0001558370-24-002090 | 10-K | XBRL Viewer

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Debt - Holding Company Debt (Details) - USD ($) $ in Millions	1 Months Ended	2 Months Ended	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Feb. 28, 2022	Apr. 30, 2021	Jan. 31, 2021
Holding Company
Debt Instrument [Line Items]
Extinguishment of debt, amount		$ 57
Repurchase amount	$ 92	92		$ 92
Gain (loss) on extinguishment of debt				13	$ (2)	$ 3
Holding Company \| 4.750% senior unsecured notes due 2024
Debt Instrument [Line Items]
Debt face amount	$ 35	$ 35		$ 35				$ 455
Interest rate on debt instrument	4.75%	4.75%		4.75%
Holding Company \| 5.875% senior unsecured notes due 2022
Debt Instrument [Line Items]
Debt face amount								$ 1,100
Interest rate on debt instrument								6.25%
Holding Company \| 6.250% senior unsecured notes due 2022
Debt Instrument [Line Items]
Debt face amount	$ 12	$ 12		$ 12					$ 750
Interest rate on debt instrument	6.25%	6.25%		6.25%					6.25%
Holding Company \| 6.375% senior unsecured notes due 2025
Debt Instrument [Line Items]
Interest rate on debt instrument	6.375%	6.375%		6.375%
Holding Company \| 5.250% senior unsecured notes due 2027
Debt Instrument [Line Items]
Debt face amount	$ 5	$ 5		$ 5
Interest rate on debt instrument	5.25%	5.25%		5.25%
Holding Company \| 6.250% senior unsecured notes due 2026
Debt Instrument [Line Items]
Interest rate on debt instrument	6.25%	6.25%		6.25%
Holding Company \| 6.750% senior unsecured notes due 2024
Debt Instrument [Line Items]
Debt face amount							$ 500
Interest rate on debt instrument							6.75%
Gain (loss) on extinguishment of debt					$ (1)
Holding Company \| 4.375% senior unsecured notes due 2029
Debt Instrument [Line Items]
Debt face amount	$ 40	$ 40		$ 40					$ 750
Interest rate on debt instrument	4.375%	4.375%		4.375%					4.375%
Repurchase amount	$ 84	$ 84		$ 84
Holding Company \| 9.750% senior unsecured notes due 2029
Debt Instrument [Line Items]
Debt face amount	$ 700	$ 700		$ 700
Interest rate on debt instrument	9.75%	9.75%		9.75%
Holding Company \| Cash and cash equivalents \| 4.750% senior unsecured notes due 2024
Debt Instrument [Line Items]
Proceeds from Issuance of Debt	$ 376
Energy \| Subsequent event
Debt Instrument [Line Items]
Gain (loss) on extinguishment of debt			$ (1)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Line Items]
Total assets	$ 20,858	$ 20,858	$ 27,914
Debt	7,207	7,207	7,096
Fair value of long-term debt	6,900	6,900	6,600
Cash and cash equivalents	2,951	2,951	2,337
Restricted cash	2,995	2,995	2,549
Portion of inventory under LIFO method	228	228	246
Post-retirement benefit liability	34	34	36
Accumulated other comprehensive loss	(55)	$ (55)	(70)
Aggregate general partner ownership interest of parent and operating subsidiary		1.99%
Impairment		$ 7
Icahn Enterprises G.P.
Accounting Policies [Line Items]
Affiliate ownership interest		98.01%
Aggregate general partner ownership interest of parent and operating subsidiary		1.99%
Icahn Enterprises Holdings
Accounting Policies [Line Items]
Percentage of equity ownership in operating subsidiary		99.00%
Affiliate ownership interest		99.00%
Cash held at consolidated affiliated partnerships
Accounting Policies [Line Items]
Restricted cash	1,068	$ 1,068	1,019
Restricted cash
Accounting Policies [Line Items]
Restricted cash	1,927	1,927	1,530
Primary beneficiary
Accounting Policies [Line Items]
Total assets	103	103
Energy
Accounting Policies [Line Items]
Total assets	5,259	5,259	4,735
Debt	2,185	2,185	1,591
Cash and cash equivalents	1,179	1,179	510
Restricted cash	7	7	7
Remaining performance obligation for contracts with an original expected duration of more than one year	10	10
Deferred revenue	$ 49	49	48
Recorded revenue		$ 47	$ 86	$ 30
Lease term	5 years 4 months 24 days	5 years 4 months 24 days	4 years 1 month 6 days
Energy \| 5.25% senior unsecured notes due 2025
Accounting Policies [Line Items]
Interest rate on debt instrument	5.25%	5.25%
Energy \| Reserved Funds [Member]
Accounting Policies [Line Items]
Cash and cash equivalents	$ 598	$ 598
Energy \| Minimum \| Refineries
Accounting Policies [Line Items]
Turnaround Term of Plants		4 years
Energy \| Maximum \| Refineries
Accounting Policies [Line Items]
Turnaround Term of Plants		5 years
Energy \| Maximum \| Nitrogen Fertilizer Plants
Accounting Policies [Line Items]
Turnaround Term of Plants		3 years
Automotive Segment
Accounting Policies [Line Items]
Total assets	2,019	$ 2,019	$ 2,532
Debt	33	33	21
Cash and cash equivalents	104	104	32
Restricted cash	9	9	10
Deferred revenue	45	45	44
Impairment	$ 7
Recorded revenue		$ 22	$ 25	$ 24
Lease term	5 years 4 months 24 days	5 years 4 months 24 days	4 years 8 months 12 days
Real Estate Segment
Accounting Policies [Line Items]
Total assets	$ 488	$ 488	$ 507
Debt	1	1	1
Cash and cash equivalents	22	22	26
Restricted cash	$ 4	$ 4	$ 8
Real Estate Segment \| Minimum
Accounting Policies [Line Items]
Lease term	5 years	5 years
Real Estate Segment \| Maximum
Accounting Policies [Line Items]
Lease term	39 years	39 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Accounting Policies [Line Items]
Remaining performance obligation for contracts with an original expected duration of more than one year	1 year	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 \| Energy
Accounting Policies [Line Items]
Remaining performance obligation expected to be recognized as revenue within one year	$ 3	$ 3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Accounting Policies [Line Items]
Remaining performance obligation for contracts with an original expected duration of more than one year	2 years	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 \| Energy
Accounting Policies [Line Items]
Remaining performance obligation for contracts with an original expected duration of more than one year	$ 3	$ 3

Related Party Transactions

12 Months Ended

Dec. 31, 2023

Related Party Transactions

Related Party Transactions

4. Related Party Transactions

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

Investment Funds

As of December 31, 2023 and 2022, the total fair market value of investments in the Investment Funds made by Mr. Icahn and his affiliates (excluding us and Brett Icahn) was approximately $2.1 billion and $4.9 billion, respectively, representing approximately 39% and 54% of the Investment Funds’ assets under management as of each respective date. Mr. Icahn and his affiliates (excluding us and Brett Icahn) redeemed $2.0 billion and $0 from the Investment Funds for the years ended December 31, 2023 and 2022, respectively. In addition, in December 2023, the Investment Funds issued a pro-rata distribution, including $158 million to Mr. Icahn and his affiliates (excluding us and Brett Icahn).

We pay for expenses pertaining to the operation, administration and investment activities of our Investment segment for the benefit of the Investment Funds (including salaries, benefits and rent). Effective April 1, 2011, based on an expense-sharing arrangement, certain expenses borne by us are reimbursed by the Investment Funds. For the years ended December 31, 2023, 2022 and 2021, $18 million, $18 million and $15 million, respectively, was allocated to the Investment Funds based on this expense-sharing arrangement.

Auto Plus and AEP PLC

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

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

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

Note Receivable from Auto Plus

In connection with the Auto Plus bankruptcy filing, we entered into a priming, senior secured, super priority debtor-in-possession credit facility with Auto Plus (the “DIP Credit Facility”) on January 31, 2023, under which (i) we agreed to provide new loans in an aggregate amount of up to $75 million and (ii) subject to final approval of the DIP Credit Facility by the Bankruptcy Court, all the loans under our pre-petition credit facility with Auto Plus would be rolled-up and converted into loans under the DIP Credit Facility. On February 6, 2023, we loaned $17 million in cash pursuant to the DIP Credit Facility. On May 2, 2023, we converted and rolled up our related party note receivable with our existing loans under the DIP Credit Facility. We collected cash for the repayment of the note receivable of $48 million as of December 31, 2023. We estimated our cash to be collected for the repayment of the note receivable to be $11 million at December 31, 2023, resulting in a write-off of $127 million during the year ended December 31, 2023.

AEP PLC

In connection with the Auto Plus auction, AEP PLC acquired $10 million of assets mostly comprised of Aftermarket Parts inventory during the year ended December 31, 2023. The transaction was considered an asset acquisition, as the group of assets acquired by AEP PLC does not meet the definition of a business defined in FASB ASC Topic 805. The results of AEP PLC are consolidated within our Automotive segment at December 31, 2023 and were not material.

Other Related Party Agreements

On October 1, 2020, we entered into a manager agreement with Brett Icahn, the son of Carl C. Icahn, and affiliates of Brett Icahn. Under the manager agreement, Brett Icahn serves as the portfolio manager of a designated portfolio of assets within the Investment Funds over a seven-year term, subject to veto rights by our Investment segment and Carl C. Icahn. On May 5, 2022, we entered into an amendment to the manager agreement, which allows the Investment Funds to add, from time to time, two additional separately tracked portfolios, in addition to the existing portfolios, which will not be subject to the manager agreement. Additionally, Brett Icahn provides certain other services, at our request, which may entail research, analysis and advice with respect to a separate designated portfolio of assets within the Investment Funds. Subject to the terms of the manager agreement, at the end of the seven-year term, Brett Icahn will be entitled to receive a one-time lump sum payment as described in and computed pursuant to the manager agreement. Brett Icahn will not be entitled to receive from us any other compensation (including any salary or bonus) in respect of the services he is to provide under the manager agreement other than restricted depositary units granted under a restricted unit agreement. In accordance with the manager agreement, Brett Icahn will co-invest with the Investment Funds in certain positions, will make cash contributions to the Investment Funds in order to fund such co-investments and will have a special limited partnership interest in the Investment Funds through which the profit and loss attributable to such co-investments will be allocated to him. Brett Icahn had net redemptions of $17 million and $14 million in the years ended December 31, 2023 and 2022, respectively. As of December 31, 2023 and 2022, Brett Icahn had investments in the Investment Funds with a total fair market value of $28 million and $50 million, respectively.

On October 1, 2020, we entered into a restricted unit agreement with Brett Icahn pursuant to the 2017 Incentive Plan whereby Brett Icahn was awarded a grant of 239,254 restricted depositary units of Icahn Enterprises which will vest over seven years, subject to the terms and conditions of that agreement. We also entered into a guaranty agreement with an affiliate of Brett Icahn, pursuant to which we guaranteed the payment of certain amounts required to be distributed by the Investment Funds to such affiliate pursuant to the terms and conditions of the manager agreement.

- 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
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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 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (e)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-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
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-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-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

Pension and Other Post-Retirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Pension and Other Post-Retirement Benefit Plans

Components of net periodic benefit cost (credit)


	U.S. and Non-U.S. Pension Benefits
	Year Ended December 31,
	2023		2022		2021

	(in millions)
Interest cost	$	6	$	4	$	4
Expected return on plan assets		(5)		(5)		(5)
Amortization of actuarial losses		0		1		1
	$	1	$	—	$	—

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


	U.S. and Non-U.S. Pension Benefits
	2023		2022

	(in millions)
Change in benefit obligation:
Benefit obligation, beginning of year	$	115	$	154
Interest cost		6		4
Benefits paid		(8)		(8)
Actuarial loss (gain)		1		(34)
Currency translation		2		(1)
Benefit obligation, end of year		116		115
Change in plan assets:
Fair value of plan assets, beginning of year		84		106
Actual return on plan assets		10		(15)
Employer contributions		3		1
Benefits paid		(8)		(8)
Fair value of plan assets, end of year		89		84
Funded status of the plan and amounts recognized in the consolidated balance sheets	$	(27)	$	(31)

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


	December 31, 2023						December 31, 2022
	Level 1		Level 2		Total		Level 1		Level 2		Total

	(in millions)
U.S. and Non-U.S. Plans:
Cash and cash equivalents	$	1	$	39	$	40	$	13	$	—	$	13
Government debt securities		3		—		3		2		13		15
Exchange traded funds		—		—		—		12		—		12
Mutual funds		—		—		—		20		—		20
Common stock		46		—		46		24		—		24
	$	50	$	39	$	89	$	71	$	13	$	84

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Supplemental Cash Flow Information
Cash payments for interest, net of amounts capitalized	$ (426)	$ (438)	$ (485)
Cash (payments) receipts for income taxes, net	(105)	$ (180)	(72)
Non-cash dividends to non-controlling interests in subsidiary			(74)
Partnership contributions receivable	6
Non-cash Investment segment contributions from non-controlling interests	$ (2)		$ 2

Schedule I (Tables) - Icahn Enterprises (Parent)

12 Months Ended

Dec. 31, 2023

Condensed Financial Statements, Captions [Line Items]

Financial statement schedule, parent company balance sheet

ICAHN ENTERPRISES, L.P.

(Parent Company)

CONDENSED BALANCE SHEETS


	December 31,
	2023		2022

	(in millions, except unit amounts)
ASSETS
Investments in subsidiaries, net	$	8,092	$	9,260
Total Assets	$	8,092	$	9,260

LIABILITIES AND EQUITY
Accrued expenses and other liabilities	$	37	$	51
Debt		4,847		5,309
		4,884		5,360

Commitments and contingencies (Note 3)

Equity:
Limited partners: Depositary units: 429,033,241 units issued and outstanding at December 31, 2023 and 353,572,182 units issued and outstanding at December 31, 2022		3,969		4,647
General partner		(761)		(747)
Total equity		3,208		3,900
Total Liabilities and Equity	$	8,092	$	9,260

Financial statement schedule, parent company statement of operations

ICAHN ENTERPRISES, L.P.

(Parent Company)

CONDENSED STATEMENTS OF OPERATIONS


	Year Ended December 31,
	2023		2022		2021

	(in millions)
Interest expense	$	(286)	$	(290)	$	(323)
Gain (loss) on extinguishment of debt		13		(1)		3
Equity in (loss) gain of subsidiaries		(411)		108		(198)
Net loss	$	(684)	$	(183)	$	(518)
Net loss allocated to:
Limited partners	$	(670)	$	(179)	$	(604)
General partner		(14)		(4)		86
	$	(684)	$	(183)	$	(518)

Financial statement schedule, parent company statement of cash flows

ICAHN ENTERPRISES, L.P.

(Parent Company)

CONDENSED STATEMENTS OF CASH FLOWS


	Year Ended December 31,
	2023		2022		2021

	(in millions)
Cash flows from operating activities:
Net loss	$	(684)	$	(183)	$	(518)
Adjustments to reconcile net loss to net cash used in operating activities:
Equity in (gain) loss of subsidiary		411		(108)		198
(Loss) gain on extinguishment of debt		(13)		(1)		(3)
Other, net		(3)		(14)		(15)
Net cash used in operating activities		(289)		(306)		(338)
Cash flows from investing activities:
Net investment in and advances from subsidiaries		629		264		(366)
Net cash provided by (used in) by investing activities		629		264		(366)
Cash flows from financing activities:
Partnership distributions		(307)		(226)		(134)
Partnership contributions		185		768		835
Proceeds from borrowings		699		—		1,214
Repayments of borrowings		(1,159)		(500)		(1,205)
Investment segment distributions		242		—		—
Debt issuance costs and other		—		—		(6)
Net cash provided by (used in) financing activities		(340)		42		704
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents		—		—		—
Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period		—		—		—
Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period	$	—	$	—	$	—

Financial statement schedule, parent company debt note


	December 31,
	2023		2022

	(in millions)
4.750% senior unsecured notes due 2024		—		1,103
6.375% senior unsecured notes due 2025		749		749
6.250% senior unsecured notes due 2026		1,238		1,250
5.250% senior unsecured notes due 2027		1,454		1,460
4.375% senior unsecured notes due 2029		708		747
9.750% senior unsecured notes due 2029		698		—
Total debt	$	4,847	$	5,309

Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Changes in Accumulated Other Comprehensive Loss
Accumulated other comprehensive loss, Translation Adjustments, Net of Tax, Beginning Balance	$ (45)
Accumulated other comprehensive loss, Post-Retirement Benefits, Net of Tax, Beginning Balance	(25)
Accumulated other comprehensive loss, Beginning Balance	(70)
Other comprehensive income before reclassifications, net of tax Translation Adjustments, Net of Tax	12
Other comprehensive income before reclassifications, net of tax Post-Retirement Benefits and Other,Net of Tax	3
Other comprehensive income before reclassifications, net of tax Total	15
Reclassifications from accumulated other comprehensive loss to earnings, net of tax Translation Adjustments, Net of Tax	0
Reclassifications from accumulated other comprehensive loss to earnings, net of tax Post-Retirement Benefits and Other, Net of Tax	0
Reclassifications from accumulated other comprehensive loss to earnings, net of tax	0
Other comprehensive income, net of tax, Translation Adjustment, Net of Tax, Total	12	$ (7)	$ (7)
Post-Retirement Benefits and Other, Net of Tax	3	11	13
Other comprehensive income, net of tax	15	4	$ 6
Accumulated other comprehensive loss, Translation Adjustments, Net of Tax, Ending Balance	(33)	(45)
Accumulated other comprehensive loss, Post-Retirement Benefits and Other, Net of Tax, Ending Balance	(22)	(25)
Accumulated other comprehensive loss, Total, Ending Balance	$ (55)	$ (70)

Schedule I - Condensed Financial Information of Parent - Statements of Cash Flows (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Condensed Financial Statements, Captions [Line Items]
Net loss	$ (1,012)	$ (25)	$ (500)
Adjustments to reconcile net loss to net cash used in operating activities:
Other, net	(84)	72	50
Net cash used in operating activities	3,736	1,055	321
Net cash (used in) provided by investing activities	(290)	(260)	528
Partnership contributions	185	768	835
Proceeds from borrowings	683	115	1,165
Investment segment distributions	(2,199)	(23)	(5)
Net cash provided by (used in) financing activities	(2,385)	(344)	293
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents	1,060	450	1,145
Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period	4,886	4,436	3,291
Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period	5,946	4,886	4,436
Icahn Enterprises (Parent)
Condensed Financial Statements, Captions [Line Items]
Net loss	(684)	(183)	(518)
Adjustments to reconcile net loss to net cash used in operating activities:
Equity in loss of subsidiary	411	(108)	198
(Gain) loss on extinguishment of debt	(13)	(1)	(3)
Other, net	(3)	(14)	(15)
Net cash used in operating activities	(289)	(306)	(338)
Net investment in and advances from subsidiaries	629	264	(366)
Net cash (used in) provided by investing activities	629	264	(366)
Partnership distributions	(307)	(226)	(134)
Partnership contributions	185	768	835
Proceeds from borrowings	699		1,214
Repayments of borrowings	(1,159)	(500)	(1,205)
Investment segment distributions	242
Debt issuance costs and other			(6)
Net cash provided by (used in) financing activities	$ (340)	$ 42	$ 704

Leases (Details) - USD ($) $ in Millions	12 Months Ended
Leases (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Line Items]
Operating lease right-of-use asset	$ 526	$ 478
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Operating lease liability	$ 531	$ 484
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Accrued Liabilities	Accrued Liabilities
Finance lease right-of-use asset	$ 55	$ 48
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, plant and equipment, net	Property, plant and equipment, net
Finance lease, liability	$ 70	$ 64
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities	Accrued Liabilities
Operating lease cost	$ 177	$ 197	$ 196
Amortization of financing lease right-of-use assets	8	8	10
Interest expense on financing lease liabilities	5	5	6
Property, plant and equipment, net	3,969	4,038
Real Estate Segment
Leases [Line Items]
2024	6
2025	6
2026	5
2027	5
2028	5
2029	15
thereafter	15
Revenues from operating leases	17	7	8
Property, plant and equipment, net	363	345
Real Estate Segment \| Assets leased to others
Leases [Line Items]
Property, plant and equipment, net	252	252
Energy
Leases [Line Items]
Operating lease right-of-use asset	53	40
Operating lease liability	$ 49	$ 40
Lease term	5 years 4 months 24 days	4 years 1 month 6 days
Operating lease, discount rate percentage	6.70%	5.20%
Property, plant and equipment, net	$ 2,594	$ 2,664
Automotive Segment
Leases [Line Items]
2024	37
2025	36
2026	36
2027	36
2028	36
2029	103
thereafter	103
Operating lease right-of-use asset	422	386
Operating lease liability	$ 434	$ 395
Lease term	5 years 4 months 24 days	4 years 8 months 12 days
Operating lease, discount rate percentage	5.90%	5.90%
Operating lease cost	$ 99	$ 46	10
Lease cost	143	163	163
Revenues from operating leases	$ 56	$ 45	$ 10
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Operating Revenue	Other Operating Revenue	Other Operating Revenue
Property, plant and equipment, net	$ 822	$ 826
Food Packaging Segment
Leases [Line Items]
Operating lease right-of-use asset	22	24
Operating lease liability	$ 25	$ 27
Lease term	9 years 1 month 6 days	9 years 9 months 18 days
Operating lease, discount rate percentage	7.40%	7.40%
Property, plant and equipment, net	$ 134	$ 142
Other Segments and Holding Company
Leases [Line Items]
Operating lease right-of-use asset	29	28
Operating lease liability	$ 23	$ 22

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies.

Commitments and Contingencies

19. Commitments and Contingencies

Environmental Matters

Due to the nature of our business, certain of our subsidiaries’ operations are subject to numerous existing and proposed laws and governmental regulations designed to protect human health and safety and the environment, particularly regarding plant wastes and emissions and solid waste disposal. Our consolidated environmental liabilities on an undiscounted basis were $19 million and $22 million as of December 31, 2023 and 2022, respectively, primarily within our Energy segment, which are included in accrued expenses and other liabilities in our consolidated balance sheets. We do not believe that environmental matters will have a material adverse impact on our consolidated results of operations and financial condition.

