 51 | |
Thereafter | 103 | |
Total lease payments | 617 | |
Less: imputed interest | (86) | |
Operating lease liability | 531 | $ 484 |
Finance Lease, Liability, Payment, Due [Abstract] | ||
2024 | 17 | |
2025 | 15 | |
2026 | 14 | |
2027 | 13 | |
2028 | 10 | |
Thereafter | 23 | |
Total lease payments | 92 | |
Less: imputed interest | (22) | |
Finance lease, liability | $ 70 | $ 64 |
Debt (Details)
Debt (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Apr. 30, 2021 |
Debt Instrument [Line Items] | |||
Debt | $ 7,207 | $ 7,096 | |
Holding Company | |||
Debt Instrument [Line Items] | |||
Debt | 4,847 | 5,309 | |
Energy | |||
Debt Instrument [Line Items] | |||
Debt | 2,185 | 1,591 | |
Automotive Segment | |||
Debt Instrument [Line Items] | |||
Debt | 33 | 21 | |
Food Packaging Segment | |||
Debt Instrument [Line Items] | |||
Debt | 133 | 162 | |
Real Estate Segment | |||
Debt Instrument [Line Items] | |||
Debt | 1 | 1 | |
Home Fashion Segment | |||
Debt Instrument [Line Items] | |||
Debt | 8 | 12 | |
Reporting Segments | |||
Debt Instrument [Line Items] | |||
Debt | $ 2,360 | 1,787 | |
4.750% senior unsecured notes due 2024 | Holding Company | |||
Debt Instrument [Line Items] | |||
Debt | 1,103 | ||
Interest rate on debt instrument | 4.75% | 5.25% | |
6.375% senior unsecured notes due 2025 | Holding Company | |||
Debt Instrument [Line Items] | |||
Debt | $ 749 | 749 | |
Interest rate on debt instrument | 6.375% | ||
6.250% senior unsecured notes due 2026 | Holding Company | |||
Debt Instrument [Line Items] | |||
Debt | $ 1,238 | 1,250 | |
Interest rate on debt instrument | 6.25% | ||
5.250% senior unsecured notes due 2027 | Holding Company | |||
Debt Instrument [Line Items] | |||
Debt | $ 1,454 | 1,460 | |
Interest rate on debt instrument | 5.25% | ||
5.25% senior unsecured notes due 2025 | Energy | |||
Debt Instrument [Line Items] | |||
Interest rate on debt instrument | 5.25% | ||
4.375% senior unsecured notes due 2029 | Holding Company | |||
Debt Instrument [Line Items] | |||
Debt | $ 708 | $ 747 | |
Interest rate on debt instrument | 4.375% | 4.375% | |
9.750% senior unsecured notes due 2029 | Holding Company | |||
Debt Instrument [Line Items] | |||
Debt | $ 698 | ||
Interest rate on debt instrument | 9.75% |
Debt - Holding Company Debt (De
Debt - Holding Company Debt (Details) - USD ($) $ in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2023 | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Feb. 28, 2022 | Apr. 30, 2021 | Jan. 31, 2021 | |
Holding Company | |||||||||
Debt Instrument [Line Items] | |||||||||
Extinguishment of debt, amount | $ 57 | ||||||||
Repurchase amount | $ 92 | 92 | $ 92 | ||||||
Gain (loss) on extinguishment of debt | 13 | $ (2) | $ 3 | ||||||
Holding Company | 4.750% senior unsecured notes due 2024 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt face amount | $ 35 | $ 35 | $ 35 | $ 455 | |||||
Interest rate on debt instrument | 4.75% | 4.75% | 4.75% | ||||||
Holding Company | 5.875% senior unsecured notes due 2022 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt face amount | $ 1,100 | ||||||||
Interest rate on debt instrument | 6.25% | ||||||||
Holding Company | 6.250% senior unsecured notes due 2022 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt face amount | $ 12 | $ 12 | $ 12 | $ 750 | |||||
Interest rate on debt instrument | 6.25% | 6.25% | 6.25% | 6.25% | |||||
Holding Company | 6.375% senior unsecured notes due 2025 | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate on debt instrument | 6.375% | 6.375% | 6.375% | ||||||
Holding Company | 5.250% senior unsecured notes due 2027 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt face amount | $ 5 | $ 5 | $ 5 | ||||||
Interest rate on debt instrument | 5.25% | 5.25% | 5.25% | ||||||
Holding Company | 6.250% senior unsecured notes due 2026 | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest rate on debt instrument | 6.25% | 6.25% | 6.25% | ||||||
Holding Company | 6.750% senior unsecured notes due 2024 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt face amount | $ 500 | ||||||||
Interest rate on debt instrument | 6.75% | ||||||||
Gain (loss) on extinguishment of debt | $ (1) | ||||||||
Holding Company | 4.375% senior unsecured notes due 2029 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt face amount | $ 40 | $ 40 | $ 40 | $ 750 | |||||
Interest rate on debt instrument | 4.375% | 4.375% | 4.375% | 4.375% | |||||
Repurchase amount | $ 84 | $ 84 | $ 84 | ||||||
Holding Company | 9.750% senior unsecured notes due 2029 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt face amount | $ 700 | $ 700 | $ 700 | ||||||
Interest rate on debt instrument | 9.75% | 9.75% | 9.75% | ||||||
Holding Company | Cash and cash equivalents | 4.750% senior unsecured notes due 2024 | |||||||||
Debt Instrument [Line Items] | |||||||||
Proceeds from Issuance of Debt | $ 376 | ||||||||
Energy | Subsequent event | |||||||||
Debt Instrument [Line Items] | |||||||||
Gain (loss) on extinguishment of debt | $ (1) |
Debt - Non-Cash Charges to Inte
Debt - Non-Cash Charges to Interest Expense (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Feb. 29, 2024 | Sep. 30, 2023 | Oct. 31, 2020 | |
Debt Instrument [Line Items] | ||||||
Amortization of deferred financing costs and debt discounts and premiums | $ 4 | $ 5 | $ 5 | |||
Term Loan | Revolving credit facility | ||||||
Debt Instrument [Line Items] | ||||||
Debt face amount | $ 133 | |||||
Line of credit | $ 30 | |||||
Energy | Revolving credit facility | ||||||
Debt Instrument [Line Items] | ||||||
Borrowing availability on credit facilities | 287 | |||||
Line of credit facility maximum borrowing capacity | $ 275 | |||||
Incremental borrowing capacity | 125 | |||||
Energy | Swingline Loan | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility maximum borrowing capacity | 30 | |||||
Energy | Letter of credit | ||||||
Debt Instrument [Line Items] | ||||||
Letters of credit outstanding | 60 | |||||
Energy | Letter of credit | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Letters of credit outstanding | $ 100 | |||||
