0001558370-23-017606 | 10-Q | XBRL Viewer

Subsidiary Bankruptcy and Deconsolidation	9 Months Ended
Sep. 30, 2023
Subsidiary Bankruptcy and Deconsolidation
Subsidiary Bankruptcy and Deconsolidation	3. Subsidiary Bankruptcy and Deconsolidation On January 31, 2023, Auto Plus, an Aftermarket Parts distributor held within our Automotive segment, filed voluntary petitions (the “Chapter 11 Cases”) in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”) seeking relief under Chapter 11 of Title 11 of the United States Code. On May 2, 2023, the Bankruptcy Court approved a global settlement in the Chapter 11 Cases between Auto Plus, its non-Auto Plus affiliates, and the Official Committee of Unsecured Creditors appointed in the Chapter 11 Cases (the "Committee”) that provides for a guaranteed recovery to unsecured creditors, the payment of all administrative and priority claims in the Chapter 11 Cases, and the resolution of all disputes between Auto Plus, its non-Auto Plus affiliates, and the Committee. On May 19, 2023, the Bankruptcy Court approved five sales of Auto Plus’ assets to five different bidders pursuant to Section 363 of the Bankruptcy Code, comprising a significant majority of Auto Plus’ total assets (the “363 Sales”). AEP PLC was the buyer for one of the 363 Sales, pursuant to a credit bid of $10 million for a portion of its senior secured debtor-in-possession loan to Auto Plus. The last of the 363 sales closed on June 12, 2023. The proceeds of the 363 Sales will be used to satisfy obligations to Auto Plus’ creditors. On June 16, 2023, the Bankruptcy Court entered an order approving Auto Plus’ Third Amended Combined Disclosure Statement and Joint Plan of Liquidation (the “Bankruptcy Plan”). The effective date of the Bankruptcy Plan occurred on October 6, 2023. The Bankruptcy Plan provides for the orderly liquidation of Auto Plus and distribution of its assets. As a result of the filing of the Chapter 11 Cases, the Company has determined that it no longer controls Auto Plus under the criteria set out in FASB ASC Topic 810, “Consolidation” and has deconsolidated its investment effective January 31, 2023. In order to deconsolidate Auto Plus, we removed the carrying values of the assets and liabilities of Auto Plus as of January 31, 2023 and recorded our investment in Auto Plus at $0 resulting in a non-cash charge of $246 million during the nine months ended September 30, 2023.

Subsidiary Bankruptcy and Deconsolidation

9 Months Ended

Sep. 30, 2023

Subsidiary Bankruptcy and Deconsolidation

Subsidiary Bankruptcy and Deconsolidation

3. Subsidiary Bankruptcy and Deconsolidation

On January 31, 2023, Auto Plus, an Aftermarket Parts distributor held within our Automotive segment, filed voluntary petitions (the “Chapter 11 Cases”) in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”) seeking relief under Chapter 11 of Title 11 of the United States Code. On May 2, 2023, the Bankruptcy Court approved a global settlement in the Chapter 11 Cases between Auto Plus, its non-Auto Plus affiliates, and the Official Committee of Unsecured Creditors appointed in the Chapter 11 Cases (the "Committee”) that provides for a guaranteed recovery to unsecured creditors, the payment of all administrative and priority claims in the Chapter 11 Cases, and the resolution of all disputes between Auto Plus, its non-Auto Plus affiliates, and the Committee. On May 19, 2023, the Bankruptcy Court approved five sales of Auto Plus’ assets to five different bidders pursuant to Section 363 of the Bankruptcy Code, comprising a significant majority of Auto Plus’ total assets (the “363 Sales”). AEP PLC was the buyer for one of the 363 Sales, pursuant to a credit bid of $10 million for a portion of its senior secured debtor-in-possession loan to Auto Plus. The last of the 363 sales closed on June 12, 2023. The proceeds of the 363 Sales will be used to satisfy obligations to Auto Plus’ creditors. On June 16, 2023, the Bankruptcy Court entered an order approving Auto Plus’ Third Amended Combined Disclosure Statement and Joint Plan of Liquidation (the “Bankruptcy Plan”). The effective date of the Bankruptcy Plan occurred on October 6, 2023. The Bankruptcy Plan provides for the orderly liquidation of Auto Plus and distribution of its assets.

As a result of the filing of the Chapter 11 Cases, the Company has determined that it no longer controls Auto Plus under the criteria set out in FASB ASC Topic 810, “Consolidation” and has deconsolidated its investment effective January 31, 2023. In order to deconsolidate Auto Plus, we removed the carrying values of the assets and liabilities of Auto Plus as of January 31, 2023 and recorded our investment in Auto Plus at $0 resulting in a non-cash charge of $246 million during the nine months ended September 30, 2023.

Goodwill and Intangible Assets, Net - Goodwill Table (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Goodwill
Gross carrying amount of goodwill	$ 378	$ 378
Accumulated impairment of goodwill	(90)	(90)
Goodwill	288	288
Automotive Segment
Goodwill
Gross carrying amount of goodwill	337	337
Accumulated impairment of goodwill	(87)	(87)
Goodwill	250	250
Food Packaging Segment
Goodwill
Gross carrying amount of goodwill	6	6
Goodwill	6	6
Home Fashion Segment
Goodwill
Gross carrying amount of goodwill	22	22
Accumulated impairment of goodwill	(3)	(3)
Goodwill	19	19
Pharma Segment
Goodwill
Gross carrying amount of goodwill	13	13
Goodwill	$ 13	$ 13

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Related Party Transactions (Details) $ in Millions				3 Months Ended		8 Months Ended	9 Months Ended		12 Months Ended
Related Party Transactions (Details) $ in Millions	Sep. 30, 2023 USD ($) shares	May 05, 2022 item	Oct. 01, 2020	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Jan. 31, 2023 USD ($)
Related Party Transaction
Number of portfolios \| item		2
Note receivable, net	$ 59			$ 59		$ 59	$ 59
Mr. Icahn and affiliates
Related Party Transaction
Percentage of assets under management	39.00%			39.00%		39.00%	39.00%		54.00%
Noncontrolling Interest in Variable Interest Entity	$ 2,300			$ 2,300		$ 2,300	$ 2,300		$ 4,900
Brett Icahn
Related Party Transaction
Portfolio manager term		7 years	7 years
Number of lump sum payment after term \| item		1
Auto Plus
Related Party Transaction
Repayment of notes receivable							59
Write-off of notes receivable							127
Investment in funds \| Mr. Icahn and affiliates
Related Party Transaction
Redemption of investment funds							2,022		0
Expense sharing arrangement \| Consolidated VIE
Related Party Transaction
Amount of transaction with related party							10	$ 8
Debtor in Possession Financing \| Auto Plus
Related Party Transaction
Aggregate amount										$ 75
Auto Plus Auction \| AEP PLC
Related Party Transaction
Assets acquired							10
Automotive Segment
Related Party Transaction
Revenues from operating leases				14	$ 13		43	35
Automotive Segment \| Deconsolidation of Investment in Auto Plus \| Auto Plus
Related Party Transaction
Revenues from operating leases						3
Purchases from related party						$ 4
Real Estate Segment
Related Party Transaction
Revenues from operating leases				$ 3	$ 2		15	5
Brett Icahn
Related Party Transaction
Amount redeemed in accordance with manager agreement							9	$ 16
Investment funds total fair value							$ 36		$ 50
Brett Icahn \| Incentive Plan 2017 [Member]
Related Party Transaction
2017 LTIP units vested \| shares	4,973

Leases (Tables)

9 Months Ended

Sep. 30, 2023

Leases

Lessee right-of-use assets and liabilities


	September 30,		December 31,
	2023		2022

	(in millions)
Operating Leases:
Right-of-use assets (other assets)	$	511	$	478
Lease liabilities (accrued expenses and other liabilities)		520		484

Financing Leases:
Right-of-use assets (property, plant and equipment, net)		54		48
Lease liabilities (debt)		70		64

Operating lease term and discount rate


	Right-Of-Use		Lease			Discount
Operating Leases as of September 30, 2023	Assets		Liabilities		Lease Term	Rate

	(in millions)
Energy	$	38	$	36	3.9 years	5.6%
Automotive		423		436	5.3 years	5.9%
Food Packaging		22		25	9.3 years	7.4%
Other segments and Holding Company		28		23
	$	511	$	520


	Right-Of-Use		Lease			Discount
Operating Leases as of December 31, 2022	Assets		Liabilities		Lease Term	Rate

	(in millions)
Energy	$	40	$	40	4.1 years	5.2%
Automotive		386		395	4.7 years	5.9%
Food Packaging		24		27	9.8 years	7.4%
Other segments and Holding Company		28		22
	$	478	$	484

Investments

9 Months Ended

Sep. 30, 2023

Investments

Investments

5. Investments

Investments

Investments and securities sold, not yet purchased consist of equities, bonds, bank debt and other corporate obligations, all of which are reported at fair value in our condensed consolidated balance sheets. In addition, our Investment segment has certain derivative transactions which are discussed in Note 7, “Financial Instruments.” The carrying value and detail by security type, including business sector for equity securities, with respect to investments and securities sold, not yet purchased held by our Investment segment consist of the following:


	September 30,		December 31,
	2023		2022

	(in millions)
Assets
Investments:
Equity securities:
Communications	$	—	$	199
Consumer, cyclical		263		692
Energy		788		909
Utilities		1,149		1,205
Healthcare		447		320
Technology		133		655
Materials		136		153
Industrial		23		486
		2,939		4,619
Debt Securities:
Financials		156		1,958
Real Estate		90		131
Communications		—		11
		246		2,100
	$	3,185	$	6,719
Liabilities
Securities sold, not yet purchased, at fair value:
Equity securities:
Consumer, non-cyclical	$	106	$	1,006
Consumer, cyclical		—		352
Energy		2,340		2,690
Utilities		541		813
Healthcare		—		387
Materials		529		598
Industrial		120		480
		3,636		6,326
Debt securities:
Materials		165		169
	$	3,801	$	6,495

The portion of unrealized (losses) and gains that relates to securities still held by our Investment segment, primarily equity securities, was $(255) million and $(250) million for the three months ended September 30, 2023 and 2022, respectively, and $(286) million and $(1,172) million for the nine months ended September 30, 2023 and 2022, respectively.

Other Segments and Holding Company

With the exception of certain equity method investments at our operating subsidiaries and our Holding Company disclosed in the table below, our investments are measured at fair value in our condensed consolidated balance sheets. The carrying value of investments held by our other segments and our Holding Company consist of the following:


	September 30,		December 31,
	2023		2022

	(in millions)
Equity method investments	$	101	$	76
Held to maturity debt investments measured at amortized cost		11		11
Other investments measured at fair value		3		3
	$	115	$	90

The portion of unrealized gains and (losses) that relates to equity securities still held by our other segments and Holding Company was zero for each of the three months ended September 30, 2023 and 2022, and zero and $61 million for the nine months ended September 30, 2023 and 2022, respectively.

Related Party Notes Receivable, Net (Details) $ in Millions	3 Months Ended	9 Months Ended
Related Party Notes Receivable, Net (Details) $ in Millions	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)
Related Party Notes Receivable, Net
Related party notes receivable, gross	$ 71	$ 71
Less: Allowance for expected credit losses	12	12
Related party notes receivable, net	59	59
Allowance for expected credit losses:
Credit loss provision		139
Write-offs	(127)	(127)
Ending Balance	$ 12	$ 12

Basis of Presentation and Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2023

Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation and Summary of Significant Accounting Policies

2. Basis of Presentation and Summary of Significant Accounting Policies

We conduct and plan to continue to conduct our activities in such a manner as not to be deemed an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). Therefore, no more than 40% of our total assets can be invested in investment securities, as such term is defined in the Investment Company Act. In addition, we do not invest or intend to invest in securities as our primary business. We structure and intend to continue structuring our investments to be taxed as a partnership rather than as a corporation under the applicable publicly traded partnership rules of the Internal Revenue Code, as amended.

Events beyond our control, including significant appreciation or depreciation in the market value of certain of our publicly traded holdings or adverse developments with respect to our ownership of certain of our subsidiaries, could result in our inadvertently becoming an investment company that is required to register under the Investment Company Act. Our sales of Federal-Mogul LLC, Tropicana Entertainment Inc., American Railcar Industries, Inc., Ferrous Resources Ltd., and PSC Metals in recent years did not result in our being considered an investment company. However, additional transactions involving the sale of certain assets could result in our being considered an investment company. Following such events or transactions, an exemption under the Investment Company Act would provide us up to one year to take steps to avoid becoming classified as an investment company. We expect to take steps to avoid becoming classified as an investment company, but no assurance can be made that we will successfully be able to take the steps necessary to avoid becoming classified as an investment company.

The accompanying condensed consolidated financial statements and related notes should be read in conjunction with our consolidated financial statements and related notes contained in our Annual Report on Form 10-K for the year ended December 31, 2022. The condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) related to interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. The financial information contained herein is unaudited; however, management believes all adjustments have been made that are necessary to present fairly the results for the interim periods. All such adjustments are of a normal and recurring nature.

Principles of Consolidation

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

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

Consolidated Variable Interest Entities

We determined that Icahn Enterprises Holdings is a VIE because it is a limited partnership that lacks both substantive kick-out and participating rights. Although Icahn Enterprises is not the general partner of Icahn Enterprises Holdings, Icahn Enterprises is deemed to be the primary beneficiary of Icahn Enterprises Holdings principally based on its 99% limited partner interest in Icahn Enterprises Holdings, as well as our related party relationship with the general

partner, and therefore continues to consolidate Icahn Enterprises Holdings. Icahn Enterprises Holdings and its subsidiaries own substantially all of our assets and liabilities and therefore, the balance sheets of Icahn Enterprises and Icahn Enterprises Holdings are substantially the same.

On May 1, 2023, we established a captive insurance program to supplement the insurance coverage of the officers, directors, employees and agents of the Company, its subsidiaries and our general partner, in addition to our newly established commercial insurance program. We hold assets in a protected cell, which we are the primary beneficiary of, and therefore consolidate the protected cell. At September 30, 2023, total assets related to the protected cell were $100 million and included in restricted cash in the condensed consolidated balance sheet.

Reclassifications

Certain reclassifications from the prior year presentation have been made to conform to the current year presentation, which did not have an impact on previously reported net income and equity and are not deemed material.

Fair Value of Financial Instruments

The carrying values of cash and cash equivalents, cash held at consolidated affiliated partnerships and restricted cash, accounts receivable, due from brokers, accounts payable, accrued expenses and other liabilities and due to brokers are deemed to be reasonable estimates of their fair values because of their short-term nature. See Note 5, “Investments,” and Note 6, “Fair Value Measurements,” for a detailed discussion of our investments and other non-financial assets and/or liabilities.

The fair value of our long-term debt is based on the quoted market prices for the same or similar issues or on the current rates offered to us for debt of the same remaining maturities. The carrying value and estimated fair value of our long-term debt as of September 30, 2023 was approximately $7.1 billion and $6.4 billion, respectively. The carrying value and estimated fair value of our long-term debt as of December 31, 2022 was approximately $7.1 billion and $6.6 billion, respectively.

Cash Flow

Cash and cash equivalents and restricted cash and restricted cash equivalents on our condensed consolidated statements of cash flows is comprised of (i) cash and cash equivalents and (ii) cash held at consolidated affiliated partnerships and restricted cash.

Cash Held at Consolidated Affiliated Partnerships and Restricted Cash

Our cash held at consolidated affiliated partnerships balance was $1,172 million and $1,019 million as of September 30, 2023 and December 31, 2022, respectively. Cash held at consolidated affiliated partnerships relates to our Investment segment and consists of cash and cash equivalents held by the Investment Funds that, although not legally restricted, are not available to fund the general liquidity needs of the Investment segment or Icahn Enterprises.

Our restricted cash balance was $2,050 million and $1,530 million as of September 30, 2023 and December 31, 2022, respectively. Restricted cash includes, but is not limited to, cash pledged and held for margin requirements on derivative transactions and cash held related our captive insurance program.

Long-Lived Assets

The Company reviews long-lived assets for impairment when impairment 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 the long-lived asset is not determined to be recoverable, a fair value assessment is performed.

During the second quarter of 2023, a significant tenant of a commercial high-rise property, within our Real Estate segment, was notified of default for non-payment. The tenant was unable to cure the default status and the lease was terminated. We considered this default, along with other facts and circumstances, a triggering event for potential impairment and we assessed the carrying value of this long-lived asset for recoverability using the undiscounted cash flow method during the second quarter of 2023. We determined the total undiscounted cash flows of the property exceeded its carrying value and therefore, no impairment is required.

Revenue From Contracts With Customers and Contract Balances

Due to the nature of our business, we derive revenue from various sources in various industries. With the exception of all of our Investment segment’s and our Holding Company’s revenues, and our Real Estate and Automotive segments’ leasing revenue, our revenue is generally derived from contracts with customers in accordance with U.S. GAAP. Such revenue from contracts with customers is included in net sales and other revenues from operations in the condensed consolidated statements of operations, however, our Real Estate and Automotive segments’ leasing revenue, as disclosed in Note 11, “Leases,” is also included in other revenues from operations. Related contract assets are included in accounts receivable, net or other assets and related contract liabilities are included in accrued expenses and other liabilities in the condensed consolidated balance sheets. Our disaggregation of revenue information includes our net sales and other revenues from operations for each of our reporting segments as well as additional disaggregation of revenue information for our Energy and Automotive segments. See Note 14, “Segment Reporting,” for our complete disaggregation of revenue information. In addition, we disclose additional information with respect to revenue from contracts with customers and contract balances for our Energy and Automotive segments below.

Energy

Our Energy segment’s deferred revenue is a contract liability that includes fertilizer sales contracts requiring customer prepayment prior to product delivery to guarantee a price and supply of nitrogen fertilizer. Deferred revenue is recorded at the point in time in which a prepaid contract is legally enforceable and the associated right to consideration is unconditional prior to transferring product to the customer. An associated receivable is recorded for uncollected prepaid contract amounts. Contracts requiring prepayment are generally short-term in nature and revenue is recognized at the point in time in which the customer obtains control of the product. In addition, it includes deferred revenue associated with agreements entered into with third-party investors that has allowed our Energy segment to monetize certain tax credits available under Section 45Q of the Internal Revenue Code (the “45Q Transaction”). Our Energy segment had deferred revenue of $74 million and $48 million as of September 30, 2023 and December 31, 2022, respectively. For the nine months ended September 30, 2023 and 2022, our Energy segment recorded revenue of $46 million and $86 million, respectively, with respect to deferred revenue outstanding as of the beginning of each respective period.

As of September 30, 2023, our Energy segment had $2 million of remaining performance obligations for contracts with an original expected duration of more than one year. Our Energy segment expects to recognize a majority of these performance obligations as revenue by the end of 2023 and the remaining nominal balance in 2024.

Automotive

Our Automotive segment had deferred revenue with respect to extended warranty plans of $45 million and $44 million at September 30, 2023 and December 31, 2022, respectively, which are included in accrued expenses and other liabilities on the condensed consolidated balance sheets. For the nine months ended September 30, 2023 and 2022, our Automotive segment recorded deferred revenue of $15 million and $19 million, respectively, outstanding as of the beginning of each respective period.

Adoption of New Accounting Standards

In March 2020, the Statement of Financial Accounting Standards (“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. Banks are no longer 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. We adopted this ASU effective January 1, 2023. The adoption of this standard did not have a significant impact on our condensed consolidated financial statements.

