0001558370-21-002010 | 10-K | XBRL Viewer

Print Document View Excel Document

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2020	Feb. 26, 2021	Jun. 30, 2020
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2020
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2020
Current Fiscal Year End Date	--12-31
Document Annual Report	true
Document Transition Report	false
Entity Central Index Key	0000813762
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
Entity Shell Company	false
Entity Public Float			$ 860
Entity Common Stock, Shares Outstanding		241,338,835
Icahn Enterprises Holdings
Document Information [Line Items]
Entity File Number	333-118021-01
Entity Registrant Name	ICAHN ENTERPRISES HOLDINGS L.P.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-3398767
Entity Address, Address Line One	16690 Collins Avenue,
Entity Address, Address Line Two	PH-1
Entity Address, City or Town	Sunny Isles Beach,
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33160
City Area Code	305
Local Phone Number	422-4100
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 1,699	$ 3,794
Cash held at consolidated affiliated partnerships and restricted cash	1,592	1,151
Investments	8,913	9,945
Due from brokers	3,437	858
Accounts receivable, net	502	483
Inventories, net	1,580	1,795
Property, plant and equipment, net	4,228	4,454
Unrealized gain on derivative contracts	785	182
Goodwill	298	282
Intangible assets, net	660	431
Other assets	1,293	1,264
Total Assets	24,987	24,639
LIABILITIES AND EQUITY
Accounts payable	738	945
Accrued expenses and other liabilities	1,586	1,453
Deferred tax liability	569	639
Unrealized loss on derivative contracts	639	1,224
Securities sold, not yet purchased, at fair value	2,521	1,190
Due to brokers	1,618	54
Debt	8,059	8,192
Total liabilities	15,730	13,697
Commitments and contingencies (Note 18)
Equity:
Limited partner	4,235	6,268
General partner	(853)	(812)
Equity attributable to Icahn Enterprises	3,382	5,456
Equity attributable to non-controlling interests	5,875	5,486
Total equity	9,257	10,942
Total Liabilities and Equity	24,987	24,639
Icahn Enterprises Holdings
ASSETS
Cash and cash equivalents	1,699	3,794
Cash held at consolidated affiliated partnerships and restricted cash	1,592	1,151
Investments	8,913	9,945
Due from brokers	3,437	858
Accounts receivable, net	502	483
Inventories, net	1,580	1,795
Property, plant and equipment, net	4,228	4,454
Unrealized gain on derivative contracts	785	182
Goodwill	298	282
Intangible assets, net	660	431
Other assets	1,293	1,264
Total Assets	24,987	24,639
LIABILITIES AND EQUITY
Accounts payable	738	945
Accrued expenses and other liabilities	1,586	1,453
Deferred tax liability	569	639
Unrealized loss on derivative contracts	639	1,224
Securities sold, not yet purchased, at fair value	2,521	1,190
Due to brokers	1,618	54
Debt	8,061	8,195
Total liabilities	15,732	13,700
Commitments and contingencies (Note 18)
Equity:
Limited partner	4,276	6,328
General partner	(896)	(875)
Equity attributable to Icahn Enterprises	3,380	5,453
Equity attributable to non-controlling interests	5,875	5,486
Total equity	9,255	10,939
Total Liabilities and Equity	$ 24,987	$ 24,639

Consolidated Balance Sheets (Parentheticals) - shares	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Equity:
Limited partners: Depositary units issued	241,338,835	214,078,558	191,366,097	173,564,307
Limited partners: Depositary units outstanding	241,338,835	214,078,558

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues:
Net sales/Other revenue from operations	$ 6,815	$ 9,722	$ 10,576
Other revenues from operations	608	666	647
Net (loss) gain from investment activities	(1,421)	(1,931)	322
Interest and dividend income	169	265	148
(Loss) gain on disposition of assets, net	(17)	253	84
Other (loss) income, net	(31)	19
Total revenues	6,123	8,994	11,777
Expenses:
Cost of goods sold/Other expenses from operations	6,320	8,205	8,993
Other expenses from operations	487	528	538
Selling, general and administrative	1,191	1,375	1,386
Restructuring, net	10	18	21
Impairment	11	2	92
Interest expense	688	605	524
Total Expenses	8,707	10,733	11,554
(Loss) income before income tax benefit (expense)	(2,584)	(1,739)	223
Income tax benefit (expense)	116	(20)	14
(Loss) income from continuing operations	(2,468)	(1,759)	237
(Loss) income from discontinued operations		(32)	1,764
Net (loss) income	(2,468)	(1,791)	2,001
Less: net (loss) income attributable to non-controlling interests	(815)	(693)	519
Net (loss) income attributable to Icahn Enterprises	(1,653)	(1,098)	1,482
Net (loss) income attributable to Icahn Enterprises allocated to:
Continuing operations	(1,653)	(1,066)	(238)
Discontinued operations		(32)	1,720
Limited partners	(1,620)	(1,076)	2,039
General partner	(33)	(22)	(557)
Net income (loss) attributable to Icahn Enterprises	$ (1,653)	$ (1,098)	$ 1,482
Basic and diluted (loss) income per LP unit:
Continuing operations	$ (7.33)	$ (5.23)	$ (1.29)
Discontinued operations		(0.15)	12.62
Basic and diluted (loss) income per LP unit	$ (7.33)	$ (5.38)	$ 11.33
Basic and diluted weighted average LP units outstanding	221	200	180
Cash distributions declared per LP unit	$ 8.00	$ 8.00	$ 7.00
Icahn Enterprises Holdings
Revenues:
Net sales/Other revenue from operations	$ 6,815	$ 9,722	$ 10,576
Other revenues from operations	608	666	647
Net (loss) gain from investment activities	(1,421)	(1,931)	322
Interest and dividend income	169	265	148
(Loss) gain on disposition of assets, net	(17)	253	84
Other (loss) income, net	(31)	19
Total revenues	6,123	8,994	11,777
Expenses:
Cost of goods sold/Other expenses from operations	6,320	8,205	8,993
Other expenses from operations	487	528	538
Selling, general and administrative	1,191	1,375	1,386
Restructuring, net	10	18	21
Impairment	11	2	92
Interest expense	687	604	523
Total Expenses	8,706	10,732	11,553
(Loss) income before income tax benefit (expense)	(2,583)	(1,738)	224
Income tax benefit (expense)	116	(20)	14
(Loss) income from continuing operations	(2,467)	(1,758)	238
(Loss) income from discontinued operations		(32)	1,764
Net (loss) income	(2,467)	(1,790)	2,002
Less: net (loss) income attributable to non-controlling interests	(815)	(693)	519
Net (loss) income attributable to Icahn Enterprises	(1,652)	(1,097)	1,483
Net (loss) income attributable to Icahn Enterprises allocated to:
Continuing operations	(1,652)	(1,065)	(237)
Discontinued operations		(32)	1,720
Limited partners	(1,635)	(1,086)	2,060
General partner	(17)	(11)	(577)
Net income (loss) attributable to Icahn Enterprises	$ (1,652)	$ (1,097)	$ 1,483

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net (loss) income	$ (2,468)	$ (1,791)	$ 2,001
Other comprehensive (loss) income, net of tax:
Translation adjustments	4	(2)	(86)
Post-retirement benefits and other	(5)	3	18
Other comprehensive (loss) income, net of tax	(1)	1	(68)
Comprehensive (loss) income	(2,469)	(1,790)	1,933
Less: Comprehensive (loss) income attributable to non-controlling interests	(815)	(693)	512
Comprehensive (loss) income attributable to Icahn Enterprises	(1,654)	(1,097)	1,421
Limited partners
Net (loss) income	(33)	(22)	(557)
Other comprehensive (loss) income, net of tax:
Other comprehensive (loss) income, net of tax			(1)
Comprehensive (loss) income attributable to Icahn Enterprises	(1,621)	(1,075)	1,979
General partner
Net (loss) income	(1,620)	(1,076)	2,039
Other comprehensive (loss) income, net of tax:
Other comprehensive (loss) income, net of tax	(1)	1	(60)
Comprehensive (loss) income attributable to Icahn Enterprises	(33)	(22)	(558)
Icahn Enterprises Holdings
Net (loss) income	(2,467)	(1,790)	2,002
Other comprehensive (loss) income, net of tax:
Translation adjustments	4	(2)	(86)
Post-retirement benefits and other	(5)	3	18
Other comprehensive (loss) income, net of tax	(1)	1	(68)
Comprehensive (loss) income	(2,468)	(1,789)	1,934
Less: Comprehensive (loss) income attributable to non-controlling interests	(815)	(693)	512
Comprehensive (loss) income attributable to Icahn Enterprises	(1,653)	(1,096)	1,422
Icahn Enterprises Holdings \| Limited partners
Net (loss) income	(1,635)	(1,086)	2,060
Other comprehensive (loss) income, net of tax:
Other comprehensive (loss) income, net of tax	(1)	1	(60)
Comprehensive (loss) income attributable to Icahn Enterprises	(1,636)	(1,085)	2,000
Icahn Enterprises Holdings \| General partner
Net (loss) income	(17)	(11)	(577)
Other comprehensive (loss) income, net of tax:
Other comprehensive (loss) income, net of tax			(1)
Comprehensive (loss) income attributable to Icahn Enterprises	$ (17)	$ (11)	$ (578)

Consolidated Statement of Changes in Equity - USD ($) $ in Millions	Limited partners Icahn Enterprises Holdings	Limited partners	General partner Icahn Enterprises Holdings	General partner	Total Partners' Equity Icahn Enterprises Holdings	Total Partners' Equity	Non-controlling Interests Icahn Enterprises Holdings	Non-controlling Interests	Icahn Enterprises Holdings	Total
Total equity at Dec. 31, 2017	$ 5,481	$ (234)	$ (286)	$ 5,402	$ 5,195	$ 5,168	$ 6,318	$ 6,318	$ 11,513	$ 11,486
Increase (Decrease) in Equity
Net (loss) income	2,060	(557)	(577)	2,039	1,483	1,482	519	519	2,002	2,001
Other comprehensive loss	(60)	(1)	(1)	(60)	(61)	(61)	(7)	(7)	(68)	(68)
Partnership distributions	(96)	(2)	(1)	(95)	(97)	(97)			(97)	(97)
Investment segment contributions							310	310	310	310
Dividends and distributions to non-controlling interests in subsidiaries							(153)	(153)	(153)	(153)
Cumulative effect adjustment from adoption of accounting principle	(29)	(1)		(28)	(29)	(29)			(29)	(29)
Changes in subsidiary equity and other	96	5	1	92	97	97	(567)	(567)	(470)	(470)
Total equity at Dec. 31, 2018	7,452	(790)	(864)	7,350	6,588	6,560	6,420	6,420	13,008	12,980
Increase (Decrease) in Equity
Net (loss) income	(1,086)	(22)	(11)	(1,076)	(1,097)	(1,098)	(693)	(693)	(1,790)	(1,791)
Other comprehensive loss	1			1	1	1			1	1
Partnership distributions	(142)	(2)	(2)	(110)	(144)	(112)			(144)	(112)
Partnership contributions	54	1	1	54	55	55			55	55
Investment segment contributions							220	220	220	220
Dividends and distributions to non-controlling interests in subsidiaries							(119)	(119)	(119)	(119)
Changes in subsidiary equity and other	49	1	1	49	50	50	(342)	(342)	(292)	(292)
Total equity at Dec. 31, 2019	6,328	(812)	(875)	6,268	5,453	5,456	5,486	5,486	10,939	10,942
Increase (Decrease) in Equity
Net (loss) income	(1,635)	(33)	(17)	(1,620)	(1,652)	(1,653)	(815)	(815)	(2,467)	(2,468)
Other comprehensive loss	(1)			(1)	(1)	(1)			(1)	(1)
Partnership distributions	(521)	(10)	(5)	(516)	(526)	(526)			(526)	(526)
Partnership contributions	101	2	1	100	102	102			102	102
Investment segment contributions							1,253	1,253	1,253	1,253
Dividends and distributions to non-controlling interests in subsidiaries							(36)	(36)	(36)	(36)
Changes in subsidiary equity and other	4			4	4	4	(13)	(13)	(9)	(9)
Total equity at Dec. 31, 2020	$ 4,276	$ (853)	$ (896)	$ 4,235	$ 3,380	$ 3,382	$ 5,875	$ 5,875	$ 9,255	$ 9,257

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net (loss) income	$ (2,468)	$ (1,791)	$ 2,001
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Loss (income) from discontinued operations		32	(1,764)
Net loss (gain) from securities transactions	926	(570)	476
Purchases of securities	(1,945)	(4,948)	(4,810)
Proceeds from Sale of Securities	4,040	3,648	6,763
Payments to cover securities sold, not yet purchased	(2,336)	(938)	(1,083)
Proceeds from securities sold, not yet purchased	2,913	1,523	1,077
Changes in receivables and payables relating to securities transactions	(1,880)	(220)	(1,195)
Changes in unrealized gains/losses on derivative contracts	(433)	1,181	(1,763)
(Loss) gain on disposition of assets, net	17	(253)	(84)
Depreciation and amortization	510	519	508
Impairment	11	2	92
Deferred taxes	(49)	(89)	(29)
Other, net	60	16	123
Changes in other operating assets and liabilities:
Accounts receivable, net	28	(33)	45
Inventories, net	147	(20)	(86)
Other assets	30	356	316
Accounts payable	(162)	145	(59)
Accrued expenses and other liabilities	175	(20)	(84)
Net cash (used in) provided by operating activities from continuing operations	(416)	(1,460)	444
Net cash provided by operating activities from discontinued operations			479
Net cash (used in) provided by operating activities	(416)	(1,460)	923
Cash flows from investing activities:
Capital expenditures	(199)	(250)	(272)
Turnaround expenditures	(159)	(38)	(8)
Acquisition of businesses, net of cash acquired	(8)	(39)	(15)
Purchases of investments	(337)	(50)	(60)
Proceeds from sale of investments	98	458	1
Proceeds from disposition of businesses and assets	25	505	3,370
Other, net	(1)		8
Net cash (used in) provided by investing activities from continuing operations	(581)	586	3,024
Net cash used in investing activities from discontinued operations			(437)
Net cash (used in) provided by investing activities	(581)	586	2,587
Cash flows from financing activities:
Investment segment contributions from non-controlling interests	13	220	310
Partnership contributions	102	55
Partnership distributions	(526)	(112)	(97)
Purchase of additional interests in consolidated subsidiaries		(241)	(5)
Dividends and distributions to non-controlling interests in subsidiaries	(36)	(119)	(139)
Proceeds from Holding Company senior unsecured notes	866	2,507
Repayments of Holding Company senior unsecured notes	(1,350)	(1,700)
Proceeds from subsidiary borrowings	1,946	810	1,268
Repayments of subsidiary borrowings	(1,644)	(847)	(1,346)
Other, net	(24)	(7)	15
Net cash (used in) provided by financing activities from continuing operations	(653)	566	6
Net cash used in financing activities from discontinued operations			(163)
Net cash (used in) provided by financing activities	(653)	566	(157)
Effect of exchange rate changes on cash and cash equivalents and restricted cash and restricted cash equivalents	(4)	(2)	(7)
Add back change in cash and restricted cash of assets held for sale		(83)	81
Net (decrease) increase in cash and cash equivalents and restricted cash and restricted cash equivalents	(1,654)	(393)	3,427
Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period	4,945	5,338	1,911
Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period	3,291	4,945	5,338
Icahn Enterprises Holdings
Cash flows from operating activities:
Net (loss) income	(2,467)	(1,790)	2,002
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Loss (income) from discontinued operations		32	(1,764)
Net loss (gain) from securities transactions	926	(570)	476
Purchases of securities	(1,945)	(4,948)	(4,810)
Proceeds from Sale of Securities	4,040	3,648	6,763
Payments to cover securities sold, not yet purchased	(2,336)	(938)	(1,083)
Proceeds from securities sold, not yet purchased	2,913	1,523	1,077
Changes in receivables and payables relating to securities transactions	(1,880)	(220)	(1,195)
Changes in unrealized gains/losses on derivative contracts	(433)	1,181	(1,763)
(Loss) gain on disposition of assets, net	17	(253)	(84)
Depreciation and amortization	510	519	508
Impairment	11	2	92
Deferred taxes	(49)	(89)	(29)
Other, net	59	15	122
Changes in other operating assets and liabilities:
Accounts receivable, net	28	(33)	45
Inventories, net	147	(20)	(86)
Other assets	30	356	316
Accounts payable	(162)	145	(59)
Accrued expenses and other liabilities	175	(20)	(84)
Net cash (used in) provided by operating activities from continuing operations	(416)	(1,460)	444
Net cash provided by operating activities from discontinued operations			479
Net cash (used in) provided by operating activities	(416)	(1,460)	923
Cash flows from investing activities:
Capital expenditures	(199)	(250)	(272)
Turnaround expenditures	(159)	(38)	(8)
Acquisition of businesses, net of cash acquired	(8)	(39)	(15)
Purchases of investments	(337)	(50)	(60)
Proceeds from sale of investments	98	458	1
Proceeds from disposition of businesses and assets	25	505	3,370
Other, net	(1)		8
Net cash (used in) provided by investing activities from continuing operations	(581)	586	3,024
Net cash used in investing activities from discontinued operations			(437)
Net cash (used in) provided by investing activities	(581)	586	2,587
Cash flows from financing activities:
Investment segment contributions from non-controlling interests	13	220	310
Partnership contributions	102	55
Partnership distributions	(526)	(112)	(97)
Purchase of additional interests in consolidated subsidiaries		(241)	(5)
Dividends and distributions to non-controlling interests in subsidiaries	(36)	(119)	(139)
Proceeds from Holding Company senior unsecured notes	866	2,507
Repayments of Holding Company senior unsecured notes	(1,350)	(1,700)
Proceeds from subsidiary borrowings	1,946	810	1,268
Repayments of subsidiary borrowings	(1,644)	(847)	(1,346)
Other, net	(24)	(7)	15
Net cash (used in) provided by financing activities from continuing operations	(653)	566	6
Net cash used in financing activities from discontinued operations			(163)
Net cash (used in) provided by financing activities	(653)	566	(157)
Effect of exchange rate changes on cash and cash equivalents and restricted cash and restricted cash equivalents	(4)	(2)	(7)
Add back change in cash and restricted cash of assets held for sale		(83)	81
Net (decrease) increase in cash and cash equivalents and restricted cash and restricted cash equivalents	(1,654)	(393)	3,427
Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period	4,945	5,338	1,911
Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period	$ 3,291	$ 4,945	$ 5,338

Description of Business

12 Months Ended

Dec. 31, 2020

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. Icahn Enterprises Holdings L.P. (“Icahn Enterprises Holdings”) is a limited partnership formed in Delaware on February 17, 1987. References to “we,” “our” or “us” herein include both Icahn Enterprises and Icahn Enterprises Holdings and their subsidiaries, unless the context otherwise requires.

Icahn Enterprises owns a 99% limited partner interest in Icahn Enterprises Holdings. Icahn Enterprises G.P. Inc. (“Icahn Enterprises GP”), which is owned and controlled by Mr. Carl C. Icahn, owns a 1% general partner interest in each of Icahn Enterprises and Icahn Enterprises Holdings as of December 31, 2020. Icahn Enterprises Holdings and its subsidiaries own substantially all of our assets and liabilities and conduct substantially all of our operations. Therefore, the financial results of Icahn Enterprises and Icahn Enterprises Holdings are substantially the same, with differences relating primarily to the allocation of the general partner interest, which is reflected as an aggregate 1.99% general partner interest in the financial statements of Icahn Enterprises. In addition to the above, Mr. Icahn and his affiliates owned approximately 92% of Icahn Enterprises’ outstanding depositary units as of December 31, 2020.

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, Metals, Real Estate, Home Fashion and, as of December 2020, Pharma. We also report the results of our Holding Company, which includes the results of certain subsidiaries of Icahn Enterprises and Icahn Enterprises Holdings (unless otherwise noted), and investment activity and expenses associated with our Holding Company. Our historical results also report the results of our Mining segment, until sold on August 1, 2019, and our Railcar segment through the date we sold our last remaining railcars on lease, which occurred in the third quarter of 2018. See Note 13, “Segment and Geographic Reporting,” for a reconciliation of each of our reporting segment’s results of operations to our consolidated results. Certain additional information with respect to our segments are discussed below.

Investment

Our Investment segment is comprised of various private investment funds (“Investment Funds”) in which we have general partner interests and through which we invest our proprietary capital. We, certain of Mr. Icahn’s wholly-owned affiliates and Brett Icahn, son of Mr. Icahn, are the only investors in the Investment Funds. 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. Interests in the Investment Funds are not offered to outside investors. We had interests in the Investment Funds with a fair market value of approximately $4.3 billion and $4.3 billion as of December 31, 2020 and 2019, respectively.

Energy

We conduct our Energy segment through our majority owned subsidiary, CVR Energy, Inc. (“CVR Energy”). CVR Energy is a diversified holding company primarily engaged in the petroleum refining and nitrogen fertilizer manufacturing businesses through its holdings in CVR Refining, LP (“CVR Refining”) and CVR Partners, LP (“CVR Partners”), respectively. CVR Refining is an independent petroleum refiner and marketer of high value transportation fuels. CVR Partners produces and markets nitrogen fertilizers in the form of urea ammonium nitrate and ammonia. CVR Energy has a general partner interest in each of CVR Refining and CVR Partners. In addition, CVR Energy is the sole limited partner of CVR Refining and owns 36% of the outstanding common units of CVR Partners as of December 31, 2020. As of December 31, 2020, we owned approximately 71% of the total outstanding common stock of CVR Energy.

On January 29, 2019, CVR Energy, pursuant to the exercise of its right to purchase all of the issued and outstanding common units in CVR Refining, purchased the remaining common units of CVR Refining not already owned by CVR

Energy, including the purchase of CVR Refining common units owned directly by us. Prior to this, CVR Energy owned approximately 81% of the common units of CVR Refining and we directly owned approximately 4% of the common units of CVR Refining. As a result of exercising its purchase right, as of January 29, 2019, CVR Energy owns all of the common units of CVR Refining and we no longer have any direct ownership in CVR Refining. In addition, the common units of CVR Refining have subsequently ceased to be publicly traded or listed on the New York Stock Exchange or any other national securities exchange. The remaining common units of CVR Refining acquired in this transaction were purchased for $241 million, excluding the amount paid by CVR Energy to us for the common units of CVR Refining directly owned by us.

Prior to this, on August 1, 2018, CVR Energy completed an exchange offer whereby CVR Refining’s public unitholders tendered a total of 21,625,106 common units of CVR Refining in exchange for 13,699,549 shares of CVR Energy common stock. In connection with this transaction, our equity attributable to Icahn Enterprises and Icahn Enterprises Holdings increased by $99 million.

Automotive

We conduct our Automotive segment through our wholly-owned subsidiary, Icahn Automotive Group LLC (“Icahn Automotive”). Icahn Automotive is engaged in the retail and wholesale distribution of automotive parts in the aftermarket (“aftermarket parts”) as well as providing automotive repair and maintenance services (“automotive services”) to its customers. Icahn Automotive’s aftermarket parts and automotive services businesses serve different customer channels and have distinct strategies, opportunities and requirements and therefore are operated as two independent operating companies, each with its own Chief Executive Officer and management teams, and both of which are supported by a central shared service group. Our Automotive segment also includes our separate equity method investment in 767 Auto Leasing LLC (“767 Leasing”), a joint venture created by us to purchase vehicles for lease, as described further in Note 3, “Related Party Transactions.” Our investment in 767 Leasing is included as a component of our Automotive segment due to the nature of the joint venture activities.

Food Packaging

We conduct our Food Packaging segment through our majority owned subsidiary, Viskase Companies, Inc. (“Viskase”). Viskase is a producer of cellulosic, fibrous and plastic casings used to prepare and package processed meat products.

In October 2020, Viskase completed an equity private placement whereby we acquired an additional 50,000,000 shares of Viskase common stock for $100 million. In connection with this transaction, our ownership of Viskase increased from approximately 79% to 89%.

Prior to this, during January 2018, Viskase received $50 million in connection with its common stock rights offering. In connection with this rights offering, we fully exercised our subscription rights under our basic and over subscription privileges to purchase additional shares of Viskase common stock, thereby increasing our ownership of Viskase from 75% to 79%, for an aggregate additional investment of $44 million.

Metals

We conduct our Metals segment through our indirect wholly-owned subsidiary, PSC Metals, LLC (“PSC Metals”). PSC Metals is principally engaged in the business of collecting, processing and selling ferrous and non-ferrous metals, as well as the processing and distribution of steel pipe and plate products. PSC Metals collects industrial and obsolete scrap metal, processes it into reusable forms and supplies the recycled metals to its customers.

Real Estate

Our Real Estate segment consists primarily of investment properties, the development and sale of single-family homes and the management of a country club.

During 2018, our Real Estate segment sold two commercial rental properties for aggregate proceeds of $179 million, resulting in aggregate pretax gain on disposition of assets of $89 million.

Home Fashion

We conduct our Home Fashion segment through our wholly-owned subsidiary, WestPoint Home LLC (“WPH”). WPH’s business consists of manufacturing, sourcing, marketing, distributing and selling home fashion consumer products.

Pharma

We conduct our Pharma segment through our wholly owned subsidiary, Vivus, Inc. (“Vivus”). We acquired all of the outstanding commons stock of Vivus in December 2020 upon its emergence from bankruptcy. Vivus is a specialty pharmaceutical company with two approved therapies and one product candidate in active clinical development.

Prior to Vivus’ emergence from bankruptcy, we held an investment in Vivus’ convertible corporate debt securities with a fair value of $183 million. In addition to the fair value of the convertible corporate debt securities, our total consideration transferred included an exit financing facility of $81 million and a contingent liability of $3 million. The $81 million exit financing facility replaced an existing $63 million term loan previously held by us.

Mining

We conducted our Mining segment through our majority owned subsidiary, Ferrous Resources Ltd. (“Ferrous Resources”). Ferrous Resources acquired certain rights to iron ore mineral resources in Brazil and develops mining operations and related infrastructure to produce and sell iron ore products to the global steel industry. Prior to the sale of Ferrous Resources, as discussed below, we owned approximately 77% of its total outstanding common stock.

On December 5, 2018, we announced a definitive agreement to sell Ferrous Resources for total consideration of $550 million (including repaid indebtedness). On August 1, 2019, we closed on the sale of Ferrous Resources. Our proportionate share of the cash proceeds from the sale, net of adjustments, was $463 million. As a result of the sale of Ferrous Resources, our Mining segment recorded a pretax gain on disposition of assets of $252 million in 2019. Subsequent to the sale, we no longer operate an active Mining segment.

Railcar

We conducted our Railcar segment through our wholly-owned subsidiary, American Railcar Leasing, LLC (“ARL”). ARL operated a leasing business consisting of purchased railcars leased to third parties under operating leases.

During 2017, we sold ARL and a majority of its railcar lease fleet. During 2018, we sold all remaining railcars of ARL not previously sold for additional cash consideration of $17 million. In connection with these transactions, we recorded a pretax gain on disposition of assets of $5 million in 2018. As a result of the sale of all remaining railcars during 2018, our business no longer includes an active Railcar segment.

Description of Discontinued Operating Businesses

We also report discontinued operations previously reported in our Automotive and Railcar segments and former Gaming segment. In addition to below, see Note 14, “Discontinued Operations,” for additional information with respect to our discontinued operating businesses.

Automotive

Our discontinued Automotive operations consists of our previously wholly-owned subsidiary, Federal-Mogul LLC (“Federal-Mogul”). On October 1, 2018, we closed on the previously announced sale of Federal-Mogul to Tenneco Inc. (“Tenneco”). In connection with the sale, we received $800 million in cash and approximately 29.5 million shares of

Tenneco common stock, of which approximately 23.8 million shares were non-voting shares convertible into voting shares if and when sold. The remaining approximately 5.7 million voting shares received by us represented approximately 9.9% of the aggregate voting interest in Tenneco. There were restrictions on how many shares of Tenneco common stock that could be sold by us within the first 150 days after the closing of the sale. The voting and non-voting shares of Tenneco common stock have the same economic value. As of October 1, 2018, the approximately 29.5 million voting and non-voting shares of Tenneco common stock had a fair market value of approximately $1.2 billion, which our Holding Company will hold and record as a Level 1 investment measured at fair value on a recurring basis. In addition, Federal-Mogul’s outstanding debt was assumed by Tenneco.

As a result of the sale of Federal-Mogul, we recorded a pretax gain on sale of discontinued operations attributable to Icahn Enterprises of $251 million in the fourth quarter of 2018.

Gaming

Our discontinued Gaming operations consists of our previous majority ownership in Tropicana Entertainment Inc. (“Tropicana”). On October 1, 2018, Tropicana closed on the previously announced real estate sales and merger transaction for aggregate cash consideration, net of adjustments, of approximately $1.8 billion. The transaction did not include Tropicana Aruba Resort and Casino, which was retained by us and is now reported within our Real Estate segment. Our proportionate share of the cash proceeds, net of adjustments, was approximately $1.5 billion.

As a result of the sale of Tropicana, we recorded a pretax gain on sale of discontinued operations attributable to Icahn Enterprises of $779 million in the fourth quarter of 2018.

Railcar

Our discontinued Railcar operations consists of our previous majority ownership in American Railcar Industries, Inc. (“ARI”). On December 5, 2018, we closed on the previously announced sale of ARI for aggregate cash consideration of $831 million.

As a result of the sale of ARI, we recorded a pretax gain on sale of discontinued operations attributable to Icahn Enterprises of $400 million in the fourth quarter of 2018.

Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

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 intend to structure our investments to continue to be taxed as a partnership rather than as a corporation under the applicable publicly traded partnership rules of the Internal Revenue Code, as amended.

Events beyond our control, including significant appreciation or depreciation in the market value of certain of our publicly traded holdings or adverse developments with respect to our ownership of certain of our subsidiaries, could result in our inadvertently becoming an investment company that is required to register under the Investment Company Act. Our sales of Federal-Mogul, Tropicana, ARI and Ferrous Resources 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.

Current Economic Conditions

In March 2020, the World Health Organization categorized COVID-19 as a pandemic and the President of the United States declared the COVID-19 outbreak a national emergency. The COVID-19 pandemic, and actions taken by governments and others in response thereto, has negatively impacted the global economy, financial markets, and the industries in which our subsidiaries operate. Our consolidated results of operations and financial condition have been impacted primarily by the volatility in the fair value of investments held by our Investment segment and the Holding Company (primarily unrealized) as well as declines in the global demand for refined products, especially gasoline and diesel fuels, with respect to our Energy segment. The impact on our businesses has also included the acceleration of selective planned store closures in our Automotive segment, lowering current year forecasts across various segments and recording write-downs to inventories. The extent and duration of the impact on our future results of operations, liquidity and financial condition is uncertain and may be significant.

Principles of Consolidation

Our consolidated financial statements include the accounts of (i) Icahn Enterprises and Icahn Enterprises Holdings and (ii) the wholly and majority owned subsidiaries of Icahn Enterprises and Icahn Enterprises Holdings, in addition to variable interest entities (“VIEs”) in which we are the primary beneficiary. In evaluating whether we have a controlling financial interest in entities that we consolidate, we consider the following: (1) for voting interest entities, including limited partnerships and similar entities that are not VIEs, we consolidate these entities in which we own a majority of the voting interests; and (2) for VIEs, we consolidate these entities in which we are the primary beneficiary. See below for a discussion of our VIEs. Kick-out rights, which are the rights underlying the limited partners’ ability to dissolve the limited partnership or otherwise remove the general partners, held through voting interests of partnerships and similar entities that are not VIEs are considered the equivalent of the equity interests of corporations that are not VIEs.

Except for our Investment segment and Holding Company, for equity investments in which we own 50% or less but greater than 20%, we generally account for such investments using the equity method. All other equity investments are accounted for at fair value.

Discontinued Operations and 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.

Consolidated Variable Interest Entities

The following is a discussion of variable interest entities in which we are deemed to be the primary beneficiary and in which we therefore consolidate. In addition, as discussed in Note 3, “Related Party Transactions,” we have a variable interest in an entity in which we are not the primary beneficiary and therefore we do not consolidate.

Icahn Enterprises Holdings

We determined that Icahn Enterprises Holdings is a VIE because it is a limited partnership that lacks both substantive kick-out and participating rights. Although Icahn Enterprises is not the general partner of Icahn Enterprises Holdings, Icahn Enterprises is deemed to be the primary beneficiary of Icahn Enterprises Holdings principally based on its 99% limited partner interest in Icahn Enterprises Holdings, as well as our related party relationship with the general partner, and therefore continues to consolidate Icahn Enterprises Holdings. The consolidated financial statements of Icahn Enterprises Holdings are included in this Report. The balances with respect to Icahn Enterprises Holdings’ consolidated VIEs are discussed below, comprising the Investment Funds, CVR Partners and Viskase’s joint venture.

Investment

We determined that each of the Investment Funds are considered VIEs because these limited partnerships lack both substantive kick-out and participating rights. Because we have a general partner interest in each of the Investment Funds and have significant limited partner interests in each of the Investment Funds, coupled with our significant exposure to losses and benefits in each of the Investment Funds, we are the primary beneficiary of each of the Investment Funds and therefore continue to consolidate each of the Investment Funds.

Energy

CVR Partners is considered a VIE because it is a limited partnership that lacks both substantive kick-out and participating rights. In addition, CVR Energy also concluded that, based upon its general partner’s roles and rights in CVR Partners as afforded by CVR Partners’ partnership agreement, coupled with its exposure to losses and benefits in CVR Partners through its significant limited partner interest, intercompany credit facilities and services agreements, it is the primary beneficiary of CVR Partners.

Food Packaging

Viskase holds a variable interest in a joint venture for which Viskase is the primary beneficiary. Viskase’s interest in the joint venture includes a 50% equity interest and also relates to the sales, operations, administrative and financial support to the joint venture through providing many of the assets used in its business.