Energy | 5.25% senior unsecured notes due 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate on debt instrument | 5.25% | |||||
Energy | 5.25% senior unsecured notes due 2025 | Subsequent event | ||||||
Debt Instrument [Line Items] | ||||||
Debt face amount | $ 600 | |||||
Interest rate on debt instrument | 5.25% | |||||
Energy | 8.50% senior unsecured notes due 2029 | ||||||
Debt Instrument [Line Items] | ||||||
Debt face amount | $ 600 | |||||
Interest rate on debt instrument | 8.50% | |||||
Energy | Revolving credit facility | Revolving credit facility | ||||||
Debt Instrument [Line Items] | ||||||
Borrowing availability on credit facilities | $ 288 | |||||
Energy | CVR Refining credit facility | ||||||
Debt Instrument [Line Items] | ||||||
Letters of credit outstanding | 26 | $ 23 | ||||
Energy | CVR 2025 Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt face amount | $ 600 | |||||
Interest rate on debt instrument | 5.25% | |||||
Energy | CVR 2028 Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt face amount | $ 400 | |||||
Interest rate on debt instrument | 5.75% | |||||
Energy | CVR Partner 2028 Notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt face amount | $ 550 | |||||
Interest rate on debt instrument | 6.125% | |||||
Food Packaging Segment | Viskase credit facility | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate on debt instrument | 7.40% | 6.80% |
Debt - Maturities (Details)
Debt - Maturities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Debt | ||
2024 | $ 637 | |
2025 | 763 | |
2026 | 1,338 | |
2027 | 1,450 | |
2028 | 950 | |
Thereafter | 2,010 | |
Total debt payments (excluding financing lease payments) | 7,148 | |
Less: unamortized discounts, premiums and deferred financing fees | (11) | |
Financing leases (Note 12) | 70 | $ 64 |
Debt and Lease Obligation, Total | $ 7,207 | $ 7,096 |
Net Income (Loss) Per LP Unit_2
Net Income (Loss) Per LP Unit (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |||
May 31, 2019 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | May 09, 2023 | |
Net Income (Loss) Per LP Unit [Line Items] | |||||
Net Income (Loss) | $ (684) | $ (183) | $ (518) | ||
Net (loss) income attributable to Icahn Enterprises allocated to limited partners (98.01% allocation) | $ (670) | $ (179) | $ (604) | ||
Basic loss per LP unit (in dollars per share) | $ (1.75) | $ (0.57) | $ (2.32) | ||
Basic weighted average LP units outstanding (in shares) | 382,000,000 | 316,000,000 | 260,000,000 | ||
Diluted loss per LP unit (in dollars per share) | $ (1.75) | $ (0.57) | $ (2.32) | ||
Diluted weighted average LP units outstanding (in shares) | 382,000,000 | 316,000,000 | 260,000,000 | ||
Aggregate cash distributions to depositary unit holders | $ 301 | $ 222 | |||
Limited partners: Depositary units issued | 353,572,182 | 293,403,243 | |||
Units distributed to LP unitholders | 72,060,733 | 45,520,325 | |||
2017 LTIP units vested | 4,973 | 29,342 | |||
Partners' Capital Account, Units, Sale of Units | 3,395,353 | 14,619,272 | |||
Limited partners: Depositary units issued | 429,033,241 | 353,572,182 | 293,403,243 | ||
Proceeds from Sale of Interest in Partnership Unit | $ 175 | ||||
Potential aggregate sales proceeds from equity offering | $ 400 | $ 149 | |||
Amount of distribution per share | $ 6 | $ 8 | |||
Fixed-rate senior unsecured notes, repurchase program authorized amount | $ 92 | $ 500 | |||
Depositary units, repurchase program authorized amount | $ 500 | ||||
General partner | |||||
Net Income (Loss) Per LP Unit [Line Items] | |||||
Less: net income attributable to Icahn Enterprises from continuing operations allocated 100% to general partner | (13) | $ (4) | $ (98) | ||
Limited partners | |||||
Net Income (Loss) Per LP Unit [Line Items] | |||||
Net (loss) income attributable to Icahn Enterprises allocated to limited partners (98.01% allocation) | (670) | (179) | (604) | ||
Net loss attributable to Icahn Enterprises from continuing operations allocable to limited partners | $ (697) | $ (187) | $ (616) | ||
Units distributed to LP unitholders | 72,060,733 | 45,520,325 | |||
Mr. Icahn and affiliates | |||||
Net Income (Loss) Per LP Unit [Line Items] | |||||
Aggregate cash distributions to depositary unit holders | $ 70 | $ 0 | |||
Limited partners: Depositary units issued | 299,997,624 | 257,047,260 | |||
Units distributed to LP unitholders | 67,882,278 | 42,950,364 | |||
Limited partners: Depositary units issued | 367,879,902 | 299,997,624 | 257,047,260 | ||
Public unitholders | |||||
Net Income (Loss) Per LP Unit [Line Items] | |||||
Limited partners: Depositary units issued | 53,574,558 | 36,355,983 | |||
Units distributed to LP unitholders | 4,178,455 | 2,569,961 | |||
2017 LTIP units vested | 4,973 | 29,342 | |||
Partners' Capital Account, Units, Sale of Units | 3,395,353 | 14,619,272 | |||
Limited partners: Depositary units issued | 61,153,339 | 53,574,558 | 36,355,983 | ||
Icahn Enterprises Holdings LP | |||||
Net Income (Loss) Per LP Unit [Line Items] | |||||
Affiliate ownership interest | 98.01% | 98.01% | 98.01% | ||
Icahn Enterprises Holdings LP | General partner | |||||
Net Income (Loss) Per LP Unit [Line Items] | |||||
General partner ownership percentage in Icahn Enterprises | 100% |
Segment and Geographic Report_4
Segment and Geographic Reporting - Condensed Statements of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net sales | $ 11,077 | $ 13,378 | $ 10,304 | |
Other revenues from operations | 770 | 748 | 647 | |
Net loss from investment activities | (1,575) | (168) | 193 | |
Interest and dividend income | 636 | 328 | 137 | |
Gain (loss) on disposition of assets, net | 8 | (8) | 141 | |
Other (loss) income, net | (69) | (177) | (84) | |
Total revenues | 10,847 | 14,101 | 11,338 | |
Cost of goods sold | 9,327 | 11,689 | 9,485 | |
Other expenses from operations | 643 | 583 | 522 | |
Selling, general and administrative | 852 | 1,250 | 1,238 | |
Restructuring, net | 1 | 2 | 5 | |
Impairment | 7 | |||
Credit loss on related party note receivable | 139 | |||
Loss on deconsolidation of subsidiary | 246 | |||
Interest expense | 554 | 568 | 666 | |
Total Expenses | 11,769 | 14,092 | 11,916 | |
(Loss) income before income tax (expense) benefit | (922) | 9 | (578) | |