In September 2022, the FASB issued ASU 2022-04, Liabilities- Supplier Finance Programs (Subtopic 405-50) Disclosure of Supplier Finance Program Obligations to require entities that use supplier finance programs in connection with the purchase of goods and services to disclose the key terms of such programs and information about obligations outstanding at the end of the reporting period, including a rollforward of those obligations of where in the financial statements outstanding amounts are present. The guidance does not affect the recognition, measurement, or financial statement presentation of supplier finance program obligations. The amendments are effective in periods beginning after December 15, 2022, except that the amendments to disclose a rollforward of obligations outstanding will be effective beginning after December 15, 2023. We early adopted provisions of this ASU effective January 1, 2023, with the exception of the amendment on rollforward information, which will be adopted in the fourth quarter of 2023. The adoption of this standard did not have a material impact on our condensed consolidated financial statements.

Recently Issued Accounting Standards

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which amends guidance in Topic 820, Fair Value Measurement. The guidance clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The guidance also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The amendment requires the following disclosures for equity securities subject to contractual sale restrictions: the fair value of equity securities subject to contractual sale restrictions; the nature and remaining duration of the restriction(s); and the circumstances that could cause a lapse in the restriction(s). The amended guidance is effective January 1, 2024 on a prospective basis. Early adoption is permitted. We are currently assessing the impact of adopting this new accounting standard on our condensed consolidated financial statements.

Net Income Per LP Unit (Tables)

9 Months Ended

Sep. 30, 2023

Net Income Per LP Unit

Net Income Per LP Unit


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022

	(in millions, except per unit amounts)
Net (loss) income attributable to Icahn Enterprises	$	(6)	$	(123)	$	(545)	$	72
Net (loss) income attributable to Icahn Enterprises allocated to limited partners (98.01% allocation)	$	(6)	$	(121)	$	(534)	$	71

Basic (loss) income per LP unit:	$	(0.01)	$	(0.37)	$	(1.47)	$	0.23
Basic weighted average LP units outstanding		394		324		364		308

Diluted (loss) income per LP unit:	$	(0.01)	$	(0.37)	$	(1.47)	$	0.23
Diluted weighted average LP units outstanding		394		324		364		308

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - USD ($) $ in Millions	General partner Capital Units	Limited partners Capital Units	Total Partners Equity	Non-controlling Interests	Total
Total equity at Dec. 31, 2021	$ (754)	$ 4,298	$ 3,544	$ 5,799	$ 9,343
Increase (Decrease) in Equity
Net (loss) income	6	317	323	562	885
Partnership distributions payable	(12)	(591)	(603)		(603)
Partnership contributions	4	180	184		184
Dividends and distributions to non-controlling interests in subsidiaries				(36)	(36)
Changes in subsidiary equity and other		(5)	(5)	(10)	(15)
Total equity at Mar. 31, 2022	(756)	4,199	3,443	6,315	9,758
Total equity at Dec. 31, 2021	(754)	4,298	3,544	5,799	9,343
Increase (Decrease) in Equity
Net (loss) income					383
Other comprehensive income (loss)					(12)
Total equity at Sep. 30, 2022	(745)	4,748	4,003	5,864	9,867
Total equity at Mar. 31, 2022	(756)	4,199	3,443	6,315	9,758
Increase (Decrease) in Equity
Net (loss) income	(3)	(125)	(128)	(159)	(287)
Other comprehensive income (loss)		(7)	(7)		(7)
Partnership distributions payable reversal	12	591	603		603
Partnership distributions payable	(2)	(100)	(102)		(102)
Partnership contributions	4	210	214		214
Investment segment contributions from non-controlling interests				5	5
Investment segment distributions to non-controlling interests				(3)	(3)
Dividends and distributions to non-controlling interests in subsidiaries				(26)	(26)
Changes in subsidiary equity and other	(1)	5	4	(1)	3
Total equity at Jun. 30, 2022	(746)	4,773	4,027	6,131	10,158
Increase (Decrease) in Equity
Net (loss) income	(2)	(121)	(123)	(92)	(215)
Other comprehensive income (loss)		(5)	(5)		(5)
Partnership distributions payable	(1)	(59)	(60)		(60)
Partnership contributions	4	160	164		164
Investment segment contributions from non-controlling interests				(19)	(19)
Dividends and distributions to non-controlling interests in subsidiaries				(156)	(156)
Total equity at Sep. 30, 2022	(745)	4,748	4,003	5,864	9,867
Total equity at Dec. 31, 2022	(747)	4,647	3,900	5,658	9,558
Increase (Decrease) in Equity
Net (loss) income	(5)	(265)	(270)	(88)	(358)
Other comprehensive income (loss)		4	4		4
Partnership distributions payable	(15)	(709)	(724)		(724)
Partnership contributions	4	175	179		179
Investment segment distributions to non-controlling interests				(80)	(80)
Dividends and distributions to non-controlling interests in subsidiaries				(85)	(85)
Changes in subsidiary equity and other		2	2		2
Total equity at Mar. 31, 2023	(763)	3,854	3,091	5,405	8,496
Total equity at Dec. 31, 2022	(747)	4,647	3,900	5,658	9,558
Increase (Decrease) in Equity
Net (loss) income					(807)
Other comprehensive income (loss)					1
Investment segment distributions to non-controlling interests					(2)
Total equity at Sep. 30, 2023	(756)	4,209	3,453	3,175	6,628
Total equity at Mar. 31, 2023	(763)	3,854	3,091	5,405	8,496
Increase (Decrease) in Equity
Net (loss) income	(6)	(263)	(269)	(150)	(419)
Other comprehensive income (loss)		3	3		3
Partnership distributions payable reversal	15	709	724		724
Partnership distributions payable	(3)	(152)	(155)		(155)
Investment segment distributions to non-controlling interests				(1,380)	(1,380)
Dividends and distributions to non-controlling interests in subsidiaries				(84)	(84)
Changes in subsidiary equity and other		2	2		2
Total equity at Jun. 30, 2023	(757)	4,153	3,396	3,791	7,187
Increase (Decrease) in Equity
Net (loss) income		(6)	(6)	(24)	(30)
Other comprehensive income (loss)		(6)	(6)		(6)
Partnership distributions payable	(1)	(38)	(39)		(39)
Investment segment distributions to non-controlling interests				(571)	(571)
Dividends and distributions to non-controlling interests in subsidiaries				(72)	(72)
Changes in subsidiary equity and other	2	106	108	51	159
Total equity at Sep. 30, 2023	$ (756)	$ 4,209	$ 3,453	$ 3,175	$ 6,628

Net Income Per LP Unit (Details) - USD ($) $ / shares in Units, $ in Millions					3 Months Ended		9 Months Ended
	Sep. 30, 2023	Aug. 02, 2023	May 09, 2023	Feb. 22, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net Income Per LP Unit [Line Items]
Net Income (Loss)					$ (6)	$ (123)	$ (545)	$ 72
Net (loss) income attributable to Icahn Enterprises allocated to limited partners (98.01% allocation)					$ (6)	$ (121)	$ (534)	$ 71
Basic (loss) income per LP unit (in dollars per share)					$ (0.01)	$ (0.37)	$ (1.47)	$ 0.23
Basic weighted average LP units outstanding (in shares)					394,000,000	324,000,000	364,000,000	308,000,000
Diluted (loss) income per LP unit (in dollars per share)					$ (0.01)	$ (0.37)	$ (1.47)	$ 0.23
Diluted weighted average LP units outstanding (in shares)					394,000,000	324,000,000	364,000,000	308,000,000
Aggregate cash distributions to depositary unit holders							$ 190
Partners' Capital Account, Units, Sale of Units					0		3,395,353
Proceeds from Sale of Interest in Partnership Unit							$ 175
Potential aggregate sales proceeds from equity offering							$ 149
Fixed-rate senior unsecured notes, repurchase program authorized amount			$ 500
Depositary units, repurchase program authorized amount			$ 500
Brett Icahn \| Incentive Plan 2017 [Member]
Net Income Per LP Unit [Line Items]
2017 LTIP units vested	4,973
Limited partners
Net Income Per LP Unit [Line Items]
Distribution declared per LP unit		$ 1.00	$ 2.00	$ 2.00
Units distributed to LP unitholders							53,830,451
Mr. Icahn and affiliates
Net Income Per LP Unit [Line Items]
Units distributed to LP unitholders							50,821,480
Icahn Enterprises Holdings LP
Net Income Per LP Unit [Line Items]
Affiliate ownership interest							98.01%

Financial Instruments - Narrative (Details) bbl in Millions, BarrelOfButane in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023 USD ($) BarrelOfButane	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) BarrelOfButane MMBbls	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) bbl MMBbls
Derivatives, Fair Value
Unrealized Gain On Derivative Contracts	$ 127,000,000		$ 127,000,000		$ 805,000,000
Deconsolidation of Investment in Auto Plus
Derivatives, Fair Value
Equity investments, Fair value	0		0
Investment Segment
Derivatives, Fair Value
Fair value of derivative instruments with credit risk related contingent features in a liability position	0		0		0
Investment Segment \| Not designated as hedging instrument \| Other assets [Member]
Derivatives, Fair Value
Unrealized Gain On Derivative Contracts	127,000,000		127,000,000		$ 805,000,000
Energy Segment
Derivatives, Fair Value
Fair value of derivative instruments with credit risk related contingent features in a liability position	35,000,000		35,000,000
Energy Segment \| Not designated as hedging instrument \| Cost of Goods and Service Benchmark
Derivatives, Fair Value
(Losses) gains on derivatives not designated as hedging instruments recognized in income	$ (106,000,000)	$ 23,000,000	$ (65,000,000)	$ (43,000,000)
Commodity swap positions \| CVR Energy
Derivatives, Fair Value
Derivative volume (barrels) \| MMBbls			13		0
Future Contracts \| Maximum
Derivatives, Fair Value
Derivative volume (barrels) \| MMBbls			1		1
Forward Contracts \| Energy Segment \| Not designated as hedging instrument
Derivatives, Fair Value
Derivative, Number of Instruments Held	28		28		34
Forward Contracts \| Maximum
Derivatives, Fair Value
Derivative volume (barrels) \| MMBbls			1		1

Related Party Transactions

9 Months Ended

Sep. 30, 2023

Related Party Transactions

Related Party Transactions

4. Related Party Transactions

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

Investment Funds

As of September 30, 2023 and December 31, 2022, the total fair market value of investments in the Investment Funds made by Mr. Icahn and his affiliates (excluding us and Brett Icahn) was approximately $2.3 billion and $4.9 billion, respectively, representing approximately 39% and 54% of the Investment Funds’ assets under management as of each respective date. Mr. Icahn and his affiliates (excluding us and Brett Icahn) redeemed $2,022 million and zero from the Investment Funds in the nine months ended September 30, 2023 and 2022, respectively.

We pay for expenses pertaining to the operation, administration and investment activities of our Investment segment for the benefit of the Investment Funds (including salaries, benefits and rent). Based on an expense-sharing arrangement, certain expenses borne by us are reimbursed by the Investment Funds. For the nine months ended September 30, 2023 and 2022, $10 million and $8 million, respectively, was allocated to the Investment Funds based on this expense-sharing arrangement.

Auto Plus and AEP PLC

As discussed in Note 3. “Subsidiary Bankruptcy and Deconsolidation,” Auto Plus was deconsolidated as of January 31, 2023. Subsequent to January 31, 2023, Auto Plus had certain transactions with entities within our Automotive and Real Estate segments. Agreements and transactions include (i) lease agreements between Auto Plus and entities in the Automotive segment in which Auto Plus is the lessee, (ii) lease agreements between Auto Plus and entities in the Automotive segment in which Auto Plus is the lessor, (iii) auto parts purchases by entities in the Automotive segment from Auto Plus, (iv) auto parts sales from entities within the Automotive segment to Auto Plus, and (v) lease agreements between entities in the Real Estate segment and Auto Plus in which Auto Plus is the lessee.

For the eight months from the date of deconsolidation of January 31, 2023 through September 30, 2023, the total lease revenues of entities within the Automotive segment from leases with Auto Plus was $3 million. Total inventory purchases of entities within the Automotive segment from Auto Plus were $4 million.

For the eight months from the date of deconsolidation of January 31, 2023 through September 30, 2023, the total lease revenues of entities within the Real Estate segment from Auto Plus were $3 million.

Note Receivable from Auto Plus

In connection with the Auto Plus bankruptcy filing, we entered into a priming, senior secured, super priority debtor-in-possession credit facility with Auto Plus (the “DIP Credit Facility”) on January 31, 2023, under which (i) we agreed to provide new loans in an aggregate amount of up to $75 million and (ii) subject to final approval of the DIP Credit Facility by the Bankruptcy Court, all the loans under our pre-petition credit facility with Auto Plus would be rolled-up and converted into loans under the DIP Credit Facility. On May 2, 2023, we converted and rolled up our related party note receivable with our existing loans under the DIP Credit Facility. We estimated our cash to be collected for the repayment of the note receivable to be $59 million at September 30, 2023, resulting in a write-off of $127 million during the nine months ended September 30, 2023.

AEP PLC

In connection with the Auto Plus auction, AEP PLC acquired $10 million of assets mostly comprised of Aftermarket Parts inventory during the nine months ended September 30, 2023. The transaction was considered an asset acquisition, as the group of assets acquired by AEP PLC does not meet the definition of a business defined in FASB ASC Topic 805. The results of AEP PLC are consolidated within our Automotive segment at September 30, 2023 and were not material.

Other Related Party Agreements

On October 1, 2020, we entered into a manager agreement with Brett Icahn, the son of Carl C. Icahn, and affiliates of Brett Icahn. Under the manager agreement, Brett Icahn serves as the portfolio manager of a designated portfolio of assets within the Investment Funds over a seven-year term, subject to veto rights by our Investment segment and Carl C. Icahn. On May 5, 2022, we entered into an amendment to the manager agreement, which allows the Investment Funds to add, from time to time, two additional separately tracked portfolios, in addition to the existing portfolios, which will not be subject to the manager agreement. Additionally, Brett Icahn provides certain other services, at our request, which may entail research, analysis and advice with respect to a separate designated portfolio of assets within the Investment Funds. Subject to the terms of the manager agreement, at the end of the seven-year term, Brett Icahn will be entitled to receive a one-time lump sum payment as described in and computed pursuant to the manager agreement. Brett Icahn will not be entitled to receive from us any other compensation (including any salary or bonus) in respect of the services he is to provide under the manager agreement other than restricted depositary units granted under a restricted unit agreement. In accordance with the manager agreement, Brett Icahn will co-invest with the Investment Funds in certain positions, will make cash contributions to the Investment Funds in order to fund such co-investments and will have a special limited partnership interest in the Investment Funds through which the profit and loss attributable to such co-investments will be allocated to him. Brett Icahn had net redemptions of $9 million and $16 million in the nine months ended September 30, 2023 and 2022, respectively. As of September 30, 2023 and December 31, 2022 Brett Icahn had investments in the Investment Funds with a total fair market value of $36 million and $50 million, respectively. We also entered into a guaranty agreement with an affiliate of Brett Icahn, pursuant to which we guaranteed the payment of certain amounts required to be distributed by the Investment Funds to such affiliate pursuant to the terms and conditions of the manager agreement.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Fair Value Measurements

9 Months Ended

Sep. 30, 2023

Fair Value Measurements

Fair Value Measurements

6. Fair Value Measurements

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

Assets and liabilities measured and reported at fair value are classified and disclosed in one of the following categories:

Level 1 – Quoted prices are available in active markets for identical assets and liabilities as of the reporting date.

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

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

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

Assets and Liabilities Measured at Fair Value on a Recurring Basis

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


	September 30, 2023								December 31, 2022
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total

	(in millions)
Assets
Investments (Note 5)	$	3,056	$	90	$	42	$	3,188	$	5,538	$	1,142	$	42	$	6,722
Derivative assets, net (Note 7)		—		127		—		127		—		805		—		805
	$	3,056	$	217	$	42	$	3,315	$	5,538	$	1,947	$	42	$	7,527
Liabilities
Securities sold, not yet purchased (Note 5)	$	3,635	$	166	$	—	$	3,801	$	6,326	$	169	$	—	$	6,495
Derivative liabilities, net (Note 7)		56		759		—		815		—		691		—		691
RFS obligations (Note 18)		—		413		—		413		—		692		—		692
	$	3,691	$	1,338	$	—	$	5,029	$	6,326	$	1,552	$	—	$	7,878

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

Energy

CVR Partners performed a non-recurring fair value measurement of the equity interest received as part of the 45Q Transaction. Such valuation used a combination of the market approach and the discounted cash flow methodology with key inputs including the discount rate, contractual and expected future cash flows, and market multiples. CVR Partners determined the estimated fair value of the consideration received to be $46 million at September 30, 2023.

Holding Company

The estimated fair value of the Company’s note receivable from Auto Plus was measured at January 31, 2023 using the income approach with Level 3 inputs by discounting the forecasted cash inflows associated with the note using an estimated market discount rate. The Company measured the fair value of the related party note using the practical expedient for a collateral-dependent loan in accordance with ASC Topic 326 to determine the allowance based on the fair value of collateral less costs to sell. The collateral for the note primarily consists of cash and accounts receivable. The Company estimated the fair value of the accounts receivable by using an average from a range of expected cash collection projections. We determined the estimated fair value to be $59 million at September 30, 2023.