Energy

CVR Energy’s obligated-party subsidiaries are subject to the Renewable Fuel Standard (“RFS”) implemented by the EPA which requires refiners to either blend renewable fuels into their transportation fuels or purchase renewable fuel credits, known as RINs, in lieu of blending, in an amount equal to the renewable volume obligation (“RVO”) for the applicable compliance year. CVR Energy’s obligated-party subsidiaries are not able to blend the substantial majority of their transportation fuels and, unless their obligations are waived or exempted by the EPA, must either purchase RINs on the open market or obtain waiver credits for cellulosic biofuels in order to comply with the RFS. CVR Energy’s obligated-party subsidiaries also purchase RINs generated from its renewable diesel operations. One of CVR Energy’s obligated-party subsidiaries, Wynnewood Refining Company, LLC (“WRC”), qualifies as a “small refinery” defined under the RFS as a refinery with an average aggregate daily crude oil throughput for a calendar year no greater than 75,000 barrels, which enables WRC to seek small refinery exemptions (“SREs”) under the RFS should it be able to establish it suffered disproportionate economic hardship. WRC sought and received SREs for the 2017 and 2018 compliance years, which SREs were later denied by the EPA in June 2022 and April 2022, respectively (collectively, the “2022 Denials”), based on a new standard for evaluating SREs announced by the EPA in December 2021 and retroactively applied. The EPA’s June 2022 denial also denied WRC’s then pending SRE petitions for the 2019, 2020 and 2021 compliance periods based on the same new standard. In 2022, WRC joined certain other small refiners in bringing suit against the EPA in the United States Court of Appeals for the Fifth Circuit (the “Fifth Circuit”) challenging the 2022 Denials and received from the EPA a stay of enforcement of the RFS for the applicable compliance periods. WRC and certain other refineries also challenged the July 2023 denial by the EPA of additional SRE petitions based on the new standard, including WRC’s 2022 SRE petition. The Fifth Circuit granted WRC a stay of enforcement for the 2022 compliance period and held the case in abeyance pending resolution of lawsuits in the Fifth Circuit, the United States Court of Appeals for the Eleventh Circuit and the United States Court of Appeals for the District of Colombia Circuit (the “DC Circuit”) relating to the 2022 Denials (collectively, the “2022 Denials Cases”). In November 2023, the Fifth Circuit issued an opinion holding that the 2022 Denials were impermissibly retroactive and that the EPA’s interpretation of the SRE provisions of the RFS was contrary to law and arbitrary and capricious as applied to the Fifth Circuit petitioners’ SRE petitions. The Fifth Circuit vacated the EPA’s denials, including those for WRC for 2017 through 2021, and remanded those SRE petitions to EPA for further consideration consistent with the Fifth Circuit’s ruling. The EPA has not yet taken action on those SRE petitions since remand. While WRC’s stay relating to the 2022 compliance year remains in effect until resolution of the 2022 Denials Cases, its stays relating to the preceding compliance periods expired in January 2024. WRC’s other challenges against the EPA relating to the RFS remain pending, including: (a) WRC’s challenges to the EPA’s Final Rules issued in June 2022 and June 2023 establishing the 2020-2022 RVOs and 2023-2025 RVOs, respectively; and (b) WRC’s lawsuit against the EPA currently pending in the DC Circuit related to damages WRC incurred as a result of the EPA’s late grant of its 2018 SRE, which SRE was denied by the EPA in April 2022, which denial was vacated by the Fifth Circuit in November 2023 as noted above. CVR Energy cannot yet determine at this time the outcomes of these matters. However, while CVR Energy intends to prosecute these actions vigorously, if these matters are ultimately concluded in a manner adverse to CVR Energy, they could have a material adverse effect on our Energy business’ financial position, results of operations, or cash flows.

Our Energy segment recognized a benefit of approximately $114 million and an expense of approximately $435 million for the years ended December 31, 2023 and 2022, respectively, for CVR Energy’s obligated-party subsidiaries’ compliance with the RFS (based on the 2020, 2021, 2022 and 2023 annual RVO for the respective periods, excluding the impacts of any exemptions or waivers to which the obligated-party subsidiaries may be entitled). These recognized amounts are included in cost of goods sold in the consolidated statements of operations and represent costs to comply with the RFS obligation through purchasing of RINs not otherwise reduced by blending of ethanol, biodiesel, or renewable diesel. At each reporting period, to the extent RINs purchased or generated through blending are less than the RFS obligation (excluding the impact of exemptions or waivers to which CVR Energy’s obligated-party subsidiaries may be entitled), the remaining position is valued using RIN market prices at period end using each specific or closest vintage year. As of December 31, 2023 and December 31, 2022, CVR Energy’s obligated-party subsidiaries’ RFS position was $329 million and $692 million, respectively, and is included in accrued expenses and other liabilities in the condensed consolidated balance sheets.

Clean Air Act Matter - CVR Energy’s indirect wholly-owned subsidiary, Coffeyville Resource Refining & Marketing, LLC (“CRRM”) and certain of its affiliates settled claims brought in the United States District Court for the District of Kansas (“D. Kan”) by the United States, on behalf of the EPA, and the State of Kansas, on behalf of the Kansas Department of Health and Environment (“KDHE”) seeking both statutory and stipulated penalties primarily relating to the Coffeyville Refinery’s flares, heaters and related matters. The terms of the settlement are set forth in a consent decree that was entered by the D. Kan on January 10, 2024. The amount of stipulated penalties asserted by EPA and KDHE under a 2012 Consent Decree (the “Stipulated Claims”) was previously deposited by CRRM into a commercial escrow account which were legally restricted for use and included in Prepaid expenses and other current assets on our Consolidated Balance Sheets as of December 31, 2023; those escrowed funds were released in February 2024 and the settlement was paid. The settlement did not and is not expected in the future to have a material adverse impact on CVR Energy or the Company’s financial position, results of operations, or cash flows.

45Q Transaction

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

Litigation

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

Energy

Call Option Coverage Case – In January 2021, CVR Energy’s primary and excess insurers (the “Insurers") filed suit for declaratory judgment in the 434th Judicial District Court of Fort Bend County, Texas seeking determination that the Insurers owe no indemnity coverage under policies with coverage limits of $50 million for CVR Energy’s December 2022 settlement of the consolidated lawsuits (collectively, the “Call Option Lawsuits”) filed by purported former unitholders of CVR Refining on behalf of themselves and an alleged class of similarly situated unitholders against CVR Energy and certain of its affiliates (the “Call Defendants”) relating to CVR Energy’s exercise of the call option under the CVR Refining Amended and Restated Agreement of Limited Partnership assigned to it by CVR Refining’s general partner including the Stipulation, Compromise and Release (the “Settlement”), which Settlement was entered into in August 2022 and had no further impact on the Company’s financial position or results of operations beyond the $79 million recognized within Other (expense) income, net in the Consolidated Statements of Operations for the year ended December 31, 2022 to reflect the estimated probable loss. In November 2022, the court granted summary judgment in favor of the Insurers, which the Company has appealed, and which appeal remains pending and in its earliest stages. Also in January 2021, the Company filed suit against the Insurers in the Superior Court of the State of Delaware (the “Superior Court”) alleging breach of contract and breach of the implied covenant of good faith and fair dealing against their primary and excess insurers relating to their denial of coverage of the Call Defendants’ defense expenses and indemnity, as well as other conduct of the Insurers relating to the Call Option Lawsuits, which complaint was amended in January 2023 to seek recovery from the Insurers of all of the amounts paid in settlement of the Call Option Lawsuits.

While CVR Energy’s potential appeal of the Texas Court’s summary judgment rulings and its Delaware Court lawsuit are not yet concluded, CVR Energy does not expect the outcome of these lawsuits to have a material adverse impact on its financial position, results of operations, or cash flows.

Other Matters

Pension Obligations

Mr. Icahn, through certain affiliates, owns 100% of Icahn Enterprises GP and approximately 86% of our outstanding depositary units as of December 31, 2023. Applicable pension and tax laws make each member of a “controlled group” of entities, generally defined as entities in which there is at least an 80% common ownership interest, jointly and severally liable for certain pension plan obligations of any member of the controlled group. These pension obligations include ongoing contributions to fund the plan, as well as liability for any unfunded liabilities that may exist at the time the plan is terminated. In addition, the failure to pay these pension obligations when due may result in the creation of liens in favor of the pension plan or the Pension Benefit Guaranty Corporation (the “PBGC”) against the assets of each member of the controlled group.

As a result of the more than 80% ownership interest in us by Mr. Icahn’s affiliates, we and our subsidiaries are subject to the pension liabilities of entities in which Mr. Icahn has a direct or indirect ownership interest of at least 80%, which includes the liabilities of pension plans sponsored by Viskase and ACF Industries LLC (“ACF”), an affiliate of Mr. Icahn. All the minimum funding requirements of the Internal Revenue Code, as amended, and the Employee Retirement Income Security Act of 1974, as amended, for the Viskase and ACF plans have been met as of December 31, 2023. If the plans were voluntarily terminated, they would be underfunded by an aggregate of approximately $34 million as of December 31, 2023. These results are based on the most recent information provided by the plans’ actuaries. These liabilities could increase or decrease, depending on a number of factors, including future changes in benefits, investment returns, and the assumptions used to calculate the liability. As members of the controlled group, we would be liable for any failure of Viskase or ACF to make ongoing pension contributions or to pay the unfunded liabilities upon a termination of the Viskase or ACF pension plans. In addition, other entities now or in the future within the controlled group in which we are included may have pension plan obligations that are, or may become, underfunded and we would be liable for any failure of such entities to make ongoing pension contributions or to pay the unfunded liabilities upon termination of such plans.

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

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

Other

Icahn Enterprises L.P. was contacted on May 3, 2023 by the U.S. Attorney’s office for the Southern District of New York and on June 21, 2023 by the staff of the Division of Enforcement of the U.S. Securities and Exchange Commission (the “SEC”), seeking production of information relating to the Company and certain of its affiliates’ corporate governance, capitalization, securities offerings, disclosure, dividends, valuation, marketing materials, due diligence and other materials. We are cooperating with these requests and investigations and are providing documents in response to these requests for information. In addition, two putative securities class action lawsuits have been filed against the Company in the U.S. District Court for the Southern District of Florida alleging violations of the federal securities laws, Okaro v. Icahn Enterprises L.P. et al., 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 and the court appointed a lead plaintiff on November

20, 2023. A derivative complaint has also been filed in the U.S. District Court for the Southern District of Florida, naming the Company’s general partner, its directors, and certain current and former officers as defendants, and the Company as a nominal defendant, alleging breaches of fiduciary duties with respect to the Company’s disclosure, Patrick Pickney v. Icahn Enterprises G.P. Inc. Case No. 1:23-cv-22932-KMW (S.D. Fl.). In addition, an action to compel inspection of our books and records was filed on November 22, 2023 in the Court of Chancery of the State of Delaware, Bruno v. Icahn Enterprises, L.P. et al., Case No. 2023-1170-SEM.

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

Unconditional Purchase Obligations

Unconditional purchase obligations are primarily within our Energy and Pharma segments. Our Energy segment’s unconditional purchase obligations relate to commitments for transportation of feedstock and product supply agreements related to CVR Energy’s biofuel blending obligation and various agreements for gas and gas transportation. Our Pharma segment’s unconditional purchase obligations relate to agreements to purchase goods or services from suppliers for the manufacture of its products. The minimum required payments for our Energy and Pharma segments’ unconditional purchase obligations are as follows:


Year	Energy		Pharma

	(in millions)
2024	$	73	$	15
2025		73		11
2026		67		11
2027		66		12
2028		66		12
Thereafter		147		12
	$	492	$	73

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Net gain (loss) from investment activities

Derivative

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

^[1]

$ (1,016)

$ (131)

$ (1,012)

Equity Contracts

Derivative

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

^[1]

(903)

456

(1,100)

Credit Contracts

Derivative

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

^[1]

(87)

(586)

$ 88

Commodity Contracts

Derivative

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

^[1]

$ (26)

$ (1)

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

Goodwill and Intangible Assets, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets
Amortization expense associated with definite-lived intangible assets		$ 58	$ 61	$ 62
2024	$ 57	57
2025	56	56
2026	36	36
2027	35	35
2028	31	31
Thereafter	175	175
Net Carrying Value	390	390	$ 450
Impairment		7
Automotive Segment
Goodwill and Intangible Assets
Impairment of goodwill		0
Impairment	$ 7	$ 7

Schedule I - Condensed Financial Information of Parent - Statements of Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Condensed Financial Statements, Captions [Line Items]
Interest expense	$ 554	$ 568	$ 666
Net loss	(1,012)	(25)	(500)
Limited partners	(670)	(179)	(604)
General partner	(14)	(4)	86
Icahn Enterprises (Parent)
Condensed Financial Statements, Captions [Line Items]
Interest expense	(286)	(290)	(323)
Gain (loss) on extinguishment of debt	13	(1)	3
Equity in loss of subsidiaries	(411)	108	(198)
Net loss	(684)	(183)	(518)
Limited partners	(670)	(179)	(604)
General partner	$ (14)	$ (4)	$ 86

- Definition

Amount of the cost of borrowed funds accounted for as interest expense.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

Related Party Transactions (Details) $ in Millions				1 Months Ended	11 Months Ended	12 Months Ended
Related Party Transactions (Details) $ in Millions	Dec. 31, 2023 USD ($)	May 05, 2022 item	Oct. 01, 2020 shares	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Feb. 06, 2023 USD ($)	Jan. 31, 2023 USD ($)
Related Party Transaction
Number of portfolios \| item		2
Incentive Plan 2017 [Member] \| Restricted Depositary Units [Member]
Related Party Transaction
Grants of restricted depository units \| shares			239,254
Vesting period			7 years
Mr. Icahn and affiliates
Related Party Transaction
Percentage of assets under management	39.00%			39.00%	39.00%	39.00%	54.00%
Noncontrolling Interest in Variable Interest Entity	$ 2,100			$ 2,100	$ 2,100	$ 2,100	$ 4,900
Investment funds				$ 158
Brett Icahn
Related Party Transaction
Portfolio manager term		7 years	7 years
Number of lump sum payment after term \| item		1
Auto Plus
Related Party Transaction
Repayment of notes receivable						11
Write-off of notes receivable						127
ProceedsFromSaleAndCollectionOfNotesReceivable	$ 48
Investment in funds \| Mr. Icahn and affiliates
Related Party Transaction
Redemption of investment funds						2	0
Expense sharing arrangement \| Consolidated VIE
Related Party Transaction
Amount of transaction with related party						18	18	$ 15
Debtor in Possession Financing \| Auto Plus
Related Party Transaction
Aggregate amount										$ 75
Auto Plus Auction \| AEP PLC
Related Party Transaction
Assets acquired						10
Automotive Segment
Related Party Transaction
DIP loan amount									$ 17
Revenues from operating leases						56	45	10
Automotive Segment \| Deconsolidation of Investment in Auto Plus \| Auto Plus
Related Party Transaction
Revenues from operating leases					3
Purchases from related party					$ 4
Real Estate Segment
Related Party Transaction
Revenues from operating leases						17	7	$ 8
Brett Icahn
Related Party Transaction
Amount redeemed in accordance with manager agreement						17	14
Investment funds total fair value						$ 28	$ 50

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents	$ 2,951	$ 2,337
Cash held at consolidated affiliated partnerships and restricted cash	2,995	2,549
Investments	3,012	6,809
Due from brokers	4,367	7,051
Accounts receivable, net	485	606
Related party notes receivable, net	11
Inventories	1,047	1,531
Property, plant and equipment, net	3,969	4,038
Deferred tax asset	184	127
Derivative assets, net	64	805
Goodwill	288	288
Intangible assets, net	466	533
Other assets	1,019	1,240
Total Assets	20,858	27,914
LIABILITIES AND EQUITY
Accounts payable	830	870
Accrued expenses and other liabilities	1,596	1,981
Deferred tax liabilities	399	338
Derivative liabilities, net	979	691
Securities sold, not yet purchased, at fair value	3,473	6,495
Due to brokers	301	885
Debt	7,207	7,096
Total liabilities	14,785	18,356
Commitments and contingencies (Note 19)
Equity:
Limited partners: Depositary units: 429,033,241 units issued and outstanding at December 31, 2023 and 353,572,182 units issued and outstanding at December 31, 2022	3,969	4,647
General partner	(761)	(747)
Equity attributable to Icahn Enterprises	3,208	3,900
Equity attributable to non-controlling interests	2,865	5,658
Total equity	6,073	9,558
Total Liabilities and Equity	$ 20,858	$ 27,914

Financial Instruments - Narrative (Details) BarrelOfButane in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) BarrelOfButane MMBbls	Dec. 31, 2022 USD ($) BarrelOfButane MMBbls	Dec. 31, 2021 USD ($)
Investment Segment
Derivatives, Fair Value
Fair value of derivative instruments with credit risk related contingent features in a liability position	$ 0	$ 0
Energy
Derivatives, Fair Value
Fair value of derivative instruments with credit risk related contingent features in a liability position	0	0
Derivative Asset	25
Energy \| Not designated as hedging instrument \| Cost of Goods and Service Benchmark
Derivatives, Fair Value
(Losses) gains on derivatives not designated as hedging instruments recognized in income	$ 5	$ (55)	$ (44)
Commodity swap positions \| CVR Energy
Derivatives, Fair Value
Derivative volume (barrels) \| MMBbls	11	0
Future Contracts \| Maximum
Derivatives, Fair Value
Derivative volume (barrels) \| MMBbls	1	1
Forward Contracts \| Energy \| Not designated as hedging instrument
Derivatives, Fair Value
Derivative, Number of Instruments Held \| BarrelOfButane	11	34

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases

Lessee right-of-use assets and liabilities


	December 31,
	2023		2022

	(in millions)
Operating Leases:
Right-of-use assets (other assets)	$	526	$	478
Lease liabilities (accrued expenses and other liabilities)		531		484

Financing Leases:
Right-of-use assets (property, plant and equipment, net)		55		48
Lease liabilities (debt)		70		64

Operating lease term and discount rate


	Right-Of-Use		Lease			Discount
Operating Leases as of December 31, 2023	Assets		Liabilities		Lease Term	Rate

	(in millions)
Energy	$	53	$	49	5.4 years	6.7%
Automotive		422		434	5.4 years	5.9%
Food Packaging		22		25	9.1 years	7.4%
Other segments and Holding Company		29		23
	$	526	$	531


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

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

Operating and Finance Lease liability maturities


	Operating		Financing
Year	Leases		Leases

	(in millions)
2024	$	142	$	17
2025		124		15
2026		110		14
2027		87		13
2028		51		10
Thereafter		103		23
Total lease payments		617		92
Less: imputed interest		(86)		(22)
	$	531	$	70

Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes
Income tax benefit at U.S. statutory rate	$ 193	$ (2)	$ 121
Valuation allowance	(1)	100	13
Non-controlling interest	23	38	10
Credits and incentives	26
Uncertain tax positions	17
Deconsolidation	23
Tax gain no on books	(83)
Tax rate changes			13
Dividends received	(20)	(23)	(24)
Income not subject to taxation	(239)	(88)	(64)
State taxes	(26)	(49)
Other	(3)	(10)	9
Income tax (expense) benefit	$ (90)	$ (34)	$ 78

Investments - Other Segments and Holding Company (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Investments
Investments	$ 3,012	$ 6,809
Other Segments and Holding Company
Schedule of Investments
Investments	114	90
Portion of unrealized (losses) gains that relates to equity securities still held	0	61	$ 61
Equity method investments \| Other Segments and Holding Company
Schedule of Investments
Investments	100	76
Held-to-maturity Securities [Member] \| Other Segments and Holding Company
Schedule of Investments
Investments	11	11
Other investments measured at fair value \| Other Segments and Holding Company
Schedule of Investments
Investments	$ 3	$ 3

- 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

Related Party Notes Receivable, Net (Tables)

12 Months Ended

Dec. 31, 2023

Related Party Notes Receivable, Net


	December 31, 2023

Related party notes receivable, gross	$	23
Less: Allowance for expected credit losses		12
Related party notes receivable, net	$	11

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

Supplemental Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2023

Supplemental Cash Flow Information

Schedule of Cash Flow, Supplemental Disclosures


	Year Ended December 31,
	2023		2022		2021

	(in millions)
Cash payments for interest, net of amounts capitalized	$	(426)	$	(438)	$	(485)
Cash (payments) receipts for income taxes, net		(105)		(180)		(72)
Non-cash dividends to non-controlling interests in subsidiary		—		—		(74)
Partnership contributions receivable		6		—		—
Non-cash Investment segment contributions from non-controlling interests		(2)		—		2

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net loss	$ (1,012)	$ (25)	$ (500)
Adjustments to reconcile net loss to net cash provided by operating activities:
Net loss (gain) from securities transactions	595	52	(1,206)
Purchases of securities	(963)	(2,985)	(2,158)
Proceeds from sales of securities	4,537	5,359	4,172
Payments to cover securities sold, not yet purchased	(4,692)	(2,908)	(2,775)
Proceeds from securities sold, not yet purchased	1,358	3,836	4,025
Changes in receivables and payables relating to securities transactions	2,268	(2,390)	(2,035)
Changes in derivative assets and liabilities	1,029	(296)	321
(Gain) loss on disposition of assets, net	(8)	8	(141)
Depreciation and amortization	518	509	517
Loss on deconsolidation of subsidiary	246
Credit loss expense	139
Impairment	7
Deferred taxes	(48)	(148)	(168)
Inventory write-down		84	59
Other, net	(84)	72	50
Changes in other operating assets and liabilities:
Accounts receivable, net	78	(110)	(110)
Related party note receivable	7
Inventories	27	(180)	(83)
Other assets	55	(11)	24
Accounts payable	59	45	77
Accrued expenses and other liabilities	(380)	143	252
Net cash provided by operating activities	3,736	1,055	321
Cash flows from investing activities:
Capital expenditures	(303)	(338)	(305)
Turnaround expenditures	(57)	(83)	(5)
Acquisition of businesses, net of cash acquired	(20)		(20)
Proceeds from sale of investments		153	445
Proceeds from disposition of businesses and assets	33	4	414
Related party note receivable payments and distributions, net	30
Other, net	27	4	(1)
Net cash (used in) provided by investing activities	(290)	(260)	528
Cash flows from financing activities:
Investment segment contributions from non-controlling interests		9	79
Investment segment distributions to non-controlling interests	(2,199)	(23)	(5)
Partnership contributions	185	768	835
Partnership distributions	(307)	(226)	(134)
Purchase of additional interests in consolidated subsidiaries	158	(1)
Dividends and distributions to non-controlling interests in subsidiaries	(319)	(270)	(101)
Proceeds from Holding Company senior unsecured notes	699		1,214
Repayments of Holding Company senior unsecured notes	(1,159)	(500)	(1,205)
Proceeds from subsidiary borrowings	683	115	1,165
Repayments of subsidiary borrowings	(112)	(216)	(1,545)
Other, net	(14)		(10)
Net cash (used in) provided by financing activities	(2,385)	(344)	293
Effect of exchange rate changes on cash and cash equivalents and restricted cash and restricted cash equivalents	(1)	(1)	3
Net increase in cash and cash equivalents and restricted cash and restricted cash equivalents	1,060	450	1,145
Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period	4,886	4,436	3,291
Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period	$ 5,946	$ 4,886	$ 4,436

Other Loss, Net (Tables)

12 Months Ended

Dec. 31, 2023

Other Loss, Net

Schedule of other loss, net


	Year Ended December 31,
	2023		2022		2021

	(in millions)
Dividend expense	$	(87)	$	(95)	$	(75)
Equity earnings from non-consolidated affiliates		12		10		8
Foreign currency transaction loss		1		(3)		(14)
Legal settlement loss		—		(76)		—
Gain (loss) on extinguishment of debt, net		13		(2)		(5)
Other		(8)		(11)		2
	$	(69)	$	(177)	$	(84)

Supplemental Cash Flow Information

12 Months Ended

Dec. 31, 2023

Supplemental Cash Flow Information

Supplemental Cash Flow Information

21. Supplemental Cash Flow Information

Supplemental cash flow information consists of the following:


	Year Ended December 31,
	2023		2022		2021

	(in millions)
Cash payments for interest, net of amounts capitalized	$	(426)	$	(438)	$	(485)
Cash (payments) receipts for income taxes, net		(105)		(180)		(72)
Non-cash dividends to non-controlling interests in subsidiary		—		—		(74)
Partnership contributions receivable		6		—		—
Non-cash Investment segment contributions from non-controlling interests		(2)		—		2

Description of Business

12 Months Ended

Dec. 31, 2023

Description of Business

Description of Business

1. Description of Business

Overview

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

Icahn Enterprises owns a 99% limited partner interest in Icahn Enterprises Holdings L.P. (“Icahn Enterprises Holdings”). Icahn Enterprises Holdings and its subsidiaries own substantially all of our assets and liabilities and conduct substantially all of our operations. Icahn Enterprises G.P. Inc. (“Icahn Enterprises GP”), which is indirectly owned and controlled by Mr. Carl C. Icahn, owns a 1% general partner interest in each of Icahn Enterprises and Icahn Enterprises Holdings as of December 31, 2023, representing an aggregate 1.99% general partner interest in Icahn Enterprises Holdings and us. Mr. Icahn and his affiliates owned approximately 86% of our outstanding depositary units as of December 31, 2023.