The following table includes balances of assets and liabilities of VIE’s included in Icahn Enterprises Holdings’ consolidated balance sheets.


	December 31,
	2020		2019

	(in millions)
Cash and cash equivalents	$	31	$	42
Cash held at consolidated affiliated partnerships and restricted cash		1,558		989
Investments		8,239		9,207
Due from brokers		3,437		858
Accounts receivable, net		37		35
Inventories, net		42		48
Property, plant and equipment, net		1,042		1,110
Unrealized gain on derivative contracts		785		182
Intangible assets, net		232		251
Other assets		107		49
Accounts payable		25		25
Accrued expenses and other liabilities		70		97
Deferred tax liabilities		1		1
Unrealized loss on derivative contracts		622		1,215
Securities sold, not yet purchased, at fair value		2,521		1,190
Due to brokers		1,618		54
Debt		636		633

Fair Value of Financial Instruments

The carrying values of cash and cash equivalents, cash held at consolidated affiliated partnerships and restricted cash, accounts receivable, due from brokers, accounts payable, accrued expenses and other liabilities and due to brokers are deemed to be reasonable estimates of their fair values because of their short-term nature. See Note 4, “Investments,” and Note 5, “Fair Value Measurements,” for a detailed discussion of our investments and other non-financial assets and/or liabilities.

The fair value of our long-term debt is based on the quoted market prices for the same or similar issues or on the current rates offered to us for debt of the same remaining maturities. The carrying value and estimated fair value of our debt as of December 31, 2020 was approximately $8.1 billion and $8.2 billion, respectively. The carrying value and estimated fair value of our debt as of December 31, 2019 was approximately $8.2 billion and $7.6 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 or investments of 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.

Cash Held at Consolidated Affiliated Partnerships and Restricted Cash

Our cash held at consolidated affiliated partnerships balance was $686 million and $86 million as of December 31, 2020 and 2019, 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, is not available to fund the general liquidity needs of the Investment segment or Icahn Enterprises.

Our restricted cash balance was $906 million and $1,065 million as of December 31, 2020 and 2019, respectively. Restricted cash includes, but is not limited to, our Investment segment’s cash pledged and held for margin requirements on derivative transactions.

Investments and Related Transactions

Investment

Investment Transactions and Related Investment Income (Loss). Investment transactions of the Investment Funds are recorded on a trade date basis. Realized gains or losses on sales of investments are based on the first-in, first-out or the specific identification method. Realized and unrealized gains or losses on investments are recorded in the consolidated statements of operations. Interest income and expenses are recorded on an accrual basis and dividends are recorded on the ex-dividend date. Premiums and discounts on fixed income securities are amortized using the effective yield method.

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. Securities of the Investment Funds that are listed on a securities exchange are valued at their last sales price on the primary securities exchange on which such securities are traded on such date. Securities that are not listed on any exchange but are traded over-the-counter are valued at the mean between the last “bid” and “ask” price for such security on such date. Securities and other instruments for which market quotes are not readily available are valued at fair value as determined in good faith by the Investment Funds.

Foreign Currency Transactions. The books and records of the Investment Funds are maintained in U.S. dollars. Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the rate of exchange in effect at the balance sheet date. Transactions during the period denominated in currencies other than U.S. dollars are translated at the rate of exchange applicable on the date of the transaction. Foreign currency translation gains and losses are recorded in the consolidated statements of operations. The Investment Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities. Such fluctuations are reflected in net gain (loss) from investment activities in the consolidated statements of operations.

Fair Values of Financial Instruments. The fair values of the Investment Funds’ assets and liabilities that qualify as financial instruments under applicable U.S. GAAP approximate the carrying amounts presented in the consolidated balance sheets.

Securities Sold, Not Yet Purchased. The Investment Funds may sell an investment they do not own in anticipation of a decline in the fair value of that investment. When the Investment Funds sell an investment short, they must borrow the investment sold short and deliver it to the broker-dealer through which they made the short sale. A gain, limited to the price at which the Investment Funds sold the investment short, or a loss, unlimited in amount, will be recognized upon the cover of the short sale.

Due From Brokers. Due from brokers represents cash balances with the Investment Funds’ clearing brokers. These funds as well as fully-paid for and marginable securities are essentially restricted to the extent that they serve as collateral against securities sold, not yet purchased. Due from brokers may also include unrestricted balances with derivative counterparties.

Due To Brokers. Due to brokers represents margin debit balances collateralized by certain of the Investment Funds’ investments in securities.

Other Segments and Holding Company

Investments in equity and debt 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 when declared 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 Instruments. The election to use the fair value option is available when an entity first recognizes a financial asset or financial liability or upon entering into a firm commitment. Subsequent changes in fair value must be recorded in earnings. In estimating the fair value for financial instruments for which the fair value option has been elected, we use the valuation methodologies in accordance to where the financial instruments are classified within the fair value hierarchy as discussed in Note 5, “Fair Value Measurements.” For our Investment segment, we apply the fair value option to our investments that would otherwise be accounted under the equity method.

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 6, “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 for doubtful accounts is determined through analysis of the aging of accounts receivable at the date of the consolidated financial statements, assessments of collectability based on an evaluation of historic and anticipated trends, the financial condition of our customers, and an evaluation of the impact of economic conditions. Our allowance for doubtful accounts is an estimate based on specifically identified accounts as well as general reserves based on historical experience.

Inventories, Net

Energy

Our Energy segment inventories consist primarily of domestic and foreign crude oil, blending stock and components, work in progress, fertilizer products, and refined fuels and by-products. Inventories are valued at the lower of FIFO cost, or net realizable value for fertilizer products, refined fuels and by-products for all periods presented. Refinery unfinished and finished products inventory values were determined using the ability-to-bear process, whereby raw materials and production costs are allocated to work-in-process and finished goods based on their relative fair values. 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 first-in, first-out basis method (“FIFO”), except for our Automotive and Pharma segment, which also utilizes weighted-average cost. Our Automotive segment also determines cost using the last-in, first-out method for certain of its subsidiaries. Inventory recorded using the last-in, first-out method was $555 million and $869 million as of December 31, 2020 and 2019, 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 reserve for estimated excess, slow-moving and obsolete inventory as well as inventory whose carrying value is in excess of net realizable value.

Metals

Our Metals segment inventories are stated at the lower of cost or net realizable value. Cost is determined using the average cost method. The production and accounting process utilized by our Metals segment to record recycled metals inventory quantities relies on significant estimates. Our Metals segment relies upon perpetual inventory records that utilize estimated recoveries and yields that are based upon historical trends and periodic tests for certain unprocessed

metal commodities. Over time, these estimates are reasonably good indicators of what is ultimately produced; however, actual recoveries and yields can vary depending on product quality, moisture content and source of the unprocessed metal. To assist in validating the reasonableness of the estimates, our Metals segment performs periodic physical inventories which involve the use of estimation techniques. Physical inventories may detect significant variations in volume, but because of variations in product density and production processes utilized to manufacture the product, physical inventories will not generally detect smaller variations. To help mitigate this risk, our Metals segment adjusts its physical inventories when the volume of a commodity is low and a physical inventory can more accurately estimate the remaining volume.

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.

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 to five years for our Energy segment’s refineries and every two to three years for its nitrogen fertilizer plants. Deferred turnaround costs, net of accumulated amortization, are included in other assets in the consolidated financial statements.

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 9, “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 flows 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. The impairment charge, if any, is the excess of the assets carrying value over its fair value.

Pension and Other Post-Retirement Benefit Plan Obligations

Post-retirement benefit liabilities were $81 million and $73 million as of December 31, 2020 and 2019, 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 $83 million and $82 million as of December 31, 2020 and 2019, respectively. Refer to Note 16, “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 and Icahn Enterprises Holdings

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% (1% in the case of Icahn Enterprises Holdings) of the total capital accounts of all partners.

Generally, net earnings for U.S. federal income tax purposes are allocated 1.99% (1% in the case of Icahn Enterprises Holdings) and 98.01% (99% in the case of Icahn Enterprises Holdings) 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 15, “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 Real Estate segment. Refer to Real Estate below for further discussion. 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. These assets leased to others are recorded at cost, net of accumulated depreciation, and are included in property, plant and equipment, net on our consolidated balance sheets. Assets leased to others are depreciated on a straight-line basis over the useful lives of the assets, ranging from 5 years to 39 years. Lease revenue is recognized on a straight-line basis over the lease term. Cash receipts for all lease payments received are included in net cash flows from operating activities in the consolidated statements of cash flows.

Revenue From Contracts With Customers and Contract Balances

Due to the nature of our business, we derive revenue from various sources in various industries. With the exception of all of our Investment segment’s and our Holding Company’s revenues, and our Real Estate segment’s leasing revenue, our revenue is generally derived from contracts with customers in accordance with U.S. GAAP. Such revenue from contracts with customers are included in net sales and other revenues from operations in the consolidated statements of operations; however, our Real Estate segment’s leasing revenue, as disclosed in Note 10, “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 13, “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 Energy and Automotive segments below.

Energy

Revenue: Our Energy segment revenues from the sale of petroleum products are recorded upon delivery of the products to customers, which is the point at which title is transferred and the customer has assumed the risk of loss. This generally takes place as product passes into the pipeline, as a product transfer order occurs within a pipeline system, or as product enters equipment or locations supplied or designated by the customer. For our Energy segment’s nitrogen fertilizer products sold, revenues are recorded at the point in time at which the customer obtains control of the product, which is generally upon delivery and acceptance by the customer. Nitrogen fertilizer products are sold on a wholesale basis under a contract or by purchase order. Excise and other taxes collected from customers and remitted to governmental authorities by our Energy segment are not included in reported revenues.

The petroleum business’ contracts with its customers state the terms of the sale, including the description, quantity, and price of each product sold. Depending on the product sold, and the type of contract, payments from customers are generally due in full within 30 days of product delivery or invoice date. Many of the petroleum business’ contracts have index-based pricing which is considered variable consideration that should be estimated in determining the transaction price. Our Energy segment determined that it does not need to estimate the variable consideration because the uncertainty related to the consideration is resolved on the pricing date or the date when the product is delivered. The nitrogen fertilizer business has an immaterial amount of variable consideration for contracts with an original duration of less than a year. A small portion of the nitrogen fertilizer partnership’s revenue includes contracts extending beyond one year and contain variable pricing in which the majority of the variability is attributed to the market-based pricing. The nitrogen fertilizer business’ contracts do not contain a significant financing component.

Our Energy segment generally provides no warranty other than the implicit promise that goods delivered are free of liens and encumbrances and meet the agreed upon specifications. In addition, product returns are very rare and are accounted for as they occur; however, contracts do include provisions which state that the petroleum business will except returns of off-spec product, refund the customer, provide on-spec product, and pay for damages to any customer equipment which resulted from off-spec product. Typically, if a customer is not satisfied with a product, the price is adjusted downward instead of the product being returned or exchanged.

As of December 31, 2020, our Energy segment had $6 million of remaining performance obligations for contracts with an original expected duration of more than one year. Our Energy segment expects to recognize approximately $3 million of these performance obligations as revenue by the end of 2021 and the remaining balance thereafter.

Contract balances: Our Energy segment’s deferred revenue is a contract liability that primarily relates to fertilizer sales contracts requiring customer prepayment prior to product delivery to guarantee a price and supply of nitrogen fertilizer. Deferred revenue is recorded at the point in time in which a prepaid contract is legally enforceable and the associated right to consideration is unconditional prior to transferring product to the customer. An associated receivable is recorded for uncollected prepaid contract amounts. Contracts requiring prepayment are generally short-term in nature and, as discussed above, revenue is recognized at the point in time in which the customer obtains control of the product. Our Energy segment had deferred revenue of $31 million and $28 million as of December 31, 2020 and 2019, respectively. Deferred revenue is included in accrued expense and other liabilities in the consolidated balance sheets. For the year ended December 31, 2020, 2019 and 2018, our Energy segment recorded revenue of $27 million, $68 million and $34 million, respectively, with respect to deferred revenue outstanding as of the beginning of each respective year.

Automotive

Revenue: Our Automotive segment recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer. Our Automotive segment revenue from retail and commercial parts sales is measured based on consideration specified in a contract with a customer and excludes any sales incentives and amounts collected on behalf of third parties. Automotive service revenues are recognized on completion of the service and consist of products and the labor charged for installing products or maintaining or repairing vehicles. Automotive services labor revenues are included in other revenues from operations in our consolidated statements of operations; however, the sale of any installed parts or materials related to automotive services are included in net sales. Our Automotive segment recognizes revenues from extended warranties offered to its customers on tires its sells, including lifetime warranties for road hazard assistance (recognized over 3 years) and 1-year, 3-year and lifetime plans for alignments (recognized over 1 year, 3 years and 5 years, respectively), for which it receives payment upfront. Revenues from extended warranties are recognized over the term of the warranty contract with the satisfaction of its performance obligations measured using the output method. Our Automotive segment recognizes revenues from franchise royalties, for which it receives payment over time, in the period in which royalties are earned, generally based on a percentage of franchise sales.

Contract balances: Our Automotive segment has deferred revenue with respect to extended warranty plans of $41 million and $42 million as of December 31, 2020 and 2019, respectively, which are included in accrued expenses and other liabilities in our consolidated balance sheets. For the year ended December 31, 2020, 2019 and 2018, our

Automotive segment recorded revenue of $25 million, $21 million and $18 million, respectively, with respect to deferred revenue outstanding as of the beginning of each respective year.

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.

Metals

Our Metals segment’s primary source of revenue is from the sale of processed ferrous scrap metal, non-ferrous scrap metals, steel pipe and steel plate. PSC Metals also generates revenues from sales of secondary plate and pipe, the brokering of scrap metals and from services performed. All sales are recognized when title passes to the customer. Revenues from services are recognized as the service is performed. Sales adjustments related to price and weight differences are reflected as a reduction of revenues when settled.

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 considerations 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.

Mining

Our Mining segment recognized revenue when title, ownership, and risk of loss pass to the customer, all of which occur upon shipment or delivery of the product and is based on the applicable shipping terms. Revenue was measured at the fair value of the consideration received or receivable, with any adjustments as a result of provisional pricing recorded against revenue.

Other Revenue and Expense Recognition

Real Estate

Revenue Recognition: Revenue from real estate sales and related costs are recognized at the time of closing primarily by specific identification. Substantially all of the property comprising our net lease portfolio is leased to others under long-term net leases and we account for these leases in accordance with applicable U.S. GAAP. We account for our leases as follows: (i) for operating leases, revenue is recognized on a straight line basis over the lease term and

(ii) for financing leases (x) minimum lease payments to be received plus the estimated value of the property at the end of the lease are considered the gross investment in the lease and (y) unearned income, representing the difference between gross investment and actual cost of the leased property, is amortized to income over the lease term so as to produce a constant periodic rate of return on the net investment in the lease.

Energy

Shipping Costs: Our Energy segment’s 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.

Automotive

Shipping Costs: Our Automotive segment recognizes shipping and handling costs as incurred and is included in selling, general and administrative in the consolidated statements of operations for its commercial and retail parts businesses.

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

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

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 relate primarily to derivative instruments from our Investment segment. See Note 6, “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, these deposits bear minimal credit risk.

Adoption of New Accounting Standards

In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments, which amends FASB ASC Topic 326, Financial Instruments - Credit Losses. In addition, in May 2019, the FASB issued ASU 2019-05, Targeted Transition Relief, which updates FASB ASU 2016-13. These ASUs require financial assets measured at amortized cost to be presented at the net amount to be collected and broadens the information, including forecasted information incorporating more timely information, that an entity must consider in developing its expected credit loss estimate for assets measured. These ASUs are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. We have adopted this standard on January 1, 2020. Most of our financial assets are excluded from the requirements of this standard as they are measured at fair value or are subject to other accounting standards. In addition, certain of our other financial assets are short-term in nature and therefore were not subject to significant credit losses beyond what was previously recorded under prior accounting standards. As a result, the adoption of this standard did not have a significant impact on our consolidated financial statements.

In August 2018, the FASB issued ASU 2018-13, Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurements, which amends FASB ASC Topic 820, Fair Value Measurements. This ASU eliminates, modifies and adds various disclosure requirements for fair value measurements. This ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Certain disclosures are required to be applied using a retrospective approach and others using a prospective approach. We have adopted this standard on January 1, 2020. The various disclosure requirements being eliminated, modified or added are not significant to us. As a result, the adoption of this standard did not have a significant impact on our consolidated financial statements.

In August 2018, the FASB issued ASU 2018-15, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract, which amends FASB ASC Subtopic 350-40, Intangibles-Goodwill and Other-Internal-Use Software. This ASU adds certain disclosure requirements related to implementation costs incurred for internal-use software and cloud computing arrangements. The amendment aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). This ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The amendments in this ASU should be applied either using a retrospective or prospective approach. We have adopted this standard on January 1, 2020 prospectively. The adoption of this standard did not have a significant impact on our consolidated financial statements.

Recently Issued Accounting Standards

In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, which amends FASB ASC Topic 740, Income Taxes. This ASU simplifies the accounting for income taxes by removing certain exceptions to the general principles in the standard and modifies other areas of the standard to clarify the application of U.S. GAAP. This ASU is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Certain amendments in this ASU should be applied using a retrospective approach and others using the prospective approach. Early adoption is permitted. We currently do not anticipate this standard to have a significant impact on our consolidated financial statements.

In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which amends FASB ASC Topic 848, Reference Rate Reform. By June 30, 2023, banks will no longer be required to report information that is used to determine London Interbank Offered Rate (“LIBOR”) which is used globally by all types of entities for various types of transactions. As a result, LIBOR could be discontinued, as well as other interest rates used globally. This ASU provides companies with optional expedients for contract modifications under U.S GAAP, excluded components of certain hedging relationships, fair value hedges, and cash flow hedges, as well as certain exceptions, which are intended to help ease the potential accounting burden associated with transitioning

away from these reference rates. Companies can apply this ASU immediately and will only be available for a limited time (generally through December 31, 2022). We are currently assessing the impact of this standard on our consolidated financial statements.

Related Party Transactions

12 Months Ended

Dec. 31, 2020

Related Party Transactions

3. Related Party Transactions

Our second amended and restated agreement of limited partnership expressly permits us to enter into transactions with our general partner or any of its affiliates, including buying or selling properties from or to our general partner and any of its affiliates and borrowing and lending money from or to our general partner and any of its affiliates, subject to limitations contained in our partnership agreement and the Delaware Revised Uniform Limited Partnership Act. The indentures governing our indebtedness contain certain covenants applicable to transactions with affiliates.

Investment Funds

During the year ended December 31, 2020, Mr. Icahn and his affiliates (excluding us) contributed $1,241 million to the Investment Funds consisting primarily of in-kind investments previously held directly by Mr. Icahn and his affiliates (excluding us). During the years ended December 31, 2019 and 2018, Mr. Icahn and his affiliates (excluding us) invested $220 million and $310 million, respectively, in the Investment Funds, net of redemptions. As of December 31, 2020 and 2019, the total fair market value of investments in the Investment Funds made by Mr. Icahn and his affiliates (excluding us) was approximately $5.0 billion and $4.5 billion, respectively, representing approximately 54% and 51% of the Investment Funds’ assets under management as of each respective date.

We pay for expenses pertaining to the operation, administration and investment activities of our Investment segment for the benefit of the Investment Funds (including salaries, benefits and rent). 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, 2020, 2019 and 2018, $2 million, $23 million and $12 million, respectively, was allocated to the Investment Funds based on this expense-sharing arrangement.

Hertz Global Holdings, Inc.

As discussed in Note 4, “Investments,” the Investment Funds had an investment in the common stock of Hertz Global Holdings, Inc. (“Hertz”) measured at fair value that would have otherwise been subject to the equity method of accounting (until sold in the second quarter of 2020). Icahn Automotive provides services to Hertz in the ordinary course of business. For the years ended December 31, 2020, 2019 and 2018, revenue from Hertz was $20 million, $54 million and $40 million, respectively.

During the year ended December 31, 2018, the Investment Funds purchased shares of a certain investment from Hertz in the amount of $36 million.

In addition to our transactions with Hertz disclosed above, in January 2018, we entered into a Master Motor Vehicle Lease and Management Agreement with Hertz, pursuant to which Hertz granted 767 Leasing the option to acquire certain vehicles from Hertz at rates aligned with the rates at which Hertz sells vehicles to third parties. Under this agreement, as amended, Hertz will lease the vehicles that 767 Leasing purchases from Hertz, or from third parties, under a mutually developed fleet plan and Hertz will manage, service, repair, sell and maintain those leased vehicles on behalf of 767 Leasing. Additionally, Hertz will rent the leased vehicles to transportation network company drivers from rental counters within locations leased or owned by us. This agreement had an initial term of 18 months and is subject to automatic six-month renewals thereafter, unless terminated by either party (with or without cause) prior to the start of any such six-month renewal. Our agreement with Hertz was unanimously approved by the independent directors of Icahn Enterprises’ audit committee. Due to the nature of our involvement with 767 Leasing, which includes Icahn Enterprises and Icahn Enterprises Holdings guaranteeing the payment obligations of 767 Leasing and sharing in the profits of 767 Leasing with Hertz, we determined that 767 Leasing is a variable interest entity. Furthermore, we determined that we are not the primary beneficiary as we do not have the power to direct the activities of 767 Leasing that most significantly impact its economic performance. Therefore, we do not consolidate the results of 767 Leasing. Our exposure to loss with respect to 767 Leasing is primarily limited to our direct investment in 767 Leasing as well as

any payment obligations of 767 Leasing that we guarantee, which are not material as of December 31, 2020 and 2019. As of December 31, 2020 and 2019, 767 Leasing had assets of $36 million and $121 million, respectively, (primarily vehicles for lease) and total liabilities of $0 million and $1 million, respectively, which represents a payable to Icahn Automotive in connection with a shared services agreement. For the years ended December 31, 2020, 2019 and 2018, 767 Leasing had revenues of $43 million, $75 million and $7 million, respectively and net (loss) income of $(12) million, $10 million and $(3) million, respectively.

For the year ended December 31, 2020, 767 Leasing distributed $75 million to us. For the years ended December 31, 2019 and 2018, we invested $50 million and $60 million, respectively, in 767 Leasing. During the years ended December 31, 2020, 2019 and 2018, we had equity (losses) earnings from 767 Leasing of $(7) million, $11 million and $(1) million, respectively. As of December 31, 2020 and 2019, we had an equity method investment in 767 Leasing of $40 million and $120 million, respectively, which we report in our Automotive segment.

ACF Industries LLC

Our Railcar operations, prior to December 5, 2018 (the date we closed on the sale of ARI), had certain transactions with ACF Industries LLC (“ACF”), an affiliate of Mr. Icahn, under various agreements, as well as on a purchase order basis. ACF is a manufacturer and fabricator of specialty railcar parts and miscellaneous steel products. Agreements and transactions with ACF include (i) railcar component purchases from ACF, (ii) railcar parts purchases from and sales to ACF, (iii) railcar purchasing and engineering services agreements with ACF, (iv) lease of certain intellectual property to ACF and (v) railcar repair services and support for ACF. For the year ended December 31, 2018, purchases from ACF were $3 million and revenues from ACF were $6 million.

Insight Portfolio Group LLC

Insight Portfolio Group LLC (“Insight Portfolio Group”) is an entity formed and controlled by Mr. Icahn in order to maximize the potential buying power of a group of entities with which Mr. Icahn has a relationship in negotiating with a wide range of suppliers of goods, services and tangible and intangible property at negotiated rates. Icahn Enterprises Holdings has a minority equity interest in Insight Portfolio Group and agreed to pay a portion of Insight Portfolio Group’s operating expenses. In addition to the minority equity interest held by Icahn Enterprises Holdings, certain subsidiaries of ours, including CVR Energy, Viskase, PSC Metals, WPH, Federal-Mogul (prior to October 1, 2018), ARI (prior to December 5, 2018) and Tropicana (prior to October 1, 2018) also acquired minority equity interests in Insight Portfolio Group and agreed to pay a portion of Insight Portfolio Group’s operating expenses. A number of other entities with which Mr. Icahn has a relationship also have minority equity interests in Insight Portfolio Group and also agreed to pay certain of Insight Portfolio Group’s operating expenses. Insight Portfolio Group ceased operations effective January 1, 2020. For the years ended December 31, 2019 and 2018, we and certain of our subsidiaries paid certain of the Insight Portfolio Group’s operating expenses of $3 million and $4 million, respectively.

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 will serve as the portfolio manager of a designated portfolio of assets within the Investment Funds over a seven-year term, subject to veto rights by our Investment segment and Carl. C. Icahn. Additionally, Brett Icahn will provide 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 agreement. Brett Icahn will not be entitled to receive from us any other compensation (including any salary or bonus) in respect of the services he is to provide under the manager agreement other than restricted depositary units granted under a restricted unit agreement, as discussed below. In accordance with the manager agreement, Brett Icahn will co-invest with the Investment Funds in certain positions, will make cash contributions to the Investment Funds in order to fund such co-investments and will have a special limited partnership interest in the Investment Funds through which the profit and loss attributable to such co-investments will be allocated to him. During 2020, Brett Icahn contributed $12 million in accordance with the manager agreement.

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

12 Months Ended

Dec. 31, 2020

Schedule of Investments [Abstract]

Investments

4. Investments

Investment

Investments and securities sold, not yet purchased consist of equities, bonds, bank debt and other corporate obligations, all of which are reported at fair value in our consolidated balance sheets. These investments are considered trading securities. In addition, our Investment segment has certain derivative transactions which are discussed in Note 6, “Financial Instruments.” The carrying value and detail by security type, including business sector for equity securities, with respect to investments and securities sold, not yet purchased held by our Investment segment consist of the following:


	December 31,
	2020		2019

	(in millions)
Assets
Investments:
Equity securities:
Basic materials	$	—	$	281
Consumer, non-cyclical		1,548		2,085
Consumer, cyclical		2,073		2,427
Energy		2,654		1,717
Utilities		107		—
Technology		1,578		2,425
Industrial		158		127
		8,118		9,062
Corporate debt securities		121		145
	$	8,239	$	9,207
Liabilities
Securities sold, not yet purchased, at fair value:
Equity securities:
Basic materials	$	—	$	209
Consumer, non-cyclical		424		29
Consumer, cyclical		572		379
Energy		1,476		124
Utilities		49		—
Financial		—		152
Technology		—		217
Communication		—		80
	$	2,521	$	1,190

The portion of unrealized gains (losses) that relates to securities still held by our Investment segment, primarily equity securities, was $65 million, $706 million and $(800) million for the years ended December 31, 2020, 2019 and 2018, 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. The following table summarizes our direct ownership in the most significant of such investees.


	Voting	Fair Value of				Gains (Losses)
	Interests	Investment				Recognized in Income
	December 31,	December 31,				Year Ended December 31,
	2020	2020		2019		2020		2019		2018

		(in millions)
Herbalife Nutrition Ltd.	15.5%	$	985	$	1,343	$	161	$	(318)	$	864
Hertz Global Holdings, Inc.	—		—		551		(637)		105		(197)
Caesars Entertainment Corporation	—		—		1,243		49		478		—
		$	985	$	3,137	$	(427)	$	265	$	667

During the second quarter of 2020, the Investment Funds sold their entire investment in Hertz. Prior to the sale of its investment in Hertz, the Investment Funds owned approximately 38.9% of the outstanding common stock of Hertz. During the third quarter of 2020, the Investment Funds sold their entire investment in Caesars Entertainment Corporation (“Caesars”). Prior to the sale of their investment in Caesars, the Investment Funds owned approximately 16.7% of the outstanding common stock of Caesars.

In addition, in August 2020, the Investment Funds sold a portion of their investment in Herbalife Nutrition Ltd. (“Herbalife”) pursuant to Herbalife’s “modified Dutch auction” tender offer to purchase its common shares, and as a result, the Investment Funds ceased to have an ability to exercise significant influence over the operating and financial policies of Herbalife. Prior to this transaction, the Investment Funds owned approximately 23.8% of the outstanding common stock of Herbalife. In January 2021, Herbalife repurchased shares of its common stock from us and as a result, we owned 6.7% of the outstanding common stock of Herbalife.

Due to the nature of our Investment segment’s operations, the sales of Hertz, Caesars and Herbalife are deemed to be in the ordinary course of business.

The following tables contain summarized financial information with respect to our investments in Hertz and Herbalife during the respective periods (or partial periods) in which we possessed the ability to exercise significant influence over the operating and financial policies of the investee.


	December 31, 2019
	Hertz		Herbalife

	(in millions)
Total assets	$	24,627	$	2,679
Total liabilities		22,739		3,069
Non-controlling interests		119		—
Equity attributable to investee shareholders		1,769		(390)

The majority of total assets in the table above consists of property, plant and equipment, net for Hertz and cash and cash equivalents, inventories, net and property, plant and equipment, net for Herbalife. The majority of total liabilities in the table above consists of debt for each of Hertz and Herbalife.


	Hertz						Herbalife
	Year Ended December 31,						Year Ended December 31,
	2020		2019		2018		2020		2019		2018

	(in millions)
Net sales/Other revenue from operations	$	2,755	$	9,779	$	9,504	$	2,609	$	4,877	$	4,892
Cost of goods sold/Other expenses from operations		3,231		8,051		8,045		518		958		919
Net (loss) income		(1,209)		(50)		(227)		161		311		297
Net (loss) income attributable to investee shareholders		(1,203)		(58)		(225)		161		311		297

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,
	2020		2019

	(in millions)
Equity method investments	$	120	$	201
Held to maturity debt investments measured at amortized cost		20		—
Other investments measured at fair value		534		537
	$	674	$	738

The portion of unrealized losses that relates to equity securities still held by our other segments and our Holding Company was $36 million, $421 million and $339 million for the years ended December 31, 2020, 2019 and 2018, respectively.

Fair Value Measurements

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

5. Fair Value Measurements

U.S. GAAP requires enhanced disclosures about investments and non-recurring non-financial assets and liabilities that are measured and reported at fair value and has established a hierarchal disclosure framework that prioritizes and ranks the level of market price observability used in measuring investments or non-financial assets and liabilities at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

Investments and non-financial assets and/or liabilities measured and reported at fair value are classified and disclosed in one of the following categories:

Level 1 - Quoted prices are available in active markets for identical investments and non-financial assets and/or liabilities as of the reporting date.

Level 2 - Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies where all significant inputs are observable. The inputs and assumptions of our Level 2 investments are derived from market observable sources including reported trades, broker/dealer quotes and other pertinent data.

Level 3 - Pricing inputs are unobservable for the investment and non-financial asset and/or liability and include situations where there is little, if any, market activity for the investment or non-financial asset and/or liability. The inputs into the determination of fair value require significant management judgment or estimation. Fair value is determined using comparable market transactions and other valuation methodologies, adjusted as appropriate for liquidity, credit, market and/or other risk factors.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the investments’, non-financial assets’ and/or liabilities’ level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the investment. Significant transfers, if any, between the levels within the fair value hierarchy are recognized at the beginning of the reporting period when changes in circumstances require such transfers.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table summarizes the valuation of our assets and liabilities by the above fair value hierarchy levels measured on a recurring basis:


	December 31, 2020								December 31, 2019
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total

	(in millions)
Assets
Investments (Note 4)	$	8,546	$	174	$	41	$	8,761	$	9,448	$	281	$	3	$	9,732
Derivative contracts, at fair value (Note 6)		—		785		—		785		—		182		—		182
	$	8,546	$	959	$	41	$	9,546	$	9,448	$	463	$	3	$	9,914
Liabilities
Securities sold, not yet purchased (Note 4)	$	2,521	$	—	$	—	$	2,521	$	1,190	$	—	$	—	$	1,190
Derivative contracts, at fair value (Note 6)		11		628		—		639		—		1,224		—		1,224
Other liabilities		—		214		—		214		—		7		6		13
	$	2,532	$	842	$	—	$	3,374	$	1,190	$	1,231	$	6	$	2,427

Refer to Note 19, “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, 2020 and 2019.

Assets Measured at Fair Value on a Recurring Basis for Which We Use Level 3 Inputs to Determine Fair Value

The changes in investments measured at fair value on a recurring basis for which we use Level 3 inputs to determine fair value are as follows:


	Year Ended December 31,
	2020		2019

	(in millions)
Balance at January 1	$	3	$	372
Transfer in from Level 2		136		—
Net gains recognized in income		48		89
Purchases		101		—
Transfer out of Level 3		(246)		—
Sales		—		(458)
Other		(1)		—
Balance at December 31	$	41	$	3

During 2020, we transferred our debt investment in Vivus from Level 2 to Level 3 due to the reduction in market observable sources occurring during the period. The fair value of this investment was derived from the enterprise value of Vivus at emergence from bankruptcy, which was valued using a discounted cash flow method. We recognized a gain of $48 million as a result of adjusting the fair value of this investment just prior to emergence. In the fourth quarter of 2020, this debt investment, consisting of convertible debt securities, along with a separate debt investment in Vivus, consisting of a term loan, was transferred out of Level 3 upon Vivus’ emergence from bankruptcy, at which point, we acquired all of the equity interests in Vivus, resulting in Vivus becoming a consolidated subsidiary of ours.

As of the beginning of 2019, we had a certain equity investment which was considered a Level 3 investment due to unobservable market data and was measured at fair value on a recurring basis. We determined the fair value of this investment based on recent market transactions. During 2019, we sold this equity investment in its entirety.

During 2020, our Real Estate segment recorded an impairment of certain development property, included in other assets in the consolidated balance sheets, of $5 million, and property, plant and equipment, net of $2 million.

Refer to Note 9, “Goodwill and Intangible Assets, Net,” for discussion of our goodwill and intangible asset impairments.