- 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

Segment Reporting - Condensed Balance Sheets (Details) - USD ($) $ in Millions	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Segment Reporting, Asset Reconciling Item [Line Items]
Cash and cash equivalents	$ 2,890			$ 2,337
Cash held at consolidated affiliated partnerships and restricted cash	3,222			2,549
Investments	3,300			6,809
Accounts receivable, net	517			606
Inventories, net	1,085			1,531
Related party notes receivable, net	59
Property, plant and equipment, net	3,937			4,038
Goodwill and intangible assets, net	775			821
Other assets	5,972			9,223
Total assets	21,757			27,914
Accounts payable, accrued expenses and other liabilities	4,253			4,765
Securities sold, not yet purchased, at fair value	3,801			6,495
Debt	7,075			7,096
Total liabilities	15,129			18,356
Equity attributable to Icahn Enterprises	3,453			3,900
Equity attributable to non-controlling interests	3,175			5,658
Total equity	6,628	$ 7,187	$ 8,496	9,558	$ 9,867	$ 10,158	$ 9,758	$ 9,343
Total Liabilities and Equity	21,757			27,914
Investment Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Cash and cash equivalents	21			19
Cash held at consolidated affiliated partnerships and restricted cash	3,026			2,455
Investments	3,185			6,719
Other assets	4,824			8,041
Total assets	11,056			17,234
Accounts payable, accrued expenses and other liabilities	1,240			1,589
Securities sold, not yet purchased, at fair value	3,801			6,495
Total liabilities	5,041			8,084
Equity attributable to Icahn Enterprises	3,634			4,184
Equity attributable to non-controlling interests	2,381			4,966
Total equity	6,015			9,150
Total Liabilities and Equity	11,056			17,234
Energy Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Cash and cash equivalents	889			510
Cash held at consolidated affiliated partnerships and restricted cash	7			7
Investments	101			76
Accounts receivable, net	316			358
Inventories, net	610			624
Property, plant and equipment, net	2,611			2,664
Goodwill and intangible assets, net	184			200
Other assets	271			296
Total assets	4,989			4,735
Accounts payable, accrued expenses and other liabilities	1,753			1,823
Debt	1,590			1,591
Total liabilities	3,343			3,414
Equity attributable to Icahn Enterprises	873			648
Equity attributable to non-controlling interests	773			673
Total equity	1,646			1,321
Total Liabilities and Equity	4,989			4,735
Automotive Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Cash and cash equivalents	100			32
Cash held at consolidated affiliated partnerships and restricted cash	9			10
Accounts receivable, net	46			99
Inventories, net	249			686
Property, plant and equipment, net	799			826
Goodwill and intangible assets, net	344			352
Other assets	462			527
Total assets	2,009			2,532
Accounts payable, accrued expenses and other liabilities	870			981
Debt	24			21
Total liabilities	894			1,002
Equity attributable to Icahn Enterprises	1,115			1,530
Total equity	1,115			1,530
Total Liabilities and Equity	2,009			2,532
Food Packaging Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Cash and cash equivalents	11			9
Accounts receivable, net	79			87
Inventories, net	114			103
Property, plant and equipment, net	132			142
Goodwill and intangible assets, net	23			24
Other assets	101			110
Total assets	460			475
Accounts payable, accrued expenses and other liabilities	139			149
Debt	142			162
Total liabilities	281			311
Equity attributable to Icahn Enterprises	162			149
Equity attributable to non-controlling interests	17			15
Total equity	179			164
Total Liabilities and Equity	460			475
Real Estate Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Cash and cash equivalents	35			26
Cash held at consolidated affiliated partnerships and restricted cash	6			8
Investments	14			14
Accounts receivable, net	18			12
Property, plant and equipment, net	337			345
Other assets	84			102
Total assets	494			507
Accounts payable, accrued expenses and other liabilities	49			47
Debt	1			1
Total liabilities	50			48
Equity attributable to Icahn Enterprises	440			455
Equity attributable to non-controlling interests	4			4
Total equity	444			459
Total Liabilities and Equity	494			507
Home Fashion Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Cash and cash equivalents	4			5
Cash held at consolidated affiliated partnerships and restricted cash	3			3
Accounts receivable, net	31			24
Inventories, net	87			90
Property, plant and equipment, net	53			56
Goodwill and intangible assets, net	19			19
Other assets	18			16
Total assets	215			213
Accounts payable, accrued expenses and other liabilities	47			45
Debt	10			12
Total liabilities	57			57
Equity attributable to Icahn Enterprises	158			156
Total equity	158			156
Total Liabilities and Equity	215			213
Pharma Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Cash and cash equivalents	17			16
Accounts receivable, net	27			26
Inventories, net	25			28
Goodwill and intangible assets, net	205			226
Other assets	8			6
Total assets	282			302
Accounts payable, accrued expenses and other liabilities	55			61
Total liabilities	55			61
Equity attributable to Icahn Enterprises	227			241
Total equity	227			241
Total Liabilities and Equity	282			302
Holding Company
Segment Reporting, Asset Reconciling Item [Line Items]
Cash and cash equivalents	1,813			1,720
Cash held at consolidated affiliated partnerships and restricted cash	171			66
Related party notes receivable, net	59
Property, plant and equipment, net	5			5
Other assets	204			125
Total assets	2,252			1,916
Accounts payable, accrued expenses and other liabilities	100			70
Debt	5,308			5,309
Total liabilities	5,408			5,379
Equity attributable to Icahn Enterprises	(3,156)			(3,463)
Total equity	(3,156)			(3,463)
Total Liabilities and Equity	$ 2,252			$ 1,916

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parentheticals) - shares	Sep. 30, 2023	Dec. 31, 2022
Equity:
Limited partners: Depositary units issued	410,802,959	353,572,182
Limited partners: Depositary units outstanding	410,802,959	353,572,182

Goodwill and Intangible Assets, Net (Policies)	9 Months Ended
Goodwill and Intangible Assets, Net (Policies)	Sep. 30, 2023
Goodwill and Intangible Assets, Net
Intangible assets	We utilize the straight-line method of amortization, recognized over the estimated useful lives of the assets

Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Derivative

Notional exposure of derivative instruments


	September 30, 2023				December 31, 2022
	Long Notional Exposure		Short Notional Exposure		Long Notional Exposure		Short Notional Exposure

		(in millions)
Primary underlying risk:
Equity contracts	$	2,075	$	2,833	$	1,816	$	5,354
Credit contracts⁽¹⁾		—		495		—		945
Commodity contracts		—		562		—		22

(1)

The short notional amount on our credit default swap positions was approximately $2.6 billion and $3.5 billion at September 30, 2023 and December 31, 2022, respectively. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is approximately $0.5 billion and $0.9 billion as of September 30, 2023 and December 31, 2022, respectively.

Investment Segment

Derivative

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


	Derivative Assets				Derivative Liabilities
	September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022

		(in millions)
Equity contracts	$	228	$	392	$	906	$	719
Credit contracts		87		447		1		1
Commodity contracts		19		—		76		1
Sub-total		334		839		983		721
Netting across contract types⁽¹⁾		(207)		(34)		(207)		(34)
Total⁽¹⁾	$	127	$	805	$	776	$	687

(1)

Excludes netting of cash collateral received and posted. The total collateral posted at September 30, 2023 and December 31, 2022 was $1,854 million and $1,436 million, respectively, across all counterparties, which are included in cash held at consolidated affiliated partnerships and restricted cash in the condensed consolidated balance sheets.

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


	Gain (loss) Recognized in Income ⁽¹⁾
	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022

	(in millions)
Equity contracts	$	32	$	227	$	(618)	$	710
Credit contracts		(63)		(259)		(29)		(579)
Commodity contracts		(74)		—		(91)		—
	$	(105)	$	(32)	$	(738)	$	131

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

Energy Segment

Derivative

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


	Derivative Assets				Derivative Liabilities
	September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022

		(in millions)
Commodity contracts		—		—		(41)		5
Netting across contract types⁽¹⁾		—		—		2		(1)
Total⁽¹⁾	$	—	$	—	$	(39)	$	4

(1)

Excludes netting of derivatives primarily related to initial margin requirements of $20 million and $7 million at September 30, 2023 and December 31, 2022, respectively, which was not offset against derivatives liabilities, net in the condensed consolidated balance sheets.

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Taxes
Income tax expense	$ 96	$ (7)	$ 82	$ 93
(Loss) income before income tax (expense) benefit	$ 66	$ (222)	$ (725)	$ 476
Effective income tax rate	144.00%	3.20%	(11.20%)	19.50%
Statutory federal income tax rate	21.00%	21.00%	21.00%	21.00%

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net (loss) income	$ (807)	$ 383
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Net loss (gain) from securities transactions	538	(178)
Purchases of securities	(634)	(883)
Proceeds from sales of securities	3,905	4,920
Payments to cover securities sold, not yet purchased	(3,919)	(2,623)
Proceeds from securities sold, not yet purchased	951	2,925
Changes in receivables and payables relating to securities transactions	2,094	(768)
Changes in derivative assets and liabilities	802	(966)
Loss on disposition of assets, net	(5)	(3)
Depreciation and amortization	384	380
Loss on deconsolidation of subsidiary	246
Credit loss expense	139
Deferred taxes	(76)	(44)
Other, net	16	48
Changes in other operating assets and liabilities	(13)	149
Net cash provided by operating activities	3,621	3,340
Cash flows from investing activities:
Capital expenditures	(201)	(254)
Turnaround expenditures	(53)	(74)
Proceeds from partial sale of interests in consolidated subsidiaries	158
Proceeds from sale of investments		153
Proceeds from disposition of businesses and assets	4	4
Other, net	11
Net cash used in investing activities	(81)	(171)
Cash flows from financing activities:
Investment segment contributions from non-controlling interests		6
Investment segment distributions to non-controlling interests	(2,033)	(20)
Partnership contributions	185	560
Partnership distributions	(194)	(162)
Dividends and distributions to non-controlling interests in subsidiaries	(241)	(218)
Repayments of Holding Company senior unsecured notes		(500)
Proceeds from subsidiary borrowings	36	91
Repayments of subsidiary borrowings	(63)	(155)
Other, net	(4)	(5)
Net cash used in financing activities	(2,314)	(403)
Effect of exchange rate changes on cash and cash equivalents and restricted cash and restricted cash equivalents		8
Net increase in cash and cash equivalents and restricted cash and restricted cash equivalents	1,226	2,774
Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period	4,886	4,436
Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period	$ 6,112	$ 7,210

Inventories, Net

9 Months Ended

Sep. 30, 2023

Inventories Net

Inventories, Net

9. Inventories, Net

Inventories, net consists of the following:


	September 30,		December 31,
	2023		2022

	(in millions)
Raw materials	$	354	$	335
Work in process		99		105
Finished goods		632		1,091
	$	1,085	$	1,531

Due to the deconsolidation of Auto Plus inventories decreased $440 million from December 31, 2022.

Investments (Tables)

9 Months Ended

Sep. 30, 2023

Investment Segment

Schedule of Investments

Investment


	September 30,		December 31,
	2023		2022

	(in millions)
Assets
Investments:
Equity securities:
Communications	$	—	$	199
Consumer, cyclical		263		692
Energy		788		909
Utilities		1,149		1,205
Healthcare		447		320
Technology		133		655
Materials		136		153
Industrial		23		486
		2,939		4,619
Debt Securities:
Financials		156		1,958
Real Estate		90		131
Communications		—		11
		246		2,100
	$	3,185	$	6,719
Liabilities
Securities sold, not yet purchased, at fair value:
Equity securities:
Consumer, non-cyclical	$	106	$	1,006
Consumer, cyclical		—		352
Energy		2,340		2,690
Utilities		541		813
Healthcare		—		387
Materials		529		598
Industrial		120		480
		3,636		6,326
Debt securities:
Materials		165		169
	$	3,801	$	6,495

Other Segments and Holding Company

Schedule of Investments

Investment


	September 30,		December 31,
	2023		2022

	(in millions)
Equity method investments	$	101	$	76
Held to maturity debt investments measured at amortized cost		11		11
Other investments measured at fair value		3		3
	$	115	$	90

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended					9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Changes in Accumulated Other Comprehensive Loss
Accumulated other comprehensive loss, Translation Adjustments, Net of Tax, Beginning Balance			$ (45)			$ (45)
Accumulated other comprehensive loss, Post-Retirement Benefits, Net of Tax, Beginning Balance			(25)			(25)
Accumulated other comprehensive loss, Beginning Balance			(70)			(70)
Other comprehensive (loss) income before reclassifications, net of tax, Post-Retirement Benefits, Net of Tax						1
Other comprehensive (loss) income before reclassifications, net of tax, Total						1
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Total	$ (5)			$ (6)			$ (13)
Post-retirement benefits and other	(1)			1		1	1
Other comprehensive (loss) income, net of tax, Total	(6)	$ 3	$ 4	$ (5)	$ (7)	1	$ (12)
Accumulated other comprehensive loss, Translation Adjustments, Net of Tax, Ending Balance	(45)					(45)
Accumulated other comprehensive loss, Post-Retirement Benefits, Net of Tax, Ending Balance	(24)					(24)
Accumulated other comprehensive loss, Total, Ending Balance	$ (69)					$ (69)

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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+ Details

Related Party Notes Receivable, Net (Tables)

9 Months Ended

Sep. 30, 2023

Related Party Notes Receivable, Net


	September 30, 2023

Related party notes receivable, gross	$	71
Less: Allowance for expected credit losses		12
Related party notes receivable, net	$	59

Allowance for expected credit losses:
Beginning Balance	$	-
Credit loss provision		139
Write-offs		(127)
Ending Balance	$	12

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2023	Nov. 02, 2023
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	1-9516
Entity Registrant Name	ICAHN ENTERPRISES L.P.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-3398766
Entity Address, Address Line One	16690 Collins Avenue
Entity Address, Address Line Two	PH-1
Entity Address, City or Town	Sunny Isles Beach,
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33160
City Area Code	305
Local Phone Number	422-4100
Title of 12(b) Security	Depositary Units of Icahn Enterprises L.P. Representing Limited Partner Interests
Trading Symbol	IEP
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		410,802,959
Entity Central Index Key	0000813762
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

Changes in Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2023

Changes in Accumulated Other Comprehensive Loss

Changes in Accumulated Other Comprehensive Loss

16. Changes in Accumulated Other Comprehensive Loss

Changes in accumulated other comprehensive loss consists of the following:


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

	(in millions)
Balance, December 31, 2022	$	(45)	$	(25)	$	(70)
Other comprehensive income (loss) before reclassifications, net of tax		—		1		1
Other comprehensive income (loss), net of tax		—		1		1
Balance, September 30, 2023	$	(45)	$	(24)	$	(69)

Debt (Tables)

9 Months Ended

Sep. 30, 2023

Debt

Schedule of Long-term Debt Instruments


	September 30,		December 31,
	2023		2022

	(in millions)
Holding Company:
4.750% senior unsecured notes due 2024	$	1,102	$	1,103
6.375% senior unsecured notes due 2025		749		749
6.250% senior unsecured notes due 2026		1,250		1,250
5.250% senior unsecured notes due 2027		1,460		1,460
4.375% senior unsecured notes due 2029		747		747
		5,308		5,309
Reporting Segments:
Energy		1,590		1,591
Automotive		24		21
Food Packaging		142		162
Real Estate		1		1
Home Fashion		10		12
		1,767		1,787
Total Debt	$	7,075	$	7,096

- 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.

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Segment Reporting - Condensed Statements of Operations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	$ 2,991	$ 3,334	$ 8,433	$ 10,098
Other revenues from operations	203	197	588	562
Net loss from investment activities	(332)	(187)	(1,275)	310
Interest and dividend income	143	88	481	180
(Loss) gain on disposition of assets, net			5	3
Other (loss) income, net	(16)	(28)	(57)	(150)
Total revenues	2,989	3,404	8,170	11,000
Cost of goods sold	2,377	3,026	6,947	8,738
Other expenses from operations	165	156	483	441
Selling, general and administrative	209	305	653	921
Restructuring, net	1		1
Credit loss on related party note receivable	23		139
Loss on deconsolidation of subsidiary			246
Interest expense	148	139	426	424
Total Expenses	2,923	3,626	8,895	10,524
(Loss) income before income tax (expense) benefit	66	(222)	(725)	476
Income tax (expense) benefit	(96)	7	(82)	(93)
Net (loss) income	(30)	(215)	(807)	383
Less: net (loss) income from continuing operations attributable to non-controlling interests	(24)	(92)	(262)	311
Net (loss) income from continuing operations attributable to Icahn Enterprises	(6)	(123)	(545)	72
Capital expenditures	70	100	201	254
Depreciation and amortization	133	131	384	380
Investment Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales			0	0
Other revenues from operations			0	0
Net loss from investment activities	(332)	(187)	(1,275)	262
Interest and dividend income	108	76	386	163
Other (loss) income, net	(21)	(26)	(67)	(61)
Total revenues	(245)	(137)	(956)	364
Cost of goods sold			0	0
Other expenses from operations			0	0
Selling, general and administrative	3	2	19	16
Restructuring, net			0
Credit loss on related party note receivable			0
Loss on deconsolidation of subsidiary			0
Interest expense	49	42	132	127
Total Expenses	52	44	151	143
(Loss) income before income tax (expense) benefit	(297)	(181)	(1,107)	221
Income tax (expense) benefit			0	0
Net (loss) income	(297)	(181)	(1,107)	221
Less: net (loss) income from continuing operations attributable to non-controlling interests	(131)	(100)	(555)	106
Net (loss) income from continuing operations attributable to Icahn Enterprises	(166)	(81)	(552)	115
Capital expenditures			0	0
Depreciation and amortization			0	0
Energy Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	2,522	2,699	7,045	8,216
Other revenues from operations			0	0
Net loss from investment activities			0	0
Interest and dividend income	10	3	23	4
Other (loss) income, net	3	2	9	(83)
Total revenues	2,535	2,704	7,077	8,137
Cost of goods sold	2,048	2,569	5,964	7,407
Other expenses from operations			0	0
Selling, general and administrative	43	42	128	130
Restructuring, net			0
Credit loss on related party note receivable			0
Loss on deconsolidation of subsidiary			0
Interest expense	22	22	67	70
Total Expenses	2,113	2,633	6,159	7,607
(Loss) income before income tax (expense) benefit	422	71	918	530
Income tax (expense) benefit	(80)	(3)	(173)	(94)
Net (loss) income	342	68	745	436
Less: net (loss) income from continuing operations attributable to non-controlling interests	107	8	292	205
Net (loss) income from continuing operations attributable to Icahn Enterprises	235	60	453	231
Capital expenditures	50	57	150	145
Depreciation and amortization	96	92	269	264
Automotive Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	264	448	799	1,293
Other revenues from operations	180	177	527	516
Net loss from investment activities			0	0
Interest and dividend income	1		1	0
Other (loss) income, net	3	2	6	4
Total revenues	448	627	1,333	1,813
Cost of goods sold	174	303	540	858
Other expenses from operations	148	140	435	400
Selling, general and administrative	116	213	362	640
Restructuring, net			0
Credit loss on related party note receivable			0
Loss on deconsolidation of subsidiary			0
Interest expense	2		3	1
Total Expenses	440	656	1,340	1,899
(Loss) income before income tax (expense) benefit	8	(29)	(7)	(86)
Income tax (expense) benefit	(1)	8	5	22
Net (loss) income	7	(21)	(2)	(64)
Less: net (loss) income from continuing operations attributable to non-controlling interests			0	0
Net (loss) income from continuing operations attributable to Icahn Enterprises	7	(21)	(2)	(64)
Capital expenditures	17	36	38	87
Depreciation and amortization	17	20	58	60
Food Packaging Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	105	111	340	322
Other revenues from operations			0	0
Net loss from investment activities			0	0
Interest and dividend income			0	0
Other (loss) income, net	(2)	(6)	(8)	(11)
Total revenues	103	105	332	311
Cost of goods sold	83	92	264	263
Other expenses from operations			0	0
Selling, general and administrative	14	14	43	40
Restructuring, net			0
Credit loss on related party note receivable			0
Loss on deconsolidation of subsidiary			0
Interest expense	3	2	9	5
Total Expenses	100	108	316	308
(Loss) income before income tax (expense) benefit	3	(3)	16	3
Income tax (expense) benefit	(3)		(4)	(3)
Net (loss) income		(3)	12	0
Less: net (loss) income from continuing operations attributable to non-controlling interests			1	0
Net (loss) income from continuing operations attributable to Icahn Enterprises		(3)	11	0
Capital expenditures	2	4	9	13
Depreciation and amortization	6	6	20	20
Real Estate Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	29	14	49	48
Other revenues from operations	22	19	58	43
Net loss from investment activities			0	0
Interest and dividend income			0	0
Other (loss) income, net			1	0
Total revenues	51	33	108	91
Cost of goods sold	20	9	34	31
Other expenses from operations	17	16	48	41
Selling, general and administrative	4	4	13	11
Restructuring, net			0
Credit loss on related party note receivable			0
Loss on deconsolidation of subsidiary			0
Interest expense			0	0
Total Expenses	41	29	95	83
(Loss) income before income tax (expense) benefit	10	4	13	8
Income tax (expense) benefit			0	0
Net (loss) income	10	4	13	8
Less: net (loss) income from continuing operations attributable to non-controlling interests			0	0
Net (loss) income from continuing operations attributable to Icahn Enterprises	10	4	13	8
Capital expenditures		1	2	7
Depreciation and amortization	4	3	10	9
Home Fashion Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	46	49	132	173
Other revenues from operations			0	0
Net loss from investment activities			0	0
Interest and dividend income			0	0
Other (loss) income, net	1	1	1	1
Total revenues	47	50	133	174
Cost of goods sold	37	42	104	144
Other expenses from operations			0	0
Selling, general and administrative	9	15	29	37
Restructuring, net	1		1
Credit loss on related party note receivable			0
Loss on deconsolidation of subsidiary			0
Interest expense	1	1	1	2
Total Expenses	48	58	135	183
(Loss) income before income tax (expense) benefit	(1)	(8)	(2)	(9)
Income tax (expense) benefit		(1)	0	(1)
Net (loss) income	(1)	(9)	(2)	(10)
Less: net (loss) income from continuing operations attributable to non-controlling interests			0	0
Net (loss) income from continuing operations attributable to Icahn Enterprises	(1)	(9)	(2)	(10)
Capital expenditures	1	2	2	2
Depreciation and amortization	2	2	5	5
Pharma Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	25	13	68	46
Other revenues from operations	1	1	3	3
Net loss from investment activities			0	0
Interest and dividend income			0	0
Other (loss) income, net			1	1
Total revenues	26	14	72	50
Cost of goods sold	15	11	41	35
Other expenses from operations			0	0
Selling, general and administrative	11	10	35	30
Restructuring, net			0
Credit loss on related party note receivable			0
Loss on deconsolidation of subsidiary			0
Interest expense			0	0
Total Expenses	26	21	76	65
(Loss) income before income tax (expense) benefit		(7)	(4)	(15)
Income tax (expense) benefit			0	0
Net (loss) income		(7)	(4)	(15)
Less: net (loss) income from continuing operations attributable to non-controlling interests			0	0
Net (loss) income from continuing operations attributable to Icahn Enterprises		(7)	(4)	(15)
Capital expenditures			0	0
Depreciation and amortization	7	7	21	21
Holding Company
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales			0	0
Other revenues from operations			0	0
Net loss from investment activities			0	48
Interest and dividend income	24	9	71	13
Other (loss) income, net		(1)	0	(1)
Total revenues	24	8	71	60
Cost of goods sold			0	0
Other expenses from operations			0	0
Selling, general and administrative	9	5	24	17
Restructuring, net			0
Credit loss on related party note receivable	23		139
Loss on deconsolidation of subsidiary			246
Interest expense	71	72	214	219
Total Expenses	103	77	623	236
(Loss) income before income tax (expense) benefit	(79)	(69)	(552)	(176)
Income tax (expense) benefit	(12)	3	90	(17)
Net (loss) income	(91)	(66)	(462)	(193)
Less: net (loss) income from continuing operations attributable to non-controlling interests			0	0
Net (loss) income from continuing operations attributable to Icahn Enterprises	(91)	(66)	(462)	(193)
Capital expenditures			0	0
Depreciation and amortization	$ 1	$ 1	$ 1	$ 1