Income tax (expense) benefit | (90) | (34) | 78 | |
Net (loss) income | (1,012) | (25) | (500) | |
Less: net (loss) income from continuing operations attributable to non-controlling interests | (328) | 158 | 18 | |
Net (loss) income from continuing operations attributable to Icahn Enterprises | (684) | (183) | (518) | |
Capital expenditures | 303 | 338 | 305 | |
Depreciation and amortization | 518 | 509 | 517 | |
Investment Segment | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net sales | 0 | |||
Other revenues from operations | 0 | |||
Net loss from investment activities | (1,575) | (216) | 145 | |
Interest and dividend income | 497 | 288 | 132 | |
Gain (loss) on disposition of assets, net | 0 | |||
Other (loss) income, net | (87) | (95) | (75) | |
Total revenues | (1,165) | (23) | 202 | |
Cost of goods sold | 0 | |||
Other expenses from operations | 0 | |||
Selling, general and administrative | 26 | 27 | 16 | |
Restructuring, net | 0 | |||
Impairment | 0 | |||
Credit loss on related party note receivable | 0 | |||
Loss on deconsolidation of subsidiary | 0 | |||
Interest expense | 162 | 173 | 218 | |
Total Expenses | 188 | 200 | 234 | |
(Loss) income before income tax (expense) benefit | (1,353) | (223) | (32) | |
Income tax (expense) benefit | 0 | |||
Net (loss) income | (1,353) | (223) | (32) | |
Less: net (loss) income from continuing operations attributable to non-controlling interests | (652) | (134) | (16) | |
Net (loss) income from continuing operations attributable to Icahn Enterprises | (701) | (89) | (16) | |
Capital expenditures | 0 | |||
Depreciation and amortization | 0 | |||
Energy | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net sales | 9,247 | 10,896 | 7,242 | |
Other revenues from operations | 0 | |||
Net loss from investment activities | 0 | 81 | ||
Interest and dividend income | 38 | 8 | ||
Gain (loss) on disposition of assets, net | (2) | (11) | (3) | |
Other (loss) income, net | 14 | (78) | 7 | |
Total revenues | 9,297 | 10,815 | 7,327 | |
Cost of goods sold | 8,019 | 9,811 | 7,069 | |
Other expenses from operations | 0 | |||
Selling, general and administrative | 168 | 176 | 147 | |
Restructuring, net | 0 | |||
Impairment | 0 | |||
Credit loss on related party note receivable | 0 | |||
Loss on deconsolidation of subsidiary | 0 | |||
Interest expense | 90 | 92 | 109 | |
Total Expenses | 8,277 | 10,079 | 7,325 | |
(Loss) income before income tax (expense) benefit | 1,020 | 736 | 2 | |
Income tax (expense) benefit | (189) | (140) | 27 | |
Net (loss) income | 831 | 596 | 29 | |
Less: net (loss) income from continuing operations attributable to non-controlling interests | 323 | 292 | 34 | |
Net (loss) income from continuing operations attributable to Icahn Enterprises | 508 | 304 | (5) | |
Capital expenditures | 205 | 191 | 224 | |
Depreciation and amortization | 363 | 353 | 343 | |
Automotive Segment | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net sales | 1,047 | 1,707 | 1,789 | |
Other revenues from operations | 694 | 687 | 605 | |
Net loss from investment activities | 0 | |||
Interest and dividend income | 3 | |||
Gain (loss) on disposition of assets, net | 10 | 3 | (22) | |
Other (loss) income, net | 0 | 1 | (2) | |
Total revenues | 1,754 | 2,398 | 2,370 | |
Cost of goods sold | 714 | 1,247 | 1,339 | |
Other expenses from operations | 581 | 528 | 475 | |
Selling, general and administrative | 465 | 867 | 877 | |
Restructuring, net | 0 | 4 | ||
Impairment | $ 7 | 7 | ||
Credit loss on related party note receivable | 0 | |||
Loss on deconsolidation of subsidiary | 0 | |||
Interest expense | 3 | 2 | 7 | |
Total Expenses | 1,770 | 2,644 | 2,702 | |
(Loss) income before income tax (expense) benefit | (16) | (246) | (332) | |
Income tax (expense) benefit | 10 | 54 | 72 | |
Net (loss) income | (6) | (192) | (260) | |
Less: net (loss) income from continuing operations attributable to non-controlling interests | 0 | |||
Net (loss) income from continuing operations attributable to Icahn Enterprises | (6) | (192) | (260) | |
Capital expenditures | 79 | 114 | 48 | |
Depreciation and amortization | 81 | 80 | 87 | |
Food Packaging Segment | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net sales | 446 | 431 | 416 | |
Other revenues from operations | 0 | |||
Net loss from investment activities | 0 | |||
Interest and dividend income | 0 | |||
Gain (loss) on disposition of assets, net | 0 | |||
Other (loss) income, net | (11) | (5) | (14) | |
Total revenues | 435 | 426 | 402 | |
Cost of goods sold | 352 | 357 | 343 | |
Other expenses from operations | 0 | |||
Selling, general and administrative | 54 | 52 | 50 | |
Restructuring, net | 0 | 1 | ||
Impairment | 0 | |||
Credit loss on related party note receivable | 0 | |||
Loss on deconsolidation of subsidiary | 0 | |||
Interest expense | 12 | 8 | 6 | |
Total Expenses | 418 | 417 | 400 | |
(Loss) income before income tax (expense) benefit | 17 | 9 | 2 | |
Income tax (expense) benefit | (4) | (7) | (4) | |
Net (loss) income | 13 | 2 | (2) | |
Less: net (loss) income from continuing operations attributable to non-controlling interests | 1 | |||
Net (loss) income from continuing operations attributable to Icahn Enterprises | 12 | 2 | (2) | |
Capital expenditures | 14 | 22 | 17 | |
Depreciation and amortization | 25 | 27 | 28 | |
Real Estate Segment | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net sales | 69 | 61 | 55 | |
Other revenues from operations | 73 | 57 | 38 | |
Gain (loss) on disposition of assets, net | 3 | |||
Other (loss) income, net | 1 | |||
Total revenues | 143 | 118 | 96 | |
Cost of goods sold | 48 | 40 | 44 | |
Other expenses from operations | 62 | 55 | 47 | |
Selling, general and administrative | 17 | 16 | 13 | |
Total Expenses | 127 | 111 | 104 | |
(Loss) income before income tax (expense) benefit | 16 | 7 | (8) | |
Net (loss) income | 16 | 7 | (8) | |
Net (loss) income from continuing operations attributable to Icahn Enterprises | 16 | 7 | (8) | |
Capital expenditures | 3 | 9 | 10 | |
Depreciation and amortization | 13 | 13 | 9 | |
Home Fashion Segment | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net sales | 175 | 217 | 197 | |