Refer to Note 13, “Segment and Geographic Reporting,” for total impairment recorded by each of our segments.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Financial Instruments

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments

6. Financial Instruments

Overview

Investment

In the normal course of business, the Investment Funds may trade various financial instruments and enter into certain investment activities, which may give rise to off-balance-sheet risks, with the objective of capital appreciation or as economic hedges against other securities or the market as a whole. The Investment Funds’ investments may include futures, options, swaps and securities sold, not yet purchased. These financial instruments represent future commitments to purchase or sell other financial instruments or to exchange an amount of cash based on the change in an underlying instrument at specific terms at specified future dates. Risks arise with these financial instruments from potential counterparty non-performance and from changes in the market values of underlying instruments.

Credit concentrations may arise from investment activities and may be impacted by changes in economic, industry or political factors. The Investment Funds routinely execute transactions with counterparties in the financial services industry, resulting in credit concentration with respect to the financial services industry. In the ordinary course of

business, the Investment Funds may also be subject to a concentration of credit risk to a particular counterparty. The Investment Funds seek to mitigate these risks by actively monitoring exposures, collateral requirements and the creditworthiness of its counterparties.

The Investment Funds have entered into various types of swap contracts with other counterparties. These agreements provide that they are entitled to receive or are obligated to pay in cash an amount equal to the increase or decrease, respectively, in the value of the underlying shares, debt and other instruments that are the subject of the contracts, during the period from inception of the applicable agreement to its expiration. In addition, pursuant to the terms of such agreements, they are entitled to receive or obligated to pay other amounts, including interest, dividends and other distributions made in respect of the underlying shares, debt and other instruments during the specified time frame. They are also required to pay to the counterparty a floating interest rate equal to the product of the notional amount multiplied by an agreed-upon rate, and they receive interest on any cash collateral that they post to the counterparty at the federal funds or LIBOR rate in effect for such period.

The Investment Funds may trade futures contracts. A futures contract is a firm commitment to buy or sell a specified quantity of a standardized amount of a deliverable grade commodity, security, currency or cash at a specified price and specified future date unless the contract is closed before the delivery date. Payments (or variation margin) are made or received by the Investment Funds each day, depending on the daily fluctuations in the value of the contract, and the whole value change is recorded as an unrealized gain or loss by the Investment Funds. When the contract is closed, the Investment Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The Investment Funds may utilize forward contracts to seek to protect their assets denominated in foreign currencies and precious metals holdings from losses due to fluctuations in foreign exchange rates and spot rates. The Investment Funds’ exposure to credit risk associated with non-performance of such forward contracts is limited to the unrealized gains or losses inherent in such contracts, which are recognized in other assets and accrued expenses and other liabilities in our consolidated balance sheets.

The Investment Funds may also enter into foreign currency contracts for purposes other than hedging denominated securities. When entering into a foreign currency forward contract, the Investment Funds agree to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date unless the contract is closed before such date. The Investment Funds record unrealized gains or losses on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into such contracts and the forward rates at the reporting date.

The Investment Funds may also purchase and write option contracts. As a writer of option contracts, the Investment Funds receive a premium at the outset and then bear the market risk of unfavorable changes in the price of the underlying financial instrument. As a result of writing option contracts, the Investment Funds are obligated to purchase or sell, at the holder’s option, the underlying financial instrument. Accordingly, these transactions result in off-balance-sheet risk, as the Investment Funds’ satisfaction of the obligations may exceed the amount recognized in our consolidated balance sheets.

Certain terms of the Investment Funds’ contracts with derivative counterparties, which are standard and customary to such contracts, contain certain triggering events that would give the counterparties the right to terminate the derivative instruments. In such events, the counterparties to the derivative instruments could request immediate payment on derivative instruments in net liability positions. The aggregate fair value of all of the Investment Funds’ derivative instruments with credit-risk-related contingent features that are in a liability position at December 31, 2020 and 2019 was $1 million and $266 million, respectively.

The following table summarizes the volume of our Investment segment’s derivative activities based on their notional exposure, categorized by primary underlying risk:


	December 31, 2020				December 31, 2019
	Long Notional Exposure		Short Notional Exposure		Long Notional Exposure		Short Notional Exposure

		(in millions)
Primary underlying risk:
Equity contracts	$	—	$	8,623	$	806	$	13,113
Credit contracts⁽¹⁾		—		2,099		—		622

(1)

The short notional amount on our credit default swap positions was approximately $6.3 billion at December 31, 2020. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is approximately $2.1 billion as of December 31, 2020. The short notional amount on our credit default swap positions was approximately $4.7 billion as of December 31, 2019. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is $622 million as of December 31, 2019.

Certain derivative contracts executed by each of the Investment Funds with a single counterparty are reported on a net-by-counterparty basis where a legal right of offset exists under an enforceable netting agreement. Values for the derivative financial instruments, principally swaps, forwards, over-the-counter options and other conditional and exchange contracts, are reported on a net-by-counterparty basis.

The following table presents the fair values of our Investment segment’s derivatives that are not designated as hedging instruments in accordance with U.S. GAAP:


	Asset Derivatives				Liability Derivatives
	December 31, 2020		December 31, 2019		December 31, 2020		December 31, 2019

		(in millions)
Equity contracts	$	4	$	291	$	852	$	1,058
Credit contracts		1,012		—		1		266
Sub-total		1,016		291		853		1,324
Netting across contract types⁽¹⁾		(231)		(109)		(231)		(109)
Total⁽¹⁾	$	785	$	182	$	622	$	1,215

(1)

Excludes netting of cash collateral received and posted. The total collateral posted at December 31, 2020 and 2019 was $872 million and $903 million, respectively, across all counterparties, which are included in cash held at consolidated affiliated partnerships and restricted cash in the consolidated balance sheets.

The following table presents the amount of gain (loss) recognized in the consolidated statements of operations for our Investment segment’s derivatives not designated as hedging instruments:


	Gain (Loss) Recognized in Income⁽¹⁾
	Year Ended December 31,
	2020		2019		2018

Equity contracts	$	(1,583)	$	(2,152)	$	603
Credit contracts		1,088		(342)		129
Commodity contracts		—		(8)		66
	$	(495)	$	(2,502)	$	798

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

Energy

CVR Energy’s businesses are subject to price fluctuations caused by supply conditions, weather, economic conditions, interest rate fluctuations and other factors. To manage price risk on crude oil and other inventories and to fix margins on certain future production, CVR Refining from time to time enters into various commodity derivative transactions. CVR Refining holds derivative instruments, such as exchange-traded crude oil futures and over-the-counter forward swap agreements, which it believes provide an economic hedge on future transactions, but such instruments are not designated as hedge instruments. CVR Refining may enter into forward purchase or sale contracts associated with renewable identification numbers (“RINs”).

As of December 31, 2020, CVR Refining had 7 million outstanding commodity swap positions. As of December 31, 2020 and 2019, CVR Refining had open forward purchase and sale commitments for 6 million barrels and 4 million barrels, respectively. As of December 31, 2020, CVR Refining had open fixed-price commitments to purchase a net 13 million RINs.

Certain derivative contracts executed by our Energy segment with a single counterparty are reported on a net-by-counterparty basis where a legal right of offset exists under an enforceable netting agreement. As of December 31, 2020 and 2019, our Energy segment had net liability derivatives of $17 million and $8 million, respectively. Gains recognized on derivatives for our Energy segment were $55 million, $19 million and $146 million for the years ended December 31, 2020, 2019 and 2018, respectively. Gains recognized on derivatives for our Energy segment are included in cost of goods sold on the consolidated statements of operations.

Inventories, Net

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Inventories, Net

7. Inventories, Net

Inventories, net consists of the following:


	December 31,
	2020		2019

	(in millions)
Raw materials	$	183	$	206
Work in process		83		94
Finished goods		1,314		1,495
	$	1,580	$	1,795

Inventories in the table above is presented net of reserves of $73 million and $27 million as of December 31, 2020 and 2019, respectively.

During the first quarter of 2020, our Energy segment had inventories, net with a carrying value in excess of net realizable value. As a result, our Energy segment recorded a write-down of its inventories of $58 million, which is included in cost of goods sold in the consolidated statements of operations for the year ended December 31, 2020. The

write-down represents the difference between the carrying value of inventories accounted for using the first-in-first-out method and selling prices for refined products subsequent to March 31, 2020.

Property, Plant and Equipment, Net

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net

8. Property, Plant and Equipment, Net

Property, plant and equipment, net consists of the following:


			December 31,
	Useful Life		2020		2019

	(in years)			(in millions)
Land			$	393	$	396
Buildings and improvements		1 - 40		920		901
Machinery, equipment and furniture		2 - 30		5,347		5,272
Assets leased to others		5 - 39		280		289
Financing leases		3 - 18		113		117
Construction in progress				151		147
				7,204		7,122
Less: Accumulated depreciation and amortization				(2,976)		(2,668)
Property, plant and equipment, net			$	4,228	$	4,454

Depreciation and amortization expense related to property, plant and equipment for the years ended December 31, 2020, 2019 and 2018 was $406 million, $410 million and $398 million, respectively.

See Note 5, “Fair Value Measurements,” for discussion regarding certain impairments to our property, plant and equipment.

Goodwill and Intangible Assets, Net

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

9. Goodwill and Intangible Assets, Net

Goodwill consists of the following:


	December 31, 2020
	Automotive		Food Packaging		Metals		Home Fashion		Pharma		Consolidated

	(in millions)
Gross carrying amount, Jan 1	$	336	$	6	$	4	$	23	$	—	$	369
Acquisitions		5		—		—		1		13		19
Gross carrying amount, Dec 31		341		6		4		24		13		388

Accumulated impairment, Jan 1		(87)		—		—		—		—		(87)
Impairment		—		—		—		(3)		—		(3)
Accumulated impairment, Dec 31		(87)		—		—		(3)		—		(90)

Net carrying value, Dec 31	$	254	$	6	$	4	$	21	$	13	$	298


	December 31, 2019
	Automotive		Food Packaging		Metals		Home Fashion		Consolidated

	(in millions)
Gross carrying amount, Jan 1	$	328	$	6	$	—	$	—	$	334
Acquisitions		8		—		4		22		34
Foreign exchange		—		—		—		1		1
Gross carrying amount, Dec 31		336		6		4		23		369

Accumulated impairment, Jan 1		(87)		—		—		—		(87)
Impairment		—		—		—		—		—
Accumulated impairment, Dec 31		(87)		—		—		—		(87)

Net carrying value, Dec 31	$	249	$	6	$	4	$	23	$	282

Intangible assets, net consists of the following:


	December 31, 2020						December 31, 2019
	Gross				Net		Gross				Net
	Carrying		Accumulated		Carrying		Carrying		Accumulated		Carrying
	Amount		Amortization		Value		Amount		Amortization		Value

	(in millions)
Definite-lived intangible assets:
Customer relationships	$	399	$	(176)	$	223	$	397	$	(155)	$	242
Developed technology		254		(6)		248		4		(4)		—
Other		269		(163)		106		269		(142)		127
	$	922	$	(345)	$	577	$	670	$	(301)	$	369

Indefinite-lived intangible assets					$	83					$	62
Intangible assets, net					$	660					$	431

Amortization expense associated with definite-lived intangible assets for the years ended December 31, 2020, 2019 and 2018 was $44 million, $40 million and $47 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)
2021	$	63
2022		60
2023		60
2024		59
2025		57
Thereafter		278
	$	577

Acquisitions

Acquisitions during the year ended December 31, 2020 were not material individually or in the aggregate. As a result of Vivus’ emergence from bankruptcy in December 2020, our Pharma segment allocated $13 million to goodwill and $271 million to intangible assets during 2020, of which $250 million relates to developed technologies and $21 million relates to in process research and development. The fair value of the developed technologies recognized were

based on estimates of the future discounted cash flows expected to be generated over the useful lives of the developed technologies. The developed technologies consist of two approved therapies estimated to have useful lives ranging from 5 and 18 years. The allocations to goodwill and intangible assets are not final and are subject to change.

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 the first quarter of 2020, due to the COVID-19 pandemic and its impact on our Automotive segment’s operations, we performed an interim goodwill impairment analysis. At such time, our Automotive segment had $249 million of goodwill, all of which was allocated to its Service reporting unit. Based on the interim impairment analysis, we determined that the fair value of our Automotive segment’s Service reporting unit was significantly in excess of its carrying value and therefore, no impairment is required.

During 2019, our Automotive segment considered qualitative factors to determine that goodwill at its Service reporting unit did not require further testing for impairment.

In the fourth quarter of 2018, coinciding with our annual goodwill impairment analysis, we reorganized our Automotive segment’s reporting units. Prior to the reorganization, our Automotive segment had two reporting units, Pep-Boys and AutoPlus, with all of its goodwill allocated to the Pep-Boys reporting unit. A goodwill impairment analysis just prior to the reorganization did not have an impact on the Pep-Boys reporting unit goodwill. Upon reorganization of the reporting units, a portion of the Pep-Boys reporting unit was reallocated to the AutoPlus reporting unit, which resulted in our Automotive segment continuing to have two redefined reporting units, Service and Parts. As a result, a portion of the goodwill was reallocated using a relative fair value allocation approach, which resulted in approximately 27% of the goodwill being reallocated to the Parts reporting unit. Based on our annual goodwill impairment analysis for our Automotive segment, which reflected our reorganized reporting units, we determined that the carrying value of its Parts reporting unit exceeded its fair value and as a result, we recognized a goodwill impairment charge of $87 million in the fourth quarter of 2018, which represented the full amount of the goodwill allocated to the Parts reporting unit. This impairment was the result of our reporting unit reorganization, which resulted in a significant amount of carrying value of net assets being reallocated to the Parts reporting unit, primarily for inventory, with a significantly lesser fair value due to the future projected cash flows of the Parts reporting unit, which resulted in the Parts reporting unit having a carrying value in excess of its fair value. Therefore, the goodwill reallocated to the Parts reporting unit was immediately impaired. We also determined that the fair value of our Automotive segment’s Service reporting unit was significantly in excess of its carrying value and therefore, no additional impairment is required.

Home Fashion

We perform the annual goodwill impairment test for our Home Fashion segment as of October 1 of each year, or more frequently if impairment indicators exist. During the second quarter of 2020, our Home Fashion segment impaired a portion of its goodwill in the amount of $3 million.

Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

10. Leases

All Segments and Holding Company

We have operating and finance leases primarily within our Automotive, Energy and Food Packaging segments. Our Automotive segment leases assets, primarily real estate (operating) and vehicles (financing). Our Energy segment leases certain pipelines, storage tanks, railcars, office space, land and equipment (operating and financing). Our Food Packaging segment leases assets, primarily real estate, equipment and vehicles (primarily operating). Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Right-of-use assets and related liabilities are recorded on the balance sheet for leases with an initial lease term in excess of twelve months and therefore, do not include any lease arrangements with initial lease terms of twelve months or less.

Right-of-use assets and lease liabilities are as follows:


	December 31,
	2020		2019

	(in millions)
Operating Leases:
Right-of-use assets (other assets)	$	552	$	624
Lease liabilities (accrued expenses and other liabilities)		570		647

Financing Leases:
Right-of-use assets (property, plant and equipment, net)		65		77
Lease liabilities (debt)		81		93

Additional information with respect to our operating leases as of December 31, 2020 and 2019 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, 2020	Assets		Liabilities		Lease Term	Rate

	(in millions)
Energy	$	37	$	38	3.1 years	5.5%
Automotive		436		456	4.6 years	5.7%
Food Packaging		32		36	11.1 years	7.4%
Other segments and Holding Company		47		40
	$	552	$	570


	Right-Of-Use		Lease			Discount
Operating Leases as of December 31, 2019	Assets		Liabilities		Lease Term	Rate

	(in millions)
Energy	$	48	$	48	3.7 years	5.6%
Automotive		501		527	5.2 years	5.7%
Food Packaging		34		38	11.7 years	7.4%
Other segments and Holding Company		41		34
	$	624	$	647

Maturities of lease liabilities as of December 31, 2020 are as follows:


	Operating		Financing
Year	Leases		Leases

	(in millions)
2021	$	181	$	18
2022		152		14
2023		100		12
2024		73		12
2025		49		13
Thereafter		121		43
Total lease payments		676		112
Less: imputed interest		(106)		(31)
	$	570	$	81

For the year ended December 31, 2020, lease cost was comprised of operating lease cost of $200 million, amortization of financing lease right-of use assets of $11 million and interest expense on financing lease liabilities of $7 million. For the year ended December 31, 2019, lease cost was comprised of operating lease cost of $202 million, amortization of financing lease right-of use assets of $14 million and interest expense on financing lease liabilities of $7 million. Our Automotive segment accounted for $166 million and $173 million of total lease cost for the years ended December 31, 2020 and 2019, respectively.

Rent expense under operating leases for the years ended December 31, 2018, prior to the adoption of ASC 842, was $168 million.

Real Estate

Our Real Estate segment leases real estate, primarily commercial properties under long-term operating leases. As of December 31, 2020 and 2019, our Real Estate segment has assets leased to others included in property, plant and equipment of $222 million and $222 million, respectively, net of accumulated depreciation. Our Real Estate segment’s revenue from operating leases were $32 million, $33 million and $39 million for the years ended December 31, 2020, 2019 and 2018, 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 receivable are $5 million for 2021, $1 million in 2022 and less than $1 million in 2023 and thereafter.

Debt

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Debt

11. Debt

Debt consists of the following:


	December 31,
	2020		2019

	(in millions)
Holding Company:
5.875% senior unsecured notes due 2022	$	—	$	1,345
6.250% senior unsecured notes due 2022		1,209		1,211
6.750% senior unsecured notes due 2024		499		498
4.750% senior unsecured notes due 2024		1,106		498
6.375% senior unsecured notes due 2025		748		748
6.250% senior unsecured notes due 2026		1,250		1,250
5.250% senior unsecured notes due 2027		999		747
		5,811		6,297
Reporting Segments:
Energy		1,691		1,195
Automotive		368		405
Food Packaging		151		268
Metals		16		7
Real Estate		1		2
Home Fashion		21		18
		2,248		1,895
Total Debt	$	8,059	$	8,192

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. (the “Issuers”) and guaranteed by Icahn Enterprises Holdings (the “Guarantor”). Interest on each of the senior unsecured notes are payable semi-annually.

In January 2020, the Issuers issued $600 million in aggregate principal amount of 4.750% senior unsecured notes due 2024 and $250 million in aggregate principal amount of 5.250% senior unsecured notes due 2027. The proceeds from these notes, together with cash on hand, were used to repay in full our prior outstanding $1.35 billion principal amount of 5.875% senior unsecured notes due 2022, and to pay accrued interest, related fees and expenses.

In May and June 2019, the Issuers issued $1.250 billion in aggregate principal amount of 6.250% senior unsecured notes due 2026. The proceeds from these notes, together with cash on hand, were used to redeem all of the prior outstanding 6.000% senior unsecured notes due 2020 and to pay accrued interest, related fees and expenses.

In September 2019, the Issuers issued $500 million in aggregate principal amount of 4.750% senior unsecured notes due 2024. The proceeds from these notes were used for general limited partnership purposes.

In December 2019, the Issuers issued $750 million in aggregate principal amount of 5.250% senior unsecured notes due 2027. The proceeds from these notes were used for general limited partnership purposes.

In January 2017, the Issuers issued $500 million in aggregate principal amount of 6.750% senior unsecured notes due 2024 and $695 million in aggregate principal amount of 6.250% senior unsecured notes due 2022. The proceeds from these notes were used to redeem all of the prior outstanding senior unsecured notes due 2017 and to pay accrued interest, related fees and expenses.

In December 2017, the Issuers issued $750 million in aggregate principal amount of 6.375% senior unsecured notes due 2025 and an additional $510 million in aggregate principal amount of its existing 6.250% senior unsecured notes due 2022. The proceeds from these notes, together with cash on hand, were used to redeem all of the prior outstanding senior unsecured notes due 2019 and to pay accrued interest, related fees and expenses.

Icahn Enterprises recorded a loss on extinguishment of debt of $4 million in 2020 and a gain on extinguishment of debt of $2 million in 2019 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. All 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. All 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. The indentures also restrict the incurrence of debt or the issuance of disqualified stock, as defined in the indentures, with certain exceptions. In addition, the indentures require that on each quarterly determination date, we and the guarantor of the notes (currently only Icahn Enterprises Holdings) maintain certain minimum financial ratios, as defined therein. The indentures also restrict the creation of liens, mergers, consolidations and sales of substantially all of our assets, and transactions with affiliates. Additionally, each of the senior unsecured notes outstanding as of December 31, 2020, except for the 4.750% senior unsecured notes due 2024 and the 5.250% senior unsecured notes due 2027, are subject to optional redemption premiums in the event we redeem any of the notes prior to certain dates as described in the indentures.

As of December 31, 2020 and 2019, we were in compliance with all covenants, including maintaining certain minimum financial ratios, as defined in the indentures. Additionally, as of December 31, 2020, 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.

Subsequent Event

In January 2021, the Issuers issued $750 million in aggregate principal amount of 4.375% senior unsecured notes due 2029. The proceeds from this issuance, together with cash on hand, were used to redeem $750 million principal amount of our 6.250% senior unsecured notes due 2022, and to pay accrued interest, related fees and expenses.

Reporting Segments

Energy

CVR Energy’s debt primarily consists of $600 million in aggregate principal amount of 5.25% senior unsecured notes due 2025 and $400 million in aggregate principal amount of 5.75% senior unsecured notes due 2028 (each issued by CVR Energy) and $645 million in aggregate principal amount of 9.25% senior secured notes due 2023 (issued by CVR Partners). Interest for each of these notes are accrued and paid based on contractual terms.

The $600 million in aggregate principal amount of 5.25% senior unsecured notes due 2025 and $400 million in aggregate principal amount of 5.75% senior unsecured notes due 2028 were issued by CVR Energy in January 2020. A portion of the net proceeds from the issuance of these notes were used to fund the redemption of CVR Energy’s existing $500 million senior unsecured notes due 2022 (issued by CVR Refining). The remaining net proceeds will be used for CVR Energy’s general corporate purposes. In connection with these transactions, our Energy segment recorded a loss on extinguishment of debt of $8 million.

The senior secured notes issued by CVR Refining are jointly and severally guaranteed on a senior secured basis by the wholly owned subsidiaries of CVR Energy with the exception of CVR Partners and its subsidiaries and certain immaterial wholly owned subsidiaries of CVR Energy. The senior secured notes issued by CVR Partners are guaranteed on a senior secured basis by all of CVR Partners’ existing subsidiaries.

The indentures governing these notes contain certain covenants that restrict the ability of the issuers and their restricted subsidiaries from incurring additional debt or issue 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, 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.

As of December 31, 2020 and 2019, total availability under CVR Refining and CVR Partners variable rate asset based revolving credit facilities aggregated $385 million and $443 million, respectively. CVR Refining also had $35 million and $7 million of letters of credit outstanding as of December 31, 2020 and 2019.

Automotive

Icahn Automotive’s debt primarily consists of an asset-based revolving credit facility with variable interest rates. Icahn Automotive debt outstanding under this credit facility was $350 million and $382 million as of December 31, 2020 and 2019, respectively, and matures in the third quarter of 2021. Interest for the credit facility is accrued and paid based on contractual terms. The interest rate on the credit facility was 2.01% and 4.15% as of December 31, 2020 and 2019, respectively. Substantially all of Icahn Automotive’s assets are pledged as collateral under the above credit facility.

As of December 31, 2020 and 2019, there was availability under revolving credit facilities of $96 million and $107 million, respectively. Icahn Automotive also had $45 million and $41 million of letters of credit outstanding as of December 31, 2020 and 2019, respectively.

Food Packaging

Viskase’s debt primarily consists of a credit agreement providing for a $150 million term loan and a $30 million revolving credit facility issued in October 2020 and maturing in 2023. The proceeds from the term loan, plus cash received from Viskase’s equity private placement in October 2020, as discussed in Note 1, “Description of Business,” were used to repay in full Viskase’s existing term loan. Interest for this note is accrued and paid based on contractual terms. The interest rate on Viskase’s term loans were 3.72% and 5.19% as of December 31, 2020 and 2019, 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, $6 million and $5 million for the years ended December 31, 2020, 2019 and 2018, respectively.

Consolidated Maturities

The following is a summary of the maturities of our debt:


Year	Amount
	(in millions)
2021	$	400
2022		1,213
2023		777
2024		1,600
2025		1,350
Thereafter		2,651
Total debt payments (excluding financing lease payments)		7,991
Less: unamortized discounts, premiums and deferred financing fees		(13)
Financing leases (Note 10)		81
	$	8,059

Net Income Per LP Unit

12 Months Ended

Dec. 31, 2020

Earnings Per Unit [Abstract]

Net Income Per LP Unit

12. Net Income Per LP Unit

The components of the computation of basic and diluted income (loss) per LP unit from continuing and discontinued operations of Icahn Enterprises are as follows:


	Year Ended December 31,
	2020		2019		2018

	(in millions, except per unit amounts)
Net loss attributable to Icahn Enterprises from continuing operations	$	(1,653)	$	(1,066)	$	(238)
Net loss attributable to Icahn Enterprises from continuing operations allocated to limited partners (98.01% allocation)	$	(1,620)	$	(1,045)	$	(233)

Net (loss) income attributable to Icahn Enterprises from discontinued operations	$	—	$	(32)	$	1,720
Less: net loss attributable to Icahn Enterprises from discontinued operations allocated 100% to general partner		—		—		598
Net (loss) income attributable to Icahn Enterprises from discontinued operations allocable to limited partners	$	—	$	(32)	$	2,318
Net loss (income) attributable to Icahn Enterprises from discontinued operations allocated to limited partners (98.01% allocation)	$	—	$	(31)	$	2,272

Basic and diluted (loss) income per LP unit:
Continuing operations	$	(7.33)	$	(5.23)	$	(1.29)
Discontinued operations		—		(0.15)		12.62
Basic and diluted (loss) income per LP unit	$	(7.33)	$	(5.38)	$	11.33
Basic and diluted weighted average LP units outstanding		221		200		180

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 Federal-Mogul and ARI, 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 Icahn Enterprises outstanding depositary units during each of the years ended December 31, 2020, 2019 and 2018.


	Mr. Icahn and	Public
	Affiliates	Unitholders	Total
December 31, 2017	157,898,582	15,665,725	173,564,307
Unit distributions	17,543,006	235,944	17,778,950
2017 Incentive Plan	—	22,840	22,840
December 31, 2018	175,441,588	15,924,509	191,366,097
Unit distributions	21,608,064	290,789	21,898,853
2017 Incentive Plan	—	19,259	19,259
2019 at-the-market offering	—	794,349	794,349
December 31, 2019	197,049,652	17,028,906	214,078,558
Unit distributions	24,902,568	449,610	25,352,178
2019 at-the-market offering	—	1,908,099	1,908,099
Sale to Brett Icahn	(202,758)	202,758	—
December 31, 2020	221,749,462	19,589,373	241,338,835

Unit Distributions

During each of the years ended December 31, 2020, 2019 and 2018, 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 an election, it was automatically deemed to have elected to receive the distributions in cash. In connection with these distributions, during 2020, aggregate cash distributions to all depositary unitholders was $516 million, of which $422 million relates to the distribution declared in the first quarter of 2020. Mr. Icahn and his affiliates have historically elected to receive their distributions in additional units; however, in the first quarter of 2020, they received their distribution in cash. For the distributions declared in the second, third and fourth quarters of 2020, Mr. Icahn and his affiliates elected to receive their distributions in additional units and cash distributions paid to other depositary unitholders was $30 million, $31 million and $33 million, respectively. Mr. Icahn and his affiliates may in the future elect to receive all or a portion of their distributions in cash or in additional depositary units.

2019 At-The-Market Offering

On May 2, 2019, Icahn Enterprises announced the commencement of its “at-the-market” offering pursuant to its Open Market Sale Agreement, pursuant to which Icahn Enterprises may sell its depositary units, from time to time, for up to $400 million in aggregate sale proceeds. During the years ended December 31, 2020 and 2019, we received gross proceeds of $101 million and $55 million, respectively, in connection with this offering. As of December 31, 2020, Icahn Enterprises may sell its depositary units for up to an additional $244 million in aggregate sale proceeds pursuant to this agreement. No assurance can be made that any or all amounts will be sold during the term of the program.

2017 Incentive Plan

During the years ended December 31, 2020, 2019 and 2018, Icahn Enterprises distributed depositary units, 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 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 Reporting

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Segment and Geographic Reporting

13. 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 and Icahn Enterprises Holdings. Certain terms of financings for certain of our businesses impose restrictions on the business’ ability to transfer funds to us, including restrictions on dividends, distributions, loans and other transactions.

Condensed Statements of Operations

Icahn Enterprises’ condensed statements of operations by reporting segment are presented below. Icahn Enterprises Holdings’ condensed statements of operations are substantially the same, with immaterial differences relating to our Holding Company’s interest expense.


	Year Ended December 31, 2020
	Investment		Energy		Automotive		Food Packaging		Metals		Real Estate		Home Fashion		Pharma		Mining		Railcar		Holding Company		Consolidated

	(in millions)
Revenues:
Net sales	$	—	$	3,930	$	1,929	$	409	$	313	$	43	$	188	$	3	$	—		—	$	—	$	6,815
Other revenues from operations		—		—		549		—		—		59		—		—		—		—		—		608
Net (loss) gain from investment activities		(1,368)		34		—		—		—		—		—		—		—		—		(87)		(1,421)
Interest and dividend income		136		10		—		—		—		1		—		—		—		—		22		169
(Loss) gain on disposition of assets, net		—		(7)		(6)		—		1		(5)		—		—		—		—		—		(17)
Other (loss) income, net		(17)		(1)		(7)		(6)		3		—		2		—		—		—		(5)		(31)
		(1,249)		3,966		2,465		403		317		98		190		3		—		—		(70)		6,123
Expenses:
Cost of goods sold		—		4,164		1,344		327		298		35		150		2		—		—		—		6,320
Other expenses from operations		—		—		449		—		—		38		—		—		—		—		—		487
Selling, general and administrative		2		116		904		52		16		34		43		2		—		—		22		1,191
Restructuring, net		—		—		8		1		1		—		—		—		—		—		—		10
Impairment		—		—		—		—		1		7		3		—		—				—		11
Interest expense		196		125		12		11		1		—		1		—		—		—		342		688
		198		4,405		2,717		391		317		114		197		4		—		—		364		8,707
(Loss) income from continuing operations before income tax benefit (expense)		(1,447)		(439)		(252)		12		—		(16)		(7)		(1)		—		—		(434)		(2,584)
Income tax benefit (expense)		—		112		54		(8)		—		—		—		—		—		—		(42)		116
Net (loss) income from continuing operations		(1,447)		(327)		(198)		4		—		(16)		(7)		(1)		—		—		(476)		(2,468)
Less: net (loss) income from continuing operations attributable to non-controlling interests		(682)		(133)		—		—		—		—		—		—		—		—		—		(815)
Net (loss) income from continuing operations attributable to Icahn Enterprises	$	(765)	$	(194)	$	(198)	$	4	$	—	$	(16)	$	(7)	$	(1)	$	—	$	—	$	(476)	$	(1,653)
Supplemental information:
Capital expenditures	$	—	$	124	$	35	$	19	$	3	$	11	$	5	$	—	$	—	$	—	$	2	$	199
Depreciation and amortization	$	—	$	343	$	95	$	27	$	18	$	17	$	8	$	2	$	—	$	—	$	—	$	510


	Year Ended December 31, 2019
	Investment		Energy		Automotive		Food Packaging		Metals		Real Estate		Home Fashion		Pharma		Mining		Railcar		Holding Company		Consolidated

	(in millions)
Revenues:
Net sales	$	—	$	6,364	$	2,293	$	385	$	340	$	23	$	187	$	—	$	130	$	—	$	—	$	9,722
Other revenues from operations		—		—		591		—		—		75		—		—		—		—		—		666
Net loss from investment activities		(1,599)		—		—		—		—		—		—		—		—		—		(332)		(1,931)
Interest and dividend income		190		4		—		—		—		1		—		—		1		—		69		265
Gain (loss) on disposition of assets, net		—		4		(4)		—		1		—		—		—		252		—		—		253
Other (loss) income, net		(5)		13		15		(8)		—		4		(1)		—		(1)		—		2		19
		(1,414)		6,385		2,895		377		341		103		186		—		382		—		(261)		8,994
Expenses:
Cost of goods sold		—		5,707		1,615		312		343		18		159		—		51		—		—		8,205
Other expenses from operations		—		—		474		—		—		54		—		—		—		—		—		528
Selling, general and administrative		23		146		1,032		55		15		21		42		—		15		—		26		1,375
Restructuring, net		—		—		6		8		3		—		1		—		—		—		—		18
Impairment		—		—		—		1		1		—		—		—		—		—		—		2
Interest expense		106		106		20		17		1		—		1		—		4		—		350		605
		129		5,959		3,147		393		363		93		203		—		70		—		376		10,733
(Loss) income from continuing operations before income tax (expense) benefit		(1,543)		426		(252)		(16)		(22)		10		(17)		—		312		—		(637)		(1,739)
Income tax (expense) benefit		—		(112)		55		(6)		—		6		—		—		(1)		—		38		(20)
Net (loss) income from continuing operations		(1,543)		314		(197)		(22)		(22)		16		(17)		—		311		—		(599)		(1,759)
Less: net (loss) income from continuing operations attributable to non-controlling interests		(768)		68		—		(5)		—		—		—		—		12		—		—		(693)
Net (loss) income from continuing operations attributable to Icahn Enterprises	$	(775)	$	246	$	(197)	$	(17)	$	(22)	$	16	$	(17)	$	—	$	299	$	—	$	(599)	$	(1,066)
Supplemental information:
Capital expenditures	$	—	$	121	$	47	$	17	$	24	$	22	$	5	$	—	$	14	$	—	$	—	$	250
Depreciation and amortization	$	—	$	352	$	98	$	26	$	19	$	17	$	7	$	—	$	—	$	—	$	—	$	519


	Year Ended December 31, 2018
	Investment		Energy		Automotive		Food Packaging		Metals		Real Estate		Home Fashion		Pharma		Mining		Railcar		Holding Company		Consolidated

	(in millions)
Revenues:
Net sales	$	—	$	7,124	$	2,295	$	395	$	466	$	22	$	171	$	—	$	103	$	—	$	—	$	10,576
Other revenues from operations		—		—		563		—		—		84		—		—		—		—		—		647
Net income (loss) from investment activities		635		—		—		—		—		—		—		—		—		—		(313)		322
Interest and dividend income		104		2		—		1		—		16		—		—		1		—		24		148
(Loss) gain on disposition of assets, net		—		(6)		(1)		—		—		89		—		—		(3)		5		—		84
Other (loss) income, net		(2)		15		(1)		(17)		1		1		—		—		5		—		(2)		—
		737		7,135		2,856		379		467		212		171		—		106		5		(291)		11,777
Expenses:
Cost of goods sold		—		6,508		1,493		316		441		18		144		—		73		—		—		8,993
Other expenses from operations		—		—		483		—		—		54		—		—		—		1		—		538
Selling, general and administrative		12		138		1,051		57		19		22		34		—		27		1		25		1,386
Restructuring, net		—		5		5		9		—		—		2		—		—		—		—		21
Impairment		—		—		90		—		1		—		1		—		—		—		—		92
Interest expense		46		104		16		16		—		1		1		—		3		—		337		524
		58		6,755		3,138		398		461		95		182		—		103		2		362		11,554
Income (loss) from continuing operations before income tax (expense) benefit		679		380		(282)		(19)		6		117		(11)		—		3		3		(653)		223
Income tax (expense) benefit		—		(46)		52		4		(1)		(5)		—		—		(2)		(2)		14		14
Net income (loss) from continuing operations		679		334		(230)		(15)		5		112		(11)		—		1		1		(639)		237
Less: net income (loss) from continuing operations attributable to non-controlling interests		360		121		—		(3)		—		—		—		—		(2)		—		(1)		475
Net income (loss) from continuing operations attributable to Icahn Enterprises	$	319	$	213	$	(230)	$	(12)	$	5	$	112	$	(11)	$	—	$	3	$	1	$	(638)	$	(238)
Supplemental information:
Capital expenditures	$	—	$	102	$	66	$	25	$	21	$	13	$	5	$	—	$	40	$	—	$	—	$	272
Depreciation and amortization	$	—	$	339	$	92	$	26	$	18	$	19	$	8	$	—	$	6	$	—	$	—	$	508

Disaggregation of Revenue

In addition to the condensed statements of operations by reporting segment above, we provide additional disaggregated revenue information for certain reportable segments below.