Description of Operating Businesses

We are a diversified holding company owning subsidiaries currently engaged in the following continuing operating businesses: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion and Pharma. In addition, we operated our Metals segment until sold in December 2021. 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 15, “Segment and Geographic Reporting,” for a reconciliation of each of our reporting segment’s results of operations to our consolidated results. Certain additional information with respect to our segments 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 $3.2 billion and $4.2 billion as of December 31, 2023 and 2022, respectively.

Energy

We conduct our Energy segment through our majority owned subsidiary, CVR Energy, Inc. (“CVR Energy”). CVR Energy is a diversified holding company primarily engaged in the petroleum refining and marketing businesses as well as in the nitrogen fertilizer manufacturing businesses through its holdings in CVR Partners, LP, a publicly traded limited partnership (“CVR Partners”). CVR Energy is an independent petroleum refiner and marketer of high value transportation fuels primarily in the form of gasoline and diesel fuels, as well as renewable diesel. CVR Partners produces and markets nitrogen fertilizers in the form of urea ammonium nitrate and ammonia. CVR Energy holds 100% of the general partner interest and approximately 37% of the outstanding common units of CVR Partners as of December 31, 2023. During the year ended December 31, 2023, we decreased our ownership in CVR Energy through the sale of common stock resulting in proceeds of $158 million and as of December 31, 2023, we owned approximately 66% of the total outstanding common stock of CVR Energy.

Automotive

We conduct our Automotive segment through our wholly owned subsidiaries, Icahn Automotive Group LLC (“Icahn Automotive”) and AEP PLC LLC (“AEP PLC”). The Automotive segment is engaged in providing a full range of automotive repair and maintenance services, along with the sale of any installed parts or materials related to automotive services (“Automotive Services”) to its customers, as well as sales of automotive aftermarket parts and retailed merchandise (“Aftermarket Parts”). In addition to its primary businesses, the Automotive segment leases available and excess real estate in certain locations under long-term operating leases.

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

Food Packaging

We conduct our Food Packaging segment through our majority owned subsidiary, Viskase Companies, Inc. (“Viskase”). Viskase is a producer of cellulosic, fibrous and plastic casings used to prepare and package processed meat products. As of December 31, 2023, we owned approximately 90% of the total outstanding common stock of Viskase.

Real Estate

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

Home Fashion

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

Pharma

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

Metals

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

On December 7, 2021, we closed on the sale of 100% of the equity interests in PSC Metals. In connection with this sale, we received proceeds of $323 million and recorded a pretax gain on disposition of assets of $163 million in the fourth quarter of 2021. As a result of the sale of PSC Metals, we no longer operate a Metals segment.

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Net sales	$ 11,077	$ 13,378	$ 10,304
Other revenues from operations	770	748	647
Net (loss) gain from investment activities	(1,575)	(168)	193
Interest and dividend income	636	328	137
Gain (loss) on disposition of assets, net	8	(8)	141
Other loss, net	(69)	(177)	(84)
Total revenues	10,847	14,101	11,338
Expenses:
Cost of goods sold	9,327	11,689	9,485
Other expenses from operations	643	583	522
Selling, general and administrative	852	1,250	1,238
Restructuring, net	1	2	5
Impairment	7
Credit loss on related party note receivable	139
Loss on deconsolidation of subsidiary	246
Interest expense	554	568	666
Total Expenses	11,769	14,092	11,916
(Loss) income before income tax benefit (expense)	(922)	9	(578)
Income tax (expense) benefit	(90)	(34)	78
Net loss	(1,012)	(25)	(500)
Less: net (loss) income attributable to non-controlling interests	(328)	158	18
Net loss attributable to Icahn Enterprises	(684)	(183)	(518)
Net (loss) income attributable to Icahn Enterprises allocated to:
Limited partners	(670)	(179)	(604)
General partner	(14)	(4)	86
Net Income (Loss)	$ (684)	$ (183)	$ (518)
Basic (loss) income per LP unit:
Basic loss per LP unit (in dollars per share)	$ (1.75)	$ (0.57)	$ (2.32)
Basic weighted average LP units outstanding (in shares)	382	316	260
Diluted (loss) income per LP unit:
Diluted loss per LP unit (in dollars per share)	$ (1.75)	$ (0.57)	$ (2.32)
Diluted weighted average LP units outstanding (in shares)	382	316	260
Distributions declared per LP unit (in dollars per share)	$ 6.00	$ 8.00	$ 8.00

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Contingency [Line Items]
Book basis of net assets	$ 3,224	$ 3,901
Book/tax basis difference	(540)	(1,267)
Tax basis of net assets	2,684	2,634
Domestic income (loss) from continuing operations before taxes	(943)	(8)	$ (576)
Foreign income (loss) from continuing operations before taxes	21	17	(2)
(Loss) income before income tax (expense) benefit	(922)	9	(578)
Current income tax (expense) benefit	(138)	(182)	(90)
Deferred income tax (expense) benefit	48	148	168
Income tax (expense) benefit	(90)	(34)	78
Deferred tax assets, Contingent liabilities	61
Deferred tax asset, net operating loss	954	954
deferred tax asset, Tax credits	48	46
Deferred Tax Assets, Capital Loss Carryforwards	200	253
Deferred tax assets, lease arrangements	139	115
Deferred Tax Assets, Investment in Partnerships	147	74
Deferred tax asset, Other	105	101
Deferred Tax Assets, Gross, Total	1,654	1,543
Deferred Tax Assets, Valuation Allowance	(860)	(866)
Deferred Tax Assets, Net of Valuation Allowance	794	677
Deferred tax liabilities, Property, plant and equipment	(408)	(100)
Deferred tax liabilities, Intangible assets	(65)	(70)
Deferred tax liability, Investment in partnerships	(180)	(435)
Deferred tax liabilities, Investment in U.S. subsidiaries	(163)	(184)
Deferred Tax Liabilities, Leases	(135)	(112)
Deferred tax liabilities, Other	(58)	(6)
Deferred Tax Liabilities, Gross	(1,009)	(907)
Deferred tax liabilities, net of deferred tax assets	(215)	(230)
Deferred Tax Assets, Net	184	109
Deferred tax liability	399	339
Increase (decrease) in deferred tax asset valuation amount	6
Undistributed earnings of foreign subsidiaries	74
Unrecognized tax benefits balance	10	27	33	$ 35
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	10	25	29
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit	2
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	4	6	5
Income tax expense related to interest and penalties related to unrecognized tax benefits	(2)	2	2
American Entertainment Properties Corp.
Income Tax Contingency [Line Items]
Deferred tax assets, Operating loss carryforwards, Subject to expiration	3,200
Domestic tax authority
Income Tax Contingency [Line Items]
Current income tax (expense) benefit	(130)	(174)	(87)
Deferred income tax (expense) benefit	41	149	166
Foreign tax authority
Income Tax Contingency [Line Items]
Current income tax (expense) benefit	(8)	(8)	(3)
Deferred income tax (expense) benefit	7	$ (1)	$ 2
Foreign tax authority \| American Entertainment Properties Corp.
Income Tax Contingency [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration	19
Kansas \| CVR Energy
Income Tax Contingency [Line Items]
Tax credits	$ 14

Schedule I

12 Months Ended

Dec. 31, 2023

Icahn Enterprises (Parent)

Condensed Financial Statements, Captions [Line Items]

Condensed financial information of parent company

SCHEDULE I

ICAHN ENTERPRISES, L.P.

(Parent Company)

CONDENSED BALANCE SHEETS


	December 31,
	2023		2022

	(in millions, except unit amounts)
ASSETS
Investments in subsidiaries, net	$	8,092	$	9,260
Total Assets	$	8,092	$	9,260

LIABILITIES AND EQUITY
Accrued expenses and other liabilities	$	37	$	51
Debt		4,847		5,309
		4,884		5,360

Commitments and contingencies (Note 3)

Equity:
Limited partners: Depositary units: 429,033,241 units issued and outstanding at December 31, 2023 and 353,572,182 units issued and outstanding at December 31, 2022		3,969		4,647
General partner		(761)		(747)
Total equity		3,208		3,900
Total Liabilities and Equity	$	8,092	$	9,260

See notes to condensed financial statements.

SCHEDULE I

ICAHN ENTERPRISES, L.P.

(Parent Company)

CONDENSED STATEMENTS OF OPERATIONS


	Year Ended December 31,
	2023		2022		2021

	(in millions)
Interest expense	$	(286)	$	(290)	$	(323)
Gain (loss) on extinguishment of debt		13		(1)		3
Equity in (loss) gain of subsidiaries		(411)		108		(198)
Net loss	$	(684)	$	(183)	$	(518)
Net loss allocated to:
Limited partners	$	(670)	$	(179)	$	(604)
General partner		(14)		(4)		86
	$	(684)	$	(183)	$	(518)

See notes to condensed financial statements.

SCHEDULE I

ICAHN ENTERPRISES, L.P.

(Parent Company)

CONDENSED STATEMENTS OF CASH FLOWS


	Year Ended December 31,
	2023		2022		2021

	(in millions)
Cash flows from operating activities:
Net loss	$	(684)	$	(183)	$	(518)
Adjustments to reconcile net loss to net cash used in operating activities:
Equity in (gain) loss of subsidiary		411		(108)		198
(Loss) gain on extinguishment of debt		(13)		(1)		(3)
Other, net		(3)		(14)		(15)
Net cash used in operating activities		(289)		(306)		(338)
Cash flows from investing activities:
Net investment in and advances from subsidiaries		629		264		(366)
Net cash provided by (used in) by investing activities		629		264		(366)
Cash flows from financing activities:
Partnership distributions		(307)		(226)		(134)
Partnership contributions		185		768		835
Proceeds from borrowings		699		—		1,214
Repayments of borrowings		(1,159)		(500)		(1,205)
Investment segment distributions		242		—		—
Debt issuance costs and other		—		—		(6)
Net cash provided by (used in) financing activities		(340)		42		704
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents		—		—		—
Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period		—		—		—
Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period	$	—	$	—	$	—

See notes to condensed financial statements.

SCHEDULE I

ICAHN ENTERPRISES L.P.

(Parent Company)

NOTES TO CONDENSED FINANCIAL STATEMENTS

1. Description of Business and Basis of Presentation

Icahn Enterprises, L.P. (“Icahn Enterprises”) is a master limited partnership formed in Delaware on February 17, 1987. We own a 99% limited partner interest in Icahn Enterprises Holdings L.P. (“Icahn Enterprises Holdings”). Icahn Enterprises Holdings and its subsidiaries own substantially all of our assets and liabilities and conduct substantially all of our operations. Icahn Enterprises G.P. Inc., our sole general partner, which is owned and controlled by Carl C. Icahn, owns a 1% general partner interest in both us and Icahn Enterprises Holdings, representing an aggregate 1.99% general partner interest in us and Icahn Enterprises Holdings. As of December 31, 2023, Icahn Enterprises is engaged in the following continuing operating businesses: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion and Pharma. In addition, we operated a Metals business until sold in December 2021.

For the years ended December 31, 2023, 2022 and 2021, Icahn Enterprises received (paid) $629 million, $264 million and $(366) million, respectively, for net investment in and advances from subsidiaries.

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

2. Debt

See Note 13, “Debt,” to the consolidated financial statements located in Item 8 of this Report. Icahn Enterprises’ Parent company debt consists of the following:


	December 31,
	2023		2022

	(in millions)
4.750% senior unsecured notes due 2024		—		1,103
6.375% senior unsecured notes due 2025		749		749
6.250% senior unsecured notes due 2026		1,238		1,250
5.250% senior unsecured notes due 2027		1,454		1,460
4.375% senior unsecured notes due 2029		708		747
9.750% senior unsecured notes due 2029		698		—
Total debt	$	4,847	$	5,309

In December 2023, Icahn Enterprises issued $700 million in aggregate principal amount of 9.750% senior unsecured notes due 2029 at par. The net proceeds, together with $376 million of cash and cash equivalents on hand, was used to satisfy and discharge the outstanding 4.750% senior unsecured notes due 2024, along with any accrued interest associated with the notes and related fees and expenses.

In February 2022, Icahn Enterprises repaid all of its outstanding $500 million aggregate principal amount of 6.750% senior unsecured notes due 2024 at par.

3. Commitments and Contingencies

See Note 19, “Commitments and Contingencies,” to the consolidated financial statements located in Item 8 of this Report.

Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation and Summary of Significant Accounting Policies

2. Basis of Presentation and Summary of Significant Accounting Policies

The audited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).

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

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

Principles of Consolidation

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

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

Consolidated Variable Interest Entities

We determined that Icahn Enterprises Holdings is a VIE because it is a limited partnership that lacks both substantive kick-out and participating rights. Although Icahn Enterprises is not the general partner of Icahn Enterprises Holdings, Icahn Enterprises is deemed to be the primary beneficiary of Icahn Enterprises Holdings principally based on its 99% limited partner interest in Icahn Enterprises Holdings, as well as our related party relationship with the general partner, and therefore continues to consolidate Icahn Enterprises Holdings. Icahn Enterprises Holdings and its subsidiaries own substantially all of our assets and liabilities and therefore, the balance sheets of Icahn Enterprises and Icahn Enterprises Holdings are substantially the same.

On May 1, 2023, we established a captive insurance program to supplement the insurance coverage of the officers, directors, employees and agents of the Company, its subsidiaries and our general partner, in addition to our newly established commercial insurance program. We hold assets in a protected cell, which we are the primary beneficiary of, and therefore consolidate the protected cell. At December 31, 2023, total assets related to the protected cell were $103 million and included in restricted cash in the consolidated balance sheet.

Discontinued Operations and Assets Held For Sale

We classify assets and liabilities as held for sale when management, having the authority to approve the action, commits to a plan to sell the disposal group, the sale is probable within one year, and the disposal group is available for immediate sale in its present condition. We also consider whether an active program to locate a buyer has been initiated, whether the disposal group is marketed actively for sale at a price that is reasonable in relation to its current fair value, and whether actions required to complete the plan indicate it is unlikely significant changes to the plan will be made or the plan will be withdrawn.

In accordance with U.S. GAAP, we classify operations as discontinued when they meet all the criteria to be classified as held for sale and when the sale represents a strategic shift that will have a major impact on our financial condition and results of operations.

Use of Estimates in Preparation of Financial Statements

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the period. Due to the inherent uncertainty involved in making estimates, actual results may differ from the estimates and assumptions used in preparing the consolidated financial statements.

Reclassifications

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

Fair Value of Financial Instruments

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

The fair value of our long-term debt is based on the quoted market prices for the same or similar issues or on the current rates offered to us for debt of the same remaining maturities. The carrying value and estimated fair value of our debt as of December 31, 2023 was approximately $7.2 billion and $6.9 billion, respectively. The carrying value and estimated fair value of our debt as of December 31, 2022 was approximately $7.1 billion and $6.6 billion, respectively.

Acquisitions of Businesses

We account for business combinations under the acquisition method of accounting (other than acquisitions of businesses under common control), which requires us to recognize separately from goodwill the assets acquired and the liabilities assumed at their acquisition date fair values. While we use our best estimates and assumptions to accurately

value assets acquired and liabilities assumed at the acquisition date as well as contingent consideration, where applicable, our estimates are inherently uncertain and subject to refinement.

Accounting for business combinations requires us to make significant estimates and assumptions, especially at the acquisition date including our estimates for intangible assets, contractual obligations assumed, pre-acquisition contingencies, and contingent consideration, where applicable. In valuing our acquisitions, we estimate fair values based on industry data and trends and by reference to relevant market rates and transactions, and discounted cash flow valuation methods, among other factors. The discount rates used were commensurate with the inherent risks associated with each type of asset and the level and timing of cash flows appropriately reflect market participant assumptions. The primary items that generate goodwill include the value of the synergies between the acquired company and our existing businesses and the value of the acquired assembled workforce, neither of which qualifies for recognition as an intangible asset.

Acquisition, Investments and Disposition of Entities under Common Control

Acquisitions of or investments in entities under common control are reflected in a manner similar to pooling of interests. The general partner’s capital account or non-controlling interests, as applicable, are charged or credited for the difference between the consideration we pay for the entity and the related entity’s basis prior to our acquisition or investment. Net gains or losses of an acquired entity prior to its acquisition or investment date are allocated to the general partner’s capital account or non-controlling interests, as applicable. In allocating gains and losses upon the sale of a previously acquired common control entity, we allocate a gain or loss for financial reporting purposes by first restoring the general partner’s capital account or non-controlling interests, as applicable, for the cumulative charges or credits relating to prior periods recorded at the time of our acquisition or investment and then allocating the remaining gain or loss (“Common Control Gains or Losses”) among our general partner, limited partners and non-controlling interests, as applicable, in accordance with their respective ownership percentages. In the case of acquisitions of entities under common control, such Common Control Gains or Losses are allocated in accordance with their respective partnership percentages under the Amended and Restated Agreement of Limited Partnership dated as of May 12, 1987, as amended from time to time (together with the partnership agreement of Icahn Enterprises Holdings, the “Partnership Agreement”) (i.e., 98.01% to the limited partners and 1.99% to the general partner).

Cash Flow

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

Cash and Cash Equivalents

We consider short-term investments, which are highly liquid with original maturities of three months or less at date of purchase, to be cash equivalents. As of December 31, 2023, our cash and cash equivalents balance includes $598 million of reserved funds at our Energy segment to be utilized for the repayment of our Energy segment’s 5.250% senior unsecured notes due 2025.

Cash Held at Consolidated Affiliated Partnerships and Restricted Cash

Our cash held at consolidated affiliated partnerships balance was $1,068 million and $1,019 million as of December 31, 2023 and 2022, respectively. Cash held at consolidated affiliated partnerships relates to our Investment segment and consists of cash and cash equivalents held by the Investment Funds that, although not legally restricted, are not used for the general operating needs of the Investment segment or Icahn Enterprises.

Our restricted cash balance was $1,927 million and $1,530 million as of December 31, 2023 and 2022, respectively. Restricted cash includes, but is not limited to, our Investment segment’s cash pledged and held for margin requirements on derivative transactions and cash held related to our captive insurance program.

Investments and Related Transactions

Investment

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

Investments held by our Investment segment are carried at fair value. Our Investment segment applies the fair value option to those investments that are otherwise subject to the equity method of accounting.

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

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

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

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

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

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

Other Segments and Holding Company

Investments in equity securities are carried at fair value with the unrealized gains or losses reflected in the consolidated statements of operations. For purposes of determining gains and losses, the cost of securities is based on specific identification. Dividend income is recorded on the ex-dividend date and interest income is recognized when earned.

Fair Value Option for Financial Assets and Financial Liabilities

The fair value option gives entities the option to measure eligible financial assets, financial liabilities and firm commitments at fair value (i.e., the fair value option), on an instrument-by-instrument basis, that are otherwise not permitted to be accounted for at fair value pursuant to the provisions of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 825, Financial Instruments. The election to use the fair value option is available when an entity first recognizes a financial asset or financial liability or upon entering into a firm commitment. Subsequent changes in fair value must be recorded in earnings. In estimating the fair value for financial instruments for which the fair value option has been elected, we use the valuation methodologies in accordance to where the financial instruments are classified within the fair value hierarchy as discussed in Note 6, “Fair Value Measurements.” For our Investment segment, we apply the fair value option to our investments that would otherwise be accounted under the equity method.

Derivatives

From time to time, our subsidiaries enter into derivative contracts, including purchased and written option contracts, swap contracts, futures contracts and forward contracts. U.S. GAAP requires recognition of all derivatives as either assets or liabilities in the balance sheet at their fair value. The accounting for changes in fair value depends on the intended use of the derivative and its resulting designation. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation. Gains and losses related to a hedge are either recognized in income immediately to offset the gain or loss on the hedged item or are deferred and reported as a component of accumulated other comprehensive loss and subsequently recognized in earnings when the hedged item affects earnings. The change in fair value of the ineffective portion of a financial instrument, determined using the hypothetical derivative method, is recognized in earnings immediately. The gain or loss related to financial instruments that are not designated as hedges are recognized immediately in earnings. Cash flows related to hedging activities are included in the operating section of the consolidated statements of cash flows. For further information regarding our derivative contracts, see Note 7, “Financial Instruments.”

Accounts Receivable, Net

Accounts receivable, net consists of trade receivables from customers, including contract assets when we have an unconditional right to receive consideration. An allowance is based on historical loss experience, expected credit losses from current economic conditions, and management’s expectations of future economic conditions.