Goodwill and Intangible Assets, Net

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets, Net

Goodwill and Intangible Assets, Net

10. Goodwill and Intangible Assets, Net

Goodwill consists of the following:


	September 30, 2023						December 31, 2022
	Gross				Net		Gross				Net
	Carrying		Accumulated		Carrying		Carrying		Accumulated		Carrying
	Amount		Impairment		Value		Amount		Impairment		Value

	(in millions)
Automotive	$	337	$	(87)	$	250	$	337	$	(87)	$	250
Food Packaging		6		—		6		6		—		6
Home Fashion		22		(3)		19		22		(3)		19
Pharma		13		—		13		13		—		13
	$	378	$	(90)	$	288	$	378	$	(90)	$	288

Intangible assets, net consists of the following:


	September 30, 2023						December 31, 2022
	Gross				Net		Gross				Net
	Carrying		Accumulated		Carrying		Carrying		Accumulated		Carrying
	Amount		Amortization		Value		Amount		Amortization		Value

	(in millions)
Definite-lived intangible assets:
Customer relationships	$	392	$	(224)	$	168	$	393	$	(212)	$	181
Developed technology		254		(83)		171		254		(62)		192
Other		164		(99)		65		167		(90)		77
	$	810	$	(406)	$	404	$	814	$	(364)	$	450

Indefinite-lived intangible assets					$	83					$	83
Intangible assets, net					$	487					$	533

Amortization expense associated with definite-lived intangible assets was $15 million and $16 million for the three months ended September 30, 2023 and 2022, respectively, and $44 million and $45 million for the nine months ended September 30, 2023 and 2022, respectively.

We utilize the straight-line method of amortization, recognized over the estimated useful lives of the assets.

Leases (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Leases (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Leases [Line Items]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets		Other Assets		Other Assets
Operating lease right-of-use asset	$ 511		$ 511		$ 478
Operating lease liability	$ 520		$ 520		$ 484
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Accrued Liabilities		Accrued Liabilities		Accrued Liabilities
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, plant and equipment, net		Property, plant and equipment, net		Property, plant and equipment, net
Finance lease right-of-use asset	$ 54		$ 54		$ 48
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities		Accrued Liabilities		Accrued Liabilities
Finance lease, liability	$ 70		$ 70		$ 64
Operating lease cost	44	$ 47	134	$ 145
Amortization of financing lease right-of-use assets	1	3	5	7
Interest expense on financing lease liabilities	2	2	4	4
Property, plant and equipment, net	3,937		3,937		4,038
Real Estate Segment
Leases [Line Items]
Revenues from operating leases	3	2	15	5
Property, plant and equipment, net	337		337		345
Real Estate Segment \| Real estate assets leased to others
Leases [Line Items]
Property, plant and equipment, net	255		255		252
Energy Segment
Leases [Line Items]
Operating lease right-of-use asset	38		38		40
Operating lease liability	$ 36		$ 36		$ 40
Lease term	3 years 10 months 24 days		3 years 10 months 24 days		4 years 1 month 6 days
Operating lease, discount rate percentage	5.60%		5.60%		5.20%
Property, plant and equipment, net	$ 2,611		$ 2,611		$ 2,664
Automotive Segment
Leases [Line Items]
Operating lease right-of-use asset	423		423		386
Operating lease liability	$ 436		$ 436		$ 395
Lease term	5 years 3 months 18 days		5 years 3 months 18 days		4 years 8 months 12 days
Operating lease, discount rate percentage	5.90%		5.90%		5.90%
Operating lease cost			$ 108	121
Revenues from operating leases	$ 14	$ 13	43	$ 35
Property, plant and equipment, net	799		799		$ 826
Food Packaging Segment
Leases [Line Items]
Operating lease right-of-use asset	22		22		24
Operating lease liability	$ 25		$ 25		$ 27
Lease term	9 years 3 months 18 days		9 years 3 months 18 days		9 years 9 months 18 days
Operating lease, discount rate percentage	7.40%		7.40%		7.40%
Property, plant and equipment, net	$ 132		$ 132		$ 142
Other Segments and Holding Company
Leases [Line Items]
Operating lease right-of-use asset	28		28		28
Operating lease liability	$ 23		$ 23		$ 22

Other Loss, Net (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Other Loss, Net (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Component of Other Income (Loss), Net [Line Items]
Other loss, net	$ (16)	$ (28)	$ (57)	$ (150)
Dividend expense
Component of Other Income (Loss), Net [Line Items]
Other loss, net	(21)	(26)	(68)	(61)
Equity earnings from non-consolidated affiliates
Component of Other Income (Loss), Net [Line Items]
Other loss, net	4	2	9	7
Gain on disposition of assets, net
Component of Other Income (Loss), Net [Line Items]
Other loss, net	2	1	5	3
Foreign currency transaction gain
Component of Other Income (Loss), Net [Line Items]
Other loss, net	$ (1)	(6)	1	(11)
Legal settlement loss
Component of Other Income (Loss), Net [Line Items]
Other loss, net				(88)
Loss on extinguishment of debt, net
Component of Other Income (Loss), Net [Line Items]
Other loss, net				(1)
Other
Component of Other Income (Loss), Net [Line Items]
Other loss, net		$ 1	$ (4)	$ 1

Debt

9 Months Ended

Sep. 30, 2023

Debt

Debt

12. Debt

Debt consists of the following:


	September 30,		December 31,
	2023		2022

	(in millions)
Holding Company:
4.750% senior unsecured notes due 2024	$	1,102	$	1,103
6.375% senior unsecured notes due 2025		749		749
6.250% senior unsecured notes due 2026		1,250		1,250
5.250% senior unsecured notes due 2027		1,460		1,460
4.375% senior unsecured notes due 2029		747		747
		5,308		5,309
Reporting Segments:
Energy		1,590		1,591
Automotive		24		21
Food Packaging		142		162
Real Estate		1		1
Home Fashion		10		12
		1,767		1,787
Total Debt	$	7,075	$	7,096

Holding Company

In February 2022, we redeemed all of our $500 million aggregate principal amount of 6.750% senior unsecured notes due 2024 at par. As a result of this transaction, Icahn Enterprises recorded a loss on extinguishment of debt of $1 million during the nine months ended September 30, 2022.

Covenants

We and all of our subsidiaries are currently in compliance with all covenants and restrictions as described in the various executed agreements and contracts with respect to each debt instrument. These covenants include limitations on indebtedness, liens, investments, acquisitions, asset sales, dividends and other restricted payments and affiliate and extraordinary transactions.

Non-Cash Charges to Interest Expense

The amortization of deferred financing costs and debt discounts and premiums included in interest expense in the condensed consolidated statements of operations was $2 million and less than $1 million for the three months ended September 30, 2023 and 2022, respectively, and $4 million and $2 million for the nine months ended September 30, 2023 and 2022, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Measurements

Assets measured at fair value on a recurring basis


	September 30, 2023								December 31, 2022
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total

	(in millions)
Assets
Investments (Note 5)	$	3,056	$	90	$	42	$	3,188	$	5,538	$	1,142	$	42	$	6,722
Derivative assets, net (Note 7)		—		127		—		127		—		805		—		805
	$	3,056	$	217	$	42	$	3,315	$	5,538	$	1,947	$	42	$	7,527
Liabilities
Securities sold, not yet purchased (Note 5)	$	3,635	$	166	$	—	$	3,801	$	6,326	$	169	$	—	$	6,495
Derivative liabilities, net (Note 7)		56		759		—		815		—		691		—		691
RFS obligations (Note 18)		—		413		—		413		—		692		—		692
	$	3,691	$	1,338	$	—	$	5,029	$	6,326	$	1,552	$	—	$	7,878

Commitments and Contingencies

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies.

Commitments and Contingencies

18. Commitments and Contingencies

Environmental Matters

Due to the nature of our business, certain of our subsidiaries’ operations are subject to numerous existing and proposed laws and governmental regulations designed to protect human health and the environment, particularly regarding plant wastes and emissions and solid waste disposal. Our consolidated environmental liabilities on an undiscounted basis were $20 million and $22 million as of September 30, 2023 and December 31, 2022, respectively, primarily within our Energy segment, which are included in accrued expenses and other liabilities in our condensed

consolidated balance sheets. We do not believe that environmental matters will have a material adverse impact on our consolidated results of operations and financial condition.

Energy

Clean Air Act Matter - CVR Energy’s indirect wholly-owned subsidiary, Coffeyville Resource Refining & Marketing, LLC (“CRRM”) and certain of its affiliates have agreed to settle claims brought in the United States District Court for the District of Kansas (“D. Kan”) by the United States, on behalf of the EPA, and the State of Kansas, on behalf of the Kansas Department of Health and Environment (“KDHE”) which primarily relate to the CRRM refinery’s flares. The EPA and KDHE are seeking stipulated penalties under a 2012 Consent Decree (“CD”) (the “Stipulated Claims”), which amount CRRM previously deposited into a commercial escrow account and which escrowed funds are legally restricted for use and are included in Other assets in our condensed consolidated balance sheets. The EPA and KDHE also filed a complaint in the D. Kan alleging violations of the Clean Air Act, the Kansas State Implementation Plan, Kansas law, and CRRM’s permits seeking civil penalties, injunctive relief, and related relief in connection with these claims (collectively, the “Statutory Claims”). The parties have reached agreement to resolve the Stipulated Claims and the Statutory Claims subject to final approvals by the EPA and KDHE. The terms of the settlement will be set forth in a consent decree that is in the process of being executed by the parties, which consent decree is subject to the approval and entry by the D. Kan following a period for public notice and comment. Should the settlement and consent decree be finalized as agreed to between the parties, such settlement is not expected to have a material impact on CVR Energy’s financial position, results of operations, or cash flows. Should such settlement not be finalized as agreed to between the parties, CVR Energy cannot determine whether any subsequent enforcement or litigation relating thereto would have a material impact on the Company’s financial position, results of operations, or cash flows.

45Q Transaction

In January 2023, CVR Energy and its obligated-party subsidiaries entered into a joint venture and related agreements with unaffiliated third-party investors and others intended to qualify for certain tax credits available under Section 45Q of the Internal Revenue Code. Under the agreements entered into in connection with the 45Q Transactions, CVR Partners and certain of its subsidiaries are obligated to meet certain minimum quantities of carbon dioxide supply each year during the term of the agreement and could be subject to fees of up to $15 million per year, with an overall cap at $45 million, should it fail to perform.

Renewable Fuel Standards

CVR Energy’s obligated-party subsidiaries are subject to the Renewable Fuel Standard (“RFS”) implemented primarily by the EPA which requires refiners to either blend renewable fuels into their transportation fuels or purchase renewable fuel credits, known as RINs, in lieu of blending. CVR Energy’s obligated party subsidiaries are not able to blend the substantial majority of their transportation fuels and, unless their obligations are waived by the EPA, have to purchase RINs on the open market and may have to obtain waiver credits for cellulosic biofuels or other exemptions from the EPA, to the extent available, in order to comply with the RFS. CVR Energy’s obligated-party subsidiaries have filed a number of petitions in the United States Court of Appeals for the Fifth Circuit (the “Fifth Circuit”) and the United States Court of Appeals for the District of Colombia Circuit (the “DC Circuit”) challenging certain actions taken by the EPA in April 2022 and June 2022 relating to the RFS including but not limited to the EPA’s denial of small refinery exemptions (“SREs”) sought by one of CVR Energy’s obligated-party subsidiaries, Wynnewood Refining Company, LLC (“WRC”), for the 2017 through 2021 compliance periods (the “SRE Denial”), and challenging the EPA’s Final Rule issued in July 2022 establishing renewable volume obligations (“RVO”). CVR Energy’s obligated-party subsidiaries have also intervened in an action filed by certain biofuels producers relating to the RFS. In March 2023, the Fifth Circuit granted WRC’s motion to stay enforcement of the RFS against WRC for the 2020 and 2021 compliance periods pending resolution of its underlying lawsuit relating to the denial; oral argument before the Fifth Circuit took place in October 2023. In July 2023, the EPA denied 26 petitions from small refineries seeking SREs for one or more of the compliance years between 2016 and 2023, including the SRE sought by WRC for 2022, which denial WRC has challenged in court. In October 2023, the Fifth Circuit granted WRC’s motion to stay enforcement of the RFS against WRC for the 2022 compliance period pending resolution of its underlying lawsuit against EPA relating to its denial. CVR Energy cannot yet determine at this time the outcomes of these matters. However, while CVR Energy intends to

prosecute these actions vigorously, if these matters are ultimately concluded in a manner adverse to CVR Energy, they could have a material effect on our Energy business’ financial position, results of operations, or cash flows.

Our Energy segment recognized a benefit of approximately $135 million and an expense of approximately $86 million for the three months ended September 30, 2023 and 2022, respectively, for CVR Energy’s obligated-party subsidiaries’ compliance with the RFS (based on the 2020, 2021, 2022 and 2023 annual RVO for the respective periods, excluding the impacts of any exemptions or waivers to which the obligated-party subsidiaries may be entitled). For the nine months ended September 30, 2023 and 2022, such benefits were $99 million and such expenses were $328 million, respectively. These recognized amounts are included in cost of goods sold in the condensed consolidated statements of operations and represent costs to comply with the RFS obligation through purchasing of RINs not otherwise reduced by blending of ethanol, biodiesel, or renewable diesel. At each reporting period, to the extent RINs purchased or generated through blending are less than the RFS obligation (excluding the impact of exemptions or waivers to which CVR Refining, LP (“CVR Refining”) may be entitled), the remaining position is valued using RIN market prices at period end using each specific or closest vintage year. As of September 30, 2023 and December 31, 2022, CVR Energy’s obligated-party subsidiaries’ RFS position was $413 million and $692 million, respectively, and is included in accrued expenses and other liabilities in the condensed consolidated balance sheets.

Litigation

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

Energy

Call Option Coverage Case – In September 2023, the Superior Court of the State of Delaware (the “Delaware Court”) denied the motion filed by the primary and excess insurers (the “Insurers”) of CVR Energy and certain of its affiliates (the “Call Defendants”) seeking to stay the Call Defendants’ action against the Insurers in relation to insurance policies that have coverage limits of $50 million (the “Policies”) alleging breach of contract and breach of the implied covenant of good faith and fair dealing relating to the Insurers’ denial of coverage of the Call Defendants’ defense expenses and indemnity, as well as other conduct of the Insurers, relating to the lawsuits filed by former unitholders of CVR Refining against the Call Defendants relating to CVR Energy’s exercise of the call option under the CVR Refining Amended and Restated Agreement of Limited Partnership assigned to it by CVR Refining’s general partner, which action was settled by the parties on August 19, 2022 (the “Call Option Lawsuits”). This ruling allows CVR Energy’s case against the Insurers to proceed in the Delaware Court. The 434th Judicial District Court of Fort Bend County, Texas (the “Texas Court”) granted summary judgment in the Insurers’ declaratory judgment action seeking determination that the Insurers owe no indemnity coverage in relation to the Policies for settlement of the Call Option Lawsuits, which CVR Energy intends to appeal once final judgment is entered.

As CVR Energy’s potential appeal of the Texas Court’s summary judgment rulings and its Delaware Court lawsuit are not yet concluded, CVR Energy cannot determine at this time the outcome of these lawsuits, including whether the outcome would have a material impact on its financial position, results of operations, or cash flows.

Other Matters

Pension Obligations

Mr. Icahn, through certain affiliates, owns 100% of Icahn Enterprises GP and approximately 85% of Icahn Enterprises’ outstanding depositary units as of September 30, 2023. Applicable pension and tax laws make each member of a “controlled group” of entities, generally defined as entities in which there is at least an 80% common ownership interest, jointly and severally liable for certain pension plan obligations of any member of the controlled group. These pension obligations include ongoing contributions to fund the plan, as well as liability for any unfunded liabilities that may exist at the time the plan is terminated. In addition, the failure to pay these pension obligations when due may result

in the creation of liens in favor of the pension plan or the Pension Benefit Guaranty Corporation (the “PBGC”) against the assets of each member of the controlled group.

As a result of the more than 80% ownership interest in us by Mr. Icahn’s affiliates, we and our subsidiaries are subject to the pension liabilities of entities in which Mr. Icahn has a direct or indirect ownership interest of at least 80%, which includes the liabilities of pension plans sponsored by Viskase and ACF Industries LLC (“ACF”), an affiliate of Mr. Icahn. All the minimum funding requirements of the Internal Revenue Code, as amended, and the Employee Retirement Income Security Act of 1974, as amended, for the Viskase and ACF plans have been met as of September 30, 2023. If the plans were voluntarily terminated, they would be underfunded by an aggregate of approximately $35 million as of September 30, 2023. These results are based on the most recent information provided by the plans’ actuaries. These liabilities could increase or decrease, depending on a number of factors, including future changes in benefits, investment returns, and the assumptions used to calculate the liability. As members of the controlled group, we would be liable for any failure of Viskase or ACF to make ongoing pension contributions or to pay the unfunded liabilities upon a termination of the Viskase or ACF pension plans. In addition, other entities now or in the future within the controlled group in which we are included may have pension plan obligations that are, or may become, underfunded and we would be liable for any failure of such entities to make ongoing pension contributions or to pay the unfunded liabilities upon termination of such plans.

The current underfunded status of the pension plans of Viskase and ACF requires them to notify the PBGC of certain “reportable events,” such as if we cease to be a member of the Viskase or ACF controlled group, or if we make certain extraordinary dividends or stock redemptions. The obligation to report could cause us to seek to delay or reconsider the occurrence of such reportable events.

Starfire Holding Corporation (“Starfire”), which is 99.6% owned by Mr. Icahn, has undertaken to indemnify us and our subsidiaries from losses resulting from any imposition of certain pension funding or termination liabilities that may be imposed on us and our subsidiaries or our assets as a result of being a member of the Icahn controlled group, including ACF. The Starfire indemnity provides, among other things, that so long as such contingent liabilities exist and could be imposed on us, Starfire will not make any distributions to its stockholders that would reduce its net worth to below $250 million. Nonetheless, Starfire may not be able to fund its indemnification obligations to us.