Energy

Disaggregated revenue for our Energy segment net sales is presented below:


	Year Ended December 31,
	2020		2019		2018

	(in millions)
Petroleum products	$	3,580	$	5,960	$	6,773
Nitrogen fertilizer products		350		404		351
	$	3,930	$	6,364	$	7,124

Automotive

Disaggregated revenue for our Automotive segment net sales and other revenues from operations is presented below:


	Year Ended December 31,
	2020		2019		2018

	(in millions)
Automotive services	$	1,228	$	1,373	$	1,321
Aftermarket parts sales		1,250		1,511		1,537
	$	2,478	$	2,884	$	2,858

Condensed Balance Sheets

Icahn Enterprises’ condensed balance sheets by reporting segment are presented below. Icahn Enterprises Holdings’ condensed balance sheets are substantially the same, with immaterial differences relating to our Holding Company’s other assets, debt and equity attributable to Icahn Enterprises Holdings.


	December 31, 2020
	Investment		Energy		Automotive		Food Packaging		Metals		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated

	(in millions)
ASSETS
Cash and cash equivalents	$	14	$	667	$	45	$	16	$	1	$	21	$	2	$	8	$	925	$	1,699
Cash held at consolidated affiliated partnerships and restricted cash		1,558		7		—		—		2		8		6		—		11		1,592
Investments		8,239		253		40		—		—		15		—		—		366		8,913
Accounts receivable, net		—		178		109		88		64		10		33		20		—		502
Inventories, net		—		298		1,080		89		22		—		81		10		—		1,580
Property, plant and equipment, net		—		2,747		857		160		82		310		65		—		7		4,228
Goodwill and intangible assets, net		—		238		376		31		9		1		21		282		—		958
Other assets		4,308		335		582		101		37		121		19		6		6		5,515
Total assets	$	14,119	$	4,723	$	3,089	$	485	$	217	$	486	$	227	$	326	$	1,315	$	24,987
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	2,256	$	1,189	$	1,167	$	181	$	73	$	45	$	65	$	64	$	110	$	5,150
Securities sold, not yet purchased, at fair value		2,521		—		—		—		—		—		—		—		—		2,521
Debt		—		1,691		368		151		16		1		21		—		5,811		8,059
Total liabilities		4,777		2,880		1,535		332		89		46		86		64		5,921		15,730

Equity attributable to Icahn Enterprises		4,283		1,039		1,554		141		128		440		141		262		(4,606)		3,382
Equity attributable to non-controlling interests		5,059		804		—		12		—		—		—		—		—		5,875
Total equity		9,342		1,843		1,554		153		128		440		141		262		(4,606)		9,257
Total liabilities and equity	$	14,119	$	4,723	$	3,089	$	485	$	217	$	486	$	227	$	326	$	1,315	$	24,987


	December 31, 2019
	Investment		Energy		Automotive		Food Packaging		Metals		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated

	(in millions)
ASSETS
Cash and cash equivalents	$	11	$	652	$	46	$	22	$	3	$	53	$	1	$	—	$	3,006	$	3,794
Cash held at consolidated affiliated partnerships and restricted cash		989		—		—		1		6		2		7		—		146		1,151
Investments		9,207		81		120		—		—		15		—		—		522		9,945
Accounts receivable, net		—		182		143		78		32		12		36		—		—		483
Inventories, net		—		373		1,215		100		32		—		75		—		—		1,795
Property, plant and equipment, net		—		2,888		916		161		122		299		68		—		—		4,454
Goodwill and intangible assets, net		—		258		382		30		11		8		24		—		—		713
Other assets		1,076		239		673		125		27		125		20		—		19		2,304
Total assets	$	11,283	$	4,673	$	3,495	$	517	$	233	$	514	$	231	$	—	$	3,693	$	24,639
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	1,310	$	1,180	$	1,340	$	196	$	70	$	38	$	66	$	—	$	115	$	4,315
Securities sold, not yet purchased, at fair value		1,190		—		—		—		—		—		—		—		—		1,190
Debt		—		1,195		405		268		7		2		18		—		6,297		8,192
Total liabilities		2,500		2,375		1,745		464		77		40		84		—		6,412		13,697

Equity attributable to Icahn Enterprises		4,296		1,312		1,750		40		156		474		147		—		(2,719)		5,456
Equity attributable to non-controlling interests		4,487		986		—		13		—		—		—		—		—		5,486
Total equity		8,783		2,298		1,750		53		156		474		147		—		(2,719)		10,942
Total liabilities and equity	$	11,283	$	4,673	$	3,495	$	517	$	233	$	514	$	231	$	—	$	3,693	$	24,639

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,
		2020		2019		2018		2020		2019		2018		2020		2019

	(in millions)
United States		$	6,462	$	9,271	$	10,170	$	604	$	652	$	629	$	4,082	$	4,299
International			353		451		406		4		14		18		146		155
		$	6,815	$	9,722	$	10,576	$	608	$	666	$	647	$	4,228	$	4,454

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.

Discontinued Operations

12 Months Ended

Dec. 31, 2020

Discontinued Operations. [Abstract]

Discontinued Operations

14. Discontinued Operations

Income from discontinued operations is summarized as follows:


	Year Ended December 31, 2018
	Automotive		Gaming		Railcar		Total

Revenues:
Net sales	$	5,993	$	—	$	228	$	6,221
Other revenues from operations		—		679		213		892
Interest and dividend income		2		1		2		5
Gain on disposition of assets, net		65		—		—		65
Other income, net		5		1		13		19
		6,065		681		456		7,202
Expenses:
Cost of goods sold		4,999		—		215		5,214
Other expenses from operations		—		311		114		425
Selling, general and administrative		601		238		40		879
Restructuring, net		13		—		—		13
Impairment		2		—		4		6
Interest expense		137		4		19		160
		5,752		553		392		6,697
Income from discontinued operations before gain on sale and income tax expense		313		128		64		505
Gain on sale of discontinued operations		251		779		400		1,430
Income from discontinued operations before income tax expense		564		907		464		1,935
Income tax expense		(69)		(89)		(13)		(171)
Income from discontinued operations		495		818		451		1,764
Less: income from discontinued operations attributable to non-controlling interests		7		17		20		44
Income from discontinued operations attributable to Icahn Enterprises	$	488	$	801	$	431	$	1,720
Supplemental information:
Capital expenditures	$	303	$	58	$	125	$	486
Depreciation and amortization	$	100	$	19	$	47	$	166

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

15. 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				Icahn Enterprises Holdings
	December 31,				December 31,
	2020		2019		2020		2019

		(in millions)				(in millions)
Book basis of net assets	$	3,382	$	5,456	$	3,380	$	5,453
Book/tax basis difference		(774)		(1,397)		(774)		(1,397)
Tax basis of net assets	$	2,608	$	4,059	$	2,606	$	4,056

Income (loss) from continuing operations before income tax benefit (expense) is as follows:


	Year Ended December 31,
	2020		2019		2018

	(in millions)
Domestic	$	(2,586)	$	(1,765)	$	235
International		2		26		(12)
	$	(2,584)	$	(1,739)	$	223

Income tax benefit (expense) attributable to continuing operations is as follows:


	Year Ended December 31,
	2020		2019		2018

	(in millions)
Current:
Domestic	$	69	$	(106)	$	(11)
International		(2)		(3)		(4)
Total current		67		(109)		(15)
Deferred:
Domestic		51		87		30
International		(2)		2		(1)
Total deferred		49		89		29
	$	116	$	(20)	$	14

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,
	2020		2019		2018

	(in millions)
Income tax benefit (expense) at U.S. statutory rate	$	543	$	365	$	(47)
Tax effect from:
Valuation allowance		(243)		(63)		(4)
Non-controlling interest		(6)		(4)		26
Goodwill impairment		—		—		(18)
Stock dispositions		—		—		69
Income not subject to taxation		(287)		(314)		14
State taxes		103		—		—
Other		6		(4)		(26)
Income tax benefit (expense)	$	116	$	(20)	$	14

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,
	2020		2019

	(in millions)
Deferred tax assets:
Property, plant and equipment	$	17	$	17
Net operating loss		996		791
Tax credits		60		29
Capital loss		358		155
Leases		141		133
Other		119		71
Total deferred tax assets		1,691		1,196
Less: Valuation allowance		(1,026)		(619)
Net deferred tax assets	$	665	$	577

Deferred tax liabilities:
Property, plant and equipment	$	(121)	$	(125)
Intangible assets		(84)		(37)
Investment in partnerships		(657)		(652)
Investment in U.S. subsidiaries		(184)		(184)
Leases		(135)		(125)
Other		(46)		(61)
Total deferred tax liabilities		(1,227)		(1,184)
	$	(562)	$	(607)

We recorded deferred tax assets and deferred tax liabilities of $7 million and $569 million, respectively, as of December 31, 2020 and $32 million and $639 million, respectively, as of December 31, 2019. Deferred tax assets are included in other assets in our consolidated balance sheets.

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, 2020 we had a valuation allowance of approximately $1,026 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, 2020, the valuation allowance on deferred tax assets increased by $407 million. The increase was primarily attributable to capital loss and state net operating loss carryforwards and the acquisition of Vivus, which has a full valuation allowance on its deferred tax assets.

On December 11, 2020, we acquired all of the outstanding stock of Vivus upon its emergence from bankruptcy. As of December 31, 2020, Vivus had an estimated federal net operating loss carryforward of approximately $656 million and federal and state tax credits of approximately $17 million.

At December 31, 2020, American Entertainment Properties Corp. (“AEPC”), a wholly-owned corporate subsidiary of Icahn Enterprises and Icahn Enterprises Holdings, which includes all or parts of our Automotive, Food Packaging, Metals, Home Fashion and Real Estate segments had U.S federal net operating loss carryforwards of approximately $2.1 billion with expiration dates from 2024 through 2037. Additionally, AEPC and its corporate subsidiaries had foreign net operating loss carryforwards of $29 million with an unlimited carryforward period and $11 million with a 5-year carryforward period.

At December 31, 2020, CVR Energy had state income tax credits of $30 million, which are available to reduce future state income taxes. These credits can be carried forward indefinitely.

On October 9, 2020, Viskase completed an equity private placement whereby AEPC ownership increased from approximately 79% to 89%. As a result of greater than 80% ownership, Viskase became a member of the consolidated federal tax group of AEPC and party to a tax allocation agreement with AEPC. The tax allocation agreement provides, among other things, that AEPC will pay all consolidated federal income taxes on behalf of the consolidated tax group and Viskase is required to make payments to AEPC in an amount equal to the tax liability, if any, that it would have paid if it were to file a separate company return.

On August 1, 2018, CVR Energy completed an exchange offer whereby CVR Refining’s public unitholders tendered a total of 21,625,106 common units of CVR Refining in exchange for 13,699,549 shares of CVR Energy common stock. As a result of the exchange offer, AEPC owned less than 80% of the common stock of CVR Energy and CVR Energy deconsolidated from the AEPC consolidated federal income tax group. Beginning with the tax period after the exchange, CVR Energy became the parent of a new consolidated group for U.S. federal income tax purposes and will file and pay its federal income tax obligations directly to the Internal Revenue Service (“IRS”).

As of December 31, 2020, we have not provided taxes on approximately $66 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.

Enactment of U.S. Tax Legislation

In January 2018, the FASB released guidance on the accounting for tax on the global intangible low-taxed income (“GILTI”) provisions of The Tax Legislation. The GILTI provisions impose a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations. We report additional tax from the GILTI inclusion as incurred and currently estimate additional tax due in 2020 of less than $1 million.

Under the Tax Legislation, an entity must pay a Base Erosion Anti-Abuse Tax (“BEAT”) if the BEAT is greater than its regular tax liability. We currently estimate no additional tax due in 2020 pursuant to the BEAT provisions.

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, 2020, 2019 and 2018 are as follows:


	Year Ended December 31,
	2020		2019		2018

	(in millions)
Balance at January 1	$	33	$	34	$	34
Addition based on tax positions related to the current year		1		2		—
Increase for tax positions of prior years		6		—		6
Decrease for tax positions of prior years		(2)		—		—
Decrease for statute of limitation expiration		(3)		(3)		(6)
Balance at December 31	$	35	$	33	$	34

At December 31, 2020, 2019 and 2018, we had unrecognized tax benefits of $35 million, $33 million and $34 million, respectively. Of these totals, $31 million, $27 million and $30 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 $3 million, $1 million and $1 million as of December 31, 2020, 2019 and 2018, 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, $0 million and $(1) million for the years December 31, 2020, 2019 and 2018, 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 2016 or state and local examinations for years before 2014, with limited exceptions. The AEPC group’s income tax returns are currently under examination by the IRS for the years ended December 31, 2018 and 2017. As of December 31, 2020, AEPC has not been notified of any issues pursuant to the examination.

Changes in Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2020

Changes in Accumulated Other Comprehensive Loss [Abstract]

Changes in Accumulated Other Comprehensive Loss

16. Changes in Accumulated Other Comprehensive Loss

Changes in accumulated other comprehensive loss consists of the following:


	Translation		Post-Retirement
	Adjustments, Net		Benefits and
	of Tax		Other, Net of Tax		Total

	(in millions)
Balance, December 31, 2019	$	(38)	$	(44)	$	(82)
Other comprehensive income (loss) before reclassifications, net of tax		4		(6)		(2)
Reclassifications from accumulated other comprehensive loss to earnings, net of tax		—		1		1
Other comprehensive income (loss), net of tax		4		(5)		(1)
Balance, December 31, 2020	$	(34)	$	(49)	$	(83)

Other Income, Net

12 Months Ended

Dec. 31, 2020

Other Income and Expenses [Abstract]

Other Income, Net

17. Other Income, Net

Other income, net consists of the following:


	Year Ended December 31,
	2020		2019		2018

	(in millions)
Dividend expense	$	(17)	$	(5)	$	(2)
Equity earnings from non-consolidated affiliates		2		21		7
Foreign currency transaction loss		(5)		(5)		(1)
Non-service pension and other post-retirement benefits expense		(1)		(3)		(8)
(Loss) gain on extinguishment of debt		(12)		2		—
Other		2		9		4
	$	(31)	$	19	$	—

Commitments and Contingencies

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

18. Commitments and Contingencies

Environmental Matters

Due to the nature of our business, certain of our subsidiaries’ operations are subject to numerous existing and proposed laws and governmental regulations designed to protect the environment, particularly regarding plant wastes and emissions and solid waste disposal. Our consolidated environmental liabilities on an undiscounted basis were $37 million and $34 million as of December 31, 2020 and 2019, respectively, primarily within our Energy and Metals segments and 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

On August 21, 2018, CVR Refining received a letter from the United States Department of Justice (the “DOJ”) on behalf of the Environmental Protection Agency (the “EPA”) and the Kansas Department of Health and Environment (“KDHE”) alleging violations of the Clean Air Act and a 2012 Consent Decree (“CD”) between CVR Refining, the United States (on behalf of the EPA) and KDHE at CVR Energy’s Coffeyville refinery. In June 2020, a tolling agreement between the parties relating to such allegations expired, and the United States and KDHE sent demand letters relating to the allegations (the “Stipulated Claims”) and seeking stipulated penalties. In February 2021, the DOJ and KDHE sent CVR Refining a statement of position under the CD regarding its demand for Stipulated Claims. As CVR Refining disputes most claims asserted by the government, in accordance with the CD, CVR Refining deposited funds into a commercial escrow account pending resolution of disputed claims. The escrowed funds are legally restricted for use and are included within other assets on the consolidated balance sheets. In December 2020, the DOJ and KDHE filed a supplement complaint in the United States District Court for the District of Kansas asserting nine counts for alleged violations of the Clean Air Act, the Kansas State Implementation Plan and Kansas law (“the Statutory Claims”) and seeking civil penalties, injunctive and related relief. Negotiations relating to the Stipulated Claims and the Statutory Claims are ongoing and CVR Energy cannot at this time determine the outcome of this matter, including whether such outcome, or any subsequent enforcement or litigation relating thereto would have a material impact on our Energy segment’s financial position, results of operations, or cash flows.

As of December 31, 2020 and 2019, our Energy segment had environmental accruals of $11 million and $6 million, respectively, representing estimated costs for future remediation efforts at certain sites.

Metals

PSC Metals has been designated as a potentially responsible party (“PRP”) under U.S. federal and state superfund laws with respect to certain sites with which PSC Metals may have had a direct or indirect involvement. It is alleged that PSC Metals and its subsidiaries or their predecessors transported waste to the sites, disposed of waste at the sites or

operated the sites in question. In addition, one of PSC Metals’ Knoxville, Tennessee locations was the subject of investigations by the State of Tennessee under the federal Superfund law. These investigations were performed by the State of Tennessee pursuant to a contract with the EPA. PSC Metals has entered into Tennessee’s Voluntary Clean-Up Oversight and Assistance Program (“VOAP”) and expects to enter into a settlement with the Tennessee Department of Environment and Conservation (“TDEC”) in the future. Currently, PSC Metals believes that it has adequately reserved for the cost of any potential future remediation associated with its Knoxville location, but cannot fully assess the impact of all costs or liabilities associated with TDEC’s investigations. With respect to all other matters in which PSC Metals has been designated as a PRP under U.S. federal and state superfund laws, PSC Metals has reviewed the nature and extent of the allegations, the number, connection and financial ability of other named and unnamed PRPs and the nature and estimated cost of the likely remedy. Based on reviewing the nature and extent of the allegations, PSC Metals has estimated its liability to remediate these other sites to be immaterial as of both December 31, 2020 and 2019. If it is determined that PSC Metals has liability to remediate those sites and that more expensive remediation approaches are required in the future, PSC Metals could incur additional obligations, which could be material to its operations.

Certain of PSC Metals’ facilities are environmentally impaired in part as a result of operating practices at the sites prior to their acquisition by PSC Metals and as a result of PSC Metals’ operations. PSC Metals has established procedures to periodically evaluate these sites, giving consideration to the nature and extent of the contamination. PSC Metals has provided for the remediation of these sites based upon its management’s judgment and prior experience. PSC Metals has estimated the liability to remediate these sites to be $25 million and $27 million at December 31, 2020 and 2019, respectively. PSC Metals believes, based on past experience, that the vast majority of these environmental liabilities and costs will be assessed and paid over an extended period of time. PSC Metals believes that it will be able to fund such costs in the ordinary course of business. Estimates of PSC Metals’ liability for remediation of a particular site and the method and ultimate cost of remediation require a number of assumptions that are inherently difficult to make, and the ultimate outcome may be materially different from current estimates. Moreover, because PSC Metals has disposed of waste materials at numerous third-party disposal facilities, it is possible that PSC Metals will be identified as a PRP at additional sites. The impact of such future events cannot be estimated at the current time.

Renewable Fuel Standards

CVR Refining is subject to the Renewable Fuel Standard (“RFS”) of the EPA which requires refiners to either blend renewable fuels in with their transportation fuels or purchase renewable fuel credits, known as RINs, in lieu of blending. CVR Refining is not able to blend the substantial majority of its transportation fuels and has to purchase RINs on the open market and may have to obtain waiver credits for cellulosic biofuels from the EPA, in order to comply with the RFS.

CVR Refining’s expenses for its compliance with RFS were $190 million, $43 million and $60 million for years ended December 31, 2020, 2019 and 2018, respectively, which are included in cost of goods sold in our consolidated statements of operations. CVR Refining’s costs to comply with RFS include the purchased cost of RINs, the impact of recognizing CVR Refining’s uncommitted biofuel blending obligation at fair value based on market prices at each reporting date and the valuation change of RINs purchases in excess of CVR Refining’s RFS obligation as of the reporting date. During the year ended December 31, 2020, the cost to comply with RFS was unfavorably impacted by an increase in CVR Refining’s RFS obligation and increased market pricing. As of December 31, 2020 and 2019, CVR Refining’s biofuel blending obligation was $214 million and $7 million, respectively, which is included in accrued expenses and other liabilities in our consolidated balance sheets.

Litigation

From time to time, we and our subsidiaries are involved in various lawsuits arising in the normal course of business. We do not believe that such normal routine litigation will have a material effect on our financial condition or results of operations.

Energy

In 2019, CVR Energy, CVR Refining and its general partner, CVR Refining Holdings, Icahn Enterprises and certain directors and affiliates were named in at least one of nine lawsuits filed by purported former unitholders of CVR Refining, on behalf of themselves and an alleged class of similarly situated unitholders relating to CVR Energy’s exercise of the call option (“Call Option”) under the CVR Refining Amended and Restated Agreement of Limited Partnership assigned to it by CVR Refining’s general partner (the “Delaware Lawsuits”). The Delaware Lawsuits primarily allege breach of contract, tortious interference and breach of the implied covenant of good faith and fair dealing and seek monetary damages and attorneys’ fees, among other remedies. In January 2020, the court dismissed CVR Holdings and certain former directors of CVR Refining’s general partner from the Delaware Lawsuits, though permitted some or all of the claims to proceed against each remaining defendant. On April 6, 2020, a lawsuit was filed in the United States District Court for the Southern District of New York against the CVR Energy, CVR Refining and its general partner, CVR Refining Holdings, Icahn Enterprises, and CVR Energy’s Chief Executive Officer by purported former unitholders of CVR Refining on behalf of themselves and an alleged class of similarly situated unitholders also relating to CVR Energy’s exercise of the Call Option (the “New York Lawsuit” and together with the Delaware Lawsuits, the “Call Option Lawsuits”). The New York Lawsuit primarily alleges violations of Sections 10(b) and 20(a) of the Exchange Act, and Rule 10b-5 thereunder and seeks monetary damages and attorney’s fees, among other remedies. CVR Energy believes the Call Option Lawsuits are without merit and intends to vigorously defend against them. The Call Option Lawsuits remain in the early stages of litigation, and discovery is currently on-going. Accordingly, CVR Energy cannot determine at this time the outcome of the Call Option Lawsuits, including whether the outcome of this matter would have a material impact on our Energy segment’s financial position, results of operations, or cash flows.

On January 27, 2021, a lawsuit was filed against the defendants in the Call Option Lawsuits in the 434th Judicial District Court of Fort Bend County, Texas by their primary and excess insurers seeking declaratory judgements determining that they owe no indemnity coverage and, for certain defendants, no defense obligations relating to the Call Option Lawsuits (the “Call Option Insurer Case”). The defendants believe the Call Option Insurer Case is without merit, intends to vigorously defend the claims against them and filed a related lawsuit in the Delaware Court of Chancery. These lawsuits are in the early stages of litigation. Accordingly, CVR Energy cannot determine at this time their outcome, including whether such outcome would have a material impact on our Energy Segment’s financial position, results of operations, or cash flows

Other Matters

Pension Obligations

Mr. Icahn, through certain affiliates, owns 100% of Icahn Enterprises GP and approximately 92% of Icahn Enterprises’ outstanding depositary units as of December 31, 2020. Applicable pension and tax laws make each member of a “controlled group” of entities, generally defined as entities in which there is at least an 80% common ownership interest, jointly and severally liable for certain pension plan obligations of any member of the controlled group. These pension obligations include ongoing contributions to fund the plan, as well as liability for any unfunded liabilities that may exist at the time the plan is terminated. In addition, the failure to pay these pension obligations when due may result in the creation of liens in favor of the pension plan or the Pension Benefit Guaranty Corporation (the “PBGC”) against the assets of each member of the controlled group.

As a result of the more than 80% ownership interest in us by Mr. Icahn’s affiliates, we and our subsidiaries are subject to the pension liabilities of entities in which Mr. Icahn has a direct or indirect ownership interest of at least 80%, which includes the liabilities of pension plans sponsored by Viskase and ACF. All the minimum funding requirements of the Internal Revenue Code, as amended, and the Employee Retirement Income Security Act of 1974, as amended, for the Viskase and ACF plans have been met as of December 31, 2020. If the plans were voluntarily terminated, they would be underfunded by an aggregate of approximately $122 million as of December 31, 2020. 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. The Starfire indemnity provides, among other things, that so long as such contingent liabilities exist and could be imposed on us, Starfire will not make any distributions to its stockholders that would reduce its net worth to below $250 million. Nonetheless, Starfire may not be able to fund its indemnification obligations to us.

Other

The U.S. Attorney’s office for the Southern District of New York contacted Icahn Enterprises L.P. in September 2017 seeking production of information pertaining to our and Mr. Icahn’s activities relating to the Renewable Fuels Standard and Mr. Icahn’s former role as an advisor to the former President of the United States. We cooperated with the request and provided information in response to the subpoena. The U.S. Attorney’s office for the Southern District of New York contacted Icahn Enterprises L.P. in June 2018 seeking production of information pertaining to trading in Manitowoc Company, Inc. securities. We cooperated with the request and provided documents in response to the subpoena. The U.S. Attorney’s office has not made any claims or allegations against us or Mr. Icahn with respect to either of the foregoing inquiries. We believe that we maintain a strong compliance program and, while no assurances can be made, we do not believe these inquiries will have a material impact on our business, financial condition, results of operations or cash flows.

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 petroleum products storage and transportation, electricity supply agreements, product supply agreements, commitments 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)
2021	$	127	$	27
2022		83		14
2023		81		21
2024		77		14
2025		73		14
Thereafter		325		57
	$	766	$	147

CVR Energy is a party to various supply agreements which commit it to purchase minimum volumes of crude oil, hydrogen, oxygen, nitrogen, petroleum coke and natural gas to run its facilities’ operations. For the years ended December 31, 2020, 2019 and 2018, amounts purchased under these supply agreements totaled approximately $153 million, $167 million and $214 million, respectively.

Pension and Other Post-Retirement Benefit Plans

12 Months Ended

Dec. 31, 2020

Pension, Other Post-Retirement Benefits and Employee Benefit Plans. [Abstract]

Pension and Other Post-Retirement Benefit Plans

19. 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,
	2020		2019		2018

	(in millions)
Service cost	$	—	$	—	$	1
Interest cost		5		6		6
Expected return on plan assets		(5)		(4)		(5)
Amortization of actuarial losses		1		1		1
Settlement loss recognized		—		—		7
	$	1	$	3	$	10

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
	2020		2019

	(in millions)
Change in benefit obligation:
Benefit obligation, beginning of year	$	154	$	146
Interest cost		5		6
Benefits paid		(7)		(7)
Actuarial loss		11		11
Currency translation		3		(2)
Benefit obligation, end of year		166		154
Change in plan assets:
Fair value of plan assets, beginning of year		90		77
Actual return on plan assets		10		15
Employer contributions		1		5
Benefits paid		(7)		(7)
Fair value of plan assets, end of year		94		90
Funded status of the plan and amounts recognized in the consolidated balance sheets	$	(72)	$	(64)

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, 2020						December 31, 2019
	Level 1		Level 2		Total		Level 1		Level 2		Total

	(in millions)
U.S. and Non-U.S. Plans:
Cash and cash equivalents	$	7	$	—	$	7	$	3	$	—	$	3
Government debt securities		3		6		9		1		2		3
Exchange traded funds		13		—		13		18		—		18
Mutual funds		40		2		42		26		2		28
Common stock		23		—		23		27		—		27
	$	86	$	8	$	94	$	75	$	4	$	79
Investments measured at net asset value						—						11
Plan assets measured at fair value					$	94					$	90

Supplemental Cash Flow Information

12 Months Ended

Dec. 31, 2020

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information

20. Supplemental Cash Flow Information

Supplemental cash flow information consists of the following:


	Year Ended December 31,
	2020		2019		2018

	(in millions)
Cash payments for interest, net of amounts capitalized	$	(507)	$	(524)	$	(484)
Cash receipts (payments) for income taxes, net of payments		22		(64)		(20)
Non-cash consideration for obtaining a controlling interest in subsidiary		(249)		—		—
Non-cash Investment segment contributions from non-controlling interests		1,240		—		—
Equity investment consideration received from sale of business		—		—		1,241

In addition to the above, Icahn Enterprises Holdings reduced its receivable from Icahn Enterprises in a non-cash distribution to limited partner in the amount of $32 million during 2019. This transaction is reported as a non-cash related party transaction with respect to Icahn Enterprises Holdings and is eliminated in consolidation with respect to Icahn Enterprises.

Subsequent Events

12 Months Ended

Dec. 31, 2020

Subsequent Events [Abstract]

Subsequent Events

21. Subsequent Events

Icahn Enterprises

Distribution

On February 24, 2021, the Board of Directors of the general partner of Icahn Enterprises declared a quarterly distribution in the amount of $2.00 per depositary unit, which will be paid on or about April 28, 2021 to depositary unitholders of record at the close of business on March 26, 2021. Depositary unitholders will have until April 16, 2021 to make an election to receive either cash or additional depositary units; if a holder does not make an election, it will automatically be deemed to have elected to receive the distribution in additional depositary units. Depositary unitholders who elect to receive (or are deemed to have elected to receive) additional depositary units will receive units valued at the volume weighted average trading price of the units on Nasdaq during the 5 consecutive trading days ending April 23, 2021. No fractional depositary units will be issued pursuant to the distribution payment. Icahn Enterprises will make a cash payment in lieu of issuing fractional depositary units to any holders electing to receive depositary units. Any holders that would only be eligible to receive a fraction of a depositary unit based on the above calculation will receive a cash payment. For distributions declared by the Board in prior quarters, the default election (for holders that did not make an election) was a cash distribution. The default election (for holders that do not make an election) for the distribution to be paid on or about April 28, 2021 will be a distribution paid in additional depository units, a change from prior quarters.

Schedule I

12 Months Ended

Dec. 31, 2020

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,
	2020		2019

	(In millions, except unit amounts)
ASSETS
Investments in subsidiaries, net	$	9,273	$	11,853
Total Assets	$	9,273	$	11,853

LIABILITIES AND EQUITY
Accrued expenses and other liabilities	$	80	$	100
Debt		5,811		6,297
		5,891		6,397

Commitments and contingencies (Note 3)

Equity:
Limited partners: Depositary units: 241,338,835 units issued and outstanding at December 31, 2020 and 214,078,558 units issued and outstanding at December 31, 2019		4,235		6,268
General partner		(853)		(812)
Total equity		3,382		5,456
Total Liabilities and Equity	$	9,273	$	11,853

See notes to condensed financial statements.

SCHEDULE I

ICAHN ENTERPRISES, L.P.

(Parent Company)

CONDENSED STATEMENTS OF OPERATIONS


	Year Ended December 31,
	2020		2019		2018

	(In millions)
Interest expense	$	(342)	$	(350)	$	(337)
Gain (loss) on extinguishment of debt		(4)		2		—
Equity in (loss) income of subsidiaries		(1,307)		(750)		1,819
Net (loss) income	$	(1,653)	$	(1,098)	$	1,482
Net (loss) income allocated to:
Limited partners	$	(1,620)	$	(1,076)	$	2,039
General partner		(33)		(22)		(557)
	$	(1,653)	$	(1,098)	$	1,482

See notes to condensed financial statements.

SCHEDULE I

ICAHN ENTERPRISES, L.P.

(Parent Company)

CONDENSED STATEMENTS OF CASH FLOWS


	Year Ended December 31,
	2020		2019		2018

	(In millions)
Cash flows from operating activities:
Net (loss) income	$	(1,653)	$	(1,098)	$	1,482
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Equity in loss (income) of subsidiary		1,307		750		(1,819)
Loss (gain) on extinguishment of debt		4		(2)		—
Other, net		(23)		(25)		1
Net cash used in operating activities		(365)		(375)		(336)
Cash flows from investing activities:
Net investment in and advances from subsidiaries		1,276		(363)		433
Net cash provided by (used in) investing activities		1,276		(363)		433
Cash flows from financing activities:
Partnership distributions		(526)		(112)		(97)
Partnership contributions		102		55		—
Proceeds from borrowings		866		2,507		—
Repayments of borrowings		(1,350)		(1,700)		—
Debt issuance costs and other		(3)		(12)		—
Net cash (used in) provided by financing activities		(911)		738		(97)
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, 2020, Icahn Enterprises is engaged in the following continuing operating businesses: Investment, Energy, Automotive, Food Packaging, Metals, Real Estate, Home Fashion and, as of December 2020, Pharma.