Inventories

Energy

Our Energy segment inventories consist primarily of domestic and foreign crude oil, blending stock and components, work in progress, fertilizer products, refined fuels and by-products and renewable diesel, all of which are valued at the lower of first-in, first-out (“FIFO”) basis method cost or net realizable value. Other inventories, including other raw materials, spare parts and supplies, are valued at the lower of moving-average cost, which approximates FIFO, or net realizable value. The cost of inventories includes inbound freight costs.

Automotive, Food Packaging, Home Fashion and Pharma

Our Automotive, Food Packaging, Home Fashion and Pharma segments’ inventories are stated at the lower of cost or net realizable value. Cost is determined by using the FIFO method, except for our Automotive segment which uses the last-in, first out (“LIFO”) method and the Pharma segment which utilizes weighted-average cost. Inventory recorded using the LIFO method was $228 million and $246 million as of December 31, 2023 and 2022, respectively, all of which relates to finished goods. The cost of manufactured goods includes the cost of direct materials, labor and manufacturing overhead. Our Automotive, Food Packaging, Home Fashion and Pharma segments write-down inventory for estimated excess, slow-moving and obsolete inventory as well as inventory whose carrying value is in excess of net realizable value.

Long-Lived Assets

Long-lived assets such as property, plant, and equipment, and definite-lived intangible assets are recorded at cost or fair value established at acquisition, less accumulated depreciation or amortization, unless the expected future use of the assets indicate a lower value is appropriate. Long-lived assets are evaluated for impairment when impairment indicators exist. An evaluation of impairment consists of reviewing the carrying value of a long-lived asset for recoverability. Recoverability of long-lived assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future net cash flows expected to be generated by the asset. If the carrying value of a long-lived asset is not determined to be recoverable, a fair value assessment is performed. If the carrying amount of the asset exceeds its fair value, an impairment loss is recognized in accordance with U.S. GAAP. Depreciation and amortization are computed principally by the straight-line method for financial reporting purposes.

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

Land and construction in progress are stated at the lower of cost or net realizable value. Interest is capitalized on expenditures for long-term projects until a salable or ready-for-use condition is reached. The interest capitalization rate is based on the interest rate on specific borrowings to fund the projects.

Costs for planned major maintenance activities (“turnarounds”) for our Energy segment represent major maintenance activities that require shutdown of significant parts of a plant to perform necessary inspection, cleaning, repairs, and replacement of assets. Our Energy segment’s turnaround expenditures are deferred for its petroleum business and expensed as incurred for its nitrogen fertilizer business. Turnarounds generally occur every four to five years for our Energy segment’s refineries and generally every three years for its nitrogen fertilizer plants. Deferred turnaround costs, net of accumulated amortization, are included in other assets in the consolidated financial statements.

Goodwill and Indefinite-Lived Intangible Assets

Goodwill and indefinite-lived intangible assets primarily include trademarks and brand names acquired in acquisitions. For a complete discussion of the impairment of goodwill and indefinite-lived intangible assets related to our various segments, see Note 11, “Goodwill and Intangible Assets, Net.”

Goodwill

Goodwill is determined as the excess of the fair value of consideration transferred in a business combination over the net amounts of identifiable assets acquired and liabilities assumed. Goodwill is reviewed for impairment annually, or

more frequently if impairment indicators exist. An impairment exists when a reporting unit’s carrying value exceeds its fair value. When performing the goodwill impairment testing, we first consider qualitative factors to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Qualitative factors include considering macroeconomic conditions, industry and market conditions, overall financial performance and other factors. If necessary, a quantitative impairment test is performed. When a quantitative impairment test is performed, a reporting units’ fair value is based on valuation techniques using the best available information, primarily discounted cash flow projections, guideline transaction multiples, and multiples of current and future earnings. The impairment charge, if any, is the excess of the tested reporting unit’s carrying value over its fair value, limited to the total amount of goodwill allocated to the tested reporting unit.

Indefinite-Lived Intangible Assets

Indefinite-lived intangible assets are stated at fair value established at acquisition or cost. These indefinite-lived intangible assets are reviewed for impairment annually, or more frequently if impairment indicators exist. An impairment exists when a trademark or brand names’ carrying value exceeds its fair value. The fair values of these assets are based upon the prospective stream of hypothetical after-tax royalty cost savings discounted at rates that reflect the rates of return appropriate for these intangible assets. In the fourth quarter of 2023, our Automotive segment recognized an impairment charge of $7 million, representing the excess of the assets’ carrying value over their fair value.

Pension and Other Post-Retirement Benefit Plan Obligations

Post-retirement benefit liabilities were $34 million and $36 million as of December 31, 2023 and 2022, respectively, and are included in accrued expenses and other liabilities in our consolidated balance sheets.

Appropriate actuarial methods and assumptions are used in accounting for defined benefit pension plans and other post-retirement benefit plans. These assumptions include long-term rate of return on plan assets, discount rates and other factors. Actual results that differ from the assumptions used are accumulated and amortized over future periods. Therefore, assumptions used to calculate benefit obligations as of the end of the year directly impact the expense to be recognized in future periods. The measurement date for all defined benefit plans is December 31 of each year.

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss is included in the limited partners and general partner components of equity in the consolidated balance sheets in the amounts of $55 million and $70 million as of December 31, 2023 and 2022, respectively. Refer to Note 17, “Changes in Accumulated Other Comprehensive Loss,” for further information.

Allocation of Net Profits and Losses in Consolidated Affiliated Partnerships

Net investment income and net realized and unrealized gains and losses on investments of the Investment Funds are allocated to the respective partners of the Investment Funds based on their percentage ownership in such Investment Funds on a monthly basis. Except for our limited partner interest, such allocations made to the limited partners of the Investment Funds are represented as non-controlling interests in our consolidated statements of operations.

General Partnership Interest of Icahn Enterprises

The general partner’s capital account generally consists of its cumulative share of our net income less cash distributions plus capital contributions. Additionally, in acquisitions of common control companies accounted for at historical cost similar to a pooling of interests, the general partner’s capital account would be charged (or credited) in a manner similar to a distribution (or contribution) for the excess (or deficit) of the fair value of consideration paid over historical basis in the business acquired.

Capital Accounts, as defined under the Partnership Agreement, are maintained for our general partner and our limited partners. The capital account provisions of our Partnership Agreement incorporate principles established for U.S. federal income tax purposes and are not comparable to the equity accounts reflected under U.S. GAAP in our consolidated financial statements. Under our Partnership Agreement, the general partner is required to make additional capital contributions to us upon the issuance of any additional depositary units in order to maintain a capital account balance equal to 1.99% of the total capital accounts of all partners.

Generally, net earnings for U.S. federal income tax purposes are allocated 1.99% and 98.01% between the general partner and the limited partners, respectively, in the same proportion as aggregate cash distributions made to the general partner and the limited partners during the period. This is generally consistent with the manner of allocating net income under our Partnership Agreement; however, it is not comparable to the allocation of net income reflected in our consolidated financial statements.

Pursuant to the Partnership Agreement, in the event of our dissolution, after satisfying our liabilities, our remaining assets would be divided among our limited partners and the general partner in accordance with their respective percentage interests under the Partnership Agreement. If a deficit balance still remains in the general partner’s capital account after all allocations are made between the partners, the general partner would not be required to make whole any such deficit.

Basic and Diluted Income Per LP Unit

For Icahn Enterprises, basic income (loss) per LP unit is based on net income or loss attributable to Icahn Enterprises allocated to limited partners. Net income or loss allocated to limited partners is divided by the weighted-average number of LP units outstanding. Diluted income (loss) per LP unit, when applicable, is based on basic income (loss) adjusted for the potential effect of dilutive securities as well as the related weighted-average number of units and equivalent units outstanding.

For accounting purposes, when applicable, earnings prior to dates of acquisitions of entities under common control are excluded from the computation of basic and diluted income per LP unit as such earnings are allocated to our general partner.

Income Taxes

Except as described below, no provision has been made for federal, state, local or foreign income taxes on the results of operations generated by partnership activities, as such taxes are the responsibility of the partners. Provision has been made for federal, state, local or foreign income taxes on the results of operations generated by our corporate subsidiaries and these are reflected within continuing and discontinued operations. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

Deferred tax assets are limited to amounts considered to be realizable in future periods. A valuation allowance is recorded against deferred tax assets if management does not believe that we have met the “more-likely-than-not” standard to allow recognition of such an asset.

U.S. GAAP provides that the tax effects from an uncertain tax position can be recognized in the financial statements only if the position is “more-likely-than-not” to be sustained if the position were to be challenged by a taxing authority. The assessment of the tax position is based solely on the technical merits of the position, without regard to the likelihood that the tax position may be challenged. If an uncertain tax position meets the “more-likely-than-not” threshold, the

largest amount of tax benefit that is greater than 50 percent likely to be recognized upon ultimate settlement with the taxing authority is recorded. See Note 16, “Income Taxes,” for additional information.

Leases

The determination of whether an arrangement is or contains a lease occurs at inception. We account for arrangements that contain lease and non-lease components as a single lease component for all classes of underlying assets. Leases in which we are the lessor are primarily within our Automotive segment and Real Estate segment. Refer to Note 12, “Leases,” for additional information regarding our operating leases. In addition, all of our businesses, including our Real Estate segment, enter into lease arrangements as the lessee. The following is our accounting policy for leases in which we are the lessee.

All Segments and Holding Company

Leases are classified as either operating or financing by the lessee depending on whether or not the lease terms provide for control of the underlying asset to be transferred to the lessee. When control transfers to the lessee, we classify the lease as a financing lease. All other leases are recorded as operating leases. Effective January 1, 2019, for all leases with an initial lease term in excess of twelve months, we record a right-of-use asset with a corresponding liability in the consolidated balance sheet. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at commencement of the lease based on the present value of the lease payments over the lease term. Right-of-use assets are adjusted for any lease payments made on or before commencement of the lease, less any lease incentives received. As most of our leases do not provide an implicit rate, we use the incremental borrowing rate with respect to each of our businesses based on the information available at commencement of the lease in determining the present value of lease payments. We use the implicit rate when readily determinable. The lease terms used in the determination of our right-of-use assets and lease liabilities reflect any options to extend or terminate the lease when it is reasonably certain that we will exercise such option. We and our subsidiaries, independently of each other, apply a portfolio approach to account for the right-of-use assets and lease liabilities when we or our subsidiaries do not believe that applying the portfolio approach would be materially different from accounting for right-of-use assets and lease liabilities individually.

Operating lease costs are recorded as a single expense recognized on a straight-line basis over the lease term. Operating lease right-of-use assets are amortized for the difference between the straight-line expense less the accretion of interest of the related lease liability. Financing lease costs consists of interest expense on the financing lease liability as well as amortization of the right-of-use financing lease assets on a straight-line basis over the lease term.

Real Estate

Leases are classified as either operating, sales-type or direct financing by the lessor. Our Real Estate segment’s net lease portfolio consists of commercial real estate leased to others under long-term operating leases and we account for these leases in accordance with FASB ASC Topic 842, Leases. These assets leased to others are recorded at cost, net of accumulated depreciation, and are included in property, plant and equipment, net on our consolidated balance sheets. Assets leased to others are depreciated on a straight-line basis over the useful lives of the assets, ranging from 5 years to 39 years. Lease revenue is recognized on a straight-line basis over the lease term. Cash receipts for all lease payments received are included in net cash flows from operating activities in the consolidated statements of cash flows.

Revenue From Contracts With Customers and Contract Balances

Due to the nature of our business, we derive revenue from various sources in various industries. With the exception of all of our Investment segment’s and our Holding Company’s revenues, and our Real Estate and Automotive segments’ leasing revenue, our revenue is generally derived from contracts with customers in accordance with U.S.

GAAP. Such revenue from contracts with customers is included in net sales and other revenues from operations in the consolidated statements of operations; however, our Real Estate and Automotive segments’ leasing revenue, as disclosed in Note 12, “Leases,” is also included in other revenues from operations. Related contract assets are included in accounts receivable, net or other assets and related contract liabilities are included in accrued expenses and other liabilities in the consolidated balance sheets. Our disaggregation of revenue information includes our net sales and other revenues from operations for each of our reporting segments as well as additional disaggregation of revenue information for our Energy and Automotive segments. See Note 15, “Segment and Geographic Reporting,” for our complete disaggregation of revenue information. In addition, we disclose additional information with respect to revenue from contracts with customers and contract balances for our segments below.

Energy

Revenue: Our Energy segment revenues are generated from contracts with customers and are recognized at a point in time when performance obligations are satisfied by transferring control of the products or services to a customer. The transfer of control occurs upon shipment or delivery of the product, as the customer accepts the product, has title and significant risks and rewards of ownership of the product, physical possession of the product has been transferred, and we have the right to payment.

The transaction prices of our Energy segment’s contracts are either fixed or based on market indices, and any uncertainty related to the variable consideration when determining the transaction price is resolved on the pricing date or the date when the product is delivered. The payment terms depend on the product and type of contract, but generally require customers to pay within 30 days or less, and do not contain significant financing components.

Any pass-through finished goods delivery costs reimbursed by customers are reported in net sales, while an offsetting expense is included in cost of goods sold. Non-monetary product exchanges and certain buy/sell transactions which are entered into in the normal course of business are included on a net cost basis in cost of goods sold. Qualifying excise and other taxes collected from customers and remitted to governmental authorities are recorded as a reduction of the transaction price.

Certain sales contracts of the petroleum business require customer prepayment prior to product delivery to guarantee a price and supply of nitrogen fertilizer. Deferred revenue is recorded at the point in time in which a prepaid contract is legally enforceable and the associated right to consideration is unconditional prior to transferring the product to the customer. An associated receivable is recorded for uncollected prepaid contract amounts.

As of December 31, 2023, our Energy segment had $10 million of remaining performance obligations for contracts with an original expected duration of more than one year. Our Energy segment expects to recognize approximately $3 million of these performance obligations as revenue by the end of 2024, an additional $3 million by the end of 2025, and the remaining balance thereafter.

Contract balances: Our Energy segment’s deferred revenue is a contract liability that primarily relates to fertilizer sales contracts requiring customer prepayment prior to product delivery to guarantee a price and supply of nitrogen fertilizer. Deferred revenue is recorded at the point in time in which a prepaid contract is legally enforceable and the associated right to consideration is unconditional prior to transferring product to the customer. An associated receivable is recorded for uncollected prepaid contract amounts. Contracts requiring prepayment are generally short-term in nature and, as discussed above, revenue is recognized at the point in time in which the customer obtains control of the product. 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 $49 million and $48 million as of December 31, 2023 and 2022, respectively. Deferred revenue is included in accrued expense and other liabilities in the consolidated balance sheets. For the year ended December 31, 2023, 2022 and 2021, our Energy segment recorded revenue of $47

million, $86 million and $30 million, respectively, with respect to deferred revenue outstanding as of the beginning of each respective year.

Automotive

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

Contract balances: Our Automotive segment had deferred revenue with respect to extended warranty plans of $45 million and $44 million as of December 31, 2023 and 2022, respectively, which are included in accrued expenses and other liabilities in our consolidated balance sheets. For the years ended December 31, 2023, 2022 and 2021, our Automotive segment recorded deferred revenue of $22 million, $25 million and $24 million, respectively, outstanding as of the beginning of each respective year.

Food Packaging

Our Food Packaging segment revenues are recognized at the time products are shipped to the customer, under F.O.B. shipping point or F.O.B. port terms, which is the point at which title is transferred, the customer has the assumed risk of loss, and payment has been received or collection is reasonably assumed. Revenues are net of discounts, rebates and allowances. Viskase records all labor, raw materials, in-bound freight, plant receiving and purchasing, warehousing, handling and distribution costs as a component of costs of goods sold.

Home Fashion

Our Home Fashion segment records revenue upon delivery and when title is transferred and the customer has assumed the risk of loss. Unless otherwise agreed in writing, title and risk of loss pass from WPH to the customer when WPH delivers the merchandise to the designated point of delivery, to the designated point of destination or to the designated carrier, free on board. Provisions for certain rebates, sales incentives, product returns and discounts to customers are recorded in the same period the related revenue is recorded.

Pharma

Our Pharma segment records product and supply revenue at the time of shipment at which time it has satisfied its performance obligations. Product revenue represents the significant majority of our Pharma segment’s revenue and is recognized net of estimated returns as well as net of consideration paid to customers, wholesalers and certified pharmacies for services rendered in accordance with their respective services network agreements and includes a fixed rate per prescription shipped and monthly program management and data fees. Consideration fees are not deemed sufficiently separable from the customers’ purchase of the products and therefore, such fees are recorded as a reduction of revenue at the time of revenue recognition. Our Pharma segment, as the principal party in a supply arrangement,

recognizes supply revenue on a gross basis. Our Pharma segment also recognizes license and royalty revenue, which are not significant.

Metals

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

Other Revenue and Expense Recognition

Real Estate

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

Energy

Shipping Costs: Our Energy segment’s pass-through finished goods delivery costs reimbursed by customers are reported in net sales, while an offsetting expense is included in cost of goods sold.

Automotive

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

Environmental Liabilities

We recognize environmental liabilities when a loss is probable and reasonably estimable. Estimates of these costs are based upon currently available facts, internal and third-party assessments of contamination, available remediation technology, site-specific costs, and currently enacted laws and regulations. In reporting environmental liabilities, no offset is made for potential recoveries. Loss contingency accruals, including those for environmental remediation, are subject to revision as further information develops or circumstances change, and such accruals can take into account the legal liability of other parties. Environmental expenditures are capitalized at the time of the expenditure when such costs provide future economic benefits.

Litigation

On an ongoing basis, we assess the potential liabilities related to any lawsuits or claims brought against us. While it is typically very difficult to determine the timing and ultimate outcome of such actions, we use our best judgment to determine if it is probable that we will incur an expense related to the settlement or final adjudication of such matters and whether a reasonable estimation of such probable loss, if any, can be made. In assessing probable losses, we make estimates of the amount of insurance recoveries, if any. We accrue a liability when we believe a loss is probable and the amount of loss can be reasonably estimated. Due to the inherent uncertainties related to the eventual outcome of litigation and potential insurance recovery, it is possible that certain matters may be resolved for amounts materially different from any provisions or disclosures that we have previously made.

Foreign Currency Translation

Exchange adjustments related to international currency transactions and translation adjustments for international subsidiaries whose functional currency is the U.S. dollar (principally those located in highly inflationary economies) are reflected in the consolidated statements of operations. Translation adjustments of international subsidiaries for which the local currency is the functional currency are reflected in the consolidated balance sheets as a component of accumulated other comprehensive income. Deferred taxes are not provided on translation adjustments, other than for intercompany loans not designated as permanently reinvested, as the earnings of the subsidiaries are considered to be permanently reinvested.

Concentrations of credit risk

Concentrations of credit risk relate primarily to derivative instruments from our Investment segment. See Note 7, “Financial Instruments,” for further discussion.

In addition, at our Holding Company, financial instruments that potentially subject us to concentrations of credit risk are primarily cash and cash equivalent deposits. These cash and cash equivalent deposits are maintained with several financial institutions. The deposits held at the various financial institutions may exceed federally insured limits. Exposure to this credit risk is reduced by placing such deposits with major financial institutions and monitoring their credit ratings and, therefore, we believe these deposits bear minimal credit risk.

Adoption of New Accounting Standards

In September 2022, the Statement of Financial Accounting Standards (“FASB “) issued ASU 2022-04, Liabilities- Supplier Finance Programs (Subtopic 405-50) Disclosure of Supplier Finance Program Obligations 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, and implemented the disclosure requirements related to the rollforward obligations in the fourth quarter of 2023. The adoption of this standard did not have a significant impact on our consolidated financial statements.

In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which amends FASB ASC Topic 848, Reference Rate Reform. 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 consolidated financial statements.

Recently Issued Accounting Standards

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures, which requires enhanced income tax disclosures that reflect how operations and related tax risks, as well as how tax planning and operational opportunities, affect the tax rate and prospects for future cash flows. This standard is

effective for the Company beginning January 1, 2025 with early adoption permitted. We are currently assessing the impact of adopting this standard on our consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures, which includes requirements for more robust disclosures of significant segment expenses and measures of a segment’s profit and loss used in assessing performance. This standard is effective for the Company’s annual period beginning January 1, 2024 and interim periods beginning January 1, 2025 with early adoptions permitted. We are currently assessing the impact of adopting this standard on our consolidated financial statements.

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, 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 consolidated financial statements.

Related Party Notes Receivable, Net (Details) $ in Millions	12 Months Ended
Related Party Notes Receivable, Net (Details) $ in Millions	Dec. 31, 2023 USD ($)
Related Party Notes Receivable, Net
Related party notes receivable, gross	$ 23
Less: Allowance for expected credit losses	12
Related party notes receivable, net	11
Allowance for expected credit losses:
Credit loss provision	139
Write-offs	(127)
Ending Balance	$ 12

Property, Plant and Equipment, Net

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment, Net.

Property, Plant and Equipment, Net

10. Property, Plant and Equipment, Net

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


			December 31,
	Useful Life		2023		2022

	(in years)			(in millions)
Land			$	332	$	331
Buildings and improvements		1 – 40		1,058		964
Machinery, equipment and furniture		1 – 30		6,083		6,034
Assets leased to others		3 – 39		334		321
Financing leases		1 – 10		118		106
Construction in progress				275		210
				8,200		7,966
Less: Accumulated depreciation and amortization				(4,231)		(3,928)
Property, plant and equipment, net			$	3,969	$	4,038

Depreciation and amortization expense related to property, plant and equipment for the years ended December 31, 2023, 2022 and 2021 was $384 million, $384 million and $383 million, respectively.