Other

Icahn Enterprises L.P. was contacted on May 3, 2023 by the U.S. Attorney’s office for the Southern District of New York and on June 21, 2023 by the staff of the Division of Enforcement of the U.S. Securities and Exchange Commission (the “SEC”), seeking production of information relating to the Company and certain of its affiliates’ corporate governance, capitalization, securities offerings, disclosure, dividends, valuation, marketing materials, due diligence and other materials. We are cooperating with these requests and investigations and are providing documents in response to these requests for information. In addition, two putative securities class action lawsuits have been filed against the Company in the U.S. District Court for the Southern District of Florida alleging violations of the federal securities laws, Okaro v. Icahn Enterprises L.P. et al., Case No. 23-21773 (S.D. Fl.), and Levine v. Icahn Enterprises L.P. et al., Case No. 23-22009 (S.D. Fl.). These lawsuits have been consolidated but a lead plaintiff has not been appointed. A derivative complaint has also been filed in the U.S. District Court for the Southern District of Florida, naming the Company’s general partner, its directors, and certain current and former officers as defendants, and the Company as a nominal defendant, alleging breaches of fiduciary duties with respect to the Company’s disclosure, Patrick Pickney v. Icahn Enterprises G.P. Inc. Case No. 1:23-cv-22932-KMW (S.D. Fl.).

We believe that we maintain a strong compliance program and, while no assurances can be made, and we are still evaluating these matters, we do not currently believe that these inquiries and litigations will have a material impact on our business, financial condition, results of operations or cash flows.

Supplemental Cash Flow Information

9 Months Ended

Sep. 30, 2023

Supplemental Cash Flow Information

Supplemental Cash Flow Information

19. Supplemental Cash Flow Information

Supplemental cash flow information consists of the following:


	Nine Months Ended September 30,
	2023		2022

	(in millions)
Cash payments for interest	$	(299)	$	(303)
Cash payments for income taxes, net of payments		(95)		(139)
Partnership contributions receivable		6		2
Non-cash Investment segment contributions to non-controlling interests		—		3
Investment segment distributions to non-controlling interests		(2)		—

Related Party Notes Receivable, Net

9 Months Ended

Sep. 30, 2023

Related Party Notes Receivable, Net

Related Party Notes Receivable, Net

8. Related Party Notes Receivable, Net

Related party notes receivable and its related allowance for expected credit losses consists of the following:


	September 30, 2023

Related party notes receivable, gross	$	71
Less: Allowance for expected credit losses		12
Related party notes receivable, net	$	59

Allowance for expected credit losses:
Beginning Balance	$	-
Credit loss provision		139
Write-offs		(127)
Ending Balance	$	12

Write-offs associated with related party notes receivable were $127 million for the nine months ended September 30, 2023. See Note 6, “Financial Instruments,” for additional information related to the fair value of the related party notes receivable.

Description of Business

9 Months Ended

Sep. 30, 2023

Description of Business

Description of Business

1. Description of Business

Overview

Icahn Enterprises L.P. (“Icahn Enterprises”) is a master limited partnership formed in Delaware on February 17, 1987. References to “we,” “our” or “us” herein include both Icahn Enterprises and Icahn Enterprises Holdings L.P. (“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 Holdings and its subsidiaries own substantially all of our assets and liabilities and conduct substantially all of our operations. Icahn Enterprises G.P. Inc. (“Icahn Enterprises GP”), which is indirectly owned and controlled by Mr. Carl C. Icahn, owns a 1% general partner interest in each of Icahn Enterprises and Icahn Enterprises Holdings as of September 30, 2023, representing an aggregate 1.99% general partner interest in Icahn Enterprises and Icahn Enterprises Holdings. Mr. Icahn and his affiliates owned approximately 85% of our outstanding depositary units as of September 30, 2023.

Description of Continuing Operating Businesses

We are a diversified holding company owning subsidiaries currently engaged in the following continuing operating businesses: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion and Pharma. We also report the results of our Holding Company, which includes the results of certain subsidiaries of Icahn Enterprises (unless otherwise noted), and investment activity and expenses associated with our Holding Company. See Note 14, “Segment Reporting,” for a reconciliation of each of our reporting Segment’s results of operations to our consolidated results. Certain additional information with respect to our segments is discussed below.

Investment

Our Investment segment is comprised of various private investment funds (“Investment Funds”) in which we have general partner interests and through which we invest our proprietary capital. As general partner, we provide investment advisory and certain administrative and back-office services to the Investment Funds but do not provide such services to any other entities, individuals or accounts. We and certain of Mr. Icahn’s family members and affiliates are the only investors in the Investment Funds. Interests in the Investment Funds are not offered to outside investors. We had interests in the Investment Funds with a fair value of approximately $3.6 billion and $4.2 billion as of September 30, 2023 and December 31, 2022, respectively.

Energy

We conduct our Energy segment through our majority owned subsidiary, CVR Energy, Inc. (“CVR Energy”). CVR Energy is a diversified holding company primarily engaged in the petroleum refining and marketing businesses as well as in the nitrogen fertilizer manufacturing businesses through its holdings in CVR Partners, LP, a publicly traded limited partnership (“CVR Partners”). CVR Energy is an independent petroleum refiner and marketer of high value transportation fuels primarily in the form of gasoline and diesel fuels, as well as renewable diesel. CVR Partners produces and markets nitrogen fertilizers in the form of urea ammonium nitrate and ammonia. CVR Energy holds 100% of the general partner interest and approximately 37% of the outstanding common units of CVR Partners as of September 30, 2023. During the third quarter of 2023, we decreased our ownership in CVR Energy through the sale of common stock resulting in proceeds of $158 million and as of September 30, 2023, we owned approximately 66% of the total outstanding common stock of CVR Energy.

Automotive

We conduct our Automotive segment through our wholly owned subsidiaries, Icahn Automotive Group LLC (“Icahn Automotive”) and AEP PLC LLC (“AEP PLC”). The Automotive segment is engaged in providing a full range of automotive repair and maintenance services, along with the sale of any installed parts or materials related to automotive services (“Automotive Services”) to its customers, as well as sales of automotive aftermarket parts and

retailed merchandise (“Aftermarket Parts”). In addition to its primary businesses, the Automotive segment leases available and excess real estate in certain locations under long-term operating leases.

On January 31, 2023, a subsidiary of Icahn Automotive, IEH Auto Parts Holding LLC and its subsidiaries (collectively “Auto Plus”), an aftermarket parts distributor held within our Automotive segment, filed voluntary petitions in the United States Bankruptcy Court. As a result of Auto Plus’s filings for bankruptcy protections on January 31, 2023, we no longer controlled the operations of Auto Plus, therefore, we deconsolidated Auto Plus as of January 31, 2023. See Note 3, “Subsidiary Bankruptcy and Deconsolidation”, for a detailed discussion of the Auto Plus bankruptcy and deconsolidation.

Food Packaging

We conduct our Food Packaging segment through our majority owned subsidiary, Viskase Companies, Inc. (“Viskase”). Viskase is a producer of cellulosic, fibrous and plastic casings used to prepare and package processed meat products. As of September 30, 2023, we owned approximately 90% of the total outstanding common stock of Viskase.

Real Estate

We conduct our Real Estate segment through various wholly owned subsidiaries. Our Real Estate segment consists of investment properties which includes land, retail, office and industrial properties leased to corporate tenants, the development and sale of single-family homes, and the operations of a resort and a country club.

Home Fashion

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

Pharma

We conduct our Pharma segment through our wholly owned subsidiary, Vivus LLC, formerly Vivus, Inc. (“Vivus”). Vivus is a specialty pharmaceutical company with two approved therapies and two product candidates in active clinical development.

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

Sep. 30, 2023

Dec. 31, 2022

Equity Contract

Primary underlying risk:

Long Notional Exposure

$ 2,075

$ 1,816

Short Notional Exposure

2,833

5,354

Credit Risk Contract

Primary underlying risk:

Long Notional Exposure

^[1]

Short Notional Exposure

^[1]

495

945

Commodity Contract

Primary underlying risk:

Long Notional Exposure

Short Notional Exposure

562

Credit Default Swap

Primary underlying risk:

Short Notional Exposure

Short notional amount of credit default swap positions

$ 2,600

$ 3,500

[1]

Supplemental Cash Flow Information (Tables)

9 Months Ended

Sep. 30, 2023

Supplemental Cash Flow Information

Schedule of Cash Flow, Supplemental Disclosures


	Nine Months Ended September 30,
	2023		2022

	(in millions)
Cash payments for interest	$	(299)	$	(303)
Cash payments for income taxes, net of payments		(95)		(139)
Partnership contributions receivable		6		2
Non-cash Investment segment contributions to non-controlling interests		—		3
Investment segment distributions to non-controlling interests		(2)		—

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2023

Disaggregation of Revenue [Line Items]

Schedule of Condensed Income Statement by Segment

Condensed Statements of Operations


	Three Months Ended September 30, 2023
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated

	(in millions)
Revenues:
Net sales	$	—	$	2,522	$	264	$	105	$	29	$	46	$	25	$	—	$	2,991
Other revenues from operations		—		—		180		—		22		—		1		—		203
Net loss from investment activities		(332)		—		—		—		—		—		—		—		(332)
Interest and dividend income		108		10		1		—		—		—		—		24		143
Other (loss) income, net		(21)		3		3		(2)		—		1		—		—		(16)
		(245)		2,535		448		103		51		47		26		24		2,989
Expenses:
Cost of goods sold		—		2,048		174		83		20		37		15		—		2,377
Other expenses from operations		—		—		148		—		17		—		—		—		165
Selling, general and administrative		3		43		116		14		4		9		11		9		209
Restructuring, net		—		—		—		—		—		1		—		—		1
Credit loss on related party note receivable		—		—		—		—		—		—		—		23		23
Loss on deconsolidation of subsidiaries		—		—		—		—		—		—		—		—		—
Interest expense		49		22		2		3		—		1		—		71		148
		52		2,113		440		100		41		48		26		103		2,923
(Loss) income before income tax (expense) benefit		(297)		422		8		3		10		(1)		—		(79)		66
Income tax (expense) benefit		—		(80)		(1)		(3)		—		—		—		(12)		(96)
Net (loss) income		(297)		342		7		—		10		(1)		—		(91)		(30)
Less: net (loss) income attributable to non-controlling interests		(131)		107		—		—		—		—		—		—		(24)
Net (loss) income attributable to Icahn Enterprises	$	(166)	$	235	$	7	$	—	$	10	$	(1)	$	—	$	(91)	$	(6)
Supplemental information:
Capital expenditures	$	—	$	50	$	17	$	2	$	—	$	1	$	—	$	—	$	70
Depreciation and amortization	$	—	$	96	$	17	$	6	$	4	$	2	$	7	$	1	$	133


	Three Months Ended September 30, 2022
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated

	(in millions)
Revenues:
Net sales	$	—	$	2,699	$	448	$	111	$	14	$	49	$	13	$	—	$	3,334
Other revenues from operations		—		—		177		—		19		—		1		—		197
Net loss from investment activities		(187)		—		—		—		—		—		—		—		(187)
Interest and dividend income		76		3		—		—		—		—		—		9		88
Other (loss) income, net		(26)		2		2		(6)		—		1		—		(1)		(28)
		(137)		2,704		627		105		33		50		14		8		3,404
Expenses:
Cost of goods sold		—		2,569		303		92		9		42		11		—		3,026
Other expenses from operations		—		—		140		—		16				—		—		156
Selling, general and administrative		2		42		213		14		4		15		10		5		305
Restructuring, net		—		—		—		—		—		—		—		—		—
Interest expense		42		22		—		2		—		1		—		72		139
		44		2,633		656		108		29		58		21		77		3,626
(Loss) income before income tax (expense) benefit		(181)		71		(29)		(3)		4		(8)		(7)		(69)		(222)
Income tax (expense) benefit		—		(3)		8		—		—		(1)		—		3		7
Net (loss) income		(181)		68		(21)		(3)		4		(9)		(7)		(66)		(215)
Less: net (loss) income attributable to non-controlling interests		(100)		8		—		—		—		—		—		—		(92)
Net (loss) income attributable to Icahn Enterprises	$	(81)	$	60	$	(21)	$	(3)	$	4	$	(9)	$	(7)	$	(66)	$	(123)
Supplemental information:
Capital expenditures	$	—	$	57	$	36	$	4	$	1	$	2	$	—	$	—	$	100
Depreciation and amortization	$	—	$	92	$	20	$	6	$	3	$	2	$	7	$	1	$	131


	Nine Months Ended September 30, 2023
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated

	(in millions)
Revenues:
Net sales	$	—	$	7,045	$	799	$	340	$	49	$	132	$	68	$	—	$	8,433
Other revenues from operations		—		—		527		—		58		—		3		—		588
Net loss from investment activities		(1,275)		—		—		—		—		—		—		—		(1,275)
Interest and dividend income		386		23		1		—		—		—		—		71		481
Other (loss) income, net		(67)		9		6		(8)		1		1		1		—		(57)
		(956)		7,077		1,333		332		108		133		72		71		8,170
Expenses:
Cost of goods sold		—		5,964		540		264		34		104		41		—		6,947
Other expenses from operations		—		—		435		—		48		—		—		—		483
Selling, general and administrative		19		128		362		43		13		29		35		24		653
Restructuring, net		—		—		—		—		—		1		—		—		1
Credit loss on related party note receivable		—		—		—		—		—		—		—		139		139
Loss on deconsolidation of subsidiary		—		—		—		—		—		—		—		246		246
Interest expense		132		67		3		9		—		1		—		214		426
		151		6,159		1,340		316		95		135		76		623		8,895
(Loss) before income tax (expense) benefit		(1,107)		918		(7)		16		13		(2)		(4)		(552)		(725)
Income tax (expense) benefit		—		(173)		5		(4)		—		—		—		90		(82)
Net (loss) income		(1,107)		745		(2)		12		13		(2)		(4)		(462)		(807)
Less: net (loss) income attributable to non-controlling interests		(555)		292		—		1		—		—		—		—		(262)
Net (loss) income attributable to Icahn Enterprises	$	(552)	$	453	$	(2)	$	11	$	13	$	(2)	$	(4)	$	(462)	$	(545)
Supplemental information:
Capital expenditures	$	—	$	150	$	38	$	9	$	2	$	2	$	—	$	—	$	201
Depreciation and amortization	$	—	$	269	$	58	$	20	$	10	$	5	$	21	$	1	$	384


	Nine Months Ended September 30, 2022
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated

	(in millions)
Revenues:
Net sales	$	—	$	8,216	$	1,293	$	322	$	48	$	173	$	46	$	—	$	10,098
Other revenues from operations		—		—		516		—		43		—		3		—		562
Net gain from investment activities		262		—		—		—		—		—		—		48		310
Interest and dividend income		163		4		—		—		—		—		—		13		180
Other (loss) income, net		(61)		(83)		4		(11)		—		1		1		(1)		(150)
		364		8,137		1,813		311		91		174		50		60		11,000
Expenses:
Cost of goods sold		—		7,407		858		263		31		144		35		—		8,738
Other expenses from operations		—		—		400		—		41		—		—		—		441
Selling, general and administrative		16		130		640		40		11		37		30		17		921
Interest expense		127		70		1		5		—		2		—		219		424
		143		7,607		1,899		308		83		183		65		236		10,524
Income (loss) before income tax benefit (expense)		221		530		(86)		3		8		(9)		(15)		(176)		476
Income tax (expense) benefit		—		(94)		22		(3)		—		(1)		—		(17)		(93)
Net income (loss)		221		436		(64)		—		8		(10)		(15)		(193)		383
Less: net income attributable to non-controlling interests		106		205		—		—		—		—		—		—		311
Net income (loss) attributable to Icahn Enterprises	$	115	$	231	$	(64)	$	—	$	8	$	(10)	$	(15)	$	(193)	$	72
Supplemental information:
Capital expenditures	$	—	$	145	$	87	$	13	$	7	$	2	$	—	$	—	$	254
Depreciation and amortization	$	—	$	264	$	60	$	20	$	9	$	5	$	21	$	1	$	380

Schedule of Condensed Financial Statements by Segment


	September 30, 2023
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated

	(in millions)
ASSETS
Cash and cash equivalents	$	21	$	889	$	100	$	11	$	35	$	4	$	17	$	1,813	$	2,890
Cash held at consolidated affiliated partnerships and restricted cash		3,026		7		9		—		6		3		—		171		3,222
Investments		3,185		101		—		—		14		—		—		—		3,300
Accounts receivable, net		—		316		46		79		18		31		27		—		517
Inventories, net		—		610		249		114		—		87		25		—		1,085
Related party notes receivable, net		—		—		—		—		—		—		—		59		59
Property, plant and equipment, net		—		2,611		799		132		337		53		—		5		3,937
Goodwill and intangible assets, net		—		184		344		23		—		19		205		—		775
Other assets		4,824		271		462		101		84		18		8		204		5,972
Total assets	$	11,056	$	4,989	$	2,009	$	460	$	494	$	215	$	282	$	2,252	$	21,757
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	1,240	$	1,753	$	870	$	139	$	49	$	47	$	55	$	100	$	4,253
Securities sold, not yet purchased, at fair value		3,801		—		—		—		—		—		—		—		3,801
Debt		—		1,590		24		142		1		10		—		5,308		7,075
Total liabilities		5,041		3,343		894		281		50		57		55		5,408		15,129

Equity attributable to Icahn Enterprises		3,634		873		1,115		162		440		158		227		(3,156)		3,453
Equity attributable to non-controlling interests		2,381		773		—		17		4		—		—		—		3,175
Total equity		6,015		1,646		1,115		179		444		158		227		(3,156)		6,628
Total liabilities and equity	$	11,056	$	4,989	$	2,009	$	460	$	494	$	215	$	282	$	2,252	$	21,757


	December 31, 2022
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated

	(in millions)
ASSETS
Cash and cash equivalents	$	19	$	510	$	32	$	9	$	26	$	5	$	16	$	1,720	$	2,337
Cash held at consolidated affiliated partnerships and restricted cash		2,455		7		10		—		8		3		—		66		2,549
Investments		6,719		76		—		—		14		—		—		—		6,809
Accounts receivable, net		—		358		99		87		12		24		26		—		606
Inventories, net		—		624		686		103		—		90		28		—		1,531
Property, plant and equipment, net		—		2,664		826		142		345		56		—		5		4,038
Goodwill and intangible assets, net		—		200		352		24		—		19		226		—		821
Other assets		8,041		296		527		110		102		16		6		125		9,223
Total assets	$	17,234	$	4,735	$	2,532	$	475	$	507	$	213	$	302	$	1,916	$	27,914
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	1,589	$	1,823	$	981	$	149	$	47	$	45	$	61	$	70	$	4,765
Securities sold, not yet purchased, at fair value		6,495		—		—		—		—		—		—		—		6,495
Debt		—		1,591		21		162		1		12		—		5,309		7,096
Total liabilities		8,084		3,414		1,002		311		48		57		61		5,379		18,356

Equity attributable to Icahn Enterprises		4,184		648		1,530		149		455		156		241		(3,463)		3,900
Equity attributable to non-controlling interests		4,966		673		—		15		4		—		—		—		5,658
Total equity		9,150		1,321		1,530		164		459		156		241		(3,463)		9,558
Total liabilities and equity	$	17,234	$	4,735	$	2,532	$	475	$	507	$	213	$	302	$	1,916	$	27,914

Energy Segment

Disaggregation of Revenue [Line Items]

Disaggregation of Revenue


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022

	(in millions)
Petroleum products	$	2,392	$	2,543	$	6,505	$	7,593
Nitrogen fertilizer products		130		156		540		623
	$	2,522	$	2,699	$	7,045	$	8,216

Automotive Segment

Disaggregation of Revenue [Line Items]

Disaggregation of Revenue


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022

	(in millions)
Automotive Services	$	406	$	410	$	1,167	$	1,156
Aftermarket Parts		24		202		116		618
	$	430	$	612	$	1,283	$	1,774