Other revenues from operations | 0 | |||
Net loss from investment activities | 0 | |||
Interest and dividend income | 0 | |||
Gain (loss) on disposition of assets, net | 0 | |||
Other (loss) income, net | 0 | |||
Total revenues | 175 | 217 | 197 | |
Cost of goods sold | 138 | 186 | 159 | |
Other expenses from operations | 0 | |||
Selling, general and administrative | 41 | 48 | 46 | |
Restructuring, net | 1 | 2 | ||
Impairment | 0 | |||
Credit loss on related party note receivable | 0 | |||
Loss on deconsolidation of subsidiary | 0 | |||
Interest expense | 1 | 3 | 2 | |
Total Expenses | 181 | 239 | 207 | |
(Loss) income before income tax (expense) benefit | (6) | (22) | (10) | |
Income tax (expense) benefit | 0 | 2 | ||
Net (loss) income | (6) | (22) | (8) | |
Less: net (loss) income from continuing operations attributable to non-controlling interests | 0 | |||
Net (loss) income from continuing operations attributable to Icahn Enterprises | (6) | (22) | (8) | |
Capital expenditures | 2 | 2 | 3 | |
Depreciation and amortization | 7 | 7 | 7 | |
Pharma | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net sales | 93 | 66 | 81 | |
Other revenues from operations | 3 | 4 | 4 | |
Net loss from investment activities | 0 | |||
Interest and dividend income | 1 | 1 | ||
Gain (loss) on disposition of assets, net | 0 | |||
Other (loss) income, net | 1 | 1 | ||
Total revenues | 98 | 72 | 85 | |
Cost of goods sold | 56 | 48 | 50 | |
Other expenses from operations | 0 | |||
Selling, general and administrative | 45 | 42 | 38 | |
Restructuring, net | 0 | |||
Impairment | 0 | |||
Credit loss on related party note receivable | 0 | |||
Loss on deconsolidation of subsidiary | 0 | |||
Interest expense | 0 | |||
Total Expenses | 101 | 90 | 88 | |
(Loss) income before income tax (expense) benefit | (3) | (18) | (3) | |
Income tax (expense) benefit | 0 | |||
Net (loss) income | (3) | (18) | (3) | |
Less: net (loss) income from continuing operations attributable to non-controlling interests | 0 | |||
Net (loss) income from continuing operations attributable to Icahn Enterprises | (3) | (18) | (3) | |
Capital expenditures | 0 | |||
Depreciation and amortization | 28 | 28 | 28 | |
Metals Segment | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net sales | 524 | |||
Gain (loss) on disposition of assets, net | 163 | |||
Other (loss) income, net | (3) | |||
Total revenues | 684 | |||
Cost of goods sold | 481 | |||
Selling, general and administrative | 16 | |||
Interest expense | 1 | |||
Total Expenses | 498 | |||
(Loss) income before income tax (expense) benefit | 186 | |||
Net (loss) income | 186 | |||
Net (loss) income from continuing operations attributable to Icahn Enterprises | 186 | |||
Capital expenditures | 3 | |||
Depreciation and amortization | 14 | |||
Holding Company | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net sales | 0 | |||
Other revenues from operations | 0 | |||
Net loss from investment activities | 0 | 48 | (33) | |
Interest and dividend income | 97 | 31 | 5 | |
Gain (loss) on disposition of assets, net | 0 | |||
Other (loss) income, net | 13 | (1) | 3 | |
Total revenues | 110 | 78 | (25) | |
Cost of goods sold | 0 | |||
Other expenses from operations | 0 | |||
Selling, general and administrative | 36 | 22 | 35 | |
Restructuring, net | 0 | |||
Impairment | 0 | |||
Credit loss on related party note receivable | 139 | |||
Loss on deconsolidation of subsidiary | 246 | |||
Interest expense | 286 | 290 | 323 | |
Total Expenses | 707 | 312 | 358 | |
(Loss) income before income tax (expense) benefit | (597) | (234) | (383) | |
Income tax (expense) benefit | 93 | 59 | (19) | |
Net (loss) income | (504) | (175) | (402) | |
Less: net (loss) income from continuing operations attributable to non-controlling interests | 0 | |||
Net (loss) income from continuing operations attributable to Icahn Enterprises | (504) | (175) | (402) | |
Capital expenditures | 0 | |||
Depreciation and amortization | $ 1 | $ 1 | $ 1 |
Segment and Geographic Report_5
Segment and Geographic Reporting - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Energy | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregated revenue | $ 9,247 | $ 10,896 | $ 7,242 |
Automotive Segment | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregated revenue | 1,685 | 2,349 | 2,384 |
Lease revenue outside scope ASC 606 | 56 | 45 | 10 |
Total Automotive net sales and other revenues from operations | 1,741 | 2,394 | 2,394 |
Petroleum products | Energy | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregated revenue | 8,566 | 10,060 | 6,709 |
Nitrogen fertilizer products | Energy | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregated revenue | 681 | 836 | 533 |
Automotive Services | Automotive Segment | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregated revenue | 1,548 | 1,552 | 1,377 |
Aftermarket Parts | Automotive Segment | |||
Disaggregation of Revenue [Line Items] | |||
Disaggregated revenue | $ 137 | $ 797 | $ 1,007 |
Segment and Geographic Report_6
Segment and Geographic Reporting - Condensed Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Cash and cash equivalents | $ 2,951 | $ 2,337 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 2,995 | 2,549 | ||
Investments | 3,012 | 6,809 | ||
Accounts receivable, net | 485 | 606 | ||
Related party notes receivable, net | 11 | |||
Inventories | 1,047 | 1,531 | ||
Property, plant and equipment, net | 3,969 | 4,038 | ||
Goodwill and intangible assets, net | 754 | 821 | ||
Other assets | 5,634 | 9,223 | ||
Total assets | 20,858 | 27,914 | ||
Accounts payable, accrued expenses and other liabilities | 4,105 | 4,765 | ||
Securities sold, not yet purchased, at fair value | 3,473 | 6,495 | ||
Debt | 7,207 | 7,096 | ||
Total liabilities | 14,785 | 18,356 | ||
Equity attributable to Icahn Enterprises | 3,208 | 3,900 | ||
Equity attributable to non-controlling interests | 2,865 | 5,658 | ||
Total equity | 6,073 | 9,558 | $ 9,343 | $ 9,258 |
Total Liabilities and Equity | 20,858 | 27,914 | ||
Investment Segment | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Cash and cash equivalents | 23 | 19 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 2,799 | 2,455 | ||