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ (684)	$ (183)	$ (518)

- Definition

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

+ References

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-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Basis of Presentation and Summary of Significant Accounting Policies
Principles of Consolidation	Principles of Consolidation Our consolidated financial statements include the accounts of (i) Icahn Enterprises and (ii) the wholly and majority owned subsidiaries of Icahn Enterprises, in addition to variable interest entities (“VIEs”) in which we are the primary beneficiary. In evaluating whether we have a controlling financial interest in entities that we consolidate, we consider the following: (1) for voting interest entities, including limited partnerships and similar entities that are not VIEs, we consolidate these entities in which we own a majority of the voting interests; and (2) for VIEs, we consolidate these entities in which we are the primary beneficiary. See below for a discussion of our VIEs. Kick-out rights, which are the rights underlying the limited partners’ ability to dissolve the limited partnership or otherwise remove the general partners, held through voting interests of partnerships and similar entities that are not VIEs are considered the equivalent of the equity interests of corporations that are not VIEs. For entities over which the Company does not have significant influence, the Company accounts for its equity investment at fair value. Except for our Investment segment and Holding Company, for equity investments in which we own 50% or less but greater than 20%, we generally account for such investments using the equity method. All other equity investments are accounted for at fair value.
Consolidated Variable Interest Entities	Consolidated Variable Interest Entities We determined that Icahn Enterprises Holdings is a VIE because it is a limited partnership that lacks both substantive kick-out and participating rights. Although Icahn Enterprises is not the general partner of Icahn Enterprises Holdings, Icahn Enterprises is deemed to be the primary beneficiary of Icahn Enterprises Holdings principally based on its 99% limited partner interest in Icahn Enterprises Holdings, as well as our related party relationship with the general partner, and therefore continues to consolidate Icahn Enterprises Holdings. Icahn Enterprises Holdings and its subsidiaries own substantially all of our assets and liabilities and therefore, the balance sheets of Icahn Enterprises and Icahn Enterprises Holdings are substantially the same. On May 1, 2023, we established a captive insurance program to supplement the insurance coverage of the officers, directors, employees and agents of the Company, its subsidiaries and our general partner, in addition to our newly established commercial insurance program. We hold assets in a protected cell, which we are the primary beneficiary of, and therefore consolidate the protected cell. At December 31, 2023, total assets related to the protected cell were $103 million and included in restricted cash in the consolidated balance sheet.
Discontinued Operations and Held For Sale	Discontinued Operations and Assets Held For Sale We classify assets and liabilities as held for sale when management, having the authority to approve the action, commits to a plan to sell the disposal group, the sale is probable within one year, and the disposal group is available for immediate sale in its present condition. We also consider whether an active program to locate a buyer has been initiated, whether the disposal group is marketed actively for sale at a price that is reasonable in relation to its current fair value, and whether actions required to complete the plan indicate it is unlikely significant changes to the plan will be made or the plan will be withdrawn. In accordance with U.S. GAAP, we classify operations as discontinued when they meet all the criteria to be classified as held for sale and when the sale represents a strategic shift that will have a major impact on our financial condition and results of operations.
Use of Estimates in Preparation of Financial Statements	Use of Estimates in Preparation of Financial Statements The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the period. Due to the inherent uncertainty involved in making estimates, actual results may differ from the estimates and assumptions used in preparing the consolidated financial statements.
Reclassifications	Reclassifications Certain reclassifications from the prior year presentation have been made to conform to the current year presentation, which did not have an impact on previously reported net income and equity and are not deemed material.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying values of cash and cash equivalents, cash held at consolidated affiliated partnerships and restricted cash, accounts receivable, due from brokers, accounts payable, accrued expenses and other liabilities and due to brokers are deemed to be reasonable estimates of their fair values because of their short-term nature. See Note 5, “Investments,” and Note 6, “Fair Value Measurements,” for a detailed discussion of our investments and other non-financial assets and/or liabilities. The fair value of our long-term debt is based on the quoted market prices for the same or similar issues or on the current rates offered to us for debt of the same remaining maturities. The carrying value and estimated fair value of our debt as of December 31, 2023 was approximately $7.2 billion and $6.9 billion, respectively. The carrying value and estimated fair value of our debt as of December 31, 2022 was approximately $7.1 billion and $6.6 billion, respectively.
Acquisitions of Businesses	Acquisitions of Businesses We account for business combinations under the acquisition method of accounting (other than acquisitions of businesses under common control), which requires us to recognize separately from goodwill the assets acquired and the liabilities assumed at their acquisition date fair values. While we use our best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date as well as contingent consideration, where applicable, our estimates are inherently uncertain and subject to refinement. Accounting for business combinations requires us to make significant estimates and assumptions, especially at the acquisition date including our estimates for intangible assets, contractual obligations assumed, pre-acquisition contingencies, and contingent consideration, where applicable. In valuing our acquisitions, we estimate fair values based on industry data and trends and by reference to relevant market rates and transactions, and discounted cash flow valuation methods, among other factors. The discount rates used were commensurate with the inherent risks associated with each type of asset and the level and timing of cash flows appropriately reflect market participant assumptions. The primary items that generate goodwill include the value of the synergies between the acquired company and our existing businesses and the value of the acquired assembled workforce, neither of which qualifies for recognition as an intangible asset.
Acquisition, Investments and Disposition of Entities under Common Control	Acquisition, Investments and Disposition of Entities under Common Control Acquisitions of or investments in entities under common control are reflected in a manner similar to pooling of interests. The general partner’s capital account or non-controlling interests, as applicable, are charged or credited for the difference between the consideration we pay for the entity and the related entity’s basis prior to our acquisition or investment. Net gains or losses of an acquired entity prior to its acquisition or investment date are allocated to the general partner’s capital account or non-controlling interests, as applicable. In allocating gains and losses upon the sale of a previously acquired common control entity, we allocate a gain or loss for financial reporting purposes by first restoring the general partner’s capital account or non-controlling interests, as applicable, for the cumulative charges or credits relating to prior periods recorded at the time of our acquisition or investment and then allocating the remaining gain or loss (“Common Control Gains or Losses”) among our general partner, limited partners and non-controlling interests, as applicable, in accordance with their respective ownership percentages. In the case of acquisitions of entities under common control, such Common Control Gains or Losses are allocated in accordance with their respective partnership percentages under the Amended and Restated Agreement of Limited Partnership dated as of May 12, 1987, as amended from time to time (together with the partnership agreement of Icahn Enterprises Holdings, the “Partnership Agreement”) (i.e., 98.01% to the limited partners and 1.99% to the general partner).
Cash Flow	Cash Flow Cash and cash equivalents and restricted cash and restricted cash equivalents in our consolidated statements of cash flows is comprised of (i) cash and cash equivalents and (ii) cash held at consolidated affiliated partnerships and restricted cash.
Cash and Cash Equivalents	Cash and Cash Equivalents We consider short-term investments, which are highly liquid with original maturities of three months or less at date of purchase, to be cash equivalents. As of December 31, 2023, our cash and cash equivalents balance includes $598 million of reserved funds at our Energy segment to be utilized for the repayment of our Energy segment’s 5.250% senior unsecured notes due 2025.
Cash Held at Consolidated Affiliated Partnerships and Restricted Cash	Cash Held at Consolidated Affiliated Partnerships and Restricted Cash Our cash held at consolidated affiliated partnerships balance was $1,068 million and $1,019 million as of December 31, 2023 and 2022, respectively. Cash held at consolidated affiliated partnerships relates to our Investment segment and consists of cash and cash equivalents held by the Investment Funds that, although not legally restricted, are not used for the general operating needs of the Investment segment or Icahn Enterprises. Our restricted cash balance was $1,927 million and $1,530 million as of December 31, 2023 and 2022, respectively. Restricted cash includes, but is not limited to, our Investment segment’s cash pledged and held for margin requirements on derivative transactions and cash held related to our captive insurance program.
Investments and Related Transactions	Investments and Related Transactions Investment Investment Transactions and Related Investment Income (Loss). Investment transactions of the Investment Funds are recorded on a trade date basis. Realized gains or losses on sales of investments are based on the first-in, first-out or the specific identification method. Realized and unrealized gains or losses on investments are recorded in the consolidated statements of operations. Interest income and expenses are recorded on an accrual basis and dividends are recorded on the ex-dividend date. Premiums and discounts on fixed income securities are amortized using the effective yield method. Investments held by our Investment segment are carried at fair value. Our Investment segment applies the fair value option to those investments that are otherwise subject to the equity method of accounting. Valuation of Investments. Securities of the Investment Funds that are listed on a securities exchange are valued at their last sales price on the primary securities exchange on which such securities are traded on such date. Securities that are not listed on any exchange but are traded over-the-counter are valued at the mean between the last “bid” and “ask” price for such security on such date. Securities and other instruments for which market quotes are not readily available are valued at fair value as determined in good faith by the Investment Funds. Foreign Currency Transactions. The books and records of the Investment Funds are maintained in U.S. dollars. Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the rate of exchange in effect at the balance sheet date. Transactions during the period denominated in currencies other than U.S. dollars are translated at the rate of exchange applicable on the date of the transaction. Foreign currency translation gains and losses are recorded in the consolidated statements of operations. The Investment Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities. Such fluctuations are reflected in net gain (loss) from investment activities in the consolidated statements of operations. Fair Values of Financial Instruments. The fair values of the Investment Funds’ assets and liabilities that qualify as financial instruments under applicable U.S. GAAP approximate the carrying amounts presented in the consolidated balance sheets. Securities Sold, Not Yet Purchased. The Investment Funds may sell an investment they do not own in anticipation of a decline in the fair value of that investment. When the Investment Funds sell an investment short, they must borrow the investment sold short and deliver it to the broker-dealer through which they made the short sale. A gain, limited to the price at which the Investment Funds sold the investment short, or a loss, unlimited in amount, will be recognized upon the cover of the short sale. Due From Brokers. Due from brokers represents cash balances with the Investment Funds’ clearing brokers. These funds as well as fully-paid for and marginable securities are essentially restricted to the extent that they serve as collateral against securities sold, not yet purchased. Due from brokers may also include unrestricted balances with derivative counterparties. Due To Brokers. Due to brokers represents margin debit balances collateralized by certain of the Investment Funds’ investments in securities. Other Segments and Holding Company Investments in equity securities are carried at fair value with the unrealized gains or losses reflected in the consolidated statements of operations. For purposes of determining gains and losses, the cost of securities is based on specific identification. Dividend income is recorded on the ex-dividend date and interest income is recognized when earned.
Fair Value Option for Financial Assets and Financial Liabilities	Fair Value Option for Financial Assets and Financial Liabilities The fair value option gives entities the option to measure eligible financial assets, financial liabilities and firm commitments at fair value (i.e., the fair value option), on an instrument-by-instrument basis, that are otherwise not permitted to be accounted for at fair value pursuant to the provisions of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 825, Financial Instruments. The election to use the fair value option is available when an entity first recognizes a financial asset or financial liability or upon entering into a firm commitment. Subsequent changes in fair value must be recorded in earnings. In estimating the fair value for financial instruments for which the fair value option has been elected, we use the valuation methodologies in accordance to where the financial instruments are classified within the fair value hierarchy as discussed in Note 6, “Fair Value Measurements.” For our Investment segment, we apply the fair value option to our investments that would otherwise be accounted under the equity method.
Derivatives	Derivatives From time to time, our subsidiaries enter into derivative contracts, including purchased and written option contracts, swap contracts, futures contracts and forward contracts. U.S. GAAP requires recognition of all derivatives as either assets or liabilities in the balance sheet at their fair value. The accounting for changes in fair value depends on the intended use of the derivative and its resulting designation. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation. Gains and losses related to a hedge are either recognized in income immediately to offset the gain or loss on the hedged item or are deferred and reported as a component of accumulated other comprehensive loss and subsequently recognized in earnings when the hedged item affects earnings. The change in fair value of the ineffective portion of a financial instrument, determined using the hypothetical derivative method, is recognized in earnings immediately. The gain or loss related to financial instruments that are not designated as hedges are recognized immediately in earnings. Cash flows related to hedging activities are included in the operating section of the consolidated statements of cash flows. For further information regarding our derivative contracts, see Note 7, “Financial Instruments.”
Accounts Receivable, Net	Accounts Receivable, Net Accounts receivable, net consists of trade receivables from customers, including contract assets when we have an unconditional right to receive consideration. An allowance is based on historical loss experience, expected credit losses from current economic conditions, and management’s expectations of future economic conditions.
Inventories	Inventories Energy Our Energy segment inventories consist primarily of domestic and foreign crude oil, blending stock and components, work in progress, fertilizer products, refined fuels and by-products and renewable diesel, all of which are valued at the lower of first-in, first-out (“FIFO”) basis method cost or net realizable value. Other inventories, including other raw materials, spare parts and supplies, are valued at the lower of moving-average cost, which approximates FIFO, or net realizable value. The cost of inventories includes inbound freight costs. Automotive, Food Packaging, Home Fashion and Pharma Our Automotive, Food Packaging, Home Fashion and Pharma segments’ inventories are stated at the lower of cost or net realizable value. Cost is determined by using the FIFO method, except for our Automotive segment which uses the last-in, first out (“LIFO”) method and the Pharma segment which utilizes weighted-average cost. Inventory recorded using the LIFO method was $228 million and $246 million as of December 31, 2023 and 2022, respectively, all of which relates to finished goods. The cost of manufactured goods includes the cost of direct materials, labor and manufacturing overhead. Our Automotive, Food Packaging, Home Fashion and Pharma segments write-down inventory for estimated excess, slow-moving and obsolete inventory as well as inventory whose carrying value is in excess of net realizable value.
Long-Lived Assets	Long-Lived Assets Long-lived assets such as property, plant, and equipment, and definite-lived intangible assets are recorded at cost or fair value established at acquisition, less accumulated depreciation or amortization, unless the expected future use of the assets indicate a lower value is appropriate. Long-lived assets are evaluated for impairment when impairment indicators exist. An evaluation of impairment consists of reviewing the carrying value of a long-lived asset for recoverability. Recoverability of long-lived assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future net cash flows expected to be generated by the asset. If the carrying value of a long-lived asset is not determined to be recoverable, a fair value assessment is performed. If the carrying amount of the asset exceeds its fair value, an impairment loss is recognized in accordance with U.S. GAAP. Depreciation and amortization are computed principally by the straight-line method for financial reporting purposes. During the second quarter of 2023, a significant tenant of a commercial high-rise property, within our Real Estate segment, was notified of default for non-payment. The tenant was unable to cure the default status and the lease was terminated. We considered this default, along with other facts and circumstances, a triggering event for potential impairment and we assessed the carrying value of this long-lived asset for recoverability using the undiscounted cash flow method during the second quarter of 2023. We determined the total undiscounted cash flows of the property exceeded its carrying value and therefore, no impairment is required. Land and construction in progress are stated at the lower of cost or net realizable value. Interest is capitalized on expenditures for long-term projects until a salable or ready-for-use condition is reached. The interest capitalization rate is based on the interest rate on specific borrowings to fund the projects. Costs for planned major maintenance activities (“turnarounds”) for our Energy segment represent major maintenance activities that require shutdown of significant parts of a plant to perform necessary inspection, cleaning, repairs, and replacement of assets. Our Energy segment’s turnaround expenditures are deferred for its petroleum business and expensed as incurred for its nitrogen fertilizer business. Turnarounds generally occur every four to five years for our Energy segment’s refineries and generally every three years for its nitrogen fertilizer plants. Deferred turnaround costs, net of accumulated amortization, are included in other assets in the consolidated financial statements.
Goodwill and Indefinite-Lived Intangible Assets	Goodwill and Indefinite-Lived Intangible Assets Goodwill and indefinite-lived intangible assets primarily include trademarks and brand names acquired in acquisitions. For a complete discussion of the impairment of goodwill and indefinite-lived intangible assets related to our various segments, see Note 11, “Goodwill and Intangible Assets, Net.” Goodwill Goodwill is determined as the excess of the fair value of consideration transferred in a business combination over the net amounts of identifiable assets acquired and liabilities assumed. Goodwill is reviewed for impairment annually, or more frequently if impairment indicators exist. An impairment exists when a reporting unit’s carrying value exceeds its fair value. When performing the goodwill impairment testing, we first consider qualitative factors to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Qualitative factors include considering macroeconomic conditions, industry and market conditions, overall financial performance and other factors. If necessary, a quantitative impairment test is performed. When a quantitative impairment test is performed, a reporting units’ fair value is based on valuation techniques using the best available information, primarily discounted cash flow projections, guideline transaction multiples, and multiples of current and future earnings. The impairment charge, if any, is the excess of the tested reporting unit’s carrying value over its fair value, limited to the total amount of goodwill allocated to the tested reporting unit. Indefinite-Lived Intangible Assets Indefinite-lived intangible assets are stated at fair value established at acquisition or cost. These indefinite-lived intangible assets are reviewed for impairment annually, or more frequently if impairment indicators exist. An impairment exists when a trademark or brand names’ carrying value exceeds its fair value. The fair values of these assets are based upon the prospective stream of hypothetical after-tax royalty cost savings discounted at rates that reflect the rates of return appropriate for these intangible assets. In the fourth quarter of 2023, our Automotive segment recognized an impairment charge of $7 million, representing the excess of the assets’ carrying value over their fair value.
Pension and Other Post-Retirement Benefit Plan Obligations	Pension and Other Post-Retirement Benefit Plan Obligations Post-retirement benefit liabilities were $34 million and $36 million as of December 31, 2023 and 2022, respectively, and are included in accrued expenses and other liabilities in our consolidated balance sheets. Appropriate actuarial methods and assumptions are used in accounting for defined benefit pension plans and other post-retirement benefit plans. These assumptions include long-term rate of return on plan assets, discount rates and other factors. Actual results that differ from the assumptions used are accumulated and amortized over future periods. Therefore, assumptions used to calculate benefit obligations as of the end of the year directly impact the expense to be recognized in future periods. The measurement date for all defined benefit plans is December 31 of each year.
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss Accumulated other comprehensive loss is included in the limited partners and general partner components of equity in the consolidated balance sheets in the amounts of $55 million and $70 million as of December 31, 2023 and 2022, respectively. Refer to Note 17, “Changes in Accumulated Other Comprehensive Loss,” for further information.
Allocation of Net Profits and Losses in Consolidated Affiliated Partnerships	Allocation of Net Profits and Losses in Consolidated Affiliated Partnerships Net investment income and net realized and unrealized gains and losses on investments of the Investment Funds are allocated to the respective partners of the Investment Funds based on their percentage ownership in such Investment Funds on a monthly basis. Except for our limited partner interest, such allocations made to the limited partners of the Investment Funds are represented as non-controlling interests in our consolidated statements of operations.
General Partnership Interest of Icahn Enterprises and Icahn Enterprises Holdings	General Partnership Interest of Icahn Enterprises The general partner’s capital account generally consists of its cumulative share of our net income less cash distributions plus capital contributions. Additionally, in acquisitions of common control companies accounted for at historical cost similar to a pooling of interests, the general partner’s capital account would be charged (or credited) in a manner similar to a distribution (or contribution) for the excess (or deficit) of the fair value of consideration paid over historical basis in the business acquired. Capital Accounts, as defined under the Partnership Agreement, are maintained for our general partner and our limited partners. The capital account provisions of our Partnership Agreement incorporate principles established for U.S. federal income tax purposes and are not comparable to the equity accounts reflected under U.S. GAAP in our consolidated financial statements. Under our Partnership Agreement, the general partner is required to make additional capital contributions to us upon the issuance of any additional depositary units in order to maintain a capital account balance equal to 1.99% of the total capital accounts of all partners. Generally, net earnings for U.S. federal income tax purposes are allocated 1.99% and 98.01% between the general partner and the limited partners, respectively, in the same proportion as aggregate cash distributions made to the general partner and the limited partners during the period. This is generally consistent with the manner of allocating net income under our Partnership Agreement; however, it is not comparable to the allocation of net income reflected in our consolidated financial statements. Pursuant to the Partnership Agreement, in the event of our dissolution, after satisfying our liabilities, our remaining assets would be divided among our limited partners and the general partner in accordance with their respective percentage interests under the Partnership Agreement. If a deficit balance still remains in the general partner’s capital account after all allocations are made between the partners, the general partner would not be required to make whole any such deficit.
Basic and Diluted Income Per LP Unit	Basic and Diluted Income Per LP Unit For Icahn Enterprises, basic income (loss) per LP unit is based on net income or loss attributable to Icahn Enterprises allocated to limited partners. Net income or loss allocated to limited partners is divided by the weighted-average number of LP units outstanding. Diluted income (loss) per LP unit, when applicable, is based on basic income (loss) adjusted for the potential effect of dilutive securities as well as the related weighted-average number of units and equivalent units outstanding. For accounting purposes, when applicable, earnings prior to dates of acquisitions of entities under common control are excluded from the computation of basic and diluted income per LP unit as such earnings are allocated to our general partner.
Income Taxes	Income Taxes Except as described below, no provision has been made for federal, state, local or foreign income taxes on the results of operations generated by partnership activities, as such taxes are the responsibility of the partners. Provision has been made for federal, state, local or foreign income taxes on the results of operations generated by our corporate subsidiaries and these are reflected within continuing and discontinued operations. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred tax assets are limited to amounts considered to be realizable in future periods. A valuation allowance is recorded against deferred tax assets if management does not believe that we have met the “more-likely-than-not” standard to allow recognition of such an asset. U.S. GAAP provides that the tax effects from an uncertain tax position can be recognized in the financial statements only if the position is “more-likely-than-not” to be sustained if the position were to be challenged by a taxing authority. The assessment of the tax position is based solely on the technical merits of the position, without regard to the likelihood that the tax position may be challenged. If an uncertain tax position meets the “more-likely-than-not” threshold, the largest amount of tax benefit that is greater than 50 percent likely to be recognized upon ultimate settlement with the taxing authority is recorded. See Note 16, “Income Taxes,” for additional information.
Leases	Leases The determination of whether an arrangement is or contains a lease occurs at inception. We account for arrangements that contain lease and non-lease components as a single lease component for all classes of underlying assets. Leases in which we are the lessor are primarily within our Automotive segment and Real Estate segment. Refer to Note 12, “Leases,” for additional information regarding our operating leases. In addition, all of our businesses, including our Real Estate segment, enter into lease arrangements as the lessee. The following is our accounting policy for leases in which we are the lessee. All Segments and Holding Company Leases are classified as either operating or financing by the lessee depending on whether or not the lease terms provide for control of the underlying asset to be transferred to the lessee. When control transfers to the lessee, we classify the lease as a financing lease. All other leases are recorded as operating leases. Effective January 1, 2019, for all leases with an initial lease term in excess of twelve months, we record a right-of-use asset with a corresponding liability in the consolidated balance sheet. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at commencement of the lease based on the present value of the lease payments over the lease term. Right-of-use assets are adjusted for any lease payments made on or before commencement of the lease, less any lease incentives received. As most of our leases do not provide an implicit rate, we use the incremental borrowing rate with respect to each of our businesses based on the information available at commencement of the lease in determining the present value of lease payments. We use the implicit rate when readily determinable. The lease terms used in the determination of our right-of-use assets and lease liabilities reflect any options to extend or terminate the lease when it is reasonably certain that we will exercise such option. We and our subsidiaries, independently of each other, apply a portfolio approach to account for the right-of-use assets and lease liabilities when we or our subsidiaries do not believe that applying the portfolio approach would be materially different from accounting for right-of-use assets and lease liabilities individually. Operating lease costs are recorded as a single expense recognized on a straight-line basis over the lease term. Operating lease right-of-use assets are amortized for the difference between the straight-line expense less the accretion of interest of the related lease liability. Financing lease costs consists of interest expense on the financing lease liability as well as amortization of the right-of-use financing lease assets on a straight-line basis over the lease term.
Real Estate	Real Estate Leases are classified as either operating, sales-type or direct financing by the lessor. Our Real Estate segment’s net lease portfolio consists of commercial real estate leased to others under long-term operating leases and we account for these leases in accordance with FASB ASC Topic 842, Leases. These assets leased to others are recorded at cost, net of accumulated depreciation, and are included in property, plant and equipment, net on our consolidated balance sheets. Assets leased to others are depreciated on a straight-line basis over the useful lives of the assets, ranging from 5 years to 39 years. Lease revenue is recognized on a straight-line basis over the lease term. Cash receipts for all lease payments received are included in net cash flows from operating activities in the consolidated statements of cash flows.
Revenue From Contracts With Customers and Contract Balances	Revenue From Contracts With Customers and Contract Balances Due to the nature of our business, we derive revenue from various sources in various industries. With the exception of all of our Investment segment’s and our Holding Company’s revenues, and our Real Estate and Automotive segments’ leasing revenue, our revenue is generally derived from contracts with customers in accordance with U.S. GAAP. Such revenue from contracts with customers is included in net sales and other revenues from operations in the consolidated statements of operations; however, our Real Estate and Automotive segments’ leasing revenue, as disclosed in Note 12, “Leases,” is also included in other revenues from operations. Related contract assets are included in accounts receivable, net or other assets and related contract liabilities are included in accrued expenses and other liabilities in the consolidated balance sheets. Our disaggregation of revenue information includes our net sales and other revenues from operations for each of our reporting segments as well as additional disaggregation of revenue information for our Energy and Automotive segments. See Note 15, “Segment and Geographic Reporting,” for our complete disaggregation of revenue information. In addition, we disclose additional information with respect to revenue from contracts with customers and contract balances for our segments below. Energy Revenue: Our Energy segment revenues are generated from contracts with customers and are recognized at a point in time when performance obligations are satisfied by transferring control of the products or services to a customer. The transfer of control occurs upon shipment or delivery of the product, as the customer accepts the product, has title and significant risks and rewards of ownership of the product, physical possession of the product has been transferred, and we have the right to payment. The transaction prices of our Energy segment’s contracts are either fixed or based on market indices, and any uncertainty related to the variable consideration when determining the transaction price is resolved on the pricing date or the date when the product is delivered. The payment terms depend on the product and type of contract, but generally require customers to pay within 30 days or less, and do not contain significant financing components. Any pass-through finished goods delivery costs reimbursed by customers are reported in net sales, while an offsetting expense is included in cost of goods sold. Non-monetary product exchanges and certain buy/sell transactions which are entered into in the normal course of business are included on a net cost basis in cost of goods sold. Qualifying excise and other taxes collected from customers and remitted to governmental authorities are recorded as a reduction of the transaction price. Certain sales contracts of the petroleum business require customer prepayment prior to product delivery to guarantee a price and supply of nitrogen fertilizer. Deferred revenue is recorded at the point in time in which a prepaid contract is legally enforceable and the associated right to consideration is unconditional prior to transferring the product to the customer. An associated receivable is recorded for uncollected prepaid contract amounts. As of December 31, 2023, our Energy segment had $10 million of remaining performance obligations for contracts with an original expected duration of more than one year. Our Energy segment expects to recognize approximately $3 million of these performance obligations as revenue by the end of 2024, an additional $3 million by the end of 2025, and the remaining balance thereafter. Contract balances: Our Energy segment’s deferred revenue is a contract liability that primarily relates to fertilizer sales contracts requiring customer prepayment prior to product delivery to guarantee a price and supply of nitrogen fertilizer. Deferred revenue is recorded at the point in time in which a prepaid contract is legally enforceable and the associated right to consideration is unconditional prior to transferring product to the customer. An associated receivable is recorded for uncollected prepaid contract amounts. Contracts requiring prepayment are generally short-term in nature and, as discussed above, revenue is recognized at the point in time in which the customer obtains control of the product. 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 $49 million and $48 million as of December 31, 2023 and 2022, respectively. Deferred revenue is included in accrued expense and other liabilities in the consolidated balance sheets. For the year ended December 31, 2023, 2022 and 2021, our Energy segment recorded revenue of $47 million, $86 million and $30 million, respectively, with respect to deferred revenue outstanding as of the beginning of each respective year. Automotive Revenue: Our Automotive segment recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer. Our Automotive segment revenue from retail and commercial parts sales is measured based on consideration specified in a contract with a customer and excludes any sales incentives and amounts collected on behalf of third parties. Automotive Service revenues are recognized on completion of the service and consist of products and the labor charged for installing products or maintaining or repairing vehicles. Automotive services labor revenues are included in other revenues from operations in our consolidated statements of operations; however, the sale of any installed parts or materials related to automotive services are included in net sales. Our Automotive segment recognizes revenues from extended warranties offered to its customers on tires its sells, including lifetime warranties for road hazard assistance (recognized over 3 years) and 1-year, 3-year and lifetime plans for alignments (recognized over 1 year, 3 years and 5 years, respectively), for which it receives payment upfront. Revenues from extended warranties are recognized over the term of the warranty contract with the satisfaction of its performance obligations measured using the output method. Our Automotive segment recognizes revenues from franchise royalties, for which it receives payment over time, in the period in which royalties are earned, generally based on a percentage of franchise sales and are included in other revenues from operations in the consolidated statements of operations. Contract balances: Our Automotive segment had deferred revenue with respect to extended warranty plans of $45 million and $44 million as of December 31, 2023 and 2022, respectively, which are included in accrued expenses and other liabilities in our consolidated balance sheets. For the years ended December 31, 2023, 2022 and 2021, our Automotive segment recorded deferred revenue of $22 million, $25 million and $24 million, respectively, outstanding as of the beginning of each respective year. Food Packaging Our Food Packaging segment revenues are recognized at the time products are shipped to the customer, under F.O.B. shipping point or F.O.B. port terms, which is the point at which title is transferred, the customer has the assumed risk of loss, and payment has been received or collection is reasonably assumed. Revenues are net of discounts, rebates and allowances. Viskase records all labor, raw materials, in-bound freight, plant receiving and purchasing, warehousing, handling and distribution costs as a component of costs of goods sold. Home Fashion Our Home Fashion segment records revenue upon delivery and when title is transferred and the customer has assumed the risk of loss. Unless otherwise agreed in writing, title and risk of loss pass from WPH to the customer when WPH delivers the merchandise to the designated point of delivery, to the designated point of destination or to the designated carrier, free on board. Provisions for certain rebates, sales incentives, product returns and discounts to customers are recorded in the same period the related revenue is recorded. Pharma Our Pharma segment records product and supply revenue at the time of shipment at which time it has satisfied its performance obligations. Product revenue represents the significant majority of our Pharma segment’s revenue and is recognized net of estimated returns as well as net of consideration paid to customers, wholesalers and certified pharmacies for services rendered in accordance with their respective services network agreements and includes a fixed rate per prescription shipped and monthly program management and data fees. Consideration fees are not deemed sufficiently separable from the customers’ purchase of the products and therefore, such fees are recorded as a reduction of revenue at the time of revenue recognition. Our Pharma segment, as the principal party in a supply arrangement, recognizes supply revenue on a gross basis. Our Pharma segment also recognizes license and royalty revenue, which are not significant. Metals Our Metals segment’s primary source of revenue was from the sale of processed ferrous scrap metal, non-ferrous scrap metals, steel pipe and steel plate. PSC Metals also generated revenues from sales of secondary plate and pipe, the brokering of scrap metals and from services performed. All sales were recognized when title passes to the customer. Revenues from services were recognized as the service is performed. Sales adjustments related to price and weight differences were reflected as a reduction of revenues when settled.
Other Revenue and Expense Recognition	Other Revenue and Expense Recognition Real Estate Revenue Recognition: Revenue from real estate sales and related costs are recognized at the time of closing primarily by specific identification. The properties comprising our net lease portfolio are leased to others under long-term net leases classified as operating leases and we account for these leases in accordance with applicable U.S. GAAP. Operating lease revenue is recognized on a straight-line basis over the lease term. Energy Shipping Costs: Our Energy segment’s pass-through finished goods delivery costs reimbursed by customers are reported in net sales, while an offsetting expense is included in cost of goods sold. Automotive Shipping Costs: Our Automotive segment recognizes shipping and handling costs as incurred and is included in selling, general and administrative in the consolidated statements of operations for its commercial and retail parts businesses.
Environmental Liabilities	Environmental Liabilities We recognize environmental liabilities when a loss is probable and reasonably estimable. Estimates of these costs are based upon currently available facts, internal and third-party assessments of contamination, available remediation technology, site-specific costs, and currently enacted laws and regulations. In reporting environmental liabilities, no offset is made for potential recoveries. Loss contingency accruals, including those for environmental remediation, are subject to revision as further information develops or circumstances change, and such accruals can take into account the legal liability of other parties. Environmental expenditures are capitalized at the time of the expenditure when such costs provide future economic benefits.
Litigation	Litigation On an ongoing basis, we assess the potential liabilities related to any lawsuits or claims brought against us. While it is typically very difficult to determine the timing and ultimate outcome of such actions, we use our best judgment to determine if it is probable that we will incur an expense related to the settlement or final adjudication of such matters and whether a reasonable estimation of such probable loss, if any, can be made. In assessing probable losses, we make estimates of the amount of insurance recoveries, if any. We accrue a liability when we believe a loss is probable and the amount of loss can be reasonably estimated. Due to the inherent uncertainties related to the eventual outcome of litigation and potential insurance recovery, it is possible that certain matters may be resolved for amounts materially different from any provisions or disclosures that we have previously made.
Foreign Currency Translation	Foreign Currency Translation Exchange adjustments related to international currency transactions and translation adjustments for international subsidiaries whose functional currency is the U.S. dollar (principally those located in highly inflationary economies) are reflected in the consolidated statements of operations. Translation adjustments of international subsidiaries for which the local currency is the functional currency are reflected in the consolidated balance sheets as a component of accumulated other comprehensive income. Deferred taxes are not provided on translation adjustments, other than for intercompany loans not designated as permanently reinvested, as the earnings of the subsidiaries are considered to be permanently reinvested.
Concentrations of credit risk	Concentrations of credit risk Concentrations of credit risk relate primarily to derivative instruments from our Investment segment. See Note 7, “Financial Instruments,” for further discussion. In addition, at our Holding Company, financial instruments that potentially subject us to concentrations of credit risk are primarily cash and cash equivalent deposits. These cash and cash equivalent deposits are maintained with several financial institutions. The deposits held at the various financial institutions may exceed federally insured limits. Exposure to this credit risk is reduced by placing such deposits with major financial institutions and monitoring their credit ratings and, therefore, we believe these deposits bear minimal credit risk.
Adoption of New Accounting Standards and Recently Issued Accounting Standards	Adoption of New Accounting Standards In September 2022, the Statement of Financial Accounting Standards (“FASB “) issued ASU 2022-04, Liabilities- Supplier Finance Programs (Subtopic 405-50) Disclosure of Supplier Finance Program Obligations 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, and implemented the disclosure requirements related to the rollforward obligations in the fourth quarter of 2023. The adoption of this standard did not have a significant impact on our consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which amends FASB ASC Topic 848, Reference Rate Reform. 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 consolidated financial statements. Recently Issued Accounting Standards In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures, which requires enhanced income tax disclosures that reflect how operations and related tax risks, as well as how tax planning and operational opportunities, affect the tax rate and prospects for future cash flows. This standard is effective for the Company beginning January 1, 2025 with early adoption permitted. We are currently assessing the impact of adopting this standard on our consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures, which includes requirements for more robust disclosures of significant segment expenses and measures of a segment’s profit and loss used in assessing performance. This standard is effective for the Company’s annual period beginning January 1, 2024 and interim periods beginning January 1, 2025 with early adoptions permitted. We are currently assessing the impact of adopting this standard on our consolidated financial statements. In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, 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 consolidated financial statements.