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Investments - Investment Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Schedule of Investments
Investments	$ 3,300		$ 3,300		$ 6,809
Securities sold, not yet purchased, at fair value	3,801		3,801		6,495
Investment Segment
Schedule of Investments
Investments	3,185		3,185		6,719
Securities sold, not yet purchased, at fair value	3,801		3,801		6,495
Portion of unrealized (losses) gains that relates to equity and debt securities still held	(255)	$ (250)	(286)	$ (1,172)
Investment Segment \| Equity securities
Schedule of Investments
Investments	2,939		2,939		4,619
Securities sold, not yet purchased, at fair value	3,636		3,636		6,326
Investment Segment \| Communication
Schedule of Investments
Equity securities					199
Investment Segment \| Consumer, non-cyclical
Schedule of Investments
Equity securities	263		263		692
Securities sold, not yet purchased, at fair value	106		106		1,006
Investment Segment \| Consumer, cyclical
Schedule of Investments
Securities sold, not yet purchased, at fair value					352
Investment Segment \| Energy
Schedule of Investments
Equity securities	788		788		909
Securities sold, not yet purchased, at fair value	2,340		2,340		2,690
Investment Segment \| Utilities
Schedule of Investments
Equity securities	1,149		1,149		1,205
Securities sold, not yet purchased, at fair value	541		541		813
Investment Segment \| Healthcares
Schedule of Investments
Equity securities	447		447		320
Securities sold, not yet purchased, at fair value					387
Investment Segment \| Technology
Schedule of Investments
Equity securities	133		133		655
Investment Segment \| Materials
Schedule of Investments
Equity securities	136		136		153
Securities sold, not yet purchased, at fair value	529		529		598
Investment Segment \| Industrial
Schedule of Investments
Equity securities	23		23		486
Securities sold, not yet purchased, at fair value	120		120		480
Investment Segment \| Debt securities
Schedule of Investments
Investments	246		246		2,100
Investment Segment \| Financial
Schedule of Investments
Debt Securities	156		156		1,958
Investment Segment \| Real Estate
Schedule of Investments
Debt Securities	90		90		131
Investment Segment \| Communications
Schedule of Investments
Debt Securities					11
Investment Segment \| Materials
Schedule of Investments
Securities sold, not yet purchased, at fair value	$ 165		$ 165		$ 169

Investments - Other Segments and Holding Company (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Schedule of Investments
Investments	$ 3,300		$ 3,300		$ 6,809
Other Segments and Holding Company
Schedule of Investments
Investments	115		115		90
Portion of unrealized (losses) gains that relates to equity securities still held	0	$ 0	0	$ 61
Equity method investments \| Other Segments and Holding Company
Schedule of Investments
Investments	101		101		76
Held-to-maturity Securities [Member] \| Other Segments and Holding Company
Schedule of Investments
Investments	11		11		11
Other investments measured at fair value \| Other Segments and Holding Company
Schedule of Investments
Investments	$ 3		$ 3		$ 3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents	$ 2,890	$ 2,337
Cash held at consolidated affiliated partnerships and restricted cash	3,222	2,549
Investments	3,300	6,809
Due from brokers	4,677	7,051
Accounts receivable, net	517	606
Related party notes receivable, net	59
Inventories, net	1,085	1,531
Property, plant and equipment, net	3,937	4,038
Deferred tax asset	171	127
Derivative assets, net	127	805
Goodwill	288	288
Intangible assets, net	487	533
Other assets	997	1,240
Total Assets	21,757	27,914
LIABILITIES AND EQUITY
Accounts payable	819	870
Accrued expenses and other liabilities	1,926	1,981
Deferred tax liabilities	354	338
Derivative liabilities, net	815	691
Securities sold, not yet purchased, at fair value	3,801	6,495
Due to brokers	339	885
Debt	7,075	7,096
Total liabilities	15,129	18,356
Commitments and contingencies (Note 18)
Equity:
Limited partners: Depositary units: 410,802,959 units issued and outstanding at September 30, 2023 and 353,572,182 units issued and outstanding at December 31, 2022	4,209	4,647
General partner	(756)	(747)
Equity attributable to Icahn Enterprises	3,453	3,900
Equity attributable to non-controlling interests	3,175	5,658
Total equity	6,628	9,558
Total Liabilities and Equity	$ 21,757	$ 27,914

Other Loss, Net (Tables)

9 Months Ended

Sep. 30, 2023

Other Loss, Net

Schedule of other loss, net


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022

	(in millions)
Dividend expense	$	(21)	$	(26)	$	(68)	$	(61)
Equity earnings from non-consolidated affiliates		4		2		9		7
Gain on disposition of assets, net		2		1		5		3
Foreign currency transaction gain		(1)		(6)		1		(11)
Legal settlement loss		—		—		—		(88)
Loss on extinguishment of debt, net		—		—		—		(1)
Other		—		1		(4)		1
	$	(16)	$	(28)	$	(57)	$	(150)

Segment Reporting

9 Months Ended

Sep. 30, 2023

Segment Reporting

Segment Reporting

14. Segment Reporting

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

Condensed Statements of Operations


	Three Months Ended September 30, 2023
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated

	(in millions)
Revenues:
Net sales	$	—	$	2,522	$	264	$	105	$	29	$	46	$	25	$	—	$	2,991
Other revenues from operations		—		—		180		—		22		—		1		—		203
Net loss from investment activities		(332)		—		—		—		—		—		—		—		(332)
Interest and dividend income		108		10		1		—		—		—		—		24		143
Other (loss) income, net		(21)		3		3		(2)		—		1		—		—		(16)
		(245)		2,535		448		103		51		47		26		24		2,989
Expenses:
Cost of goods sold		—		2,048		174		83		20		37		15		—		2,377
Other expenses from operations		—		—		148		—		17		—		—		—		165
Selling, general and administrative		3		43		116		14		4		9		11		9		209
Restructuring, net		—		—		—		—		—		1		—		—		1
Credit loss on related party note receivable		—		—		—		—		—		—		—		23		23
Loss on deconsolidation of subsidiaries		—		—		—		—		—		—		—		—		—
Interest expense		49		22		2		3		—		1		—		71		148
		52		2,113		440		100		41		48		26		103		2,923
(Loss) income before income tax (expense) benefit		(297)		422		8		3		10		(1)		—		(79)		66
Income tax (expense) benefit		—		(80)		(1)		(3)		—		—		—		(12)		(96)
Net (loss) income		(297)		342		7		—		10		(1)		—		(91)		(30)
Less: net (loss) income attributable to non-controlling interests		(131)		107		—		—		—		—		—		—		(24)
Net (loss) income attributable to Icahn Enterprises	$	(166)	$	235	$	7	$	—	$	10	$	(1)	$	—	$	(91)	$	(6)
Supplemental information:
Capital expenditures	$	—	$	50	$	17	$	2	$	—	$	1	$	—	$	—	$	70
Depreciation and amortization	$	—	$	96	$	17	$	6	$	4	$	2	$	7	$	1	$	133


	Three Months Ended September 30, 2022
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated

	(in millions)
Revenues:
Net sales	$	—	$	2,699	$	448	$	111	$	14	$	49	$	13	$	—	$	3,334
Other revenues from operations		—		—		177		—		19		—		1		—		197
Net loss from investment activities		(187)		—		—		—		—		—		—		—		(187)
Interest and dividend income		76		3		—		—		—		—		—		9		88
Other (loss) income, net		(26)		2		2		(6)		—		1		—		(1)		(28)
		(137)		2,704		627		105		33		50		14		8		3,404
Expenses:
Cost of goods sold		—		2,569		303		92		9		42		11		—		3,026
Other expenses from operations		—		—		140		—		16				—		—		156
Selling, general and administrative		2		42		213		14		4		15		10		5		305
Restructuring, net		—		—		—		—		—		—		—		—		—
Interest expense		42		22		—		2		—		1		—		72		139
		44		2,633		656		108		29		58		21		77		3,626
(Loss) income before income tax (expense) benefit		(181)		71		(29)		(3)		4		(8)		(7)		(69)		(222)
Income tax (expense) benefit		—		(3)		8		—		—		(1)		—		3		7
Net (loss) income		(181)		68		(21)		(3)		4		(9)		(7)		(66)		(215)
Less: net (loss) income attributable to non-controlling interests		(100)		8		—		—		—		—		—		—		(92)
Net (loss) income attributable to Icahn Enterprises	$	(81)	$	60	$	(21)	$	(3)	$	4	$	(9)	$	(7)	$	(66)	$	(123)
Supplemental information:
Capital expenditures	$	—	$	57	$	36	$	4	$	1	$	2	$	—	$	—	$	100
Depreciation and amortization	$	—	$	92	$	20	$	6	$	3	$	2	$	7	$	1	$	131


	Nine Months Ended September 30, 2023
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated

	(in millions)
Revenues:
Net sales	$	—	$	7,045	$	799	$	340	$	49	$	132	$	68	$	—	$	8,433
Other revenues from operations		—		—		527		—		58		—		3		—		588
Net loss from investment activities		(1,275)		—		—		—		—		—		—		—		(1,275)
Interest and dividend income		386		23		1		—		—		—		—		71		481
Other (loss) income, net		(67)		9		6		(8)		1		1		1		—		(57)
		(956)		7,077		1,333		332		108		133		72		71		8,170
Expenses:
Cost of goods sold		—		5,964		540		264		34		104		41		—		6,947
Other expenses from operations		—		—		435		—		48		—		—		—		483
Selling, general and administrative		19		128		362		43		13		29		35		24		653
Restructuring, net		—		—		—		—		—		1		—		—		1
Credit loss on related party note receivable		—		—		—		—		—		—		—		139		139
Loss on deconsolidation of subsidiary		—		—		—		—		—		—		—		246		246
Interest expense		132		67		3		9		—		1		—		214		426
		151		6,159		1,340		316		95		135		76		623		8,895
(Loss) before income tax (expense) benefit		(1,107)		918		(7)		16		13		(2)		(4)		(552)		(725)
Income tax (expense) benefit		—		(173)		5		(4)		—		—		—		90		(82)
Net (loss) income		(1,107)		745		(2)		12		13		(2)		(4)		(462)		(807)
Less: net (loss) income attributable to non-controlling interests		(555)		292		—		1		—		—		—		—		(262)
Net (loss) income attributable to Icahn Enterprises	$	(552)	$	453	$	(2)	$	11	$	13	$	(2)	$	(4)	$	(462)	$	(545)
Supplemental information:
Capital expenditures	$	—	$	150	$	38	$	9	$	2	$	2	$	—	$	—	$	201
Depreciation and amortization	$	—	$	269	$	58	$	20	$	10	$	5	$	21	$	1	$	384


	Nine Months Ended September 30, 2022
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated

	(in millions)
Revenues:
Net sales	$	—	$	8,216	$	1,293	$	322	$	48	$	173	$	46	$	—	$	10,098
Other revenues from operations		—		—		516		—		43		—		3		—		562
Net gain from investment activities		262		—		—		—		—		—		—		48		310
Interest and dividend income		163		4		—		—		—		—		—		13		180
Other (loss) income, net		(61)		(83)		4		(11)		—		1		1		(1)		(150)
		364		8,137		1,813		311		91		174		50		60		11,000
Expenses:
Cost of goods sold		—		7,407		858		263		31		144		35		—		8,738
Other expenses from operations		—		—		400		—		41		—		—		—		441
Selling, general and administrative		16		130		640		40		11		37		30		17		921
Interest expense		127		70		1		5		—		2		—		219		424
		143		7,607		1,899		308		83		183		65		236		10,524
Income (loss) before income tax benefit (expense)		221		530		(86)		3		8		(9)		(15)		(176)		476
Income tax (expense) benefit		—		(94)		22		(3)		—		(1)		—		(17)		(93)
Net income (loss)		221		436		(64)		—		8		(10)		(15)		(193)		383
Less: net income attributable to non-controlling interests		106		205		—		—		—		—		—		—		311
Net income (loss) attributable to Icahn Enterprises	$	115	$	231	$	(64)	$	—	$	8	$	(10)	$	(15)	$	(193)	$	72
Supplemental information:
Capital expenditures	$	—	$	145	$	87	$	13	$	7	$	2	$	—	$	—	$	254
Depreciation and amortization	$	—	$	264	$	60	$	20	$	9	$	5	$	21	$	1	$	380

Disaggregation of Revenue

In addition to the condensed statements of operations by reporting segment above, we provide additional disaggregated revenue information for our Energy and Automotive segments below.

Energy


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022

	(in millions)
Petroleum products	$	2,392	$	2,543	$	6,505	$	7,593
Nitrogen fertilizer products		130		156		540		623
	$	2,522	$	2,699	$	7,045	$	8,216

Automotive


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022

	(in millions)
Automotive Services	$	406	$	410	$	1,167	$	1,156
Aftermarket Parts		24		202		116		618
	$	430	$	612	$	1,283	$	1,774

Condensed Balance Sheets


	September 30, 2023
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated

	(in millions)
ASSETS
Cash and cash equivalents	$	21	$	889	$	100	$	11	$	35	$	4	$	17	$	1,813	$	2,890
Cash held at consolidated affiliated partnerships and restricted cash		3,026		7		9		—		6		3		—		171		3,222
Investments		3,185		101		—		—		14		—		—		—		3,300
Accounts receivable, net		—		316		46		79		18		31		27		—		517
Inventories, net		—		610		249		114		—		87		25		—		1,085
Related party notes receivable, net		—		—		—		—		—		—		—		59		59
Property, plant and equipment, net		—		2,611		799		132		337		53		—		5		3,937
Goodwill and intangible assets, net		—		184		344		23		—		19		205		—		775
Other assets		4,824		271		462		101		84		18		8		204		5,972
Total assets	$	11,056	$	4,989	$	2,009	$	460	$	494	$	215	$	282	$	2,252	$	21,757
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	1,240	$	1,753	$	870	$	139	$	49	$	47	$	55	$	100	$	4,253
Securities sold, not yet purchased, at fair value		3,801		—		—		—		—		—		—		—		3,801
Debt		—		1,590		24		142		1		10		—		5,308		7,075
Total liabilities		5,041		3,343		894		281		50		57		55		5,408		15,129

Equity attributable to Icahn Enterprises		3,634		873		1,115		162		440		158		227		(3,156)		3,453
Equity attributable to non-controlling interests		2,381		773		—		17		4		—		—		—		3,175
Total equity		6,015		1,646		1,115		179		444		158		227		(3,156)		6,628
Total liabilities and equity	$	11,056	$	4,989	$	2,009	$	460	$	494	$	215	$	282	$	2,252	$	21,757


	December 31, 2022
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated

	(in millions)
ASSETS
Cash and cash equivalents	$	19	$	510	$	32	$	9	$	26	$	5	$	16	$	1,720	$	2,337
Cash held at consolidated affiliated partnerships and restricted cash		2,455		7		10		—		8		3		—		66		2,549
Investments		6,719		76		—		—		14		—		—		—		6,809
Accounts receivable, net		—		358		99		87		12		24		26		—		606
Inventories, net		—		624		686		103		—		90		28		—		1,531
Property, plant and equipment, net		—		2,664		826		142		345		56		—		5		4,038
Goodwill and intangible assets, net		—		200		352		24		—		19		226		—		821
Other assets		8,041		296		527		110		102		16		6		125		9,223
Total assets	$	17,234	$	4,735	$	2,532	$	475	$	507	$	213	$	302	$	1,916	$	27,914
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	1,589	$	1,823	$	981	$	149	$	47	$	45	$	61	$	70	$	4,765
Securities sold, not yet purchased, at fair value		6,495		—		—		—		—		—		—		—		6,495
Debt		—		1,591		21		162		1		12		—		5,309		7,096
Total liabilities		8,084		3,414		1,002		311		48		57		61		5,379		18,356

Equity attributable to Icahn Enterprises		4,184		648		1,530		149		455		156		241		(3,463)		3,900
Equity attributable to non-controlling interests		4,966		673		—		15		4		—		—		—		5,658
Total equity		9,150		1,321		1,530		164		459		156		241		(3,463)		9,558
Total liabilities and equity	$	17,234	$	4,735	$	2,532	$	475	$	507	$	213	$	302	$	1,916	$	27,914

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Debt - Holding Company Debt (Details) - Holding Company - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Feb. 28, 2022
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt	$ (1)
6.750% senior unsecured notes due 2024
Debt Instrument [Line Items]
Debt face amount		$ 500
Interest rate on debt instrument		6.75%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED)
Net (loss) income	$ (30)	$ (215)	$ (807)	$ 383
Other comprehensive (loss) income, net of tax:
Translation adjustments	(5)	(6)		(13)
Post-retirement benefits and other	(1)	1	1	1
Other comprehensive (loss) income, net of tax	(6)	(5)	1	(12)
Comprehensive (loss) income	(36)	(220)	(806)	371
Less: Comprehensive (loss) income attributable to non-controlling interests	(24)	(92)	(262)	311
Comprehensive (loss) income attributable to Icahn Enterprises	(12)	(128)	(544)	60
Comprehensive (loss) income attributable to Icahn Enterprises allocated to:
Limited partners	(12)	(125)	(534)	59
General partner		(3)	(10)	1
Comprehensive (loss) income attributable to Icahn Enterprises	$ (12)	$ (128)	$ (544)	$ 60

Net Income Per LP Unit

9 Months Ended

Sep. 30, 2023

Net Income Per LP Unit

Net Income Per LP Unit

13. Net Income Per LP Unit

The components of the computation of basic and diluted income per LP unit of Icahn Enterprises are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022

	(in millions, except per unit amounts)
Net (loss) income attributable to Icahn Enterprises	$	(6)	$	(123)	$	(545)	$	72
Net (loss) income attributable to Icahn Enterprises allocated to limited partners (98.01% allocation)	$	(6)	$	(121)	$	(534)	$	71

Basic (loss) income per LP unit:	$	(0.01)	$	(0.37)	$	(1.47)	$	0.23
Basic weighted average LP units outstanding		394		324		364		308

Diluted (loss) income per LP unit:	$	(0.01)	$	(0.37)	$	(1.47)	$	0.23
Diluted weighted average LP units outstanding		394		324		364		308

LP Unit Transactions

Unit Distributions

On February 22, 2023, we declared a quarterly distribution in the amount of $2.00 per depositary unit in which each depositary unitholder had the option to make an election to receive either cash or additional depositary units.

On May 9, 2023, we declared a quarterly distribution in the amount of $2.00 per depositary unit in which each depositary unitholder had the option to make an election to receive either cash or additional depositary units.

On August 2, 2023, we declared a quarterly distribution in the amount of $1.00 per depositary unit in which each depositary unitholder had the option to make an election to receive either cash or additional depositary units.

As a result of the above distributions declared, during the nine months ended September 30, 2023, we distributed an aggregate 53,830,451 depositary units to unitholders who did not elect to receive cash, of which an aggregate of 50,821,480 depositary units were distributed to Mr. Icahn and his affiliates. In connection with these distributions, aggregate cash distributions to all depositary unitholders that made a timely election to receive cash was $190 million for the nine months ended September 30, 2023.

At-The-Market Offerings

During the three months ended September 30, 2023, we did not sell depositary units pursuant to our Open Market Sale Agreement. During the nine months ended September 30, 2023, we sold 3,395,353 depositary units pursuant to the Open Market Sale Agreement, resulting in gross proceeds of $175 million. As of September 30, 2023, we continue to have an Open Market Sale Agreement and Icahn Enterprises may sell its depositary units for up to an additional $149 million in aggregate gross sale proceeds pursuant to this agreement.