Investments | 2,898 | 6,719 | ||
Other assets | 4,425 | 8,041 | ||
Total assets | 10,145 | 17,234 | ||
Accounts payable, accrued expenses and other liabilities | 1,312 | 1,589 | ||
Securities sold, not yet purchased, at fair value | 3,473 | 6,495 | ||
Total liabilities | 4,785 | 8,084 | ||
Equity attributable to Icahn Enterprises | 3,243 | 4,184 | ||
Equity attributable to non-controlling interests | 2,117 | 4,966 | ||
Total equity | 5,360 | 9,150 | ||
Total Liabilities and Equity | 10,145 | 17,234 | ||
Energy | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Cash and cash equivalents | 1,179 | 510 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 7 | 7 | ||
Investments | 100 | 76 | ||
Accounts receivable, net | 286 | 358 | ||
Inventories | 604 | 624 | ||
Property, plant and equipment, net | 2,594 | 2,664 | ||
Goodwill and intangible assets, net | 179 | 200 | ||
Other assets | 310 | 296 | ||
Total assets | 5,259 | 4,735 | ||
Accounts payable, accrued expenses and other liabilities | 1,553 | 1,823 | ||
Debt | 2,185 | 1,591 | ||
Total liabilities | 3,738 | 3,414 | ||
Equity attributable to Icahn Enterprises | 795 | 648 | ||
Equity attributable to non-controlling interests | 726 | 673 | ||
Total equity | 1,521 | 1,321 | ||
Total Liabilities and Equity | 5,259 | 4,735 | ||
Automotive Segment | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Cash and cash equivalents | 104 | 32 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 9 | 10 | ||
Accounts receivable, net | 41 | 99 | ||
Inventories | 228 | 686 | ||
Property, plant and equipment, net | 822 | 826 | ||
Goodwill and intangible assets, net | 335 | 352 | ||
Other assets | 480 | 527 | ||
Total assets | 2,019 | 2,532 | ||
Accounts payable, accrued expenses and other liabilities | 890 | 981 | ||
Debt | 33 | 21 | ||
Total liabilities | 923 | 1,002 | ||
Equity attributable to Icahn Enterprises | 1,096 | 1,530 | ||
Total equity | 1,096 | 1,530 | ||
Total Liabilities and Equity | 2,019 | 2,532 | ||
Food Packaging Segment | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Cash and cash equivalents | 8 | 9 | ||
Accounts receivable, net | 89 | 87 | ||
Inventories | 111 | 103 | ||
Property, plant and equipment, net | 134 | 142 | ||
Goodwill and intangible assets, net | 23 | 24 | ||
Other assets | 101 | 110 | ||
Total assets | 466 | 475 | ||
Accounts payable, accrued expenses and other liabilities | 148 | 149 | ||
Debt | 133 | 162 | ||
Total liabilities | 281 | 311 | ||
Equity attributable to Icahn Enterprises | 168 | 149 | ||
Equity attributable to non-controlling interests | 17 | 15 | ||
Total equity | 185 | 164 | ||
Total Liabilities and Equity | 466 | 475 | ||
Real Estate Segment | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Cash and cash equivalents | 22 | 26 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 4 | 8 | ||
Investments | 14 | 14 | ||
Accounts receivable, net | 16 | 12 | ||
Property, plant and equipment, net | 363 | 345 | ||
Other assets | 69 | 102 | ||
Total assets | 488 | 507 | ||
Accounts payable, accrued expenses and other liabilities | 43 | 47 | ||
Debt | 1 | 1 | ||
Total liabilities | 44 | 48 | ||
Equity attributable to Icahn Enterprises | 439 | 455 | ||
Equity attributable to non-controlling interests | 5 | 4 | ||
Total equity | 444 | 459 | ||
Total Liabilities and Equity | 488 | 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 | 26 | 24 | ||
Inventories | 81 | 90 | ||
Property, plant and equipment, net | 52 | 56 | ||
Goodwill and intangible assets, net | 19 | 19 | ||
Other assets | 17 | 16 | ||
Total assets | 203 | 213 | ||
Accounts payable, accrued expenses and other liabilities | 42 | 45 | ||
Debt | 8 | 12 | ||
Total liabilities | 50 | 57 | ||
Equity attributable to Icahn Enterprises | 153 | 156 | ||
Total equity | 153 | 156 | ||
Total Liabilities and Equity | 203 | 213 | ||
Pharma | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Cash and cash equivalents | 26 | 16 | ||
Accounts receivable, net | 27 | 26 | ||
Inventories | 23 | 28 | ||
Goodwill and intangible assets, net | 198 | 226 | ||
Other assets | 8 | 6 | ||
Total assets | 282 | 302 | ||
Accounts payable, accrued expenses and other liabilities | 55 | 61 | ||
Total liabilities | 55 | 61 | ||
Equity attributable to Icahn Enterprises | 227 | 241 | ||
Total equity | 227 | 241 | ||
Total Liabilities and Equity | 282 | 302 | ||
Holding Company | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Cash and cash equivalents | 1,584 | 1,720 | ||
Cash held at consolidated affiliated partnerships and restricted cash | 173 | 66 | ||
Related party notes receivable, net | 11 | |||
Property, plant and equipment, net | 4 | 5 | ||
Other assets | 224 | 125 | ||
Total assets | 1,996 | 1,916 | ||
Accounts payable, accrued expenses and other liabilities | 62 | 70 | ||
Debt | 4,847 | 5,309 | ||
Total liabilities | 4,909 | 5,379 | ||
Equity attributable to Icahn Enterprises | (2,913) | (3,463) | ||
Total equity | (2,913) | (3,463) | ||
Total Liabilities and Equity | $ 1,996 | $ 1,916 |
Segment and Geographic Report_7
Segment and Geographic Reporting - Geographic Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | $ 11,077 | $ 13,378 | $ 10,304 |
Other revenues from operations | 770 | 748 | 647 |
Property, plant and equipment, net | 3,969 | 4,038 | |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 10,687 | 12,988 | 9,924 |
Other revenues from operations | 742 | 722 | 636 |
Property, plant and equipment, net | 3,844 | 3,921 | |
Other geographical locations | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net sales | 390 | 390 | 380 |
Other revenues from operations | 28 | 26 | $ 11 |
Property, plant and equipment, net | $ 125 | $ 117 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Contingency [Line Items] | ||||
Book basis of net assets | $ 3,224 | $ 3,901 | ||
Book/tax basis difference | (540) | (1,267) | ||
Tax basis of net assets | 2,684 | 2,634 | ||
Domestic income (loss) from continuing operations before taxes | (943) | (8) | $ (576) | |
Foreign income (loss) from continuing operations before taxes | 21 | 17 | (2) | |