For the years ended December 31, 2020, 2019 and 2018, Icahn Enterprises received (paid) $1,276 million, $(363) million and $433 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 11, “Debt,” to the consolidated financial statements located in Item 8 of this Report. Icahn Enterprises’ Parent company debt consists of the following:


	December 31,
	2020		2019

	(in millions)
5.875% senior unsecured notes due 2022	$	—	$	1,345
6.250% senior unsecured notes due 2022		1,209		1,211
6.750% senior unsecured notes due 2024		499		498
4.750% senior unsecured notes due 2024		1,106		498
6.375% senior unsecured notes due 2025		748		748
6.250% senior unsecured notes due 2026		1,250		1,250
5.250% senior unsecured notes due 2027		999		747
Total debt	$	5,811	$	6,297

3. Commitments and Contingencies

See Note 18, “Commitments and Contingencies,” to the consolidated financial statements.

Icahn Enterprises Holdings (Parent)

Condensed Financial Statements, Captions [Line Items]

Condensed financial information of parent company

SCHEDULE I

ICAHN ENTERPRISES HOLDINGS L.P.

(Parent Company)

CONDENSED BALANCE SHEETS


	December 31,
	2020		2019

	(in millions)
ASSETS
Cash and cash equivalents	$	868	$	1,042
Restricted cash		11		7
Investments		260		346
Investments in subsidiaries, net		8,148		10,474
Total Assets	$	9,287	$	11,869
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	94	$	116
Debt		5,813		6,300
		5,907		6,416

Commitments and contingencies (Note 3)

Equity:
Limited partner		4,276		6,328
General partner		(896)		(875)
Total equity		3,380		5,453
Total Liabilities and Equity	$	9,287	$	11,869

See notes to condensed financial statements.

SCHEDULE I

ICAHN ENTERPRISES HOLDINGS L.P.

(Parent Company)

CONDENSED STATEMENTS OF OPERATIONS


	Year Ended December 31,
	2020		2019		2018

	(in millions)
Interest and dividend income	$	1	$	14	$	7
Net (loss) gain from investment activities		(66)		(377)		(389)
Gain on disposition of assets		7		2		23
Equity in (loss) income of subsidiaries		(1,237)		(363)		2,200
Other income, net		7		—		4
		(1,288)		(724)		1,845
Other expenses from operations		2		—		—
Interest expense		341		350		337
Selling, general and administrative		21		23		25
		364		373		362
Net (loss) income	$	(1,652)	$	(1,097)	$	1,483
Net (loss) income allocated to:
Limited partner	$	(1,635)	$	(1,086)	$	2,060
General partner		(17)		(11)		(577)
	$	(1,652)	$	(1,097)	$	1,483

See notes to condensed financial statements.

SCHEDULE I

ICAHN ENTERPRISES HOLDINGS L.P.

(Parent Company)

CONDENSED STATEMENTS OF CASH FLOWS


	Year Ended December 31,
	2020		2019		2018

	(in millions)
Cash flows from operating activities:
Net (loss) income	$	(1,652)	$	(1,097)	$	1,483
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Equity in loss (income) of subsidiary		1,237		363		(2,200)
(Gain) loss on disposition of assets		(7)		(2)		(23)
Investment gains		63		377		389
Other, net		—		(1)		—
Change in operating assets and liabilities		(23)		45		8
Net cash used in operating activities		(382)		(315)		(343)
Cash flows from investing activities:
Net advances from subsidiaries		1,093		567		238
Net proceeds from the disposition of fixed assets		7		—		—
Other, net		23		—		41
Net cash provided by investing activities		1,123		567		279
Cash flows from financing activities:
Partnership distributions		(526)		(112)		(97)
Partner contributions		102		55		—
Proceeds from borrowings		866		2,507		—
Repayments of borrowings		(1,350)		(1,700)		(21)
Debt issuance costs		(3)		(12)		—
Net cash provided by (used in) financing activities		(911)		738		(118)
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents		(170)		990		(182)
Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period		1,049		59		241
Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period	$	879	$	1,049	$	59

See notes to condensed financial statements.

SCHEDULE I

ICAHN ENTERPRISES HOLDINGS L.P.

(Parent Company)

NOTES TO CONDENSED FINANCIAL STATEMENTS

1. Description of Business and Basis of Presentation

Icahn Enterprises Holdings L.P. (“Icahn Enterprises Holdings”) is a limited partnership formed in Delaware on February 17, 1987. Our sole limited partner is Icahn Enterprises L.P., a master limited partnership which owns a 99% interest in us. Icahn Enterprises G.P. Inc., our sole 1% general partner, is a Delaware corporation which is owned and controlled by Carl C. Icahn. As of December 31, 2020, Icahn Enterprises Holdings is engaged in the following continuing operating businesses: Investment, Energy, Automotive, Food Packaging, Metals, Real Estate, Home Fashion and, as of December 2020, Pharma.

For the years ended December 31, 2020, 2019 and 2018, Icahn Enterprises Holdings received $1,093 million, $567 million and $238 million, respectively, for net advances from subsidiaries.

The condensed financial statements of Icahn Enterprises Holdings should be read in conjunction with the consolidated financial statements and notes thereto included in Item 8 of this Report.

2. Debt

See Note 11, “Debt,” to the consolidated financial statements located in Item 8 of this Report. Icahn Enterprises Holdings’ Parent company debt consists of the following:


	December 31,
	2020		2019

	(in millions)
5.875% senior unsecured notes due 2022	$	—	$	1,345
6.250% senior unsecured notes due 2022		1,208		1,211
6.750% senior unsecured notes due 2024		500		499
4.750% senior unsecured notes due 2024		1,107		499
6.375% senior unsecured notes due 2025		749		749
6.250% senior unsecured notes due 2026		1,250		1,250
5.250% senior unsecured notes due 2027		999		747
Total debt	$	5,813	$	6,300

3. Commitments and Contingencies

See Note 18, “Commitments and Contingencies,” to the consolidated financial statements.

Basis of Presentation and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Consolidation, Policy

Principles of Consolidation

Discontinued Operations and Held For Sale

Use of Estimates in Preparation of Financial Statements

Reclassifications

Consolidated Variable Interest Entities

Icahn Enterprises Holdings

Investment

Energy

Food Packaging

The following table includes balances of assets and liabilities of VIE’s included in Icahn Enterprises Holdings’ consolidated balance sheets.


	December 31,
	2020		2019

	(in millions)
Cash and cash equivalents	$	31	$	42
Cash held at consolidated affiliated partnerships and restricted cash		1,558		989
Investments		8,239		9,207
Due from brokers		3,437		858
Accounts receivable, net		37		35
Inventories, net		42		48
Property, plant and equipment, net		1,042		1,110
Unrealized gain on derivative contracts		785		182
Intangible assets, net		232		251
Other assets		107		49
Accounts payable		25		25
Accrued expenses and other liabilities		70		97
Deferred tax liabilities		1		1
Unrealized loss on derivative contracts		622		1,215
Securities sold, not yet purchased, at fair value		2,521		1,190
Due to brokers		1,618		54
Debt		636		633

Fair Value of Financial Instruments

Acquisitions of Businesses

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

Cash Flow

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.

Cash Held at Consolidated Affiliated Partnerships and Restricted Cash

Investments and Related Transactions

Investment

Due To Brokers. Due to brokers represents margin debit balances collateralized by certain of the Investment Funds’ investments in securities.

Other Segments and Holding Company

Fair Value Option for Financial Assets and Financial Liabilities

Derivatives

Accounts Receivable, Net

Inventories, Net

Energy

Automotive, Food Packaging, Home Fashion and Pharma

Metals

Long-Lived Assets

Goodwill and Indefinite-Lived Intangible Assets

Goodwill

Indefinite-Lived Intangible Assets

Pension and Other Post-Retirement Benefit Plan Obligations

Accumulated Other Comprehensive Loss

Allocation of Net Profits and Losses in Consolidated Affiliated Partnerships

General Partnership Interest of Icahn Enterprises and Icahn Enterprises Holdings

Basic and Diluted Income Per LP Unit

Income Taxes

Leases

All Segments and Holding Company

Real Estate

Revenue From Contracts With Customers and Contract Balances

Energy

Automotive

Automotive segment recorded revenue of $25 million, $21 million and $18 million, respectively, with respect to deferred revenue outstanding as of the beginning of each respective year.

Food Packaging

Metals

Home Fashion

Pharma

Mining

Other Revenue and Expense Recognition

Real Estate

Energy

Shipping Costs: Our Energy segment’s 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.

Automotive

Environmental Liabilities

Litigation

Foreign Currency Translation

Concentration Risk, Credit Risk, Policy

Concentrations of credit risk

Concentrations of credit risk relate primarily to derivative instruments from our Investment segment. See Note 6, “Financial Instruments,” for further discussion.

Adoption of New Accounting Standards

Recently Issued Accounting Standards

Fair Value Measurements (Policies)	12 Months Ended
Fair Value Measurements (Policies)	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Determination of when transfers between fair value levels occurs	In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the investments’, non-financial assets’ and/or liabilities’ level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the investment. Significant transfers, if any, between the levels within the fair value hierarchy are recognized at the beginning of the reporting period when changes in circumstances require such transfers.

Goodwill and Intangible Assets, Net (Policies)	12 Months Ended
Goodwill and Intangible Assets, Net (Policies)	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets	We utilize the straight-line method of amortization, recognized over the estimated useful lives of the assets.

Segment and Geographic Reporting (Policies)	12 Months Ended
Segment and Geographic Reporting (Policies)	Dec. 31, 2020
Segment Reporting [Abstract]
Determination of what constitutes a segment	We report segment information based on the various industries in which our businesses operate and how we manage those businesses in accordance with our investment strategies, which may include: identifying and acquiring undervalued assets and businesses, often through the purchase of distressed securities; increasing value through management, financial or other operational changes; and managing complex legal, regulatory or financial issues, which may include bankruptcy or insolvency, environmental, zoning, permitting and licensing issues. Therefore, although many of our businesses are operated under separate local management, certain of our businesses are grouped together when they operate within a similar industry, comprising similarities in products, customers, production processes and regulatory environments, and when such businesses, when considered together, may be managed in accordance with one or more investment strategies specific to those businesses. Among other measures, we assess and measure segment operating results based on net income from continuing operations attributable to Icahn Enterprises and Icahn Enterprises Holdings. Certain terms of financings for certain of our businesses impose restrictions on the business’ ability to transfer funds to us, including restrictions on dividends, distributions, loans and other transactions.

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Icahn Enterprises Holdings

Variable Interest Entity [Line Items]

Schedule of Variable Interest Entities


	December 31,
	2020		2019

	(in millions)
Cash and cash equivalents	$	31	$	42
Cash held at consolidated affiliated partnerships and restricted cash		1,558		989
Investments		8,239		9,207
Due from brokers		3,437		858
Accounts receivable, net		37		35
Inventories, net		42		48
Property, plant and equipment, net		1,042		1,110
Unrealized gain on derivative contracts		785		182
Intangible assets, net		232		251
Other assets		107		49
Accounts payable		25		25
Accrued expenses and other liabilities		70		97
Deferred tax liabilities		1		1
Unrealized loss on derivative contracts		622		1,215
Securities sold, not yet purchased, at fair value		2,521		1,190
Due to brokers		1,618		54
Debt		636		633

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Investments (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Investments [Line Items]

Investments Financial Information


	Hertz						Herbalife
	Year Ended December 31,						Year Ended December 31,
	2020		2019		2018		2020		2019		2018

	(in millions)
Net sales/Other revenue from operations	$	2,755	$	9,779	$	9,504	$	2,609	$	4,877	$	4,892
Cost of goods sold/Other expenses from operations		3,231		8,051		8,045		518		958		919
Net (loss) income		(1,209)		(50)		(227)		161		311		297
Net (loss) income attributable to investee shareholders		(1,203)		(58)		(225)		161		311		297

Summary of investments


	Voting	Fair Value of				Gains (Losses)
	Interests	Investment				Recognized in Income
	December 31,	December 31,				Year Ended December 31,
	2020	2020		2019		2020		2019		2018

		(in millions)
Herbalife Nutrition Ltd.	15.5%	$	985	$	1,343	$	161	$	(318)	$	864
Hertz Global Holdings, Inc.	—		—		551		(637)		105		(197)
Caesars Entertainment Corporation	—		—		1,243		49		478		—
		$	985	$	3,137	$	(427)	$	265	$	667

Summarized Financial Information of Equity Method Investments


	December 31, 2019
	Hertz		Herbalife

	(in millions)
Total assets	$	24,627	$	2,679
Total liabilities		22,739		3,069
Non-controlling interests		119		—
Equity attributable to investee shareholders		1,769		(390)

Investment Segment

Schedule of Investments [Line Items]

Investment


	December 31,
	2020		2019

	(in millions)
Assets
Investments:
Equity securities:
Basic materials	$	—	$	281
Consumer, non-cyclical		1,548		2,085
Consumer, cyclical		2,073		2,427
Energy		2,654		1,717
Utilities		107		—
Technology		1,578		2,425
Industrial		158		127
		8,118		9,062
Corporate debt securities		121		145
	$	8,239	$	9,207
Liabilities
Securities sold, not yet purchased, at fair value:
Equity securities:
Basic materials	$	—	$	209
Consumer, non-cyclical		424		29
Consumer, cyclical		572		379
Energy		1,476		124
Utilities		49		—
Financial		—		152
Technology		—		217
Communication		—		80
	$	2,521	$	1,190

Other Segments and Holding Company

Schedule of Investments [Line Items]

Investment


	December 31,
	2020		2019

	(in millions)
Equity method investments	$	120	$	201
Held to maturity debt investments measured at amortized cost		20		—
Other investments measured at fair value		534		537
	$	674	$	738

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Assets measured at fair value on a recurring basis


	December 31, 2020								December 31, 2019
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total

	(in millions)
Assets
Investments (Note 4)	$	8,546	$	174	$	41	$	8,761	$	9,448	$	281	$	3	$	9,732
Derivative contracts, at fair value (Note 6)		—		785		—		785		—		182		—		182
	$	8,546	$	959	$	41	$	9,546	$	9,448	$	463	$	3	$	9,914
Liabilities
Securities sold, not yet purchased (Note 4)	$	2,521	$	—	$	—	$	2,521	$	1,190	$	—	$	—	$	1,190
Derivative contracts, at fair value (Note 6)		11		628		—		639		—		1,224		—		1,224
Other liabilities		—		214		—		214		—		7		6		13
	$	2,532	$	842	$	—	$	3,374	$	1,190	$	1,231	$	6	$	2,427

Assets measured at fair value on a recurring basis for which we use Level 3 inputs to determine fair value


	Year Ended December 31,
	2020		2019

	(in millions)
Balance at January 1	$	3	$	372
Transfer in from Level 2		136		—
Net gains recognized in income		48		89
Purchases		101		—
Transfer out of Level 3		(246)		—
Sales		—		(458)
Other		(1)		—
Balance at December 31	$	41	$	3

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Notional exposure of derivative instruments


	December 31, 2020				December 31, 2019
	Long Notional Exposure		Short Notional Exposure		Long Notional Exposure		Short Notional Exposure

		(in millions)
Primary underlying risk:
Equity contracts	$	—	$	8,623	$	806	$	13,113
Credit contracts⁽¹⁾		—		2,099		—		622

(1)

Fair value and income recognized for derivatives not designated as hedging instruments


	Asset Derivatives				Liability Derivatives
	December 31, 2020		December 31, 2019		December 31, 2020		December 31, 2019

		(in millions)
Equity contracts	$	4	$	291	$	852	$	1,058
Credit contracts		1,012		—		1		266
Sub-total		1,016		291		853		1,324
Netting across contract types⁽¹⁾		(231)		(109)		(231)		(109)
Total⁽¹⁾	$	785	$	182	$	622	$	1,215

(1)

The following table presents the amount of gain (loss) recognized in the consolidated statements of operations for our Investment segment’s derivatives not designated as hedging instruments:


	Gain (Loss) Recognized in Income⁽¹⁾
	Year Ended December 31,
	2020		2019		2018

Equity contracts	$	(1,583)	$	(2,152)	$	603
Credit contracts		1,088		(342)		129
Commodity contracts		—		(8)		66
	$	(495)	$	(2,502)	$	798

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

Inventories, Net (Tables)

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Inventories, Net


	December 31,
	2020		2019

	(in millions)
Raw materials	$	183	$	206
Work in process		83		94
Finished goods		1,314		1,495
	$	1,580	$	1,795

Property, Plant and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment, Net


			December 31,
	Useful Life		2020		2019

	(in years)			(in millions)
Land			$	393	$	396
Buildings and improvements		1 - 40		920		901
Machinery, equipment and furniture		2 - 30		5,347		5,272
Assets leased to others		5 - 39		280		289
Financing leases		3 - 18		113		117
Construction in progress				151		147
				7,204		7,122
Less: Accumulated depreciation and amortization				(2,976)		(2,668)
Property, plant and equipment, net			$	4,228	$	4,454

Goodwill and Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill


	December 31, 2020
	Automotive		Food Packaging		Metals		Home Fashion		Pharma		Consolidated

	(in millions)
Gross carrying amount, Jan 1	$	336	$	6	$	4	$	23	$	—	$	369
Acquisitions		5		—		—		1		13		19
Gross carrying amount, Dec 31		341		6		4		24		13		388

Accumulated impairment, Jan 1		(87)		—		—		—		—		(87)
Impairment		—		—		—		(3)		—		(3)
Accumulated impairment, Dec 31		(87)		—		—		(3)		—		(90)

Net carrying value, Dec 31	$	254	$	6	$	4	$	21	$	13	$	298


	December 31, 2019
	Automotive		Food Packaging		Metals		Home Fashion		Consolidated

	(in millions)
Gross carrying amount, Jan 1	$	328	$	6	$	—	$	—	$	334
Acquisitions		8		—		4		22		34
Foreign exchange		—		—		—		1		1
Gross carrying amount, Dec 31		336		6		4		23		369

Accumulated impairment, Jan 1		(87)		—		—		—		(87)
Impairment		—		—		—		—		—
Accumulated impairment, Dec 31		(87)		—		—		—		(87)

Net carrying value, Dec 31	$	249	$	6	$	4	$	23	$	282

Intangible assets, net


	December 31, 2020						December 31, 2019
	Gross				Net		Gross				Net
	Carrying		Accumulated		Carrying		Carrying		Accumulated		Carrying
	Amount		Amortization		Value		Amount		Amortization		Value

	(in millions)
Definite-lived intangible assets:
Customer relationships	$	399	$	(176)	$	223	$	397	$	(155)	$	242
Developed technology		254		(6)		248		4		(4)		—
Other		269		(163)		106		269		(142)		127
	$	922	$	(345)	$	577	$	670	$	(301)	$	369

Indefinite-lived intangible assets					$	83					$	62
Intangible assets, net					$	660					$	431

Schedule of Definite-Lived Intangible Assets, Future Amortization Expense


Year	Amount
	(in millions)
2021	$	63
2022		60
2023		60
2024		59
2025		57
Thereafter		278
	$	577

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Lessee right-of-use assets and liabilities


	December 31,
	2020		2019

	(in millions)
Operating Leases:
Right-of-use assets (other assets)	$	552	$	624
Lease liabilities (accrued expenses and other liabilities)		570		647

Financing Leases:
Right-of-use assets (property, plant and equipment, net)		65		77
Lease liabilities (debt)		81		93

Operating lease term and discount rate


	Right-Of-Use		Lease			Discount
Operating Leases as of December 31, 2020	Assets		Liabilities		Lease Term	Rate

	(in millions)
Energy	$	37	$	38	3.1 years	5.5%
Automotive		436		456	4.6 years	5.7%
Food Packaging		32		36	11.1 years	7.4%
Other segments and Holding Company		47		40
	$	552	$	570


	Right-Of-Use		Lease			Discount
Operating Leases as of December 31, 2019	Assets		Liabilities		Lease Term	Rate

	(in millions)
Energy	$	48	$	48	3.7 years	5.6%
Automotive		501		527	5.2 years	5.7%
Food Packaging		34		38	11.7 years	7.4%
Other segments and Holding Company		41		34
	$	624	$	647

Operating and Finance Lease liability maturities


	Operating		Financing
Year	Leases		Leases

	(in millions)
2021	$	181	$	18
2022		152		14
2023		100		12
2024		73		12
2025		49		13
Thereafter		121		43
Total lease payments		676		112
Less: imputed interest		(106)		(31)
	$	570	$	81

Debt (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments


	December 31,
	2020		2019

	(in millions)
Holding Company:
5.875% senior unsecured notes due 2022	$	—	$	1,345
6.250% senior unsecured notes due 2022		1,209		1,211
6.750% senior unsecured notes due 2024		499		498
4.750% senior unsecured notes due 2024		1,106		498
6.375% senior unsecured notes due 2025		748		748
6.250% senior unsecured notes due 2026		1,250		1,250
5.250% senior unsecured notes due 2027		999		747
		5,811		6,297
Reporting Segments:
Energy		1,691		1,195
Automotive		368		405
Food Packaging		151		268
Metals		16		7
Real Estate		1		2
Home Fashion		21		18
		2,248		1,895
Total Debt	$	8,059	$	8,192

Schedule of Maturities of Long-term Debt


Year	Amount
	(in millions)
2021	$	400
2022		1,213
2023		777
2024		1,600
2025		1,350
Thereafter		2,651
Total debt payments (excluding financing lease payments)		7,991
Less: unamortized discounts, premiums and deferred financing fees		(13)
Financing leases (Note 10)		81
	$	8,059

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Net Income Per LP Unit (Tables)

12 Months Ended

Dec. 31, 2020

Earnings Per Unit [Abstract]

Net income per LP unit


	Year Ended December 31,
	2020		2019		2018

	(in millions, except per unit amounts)
Net loss attributable to Icahn Enterprises from continuing operations	$	(1,653)	$	(1,066)	$	(238)
Net loss attributable to Icahn Enterprises from continuing operations allocated to limited partners (98.01% allocation)	$	(1,620)	$	(1,045)	$	(233)

Net (loss) income attributable to Icahn Enterprises from discontinued operations	$	—	$	(32)	$	1,720
Less: net loss attributable to Icahn Enterprises from discontinued operations allocated 100% to general partner		—		—		598
Net (loss) income attributable to Icahn Enterprises from discontinued operations allocable to limited partners	$	—	$	(32)	$	2,318
Net loss (income) attributable to Icahn Enterprises from discontinued operations allocated to limited partners (98.01% allocation)	$	—	$	(31)	$	2,272

Basic and diluted (loss) income per LP unit:
Continuing operations	$	(7.33)	$	(5.23)	$	(1.29)
Discontinued operations		—		(0.15)		12.62
Basic and diluted (loss) income per LP unit	$	(7.33)	$	(5.38)	$	11.33
Basic and diluted weighted average LP units outstanding		221		200		180

Schedule of Capital Units


	Mr. Icahn and	Public
	Affiliates	Unitholders	Total
December 31, 2017	157,898,582	15,665,725	173,564,307
Unit distributions	17,543,006	235,944	17,778,950
2017 Incentive Plan	—	22,840	22,840
December 31, 2018	175,441,588	15,924,509	191,366,097
Unit distributions	21,608,064	290,789	21,898,853
2017 Incentive Plan	—	19,259	19,259
2019 at-the-market offering	—	794,349	794,349
December 31, 2019	197,049,652	17,028,906	214,078,558
Unit distributions	24,902,568	449,610	25,352,178
2019 at-the-market offering	—	1,908,099	1,908,099
Sale to Brett Icahn	(202,758)	202,758	—
December 31, 2020	221,749,462	19,589,373	241,338,835

Segment and Geographic Reporting (Tables)

12 Months Ended

Dec. 31, 2020

Disaggregation of Revenue [Line Items]

Schedule of Condensed Income Statement by Segment


	Year Ended December 31, 2020
	Investment		Energy		Automotive		Food Packaging		Metals		Real Estate		Home Fashion		Pharma		Mining		Railcar		Holding Company		Consolidated

	(in millions)
Revenues:
Net sales	$	—	$	3,930	$	1,929	$	409	$	313	$	43	$	188	$	3	$	—		—	$	—	$	6,815
Other revenues from operations		—		—		549		—		—		59		—		—		—		—		—		608
Net (loss) gain from investment activities		(1,368)		34		—		—		—		—		—		—		—		—		(87)		(1,421)
Interest and dividend income		136		10		—		—		—		1		—		—		—		—		22		169
(Loss) gain on disposition of assets, net		—		(7)		(6)		—		1		(5)		—		—		—		—		—		(17)
Other (loss) income, net		(17)		(1)		(7)		(6)		3		—		2		—		—		—		(5)		(31)
		(1,249)		3,966		2,465		403		317		98		190		3		—		—		(70)		6,123
Expenses:
Cost of goods sold		—		4,164		1,344		327		298		35		150		2		—		—		—		6,320
Other expenses from operations		—		—		449		—		—		38		—		—		—		—		—		487
Selling, general and administrative		2		116		904		52		16		34		43		2		—		—		22		1,191
Restructuring, net		—		—		8		1		1		—		—		—		—		—		—		10
Impairment		—		—		—		—		1		7		3		—		—				—		11
Interest expense		196		125		12		11		1		—		1		—		—		—		342		688
		198		4,405		2,717		391		317		114		197		4		—		—		364		8,707
(Loss) income from continuing operations before income tax benefit (expense)		(1,447)		(439)		(252)		12		—		(16)		(7)		(1)		—		—		(434)		(2,584)
Income tax benefit (expense)		—		112		54		(8)		—		—		—		—		—		—		(42)		116
Net (loss) income from continuing operations		(1,447)		(327)		(198)		4		—		(16)		(7)		(1)		—		—		(476)		(2,468)
Less: net (loss) income from continuing operations attributable to non-controlling interests		(682)		(133)		—		—		—		—		—		—		—		—		—		(815)
Net (loss) income from continuing operations attributable to Icahn Enterprises	$	(765)	$	(194)	$	(198)	$	4	$	—	$	(16)	$	(7)	$	(1)	$	—	$	—	$	(476)	$	(1,653)
Supplemental information:
Capital expenditures	$	—	$	124	$	35	$	19	$	3	$	11	$	5	$	—	$	—	$	—	$	2	$	199
Depreciation and amortization	$	—	$	343	$	95	$	27	$	18	$	17	$	8	$	2	$	—	$	—	$	—	$	510


	Year Ended December 31, 2019
	Investment		Energy		Automotive		Food Packaging		Metals		Real Estate		Home Fashion		Pharma		Mining		Railcar		Holding Company		Consolidated

	(in millions)
Revenues:
Net sales	$	—	$	6,364	$	2,293	$	385	$	340	$	23	$	187	$	—	$	130	$	—	$	—	$	9,722
Other revenues from operations		—		—		591		—		—		75		—		—		—		—		—		666
Net loss from investment activities		(1,599)		—		—		—		—		—		—		—		—		—		(332)		(1,931)
Interest and dividend income		190		4		—		—		—		1		—		—		1		—		69		265
Gain (loss) on disposition of assets, net		—		4		(4)		—		1		—		—		—		252		—		—		253
Other (loss) income, net		(5)		13		15		(8)		—		4		(1)		—		(1)		—		2		19
		(1,414)		6,385		2,895		377		341		103		186		—		382		—		(261)		8,994
Expenses:
Cost of goods sold		—		5,707		1,615		312		343		18		159		—		51		—		—		8,205
Other expenses from operations		—		—		474		—		—		54		—		—		—		—		—		528
Selling, general and administrative		23		146		1,032		55		15		21		42		—		15		—		26		1,375
Restructuring, net		—		—		6		8		3		—		1		—		—		—		—		18
Impairment		—		—		—		1		1		—		—		—		—		—		—		2
Interest expense		106		106		20		17		1		—		1		—		4		—		350		605
		129		5,959		3,147		393		363		93		203		—		70		—		376		10,733
(Loss) income from continuing operations before income tax (expense) benefit		(1,543)		426		(252)		(16)		(22)		10		(17)		—		312		—		(637)		(1,739)
Income tax (expense) benefit		—		(112)		55		(6)		—		6		—		—		(1)		—		38		(20)
Net (loss) income from continuing operations		(1,543)		314		(197)		(22)		(22)		16		(17)		—		311		—		(599)		(1,759)
Less: net (loss) income from continuing operations attributable to non-controlling interests		(768)		68		—		(5)		—		—		—		—		12		—		—		(693)
Net (loss) income from continuing operations attributable to Icahn Enterprises	$	(775)	$	246	$	(197)	$	(17)	$	(22)	$	16	$	(17)	$	—	$	299	$	—	$	(599)	$	(1,066)
Supplemental information:
Capital expenditures	$	—	$	121	$	47	$	17	$	24	$	22	$	5	$	—	$	14	$	—	$	—	$	250
Depreciation and amortization	$	—	$	352	$	98	$	26	$	19	$	17	$	7	$	—	$	—	$	—	$	—	$	519


	Year Ended December 31, 2018
	Investment		Energy		Automotive		Food Packaging		Metals		Real Estate		Home Fashion		Pharma		Mining		Railcar		Holding Company		Consolidated

	(in millions)
Revenues:
Net sales	$	—	$	7,124	$	2,295	$	395	$	466	$	22	$	171	$	—	$	103	$	—	$	—	$	10,576
Other revenues from operations		—		—		563		—		—		84		—		—		—		—		—		647
Net income (loss) from investment activities		635		—		—		—		—		—		—		—		—		—		(313)		322
Interest and dividend income		104		2		—		1		—		16		—		—		1		—		24		148
(Loss) gain on disposition of assets, net		—		(6)		(1)		—		—		89		—		—		(3)		5		—		84
Other (loss) income, net		(2)		15		(1)		(17)		1		1		—		—		5		—		(2)		—
		737		7,135		2,856		379		467		212		171		—		106		5		(291)		11,777
Expenses:
Cost of goods sold		—		6,508		1,493		316		441		18		144		—		73		—		—		8,993
Other expenses from operations		—		—		483		—		—		54		—		—		—		1		—		538
Selling, general and administrative		12		138		1,051		57		19		22		34		—		27		1		25		1,386
Restructuring, net		—		5		5		9		—		—		2		—		—		—		—		21
Impairment		—		—		90		—		1		—		1		—		—		—		—		92
Interest expense		46		104		16		16		—		1		1		—		3		—		337		524
		58		6,755		3,138		398		461		95		182		—		103		2		362		11,554
Income (loss) from continuing operations before income tax (expense) benefit		679		380		(282)		(19)		6		117		(11)		—		3		3		(653)		223
Income tax (expense) benefit		—		(46)		52		4		(1)		(5)		—		—		(2)		(2)		14		14
Net income (loss) from continuing operations		679		334		(230)		(15)		5		112		(11)		—		1		1		(639)		237
Less: net income (loss) from continuing operations attributable to non-controlling interests		360		121		—		(3)		—		—		—		—		(2)		—		(1)		475
Net income (loss) from continuing operations attributable to Icahn Enterprises	$	319	$	213	$	(230)	$	(12)	$	5	$	112	$	(11)	$	—	$	3	$	1	$	(638)	$	(238)
Supplemental information:
Capital expenditures	$	—	$	102	$	66	$	25	$	21	$	13	$	5	$	—	$	40	$	—	$	—	$	272
Depreciation and amortization	$	—	$	339	$	92	$	26	$	18	$	19	$	8	$	—	$	6	$	—	$	—	$	508

Schedule of Condensed Financial Statements by Segment


	December 31, 2020
	Investment		Energy		Automotive		Food Packaging		Metals		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated

	(in millions)
ASSETS
Cash and cash equivalents	$	14	$	667	$	45	$	16	$	1	$	21	$	2	$	8	$	925	$	1,699
Cash held at consolidated affiliated partnerships and restricted cash		1,558		7		—		—		2		8		6		—		11		1,592
Investments		8,239		253		40		—		—		15		—		—		366		8,913
Accounts receivable, net		—		178		109		88		64		10		33		20		—		502
Inventories, net		—		298		1,080		89		22		—		81		10		—		1,580
Property, plant and equipment, net		—		2,747		857		160		82		310		65		—		7		4,228
Goodwill and intangible assets, net		—		238		376		31		9		1		21		282		—		958
Other assets		4,308		335		582		101		37		121		19		6		6		5,515
Total assets	$	14,119	$	4,723	$	3,089	$	485	$	217	$	486	$	227	$	326	$	1,315	$	24,987
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	2,256	$	1,189	$	1,167	$	181	$	73	$	45	$	65	$	64	$	110	$	5,150
Securities sold, not yet purchased, at fair value		2,521		—		—		—		—		—		—		—		—		2,521
Debt		—		1,691		368		151		16		1		21		—		5,811		8,059
Total liabilities		4,777		2,880		1,535		332		89		46		86		64		5,921		15,730

Equity attributable to Icahn Enterprises		4,283		1,039		1,554		141		128		440		141		262		(4,606)		3,382
Equity attributable to non-controlling interests		5,059		804		—		12		—		—		—		—		—		5,875
Total equity		9,342		1,843		1,554		153		128		440		141		262		(4,606)		9,257
Total liabilities and equity	$	14,119	$	4,723	$	3,089	$	485	$	217	$	486	$	227	$	326	$	1,315	$	24,987


	December 31, 2019
	Investment		Energy		Automotive		Food Packaging		Metals		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated

	(in millions)
ASSETS
Cash and cash equivalents	$	11	$	652	$	46	$	22	$	3	$	53	$	1	$	—	$	3,006	$	3,794
Cash held at consolidated affiliated partnerships and restricted cash		989		—		—		1		6		2		7		—		146		1,151
Investments		9,207		81		120		—		—		15		—		—		522		9,945
Accounts receivable, net		—		182		143		78		32		12		36		—		—		483
Inventories, net		—		373		1,215		100		32		—		75		—		—		1,795
Property, plant and equipment, net		—		2,888		916		161		122		299		68		—		—		4,454
Goodwill and intangible assets, net		—		258		382		30		11		8		24		—		—		713
Other assets		1,076		239		673		125		27		125		20		—		19		2,304
Total assets	$	11,283	$	4,673	$	3,495	$	517	$	233	$	514	$	231	$	—	$	3,693	$	24,639
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	1,310	$	1,180	$	1,340	$	196	$	70	$	38	$	66	$	—	$	115	$	4,315
Securities sold, not yet purchased, at fair value		1,190		—		—		—		—		—		—		—		—		1,190
Debt		—		1,195		405		268		7		2		18		—		6,297		8,192
Total liabilities		2,500		2,375		1,745		464		77		40		84		—		6,412		13,697

Equity attributable to Icahn Enterprises		4,296		1,312		1,750		40		156		474		147		—		(2,719)		5,456
Equity attributable to non-controlling interests		4,487		986		—		13		—		—		—		—		—		5,486
Total equity		8,783		2,298		1,750		53		156		474		147		—		(2,719)		10,942
Total liabilities and equity	$	11,283	$	4,673	$	3,495	$	517	$	233	$	514	$	231	$	—	$	3,693	$	24,639

Geographic Information


														Property, Plant and
		Net Sales						Other Revenues From Operations						Equipment, Net
		Year Ended December 31,						Year Ended December 31,						December 31,
		2020		2019		2018		2020		2019		2018		2020		2019

	(in millions)
United States		$	6,462	$	9,271	$	10,170	$	604	$	652	$	629	$	4,082	$	4,299
International			353		451		406		4		14		18		146		155
		$	6,815	$	9,722	$	10,576	$	608	$	666	$	647	$	4,228	$	4,454

Energy Segment

Disaggregation of Revenue [Line Items]

Disaggregation of Revenue


	Year Ended December 31,
	2020		2019		2018

	(in millions)
Petroleum products	$	3,580	$	5,960	$	6,773
Nitrogen fertilizer products		350		404		351
	$	3,930	$	6,364	$	7,124

Automotive Segment

Disaggregation of Revenue [Line Items]

Disaggregation of Revenue


	Year Ended December 31,
	2020		2019		2018

	(in millions)
Automotive services	$	1,228	$	1,373	$	1,321
Aftermarket parts sales		1,250		1,511		1,537
	$	2,478	$	2,884	$	2,858

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2020

Discontinued Operations. [Abstract]

Schedule of income from discontinued operations


	Year Ended December 31, 2018
	Automotive		Gaming		Railcar		Total

Revenues:
Net sales	$	5,993	$	—	$	228	$	6,221
Other revenues from operations		—		679		213		892
Interest and dividend income		2		1		2		5
Gain on disposition of assets, net		65		—		—		65
Other income, net		5		1		13		19
		6,065		681		456		7,202
Expenses:
Cost of goods sold		4,999		—		215		5,214
Other expenses from operations		—		311		114		425
Selling, general and administrative		601		238		40		879
Restructuring, net		13		—		—		13
Impairment		2		—		4		6
Interest expense		137		4		19		160
		5,752		553		392		6,697
Income from discontinued operations before gain on sale and income tax expense		313		128		64		505
Gain on sale of discontinued operations		251		779		400		1,430
Income from discontinued operations before income tax expense		564		907		464		1,935
Income tax expense		(69)		(89)		(13)		(171)
Income from discontinued operations		495		818		451		1,764
Less: income from discontinued operations attributable to non-controlling interests		7		17		20		44
Income from discontinued operations attributable to Icahn Enterprises	$	488	$	801	$	431	$	1,720
Supplemental information:
Capital expenditures	$	303	$	58	$	125	$	486
Depreciation and amortization	$	100	$	19	$	47	$	166

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760

+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of difference between the book basis and the tax basis of our net asset


	Icahn Enterprises				Icahn Enterprises Holdings
	December 31,				December 31,
	2020		2019		2020		2019

		(in millions)				(in millions)
Book basis of net assets	$	3,382	$	5,456	$	3,380	$	5,453
Book/tax basis difference		(774)		(1,397)		(774)		(1,397)
Tax basis of net assets	$	2,608	$	4,059	$	2,606	$	4,056

Schedule of income (loss) from continuing operations before income tax expense (benefit)


	Year Ended December 31,
	2020		2019		2018

	(in millions)
Domestic	$	(2,586)	$	(1,765)	$	235
International		2		26		(12)
	$	(2,584)	$	(1,739)	$	223

Schedule of Income tax benefit (expense) attributable to continuing operations


	Year Ended December 31,
	2020		2019		2018

	(in millions)
Current:
Domestic	$	69	$	(106)	$	(11)
International		(2)		(3)		(4)
Total current		67		(109)		(15)
Deferred:
Domestic		51		87		30
International		(2)		2		(1)
Total deferred		49		89		29
	$	116	$	(20)	$	14

Schedule of reconciliation of the income tax benefit (expense)


	Year Ended December 31,
	2020		2019		2018

	(in millions)
Income tax benefit (expense) at U.S. statutory rate	$	543	$	365	$	(47)
Tax effect from:
Valuation allowance		(243)		(63)		(4)
Non-controlling interest		(6)		(4)		26
Goodwill impairment		—		—		(18)
Stock dispositions		—		—		69
Income not subject to taxation		(287)		(314)		14
State taxes		103		—		—
Other		6		(4)		(26)
Income tax benefit (expense)	$	116	$	(20)	$	14

Schedule of deferred tax assets (liabilities)


	December 31,
	2020		2019

	(in millions)
Deferred tax assets:
Property, plant and equipment	$	17	$	17
Net operating loss		996		791
Tax credits		60		29
Capital loss		358		155
Leases		141		133
Other		119		71
Total deferred tax assets		1,691		1,196
Less: Valuation allowance		(1,026)		(619)
Net deferred tax assets	$	665	$	577

Deferred tax liabilities:
Property, plant and equipment	$	(121)	$	(125)
Intangible assets		(84)		(37)
Investment in partnerships		(657)		(652)
Investment in U.S. subsidiaries		(184)		(184)
Leases		(135)		(125)
Other		(46)		(61)
Total deferred tax liabilities		(1,227)		(1,184)
	$	(562)	$	(607)

Schedule of unrecognized tax benefits


	Year Ended December 31,
	2020		2019		2018

	(in millions)
Balance at January 1	$	33	$	34	$	34
Addition based on tax positions related to the current year		1		2		—
Increase for tax positions of prior years		6		—		6
Decrease for tax positions of prior years		(2)		—		—
Decrease for statute of limitation expiration		(3)		(3)		(6)
Balance at December 31	$	35	$	33	$	34

Changes in Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Dec. 31, 2020

Changes in Accumulated Other Comprehensive Loss [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)


	Translation		Post-Retirement
	Adjustments, Net		Benefits and
	of Tax		Other, Net of Tax		Total

	(in millions)
Balance, December 31, 2019	$	(38)	$	(44)	$	(82)
Other comprehensive income (loss) before reclassifications, net of tax		4		(6)		(2)
Reclassifications from accumulated other comprehensive loss to earnings, net of tax		—		1		1
Other comprehensive income (loss), net of tax		4		(5)		(1)
Balance, December 31, 2020	$	(34)	$	(49)	$	(83)

Other Income, Net (Tables)

12 Months Ended

Dec. 31, 2020

Other Income and Expenses [Abstract]

Schedule of other income


	Year Ended December 31,
	2020		2019		2018

	(in millions)
Dividend expense	$	(17)	$	(5)	$	(2)
Equity earnings from non-consolidated affiliates		2		21		7
Foreign currency transaction loss		(5)		(5)		(1)
Non-service pension and other post-retirement benefits expense		(1)		(3)		(8)
(Loss) gain on extinguishment of debt		(12)		2		—
Other		2		9		4
	$	(31)	$	19	$	—

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Contractual Obligation, Fiscal Year Maturity Schedule


Year	Energy		Pharma

	(in millions)
2021	$	127	$	27
2022		83		14
2023		81		21
2024		77		14
2025		73		14
Thereafter		325		57
	$	766	$	147

Pension and Other Post-Retirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

Pension Other Post Retirement Benefits and Employee Benefit Plans Abstract

Components net periodic benefit cost (credit)


	U.S. and Non-U.S. Pension Benefits
	Year Ended December 31,
	2020		2019		2018

	(in millions)
Service cost	$	—	$	—	$	1
Interest cost		5		6		6
Expected return on plan assets		(5)		(4)		(5)
Amortization of actuarial losses		1		1		1
Settlement loss recognized		—		—		7
	$	1	$	3	$	10

Changes in benefit obligations and plan assets, and funded status of plans


	U.S and Non-U.S. Pension Benefits
	2020		2019

	(in millions)
Change in benefit obligation:
Benefit obligation, beginning of year	$	154	$	146
Interest cost		5		6
Benefits paid		(7)		(7)
Actuarial loss		11		11
Currency translation		3		(2)
Benefit obligation, end of year		166		154
Change in plan assets:
Fair value of plan assets, beginning of year		90		77
Actual return on plan assets		10		15
Employer contributions		1		5
Benefits paid		(7)		(7)
Fair value of plan assets, end of year		94		90
Funded status of the plan and amounts recognized in the consolidated balance sheets	$	(72)	$	(64)

Defined benefit plan assets measured at fair value on a recurring basis


	December 31, 2020						December 31, 2019
	Level 1		Level 2		Total		Level 1		Level 2		Total

	(in millions)
U.S. and Non-U.S. Plans:
Cash and cash equivalents	$	7	$	—	$	7	$	3	$	—	$	3
Government debt securities		3		6		9		1		2		3
Exchange traded funds		13		—		13		18		—		18
Mutual funds		40		2		42		26		2		28
Common stock		23		—		23		27		—		27
	$	86	$	8	$	94	$	75	$	4	$	79
Investments measured at net asset value						—						11
Plan assets measured at fair value					$	94					$	90

Supplemental Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2020

Supplemental Cash Flow Information [Abstract]

Schedule of Cash Flow, Supplemental Disclosures


	Year Ended December 31,
	2020		2019		2018

	(in millions)
Cash payments for interest, net of amounts capitalized	$	(507)	$	(524)	$	(484)
Cash receipts (payments) for income taxes, net of payments		22		(64)		(20)
Non-cash consideration for obtaining a controlling interest in subsidiary		(249)		—		—
Non-cash Investment segment contributions from non-controlling interests		1,240		—		—
Equity investment consideration received from sale of business		—		—		1,241

Schedule I (Tables)

12 Months Ended

Dec. 31, 2020

Icahn Enterprises (Parent)

Condensed Financial Statements, Captions [Line Items]

Financial statement schedule, parent company statement of operations

ICAHN ENTERPRISES, L.P.

(Parent Company)

CONDENSED STATEMENTS OF OPERATIONS


	Year Ended December 31,
	2020		2019		2018

	(In millions)
Interest expense	$	(342)	$	(350)	$	(337)
Gain (loss) on extinguishment of debt		(4)		2		—
Equity in (loss) income of subsidiaries		(1,307)		(750)		1,819
Net (loss) income	$	(1,653)	$	(1,098)	$	1,482
Net (loss) income allocated to:
Limited partners	$	(1,620)	$	(1,076)	$	2,039
General partner		(33)		(22)		(557)
	$	(1,653)	$	(1,098)	$	1,482

Financial statement schedule, parent company debt note


	December 31,
	2020		2019

	(in millions)
5.875% senior unsecured notes due 2022	$	—	$	1,345
6.250% senior unsecured notes due 2022		1,209		1,211
6.750% senior unsecured notes due 2024		499		498
4.750% senior unsecured notes due 2024		1,106		498
6.375% senior unsecured notes due 2025		748		748
6.250% senior unsecured notes due 2026		1,250		1,250
5.250% senior unsecured notes due 2027		999		747
Total debt	$	5,811	$	6,297

Icahn Enterprises Holdings (Parent)

Condensed Financial Statements, Captions [Line Items]

Financial statement schedule, parent company balance sheet

SCHEDULE I

ICAHN ENTERPRISES HOLDINGS L.P.

(Parent Company)

CONDENSED BALANCE SHEETS


	December 31,
	2020		2019

	(in millions)
ASSETS
Cash and cash equivalents	$	868	$	1,042
Restricted cash		11		7
Investments		260		346
Investments in subsidiaries, net		8,148		10,474
Total Assets	$	9,287	$	11,869
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	94	$	116
Debt		5,813		6,300
		5,907		6,416

Commitments and contingencies (Note 3)

Equity:
Limited partner		4,276		6,328
General partner		(896)		(875)
Total equity		3,380		5,453
Total Liabilities and Equity	$	9,287	$	11,869

Financial statement schedule, parent company statement of operations

SCHEDULE I

ICAHN ENTERPRISES HOLDINGS L.P.

(Parent Company)

CONDENSED STATEMENTS OF OPERATIONS


	Year Ended December 31,
	2020		2019		2018

	(in millions)
Interest and dividend income	$	1	$	14	$	7
Net (loss) gain from investment activities		(66)		(377)		(389)
Gain on disposition of assets		7		2		23
Equity in (loss) income of subsidiaries		(1,237)		(363)		2,200
Other income, net		7		—		4
		(1,288)		(724)		1,845
Other expenses from operations		2		—		—
Interest expense		341		350		337
Selling, general and administrative		21		23		25
		364		373		362
Net (loss) income	$	(1,652)	$	(1,097)	$	1,483
Net (loss) income allocated to:
Limited partner	$	(1,635)	$	(1,086)	$	2,060
General partner		(17)		(11)		(577)
	$	(1,652)	$	(1,097)	$	1,483

Financial statement schedule, parent company statement of cash flows

SCHEDULE I

ICAHN ENTERPRISES HOLDINGS L.P.

(Parent Company)

CONDENSED STATEMENTS OF CASH FLOWS


	Year Ended December 31,
	2020		2019		2018

	(in millions)
Cash flows from operating activities:
Net (loss) income	$	(1,652)	$	(1,097)	$	1,483
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Equity in loss (income) of subsidiary		1,237		363		(2,200)
(Gain) loss on disposition of assets		(7)		(2)		(23)
Investment gains		63		377		389
Other, net		—		(1)		—
Change in operating assets and liabilities		(23)		45		8
Net cash used in operating activities		(382)		(315)		(343)
Cash flows from investing activities:
Net advances from subsidiaries		1,093		567		238
Net proceeds from the disposition of fixed assets		7		—		—
Other, net		23		—		41
Net cash provided by investing activities		1,123		567		279
Cash flows from financing activities:
Partnership distributions		(526)		(112)		(97)
Partner contributions		102		55		—
Proceeds from borrowings		866		2,507		—
Repayments of borrowings		(1,350)		(1,700)		(21)
Debt issuance costs		(3)		(12)		—
Net cash provided by (used in) financing activities		(911)		738		(118)
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents		(170)		990		(182)
Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period		1,049		59		241
Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period	$	879	$	1,049	$	59

Financial statement schedule, parent company debt note


	December 31,
	2020		2019

	(in millions)
5.875% senior unsecured notes due 2022	$	—	$	1,345
6.250% senior unsecured notes due 2022		1,208		1,211
6.750% senior unsecured notes due 2024		500		499
4.750% senior unsecured notes due 2024		1,107		499
6.375% senior unsecured notes due 2025		749		749
6.250% senior unsecured notes due 2026		1,250		1,250
5.250% senior unsecured notes due 2027		999		747
Total debt	$	5,813	$	6,300

Description of Business (Details) $ in Millions						1 Months Ended			3 Months Ended	12 Months Ended
Description of Business (Details) $ in Millions	Jul. 31, 2019	Jan. 29, 2019 USD ($)	Dec. 05, 2018 USD ($)	Oct. 01, 2018 USD ($) shares	Aug. 01, 2018 USD ($) shares	Oct. 31, 2020 USD ($) shares	Aug. 31, 2018 USD ($)	Jan. 31, 2018 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2020 USD ($) item	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Description of Business [Line Items]
Aggregate general partner ownership interest of parent and operating subsidiary										1.99%
Purchase of additional interests in consolidated subsidiaries											$ (241)	$ (5)
(Loss) gain on disposition of assets, net										$ (17)	253	84
Proceeds from disposition of businesses and assets										25	505	3,370
Energy Segment
Description of Business [Line Items]
(Loss) gain on disposition of assets, net										(7)	4	(6)
Automotive Segment
Description of Business [Line Items]
(Loss) gain on disposition of assets, net										(6)	(4)	(1)
Food Packaging Segment
Description of Business [Line Items]
(Loss) gain on disposition of assets, net										0
Real Estate Segment
Description of Business [Line Items]
(Loss) gain on disposition of assets, net							$ 89			(5)		89
Proceeds from disposition of businesses and assets							$ 179
Railcar Segment
Description of Business [Line Items]
(Loss) gain on disposition of assets, net										0		5
Mining Segment
Description of Business [Line Items]
(Loss) gain on disposition of assets, net										0	$ 252	(3)
Pharma Segment
Description of Business [Line Items]
(Loss) gain on disposition of assets, net										$ 0
Icahn Enterprises Holdings
Description of Business [Line Items]
Percentage of equity ownership in operating subsidiary										99.00%
General partner ownership percentage in Icahn Enterprises										1.00%
Aggregate general partner ownership interest of parent and operating subsidiary										1.00%
Affiliate ownership interest										99.00%
Icahn Enterprises G.P.
Description of Business [Line Items]
General partner ownership percentage in Icahn Enterprises										1.00%
Aggregate general partner ownership interest of parent and operating subsidiary										1.99%
Affiliate ownership interest										98.01%
Icahn Enterprises G.P. \| Mining Segment
Description of Business [Line Items]
Percentage of equity ownership in operating subsidiary	77.00%
CVR Refining
Description of Business [Line Items]
Percentage of equity ownership in operating subsidiary										36.00%
CVR Refining \| Energy Segment
Description of Business [Line Items]
Percentage of equity ownership in operating subsidiary		4.00%
CVR Energy \| Energy Segment
Description of Business [Line Items]
Percentage of equity ownership in operating subsidiary		81.00%								71.00%
Viskase \| Private Placement
Description of Business [Line Items]
Percentage of equity ownership in operating subsidiary										89.00%	79.00%
Common stock shares acquired \| shares						50,000,000
Amount of common stock shares acquired						$ 100
Viskase \| Food Packaging Segment
Description of Business [Line Items]
Percentage of equity ownership in operating subsidiary										79.00%	75.00%
Investment Funds
Description of Business [Line Items]
Fair value of investment in subsidiary										$ 4,300	$ 4,300
Mr. Icahn and affiliates
Description of Business [Line Items]
Affiliate ownership interest										92.00%
CVR Refining \| Energy Segment
Description of Business [Line Items]
Purchase of additional interests in consolidated subsidiaries		$ 241
Common units validly tendered and not properly withdrawn \| shares					21,625,106
CVR Energy \| Energy Segment
Description of Business [Line Items]
Equity issued to acquire additional interest in consolidated subsidiary (number of units) \| shares					13,699,549
Change in equity as a result of acquisition of additional interest in consolidated subsidiary					$ 99
Viskase \| Food Packaging Segment
Description of Business [Line Items]
Proceeds from rights offering								$ 50
Contribution to subsidiary								$ 44
ARL \| Railcar Segment
Description of Business [Line Items]
(Loss) gain on disposition of assets, net												5
aggregate consideration for business disposed of									$ 17			$ 17
Ferrous Resources \| Mining Segment
Description of Business [Line Items]
(Loss) gain on disposition of assets, net											$ 252
Proceeds from disposition of businesses and assets										$ 463
Aggregate consideration for business to be disposed of			$ 550
Federal-Mogul
Description of Business [Line Items]
(Loss) gain on disposition of assets, net									251
Proceeds from disposition of businesses and assets				$ 800
consideration in shares for business disposed of \| shares				29,500,000
consideration in non-voting shares for business disposed of \| shares				23,800,000
consideration in voting shares for business disposed of \| shares				5,700,000
fair market value of shares obtained as consideration for business disposed of				$ 1,200
Tropicana
Description of Business [Line Items]
(Loss) gain on disposition of assets, net									779
Proceeds from disposition of businesses and assets				1,500
aggregate consideration for business disposed of				$ 1,800
ARI
Description of Business [Line Items]
(Loss) gain on disposition of assets, net									$ 400
Proceeds from disposition of businesses and assets			$ 831
Vivus \| Pharma Segment
Description of Business [Line Items]
Number Of Approved Therapies \| item										2
Number Of Product Candidate In Active Clinical Development \| item										1
Fair value of debt securities										$ 183
Contingent Liability										3
Consideration Including Exit policy										81
Repayments of Debt										$ 63

Basis of Presentation and Summary of Significant Accounting Policies Variable Interest Entities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Line Items]
Assets	$ 24,987	$ 24,639
Liabilities	15,730	13,697
Post-retirement benefit liability	81	73
Debt	8,059	8,192
Fair value of long-term debt	8,200	7,600
Portion of inventory under LIFO method	555	869
Accumulated other comprehensive loss	(83)	(82)
Restricted cash	$ 1,592	1,151
Aggregate general partner ownership interest of parent and operating subsidiary	1.99%
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	99.00%
Affiliate ownership interest	99.00%
Aggregate general partner ownership interest of parent and operating subsidiary	1.00%
Icahn Enterprises Holdings LP
Accounting Policies [Line Items]
Affiliate ownership interest	98.01%
Cash held at consolidated affiliated partnerships [Member]
Accounting Policies [Line Items]
Restricted cash	$ 686	86
Restricted cash
Accounting Policies [Line Items]
Restricted cash	$ 906	1,065
Variable Interest Entity, Primary Beneficiary \| Viskase
Accounting Policies [Line Items]
Percentage of equity ownership in operating subsidiary	50.00%
Real Estate Segment
Accounting Policies [Line Items]
Assets	$ 486	514
Liabilities	46	40
Debt	1	2
Restricted cash	$ 8	2
Real Estate Segment \| Minimum
Accounting Policies [Line Items]
Lessee term	5 years
Real Estate Segment \| Maximum
Accounting Policies [Line Items]
Lessee term	39 years
Food Packaging Segment
Accounting Policies [Line Items]
Assets	$ 485	517
Liabilities	332	464
Debt	$ 151	268
Restricted cash		$ 1
Lessee term	11 years 1 month 6 days	11 years 8 months 12 days
Food Packaging Segment \| Viskase
Accounting Policies [Line Items]
Percentage of equity ownership in operating subsidiary	79.00%	75.00%
Energy Segment
Accounting Policies [Line Items]
Assets	$ 4,723	$ 4,673
Liabilities	2,880	2,375
Deferred revenue	31	28
Recorded revenue	27	68	$ 34
Debt	1,691	$ 1,195
Restricted cash	$ 7
Lessee term	3 years 1 month 6 days	3 years 8 months 12 days
Remaining performance obligation expected to be recognized as revenue within one year	$ 3
Remaining performance obligation for contracts with an original expected duration of more than one year	$ 6
Energy Segment \| Minimum \| Refineries
Accounting Policies [Line Items]
Turnaround Term of Plants	4 years
Energy Segment \| Minimum \| Nitrogen Fertilizer Plants
Accounting Policies [Line Items]
Turnaround Term of Plants	2 years
Energy Segment \| Maximum \| Refineries
Accounting Policies [Line Items]
Turnaround Term of Plants	5 years
Energy Segment \| Maximum \| Nitrogen Fertilizer Plants
Accounting Policies [Line Items]
Turnaround Term of Plants	3 years
Automotive Segment
Accounting Policies [Line Items]
Assets	$ 3,089	$ 3,495
Liabilities	1,535	1,745
Deferred revenue	41	42
Recorded revenue	25	21	$ 18
Debt	$ 368	$ 405
Lessee term	4 years 7 months 6 days	5 years 2 months 12 days
Icahn Enterprises Holdings
Accounting Policies [Line Items]
Assets	$ 24,987	$ 24,639
Liabilities	15,732	13,700
Debt	8,061	8,195
Restricted cash	1,592	1,151
Icahn Enterprises Holdings \| Variable Interest Entity, Primary Beneficiary \| Cash and cash equivalents
Accounting Policies [Line Items]
Assets	31	42
Icahn Enterprises Holdings \| Variable Interest Entity, Primary Beneficiary \| Cash held at consolidated affiliated partnerships and restricted cash
Accounting Policies [Line Items]
Assets	1,558	989
Icahn Enterprises Holdings \| Variable Interest Entity, Primary Beneficiary \| Investments [Member]
Accounting Policies [Line Items]
Assets	8,239	9,207
Icahn Enterprises Holdings \| Variable Interest Entity, Primary Beneficiary \| Due from brokers
Accounting Policies [Line Items]
Assets	3,437	858
Icahn Enterprises Holdings \| Variable Interest Entity, Primary Beneficiary \| Accounts receivable, net
Accounting Policies [Line Items]
Assets	37	35
Icahn Enterprises Holdings \| Variable Interest Entity, Primary Beneficiary \| Inventories, net
Accounting Policies [Line Items]
Assets	42	48
Icahn Enterprises Holdings \| Variable Interest Entity, Primary Beneficiary \| Property, plant and equipment
Accounting Policies [Line Items]
Assets	1,042	1,110
Icahn Enterprises Holdings \| Variable Interest Entity, Primary Beneficiary \| Unrealized gain on derivative contracts
Accounting Policies [Line Items]
Assets	785	182
Icahn Enterprises Holdings \| Variable Interest Entity, Primary Beneficiary \| Intangible assets, net
Accounting Policies [Line Items]
Assets	232	251
Icahn Enterprises Holdings \| Variable Interest Entity, Primary Beneficiary \| Other assets [Member]
Accounting Policies [Line Items]
Assets	107	49
Icahn Enterprises Holdings \| Variable Interest Entity, Primary Beneficiary \| Accounts payable
Accounting Policies [Line Items]
Liabilities	25	25
Icahn Enterprises Holdings \| Variable Interest Entity, Primary Beneficiary \| Accrued expenses and other liabilities
Accounting Policies [Line Items]
Liabilities	70	97
Icahn Enterprises Holdings \| Variable Interest Entity, Primary Beneficiary \| Deferred tax liability [Member]
Accounting Policies [Line Items]
Liabilities	1	1
Icahn Enterprises Holdings \| Variable Interest Entity, Primary Beneficiary \| Unrealized loss on derivative contracts
Accounting Policies [Line Items]
Liabilities	622	1,215
Icahn Enterprises Holdings \| Variable Interest Entity, Primary Beneficiary \| Securities sold, not yet purchased
Accounting Policies [Line Items]
Liabilities	2,521	1,190
Icahn Enterprises Holdings \| Variable Interest Entity, Primary Beneficiary \| Due to brokers
Accounting Policies [Line Items]
Liabilities	1,618	54
Icahn Enterprises Holdings \| Variable Interest Entity, Primary Beneficiary \| Debt
Accounting Policies [Line Items]
Liabilities	$ 636	$ 633

Related Party Transactions (Details) - USD ($) $ in Millions		12 Months Ended
	Oct. 01, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Other income (loss), net		$ (31.0)	$ 19.0
Incentive Plan 2017 [Member] \| Restricted Depositary Units [Member]
Related Party Transaction [Line Items]
Grants of restricted depository units	239,254
Vesting period	7 years
Equity earnings from non-consolidated affiliates
Related Party Transaction [Line Items]
Other income (loss), net		2.0	21.0	$ 7.0
Investment in funds \| Mr. Icahn and affiliates
Related Party Transaction [Line Items]
Amount of transaction with related party		$ 1,241.0	$ 220.0	310.0
Percentage fair value of investments in Funds that is attributable to Mr. Icahn		54.00%	51.00%
Noncontrolling Interest in Variable Interest Entity		$ 5.0	$ 4.5
Expense sharing arrangement \| Consolidated VIE
Related Party Transaction [Line Items]
Amount of transaction with related party		2.0	23.0	12.0
Repair services revenue from related party \| Hertz
Related Party Transaction [Line Items]
Amount of transaction with related party		20.0	54.0	40.0
Purchases from related party \| ACF
Related Party Transaction [Line Items]
Amount of transaction with related party				3.0
Sales to related party \| ACF
Related Party Transaction [Line Items]
Amount of transaction with related party				6.0
Buying group operating expenses \| Insight Portfolio Group LLC
Related Party Transaction [Line Items]
Amount of transaction with related party			3.0	4.0
Automotive Segment
Related Party Transaction [Line Items]
Other income (loss), net		(7.0)	15.0	(1.0)
Automotive Segment \| 767 Leasing
Related Party Transaction [Line Items]
Amount of transaction with related party		43.0	75.0	7.0
Net (loss) income from related party transaction		(12.0)	10.0	(3.0)
Variable Interest Entity, Nonconsolidated, assets at VIE		36.0	121.0
Variable Interest Entity, Nonconsolidated, liabilities at VIE		0.0	1.0
Contribution to non-consolidated VIE		75.0	50.0	60.0
VIE equity earnings		(7.0)	11.0	(1.0)
Equity investment in non-consolidated VIE		40.0	120.0
Investment Segment
Related Party Transaction [Line Items]
Other income (loss), net		(17.0)	$ (5.0)	(2.0)
Investment Segment \| Purchases from related party \| Hertz
Related Party Transaction [Line Items]
Amount of transaction with related party				$ 36.0
Brett Icahn
Related Party Transaction [Line Items]
Amount contributed in accordance with manager agreement		$ 12.0

Investments Investment Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jan. 31, 2021	Aug. 31, 2020	Jun. 30, 2020
Schedule of Investments [Line Items]
Investments	$ 8,913	$ 9,945
Securities sold, not yet purchased, at fair value	2,521	1,190
Fair value of equity method investment under fair value option	985	3,137
Unrealized gain on equity method investments under fair value option	(427)	265	$ 667
Total Assets	24,987	24,639
Total liabilities	15,730	13,697
Total revenues	6,123	8,994	11,777
Net sales/Other revenue from operations	6,815	9,722	10,576
Cost of goods sold/Other expenses from operations	6,320	8,205	8,993
Net (loss) income	(2,468)	(1,791)	2,001
Net (loss) income attributable to investee shareholders	(1,653)	(1,098)	1,482
Investment Segment
Schedule of Investments [Line Items]
Investments	8,239	9,207
Securities sold, not yet purchased, at fair value	2,521	1,190
Portion of unrealized (losses) gains that relates to equity and debt securities still held	65	706	(800)
Total Assets	14,119	11,283
Total liabilities	4,777	2,500
Total revenues	(1,249)	(1,414)	737
Net sales/Other revenue from operations	0
Cost of goods sold/Other expenses from operations	0
Investment Segment \| Equity securities
Schedule of Investments [Line Items]
Investments	8,118	9,062
Investment Segment \| Debt securities
Schedule of Investments [Line Items]
Investments	121	145
Investment Segment \| Basic materials
Schedule of Investments [Line Items]
Investments		281
Securities sold, not yet purchased, at fair value		209
Investment Segment \| Consumer, non-cyclical
Schedule of Investments [Line Items]
Investments	1,548	2,085
Securities sold, not yet purchased, at fair value	424	29
Investment Segment \| Consumer, cyclical
Schedule of Investments [Line Items]
Investments	2,073	2,427
Securities sold, not yet purchased, at fair value	572	379
Investment Segment \| Energy
Schedule of Investments [Line Items]
Investments	2,654	1,717
Securities sold, not yet purchased, at fair value	1,476	124
Investment Segment \| Utilities
Schedule of Investments [Line Items]
Investments	107
Securities sold, not yet purchased, at fair value	49
Investment Segment \| Financial
Schedule of Investments [Line Items]
Securities sold, not yet purchased, at fair value		152
Investment Segment \| Industrial
Schedule of Investments [Line Items]
Investments	158	127
Investment Segment \| Technology
Schedule of Investments [Line Items]
Investments	1,578	2,425
Securities sold, not yet purchased, at fair value		217
Investment Segment \| Communication
Schedule of Investments [Line Items]
Securities sold, not yet purchased, at fair value		80
Hertz
Schedule of Investments [Line Items]
Ownership percentage in equity method investment						38.90%
Fair value of equity method investment under fair value option		551
Unrealized gain on equity method investments under fair value option	(637)	105	(197)
Total Assets	24,627
Total liabilities	22,739
Non-controlling interests	119
Equity attributable to investee shareholders	1,769
Net sales/Other revenue from operations	2,755	9,779	9,504
Cost of goods sold/Other expenses from operations	3,231	8,051	8,045
Net (loss) income	(1,209)	(50)	(227)
Net (loss) income attributable to investee shareholders	$ (1,203)	(58)	(225)
Caesars
Schedule of Investments [Line Items]
Ownership percentage in equity method investment	16.70%
Fair value of equity method investment under fair value option		1,243
Unrealized gain on equity method investments under fair value option	$ 49	478
Herbalife
Schedule of Investments [Line Items]
Ownership percentage in equity method investment	15.50%			6.70%	23.80%
Fair value of equity method investment under fair value option	$ 985	1,343
Unrealized gain on equity method investments under fair value option	161	(318)	864
Total Assets		2,679
Total liabilities		3,069
Equity attributable to investee shareholders		(390)
Net sales/Other revenue from operations	2,609	4,877	4,892
Cost of goods sold/Other expenses from operations	518	958	919
Net (loss) income	161	311	297
Net (loss) income attributable to investee shareholders	$ 161	$ 311	$ 297