Repurchase Authorization

On May 9, 2023, the Board of Directors of the General Partner approved a repurchase program which authorizes Icahn Enterprises or affiliates of Icahn Enterprises to repurchase up to an aggregate of $500 million worth of any of our outstanding fixed-rate senior unsecured notes issued by Icahn Enterprises and Icahn Enterprises Finance Corp. and up to an aggregate of $500 million worth of the depositary units issued by Icahn Enterprises (the “Repurchase Program”). The repurchases of senior notes or depositary units may be done for cash from time to time in the open market, through tender offers or in privately negotiated transactions upon such terms and at such prices as management may determine. The authorization of the Repurchase Program is for an indefinite term and does not expire until later terminated by the Board of Directors of Icahn Enterprises GP. As of September 30, 2023, the Company has not repurchased any of the Company’s depositary units or senior notes under the Repurchase Program.

2017 Incentive Plan

On September 30, 2023, Icahn Enterprises distributed 4,973 depositary units, net of payroll withholdings, to Brett Icahn with respect to certain restricted depositary units that vested during the period in connection with the Icahn Enterprises L.P. 2017 Long Term Incentive Plan (the “2017 Incentive Plan”). The aggregate impact of the units distributed pursuant to the 2017 Incentive Plan is not material with respect to our consolidated financial statements, including the calculation of potentially dilutive units and diluted income per LP unit.

Debt (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022	Feb. 28, 2022
Debt Instrument [Line Items]
Debt	$ 7,075	$ 7,096
Holding Company
Debt Instrument [Line Items]
Debt	5,308	5,309
Energy Segment
Debt Instrument [Line Items]
Debt	1,590	1,591
Automotive Segment
Debt Instrument [Line Items]
Debt	24	21
Food Packaging Segment
Debt Instrument [Line Items]
Debt	142	162
Real Estate Segment
Debt Instrument [Line Items]
Debt	1	1
Home Fashion Segment
Debt Instrument [Line Items]
Debt	10	12
Reporting Segments
Debt Instrument [Line Items]
Debt	1,767	1,787
6.750% senior unsecured notes due 2024 \| Holding Company
Debt Instrument [Line Items]
Interest rate on debt instrument			6.75%
4.750% senior unsecured notes due 2024 \| Holding Company
Debt Instrument [Line Items]
Debt	$ 1,102	$ 1,103
Interest rate on debt instrument	4.75%	4.75%
6.375% senior unsecured notes due 2025 \| Holding Company
Debt Instrument [Line Items]
Debt	$ 749	$ 749
Interest rate on debt instrument	6.375%	6.375%
6.250% senior unsecured notes due 2026 \| Holding Company
Debt Instrument [Line Items]
Debt	$ 1,250	$ 1,250
Interest rate on debt instrument	6.25%	6.25%
5.250% senior unsecured notes due 2027 \| Holding Company
Debt Instrument [Line Items]
Debt	$ 1,460	$ 1,460
Interest rate on debt instrument	5.25%	5.25%
4.375% senior unsecured notes due 2029 \| Holding Company
Debt Instrument [Line Items]
Debt	$ 747	$ 747
Interest rate on debt instrument	4.375%	4.375%

Fair Value Measurements - Fair Value Measurement (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Assets
Derivative contracts, at fair value (asset)	$ 127	$ 805
Liabilities
Securities sold, not yet purchased, at fair value	3,801	6,495
Derivative contracts, at fair value (liability)	815	691
Recurring measurement
Assets
Investments	3,188	6,722
Derivative contracts, at fair value (asset)	127	805
Assets, Fair Value Disclosure	3,315	7,527
Liabilities
Securities sold, not yet purchased, at fair value	3,801	6,495
Derivative contracts, at fair value (liability)	815	691
Other liabilities	413	692
Financial and Nonfinancial Liabilities, Fair Value Disclosure	5,029	7,878
Recurring measurement \| Level 1
Assets
Investments	3,056	5,538
Assets, Fair Value Disclosure	3,056	5,538
Liabilities
Securities sold, not yet purchased, at fair value	3,635	6,326
Derivative contracts, at fair value (liability)	56
Financial and Nonfinancial Liabilities, Fair Value Disclosure	3,691	6,326
Recurring measurement \| Level 2
Assets
Investments	90	1,142
Derivative contracts, at fair value (asset)	127	805
Assets, Fair Value Disclosure	217	1,947
Liabilities
Securities sold, not yet purchased, at fair value	166	169
Derivative contracts, at fair value (liability)	759	691
Other liabilities	413	692
Financial and Nonfinancial Liabilities, Fair Value Disclosure	1,338	1,552
Recurring measurement \| Level 3
Assets
Investments	42	42
Assets, Fair Value Disclosure	42	$ 42
Fair value, nonrecurring \| Level 3
Liabilities
Estimated fair value	46
Fair value of related party note receivable	$ 59

Income Taxes

9 Months Ended

Sep. 30, 2023

Income Taxes

Income Taxes

15. Income Taxes

For the three months ended September 30, 2023, we recorded an income tax expense of $96 million on pre-tax income of $66 million compared to an income tax benefit of $7 million on pre-tax loss of $222 million for the three months ended September 30, 2022. Our effective income tax rate was 144% and 3.2% for the three months ended September 30, 2023 and 2022, respectively.

For the three months ended September 30, 2023, the effective tax rate was higher than the statutory federal rate of 21%, for corporations, primarily due to partnership loss for which there was no tax benefit as such losses are allocated to the partners and from changes in the valuation allowance. For the three months ended September 30, 2022, the effective

tax rate was lower than the statutory federal rate of 21%, for corporations, primarily due to partnership loss for which there was no tax benefit as such losses are allocated to the partners and from changes in the valuation allowance.

For the nine months ended September 30, 2023, we recorded an income tax expense of $82 million on pre-tax loss of $725 million compared to an income tax expense of $93 million on pre-tax income of $476 million for the nine months ended September 30, 2022. Our effective income tax rate was (11.2%) and 19.5% for the nine months ended September 30, 2023 and 2022, respectively.

For the nine months ended September 30, 2023 and 2022, the effective tax rate was lower than the statutory federal tax rate of 21%, for corporations, primarily due to partnership loss for which there was no tax benefit as such losses are allocated to the partners and from changes in the valuation allowance.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (b)
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
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-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Fair Value Measurements (Policies)

9 Months Ended

Sep. 30, 2023

Fair Value Measurements

Determination of when transfers between fair value levels occurs

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended				9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Supplemental Cash Flow Information
Cash payments for interest					$ (299)	$ (303)
Cash receipts (payments) for income taxes, net of payments					(95)	(139)
Partnership contributions receivable					6	2
Non-cash Investment segment contributions to non-controlling interests						$ 3
Investment segment distributions to non-controlling interests	$ (571)	$ (1,380)	$ (80)	$ (3)	$ (2)

Goodwill and Intangible Assets, Net - Definite-lived and Indefinite-lived Intangible Assets Table (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Definite-lived intangible assets:
Gross Carrying Amount	$ 810	$ 814
Accumulated Amortization	(406)	(364)
Net Carrying Value	404	450
Indefinite-lived intangible assets	83	83
Intangible assets, net	487	533
Customer Relationships
Definite-lived intangible assets:
Gross Carrying Amount	392	393
Accumulated Amortization	(224)	(212)
Net Carrying Value	168	181
Developed Technology
Definite-lived intangible assets:
Gross Carrying Amount	254	254
Accumulated Amortization	(83)	(62)
Net Carrying Value	171	192
Unclassified Indefinite-lived Intangible Assets
Definite-lived intangible assets:
Gross Carrying Amount	164	167
Accumulated Amortization	(99)	(90)
Net Carrying Value	$ 65	$ 77

Inventories, Net (Details) - USD ($) $ in Millions	12 Months Ended
Inventories, Net (Details) - USD ($) $ in Millions	Dec. 31, 2022	Sep. 30, 2023
Inventories Net
Raw materials	$ 335	$ 354
Work in process	105	99
Finished goods	1,091	632
Inventories, net	1,531	$ 1,085
Inventory write-down	$ 440

Leases

9 Months Ended

Sep. 30, 2023

Leases

Leases

11. Leases

All Segments and Holding Company

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

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


	September 30,		December 31,
	2023		2022

	(in millions)
Operating Leases:
Right-of-use assets (other assets)	$	511	$	478
Lease liabilities (accrued expenses and other liabilities)		520		484

Financing Leases:
Right-of-use assets (property, plant and equipment, net)		54		48
Lease liabilities (debt)		70		64

Additional information with respect to our operating leases as of September 30, 2023 and December 31, 2022 is presented below. The lease terms and discount rates for our Energy, Automotive and Food Packaging segments represent weighted averages based on their respective lease liability balances.


	Right-Of-Use		Lease			Discount
Operating Leases as of September 30, 2023	Assets		Liabilities		Lease Term	Rate

	(in millions)
Energy	$	38	$	36	3.9 years	5.6%
Automotive		423		436	5.3 years	5.9%
Food Packaging		22		25	9.3 years	7.4%
Other segments and Holding Company		28		23
	$	511	$	520


	Right-Of-Use		Lease			Discount
Operating Leases as of December 31, 2022	Assets		Liabilities		Lease Term	Rate

	(in millions)
Energy	$	40	$	40	4.1 years	5.2%
Automotive		386		395	4.7 years	5.9%
Food Packaging		24		27	9.8 years	7.4%
Other segments and Holding Company		28		22
	$	478	$	484

For the three months ended September 30, 2023 and 2022, lease cost was comprised of (i) operating lease cost of $44 million and $47 million, respectively, (ii) amortization of financing lease right-of-use assets of $1 million and $3 million, respectively, and (iii) interest expense on financing lease liabilities of $2 million and $2 million, respectively. For the nine months ended September 30, 2023 and 2022, lease cost was comprised of (i) operating lease cost of $134 million and $145 million, respectively, (ii) amortization of financing lease right-of-use assets of $5 million and $7 million, respectively, and (iii) interest expense on financing lease liabilities of $4 million and $4 million, respectively.

Our Automotive segment accounted for $108 million and $121 million of total lease cost for the nine months ended September 30, 2023 and 2022, respectively.

Automotive

Our Automotive segment leases available and excess real estate in certain locations under long-term operating leases. Our Automotive segment’s revenues from operating leases were $14 million and $13 million for the three months ended September 30, 2023 and 2022, respectively, and $43 million and $35 million for the nine months ended September 30, 2023 and 2022, respectively. Revenues from operating leases are included in other revenue from operations in the condensed consolidated statements of operations.

Real Estate

Our Real Estate segment leases real estate, primarily commercial properties under long-term operating leases. As of September 30, 2023 and December 31, 2022, our Real Estate segment had assets leased to others included in property, plant and equipment of $255 million and $252 million, respectively, net of accumulated depreciation. Our Real Estate segment’s revenue from operating leases were $3 million and $2 million for the three months ended September 30, 2023 and 2022, respectively, and $15 million and $5 million for the nine months ended September 30, 2023 and 2022, respectively. Revenues from operating leases are included in other revenue from operations in the condensed consolidated statements of operations.

Commitments and Contingencies - Narrative (Details) $ in Millions	1 Months Ended		3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($)	Jul. 31, 2023 item	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jan. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Loss Contingencies [Line Items]
Environmental loss contingency accrual	$ 20		$ 20		$ 20			$ 22
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities		Accrued Liabilities		Accrued Liabilities			Accrued Liabilities
Minimum Carbon Dioxide Supply							$ 15
Maximum fee payable							$ 45
Number of petitions denied \| item		26
Starfire Holding Corporation
Loss Contingencies [Line Items]
Ownership percentage by principal owner	99.60%		99.60%		99.60%
Pension funding indemnity agreement with subsidiary	$ 250		$ 250		$ 250
ACF
Loss Contingencies [Line Items]
Funded status of related party pension plan	$ 35		$ 35		$ 35
Icahn Enterprises Holdings \| ACF \| Minimum
Loss Contingencies [Line Items]
Ownership percentage by principal owner	80.00%		80.00%		80.00%
Mr. Icahn and affiliates \| Minimum
Loss Contingencies [Line Items]
Affiliate ownership interest					80.00%
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					85.00%
Energy Segment
Loss Contingencies [Line Items]
Expense (benefit)			$ (135)	$ 86	$ (99)	$ 328
RFS position	$ 413		$ 413		$ 413			$ 692
Insurance policies coverage limits	$ 50

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (6)	$ (123)	$ (545)	$ 72

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Subsequent Events

9 Months Ended

Sep. 30, 2023

Subsequent Events

Subsequent Events

20. Subsequent Events

Icahn Enterprises

LP Unit Distribution

On November 1, 2023, the Board of Directors of the general partner of Icahn Enterprises declared a quarterly distribution in the amount of $1.00 per depositary unit, which will be paid on or about December 27, 2023, to depositary unitholders of record at the close of business on November 17, 2023. Depositary unitholders will have until December 15, 2023, to make a timely election to receive either cash or additional depositary units. If a unitholder does not make a timely election, it will automatically be deemed to have elected to receive the distribution in additional depositary units. Depositary unitholders who elect to receive (or who are deemed to have elected to receive) additional depositary units will receive units valued at the volume weighted average trading price of the units during the five consecutive trading days ending December 22, 2023. Icahn Enterprises will make a cash payment in lieu of issuing fractional depositary units to any unitholders electing to receive (or who are deemed to have elected to receive) depositary units.

Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Accounting Policies [Line Items]
Total assets	$ 21,757		$ 27,914
Debt	7,075		7,096
Fair value of long-term debt	6,400		6,600
Restricted cash	$ 3,222		2,549
Icahn Enterprises Holdings
Accounting Policies [Line Items]
Percentage of equity ownership in operating subsidiary	99.00%
Cash held at consolidated affiliated partnerships
Accounting Policies [Line Items]
Restricted cash	$ 1,172		1,019
Restricted cash
Accounting Policies [Line Items]
Restricted cash	2,050		1,530
Primary beneficiary
Accounting Policies [Line Items]
Total assets	100
Energy Segment
Accounting Policies [Line Items]
Total assets	4,989		4,735
Debt	1,590		1,591
Restricted cash	7		7
Remaining performance obligation for contracts with an original expected duration of more than one year	2
Deferred revenue	74		48
Recorded revenue	46	$ 86
Automotive Segment
Accounting Policies [Line Items]
Total assets	2,009		2,532
Debt	24		21
Restricted cash	9		10
Deferred revenue	45		$ 44
Recorded revenue	$ 15	$ 19

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Basis of Presentation and Summary of Significant Accounting Policies
Principles of Consolidation	Principles of Consolidation Our condensed consolidated financial statements include the accounts of (i) Icahn Enterprises and (ii) the wholly and majority owned subsidiaries of Icahn Enterprises, in addition to variable interest entities (“VIEs”) in which we are the primary beneficiary. In evaluating whether we have a controlling financial interest in entities that we consolidate, we consider the following: (1) for voting interest entities, including limited partnerships and similar entities that are not VIEs, we consolidate these entities in which we own a majority of the voting interests; and (2) for VIEs, we consolidate these entities in which we are the primary beneficiary. See below for a discussion of our VIEs. Kick-out rights, which are the rights underlying the limited partners’ ability to dissolve the limited partnership or otherwise remove the general partners, held through voting interests of partnerships and similar entities that are not VIEs are considered the equivalent of the equity interests of corporations that are not VIEs. For entities over which the Company does not have significant influence, the Company accounts for its equity investment at fair value, except for the Company’s equity interest in Auto Plus. Except for our Investment segment and Holding Company, for equity investments in which we own 50% or less but greater than 20%, we generally account for such investments using the equity method. All other such equity investments are accounted for at fair value.
Consolidated Variable Interest Entities	Consolidated Variable Interest Entities We determined that Icahn Enterprises Holdings is a VIE because it is a limited partnership that lacks both substantive kick-out and participating rights. Although Icahn Enterprises is not the general partner of Icahn Enterprises Holdings, Icahn Enterprises is deemed to be the primary beneficiary of Icahn Enterprises Holdings principally based on its 99% limited partner interest in Icahn Enterprises Holdings, as well as our related party relationship with the general partner, and therefore continues to consolidate Icahn Enterprises Holdings. Icahn Enterprises Holdings and its subsidiaries own substantially all of our assets and liabilities and therefore, the balance sheets of Icahn Enterprises and Icahn Enterprises Holdings are substantially the same. On May 1, 2023, we established a captive insurance program to supplement the insurance coverage of the officers, directors, employees and agents of the Company, its subsidiaries and our general partner, in addition to our newly established commercial insurance program. We hold assets in a protected cell, which we are the primary beneficiary of, and therefore consolidate the protected cell. At September 30, 2023, total assets related to the protected cell were $100 million and included in restricted cash in the condensed consolidated balance sheet.
Reclassifications	Reclassifications Certain reclassifications from the prior year presentation have been made to conform to the current year presentation, which did not have an impact on previously reported net income and equity and are not deemed material.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying values of cash and cash equivalents, cash held at consolidated affiliated partnerships and restricted cash, accounts receivable, due from brokers, accounts payable, accrued expenses and other liabilities and due to brokers are deemed to be reasonable estimates of their fair values because of their short-term nature. See Note 5, “Investments,” and Note 6, “Fair Value Measurements,” for a detailed discussion of our investments and other non-financial assets and/or liabilities. The fair value of our long-term debt is based on the quoted market prices for the same or similar issues or on the current rates offered to us for debt of the same remaining maturities. The carrying value and estimated fair value of our long-term debt as of September 30, 2023 was approximately $7.1 billion and $6.4 billion, respectively. The carrying value and estimated fair value of our long-term debt as of December 31, 2022 was approximately $7.1 billion and $6.6 billion, respectively.
Cash Flow	Cash Flow Cash and cash equivalents and restricted cash and restricted cash equivalents on our condensed consolidated statements of cash flows is comprised of (i) cash and cash equivalents and (ii) cash held at consolidated affiliated partnerships and restricted cash.
Cash Held at Consolidated Affiliated Partnerships and Restricted Cash	Cash Held at Consolidated Affiliated Partnerships and Restricted Cash Our cash held at consolidated affiliated partnerships balance was $1,172 million and $1,019 million as of September 30, 2023 and December 31, 2022, respectively. Cash held at consolidated affiliated partnerships relates to our Investment segment and consists of cash and cash equivalents held by the Investment Funds that, although not legally restricted, are not available to fund the general liquidity needs of the Investment segment or Icahn Enterprises. Our restricted cash balance was $2,050 million and $1,530 million as of September 30, 2023 and December 31, 2022, respectively. Restricted cash includes, but is not limited to, cash pledged and held for margin requirements on derivative transactions and cash held related our captive insurance program.
Long-Lived Assets	Long-Lived Assets The Company reviews long-lived assets 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 the long-lived asset is not determined to be recoverable, a fair value assessment is performed. During the second quarter of 2023, a significant tenant of a commercial high-rise property, within our Real Estate segment, was notified of default for non-payment. The tenant was unable to cure the default status and the lease was terminated. We considered this default, along with other facts and circumstances, a triggering event for potential impairment and we assessed the carrying value of this long-lived asset for recoverability using the undiscounted cash flow method during the second quarter of 2023. We determined the total undiscounted cash flows of the property exceeded its carrying value and therefore, no impairment is required.
Revenue From Contracts With Customers and Contract Balances	Revenue From Contracts With Customers and Contract Balances Due to the nature of our business, we derive revenue from various sources in various industries. With the exception of all of our Investment segment’s and our Holding Company’s revenues, and our Real Estate and Automotive segments’ leasing revenue, our revenue is generally derived from contracts with customers in accordance with U.S. GAAP. Such revenue from contracts with customers is included in net sales and other revenues from operations in the condensed consolidated statements of operations, however, our Real Estate and Automotive segments’ leasing revenue, as disclosed in Note 11, “Leases,” is also included in other revenues from operations. Related contract assets are included in accounts receivable, net or other assets and related contract liabilities are included in accrued expenses and other liabilities in the condensed consolidated balance sheets. Our disaggregation of revenue information includes our net sales and other revenues from operations for each of our reporting segments as well as additional disaggregation of revenue information for our Energy and Automotive segments. See Note 14, “Segment Reporting,” for our complete disaggregation of revenue information. In addition, we disclose additional information with respect to revenue from contracts with customers and contract balances for our Energy and Automotive segments below. Energy Our Energy segment’s deferred revenue is a contract liability that includes fertilizer sales contracts requiring customer prepayment prior to product delivery to guarantee a price and supply of nitrogen fertilizer. Deferred revenue is recorded at the point in time in which a prepaid contract is legally enforceable and the associated right to consideration is unconditional prior to transferring product to the customer. An associated receivable is recorded for uncollected prepaid contract amounts. Contracts requiring prepayment are generally short-term in nature and revenue is recognized at the point in time in which the customer obtains control of the product. In addition, it includes deferred revenue associated with agreements entered into with third-party investors that has allowed our Energy segment to monetize certain tax credits available under Section 45Q of the Internal Revenue Code (the “45Q Transaction”). Our Energy segment had deferred revenue of $74 million and $48 million as of September 30, 2023 and December 31, 2022, respectively. For the nine months ended September 30, 2023 and 2022, our Energy segment recorded revenue of $46 million and $86 million, respectively, with respect to deferred revenue outstanding as of the beginning of each respective period. As of September 30, 2023, our Energy segment had $2 million of remaining performance obligations for contracts with an original expected duration of more than one year. Our Energy segment expects to recognize a majority of these performance obligations as revenue by the end of 2023 and the remaining nominal balance in 2024. Automotive Our Automotive segment had deferred revenue with respect to extended warranty plans of $45 million and $44 million at September 30, 2023 and December 31, 2022, respectively, which are included in accrued expenses and other liabilities on the condensed consolidated balance sheets. For the nine months ended September 30, 2023 and 2022, our Automotive segment recorded deferred revenue of $15 million and $19 million, respectively, outstanding as of the beginning of each respective period.
Adoption of New Accounting Standards and Recently Issued Accounting Standards	Adoption of New Accounting Standards In March 2020, the Statement of Financial Accounting Standards (“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. Banks are no longer 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. We adopted this ASU effective January 1, 2023. The adoption of this standard did not have a significant impact on our condensed consolidated financial statements. In September 2022, the FASB issued ASU 2022-04, Liabilities- Supplier Finance Programs (Subtopic 405-50) Disclosure of Supplier Finance Program Obligations to require entities that use supplier finance programs in connection with the purchase of goods and services to disclose the key terms of such programs and information about obligations outstanding at the end of the reporting period, including a rollforward of those obligations of where in the financial statements outstanding amounts are present. The guidance does not affect the recognition, measurement, or financial statement presentation of supplier finance program obligations. The amendments are effective in periods beginning after December 15, 2022, except that the amendments to disclose a rollforward of obligations outstanding will be effective beginning after December 15, 2023. We early adopted provisions of this ASU effective January 1, 2023, with the exception of the amendment on rollforward information, which will be adopted in the fourth quarter of 2023. The adoption of this standard did not have a material impact on our condensed consolidated financial statements. Recently Issued Accounting Standards In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which amends guidance in Topic 820, Fair Value Measurement. The guidance clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The guidance also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The amendment requires the following disclosures for equity securities subject to contractual sale restrictions: the fair value of equity securities subject to contractual sale restrictions; the nature and remaining duration of the restriction(s); and the circumstances that could cause a lapse in the restriction(s). The amended guidance is effective January 1, 2024 on a prospective basis. Early adoption is permitted. We are currently assessing the impact of adopting this new accounting standard on our condensed consolidated financial statements.