(Loss) income before income tax (expense) benefit | (922) | 9 | (578) | |
Current income tax (expense) benefit | (138) | (182) | (90) | |
Deferred income tax (expense) benefit | 48 | 148 | 168 | |
Income tax (expense) benefit | (90) | (34) | 78 | |
Deferred tax assets, Contingent liabilities | 61 | |||
Deferred tax asset, net operating loss | 954 | 954 | ||
deferred tax asset, Tax credits | 48 | 46 | ||
Deferred Tax Assets, Capital Loss Carryforwards | 200 | 253 | ||
Deferred tax assets, lease arrangements | 139 | 115 | ||
Deferred Tax Assets, Investment in Partnerships | 147 | 74 | ||
Deferred tax asset, Other | 105 | 101 | ||
Deferred Tax Assets, Gross, Total | 1,654 | 1,543 | ||
Deferred Tax Assets, Valuation Allowance | (860) | (866) | ||
Deferred Tax Assets, Net of Valuation Allowance | 794 | 677 | ||
Deferred tax liabilities, Property, plant and equipment | (408) | (100) | ||
Deferred tax liabilities, Intangible assets | (65) | (70) | ||
Deferred tax liability, Investment in partnerships | (180) | (435) | ||
Deferred tax liabilities, Investment in U.S. subsidiaries | (163) | (184) | ||
Deferred Tax Liabilities, Leases | (135) | (112) | ||
Deferred tax liabilities, Other | (58) | (6) | ||
Deferred Tax Liabilities, Gross | (1,009) | (907) | ||
Deferred tax liabilities, net of deferred tax assets | (215) | (230) | ||
Deferred Tax Assets, Net | 184 | 109 | ||
Deferred tax liability | 399 | 339 | ||
Increase (decrease) in deferred tax asset valuation amount | 6 | |||
Undistributed earnings of foreign subsidiaries | 74 | |||
Unrecognized tax benefits balance | 10 | 27 | 33 | $ 35 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 10 | 25 | 29 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 2 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 4 | 6 | 5 | |
Income tax expense related to interest and penalties related to unrecognized tax benefits | (2) | 2 | 2 | |
American Entertainment Properties Corp. | ||||
Income Tax Contingency [Line Items] | ||||
Deferred tax assets, Operating loss carryforwards, Subject to expiration | 3,200 | |||
Domestic tax authority | ||||
Income Tax Contingency [Line Items] | ||||
Current income tax (expense) benefit | (130) | (174) | (87) | |
Deferred income tax (expense) benefit | 41 | 149 | 166 | |
Foreign tax authority | ||||
Income Tax Contingency [Line Items] | ||||
Current income tax (expense) benefit | (8) | (8) | (3) | |
Deferred income tax (expense) benefit | 7 | $ (1) | $ 2 | |
Foreign tax authority | American Entertainment Properties Corp. | ||||
Income Tax Contingency [Line Items] | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | 19 | |||
Kansas | CVR Energy | ||||
Income Tax Contingency [Line Items] | ||||
Tax credits | $ 14 |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes | |||
Income tax benefit at U.S. statutory rate | $ 193 | $ (2) | $ 121 |
Valuation allowance | (1) | 100 | 13 |
Non-controlling interest | 23 | 38 | 10 |
Credits and incentives | 26 | ||
Uncertain tax positions | 17 | ||
Deconsolidation | 23 | ||
Tax gain no on books | (83) | ||
Tax rate changes | 13 | ||
Dividends received | (20) | (23) | (24) |
Income not subject to taxation | (239) | (88) | (64) |
State taxes | (26) | (49) | |
Other | (3) | (10) | 9 |
Income tax (expense) benefit | $ (90) | $ (34) | $ 78 |
Income Taxes - Accounting for U
Income Taxes - Accounting for Uncertainty in Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes | |||
Unrecognized Tax Benefits, Beginning Balance | $ 27 | $ 33 | $ 35 |
Decrease for tax positions of prior years | (1) | ||
Decrease for statute of limitation expiration | (17) | (6) | (1) |
Unrecognized Tax Benefits, Ending Balance | $ 10 | $ 27 | $ 33 |
Changes in Accumulated Other _3
Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Changes in Accumulated Other Comprehensive Loss | |||
Accumulated other comprehensive loss, Translation Adjustments, Net of Tax, Beginning Balance | $ (45) | ||
Accumulated other comprehensive loss, Post-Retirement Benefits, Net of Tax, Beginning Balance | (25) | ||
Accumulated other comprehensive loss, Beginning Balance | (70) | ||
Other comprehensive income before reclassifications, net of tax Translation Adjustments, Net of Tax | 12 | ||
Other comprehensive income before reclassifications, net of tax Post-Retirement Benefits and Other,Net of Tax | 3 | ||
Other comprehensive income before reclassifications, net of tax Total | 15 | ||
Reclassifications from accumulated other comprehensive loss to earnings, net of tax Translation Adjustments, Net of Tax | 0 | ||
Reclassifications from accumulated other comprehensive loss to earnings, net of tax Post-Retirement Benefits and Other, Net of Tax | 0 | ||
Reclassifications from accumulated other comprehensive loss to earnings, net of tax | 0 | ||
Other comprehensive income, net of tax, Translation Adjustment, Net of Tax, Total | 12 | $ (7) | $ (7) |
Post-Retirement Benefits and Other, Net of Tax | 3 | 11 | 13 |
Other comprehensive income, net of tax | 15 | 4 | $ 6 |
Accumulated other comprehensive loss, Translation Adjustments, Net of Tax, Ending Balance | (33) | (45) | |
Accumulated other comprehensive loss, Post-Retirement Benefits and Other, Net of Tax, Ending Balance | (22) | (25) | |
Accumulated other comprehensive loss, Total, Ending Balance | $ (55) | $ (70) |
Other Loss, Net (Details)
Other Loss, Net (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Component of Other Income (Loss), Net | |||
Other loss, net | $ (69) | $ (177) | $ (84) |
Dividend expense | |||
Component of Other Income (Loss), Net | |||
Other loss, net | (87) | (95) | (75) |
Equity earnings from non-consolidated affiliates | |||
Component of Other Income (Loss), Net | |||
Other loss, net | 12 | 10 | 8 |
Foreign currency transaction loss | |||
Component of Other Income (Loss), Net | |||
Other loss, net | 1 | (3) | (14) |
Legal settlement loss | |||
Component of Other Income (Loss), Net | |||
Other loss, net | (76) | ||
Gain (loss) on extinguishment of debt, net | |||
Component of Other Income (Loss), Net | |||
Other loss, net | 13 | (2) | (5) |
Other | |||
Component of Other Income (Loss), Net | |||