Net Income (Loss) Per LP Unit (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	May 31, 2019	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	May 09, 2023
Net Income (Loss) Per LP Unit [Line Items]
Net Income (Loss)		$ (684)	$ (183)	$ (518)
Net (loss) income attributable to Icahn Enterprises allocated to limited partners (98.01% allocation)		$ (670)	$ (179)	$ (604)
Basic loss per LP unit (in dollars per share)		$ (1.75)	$ (0.57)	$ (2.32)
Basic weighted average LP units outstanding (in shares)		382,000,000	316,000,000	260,000,000
Diluted loss per LP unit (in dollars per share)		$ (1.75)	$ (0.57)	$ (2.32)
Diluted weighted average LP units outstanding (in shares)		382,000,000	316,000,000	260,000,000
Aggregate cash distributions to depositary unit holders		$ 301	$ 222
Limited partners: Depositary units issued		353,572,182	293,403,243
Units distributed to LP unitholders		72,060,733	45,520,325
2017 LTIP units vested		4,973	29,342
Partners' Capital Account, Units, Sale of Units		3,395,353	14,619,272
Limited partners: Depositary units issued		429,033,241	353,572,182	293,403,243
Proceeds from Sale of Interest in Partnership Unit		$ 175
Potential aggregate sales proceeds from equity offering	$ 400	$ 149
Amount of distribution per share		$ 6.00	$ 8.00
Fixed-rate senior unsecured notes, repurchase program authorized amount		$ 92			$ 500
Depositary units, repurchase program authorized amount					$ 500
General partner
Net Income (Loss) Per LP Unit [Line Items]
Less: net income attributable to Icahn Enterprises from continuing operations allocated 100% to general partner		(13)	$ (4)	$ (98)
Limited partners
Net Income (Loss) Per LP Unit [Line Items]
Net (loss) income attributable to Icahn Enterprises allocated to limited partners (98.01% allocation)		(670)	(179)	(604)
Net loss attributable to Icahn Enterprises from continuing operations allocable to limited partners		$ (697)	$ (187)	$ (616)
Units distributed to LP unitholders		72,060,733	45,520,325
Mr. Icahn and affiliates
Net Income (Loss) Per LP Unit [Line Items]
Aggregate cash distributions to depositary unit holders		$ 70	$ 0
Limited partners: Depositary units issued		299,997,624	257,047,260
Units distributed to LP unitholders		67,882,278	42,950,364
Limited partners: Depositary units issued		367,879,902	299,997,624	257,047,260
Public unitholders
Net Income (Loss) Per LP Unit [Line Items]
Limited partners: Depositary units issued		53,574,558	36,355,983
Units distributed to LP unitholders		4,178,455	2,569,961
2017 LTIP units vested		4,973	29,342
Partners' Capital Account, Units, Sale of Units		3,395,353	14,619,272
Limited partners: Depositary units issued		61,153,339	53,574,558	36,355,983
Icahn Enterprises Holdings LP
Net Income (Loss) Per LP Unit [Line Items]
Affiliate ownership interest		98.01%	98.01%	98.01%
Icahn Enterprises Holdings LP \| General partner
Net Income (Loss) Per LP Unit [Line Items]
General partner ownership percentage in Icahn Enterprises		100.00%

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative

Notional exposure of derivative instruments


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

		(in millions)
Primary underlying risk:
Equity contracts	$	1,882	$	2,350	$	1,816	$	5,354
Credit contracts⁽¹⁾		—		435		—		945
Commodity contracts		—		409		—		22

(1)

The short notional amount on our credit default swap positions was approximately $2.5 billion at December 31, 2023. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is approximately $0.4 billion as of December 31, 2023. The short notional amount on our credit default swap positions was approximately $3.5 billion as of December 31, 2022. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is $0.9 billion as of December 31, 2022.

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


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

		(in millions)
Equity contracts	$	11	$	392	$	999	$	719
Credit contracts		39		447		2		1
Commodity contracts		14		—		3		1
Sub-total		64		839		1,004		721
Netting across contract types⁽¹⁾		(25)		(34)		(25)		(34)
Total⁽¹⁾	$	39	$	805	$	979	$	687

(1)

Excludes netting of cash collateral received and posted. The total collateral posted at December 31, 2023 and 2022 was $1,731 million and $1,436 million, respectively, across all counterparties, which are included in cash held at consolidated affiliated partnerships and restricted cash in the consolidated balance sheets.


	Gain (Loss) Recognized in Income⁽¹⁾
	Year Ended December 31,
	2023		2022		2021

Equity contracts	$	(903)	$	456	$	(1,100)
Credit contracts		(87)		(586)		88
Commodity contracts		(26)		(1)		—
	$	(1,016)	$	(131)	$	(1,012)

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

Energy

Derivative

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


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

		(in millions)
Commodity contracts	$	31	$	—	$	(6)	$	5
Netting across contract types⁽¹⁾		(6)		—		6		(1)
Total⁽¹⁾	$	25	$	—	$	—	$	4

(1)

Excludes netting of derivatives primarily related to initial margin requirements of $13 million and $7 million at December 31, 2023 and 2022, respectively, which was not offset against derivatives liabilities, net in the consolidated balance sheets.

Segment and Geographic Reporting - Condensed Balance Sheets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting, Asset Reconciling Item [Line Items]
Cash and cash equivalents	$ 2,951	$ 2,337
Cash held at consolidated affiliated partnerships and restricted cash	2,995	2,549
Investments	3,012	6,809
Accounts receivable, net	485	606
Related party notes receivable, net	11
Inventories	1,047	1,531
Property, plant and equipment, net	3,969	4,038
Goodwill and intangible assets, net	754	821
Other assets	5,634	9,223
Total assets	20,858	27,914
Accounts payable, accrued expenses and other liabilities	4,105	4,765
Securities sold, not yet purchased, at fair value	3,473	6,495
Debt	7,207	7,096
Total liabilities	14,785	18,356
Equity attributable to Icahn Enterprises	3,208	3,900
Equity attributable to non-controlling interests	2,865	5,658
Total equity	6,073	9,558	$ 9,343	$ 9,258
Total Liabilities and Equity	20,858	27,914
Investment Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Cash and cash equivalents	23	19
Cash held at consolidated affiliated partnerships and restricted cash	2,799	2,455
Investments	2,898	6,719
Other assets	4,425	8,041
Total assets	10,145	17,234
Accounts payable, accrued expenses and other liabilities	1,312	1,589
Securities sold, not yet purchased, at fair value	3,473	6,495
Total liabilities	4,785	8,084
Equity attributable to Icahn Enterprises	3,243	4,184
Equity attributable to non-controlling interests	2,117	4,966
Total equity	5,360	9,150
Total Liabilities and Equity	10,145	17,234
Energy
Segment Reporting, Asset Reconciling Item [Line Items]
Cash and cash equivalents	1,179	510
Cash held at consolidated affiliated partnerships and restricted cash	7	7
Investments	100	76
Accounts receivable, net	286	358
Inventories	604	624
Property, plant and equipment, net	2,594	2,664
Goodwill and intangible assets, net	179	200
Other assets	310	296
Total assets	5,259	4,735
Accounts payable, accrued expenses and other liabilities	1,553	1,823
Debt	2,185	1,591
Total liabilities	3,738	3,414
Equity attributable to Icahn Enterprises	795	648
Equity attributable to non-controlling interests	726	673
Total equity	1,521	1,321
Total Liabilities and Equity	5,259	4,735
Automotive Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Cash and cash equivalents	104	32
Cash held at consolidated affiliated partnerships and restricted cash	9	10
Accounts receivable, net	41	99
Inventories	228	686
Property, plant and equipment, net	822	826
Goodwill and intangible assets, net	335	352
Other assets	480	527
Total assets	2,019	2,532
Accounts payable, accrued expenses and other liabilities	890	981
Debt	33	21
Total liabilities	923	1,002
Equity attributable to Icahn Enterprises	1,096	1,530
Total equity	1,096	1,530
Total Liabilities and Equity	2,019	2,532
Food Packaging Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Cash and cash equivalents	8	9
Accounts receivable, net	89	87
Inventories	111	103
Property, plant and equipment, net	134	142
Goodwill and intangible assets, net	23	24
Other assets	101	110
Total assets	466	475
Accounts payable, accrued expenses and other liabilities	148	149
Debt	133	162
Total liabilities	281	311
Equity attributable to Icahn Enterprises	168	149
Equity attributable to non-controlling interests	17	15
Total equity	185	164
Total Liabilities and Equity	466	475
Real Estate Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Cash and cash equivalents	22	26
Cash held at consolidated affiliated partnerships and restricted cash	4	8
Investments	14	14
Accounts receivable, net	16	12
Property, plant and equipment, net	363	345
Other assets	69	102
Total assets	488	507
Accounts payable, accrued expenses and other liabilities	43	47
Debt	1	1
Total liabilities	44	48
Equity attributable to Icahn Enterprises	439	455
Equity attributable to non-controlling interests	5	4
Total equity	444	459
Total Liabilities and Equity	488	507
Home Fashion Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Cash and cash equivalents	5	5
Cash held at consolidated affiliated partnerships and restricted cash	3	3
Accounts receivable, net	26	24
Inventories	81	90
Property, plant and equipment, net	52	56
Goodwill and intangible assets, net	19	19
Other assets	17	16
Total assets	203	213
Accounts payable, accrued expenses and other liabilities	42	45
Debt	8	12
Total liabilities	50	57
Equity attributable to Icahn Enterprises	153	156
Total equity	153	156
Total Liabilities and Equity	203	213
Pharma
Segment Reporting, Asset Reconciling Item [Line Items]
Cash and cash equivalents	26	16
Accounts receivable, net	27	26
Inventories	23	28
Goodwill and intangible assets, net	198	226
Other assets	8	6
Total assets	282	302
Accounts payable, accrued expenses and other liabilities	55	61
Total liabilities	55	61
Equity attributable to Icahn Enterprises	227	241
Total equity	227	241
Total Liabilities and Equity	282	302
Holding Company
Segment Reporting, Asset Reconciling Item [Line Items]
Cash and cash equivalents	1,584	1,720
Cash held at consolidated affiliated partnerships and restricted cash	173	66
Related party notes receivable, net	11
Property, plant and equipment, net	4	5
Other assets	224	125
Total assets	1,996	1,916
Accounts payable, accrued expenses and other liabilities	62	70
Debt	4,847	5,309
Total liabilities	4,909	5,379
Equity attributable to Icahn Enterprises	(2,913)	(3,463)
Total equity	(2,913)	(3,463)
Total Liabilities and Equity	$ 1,996	$ 1,916

Debt

12 Months Ended

Dec. 31, 2023

Debt

Debt

13. Debt

Debt consists of the following:


	December 31,
	2023		2022

	(in millions)
Holding Company:
4.750% senior unsecured notes due 2024	$	—	$	1,103
6.375% senior unsecured notes due 2025		749		749
6.250% senior unsecured notes due 2026		1,238		1,250
5.250% senior unsecured notes due 2027		1,454		1,460
4.375% senior unsecured notes due 2029		708		747
9.750% senior unsecured notes due 2029		698		—
		4,847		5,309
Reporting Segments:
Energy		2,185		1,591
Automotive		33		21
Food Packaging		133		162
Real Estate		1		1
Home Fashion		8		12
		2,360		1,787
Total Debt	$	7,207	$	7,096

Holding Company

Our Holding Company debt consists of various issues of fixed-rate senior unsecured notes issued by Icahn Enterprises and Icahn Enterprises Finance Corp. (together the “Issuers”) and guaranteed by Icahn Enterprises Holdings (the “Guarantor”). Interest on each tranche of the senior unsecured notes is payable semi-annually.