Investments Other Segments and Holding Company (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule of Investments [Line Items]
Investments	$ 8,913	$ 9,945
Other Segments and Holding Company
Schedule of Investments [Line Items]
Investments	674	738
Portion of unrealized (losses) gains that relates to equity securities still held	36	421	$ 339
Equity method investments \| Other Segments and Holding Company
Schedule of Investments [Line Items]
Investments	120	201
Held-to-maturity Securities [Member] \| Other Segments and Holding Company
Schedule of Investments [Line Items]
Investments	20
Other investments \| Other Segments and Holding Company
Schedule of Investments [Line Items]
Investments	$ 534	$ 537

Fair Value Measurements - Fair Value Measurement (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Assets [Abstract]
Derivative contracts, at fair value (asset)	$ 785	$ 182
Liabilities [Abstract]
Securities sold, not yet purchased, at fair value	2,521	1,190
Derivative contracts, at fair value (liability)	639	1,224
Recurring measurement
Assets [Abstract]
Investments	8,761	9,732
Derivative contracts, at fair value (asset)	785	182
Assets, Fair Value Disclosure	9,546	9,914
Liabilities [Abstract]
Securities sold, not yet purchased, at fair value	2,521	1,190
Derivative contracts, at fair value (liability)	639	1,224
Other liabilities	214	13
Financial and Nonfinancial Liabilities, Fair Value Disclosure	3,374	2,427
Recurring measurement \| Level 1
Assets [Abstract]
Investments	8,546	9,448
Assets, Fair Value Disclosure	8,546	9,448
Liabilities [Abstract]
Securities sold, not yet purchased, at fair value	2,521	1,190
Derivative contracts, at fair value (liability)	11
Financial and Nonfinancial Liabilities, Fair Value Disclosure	2,532	1,190
Recurring measurement \| Level 2
Assets [Abstract]
Investments	174	281
Derivative contracts, at fair value (asset)	785	182
Assets, Fair Value Disclosure	959	463
Liabilities [Abstract]
Derivative contracts, at fair value (liability)	628	1,224
Other liabilities	214	7
Financial and Nonfinancial Liabilities, Fair Value Disclosure	842	1,231
Recurring measurement \| Level 3
Assets [Abstract]
Investments	41	3
Assets, Fair Value Disclosure	$ 41	3
Liabilities [Abstract]
Other liabilities		6
Financial and Nonfinancial Liabilities, Fair Value Disclosure		$ 6

Fair Value Measurements - Changes in Fair Value Level 3 (Details) - Recurring measurement - Level 3 - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, [Roll Forward]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Beginning Balance	$ 3	$ 372
Transfer in from Level 2	136
Net gains recognized in income	48	89
Purchases	101
Transfer out of Level 3	(246)
Sales		(458)
Other	(1)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, Ending Balance	$ 41	$ 3

Fair Value Measurements Narrative (Details) $ in Millions	12 Months Ended
Fair Value Measurements Narrative (Details) $ in Millions	Dec. 31, 2020 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Adjustment	$ 48
Real Estate Segment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Asset Impairment Charges	5
Impairment of Long-Lived Assets Held-for-use	$ 2

Financial Instruments Derivative Activities Table (Details) - Investment Segment - USD ($)
$ in Millions

Dec. 31, 2020

Dec. 31, 2019

Equity Contract [Member]

Primary underlying risk:

Long Notional Exposure

$ 0

$ 806

Short Notional Exposure

8,623

13,113

Credit Risk Contract [Member]

Primary underlying risk:

Long Notional Exposure

^[1]

Short Notional Exposure

^[1]

2,099

622

Credit Default Swap [Member]

Primary underlying risk:

Short notional amount of credit default swap positions

$ 6,300

$ 4,700

[1]

Financial Instruments Derivatives Not Designated as Hedging, Fair Value Table (Details) - USD ($)
$ in Millions

Dec. 31, 2020

Dec. 31, 2019

Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items]

Unrealized Gain On Derivative Contracts

$ 785

$ 182

Derivative contracts, at fair value (liability)

639

1,224

Investment Segment

Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items]

Collateral for derivative positions

872

903

Investment Segment | Not designated as hedging instrument | Other assets [Member]

Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items]

Asset derivatives, Gross

1,016

291

Derivative, Fair Value, Amount Offset Against Collateral, Net

^[1]

(231)

(109)

Unrealized Gain On Derivative Contracts

^[1]

785

182

Investment Segment | Not designated as hedging instrument | Accrued expenses and other liabilities

Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items]

Liability derivatives, Gross

853

1,324

Derivative, Fair Value, Amount Offset Against Collateral, Net

^[1]

(231)

(109)

Derivative contracts, at fair value (liability)

^[1]

622

1,215

Investment Segment | Not designated as hedging instrument | Equity Contract [Member] | Other assets [Member]

Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items]

Asset derivatives, Gross

291

Investment Segment | Not designated as hedging instrument | Equity Contract [Member] | Accrued expenses and other liabilities

Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items]

Liability derivatives, Gross

852

1,058

Investment Segment | Not designated as hedging instrument | Credit Risk Contract [Member] | Other assets [Member]

Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items]

Asset derivatives, Gross

1,012

Investment Segment | Not designated as hedging instrument | Credit Risk Contract [Member] | Accrued expenses and other liabilities

Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items]

Liability derivatives, Gross

$ 1

$ 266

[1]

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, 2020

Dec. 31, 2019

Dec. 31, 2018

Net gain (loss) from investment activities

Derivative [Line Items]

Gain (loss) on derivatives not designated as hedging instruments recognized in income

^[1]

$ (495)

$ (2,502)

$ 798

Equity Contract [Member]

Derivative [Line Items]

Gain (loss) on derivatives not designated as hedging instruments recognized in income

^[1]

(1,583)

(2,152)

603

Credit Risk Contract [Member]

Derivative [Line Items]

Gain (loss) on derivatives not designated as hedging instruments recognized in income

^[1]

$ 1,088

(342)

129

Commodity Contract [Member]

Derivative [Line Items]

Gain (loss) on derivatives not designated as hedging instruments recognized in income

^[1]

$ (8)

$ 66

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

Financial Instruments Narrative (Details)
item in Millions, bbl in Millions, $ in Millions

12 Months Ended

Dec. 31, 2020

USD ($)

item

bbl

Dec. 31, 2019

USD ($)

bbl

Dec. 31, 2018

USD ($)

Derivatives, Fair Value [Line Items]

Unrealized Gain On Derivative Contracts

$ 785

$ 182

Investment Segment

Derivatives, Fair Value [Line Items]

Fair value of derivative instruments with credit risk related contingent features in a liability position

266

Investment Segment | Not designated as hedging instrument | Other assets [Member]

Derivatives, Fair Value [Line Items]

Unrealized Gain On Derivative Contracts

^[1]

785

182

Energy Segment | Not designated as hedging instrument | Other assets [Member]

Derivatives, Fair Value [Line Items]

Unrealized Gain On Derivative Contracts

Energy Segment | Not designated as hedging instrument | Cost of Goods and Service Benchmark [Member]

Derivatives, Fair Value [Line Items]

Gain (loss) on derivatives not designated as hedging instruments recognized in income

$ 55

$ 19

$ 146

Commodity contracts not considered probable of settlement | Energy Segment | Not designated as hedging instrument

Derivatives, Fair Value [Line Items]

Derivative volume (barrels) | bbl

Forward Contracts [Member] | Energy Segment | Not designated as hedging instrument

Derivatives, Fair Value [Line Items]

Derivative, Number of Instruments Held | bbl

Credit Default Swap [Member] | Energy Segment | Not designated as hedging instrument

Derivatives, Fair Value [Line Items]

Derivative, Number of Instruments Held | item

[1]

Inventories, Net (Details) - USD ($) $ in Millions	12 Months Ended
Inventories, Net (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials	$ 183	$ 206
Work in process	83	94
Finished goods	1,314	1,495
Inventories, net	1,580	1,795
Inventories reserves	73	$ 27
Inventory write-down	$ 58

Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 7,204	$ 7,122
Less: Accumulated depreciation and amortization	(2,976)	(2,668)
Property, plant and equipment, net	4,228	4,454
Depreciation and amortization expense related to property, plant and equipment	406	410	$ 398
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	393	396
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 920	901
Buildings and improvements \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life (in years)	1 year
Buildings and improvements \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life (in years)	40 years
Machinery, equipment and furniture
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 5,347	5,272
Machinery, equipment and furniture \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life (in years)	2 years
Machinery, equipment and furniture \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life (in years)	30 years
Assets leased to others
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 280	289
Assets leased to others \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life (in years)	5 years
Assets leased to others \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life (in years)	39 years
Other finance leases
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 113	117
Other finance leases \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life (in years)	3 years
Other finance leases \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life (in years)	18 years
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 151	$ 147

Goodwill and Intangible Assets, Net Goodwill Table (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2020
Goodwill [Line Items]
Gross carrying amount of goodwill	$ 334	$ 388	$ 369
Goodwill arising from acquisitions		19	34
Foreign exchange adjustments to goodwill			1
Accumulated impairment of goodwill	(87)	(90)	(87)
Impairment of goodwill		(3)
Goodwill		298	282
Automotive Segment
Goodwill [Line Items]
Gross carrying amount of goodwill	328	341	336
Goodwill arising from acquisitions		5	8
Accumulated impairment of goodwill	(87)	(87)	(87)
Impairment of goodwill	(87)
Goodwill		254	249	$ 249
Food Packaging Segment
Goodwill [Line Items]
Gross carrying amount of goodwill	$ 6	6	6
Goodwill		6	6
Metals Segment
Goodwill [Line Items]
Gross carrying amount of goodwill		4	4
Goodwill arising from acquisitions			4
Goodwill		4	4
Home Fashion Segment
Goodwill [Line Items]
Gross carrying amount of goodwill		24	23
Goodwill arising from acquisitions		1	22
Foreign exchange adjustments to goodwill			1
Accumulated impairment of goodwill		(3)
Impairment of goodwill		(3)
Goodwill		21	$ 23
Pharma Segment
Goodwill [Line Items]
Gross carrying amount of goodwill		13
Goodwill arising from acquisitions		13
Goodwill		$ 13

Goodwill and Intangible Assets, Net Definite-lived and Indefinite-lived Intangible Assets Table (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Definite-lived intangible assets:
Gross Carrying Amount	$ 922	$ 670
Accumulated Amortization	(345)	(301)
Net Carrying Value	577	369
Indefinite-lived intangible assets	83	62
Intangible assets, net	660	431
Customer Relationships [Member]
Definite-lived intangible assets:
Gross Carrying Amount	399	397
Accumulated Amortization	(176)	(155)
Net Carrying Value	223	242
Developed Technology
Definite-lived intangible assets:
Gross Carrying Amount	254	4
Accumulated Amortization	(6)	(4)
Net Carrying Value	248
Unclassified Indefinite-lived Intangible Assets [Member]
Definite-lived intangible assets:
Gross Carrying Amount	269	269
Accumulated Amortization	(163)	(142)
Net Carrying Value	$ 106	$ 127

Goodwill and Intangible Assets, Net Narrative (Details) $ in Millions	3 Months Ended		12 Months Ended
	Jun. 30, 2020 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2020 USD ($) item	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Goodwill and Intangible Assets [Line Items]
Amortization expense associated with definite-lived intangible assets				$ 44	$ 40	$ 47
Impairment of goodwill			$ 3
2021			63
2022			60
2023			60
2024			59
2025			57
Thereafter			278
Net Carrying Value			577	$ 369
WPH
Goodwill and Intangible Assets [Line Items]
Impairment of goodwill	$ 3
Automotive Segment
Goodwill and Intangible Assets [Line Items]
Impairment of goodwill		$ 87
Home Fashion Segment
Goodwill and Intangible Assets [Line Items]
Impairment of goodwill			3
Pharma Segment
Goodwill and Intangible Assets [Line Items]
Business combination, definite-lived intangible assets acquired			$ 271
Pharma Segment \| Vivus
Goodwill and Intangible Assets [Line Items]
Number of approved therapies \| item			2
Number of product candidate in active clinical development \| item			1
Automotive parts [Member]
Goodwill and Intangible Assets [Line Items]
Goodwill, Change in Goodwill Allocation, Description		27.00%
Developed Technology
Goodwill and Intangible Assets [Line Items]
Business combination, definite-lived intangible assets acquired			$ 250
Net Carrying Value			$ 248
Developed Technology \| Pharma Segment \| Vivus
Goodwill and Intangible Assets [Line Items]
Number of approved therapies \| item			2
Developed Technology \| Pharma Segment \| Minimum \| Vivus
Goodwill and Intangible Assets [Line Items]
Useful life			5 years
Developed Technology \| Pharma Segment \| Maximum \| Vivus
Goodwill and Intangible Assets [Line Items]
Useful life			18 years
In Process Research and Development [Member]
Goodwill and Intangible Assets [Line Items]
Business combination, definite-lived intangible assets acquired			$ 21

Leases (Details) - USD ($) $ in Millions	12 Months Ended
Leases (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Leases [Line Items]
Operating lease liability	$ 570
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Accrued Liabilities
Finance Lease, Liability	$ 81
Operating Lease, Expense	200	$ 202
Finance Lease, Right-of-Use Asset, Amortization	11	14
Finance Lease, Interest Expense	7	7
Operating Leases, Rent Expense			$ 168
Property, plant and equipment, net	4,228	4,454
Other assets [Member]
Leases [Line Items]
Operating lease right-of-use asset	552	624
Accrued expenses and other liabilities
Leases [Line Items]
Operating lease liability	$ 570	$ 647
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Accrued Liabilities	Accrued Liabilities
Property, plant and equipment
Leases [Line Items]
Finance Lease, Liability	$ 65	$ 77
Debt
Leases [Line Items]
Finance lease right-of-use asset	81	93
Real Estate Segment
Leases [Line Items]
2021	5
2022	1
2023	1
Operating Lease, Lease Income	32	33	$ 39
Property, plant and equipment, net	310	299
Real Estate Segment \| Assets leased to others
Leases [Line Items]
Property, plant and equipment, net	222	222
Energy Segment
Leases [Line Items]
Operating lease right-of-use asset	37	48
Operating lease liability	$ 38	$ 48
Lessee term	3 years 1 month 6 days	3 years 8 months 12 days
Operating Lease, Weighted Average Discount Rate, Percent	5.50%	5.60%
Property, plant and equipment, net	$ 2,747	$ 2,888
Automotive Segment
Leases [Line Items]
Operating lease right-of-use asset	436	501
Operating lease liability	$ 456	$ 527
Lessee term	4 years 7 months 6 days	5 years 2 months 12 days
Operating Lease, Weighted Average Discount Rate, Percent	5.70%	5.70%
Operating Lease, Expense	$ 166	$ 173
Property, plant and equipment, net	857	916
Food Packaging Segment
Leases [Line Items]
Operating lease right-of-use asset	32	34
Operating lease liability	$ 36	$ 38
Lessee term	11 years 1 month 6 days	11 years 8 months 12 days
Operating Lease, Weighted Average Discount Rate, Percent	7.40%	7.40%
Property, plant and equipment, net	$ 160	$ 161
Other Segments and Holding Company
Leases [Line Items]
Operating lease right-of-use asset	47	41
Operating lease liability	$ 40	$ 34

Lease Liability Maturities (Details) $ in Millions	Dec. 31, 2020 USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2021	$ 181
2022	152
2023	100
2024	73
2025	49
Thereafter	121
Total lease payments	676
Less: imputed interest	(106)
Operating lease liability	$ 570
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Accrued Liabilities
Finance Lease, Liability, Payment, Due [Abstract]
2021	$ 18
2022	14
2023	12
2024	12
2025	13
Thereafter	43
Total lease payments	112
Less: imputed interest	(31)
Finance Lease, Liability	$ 81

Leases - Maturities (Details) $ in Millions	Dec. 31, 2020 USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2021	$ 181
2022	152
2023	100
2024	73
2025	49
Thereafter	121
Total lease payments	676
Less: imputed interest	(106)
Operating lease liability	$ 570
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Accrued Liabilities
Finance Lease, Liability, Payment, Due [Abstract]
2021	$ 18
2022	14
2023	12
2024	12
2025	13
Thereafter	43
Total lease payments	112
Less: imputed interest	(31)
Finance Lease, Liability	$ 81

Debt (Details) - USD ($) $ in Millions	Dec. 31, 2020	Jan. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	May 31, 2019	Dec. 31, 2017	Jan. 31, 2017
Debt Instrument [Line Items]
Debt	$ 8,059		$ 8,192
Holding Company
Debt Instrument [Line Items]
Debt	5,811		6,297
Energy Segment
Debt Instrument [Line Items]
Debt	1,691		1,195
Automotive Segment
Debt Instrument [Line Items]
Debt	368		405
Food Packaging Segment
Debt Instrument [Line Items]
Debt	151		268
Metals Segment
Debt Instrument [Line Items]
Debt	16		7
Real Estate Segment
Debt Instrument [Line Items]
Debt	1		2
Home Fashion Segment
Debt Instrument [Line Items]
Debt	21		18
Reporting Segments
Debt Instrument [Line Items]
Debt	$ 2,248		1,895
6.000% senior unsecured notes due 2020 \| Holding Company
Debt Instrument [Line Items]
Interest rate on debt instrument					6.00%	6.00%
5.875% senior unsecured notes due 2022 \| Holding Company
Debt Instrument [Line Items]
Debt			1,345
Interest rate on debt instrument	5.875%
6.250% senior unsecured notes due 2022 \| Holding Company
Debt Instrument [Line Items]
Debt	$ 1,209		1,211
Interest rate on debt instrument	6.25%						6.25%	6.25%
6.750% senior unsecured notes due 2024 \| Holding Company
Debt Instrument [Line Items]
Debt	$ 499		498
Interest rate on debt instrument	6.75%							6.75%
4.750% senior unsecured notes due 2024 \| Holding Company
Debt Instrument [Line Items]
Debt	$ 1,106		498
Interest rate on debt instrument	4.75%	4.75%		4.75%
6.375% senior unsecured notes due 2025 \| Holding Company
Debt Instrument [Line Items]
Debt	$ 748		748
Interest rate on debt instrument	6.375%						6.375%
6.250% senior unsecured notes due 2026 \| Holding Company
Debt Instrument [Line Items]
Debt	$ 1,250		1,250
Interest rate on debt instrument	6.25%				6.25%	6.25%
5.250% senior unsecured notes due 2027 \| Holding Company
Debt Instrument [Line Items]
Debt	$ 999		$ 747
Interest rate on debt instrument	5.25%		5.25%
5.25% senior unsecured notes due 2025 \| Energy Segment
Debt Instrument [Line Items]
Interest rate on debt instrument	5.25%
5.75% senior unsecured notes due 2028 \| Energy Segment
Debt Instrument [Line Items]
Interest rate on debt instrument	5.75%

Debt - Holding Company Debt (Details) - Holding Company - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Jan. 31, 2021	Jan. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	May 31, 2019	Dec. 31, 2017	Jan. 31, 2017
Debt Instrument [Line Items]
(Gain) loss on extinguishment of debt	$ (4)	$ 2
6.000% senior unsecured notes due 2020
Debt Instrument [Line Items]
Interest rate on debt instrument						6.00%	6.00%
5.875% senior unsecured notes due 2022
Debt Instrument [Line Items]
Interest rate on debt instrument	5.875%
Repayment of senior notes	$ 1,350
6.250% senior unsecured notes due 2022
Debt Instrument [Line Items]
Debt face amount								$ 510	$ 695
Interest rate on debt instrument	6.25%							6.25%	6.25%
6.250% senior unsecured notes due 2022 \| Subsequent event
Debt Instrument [Line Items]
Debt face amount			$ 750
Interest rate on debt instrument			6.25%
6.750% senior unsecured notes due 2024
Debt Instrument [Line Items]
Debt face amount									$ 500
Interest rate on debt instrument	6.75%								6.75%
4.750% senior unsecured notes due 2024
Debt Instrument [Line Items]
Debt face amount				$ 600	$ 500
Interest rate on debt instrument	4.75%			4.75%	4.75%
6.375% senior unsecured notes due 2025
Debt Instrument [Line Items]
Debt face amount								$ 750
Interest rate on debt instrument	6.375%							6.375%
6.250% senior unsecured notes due 2026
Debt Instrument [Line Items]
Debt face amount						$ 1,250	$ 1,250
Interest rate on debt instrument	6.25%					6.25%	6.25%
5.250% senior unsecured notes due 2027
Debt Instrument [Line Items]
Debt face amount	$ 250	$ 750
Interest rate on debt instrument	5.25%	5.25%
4.375% senior unsecured notes due 2029 \| Subsequent event
Debt Instrument [Line Items]
Debt face amount			$ 750
Interest rate on debt instrument			4.375%

Debt - Reporting Segment Debt (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Oct. 31, 2020
Debt Instrument [Line Items]
Amortization of deferred financing costs and debt discounts and premiums	$ 4	$ 6	$ 5
Term Loan \| Revolving credit facility
Debt Instrument [Line Items]
Debt face amount				$ 150
Line of credit				$ 30
Energy Segment
Debt Instrument [Line Items]
(Gain) loss on extinguishment of debt	(8)
Energy Segment \| 5.25% senior unsecured notes due 2025
Debt Instrument [Line Items]
Debt face amount	$ 600
Interest rate on debt instrument	5.25%
Energy Segment \| 5.75% senior unsecured notes due 2028
Debt Instrument [Line Items]
Debt face amount	$ 400
Interest rate on debt instrument	5.75%
Energy Segment \| CVR 2022 Notes
Debt Instrument [Line Items]
Debt face amount	$ 500
Energy Segment \| CVR Partners 2023 Notes
Debt Instrument [Line Items]
Debt face amount	$ 645
Interest rate on debt instrument	9.25%
Energy Segment \| Revolving credit facility
Debt Instrument [Line Items]
Borrowing availability on credit facilities	$ 385	443
Energy Segment \| CVR Refining credit facility
Debt Instrument [Line Items]
Letters of credit outstanding	35	7
Energy Segment \| CVR 2025 Notes [Member]
Debt Instrument [Line Items]
Debt face amount	$ 600
Interest rate on debt instrument	5.25%
Energy Segment \| CVR 2028 Notes [Member]
Debt Instrument [Line Items]
Debt face amount	$ 400
Interest rate on debt instrument	5.75%
Automotive Segment \| IEP Auto Credit Facility
Debt Instrument [Line Items]
Debt face amount	$ 350	382
Borrowing availability on credit facilities	96	107
Letters of credit outstanding	$ 45	$ 41
Weighted average interest rate on debt	2.01%	4.15%
Food Packaging Segment \| Viskase credit facility
Debt Instrument [Line Items]
Interest rate on debt instrument	3.72%	5.19%

Debt - Maturities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
2021	$ 400
2022	1,213
2023	777
2024	1,600
2025	1,350
Thereafter	2,651
Total debt payments (excluding financing lease payments)	7,991
Less: unamortized discounts, premiums and deferred financing fees	(13)
Finance Lease, Liability	81
Debt and Lease Obligation, Total	$ 8,059	$ 8,192

Net Income Per LP Unit (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended				12 Months Ended
	May 02, 2019	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Earnings Per LP Unit [Line Items]
Net (loss) income attributable to Icahn Enterprises from continuing operations						$ (1,653)	$ (1,066)	$ (238)
Net (loss) income attributable to Icahn Enterprises from discontinued operations							(32)	1,720
Less: net loss attributable to Icahn Enterprises from discontinued operations allocated 100% to general partner								598
Net (loss) income attributable to Icahn Enterprises from discontinued operations allocable to limited partners							$ (32)	$ 2,318
Basic and diluted (loss) income per LP unit:
Continuing operations						$ (7.33)	$ (5.23)	$ (1.29)
Discontinued operations							(0.15)	12.62
Basic and diluted (loss) income per LP unit						$ (7.33)	$ (5.38)	$ 11.33
Basic and diluted weighted average LP units outstanding						221,000,000	200,000,000	180,000,000
Limited partners: Depositary units issued		241,338,835				241,338,835	214,078,558	191,366,097	173,564,307
Units distributed to LP unitholders						25,352,178	21,898,853	17,778,950
2017 LTIP units vested							19,259	22,840
Partners' Capital Account, Units, Sale of Units						1,908,099	794,349
Aggregate cash distributions to depositary unit holders		$ 33	$ 31	$ 30	$ 422	$ 516
Potential aggregate sales proceeds from equity offering	$ 400					244
Proceeds from Sale of Interest in Partnership Unit						101	$ 55
Limited partners
Earnings Per LP Unit [Line Items]
Net (loss) income attributable to Icahn Enterprises from continuing operations						$ (1,620)	(1,045)	$ (233)
Net (loss) income attributable to Icahn Enterprises from discontinued operations							$ (31)	$ 2,272
Mr. Icahn and affiliates
Basic and diluted (loss) income per LP unit:
Limited partners: Depositary units issued		221,749,462				221,749,462	197,049,652	175,441,588	157,898,582
Units distributed to LP unitholders						24,902,568	21,608,064	17,543,006
Mr. Icahn and affiliates \| Brett Icahn
Basic and diluted (loss) income per LP unit:
Partners' Capital Account, Units, Trasfer of Units						(202,758)
Public unitholders
Basic and diluted (loss) income per LP unit:
Limited partners: Depositary units issued		19,589,373				19,589,373	17,028,906	15,924,509	15,665,725
Units distributed to LP unitholders						449,610	290,789	235,944
2017 LTIP units vested							19,259	22,840
Partners' Capital Account, Units, Sale of Units						1,908,099	794,349
Public unitholders \| Brett Icahn
Basic and diluted (loss) income per LP unit:
Partners' Capital Account, Units, Trasfer of Units						202,758

Segment Reporting, Income Statements (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Aug. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales/Other revenue from operations		$ 6,815	$ 9,722	$ 10,576
Other revenues from operations		608	666	647
Net (loss) gain from investment activities		(1,421)	(1,931)	322
Interest and dividend income		169	265	148
(Loss) gain on disposition of assets, net		(17)	253	84
Other income (loss), net		(31)	19
Total revenues		6,123	8,994	11,777
Cost of goods sold/Other expenses from operations		6,320	8,205	8,993
Other expenses from operations		487	528	538
Selling, general and administrative		1,191	1,375	1,386
Restructuring, net		10	18	21
Impairment		11	2	92
Interest expense		688	605	524
Total Expenses		8,707	10,733	11,554
Income (loss) from continuing operations before income tax (expense) benefit		(2,584)	(1,739)	223
Income tax benefit (expense)		116	(20)	14
Net income (loss) from continuing operations		(2,468)	(1,759)	237
Less: net income (loss) from continuing operations attributable to non-controlling interests		(815)	(693)	475
Net income (loss) from continuing operations attributable to Icahn Enterprises		(1,653)	(1,066)	(238)
Capital expenditures		199	250	272
Depreciation and amortization		510	519	508
Investment Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales/Other revenue from operations		0
Other revenues from operations		0
Net (loss) gain from investment activities		(1,368)	(1,599)	635
Interest and dividend income		136	190	104
(Loss) gain on disposition of assets, net		0
Other income (loss), net		(17)	(5)	(2)
Total revenues		(1,249)	(1,414)	737
Cost of goods sold/Other expenses from operations		0
Other expenses from operations		0
Selling, general and administrative		2	23	12
Restructuring, net		0
Impairment		0
Interest expense		196	106	46
Total Expenses		198	129	58
Income (loss) from continuing operations before income tax (expense) benefit		(1,447)	(1,543)	679
Income tax benefit (expense)		0
Net income (loss) from continuing operations		(1,447)	(1,543)	679
Less: net income (loss) from continuing operations attributable to non-controlling interests		(682)	(768)	360
Net income (loss) from continuing operations attributable to Icahn Enterprises		(765)	(775)	319
Capital expenditures		0
Depreciation and amortization		0
Energy Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales/Other revenue from operations		3,930	6,364	7,124
Other revenues from operations		0
Net (loss) gain from investment activities		34
Interest and dividend income		10	4	2
(Loss) gain on disposition of assets, net		(7)	4	(6)
Other income (loss), net		(1)	13	15
Total revenues		3,966	6,385	7,135
Cost of goods sold/Other expenses from operations		4,164	5,707	6,508
Other expenses from operations		0
Selling, general and administrative		116	146	138
Restructuring, net		0		5
Impairment		0
Interest expense		125	106	104
Total Expenses		4,405	5,959	6,755
Income (loss) from continuing operations before income tax (expense) benefit		(439)	426	380
Income tax benefit (expense)		112	(112)	(46)
Net income (loss) from continuing operations		(327)	314	334
Less: net income (loss) from continuing operations attributable to non-controlling interests		(133)	68	121
Net income (loss) from continuing operations attributable to Icahn Enterprises		(194)	246	213
Capital expenditures		124	121	102
Depreciation and amortization		343	352	339
Automotive Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales/Other revenue from operations		1,929	2,293	2,295
Other revenues from operations		549	591	563
Net (loss) gain from investment activities		0
Interest and dividend income		0
(Loss) gain on disposition of assets, net		(6)	(4)	(1)
Other income (loss), net		(7)	15	(1)
Total revenues		2,465	2,895	2,856
Cost of goods sold/Other expenses from operations		1,344	1,615	1,493
Other expenses from operations		449	474	483
Selling, general and administrative		904	1,032	1,051
Restructuring, net		8	6	5
Impairment		0		90
Interest expense		12	20	16
Total Expenses		2,717	3,147	3,138
Income (loss) from continuing operations before income tax (expense) benefit		(252)	(252)	(282)
Income tax benefit (expense)		54	55	52
Net income (loss) from continuing operations		(198)	(197)	(230)
Less: net income (loss) from continuing operations attributable to non-controlling interests		0
Net income (loss) from continuing operations attributable to Icahn Enterprises		(198)	(197)	(230)
Capital expenditures		35	47	66
Depreciation and amortization		95	98	92
Food Packaging Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales/Other revenue from operations		409	385	395
Other revenues from operations		0
Net (loss) gain from investment activities		0
Interest and dividend income		0		1
(Loss) gain on disposition of assets, net		0
Other income (loss), net		(6)	(8)	(17)
Total revenues		403	377	379
Cost of goods sold/Other expenses from operations		327	312	316
Other expenses from operations		0
Selling, general and administrative		52	55	57
Restructuring, net		1	8	9
Impairment		0	1
Interest expense		11	17	16
Total Expenses		391	393	398
Income (loss) from continuing operations before income tax (expense) benefit		12	(16)	(19)
Income tax benefit (expense)		(8)	(6)	4
Net income (loss) from continuing operations		4	(22)	(15)
Less: net income (loss) from continuing operations attributable to non-controlling interests		0	(5)	(3)
Net income (loss) from continuing operations attributable to Icahn Enterprises		4	(17)	(12)
Capital expenditures		19	17	25
Depreciation and amortization		27	26	26
Metals Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales/Other revenue from operations		313	340	466
Other revenues from operations		0
Net (loss) gain from investment activities		0
Interest and dividend income		0
(Loss) gain on disposition of assets, net		1	1
Other income (loss), net		3		1
Total revenues		317	341	467
Cost of goods sold/Other expenses from operations		298	343	441
Other expenses from operations		0
Selling, general and administrative		16	15	19
Restructuring, net		1	3
Impairment		1	1	1
Interest expense		1	1
Total Expenses		317	363	461
Income (loss) from continuing operations before income tax (expense) benefit		0	(22)	6
Income tax benefit (expense)		0		(1)
Net income (loss) from continuing operations		0	(22)	5
Less: net income (loss) from continuing operations attributable to non-controlling interests		0
Net income (loss) from continuing operations attributable to Icahn Enterprises		0	(22)	5
Capital expenditures		3	24	21
Depreciation and amortization		18	19	18
Real Estate Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales/Other revenue from operations		43	23	22
Other revenues from operations		59	75	84
Interest and dividend income		1	1	16
(Loss) gain on disposition of assets, net	$ 89	(5)		89
Other income (loss), net			4	1
Total revenues		98	103	212
Cost of goods sold/Other expenses from operations		35	18	18
Other expenses from operations		38	54	54
Selling, general and administrative		34	21	22
Impairment		7
Interest expense				1
Total Expenses		114	93	95
Income (loss) from continuing operations before income tax (expense) benefit		(16)	10	117
Income tax benefit (expense)			6	(5)
Net income (loss) from continuing operations		(16)	16	112
Net income (loss) from continuing operations attributable to Icahn Enterprises		(16)	16	112
Capital expenditures		11	22	13
Depreciation and amortization		17	17	19
Home Fashion Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales/Other revenue from operations		188	187	171
Other revenues from operations		0
Net (loss) gain from investment activities		0
Interest and dividend income		0
(Loss) gain on disposition of assets, net		0
Other income (loss), net		2	(1)
Total revenues		190	186	171
Cost of goods sold/Other expenses from operations		150	159	144
Other expenses from operations		0
Selling, general and administrative		43	42	34
Restructuring, net		0	1	2
Impairment		3		1
Interest expense		1	1	1
Total Expenses		197	203	182
Income (loss) from continuing operations before income tax (expense) benefit		(7)	(17)	(11)
Income tax benefit (expense)		0
Net income (loss) from continuing operations		(7)	(17)	(11)
Less: net income (loss) from continuing operations attributable to non-controlling interests		0
Net income (loss) from continuing operations attributable to Icahn Enterprises		(7)	(17)	(11)
Capital expenditures		5	5	5
Depreciation and amortization		8	7	8
Pharma Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales/Other revenue from operations		3
Other revenues from operations		0
Net (loss) gain from investment activities		0
Interest and dividend income		0
(Loss) gain on disposition of assets, net		0
Other income (loss), net		0
Total revenues		3
Cost of goods sold/Other expenses from operations		2
Other expenses from operations		0
Selling, general and administrative		2
Restructuring, net		0
Impairment		0
Interest expense		0
Total Expenses		4
Income (loss) from continuing operations before income tax (expense) benefit		(1)
Income tax benefit (expense)		0
Net income (loss) from continuing operations		(1)
Less: net income (loss) from continuing operations attributable to non-controlling interests		0
Net income (loss) from continuing operations attributable to Icahn Enterprises		(1)
Capital expenditures		0
Depreciation and amortization		2
Mining Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales/Other revenue from operations		0	130	103
Other revenues from operations		0
Net (loss) gain from investment activities		0
Interest and dividend income		0	1	1
(Loss) gain on disposition of assets, net		0	252	(3)
Other income (loss), net		0	(1)	5
Total revenues		0	382	106
Cost of goods sold/Other expenses from operations		0	51	73
Other expenses from operations		0
Selling, general and administrative		0	15	27
Restructuring, net		0
Impairment		0
Interest expense		0	4	3
Total Expenses		0	70	103
Income (loss) from continuing operations before income tax (expense) benefit		0	312	3
Income tax benefit (expense)		0	(1)	(2)
Net income (loss) from continuing operations		0	311	1
Less: net income (loss) from continuing operations attributable to non-controlling interests		0	12	(2)
Net income (loss) from continuing operations attributable to Icahn Enterprises		0	299	3
Capital expenditures		0	14	40
Depreciation and amortization		0		6
Railcar Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales/Other revenue from operations		0
Other revenues from operations		0
Net (loss) gain from investment activities		0
Interest and dividend income		0
(Loss) gain on disposition of assets, net		0		5
Other income (loss), net		0
Total revenues		0		5
Cost of goods sold/Other expenses from operations		0
Other expenses from operations		0		1
Selling, general and administrative		0		1
Restructuring, net		0
Interest expense		0
Total Expenses		0		2
Income (loss) from continuing operations before income tax (expense) benefit		0		3
Income tax benefit (expense)		0		(2)
Net income (loss) from continuing operations		0		1
Less: net income (loss) from continuing operations attributable to non-controlling interests		0
Net income (loss) from continuing operations attributable to Icahn Enterprises		0		1
Capital expenditures		0
Depreciation and amortization		0
Holding Company
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales/Other revenue from operations		0
Other revenues from operations		0
Net (loss) gain from investment activities		(87)	(332)	(313)
Interest and dividend income		22	69	24
(Loss) gain on disposition of assets, net		0
Other income (loss), net		(5)	2	(2)
Total revenues		(70)	(261)	(291)
Cost of goods sold/Other expenses from operations		0
Other expenses from operations		0
Selling, general and administrative		22	26	25
Restructuring, net		0
Impairment		0
Interest expense		342	350	337
Total Expenses		364	376	362
Income (loss) from continuing operations before income tax (expense) benefit		(434)	(637)	(653)
Income tax benefit (expense)		(42)	38	14
Net income (loss) from continuing operations		(476)	(599)	(639)
Less: net income (loss) from continuing operations attributable to non-controlling interests		0		(1)
Net income (loss) from continuing operations attributable to Icahn Enterprises		(476)	$ (599)	$ (638)
Capital expenditures		2
Depreciation and amortization		$ 0