Other loss, net | $ (8) | $ (11) | $ 2 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Jan. 31, 2023 | |
Loss Contingencies [Line Items] | |||
Environmental loss contingency accrual | $ 19 | $ 22 | |
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration] | Accrued Liabilities | Accrued Liabilities | |
Minimum Carbon Dioxide Supply | $ 15 | ||
Maximum fee payable | $ 45 | ||
Starfire Holding Corporation | |||
Loss Contingencies [Line Items] | |||
Ownership percentage by principal owner | 99.60% | ||
Pension funding indemnity agreement with subsidiary | $ 250 | ||
ACF | |||
Loss Contingencies [Line Items] | |||
Funded status of related party pension plan | $ 34 | ||
Icahn Enterprises Holdings | |||
Loss Contingencies [Line Items] | |||
Affiliate ownership interest | 99% | ||
Icahn Enterprises Holdings | ACF | Minimum | |||
Loss Contingencies [Line Items] | |||
Ownership percentage by principal owner | 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 | 86% | ||
Energy | |||
Loss Contingencies [Line Items] | |||
Price of RINs | $ 435 | ||
Expense (benefit) | $ 114 | ||
RFS position | 329 | $ 692 | |
Insurance policies coverage limits | 50 | ||
Energy | Call option lawsuits | |||
Loss Contingencies [Line Items] | |||
Litigation settlement paid | $ 79 |
Commitments and Contingencies_2
Commitments and Contingencies - Purchase Obligations and Operating Lease Commitment Tables (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Energy | |
Unconditional purchase obligations | |
2024 | $ 73 |
2025 | 73 |
2026 | 67 |
2027 | 66 |
2028 | 66 |
Thereafter | 147 |
Minimum required payments for unconditional purchase obligations | 492 |
Pharma | |
Unconditional purchase obligations | |
2024 | 15 |
2025 | 11 |
2026 | 11 |
2027 | 12 |
2028 | 12 |
Thereafter | 12 |
Minimum required payments for unconditional purchase obligations | $ 73 |
Pension and Other Post-Retire_3
Pension and Other Post-Retirement Benefit Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
U.S. and Non-U.S. Pension Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Interest cost | $ 6 | $ 4 | $ 4 |
Expected return on plan assets | (5) | (5) | (5) |
Amortization of actuarial losses | 0 | 1 | 1 |
Net periodic benefit cost (credit) | 1 | ||
Benefit obligation | 116 | 115 | 154 |
Benefits paid | (8) | (8) | |
Actuarial loss (gain) | 1 | (34) | |
Currency translation | 2 | (1) | |
Plan assets measured at fair value | 89 | 84 | $ 106 |
Actual return on plan assets | 10 | (15) | |
Employer contributions | 3 | 1 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | (8) | (8) | |
Funded status of the plan and amounts recognized in the consolidated balance sheets | (27) | (31) | |
Recurring measurement | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 89 | 84 | |
Recurring measurement | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 50 | 71 | |
Recurring measurement | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 39 | 13 | |
Cash and cash equivalents | Recurring measurement | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 40 | 13 | |
Cash and cash equivalents | Recurring measurement | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 1 | 13 | |
Cash and cash equivalents | Recurring measurement | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 39 | 0 | |
Government debt securities | Recurring measurement | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 3 | 15 | |
Government debt securities | Recurring measurement | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 3 | 2 | |
Government debt securities | Recurring measurement | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 0 | 13 | |
Exchange traded funds | Recurring measurement | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 0 | 12 | |
Exchange traded funds | Recurring measurement | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 12 | ||
Exchange traded funds | Recurring measurement | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 0 | 0 | |
Mutual funds | Recurring measurement | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 0 | 20 | |
Mutual funds | Recurring measurement | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 20 | ||
Mutual funds | Recurring measurement | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 0 | 0 | |
Common stock | Recurring measurement | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 46 | 24 | |
Common stock | Recurring measurement | Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | 46 | 24 | |
Common stock | Recurring measurement | Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Plan Assets | $ 0 | $ 0 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Supplemental Cash Flow Information | |||
Cash payments for interest, net of amounts capitalized | $ (426) | $ (438) | $ (485) |
Cash (payments) receipts for income taxes, net | (105) | $ (180) | (72) |
Non-cash dividends to non-controlling interests in subsidiary | (74) | ||
Partnership contributions receivable | 6 | ||
Non-cash Investment segment contributions from non-controlling interests | $ (2) | $ 2 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent event | Feb. 26, 2024 D $ / shares |
Subsequent Events | |
Distribution declared per LP unit | $ / shares | $ 1 |
Threshold number of specified trading days | D | 5 |
Schedule I - Condensed Financia
Schedule I - Condensed Financial Information of Parent - Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Condensed Financial Statements, Captions [Line Items] | |||
Total assets | $ 20,858 | $ 27,914 | |
Accrued expenses and other liabilities | 1,596 | 1,981 | |
Debt | 7,207 | 7,096 | |
Total liabilities | 14,785 | 18,356 | |
Commitments and contingencies (Note 3) | |||
Limited partners: Depositary units: 353,572,182 units issued and outstanding at December 31, 2022 and 293,403,243 units issued and outstanding at December 31, 2021 | 3,969 | 4,647 | |
General partner | (761) | (747) | |
Total Liabilities and Equity | $ 20,858 | $ 27,914 | |
Limited partners: Depositary units issued | 429,033,241 | 353,572,182 | 293,403,243 |
Limited partners: Depositary units outstanding | 429,033,241 | 353,572,182 | |
Icahn Enterprises (Parent) | |||