In November and December of 2023, we repurchased in the open market approximately $35 million aggregate principal amount of our 4.750% senior unsecured notes due 2024, which the Company then cancelled and reduced the outstanding principal, $12 million aggregate principal amount of our 6.25% senior unsecured notes due 2026, $5 million aggregate principal amount of our 5.25% senior unsecured notes due 2027, and $40 million aggregate principal amount of our 4.375% senior unsecured notes due 2029 for total cash paid of $84 million for a total aggregate principal amount of $92 million. The remaining repurchased notes of $57 million aggregate principal were extinguished but were not retired and are held in treasury.

In December 2023, the Issuers issued $700 million in aggregate principal amount of 9.750% senior unsecured notes due 2029. The net proceeds from such issuance, together with $376 million of cash and cash equivalents on hand, was used to satisfy and discharge the remaining outstanding 4.750% senior unsecured notes due 2024, along with any accrued interest associated with the notes and related fees and expenses.

In February 2022, we redeemed all of our $500 million in aggregate principal amount of 6.750% senior unsecured notes due 2024 at par. As a result of this transaction, Icahn Enterprises recorded a loss on extinguishment of debt of $1 million during the year ended December 31, 2022.

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

In April 2021, the Issuers issued $455 million in aggregate principal amount of 5.250% senior unsecured notes due 2027. The proceeds from these issuances, together with cash on hand, were used to redeem in full our prior outstanding $1.1 billion principal amount of the 6.250% senior unsecured notes due 2022, and to pay accrued interest, related fees and expenses.

Icahn Enterprises recorded a gain on extinguishment of debt of $13 million in 2023, a loss on extinguishment of debt of $2 million in 2022 and a gain on extinguishment of debt of $3 million in 2021 in connection with the debt transactions discussed above.

Each of our senior unsecured notes and the related guarantees are the senior unsecured obligations of the Issuers and rank equally with all of the Issuers’ and the Guarantor’s existing and future senior unsecured indebtedness and senior to all of the Issuers’ and the Guarantor’s existing and future subordinated indebtedness. Each of our senior unsecured notes and the related guarantees are effectively subordinated to the Issuers’ and the Guarantor’s existing and future secured indebtedness to the extent of the collateral securing such indebtedness. Each of our senior unsecured notes and the related guarantees are also effectively subordinated to all indebtedness and other liabilities of the Issuers’ subsidiaries other than the Guarantor.

The indentures governing each of our senior unsecured notes: restrict the payment of cash distributions, the purchase of equity interests or the purchase, redemption, defeasance or acquisition of debt subordinated to the senior unsecured notes; restrict the incurrence of debt or the issuance of disqualified stock, as defined in the indentures, with certain exceptions; require that on each quarterly determination date, Icahn Enterprises and the guarantor of each of the senior unsecured notes (currently only Icahn Enterprises Holdings) maintain certain minimum financial ratios, as defined therein; and restrict the creation of liens, mergers, consolidations and sales of substantially all of our assets, and transactions with affiliates. Additionally, the 6.375% senior unsecured notes due 2025, the 6.250% senior unsecured notes due 2026 and the 9.750% senior unsecured notes due 2029 are subject to optional redemption premiums in the event we redeem any of the notes prior to certain dates as described in the respective indentures. Although we have no obligation to do so, we may continue, from time-to-time, to retire our outstanding debt through privately negotiated transactions, open market repurchases, redemptions or otherwise.

As of December 31, 2023 and 2022, we were in compliance with all covenants, including maintaining certain minimum financial ratios, as defined in the indentures. Additionally, as of December 31, 2023, based on covenants in the indentures governing our senior unsecured notes, we are not permitted to incur additional indebtedness; however, we are permitted to issue new notes in connection with debt refinancings of existing notes.

Reporting Segments

Energy

Our Energy segment’s debt primarily consists of (i) $600 million in aggregate principal amount of 5.25% senior unsecured notes due 2025, $400 million in aggregate principal amount of 5.75% senior unsecured notes due 2028 and $600 million in aggregate principal amount of 8.50% senior unsecured notes due 2029 (each issued by CVR Energy), and (ii) $550 million in aggregate principal amount of 6.125% senior secured notes due 2028 (issued by CVR Partners). Interest for each of these notes is accrued and paid based on contractual terms.

In December 2023, CVR Energy issued $600 million in aggregate principal amount of 8.50% senior unsecured notes due 2029. The proceeds from the issuance of these notes were used to fund the redemption in full of CVR Energy’s existing $600 million in aggregate principal amount of 5.25% senior unsecured notes due 2025, at par in February 2024.

As a result of this transaction, CVR Energy will recognize a $1 million loss on extinguishment of debt in the first quarter of 2024.

These senior secured notes issued by CVR Partners are guaranteed on a senior secured basis by all of CVR Partners’ existing domestic subsidiaries, excluding CVR Nitrogen Finance Corporation. The indenture governing these notes contain certain covenants that restrict the ability of the issuers and their restricted subsidiaries from incurring additional debt or issuing certain disqualified equity, create liens on certain assets to secure debt, pay dividends/distributions or make other equity distributions, purchase or redeem capital stock/common units, make certain investments, transfer and sell assets, agree to certain restrictions on the ability of restricted subsidiaries to make distributions, loans, or other asset transfers to the issuers, consolidate, merge, sell, or otherwise dispose of all or substantially all of their assets, engage in transactions with affiliates and designate restricted subsidiaries as unrestricted subsidiaries.

In April 2022, in connection with the CVR Energy ABL (as defined below), a new wholly owned subsidiary of CVR Energy, CVR Renewables, LLC (“CVR Renew”), delivered to Wells Fargo Bank, National Association, as administrative and collateral agent for the secured parties, a Joinder Agreement pursuant to which CVR Renew became a borrower for all purposes under the Petroleum ABL and other Credit Documents.

In September 2023, CVR Energy and certain of its subsidiaries (the “Credit Parties”) entered into Amendment No. 4 to the Amended and Restated ABL Credit Agreement dated December 20, 2012 (the “Amendment”, and as amended, the “CVR Energy ABL”), with a group of lenders and Wells Fargo Bank, National Association, as administrative agent and collateral agent (the “Agent”). The CVR Energy ABL is a senior secured asset based revolving credit facility in an aggregate principle amount of up to $275 million with a $125 million incremental facility, which is subject to additional lender commitments and certain other conditions. The proceeds of the loans may be used for capital expenditures, working capital and general corporate purposes of the Credit Parties and their subsidiaries. The CVR Energy ABL provides for loans and letters of credit in an amount up to the aggregate availability under the facility, subject to certain borrowing base conditions, with sub-limits of $30 million for swingline loans and $60 million (or $100 million if increased by the Agent) for letters of credit. The CVR Energy ABL is scheduled to mature on June 30, 2027.

As of December 31, 2023 and 2022, total availability under the CVR Energy ABL and CVR Partners variable rate asset based revolving credit facilities aggregated $288 million and $287 million, respectively. CVR Energy ABL also had $26 million and $23 million of letters of credit outstanding as of December 31, 2023 and 2022, respectively.

Food Packaging

Viskase’s debt primarily consists of a credit agreement providing for a $133 million term loan and a $30 million revolving credit facility issued in October 2020 that was repaid in full in 2023. The interest rate on Viskase’s term loans were 7.40% and 6.80% as of December 31, 2023 and 2022, respectively.

Covenants

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

Non-Cash Charges to Interest Expense

The amortization of deferred financing costs and debt discounts and premiums included in interest expense in the consolidated statements of operations were $4 million, $5 million and $5 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Consolidated Maturities

The following is a summary of the maturities of our debt as of December 31, 2023:


Year	Amount
	(in millions)
2024	$	637
2025		763
2026		1,338
2027		1,450
2028		950
Thereafter		2,010
Total debt payments (excluding financing lease payments)		7,148
Less: unamortized discounts, premiums and deferred financing fees		(11)
Financing leases (Note 12)		70
	$	7,207

- 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)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Subsequent Events

12 Months Ended

Dec. 31, 2023

Subsequent Events

Subsequent Events

22. Subsequent Events

Icahn Enterprises

LP Unit Distribution

On February 26, 2024, the Board of Directors of the general partner of Icahn Enterprises declared a quarterly distribution in the amount of $1.00 per depositary unit, which will be paid on or about April 18, 2024 to depositary unitholders of record at the close of business on March 11, 2024. Depositary unitholders will have until April 5, 2024 to make a timely election to receive either cash or additional depositary units. If a unitholder does not make a timely election, it will automatically be deemed to have elected to receive the distribution in additional depositary units. Depositary unitholders who elect to receive (or who are deemed to have elected to receive) additional depositary units will receive units valued at the volume weighted average trading price of the units during the five consecutive trading days ending April 12, 2024. Icahn Enterprises will make a cash payment in lieu of issuing fractional depositary units to any unitholders electing to receive (or who are deemed to have elected to receive) depositary units.

Other Loss, Net (Details) - USD ($) $ in Millions	12 Months Ended
Other Loss, Net (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Component of Other Income (Loss), Net
Other loss, net	$ (69)	$ (177)	$ (84)
Dividend expense
Component of Other Income (Loss), Net
Other loss, net	(87)	(95)	(75)
Equity earnings from non-consolidated affiliates
Component of Other Income (Loss), Net
Other loss, net	12	10	8
Foreign currency transaction loss
Component of Other Income (Loss), Net
Other loss, net	1	(3)	(14)
Legal settlement loss
Component of Other Income (Loss), Net
Other loss, net		(76)
Gain (loss) on extinguishment of debt, net
Component of Other Income (Loss), Net
Other loss, net	13	(2)	(5)
Other
Component of Other Income (Loss), Net
Other loss, net	$ (8)	$ (11)	$ 2

Goodwill and Intangible Assets, Net - Goodwill Table (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill
Gross carrying amount of goodwill	$ 378	$ 378	$ 380
Foreign exchange		(2)
Accumulated impairment of goodwill	(90)	(90)	(90)
Goodwill	288	288
Automotive Segment
Goodwill
Gross carrying amount of goodwill	337	337	337
Accumulated impairment of goodwill	(87)	(87)	(87)
Impairment	0
Goodwill	250	250
Food Packaging Segment
Goodwill
Gross carrying amount of goodwill	6	6	6
Goodwill	6	6
Home Fashion Segment
Goodwill
Gross carrying amount of goodwill	22	22	24
Foreign exchange		(2)
Accumulated impairment of goodwill	(3)	(3)	(3)
Goodwill	19	19
Pharma
Goodwill
Gross carrying amount of goodwill	13	13	$ 13
Goodwill	$ 13	$ 13

Other Loss, Net

12 Months Ended

Dec. 31, 2023

Other Loss, Net

Other Loss, Net

18. Other Loss, Net

Other loss, net consists of the following:


	Year Ended December 31,
	2023		2022		2021

	(in millions)
Dividend expense	$	(87)	$	(95)	$	(75)
Equity earnings from non-consolidated affiliates		12		10		8
Foreign currency transaction loss		1		(3)		(14)
Legal settlement loss		—		(76)		—
Gain (loss) on extinguishment of debt, net		13		(2)		(5)
Other		(8)		(11)		2
	$	(69)	$	(177)	$	(84)

Debt - Maturities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Debt
2024	$ 637
2025	763
2026	1,338
2027	1,450
2028	950
Thereafter	2,010
Total debt payments (excluding financing lease payments)	7,148
Less: unamortized discounts, premiums and deferred financing fees	(11)
Financing leases (Note 12)	70	$ 64
Debt and Lease Obligation, Total	$ 7,207	$ 7,096

Goodwill and Intangible Assets, Net

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets, Net

Goodwill and Intangible Assets, Net

11. Goodwill and Intangible Assets, Net

Goodwill consists of the following:


	December 31, 2023
	Automotive		Food Packaging		Home Fashion		Pharma		Consolidated

	(in millions)
Gross carrying amount, Jan 1	$	337	$	6	$	22	$	13	$	378
Foreign Exchange		—		—		—		—		—
Gross carrying amount, Dec 31		337		6		22		13		378

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

Net carrying value, Dec 31	$	250	$	6	$	19	$	13	$	288


	December 31, 2022
	Automotive		Food Packaging		Home Fashion		Pharma		Consolidated

	(in millions)
Gross carrying amount, Jan 1	$	337	$	6	$	24	$	13	$	380
Foreign exchange		—		—		(2)		—		(2)
Gross carrying amount, Dec 31		337		6		22		13		378

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

Net carrying value, Dec 31	$	250	$	6	$	19	$	13	$	288

Intangible assets, net consists of the following:


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

	(in millions)
Definite-lived intangible assets:
Customer relationships	$	392	$	(229)	$	163	$	393	$	(212)	$	181
Developed technology		254		(90)		164		254		(62)		192
Other		164		(101)		63		167		(90)		77
	$	810	$	(420)	$	390	$	814	$	(364)	$	450

Indefinite-lived intangible assets					$	76					$	83
Intangible assets, net					$	466					$	533

Amortization expense associated with definite-lived intangible assets for the years ended December 31, 2023, 2022 and 2021 was $58 million, $61 million and $62 million, respectively. We utilize the straight-line method of amortization, recognized over the estimated useful lives of the assets.

The estimated future amortization expense for our definite-lived intangible assets is as follows:


Year	Amount
	(in millions)
2024	$	57
2025		56
2026		36
2027		35
2028		31
Thereafter		175
	$	390

Impairment of Goodwill

When performing the quantitative analysis for goodwill impairment testing, we base the fair value of our reporting units on consideration of various valuation methodologies, including projecting future cash flows discounted at rates commensurate with the risks involved (“DCF”). Assumptions used in a DCF require the exercise of significant judgment, including judgment about appropriate discount rates and terminal values, growth rates, and the amount and timing of expected future cash flows. The forecasted cash flows are based on current plans and for years beyond that plan, the estimates are based on assumed growth rates. We believe that our assumptions are consistent with the plans and estimates used to manage the underlying businesses. The discount rates, which are intended to reflect the risks inherent in future cash flow projections, used in a DCF are based on estimates of the weighted-average cost of capital of a market participant. Such estimates are derived from our analysis of peer companies and consider the industry weighted average return on debt and equity from a market participant perspective.

Automotive

We perform the annual goodwill impairment test for our Automotive segment as of October 1 of each year, or more frequently if impairment indicators exist.

During 2023, our Automotive segment performed a quantitative impairment analysis at its reporting unit and determined that the fair value was higher than the carrying value and therefore, no impairment was required.

During 2022, our Automotive segment considered qualitative factors to determine that goodwill at its reporting unit did not require further testing for impairment.

Impairment of Intangible Assets

In conjunction with our goodwill impairment test, we also performed a trademarks and brand names impairment analysis in accordance with FASB ASC 350, Intangibles-Goodwill and other, as of December 31, 2023. Our impairment analyses compare the fair values of these assets to the related carrying values, and impairment charges are recorded for any excess of carrying values over fair values. The fair values of these assets are based upon the prospective stream of hypothetical after-tax royalty cost savings discounted at rates that reflect the rates of return appropriate for these intangible assets. The inputs used to determine the fair values of tradenames and trademarks are (i) the projected revenue growth, (ii) the royalty rate, (iii) the discount rate, and (iv) the tax rate. Following this analysis, our Automotive segment recognized a $7 million impairment charge in the fourth quarter of 2023, resulting from a decrease in projected revenue growth.

Subsequent Events (Details) - Subsequent event	Feb. 26, 2024 D $ / shares
Subsequent Events
Distribution declared per LP unit \| $ / shares	$ 1.00
Threshold number of specified trading days \| D	5

Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt

Schedule of Long-term Debt Instruments


	December 31,
	2023		2022

	(in millions)
Holding Company:
4.750% senior unsecured notes due 2024	$	—	$	1,103
6.375% senior unsecured notes due 2025		749		749
6.250% senior unsecured notes due 2026		1,238		1,250
5.250% senior unsecured notes due 2027		1,454		1,460
4.375% senior unsecured notes due 2029		708		747
9.750% senior unsecured notes due 2029		698		—
		4,847		5,309
Reporting Segments:
Energy		2,185		1,591
Automotive		33		21
Food Packaging		133		162
Real Estate		1		1
Home Fashion		8		12
		2,360		1,787
Total Debt	$	7,207	$	7,096

Schedule of Maturities of Long-term Debt


Year	Amount
	(in millions)
2024	$	637
2025		763
2026		1,338
2027		1,450
2028		950
Thereafter		2,010
Total debt payments (excluding financing lease payments)		7,148
Less: unamortized discounts, premiums and deferred financing fees		(11)
Financing leases (Note 12)		70
	$	7,207

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Millions	General partner Capital Units	Limited partners Capital Units	Total Partners' Equity	Non-controlling Interests	Total
Total equity at Dec. 31, 2020	$ (853)	$ 4,236	$ 3,383	$ 5,875	$ 9,258
Increase (Decrease) in Equity
Net income (loss)	86	(604)	(518)	18	(500)
Other comprehensive income		5	5	1	6
Partnership distributions	(3)	(132)	(135)		(135)
Partnership contributions	17	825	842		842
Investment segment contributions				76	76
Dividends and distributions to non-controlling interests in subsidiaries				(175)	(175)
Changes in subsidiary equity and other	(1)	(32)	(33)	4	(29)
Total equity at Dec. 31, 2021	(754)	4,298	3,544	5,799	9,343
Increase (Decrease) in Equity
Net income (loss)	(4)	(179)	(183)	158	(25)
Other comprehensive income		4	4		4
Partnership distributions	(4)	(222)	(226)		(226)
Partnership contributions	15	753	768		768
Investment segment distributions				(27)	(27)
Investment segment contributions				9	9
Dividends and distributions to non-controlling interests in subsidiaries				(270)	(270)
Changes in subsidiary equity and other		(7)	(7)	(11)	(18)
Total equity at Dec. 31, 2022	(747)	4,647	3,900	5,658	9,558
Increase (Decrease) in Equity
Net income (loss)	(14)	(670)	(684)	(328)	(1,012)
Other comprehensive income		15	15		15
Partnership distributions	(6)	(301)	(307)		(307)
Partnership contributions	4	175	179		179
Investment segment contributions				(2,197)	(2,197)
Dividends and distributions to non-controlling interests in subsidiaries				(319)	(319)
Changes in subsidiary equity and other	2	103	105	51	156
Total equity at Dec. 31, 2023	$ (761)	$ 3,969	$ 3,208	$ 2,865	$ 6,073

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net loss	$ (1,012)	$ (25)	$ (500)
Other comprehensive income, net of tax:
Translation adjustments	12	(7)	(7)
Post-retirement benefits and other	3	11	13
Other comprehensive income, net of tax	15	4	6
Comprehensive loss	(997)	(21)	(494)
Less: Comprehensive (loss) income attributable to non-controlling interests	(328)	158	19
Comprehensive loss attributable to Icahn Enterprises	(669)	(179)	(513)
Comprehensive loss attributable to Icahn Enterprises allocated to:
Limited partners	(656)	(175)	(599)
General partner	(13)	(4)	86
Comprehensive loss attributable to Icahn Enterprises	$ (669)	$ (179)	$ (513)

Subsidiary Bankruptcy and Deconsolidation (Details) $ in Millions		12 Months Ended
	May 19, 2023 USD ($) item	Dec. 31, 2023 USD ($)
Related Party Transaction [Line Items]
Number of sales of Auto Plus assets \| item	5
Number of bidders \| item	5
Non cash charge		$ 246
Credit bid for a portion of its senior secured debtor-in-possession loan	$ 10
Deconsolidation of Investment in Auto Plus
Related Party Transaction [Line Items]
Equity investments, Fair value		$ 0

CONSOLIDATED BALANCE SHEETS (Parentheticals) - shares	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity:
Limited partners: Depositary units issued	429,033,241	353,572,182	293,403,243
Limited partners: Depositary units outstanding	429,033,241	353,572,182

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Measurements

Fair Value Measurements

6. Fair Value Measurements

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

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

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

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

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

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

Assets and Liabilities Measured at Fair Value on a Recurring Basis

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


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

	(in millions)
Assets
Investments (Note 5)	$	2,730	$	129	$	42	$	2,901	$	5,538	$	1,142	$	42	$	6,722
Derivative assets, net (Note 7)		—		64		—		64		—		805		—		805
	$	2,730	$	193	$	42	$	2,965	$	5,538	$	1,947	$	42	$	7,527
Liabilities
Securities sold, not yet purchased (Note 5)	$	3,288	$	185	$	—	$	3,473	$	6,326	$	169	$	—	$	6,495
Derivative liabilities, net (Note 7)		—		979		—		979		—		691		—		691
Other liabilities		—		329		—		329		—		692		—		692
	$	3,288	$	1,493	$	—	$	4,781	$	6,326	$	1,552	$	—	$	7,878

Refer to Note 20, “Pension and Other Post-Retirement Benefit Plans,” for our Food Packaging segment’s defined benefit plan assets measured at fair value on a recurring basis as of December 31, 2023 and 2022.

There were no changes in investments measured at fair value on a recurring basis for which we use Level 3 inputs during the years ended December 31, 2023 and 2022.

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 December 31, 2023.

Holding Company

The estimated fair value of the Company’s note receivable from Auto Plus was measured at January 31, 2023 using the income approach with Level 3 inputs by discounting the forecasted cash inflows associated with the note using an estimated market discount rate. The Company measured the fair value of the related party note using the practical expedient for a collateral-dependent loan in accordance with ASC Topic 326 to determine the allowance based on the fair value of collateral less costs to sell. The collateral for the note primarily consists of cash and accounts receivable. The Company estimated the fair value of the accounts receivable by using an average from a range of expected cash collection projections. We determined the estimated fair value to be $11 million at December 31, 2023.