Segment Reporting Disaggregation of Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Energy Segment
Disaggregation of Revenue [Line Items]
Disaggregated revenue	$ 3,930	$ 6,364	$ 7,124
Automotive Segment
Disaggregation of Revenue [Line Items]
Disaggregated revenue	2,478	2,884	2,858
Petroleum products \| Energy Segment
Disaggregation of Revenue [Line Items]
Disaggregated revenue	3,580	5,960	6,773
Nitrogen fertilizer products \| Energy Segment
Disaggregation of Revenue [Line Items]
Disaggregated revenue	350	404	351
Automotive services \| Automotive Segment
Disaggregation of Revenue [Line Items]
Disaggregated revenue	1,228	1,373	1,321
Automotive parts [Member] \| Automotive Segment
Disaggregation of Revenue [Line Items]
Disaggregated revenue	$ 1,250	$ 1,511	$ 1,537

Segment Reporting, Balance Sheets (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting, Asset Reconciling Item [Line Items]
Cash and cash equivalents	$ 1,699	$ 3,794
Cash held at consolidated affiliated partnerships and restricted cash	1,592	1,151
Investments	8,913	9,945
Accounts receivable, net	502	483
Inventories, net	1,580	1,795
Property, plant and equipment, net	4,228	4,454
Goodwill and intangible assets, net	958	713
Other assets	5,515	2,304
Total Assets	24,987	24,639
Accounts payable, accrued expenses and other liabilities	5,150	4,315
Securities sold, not yet purchased, at fair value	2,521	1,190
Debt	8,059	8,192
Total liabilities	15,730	13,697
Equity attributable to Icahn Enterprises	3,382	5,456
Equity attributable to non-controlling interests	5,875	5,486
Total equity	9,257	10,942	$ 12,980	$ 11,486
Total Liabilities and Equity	24,987	24,639
Investment Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Cash and cash equivalents	14	11
Cash held at consolidated affiliated partnerships and restricted cash	1,558	989
Investments	8,239	9,207
Other assets	4,308	1,076
Total Assets	14,119	11,283
Accounts payable, accrued expenses and other liabilities	2,256	1,310
Securities sold, not yet purchased, at fair value	2,521	1,190
Total liabilities	4,777	2,500
Equity attributable to Icahn Enterprises	4,283	4,296
Equity attributable to non-controlling interests	5,059	4,487
Total equity	9,342	8,783
Total Liabilities and Equity	14,119	11,283
Energy Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Cash and cash equivalents	667	652
Cash held at consolidated affiliated partnerships and restricted cash	7
Investments	253	81
Accounts receivable, net	178	182
Inventories, net	298	373
Property, plant and equipment, net	2,747	2,888
Goodwill and intangible assets, net	238	258
Other assets	335	239
Total Assets	4,723	4,673
Accounts payable, accrued expenses and other liabilities	1,189	1,180
Debt	1,691	1,195
Total liabilities	2,880	2,375
Equity attributable to Icahn Enterprises	1,039	1,312
Equity attributable to non-controlling interests	804	986
Total equity	1,843	2,298
Total Liabilities and Equity	4,723	4,673
Automotive Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Cash and cash equivalents	45	46
Investments	40	120
Accounts receivable, net	109	143
Inventories, net	1,080	1,215
Property, plant and equipment, net	857	916
Goodwill and intangible assets, net	376	382
Other assets	582	673
Total Assets	3,089	3,495
Accounts payable, accrued expenses and other liabilities	1,167	1,340
Debt	368	405
Total liabilities	1,535	1,745
Equity attributable to Icahn Enterprises	1,554	1,750
Total equity	1,554	1,750
Total Liabilities and Equity	3,089	3,495
Food Packaging Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Cash and cash equivalents	16	22
Cash held at consolidated affiliated partnerships and restricted cash		1
Accounts receivable, net	88	78
Inventories, net	89	100
Property, plant and equipment, net	160	161
Goodwill and intangible assets, net	31	30
Other assets	101	125
Total Assets	485	517
Accounts payable, accrued expenses and other liabilities	181	196
Debt	151	268
Total liabilities	332	464
Equity attributable to Icahn Enterprises	141	40
Equity attributable to non-controlling interests	12	13
Total equity	153	53
Total Liabilities and Equity	485	517
Metals Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Cash and cash equivalents	1	3
Cash held at consolidated affiliated partnerships and restricted cash	2	6
Accounts receivable, net	64	32
Inventories, net	22	32
Property, plant and equipment, net	82	122
Goodwill and intangible assets, net	9	11
Other assets	37	27
Total Assets	217	233
Accounts payable, accrued expenses and other liabilities	73	70
Debt	16	7
Total liabilities	89	77
Equity attributable to Icahn Enterprises	128	156
Total equity	128	156
Total Liabilities and Equity	217	233
Real Estate Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Cash and cash equivalents	21	53
Cash held at consolidated affiliated partnerships and restricted cash	8	2
Investments	15	15
Accounts receivable, net	10	12
Property, plant and equipment, net	310	299
Goodwill and intangible assets, net	1	8
Other assets	121	125
Total Assets	486	514
Accounts payable, accrued expenses and other liabilities	45	38
Debt	1	2
Total liabilities	46	40
Equity attributable to Icahn Enterprises	440	474
Total equity	440	474
Total Liabilities and Equity	486	514
Home Fashion Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Cash and cash equivalents	2	1
Cash held at consolidated affiliated partnerships and restricted cash	6	7
Accounts receivable, net	33	36
Inventories, net	81	75
Property, plant and equipment, net	65	68
Goodwill and intangible assets, net	21	24
Other assets	19	20
Total Assets	227	231
Accounts payable, accrued expenses and other liabilities	65	66
Debt	21	18
Total liabilities	86	84
Equity attributable to Icahn Enterprises	141	147
Total equity	141	147
Total Liabilities and Equity	227	231
Pharma Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Cash and cash equivalents	8
Accounts receivable, net	20
Inventories, net	10
Goodwill and intangible assets, net	282
Other assets	6
Total Assets	326
Accounts payable, accrued expenses and other liabilities	64
Total liabilities	64
Equity attributable to Icahn Enterprises	262
Total equity	262
Total Liabilities and Equity	326
Holding Company
Segment Reporting, Asset Reconciling Item [Line Items]
Cash and cash equivalents	925	3,006
Cash held at consolidated affiliated partnerships and restricted cash	11	146
Investments	366	522
Property, plant and equipment, net	7
Other assets	6	19
Total Assets	1,315	3,693
Accounts payable, accrued expenses and other liabilities	110	115
Debt	5,811	6,297
Total liabilities	5,921	6,412
Equity attributable to Icahn Enterprises	(4,606)	(2,719)
Total equity	(4,606)	(2,719)
Total Liabilities and Equity	$ 1,315	$ 3,693

Segment and Geographic Reporting Geographic Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales/Other revenue from operations	$ 6,815	$ 9,722	$ 10,576
Other revenues from operations	608	666	647
Property, plant and equipment, net	4,228	4,454
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales/Other revenue from operations	6,462	9,271	10,170
Other revenues from operations	604	652	629
Property, plant and equipment, net	4,082	4,299
Other geographical locations
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales/Other revenue from operations	353	451	406
Other revenues from operations	4	14	$ 18
Property, plant and equipment, net	$ 146	$ 155

Discontinued Operations Income From Discontinued Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from discontinued operations	$ (32)	$ 1,764
Income from discontinued operations attributable to Icahn Enterprises	$ (32)	1,720
Discontinued operations and held for sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales		6,221
Other revenues from operations		892
Interest and dividend income		5
Gain on disposition of assets, net		65
Other income, net		19
Revenue		7,202
Cost of goods sold		5,214
Other expenses from operations		425
Selling, general and administrative		879
Restructuring, net		13
Impairment		6
Interest expense		160
Costs and expenses		6,697
Income from discontinued operations before gain on sale and income tax expense		505
Gain on sale of discontinued operations		1,430
Income from discontinued operations before income tax expense		1,935
Income tax expense		(171)
Income from discontinued operations		1,764
Less: income from discontinued operations attributable to non-controlling interests		44
Income from discontinued operations attributable to Icahn Enterprises		1,720
Capital expenditures		486
Depreciation and amortization		166
Federal-Mogul \| Discontinued operations and held for sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales		5,993
Interest and dividend income		2
Gain on disposition of assets, net		65
Other income, net		5
Revenue		6,065
Cost of goods sold		4,999
Selling, general and administrative		601
Restructuring, net		13
Impairment		2
Interest expense		137
Costs and expenses		5,752
Income from discontinued operations before gain on sale and income tax expense		313
Gain on sale of discontinued operations		251
Income from discontinued operations before income tax expense		564
Income tax expense		(69)
Income from discontinued operations		495
Less: income from discontinued operations attributable to non-controlling interests		7
Income from discontinued operations attributable to Icahn Enterprises		488
Capital expenditures		303
Depreciation and amortization		100
Tropicana \| Discontinued operations and held for sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other revenues from operations		679
Interest and dividend income		1
Other income, net		1
Revenue		681
Other expenses from operations		311
Selling, general and administrative		238
Interest expense		4
Costs and expenses		553
Income from discontinued operations before gain on sale and income tax expense		128
Gain on sale of discontinued operations		779
Income from discontinued operations before income tax expense		907
Income tax expense		(89)
Income from discontinued operations		818
Less: income from discontinued operations attributable to non-controlling interests		17
Income from discontinued operations attributable to Icahn Enterprises		801
Capital expenditures		58
Depreciation and amortization		19
American Railcar Industries \| Discontinued operations and held for sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales		228
Other revenues from operations		213
Interest and dividend income		2
Other income, net		13
Revenue		456
Cost of goods sold		215
Other expenses from operations		114
Selling, general and administrative		40
Impairment		4
Interest expense		19
Costs and expenses		392
Income from discontinued operations before gain on sale and income tax expense		64
Gain on sale of discontinued operations		400
Income from discontinued operations before income tax expense		464
Income tax expense		(13)
Income from discontinued operations		451
Less: income from discontinued operations attributable to non-controlling interests		20
Income from discontinued operations attributable to Icahn Enterprises		431
Capital expenditures		125
Depreciation and amortization		$ 47

Income Taxes Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income tax benefit (expense) at U.S. statutory rate	$ 543	$ 365	$ (47)
Valuation allowance	(243)	(63)	(4)
Non-controlling interest	(6)	(4)	26
Goodwill impairment			(18)
Stock dispositions			69
Income not subject to taxation	(287)	(314)	14
State taxes	103
Other	6	(4)	(26)
Income tax benefit (expense)	$ 116	$ (20)	$ 14

Income Taxes Accounting for Uncertainty in Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Unrecognized Tax Benefits, Beginning Balance	$ 33	$ 34	$ 34
Addition based on tax positions related to the current year	1	2
Increase for tax positions of prior years	6		6
Decrease for tax positions of prior years	(2)
Decrease for statute of limitation expiration	(3)	(3)	(6)
Unrecognized Tax Benefits, Ending Balance	$ 35	$ 33	$ 34

Income Taxes Narrative (Details) - USD ($) $ in Millions		12 Months Ended
Income Taxes Narrative (Details) - USD ($) $ in Millions	Aug. 01, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 09, 2020	Dec. 08, 2020	Dec. 31, 2017
Income Tax Contingency [Line Items]
Book basis of net assets		$ 3,382	$ 5,456
Book/tax basis difference		(774)	(1,397)
Tax basis of net assets		2,608	4,059
Domestic income (loss) from continuing operations before taxes		(2,586)	(1,765)	$ 235
Foreign income (loss) from continuing operations before taxes		2	26	(12)
Income before income tax benefit (expense)		(2,584)	(1,739)	223
Current income tax (expense) benefit		67	(109)	(15)
Deferred income tax (expense) benefit		49	89	29
Income tax (expense) benefit		116	(20)	14
Deferred tax assets, Property, plant and equipment		17	17
Deferred tax asset, net operating loss		996	791
deferred tax asset, Tax credits		60	29
Deferred Tax Assets, Capital Loss Carryforwards		358	155
Deferred tax assets, lease arrangements		141	133
Deferred tax asset, Other		119	71
Deferred tax assets, gross		1,691	1,196
Deferred Tax Assets, Valuation Allowance		(1,026)	(619)
Deferred Tax Assets, Net of Valuation Allowance		665	577
Deferred tax liabilities, Property, plant and equipment		(121)	(125)
Deferred tax liabilities, Intangible assets		(84)	(37)
Deferred tax liability, Investment in partnerships		(657)	(652)
Deferred tax liabilities, Investment in U.S. subsidiaries		(184)	(184)
Deferred Tax Liabilities, Leases		(135)	(125)
Deferred tax liabilities, Other		(46)	(61)
Deferred Tax Liabilities, Gross		(1,227)	(1,184)
Deferred tax liabilities, net of deferred tax assets		(562)	(607)
Deferred Tax Assets, Net		7	32
Deferred tax liability		569	639
Increase (decrease) in deferred tax asset valuation amount		$ 407
Deferred Tax Carryforward Period		5 years
Undistributed earnings of foreign subsidiaries			66
Additional tax due from GILTI		$ 1
Unrecognized tax benefits balance		35	33	34			$ 34
Unrecognized Tax Benefits that Would Impact Effective Tax Rate		31	27	30
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued		3	1	1
Income tax expense related to interest and penalties related to unrecognized tax benefits		2	0	(1)
Deferred tax assets, lease arrangements		141	133
Deferred Tax Liabilities, Leasing Arrangements		135	125
Energy Segment
Income Tax Contingency [Line Items]
Income before income tax benefit (expense)		(439)	426	380
Income tax (expense) benefit		112	(112)	(46)
Icahn Enterprises Holdings
Income Tax Contingency [Line Items]
Book basis of net assets		3,380	5,453
Book/tax basis difference		(774)	(1,397)
Tax basis of net assets		2,606	4,056
Income before income tax benefit (expense)		(2,583)	(1,738)	224
Income tax (expense) benefit		116	(20)	14
Deferred tax liability		569	639
American Entertainment Properties Corp.
Income Tax Contingency [Line Items]
Deferred tax assets, Operating loss carryforwards, Subject to expiration			2,100
American Entertainment Properties Corp. \| Viskase Companies, Inc
Income Tax Contingency [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent					89.00%	79.00%
CVR Energy
Income Tax Contingency [Line Items]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit			2
CVR Energy \| Energy Segment
Income Tax Contingency [Line Items]
Equity issued to acquire additional interest in consolidated subsidiary (number of units)	13,699,549
CVR Refining \| Energy Segment
Income Tax Contingency [Line Items]
Common units validly tendered and not properly withdrawn	21,625,106
Domestic tax authority
Income Tax Contingency [Line Items]
Current income tax (expense) benefit		69	(106)	(11)
Deferred income tax (expense) benefit		51	87	30
Foreign tax authority
Income Tax Contingency [Line Items]
Current income tax (expense) benefit		(2)	(3)	(4)
Deferred income tax (expense) benefit		(2)	2	$ (1)
Foreign tax authority \| American Entertainment Properties Corp.
Income Tax Contingency [Line Items]
Deferred tax assets, Operating loss carryforwards, Subject to expiration		11
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration		29
Kansas \| CVR Energy
Income Tax Contingency [Line Items]
Tax credits			$ 30
United States \| Vivus
Income Tax Contingency [Line Items]
Tax credits		17
Operating loss carryforwards		$ 656

Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Changes in Accumulated Other Comprehensive Loss [Abstract]
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax	$ (34)	$ (38)
Accumulated other comprehensive loss	(83)	(82)
Other comprehensive income (loss), foreign currency translation adjustments, before reclassification adjustment, after of tax	4
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment, after Tax	(6)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	(2)
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax	1
Other comprehensive income, gain (loss), reclassification adjustment from AOCI, after tax	1
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Total	4	(2)	$ (86)
Post-employment benefits	(5)	3	18
Other comprehensive (loss) income, net of tax	(1)	1	$ (68)
Accumulated other comprehensive income (loss), defined benefit plan, net of tax	$ (49)	$ (44)

Other Income, Net (Details) - USD ($) $ in Millions	12 Months Ended
Other Income, Net (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Component of Other Income (Loss), Net [Line Items]
Other (loss) income, net	$ (31)	$ 19
Dividend expense
Component of Other Income (Loss), Net [Line Items]
Other (loss) income, net	(17)	(5)	$ (2)
Equity earnings from non-consolidated affiliates
Component of Other Income (Loss), Net [Line Items]
Other (loss) income, net	2	21	7
Foreign currency transaction (loss) income
Component of Other Income (Loss), Net [Line Items]
Other (loss) income, net	(5)	(5)	(1)
Non-service pension and other post-retirement benefits expense
Component of Other Income (Loss), Net [Line Items]
Other (loss) income, net	(1)	(3)	(8)
Gain (loss) on extinguishment of debt
Component of Other Income (Loss), Net [Line Items]
Other (loss) income, net	(12)	2
Other
Component of Other Income (Loss), Net [Line Items]
Other (loss) income, net	$ 2	$ 9	$ 4

Commitments and Contingencies Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Energy Segment
Loss Contingencies [Line Items]
Environmental loss contingency accrual	$ 11	$ 6
Price of RINs	190	43	$ 60
Biofuel blending obligation	214	7
Metals Segment
Loss Contingencies [Line Items]
Environmental loss contingency accrual	$ 25	27
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	122
Accrued expenses and other liabilities
Loss Contingencies [Line Items]
Environmental loss contingency accrual	$ 37	$ 34
Icahn Enterprises Holdings
Loss Contingencies [Line Items]
Affiliate ownership interest	99.00%
Mr. Icahn and affiliates
Loss Contingencies [Line Items]
Affiliate ownership interest	92.00%
Mr. Icahn and affiliates \| Icahn Enterprises G.P.
Loss Contingencies [Line Items]
Affiliate ownership in parent company general partner	100.00%
Mr. Icahn and affiliates \| Icahn Enterprises Holdings
Loss Contingencies [Line Items]
Affiliate ownership interest	92.00%

Commitments and Contingencies Purchase Obligations and Operating Lease Commitment Tables (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Energy Segment
Unconditional purchase obligations
2021	$ 127
2022	83
2023	81
2024	77
2025	73
Thereafter	325
Minimum required payments for unconditional purchase obligations	766
Amounts purchased under supply agreements	153	$ 167	$ 214
Pharma Segment
Unconditional purchase obligations
2021	27
2022	14
2023	21
2024	14
2025	14
Thereafter	57
Minimum required payments for unconditional purchase obligations	$ 147

Pension and Other Post-Retirement Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
U.S. and Non-U.S. Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Benefit obligation	$ 166	$ 154	$ 146
Plan Assets		90	77
Plan assets measured at fair value	94	90
Funded status of the plan and amounts recognized in the consolidated balance sheets	(72)	(64)
Service cost			1
Interest cost	5	6	6
Defined Benefit Plan, Plan Assets, Benefits Paid	(7)	(7)
Expected return on plan assets	(5)	(4)	(5)
Amortization of actuarial losses	1	1	1
Settlement loss recognized			7
Net periodic benefit cost (credit)	1	3	$ 10
Actuarial loss	11	11
Currency translation	3	(2)
Actual return on plan assets	10	15
Employer contributions	1	5
Recurring measurement
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan Assets	94	79
Plan assets measured at fair value	94	90
Investments measured at net asset value	0	11
Recurring measurement \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan Assets	86	75
Recurring measurement \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan Assets	8	4
Cash and cash equivalents \| Recurring measurement
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan Assets	7	3
Cash and cash equivalents \| Recurring measurement \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan Assets	7	3
Cash and cash equivalents \| Recurring measurement \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan Assets	0	0
Government debt securities \| Recurring measurement
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan Assets	9	3
Government debt securities \| Recurring measurement \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan Assets	3	1
Government debt securities \| Recurring measurement \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan Assets	6	2
Exchange traded funds \| Recurring measurement
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan Assets	13	18
Exchange traded funds \| Recurring measurement \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan Assets	13	18
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	42	28
Mutual funds \| Recurring measurement \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan Assets	40	26
Mutual funds \| Recurring measurement \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan Assets	2	2
Common stock \| Recurring measurement
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan Assets	23	27
Common stock \| Recurring measurement \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan Assets	23	27
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 Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Supplemental cash flow information [Line Items]
Cash payments for interest, net of amounts capitalized	$ (507)	$ (524)	$ (484)
Cash receipts (payments) for income taxes, net of payments	22	(64)	(20)
Non-cash consideration for obtaining a controlling interest in subsidiary	(249)
Non-cash Investment segment contributions from non-controlling interests	$ 1,240
Equity investment consideration received from sale of business			$ 1,241
Icahn Enterprises Holdings
Supplemental cash flow information [Line Items]
Non-cash distribution to limited partner		$ 32

Subsequent Events (Details)	Feb. 24, 2021 $ / shares
Subsequent event
Subsequent Event [Line Items]
Distribution declared per LP unit	$ 2.00

Schedule I - Condensed Financial Information of Parent - Balance Sheets (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	$ 1,699	$ 3,794
Restricted cash	1,592	1,151
Investments	8,913	9,945
Other assets	1,293	1,264
Total Assets	24,987	24,639
Accounts payable, accrued expenses and other liabilities	1,586	1,453
Debt	8,059	8,192
Total liabilities	15,730	13,697
Commitments and contingencies (Note 3)
Limited partner	4,235	6,268
General partner	(853)	(812)
Total Liabilities and Equity	$ 24,987	$ 24,639
Limited partners: Depositary units issued	241,338,835	214,078,558	191,366,097	173,564,307
Limited partners: Depositary units outstanding	241,338,835	214,078,558
Icahn Enterprises (Parent)
Condensed Financial Statements, Captions [Line Items]
Investments in subsidiaries, net	$ 9,273	$ 11,853
Total Assets	9,273	11,853
Accounts payable, accrued expenses and other liabilities	80	100
Debt	5,811	6,297
Total liabilities	5,891	6,397
Commitments and contingencies (Note 3)
Limited partner	4,235	6,268
General partner	(853)	(812)
Total equity	3,382	5,456
Total Liabilities and Equity	$ 9,273	$ 11,853
Limited partners: Depositary units issued	241,338,835	214,078,558
Limited partners: Depositary units outstanding	241,338,835	214,078,558
Icahn Enterprises Holdings (Parent)
Condensed Financial Statements, Captions [Line Items]
Cash and cash equivalents	$ 868	$ 1,042
Restricted cash	11	7
Investments	260	346
Investments in subsidiaries, net	8,148	10,474
Total Assets	9,287	11,869
Accounts payable, accrued expenses and other liabilities	94	116
Debt	5,813	6,300
Total liabilities	5,907	6,416
Commitments and contingencies (Note 3)
Limited partner	4,276	6,328
General partner	(896)	(875)
Total equity	3,380	5,453
Total Liabilities and Equity	$ 9,287	$ 11,869

Schedule I - Condensed Financial Information of Parent - Statements of Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Condensed Financial Statements, Captions [Line Items]
Interest and dividend income	$ 169	$ 265	$ 148
Net (loss) gain from investment activities	(1,421)	(1,931)	322
(Loss) gain on disposition of assets, net	(17)	253	84
Other income, net	(31)	19
Total revenues	6,123	8,994	11,777
Other expenses from operations	487	528	538
Interest expense	688	605	524
Selling, general and administrative	1,191	1,375	1,386
Total Expenses	8,707	10,733	11,554
Net (loss) income	(2,468)	(1,791)	2,001
Limited partners	(1,620)	(1,076)	2,039
General partner	(33)	(22)	(557)
Icahn Enterprises (Parent)
Condensed Financial Statements, Captions [Line Items]
Gain (loss) on extinguishment of debt	(4)	2
Equity in (loss) income of subsidiaries	(1,307)	(750)	1,819
Interest expense	(342)	(350)	(337)
Net (loss) income	(1,653)	(1,098)	1,482
Limited partners	(1,620)	(1,076)	2,039
General partner	(33)	(22)	(557)
Icahn Enterprises Holdings (Parent)
Condensed Financial Statements, Captions [Line Items]
Interest and dividend income	1	14	7
Net (loss) gain from investment activities	(66)	(377)	(389)
(Loss) gain on disposition of assets, net	7	2	23
Equity in (loss) income of subsidiaries	(1,237)	(363)	2,200
Other income, net	7		4
Total revenues	(1,288)	(724)	1,845
Other expenses from operations	2
Interest expense	341	350	337
Selling, general and administrative	21	23	25
Total Expenses	364	373	362
Net (loss) income	(1,652)	(1,097)	1,483
Limited partners	(1,635)	(1,086)	2,060
General partner	$ (17)	$ (11)	$ (577)

Schedule I - Condensed Financial Information of Parent - Statements of Cash Flows (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Condensed Financial Statements, Captions [Line Items]
Net (loss) income	$ (2,468)	$ (1,791)	$ 2,001
Adjustments to reconcile net (loss) income to net cash used in operating activities:
(Gain) loss on disposition of assets	17	(253)	(84)
Net loss (gain) from securities transactions	926	(570)	476
Other, net	60	16	123
Net cash used in operating activities	(416)	(1,460)	923
Other, net	(1)		8
Net cash (used in) provided by investing activities	(581)	586	2,587
Partnership contributions	102	55
Proceeds from borrowings	1,946	810	1,268
Net cash provided by (used in) financing activities	(653)	566	(157)
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents	(1,654)	(393)	3,427
Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period	4,945	5,338	1,911
Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period	3,291	4,945	5,338
Icahn Enterprises (Parent)
Condensed Financial Statements, Captions [Line Items]
Net (loss) income	(1,653)	(1,098)	1,482
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Equity in loss (income) of subsidiary	1,307	750	(1,819)
(Gain) loss on extinguishment of debt	4	(2)
Other, net	(23)	(25)	1
Net cash used in operating activities	(365)	(375)	(336)
Net investment in and advances from subsidiaries	1,276	(363)	433
Net cash (used in) provided by investing activities	1,276	(363)	433
Partnership distributions	(526)	(112)	(97)
Partnership contributions	102	55
Proceeds from borrowings	866	2,507
Repayments of borrowings	(1,350)	(1,700)
Debt issuance costs and other	(3)	(12)
Net cash provided by (used in) financing activities	(911)	738	(97)
Icahn Enterprises Holdings (Parent)
Condensed Financial Statements, Captions [Line Items]
Net (loss) income	(1,652)	(1,097)	1,483
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Equity in loss (income) of subsidiary	1,237	363	(2,200)
(Gain) loss on disposition of assets	(7)	(2)	(23)
Net loss (gain) from securities transactions	63	377	389
Other, net		(1)
Change in operating assets and liabilities	(23)	45	8
Net cash used in operating activities	(382)	(315)	(343)
Net advances from subsidiaries	1,093	567	238
Net proceeds from the disposition of fixed assets	(7)
Other, net	23		41
Net cash (used in) provided by investing activities	1,123	567	279
Partnership distributions	(526)	(112)	(97)
Partnership contributions	102	55
Proceeds from borrowings	866	2,507
Repayments of borrowings	(1,350)	(1,700)	(21)
Debt issuance costs and other	(3)	(12)
Net cash provided by (used in) financing activities	(911)	738	(118)
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents	(170)	990	(182)
Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period	1,049	59	241
Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period	$ 879	$ 1,049	$ 59

Schedule I - Condensed Financial Information of Parent (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Condensed Financial Statements, Captions [Line Items]
Aggregate general partner ownership interest of parent and operating subsidiary	1.99%
Debt	$ 8,059	$ 8,192
Icahn Enterprises Holdings
Condensed Financial Statements, Captions [Line Items]
General partner ownership percentage in Icahn Enterprises	1.00%
Affiliate ownership interest	99.00%
Aggregate general partner ownership interest of parent and operating subsidiary	1.00%
Icahn Enterprises Holdings (Parent)
Condensed Financial Statements, Captions [Line Items]
Net advances from subsidiaries	$ 1,093	567	$ 238
Debt	5,813	6,300
Icahn Enterprises (Parent)
Condensed Financial Statements, Captions [Line Items]
Net investment in and advances from subsidiaries	1,276	(363)	$ 433
Debt	$ 5,811	6,297
5.875% senior unsecured notes due 2022 \| Icahn Enterprises Holdings (Parent)
Condensed Financial Statements, Captions [Line Items]
Debt		$ 1,345
Interest rate on debt instrument	5.875%	5.875%
5.875% senior unsecured notes due 2022 \| Icahn Enterprises (Parent)
Condensed Financial Statements, Captions [Line Items]
Debt		$ 1,345
Interest rate on debt instrument	5.875%	5.875%
6.250% senior unsecured notes due 2022 \| Icahn Enterprises Holdings (Parent)
Condensed Financial Statements, Captions [Line Items]
Debt	$ 1,208	$ 1,211
Interest rate on debt instrument	6.25%	6.25%
6.250% senior unsecured notes due 2022 \| Icahn Enterprises (Parent)
Condensed Financial Statements, Captions [Line Items]
Debt	$ 1,209	$ 1,211
Interest rate on debt instrument	6.25%	6.25%
6.750% senior unsecured notes due 2024 \| Icahn Enterprises Holdings (Parent)
Condensed Financial Statements, Captions [Line Items]
Debt	$ 500	$ 499
Interest rate on debt instrument	6.75%	6.75%
6.750% senior unsecured notes due 2024 \| Icahn Enterprises (Parent)
Condensed Financial Statements, Captions [Line Items]
Debt	$ 499	$ 498
Interest rate on debt instrument	6.75%	6.75%
4.750% senior unsecured notes due 2024 \| Icahn Enterprises Holdings (Parent)
Condensed Financial Statements, Captions [Line Items]
Debt	$ 1,107	$ 499
Interest rate on debt instrument	4.75%	4.75%
4.750% senior unsecured notes due 2024 \| Icahn Enterprises (Parent)
Condensed Financial Statements, Captions [Line Items]
Debt	$ 1,106	$ 498
Interest rate on debt instrument	4.75%	4.75%
6.375% senior unsecured notes due 2025 \| Icahn Enterprises Holdings (Parent)
Condensed Financial Statements, Captions [Line Items]
Debt	$ 749	$ 749
Interest rate on debt instrument	6.375%	6.375%
6.375% senior unsecured notes due 2025 \| Icahn Enterprises (Parent)
Condensed Financial Statements, Captions [Line Items]
Debt	$ 748	$ 748
Interest rate on debt instrument	6.375%	6.375%
6.250% senior unsecured notes due 2026 \| Icahn Enterprises Holdings (Parent)
Condensed Financial Statements, Captions [Line Items]
Debt	$ 1,250	$ 1,250
Interest rate on debt instrument	6.25%	6.25%
6.250% senior unsecured notes due 2026 \| Icahn Enterprises (Parent)
Condensed Financial Statements, Captions [Line Items]
Debt	$ 1,250	$ 1,250
Interest rate on debt instrument	6.25%	6.25%
5.250% senior unsecured notes due 2027 \| Icahn Enterprises Holdings (Parent)
Condensed Financial Statements, Captions [Line Items]
Debt	$ 999	$ 747
Interest rate on debt instrument	5.25%	5.25%
5.250% senior unsecured notes due 2027 \| Icahn Enterprises (Parent)
Condensed Financial Statements, Captions [Line Items]
Debt	$ 999	$ 747
Interest rate on debt instrument	5.25%	5.25%