Financial Instruments - Gain (Loss) Recognized on Derivatives Not Designated as Hedging Table (Details) - Not designated as hedging instrument - USD ($)
$ in Millions

3 Months Ended

9 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

Net gain (loss) from investment activities

Derivative

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

^[1]

$ (105)

$ (32)

$ (738)

$ 131

Equity Contract

Derivative

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

^[1]

227

(618)

710

Credit Risk Contract

Derivative

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

^[1]

(63)

$ (259)

(29)

$ (579)

Commodity Contract

Derivative

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

$ (74)

$ (91)

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

Goodwill and Intangible Assets, Net (Tables)

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets, Net

Schedule of Goodwill


	September 30, 2023						December 31, 2022
	Gross				Net		Gross				Net
	Carrying		Accumulated		Carrying		Carrying		Accumulated		Carrying
	Amount		Impairment		Value		Amount		Impairment		Value

	(in millions)
Automotive	$	337	$	(87)	$	250	$	337	$	(87)	$	250
Food Packaging		6		—		6		6		—		6
Home Fashion		22		(3)		19		22		(3)		19
Pharma		13		—		13		13		—		13
	$	378	$	(90)	$	288	$	378	$	(90)	$	288

Intangible assets, net


	September 30, 2023						December 31, 2022
	Gross				Net		Gross				Net
	Carrying		Accumulated		Carrying		Carrying		Accumulated		Carrying
	Amount		Amortization		Value		Amount		Amortization		Value

	(in millions)
Definite-lived intangible assets:
Customer relationships	$	392	$	(224)	$	168	$	393	$	(212)	$	181
Developed technology		254		(83)		171		254		(62)		192
Other		164		(99)		65		167		(90)		77
	$	810	$	(406)	$	404	$	814	$	(364)	$	450

Indefinite-lived intangible assets					$	83					$	83
Intangible assets, net					$	487					$	533

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Goodwill and Intangible Assets, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Goodwill and Intangible Assets, Net
Amortization expense associated with definite-lived intangible assets	$ 15	$ 16	$ 44	$ 45

Financial Instruments - Energy Segments Derivatives (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Derivative [Line Items]
Collateral for derivative positions	$ 20	$ 7
Energy Segment
Derivative [Line Items]
Liability derivatives, Gross	2	(1)
Commodity Contract \| Energy Segment
Derivative [Line Items]
Liability derivatives, Gross	$ (41)	$ 5

Subsequent Events (Details) - Subsequent event	Nov. 01, 2023 D $ / shares
Subsequent Events
Distribution declared per LP unit \| $ / shares	$ 1.00
Threshold number of specified trading days \| D	5

Description of Business (Details) $ in Millions	3 Months Ended	9 Months Ended
Description of Business (Details) $ in Millions	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($) item product	Dec. 31, 2022 USD ($)
Description of Business [Line Items]
Proceeds from partial sale of interests in consolidated subsidiaries		$ 158
Icahn Enterprises Holdings
Description of Business [Line Items]
Percentage of equity ownership in operating subsidiary		99.00%
Icahn Enterprises Holdings \| Icahn Enterprises G.P.
Description of Business [Line Items]
General partner ownership percentage in Icahn Enterprises		1.00%
Icahn Enterprises Holdings \| Mr. Icahn and affiliates
Description of Business [Line Items]
Affiliate ownership interest		85.00%
Icahn Enterprises G.P.
Description of Business [Line Items]
Aggregate general partner ownership interest of parent and operating subsidiary		1.99%
CVR Refining
Description of Business [Line Items]
Percentage of equity ownership in operating subsidiary		37.00%
CVR Energy \| Energy Segment
Description of Business [Line Items]
Percentage of equity ownership in operating subsidiary		66.00%
Viskase \| Private Placement
Description of Business [Line Items]
Percentage of equity ownership in operating subsidiary		90.00%
Investment Funds
Description of Business [Line Items]
Fair value of investment in subsidiary	$ 3,600	$ 3,600	$ 4,200
CVR Partners \| CVR Energy
Description of Business [Line Items]
Percentage of equity ownership in operating subsidiary		100.00%
CVR Energy \| Energy Segment
Description of Business [Line Items]
Proceeds from partial sale of interests in consolidated subsidiaries	$ 158
Vivus \| Pharma Segment
Description of Business [Line Items]
Number of approved therapies \| item		2
Number of product candidates in active clinical development \| product		2

Other Loss, Net

9 Months Ended

Sep. 30, 2023

Other Loss, Net

Other Loss, Net

17. Other Loss, Net

Other loss, net consists of the following:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022

	(in millions)
Dividend expense	$	(21)	$	(26)	$	(68)	$	(61)
Equity earnings from non-consolidated affiliates		4		2		9		7
Gain on disposition of assets, net		2		1		5		3
Foreign currency transaction gain		(1)		(6)		1		(11)
Legal settlement loss		—		—		—		(88)
Loss on extinguishment of debt, net		—		—		—		(1)
Other		—		1		(4)		1
	$	(16)	$	(28)	$	(57)	$	(150)

Subsidiary Bankruptcy and Deconsolidation (Details) $ in Millions		9 Months Ended
	May 19, 2023 USD ($) item	Sep. 30, 2023 USD ($)
Related Party Transaction [Line Items]
Number of sales of Auto Plus assets \| item	5
Number of bidders \| item	5
Non cash charge		$ 246
Credit bid for a portion of its senior secured debtor-in-possession loan	$ 10
Deconsolidation of Investment in Auto Plus
Related Party Transaction [Line Items]
Equity investments, Fair value		$ 0

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Net sales	$ 2,991	$ 3,334	$ 8,433	$ 10,098
Other revenues from operations	203	197	588	562
Net (loss) gain from investment activities	(332)	(187)	(1,275)	310
Interest and dividend income	143	88	481	180
Other loss, net	(16)	(28)	(57)	(150)
Total revenues	2,989	3,404	8,170	11,000
Expenses:
Cost of goods sold	2,377	3,026	6,947	8,738
Other expenses from operations	165	156	483	441
Selling, general and administrative	209	305	653	921
Restructuring, net	1		1
Credit loss on related party note receivable	23		139
Loss on deconsolidation of subsidiary			246
Interest expense	148	139	426	424
Total Expenses	2,923	3,626	8,895	10,524
Income (loss) before income tax (expense) benefit	66	(222)	(725)	476
Income tax (expense) benefit	(96)	7	(82)	(93)
Net (loss) income	(30)	(215)	(807)	383
Less: net (loss) income attributable to non-controlling interests	(24)	(92)	(262)	311
Net (loss) income attributable to Icahn Enterprises	(6)	(123)	(545)	72
Net (loss) income attributable to Icahn Enterprises allocated to:
Limited partners	(6)	(121)	(534)	71
General partner		(2)	(11)	1
Net Income (Loss)	$ (6)	$ (123)	$ (545)	$ 72
Basic (loss) income per LP unit:
Basic (loss) income per LP unit (in dollars per share)	$ (0.01)	$ (0.37)	$ (1.47)	$ 0.23
Basic weighted average LP units outstanding (in shares)	394	324	364	308
Diluted (loss) income per LP unit:
Diluted (loss) income per LP unit (in dollars per share)	$ (0.01)	$ (0.37)	$ (1.47)	$ 0.23
Diluted weighted average LP units outstanding (in shares)	394	324	364	308
Distributions declared per LP unit (in dollars per share)	$ 1.00	$ 2.00	$ 5.00	$ 6.00

Changes in Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2023

Changes in Accumulated Other Comprehensive Loss

Schedule of Accumulated Other Comprehensive Income (Loss)


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

	(in millions)
Balance, December 31, 2022	$	(45)	$	(25)	$	(70)
Other comprehensive income (loss) before reclassifications, net of tax		—		1		1
Other comprehensive income (loss), net of tax		—		1		1
Balance, September 30, 2023	$	(45)	$	(24)	$	(69)

Financial Instruments

9 Months Ended

Sep. 30, 2023

Financial Instruments

Financial Instruments

7. Financial Instruments

Overview

Investment

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

Credit concentrations may arise from investment activities and may be impacted by changes in economic, industry or political factors. The Investment Funds routinely execute transactions with counterparties in the financial services industry, resulting in credit concentration with respect to the financial services industry. In the ordinary course of business, the Investment Funds may also be subject to a concentration of credit risk to a particular counterparty. The Investment Funds seek to mitigate these risks by actively monitoring exposures, collateral requirements and the creditworthiness of their counterparties.

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

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

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

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

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

Certain terms of the Investment Funds’ contracts with derivative counterparties, which are standard and customary to such contracts, contain certain triggering events that would give the counterparties the right to terminate the derivative instruments. In such events, the counterparties to the derivative instruments could request immediate payment on derivative instruments in net liability positions. There were no Investment Funds’ derivative instruments with credit-risk-related contingent features in a liability position as of September 30, 2023 and December 31, 2022.

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


	September 30, 2023				December 31, 2022
	Long Notional Exposure		Short Notional Exposure		Long Notional Exposure		Short Notional Exposure

		(in millions)
Primary underlying risk:
Equity contracts	$	2,075	$	2,833	$	1,816	$	5,354
Credit contracts⁽¹⁾		—		495		—		945
Commodity contracts		—		562		—		22

(1)

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

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


	Derivative Assets				Derivative Liabilities
	September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022

		(in millions)
Equity contracts	$	228	$	392	$	906	$	719
Credit contracts		87		447		1		1
Commodity contracts		19		—		76		1
Sub-total		334		839		983		721
Netting across contract types⁽¹⁾		(207)		(34)		(207)		(34)
Total⁽¹⁾	$	127	$	805	$	776	$	687

(1)


	Gain (loss) Recognized in Income ⁽¹⁾
	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022

	(in millions)
Equity contracts	$	32	$	227	$	(618)	$	710
Credit contracts		(63)		(259)		(29)		(579)
Commodity contracts		(74)		—		(91)		—
	$	(105)	$	(32)	$	(738)	$	131

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

Energy

CVR Energy’s businesses are subject to fluctuations of commodity prices caused by supply conditions, weather, economic conditions, interest rates, and other factors. To manage price risk on crude oil and other inventories and to fix margins on future production, CVR Energy from time to time enters into various commodity derivative transactions and holds derivative instruments, such as futures and swaps, which it believes provide an economic hedge on future transactions, but such instruments are not designated as hedge instruments. CVR Energy may enter into forward purchase or sale contracts associated with its feedstocks, expected future gasoline and diesel production and/or renewable identification numbers (“RINs”).

As of September 30, 2023 CVR Energy had swap positions for crack spreads of 13 million barrels of refined products, and none outstanding as of December 31, 2022. As of September 30, 2023 and December 31, 2022, CVR Energy had future contracts of less than 1 million barrels at each period. As of September 30, 2023 and December 31, 2022, CVR Energy had forward contracts of less than 1 million barrels at each period. As of September 30, 2023 and December 31, 2022, CVR Energy had open fixed-price commitments to purchase a net 28 million and 34 million RINs, respectively.

The following table presents the fair value of our Energy segment’s derivatives and the effect of the collateral netting:


	Derivative Assets				Derivative Liabilities
	September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022

		(in millions)
Commodity contracts		—		—		(41)		5
Netting across contract types⁽¹⁾		—		—		2		(1)
Total⁽¹⁾	$	—	$	—	$	(39)	$	4

(1)

Certain derivative instruments within our Energy segment contain credit risk-related contingent provisions associated with our Energy segments’ credit ratings. If our Energy segments’ credit rating were to be downgraded, it would allow the counterparty to require our Energy segment to post collateral or to request, immediate, full settlement of derivative instruments in liability positions. There were $35 million of the Energy segments’ derivative instruments with

credit-risk-related contingent features in a liability position as of September 30, 2023, for which $2 million of collateral has been posted.

(Losses) gains recognized on derivatives for our Energy segment were $(106) million and $23 million for the three months ended September 30, 2023 and 2022, respectively, and $(65) million and $(43) million for the nine months ended September 30, 2023 and 2022, respectively. Gains and losses recognized on derivatives for our Energy segment are included in cost of goods sold on the condensed consolidated statements of operations.

Inventories, Net (Tables)

9 Months Ended

Sep. 30, 2023

Inventories Net

Inventories


	September 30,		December 31,
	2023		2022

	(in millions)
Raw materials	$	354	$	335
Work in process		99		105
Finished goods		632		1,091
	$	1,085	$	1,531

Debt - Non-Cash Charges to Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Debt Instrument [Line Items]
Amortization of deferred financing costs and debt discounts and premiums	$ 2		$ 4	$ 2
Maximum
Debt Instrument [Line Items]
Amortization of deferred financing costs and debt discounts and premiums		$ 1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Segment Reporting - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Energy Segment
Disaggregation of Revenue [Line Items]
Disaggregated revenue	$ 2,522	$ 2,699	$ 7,045	$ 8,216
Automotive Segment
Disaggregation of Revenue [Line Items]
Disaggregated revenue	430	612	1,283	1,774
Petroleum products \| Energy Segment
Disaggregation of Revenue [Line Items]
Disaggregated revenue	2,392	2,543	6,505	7,593
Nitrogen fertilizer products \| Energy Segment
Disaggregation of Revenue [Line Items]
Disaggregated revenue	130	156	540	623
Automotive Services \| Automotive Segment
Disaggregation of Revenue [Line Items]
Disaggregated revenue	406	410	1,167	1,156
Aftermarket Parts
Disaggregation of Revenue [Line Items]
Disaggregated revenue	$ 24	$ 202	$ 116	$ 618

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Financial Instruments - Derivatives Not Designated as Hedging, Fair Value Table (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Derivatives Not Designated as Hedging Instruments, Fair Value
Unrealized Gain On Derivative Contracts	$ 127	$ 805
Derivative contracts, at fair value (liability)	$ 815	$ 691
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities	Accrued Liabilities
Investment Segment
Derivatives Not Designated as Hedging Instruments, Fair Value
Collateral for derivative positions	$ 1,854	$ 1,436
Investment Segment \| Not designated as hedging instrument
Derivatives Not Designated as Hedging Instruments, Fair Value
Derivative contracts, at fair value (liability)	776	687
Investment Segment \| Not designated as hedging instrument \| Other assets [Member]
Derivatives Not Designated as Hedging Instruments, Fair Value
Asset derivatives, Gross	334	839
Derivative, Fair Value, Amount Offset Against Collateral, Net	(207)	(34)
Unrealized Gain On Derivative Contracts	127	805
Investment Segment \| Not designated as hedging instrument \| Accrued expenses and other liabilities
Derivatives Not Designated as Hedging Instruments, Fair Value
Liability derivatives, Gross	983	721
Derivative, Fair Value, Amount Offset Against Collateral, Net	(207)	(34)
Investment Segment \| Not designated as hedging instrument \| Equity Contract \| Other assets [Member]
Derivatives Not Designated as Hedging Instruments, Fair Value
Asset derivatives, Gross	228	392
Investment Segment \| Not designated as hedging instrument \| Equity Contract \| Accrued expenses and other liabilities
Derivatives Not Designated as Hedging Instruments, Fair Value
Liability derivatives, Gross	906	719
Investment Segment \| Not designated as hedging instrument \| Credit Risk Contract \| Other assets [Member]
Derivatives Not Designated as Hedging Instruments, Fair Value
Asset derivatives, Gross	87	447
Investment Segment \| Not designated as hedging instrument \| Credit Risk Contract \| Accrued expenses and other liabilities
Derivatives Not Designated as Hedging Instruments, Fair Value
Liability derivatives, Gross	1	1
Investment Segment \| Not designated as hedging instrument \| Commodity Contract
Derivatives Not Designated as Hedging Instruments, Fair Value
Liability derivatives, Gross		1
Investment Segment \| Not designated as hedging instrument \| Commodity Contract \| Other assets [Member]
Derivatives Not Designated as Hedging Instruments, Fair Value
Asset derivatives, Gross	19
Investment Segment \| Not designated as hedging instrument \| Commodity Contract \| Accrued expenses and other liabilities
Derivatives Not Designated as Hedging Instruments, Fair Value
Liability derivatives, Gross	76
Energy Segment
Derivatives Not Designated as Hedging Instruments, Fair Value
Liability derivatives, Gross	2	(1)
Derivative contracts, at fair value (liability)	(39)	4
Collateral for derivative positions	2
Energy Segment \| Commodity Contract
Derivatives Not Designated as Hedging Instruments, Fair Value
Liability derivatives, Gross	$ (41)	$ 5