Condensed Financial Statements, Captions [Line Items] | |||
Investments in subsidiaries, net | $ 8,092 | $ 9,260 | |
Total assets | 8,092 | 9,260 | |
Accrued expenses and other liabilities | 37 | 51 | |
Debt | 4,847 | 5,309 | |
Total liabilities | 4,884 | 5,360 | |
Commitments and contingencies (Note 3) | |||
Limited partners: Depositary units: 353,572,182 units issued and outstanding at December 31, 2022 and 293,403,243 units issued and outstanding at December 31, 2021 | 3,969 | 4,647 | |
General partner | (761) | (747) | |
Total equity | 3,208 | 3,900 | |
Total Liabilities and Equity | $ 8,092 | $ 9,260 | |
Limited partners: Depositary units issued | 429,033,241 | 353,572,182 | |
Limited partners: Depositary units outstanding | 429,033,241 | 353,572,182 |
Schedule I - Condensed Financ_2
Schedule I - Condensed Financial Information of Parent - Statements of Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Condensed Financial Statements, Captions [Line Items] | |||
Interest expense | $ 554 | $ 568 | $ 666 |
Net loss | (1,012) | (25) | (500) |
Limited partners | (670) | (179) | (604) |
General partner | (14) | (4) | 86 |
Icahn Enterprises (Parent) | |||
Condensed Financial Statements, Captions [Line Items] | |||
Interest expense | (286) | (290) | (323) |
Gain (loss) on extinguishment of debt | 13 | (1) | 3 |
Equity in loss of subsidiaries | (411) | 108 | (198) |
Net loss | (684) | (183) | (518) |
Limited partners | (670) | (179) | (604) |
General partner | $ (14) | $ (4) | $ 86 |
Schedule I - Condensed Financ_3
Schedule I - Condensed Financial Information of Parent - Statements of Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Condensed Financial Statements, Captions [Line Items] | |||
Net loss | $ (1,012) | $ (25) | $ (500) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Other, net | (84) | 72 | 50 |
Net cash used in operating activities | 3,736 | 1,055 | 321 |
Net cash (used in) provided by investing activities | (290) | (260) | 528 |
Partnership contributions | 185 | 768 | 835 |
Proceeds from borrowings | 683 | 115 | 1,165 |
Investment segment distributions | (2,199) | (23) | (5) |
Net cash provided by (used in) financing activities | (2,385) | (344) | 293 |
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents | 1,060 | 450 | 1,145 |
Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period | 4,886 | 4,436 | 3,291 |
Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period | 5,946 | 4,886 | 4,436 |
Icahn Enterprises (Parent) | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net loss | (684) | (183) | (518) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Equity in loss of subsidiary | 411 | (108) | 198 |
(Gain) loss on extinguishment of debt | (13) | (1) | (3) |
Other, net | (3) | (14) | (15) |
Net cash used in operating activities | (289) | (306) | (338) |
Net investment in and advances from subsidiaries | 629 | 264 | (366) |
Net cash (used in) provided by investing activities | 629 | 264 | (366) |
Partnership distributions | (307) | (226) | (134) |
Partnership contributions | 185 | 768 | 835 |
Proceeds from borrowings | 699 | 1,214 | |
Repayments of borrowings | (1,159) | (500) | (1,205) |
Investment segment distributions | 242 | ||
Debt issuance costs and other | (6) | ||
Net cash provided by (used in) financing activities | $ (340) | $ 42 | $ 704 |
Schedule I - Condensed Financ_4
Schedule I - Condensed Financial Information of Parent (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Feb. 28, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Condensed Financial Statements, Captions [Line Items] | |||||
Aggregate general partner ownership interest of parent and operating subsidiary | 1.99% | ||||
Debt | $ 7,207 | $ 7,207 | $ 7,096 | ||
Icahn Enterprises Holdings | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Affiliate ownership interest | 99% | ||||
Icahn Enterprises (Parent) | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net investment in and advances from subsidiaries | $ 629 | 264 | $ (366) | ||
Debt | 4,847 | $ 4,847 | 5,309 | ||
Cash and cash equivalents on hand, used to discharge debt | $ 376 | ||||
6.750% senior unsecured notes due 2024 | Icahn Enterprises (Parent) | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Repayment of senior notes | $ 500 | ||||
Interest rate on debt instrument | 6.75% | ||||
4.750% senior unsecured notes due 2024 | Icahn Enterprises (Parent) | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Debt | $ 1,103 | ||||
Interest rate on debt instrument | 4.75% | 4.75% | 4.75% | ||
6.375% senior unsecured notes due 2025 | Icahn Enterprises (Parent) | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Debt | $ 749 | $ 749 | $ 749 | ||
Interest rate on debt instrument | 6.375% | 6.375% | 6.375% | ||
6.250% senior unsecured notes due 2026 | Icahn Enterprises (Parent) | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Debt | $ 1,238 | $ 1,238 | $ 1,250 | ||
Interest rate on debt instrument | 6.25% | 6.25% | 6.25% | ||
5.250% senior unsecured notes due 2027 | Icahn Enterprises (Parent) | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Debt | $ 1,454 | $ 1,454 | $ 1,460 | ||
Interest rate on debt instrument | 5.25% | 5.25% | 5.25% | ||
4.375% senior unsecured notes due 2029 | Icahn Enterprises (Parent) | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Debt | $ 698 | $ 698 | |||
Interest rate on debt instrument | 4.375% | 4.375% | |||
9.750% senior unsecured notes due 2029 | Icahn Enterprises (Parent) | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Debt face amount | $ 700 | $ 700 | |||
Interest rate on debt instrument | 9.75% | 9.75% | 9.75% | ||
Icahn Enterprises G.P. | Icahn Enterprises Holdings | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
General partner ownership percentage in Icahn Enterprises | 1% | ||||
Icahn Enterprises G.P. | 4.375% senior unsecured notes due 2029 | Icahn Enterprises (Parent) | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Debt | $ 708 | $ 708 | $ 747 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ (684) | $ (183) | $ (518) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 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 |