- 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

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Taxes

Income Taxes

16. Income Taxes

The difference between the book basis and the tax basis of our net assets, not directly subject to income taxes, is as follows:


	Icahn Enterprises
	December 31,
	2023		2022

		(in millions)
Book basis of net assets	$	3,224	$	3,901
Book/tax basis difference		(540)		(1,267)
Tax basis of net assets	$	2,684	$	2,634

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


	Year Ended December 31,
	2023		2022		2021

	(in millions)
Domestic	$	(943)	$	(8)	$	(576)
International		21		17		(2)
	$	(922)	$	9	$	(578)

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


	Year Ended December 31,
	2023		2022		2021

	(in millions)
Current:
Domestic	$	(130)	$	(174)	$	(87)
International		(8)		(8)		(3)
Total current		(138)		(182)		(90)
Deferred:
Domestic		41		149		166
International		7		(1)		2
Total deferred		48		148		168
	$	(90)	$	(34)	$	78

A reconciliation of the income tax benefit (expense) calculated at the federal statutory rate to income tax benefit (expense) on continuing operations as shown in the consolidated statements of operations is as follows:


	Year Ended December 31,
	2023		2022		2021

	(in millions)
Income tax benefit at U.S. statutory rate	$	193	$	(2)	$	121
Tax effect from:
Valuation allowance		(1)		100		13
Non-controlling interest		23		38		10
Credits and incentives		26		—		—
Uncertain tax positions		17		—		—
Deconsolidation		23		—		—
Tax gain not on books		(83)		—		—
Tax rate changes		—		—		13
Dividends received		(20)		(23)		(24)
Income not subject to taxation		(239)		(88)		(64)
State taxes		(26)		(49)		—
Other		(3)		(10)		9
Income tax benefit (expense)	$	(90)	$	(34)	$	78

The tax effect of significant differences representing deferred tax assets (liabilities) (the difference between financial statement carrying value and the tax basis of assets and liabilities) is as follows:


	December 31,
	2023		2022

	(in millions)
Deferred tax assets:
Contingent liabilities	$	61	$	—
Net operating loss		954		954
Tax credits		48		46
Capital loss		200		253
Leases		139		115
Investment in partnerships		147		74
Other		105		101
Total deferred tax assets		1,654		1,543
Less: Valuation allowance		(860)		(866)
Net deferred tax assets	$	794	$	677

Deferred tax liabilities:
Property, plant and equipment	$	(408)	$	(100)
Intangible assets		(65)		(70)
Investment in partnerships		(180)		(435)
Investment in U.S. subsidiaries		(163)		(184)
Leases		(135)		(112)
Other		(58)		(6)
Total deferred tax liabilities		(1,009)		(907)
	$	(215)	$	(230)

We recorded deferred tax assets and deferred tax liabilities of $184 million and $399 million, respectively, as of December 31, 2023 and $109 million and $339 million, respectively, as of December 31, 2022.

We analyze all positive and negative evidence to consider whether it is more likely than not that all of the deferred tax assets will be realized. Projected future income, tax planning strategies and the expected reversal of deferred tax liabilities are considered in making this assessment. As of December 31, 2023 we had a valuation allowance of approximately $860 million primarily related to tax loss and credit carryforwards and other deferred tax assets. The current and future provisions for income taxes may be significantly impacted by changes to valuation allowances. These allowances will be maintained until it is more likely than not that the deferred tax assets will be realized. For the year ended December 31, 2023, the valuation allowance on deferred tax assets decreased by $6 million. The decrease was primarily attributable to utilization of capital loss carryforwards and changes in net operating loss carryforwards partially offset by increases in other deferred tax assets.

At December 31, 2023, American Entertainment Properties Corp. (“AEPC”), a wholly-owned corporate subsidiary of Icahn Enterprises, which includes all or parts of our Automotive, Food Packaging, Pharma, Home Fashion and Real Estate segments had U.S. federal net operating loss carryforwards of approximately $3.2 billion with expiration dates from 2024 through unlimited carryforward periods. Additionally, AEPC and its corporate subsidiaries had foreign net operating loss carryforwards of $19 million with an unlimited carryforward period.

At December 31, 2023, CVR Energy had state income tax credits of $14 million, which are available to reduce future state income taxes. These credits have an indefinite carryforward period.

As of December 31, 2023, we have not provided taxes on approximately $74 million of undistributed earnings in foreign subsidiaries which are deemed to be indefinitely reinvested. If at some future date these earnings cease to be permanently reinvested, we may be subject to foreign income and withholding taxes upon repatriation of such amounts. An estimate of the tax liability that would be incurred upon repatriation of foreign earnings is not practicable to determine.

Accounting for Uncertainty in Income Taxes

A summary of the changes in the gross amounts of unrecognized tax benefits for the years ended December 31, 2023, 2022 and 2021 are as follows:


	Year Ended December 31,
	2023		2022		2021

	(in millions)
Balance at January 1	$	27	$	33	$	35
Addition based on tax positions related to the current year		—		—		—
Increase for tax positions of prior years		—		—		—
Decrease for tax positions of prior years		—		—		(1)
Decrease for statute of limitation expiration		(17)		(6)		(1)
Balance at December 31	$	10	$	27	$	33

At December 31, 2023, 2022 and 2021, we had unrecognized tax benefits of $10 million, $27 million and $33 million, respectively. Of these totals, $10 million, $25 million and $29 million represent the amount of unrecognized tax benefits that if recognized, would affect the annual effective tax rate in the respective periods. The total unrecognized tax benefits differ from the amount which would affect the effective tax rate primarily due to the impact of valuation allowances.

During the next 12 months, we believe that it is reasonably possible that unrecognized tax benefits may decrease by approximately $2 million due to statute expirations.

We recognize interest and penalties accrued related to unrecognized tax benefits as a component of income tax expense. We recorded $4 million, $6 million and $5 million as of December 31, 2023, 2022 and 2021, respectively, in liabilities for tax related net interest and penalties in our consolidated balance sheets. Income tax expense (benefit) related to interest and penalties were $(2) million, $2 million and $2 million for the years December 31, 2023, 2022 and 2021, respectively. We or certain of our subsidiaries file income tax returns in the U.S. federal jurisdiction, various state jurisdictions and various non-U.S. jurisdictions. We and our subsidiaries are no longer subject to U.S. federal tax examinations for years before 2019 or state and local examinations for years before 2018, with limited exceptions.

- 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

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+ Details

Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment, Net
Property, plant and equipment, gross	$ 8,200	$ 7,966
Less: Accumulated depreciation and amortization	(4,231)	(3,928)
Property, plant and equipment, net	3,969	4,038
Depreciation and amortization expense related to property, plant and equipment	384	384	$ 383
Land
Property, Plant and Equipment, Net
Property, plant and equipment, gross	332	331
Buildings and improvements
Property, Plant and Equipment, Net
Property, plant and equipment, gross	$ 1,058	964
Buildings and improvements \| Minimum
Property, Plant and Equipment, Net
Property, plant and equipment, useful life (in years)	1 year
Buildings and improvements \| Maximum
Property, Plant and Equipment, Net
Property, plant and equipment, useful life (in years)	40 years
Machinery, equipment and furniture
Property, Plant and Equipment, Net
Property, plant and equipment, gross	$ 6,083	6,034
Machinery, equipment and furniture \| Minimum
Property, Plant and Equipment, Net
Property, plant and equipment, useful life (in years)	1 year
Machinery, equipment and furniture \| Maximum
Property, Plant and Equipment, Net
Property, plant and equipment, useful life (in years)	30 years
Assets leased to others
Property, Plant and Equipment, Net
Property, plant and equipment, gross	$ 334	321
Assets leased to others \| Minimum
Property, Plant and Equipment, Net
Property, plant and equipment, useful life (in years)	3 years
Assets leased to others \| Maximum
Property, Plant and Equipment, Net
Property, plant and equipment, useful life (in years)	39 years
Financing leases
Property, Plant and Equipment, Net
Property, plant and equipment, gross	$ 118	106
Financing leases \| Minimum
Property, Plant and Equipment, Net
Property, plant and equipment, useful life (in years)	1 year
Financing leases \| Maximum
Property, Plant and Equipment, Net
Property, plant and equipment, useful life (in years)	10 years
Construction in progress
Property, Plant and Equipment, Net
Property, plant and equipment, gross	$ 275	$ 210

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2023	Feb. 28, 2024	Jun. 30, 2023
Cover page.
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-9516
Entity Registrant Name	ICAHN ENTERPRISES L.P.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-3398766
Entity Address, Address Line One	16690 Collins Avenue,
Entity Address, Address Line Two	PH-1
Entity Address, City or Town	Sunny Isles Beach,
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33160
City Area Code	305
Local Phone Number	422-4100
Title of 12(b) Security	Depositary Units of Icahn Enterprises L.P. Representing Limited Partner Interests
Trading Symbol	IEP
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 1,712
Entity Common Stock, Shares Outstanding		429,033,241
Entity Central Index Key	0000813762
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	GRANT THORNTON LLP
Auditor Firm ID	248
Auditor Location	Fort Lauderdale, Florida

Financial Instruments - Energy Segments Derivatives (Details) - USD ($)
$ in Millions

Dec. 31, 2023

Dec. 31, 2022

Derivative [Line Items]

Derivative Asset, Statement of Financial Position [Extensible Enumeration]

^[1]

Unrealized Gain On Derivative Contracts

Derivative liabilities

$ 979

$ 691

Collateral for derivative positions

Energy

Derivative [Line Items]

Asset derivatives, Gross

(6)

Derivative asset

Liability derivatives, Gross

(1)

Derivative liabilities

Commodity Contracts | Energy

Derivative [Line Items]

Asset derivatives, Gross

Liability derivatives, Gross

$ (6)

$ 5

[1]

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

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+ Details

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

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+ Details

Goodwill and Intangible Assets, Net - Definite-lived and Indefinite-lived Intangible Assets Table (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Definite-lived intangible assets:
Gross Carrying Amount	$ 810	$ 814
Accumulated Amortization	(420)	(364)
Net Carrying Value	390	450
Indefinite-lived intangible assets	76	83
Intangible assets, net	466	533
Customer Relationships
Definite-lived intangible assets:
Gross Carrying Amount	392	393
Accumulated Amortization	(229)	(212)
Net Carrying Value	163	181
Developed Technology
Definite-lived intangible assets:
Gross Carrying Amount	254	254
Accumulated Amortization	(90)	(62)
Net Carrying Value	164	192
Unclassified Indefinite-lived Intangible Assets
Definite-lived intangible assets:
Gross Carrying Amount	164	167
Accumulated Amortization	(101)	(90)
Net Carrying Value	$ 63	$ 77

Segment and Geographic Reporting (Tables)

12 Months Ended

Dec. 31, 2023

Disaggregation of Revenue [Line Items]

Schedule of Condensed Income Statement by Segment


	Year Ended December 31, 2023
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated

	(in millions)
Revenues:
Net sales	$	—	$	9,247	$	1,047	$	446	$	69	$	175	$	93	$	—	$	11,077
Other revenues from operations		—		—		694		—		73		—		3		—		770
Net loss from investment activities		(1,575)		—		—		—		—		—		—		—		(1,575)
Interest and dividend income		497		38		3		—		—		—		1		97		636
(Loss) gain on disposition of assets, net		—		(2)		10		—		—		—		—		—		8
Other (loss) gain, net		(87)		14		—		(11)		1		—		1		13		(69)
		(1,165)		9,297		1,754		435		143		175		98		110		10,847
Expenses:
Cost of goods sold		—		8,019		714		352		48		138		56		—		9,327
Other expenses from operations		—		—		581		—		62		—		—		—		643
Selling, general and administrative		26		168		465		54		17		41		45		36		852
Restructuring, net		—		—		—		—		—		1		—		—		1
Impairment		—		—		7		—		—		—		—		—		7
Credit loss on notes receivable		—		—		—		—		—		—		—		139		139
Loss on deconsolidation		—		—		—		—		—		—		—		246		246
Interest expense		162		90		3		12		—		1		—		286		554
		188		8,277		1,770		418		127		181		101		707		11,769
(Loss) income from continuing operations before income tax (expense) benefit		(1,353)		1,020		(16)		17		16		(6)		(3)		(597)		(922)
Income tax (expense) benefit		—		(189)		10		(4)		—		—		—		93		(90)
Net (loss) income		(1,353)		831		(6)		13		16		(6)		(3)		(504)		(1,012)
Less: net (loss) income from continuing operations attributable to non-controlling interests		(652)		323		—		1		—		—		—		—		(328)
Net (loss) income from continuing operations attributable to Icahn Enterprises	$	(701)	$	508	$	(6)	$	12	$	16	$	(6)	$	(3)	$	(504)	$	(684)
Supplemental information:
Capital expenditures	$	—	$	205	$	79	$	14	$	3	$	2	$	—	$	—	$	303
Depreciation and amortization	$	—	$	363	$	81	$	25	$	13	$	7	$	28	$	1	$	518


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

	(in millions)
Revenues:
Net sales	$	—	$	10,896	$	1,707	$	431	$	61	$	217	$	66	$	—	$	13,378
Other revenues from operations		—		—		687		—		57		—		4		—		748
Net (loss) gain from investment activities		(216)		—		—		—		—		—		—		48		(168)
Interest and dividend income		288		8		—		—		—		—		1		31		328
(Loss) gain on disposition of assets, net		—		(11)		3		—		—		—		—		—		(8)
Other (loss) gain, net		(95)		(78)		1		(5)		—		—		1		(1)		(177)
		(23)		10,815		2,398		426		118		217		72		78		14,101
Expenses:
Cost of goods sold		—		9,811		1,247		357		40		186		48		—		11,689
Other expenses from operations		—		—		528		—		55		—		—		—		583
Selling, general and administrative		27		176		867		52		16		48		42		22		1,250
Restructuring, net		—		—		—		—		—		2		—		—		2
Impairment		—		—		—		—		—		—		—		—		—
Interest expense		173		92		2		8		—		3		—		290		568
		200		10,079		2,644		417		111		239		90		312		14,092
(Loss) income from continuing operations before income tax (expense) benefit		(223)		736		(246)		9		7		(22)		(18)		(234)		9
Income tax (expense) benefit		—		(140)		54		(7)		—		—		—		59		(34)
Net (loss) income		(223)		596		(192)		2		7		(22)		(18)		(175)		(25)
Less: net (loss) income from continuing operations attributable to non-controlling interests		(134)		292		—		—		—		—		—		—		158
Net (loss) income from continuing operations attributable to Icahn Enterprises	$	(89)	$	304	$	(192)	$	2	$	7	$	(22)	$	(18)	$	(175)	$	(183)
Supplemental information:
Capital expenditures	$	—	$	191	$	114	$	22	$	9	$	2	$	—	$	—	$	338
Depreciation and amortization	$	—	$	353	$	80	$	27	$	13	$	7	$	28	$	1	$	509


	Year Ended December 31, 2021
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Metals		Holding Company		Consolidated

	(in millions)
Revenues:
Net sales	$	—	$	7,242	$	1,789	$	416	$	55	$	197	$	81	$	524	$	—	$	10,304
Other revenues from operations		—		—		605		—		38		—		4		—		—		647
Net gain (loss) from investment activities		145		81		—		—		—		—		—		—		(33)		193
Interest and dividend income		132		—		—		—		—		—		—		—		5		137
(Loss) gain on disposition of assets, net		—		(3)		(22)		—		3		—		—		163		—		141
Other (loss) income, net		(75)		7		(2)		(14)		—		—		—		(3)		3		(84)
		202		7,327		2,370		402		96		197		85		684		(25)		11,338
Expenses:
Cost of goods sold		—		7,069		1,339		343		44		159		50		481		—		9,485
Other expenses from operations		—		—		475		—		47		—		—		—		—		522
Selling, general and administrative		16		147		877		50		13		46		38		16		35		1,238
Restructuring, net		—		—		4		1		—		—		—		—		—		5
Impairment		—		—		—		—		—		—		—		—		—		—
Interest expense		218		109		7		6		—		2		—		1		323		666
		234		7,325		2,702		400		104		207		88		498		358		11,916
(Loss) income from continuing operations before income tax benefit (expense)		(32)		2		(332)		2		(8)		(10)		(3)		186		(383)		(578)
Income tax benefit (expense)		—		27		72		(4)		—		2		—		—		(19)		78
Net (loss) income from continuing operations		(32)		29		(260)		(2)		(8)		(8)		(3)		186		(402)		(500)
Less: net (loss) income from continuing operations attributable to non-controlling interests		(16)		34		—		—		—		—		—		—		—		18
Net (loss) income from continuing operations attributable to Icahn Enterprises	$	(16)	$	(5)	$	(260)	$	(2)	$	(8)	$	(8)	$	(3)	$	186	$	(402)	$	(518)
Supplemental information:
Capital expenditures	$	—	$	224	$	48	$	17	$	10	$	3	$	—	$	3	$	—	$	305
Depreciation and amortization	$	—	$	343	$	87	$	28	$	9	$	7	$	28	$	14	$	1	$	517

Schedule of Condensed Financial Statements by Segment


	December 31, 2023
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated

	(in millions)
ASSETS
Cash and cash equivalents	$	23	$	1,179	$	104	$	8	$	22	$	5	$	26	$	1,584	$	2,951
Cash held at consolidated affiliated partnerships and restricted cash		2,799		7		9		—		4		3		—		173		2,995
Investments		2,898		100		—		—		14		—		—		—		3,012
Accounts receivable, net		—		286		41		89		16		26		27		—		485
Related party note receivable		—		—		—		—		—		—		—		11		11
Inventories		—		604		228		111		—		81		23		—		1,047
Property, plant and equipment, net		—		2,594		822		134		363		52		—		4		3,969
Goodwill and intangible assets, net		—		179		335		23		—		19		198		—		754
Other assets		4,425		310		480		101		69		17		8		224		5,634
Total assets	$	10,145	$	5,259	$	2,019	$	466	$	488	$	203	$	282	$	1,996	$	20,858
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	1,312	$	1,553	$	890	$	148	$	43	$	42	$	55	$	62	$	4,105
Securities sold, not yet purchased, at fair value		3,473		—		—		—		—		—		—		—		3,473
Debt		—		2,185		33		133		1		8		—		4,847		7,207
Total liabilities		4,785		3,738		923		281		44		50		55		4,909		14,785

Equity attributable to Icahn Enterprises		3,243		795		1,096		168		439		153		227		(2,913)		3,208
Equity attributable to non-controlling interests		2,117		726		—		17		5		—		—		—		2,865
Total equity		5,360		1,521		1,096		185		444		153		227		(2,913)		6,073
Total liabilities and equity	$	10,145	$	5,259	$	2,019	$	466	$	488	$	203	$	282	$	1,996	$	20,858


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

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

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

Geographic Information


														Property, Plant and
		Net Sales						Other Revenues From Operations						Equipment, Net
		Year Ended December 31,						Year Ended December 31,						December 31,
		2023		2022		2021		2023		2022		2021		2023		2022

	(in millions)
United States		$	10,687	$	12,988	$	9,924	$	742	$	722	$	636	$	3,844	$	3,921
International			390		390		380		28		26		11		125		117
		$	11,077	$	13,378	$	10,304	$	770	$	748	$	647	$	3,969	$	4,038

Energy

Disaggregation of Revenue [Line Items]

Disaggregation of Revenue


	Year Ended December 31,
	2023		2022		2021

	(in millions)
Petroleum products	$	8,566	$	10,060	$	6,709
Nitrogen fertilizer products		681		836		533
	$	9,247	$	10,896	$	7,242

Automotive Segment

Disaggregation of Revenue [Line Items]

Disaggregation of Revenue


	Year Ended December 31,
	2023		2022		2021

	(in millions)
Automotive Services	$	1,548	$	1,552	$	1,377
Aftermarket Parts sales		137		797		1,007
Total revenue from customers		1,685		2,349		2,384
Lease revenue outside scope ASC 606		56		45		10
Total Automotive net sales and other revenues from operations	$	1,741	$	2,394	$	2,394

- 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 and Geographic Reporting - Disaggregation of Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Energy
Disaggregation of Revenue [Line Items]
Disaggregated revenue	$ 9,247	$ 10,896	$ 7,242
Automotive Segment
Disaggregation of Revenue [Line Items]
Disaggregated revenue	1,685	2,349	2,384
Lease revenue outside scope ASC 606	56	45	10
Total Automotive net sales and other revenues from operations	1,741	2,394	2,394
Petroleum products \| Energy
Disaggregation of Revenue [Line Items]
Disaggregated revenue	8,566	10,060	6,709
Nitrogen fertilizer products \| Energy
Disaggregation of Revenue [Line Items]
Disaggregated revenue	681	836	533
Automotive Services \| Automotive Segment
Disaggregation of Revenue [Line Items]
Disaggregated revenue	1,548	1,552	1,377
Aftermarket Parts \| Automotive Segment
Disaggregation of Revenue [Line Items]
Disaggregated revenue	$ 137	$ 797	$ 1,007

Commitments and Contingencies - Purchase Obligations and Operating Lease Commitment Tables (Details) $ in Millions	Dec. 31, 2023 USD ($)
Energy
Unconditional purchase obligations
2024	$ 73
2025	73
2026	67
2027	66
2028	66
Thereafter	147
Minimum required payments for unconditional purchase obligations	492
Pharma
Unconditional purchase obligations
2024	15
2025	11
2026	11
2027	12
2028	12
Thereafter	12
Minimum required payments for unconditional purchase obligations	$ 73

Fair Value Measurements (Policies)	12 Months Ended
Fair Value Measurements (Policies)	Dec. 31, 2023
Fair Value Measurements
Determination of when transfers between fair value levels occurs	In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the assets and liabilities. Significant transfers, if any, between the levels within the fair value hierarchy are recognized at the beginning of the reporting period when changes in circumstances require such transfers.

Goodwill and Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets, Net

Schedule of Goodwill


	December 31, 2023
	Automotive		Food Packaging		Home Fashion		Pharma		Consolidated

	(in millions)
Gross carrying amount, Jan 1	$	337	$	6	$	22	$	13	$	378
Foreign Exchange		—		—		—		—		—
Gross carrying amount, Dec 31		337		6		22		13		378

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

Net carrying value, Dec 31	$	250	$	6	$	19	$	13	$	288


	December 31, 2022
	Automotive		Food Packaging		Home Fashion		Pharma		Consolidated

	(in millions)
Gross carrying amount, Jan 1	$	337	$	6	$	24	$	13	$	380
Foreign exchange		—		—		(2)		—		(2)
Gross carrying amount, Dec 31		337		6		22		13		378

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

Net carrying value, Dec 31	$	250	$	6	$	19	$	13	$	288

Intangible assets, net


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

	(in millions)
Definite-lived intangible assets:
Customer relationships	$	392	$	(229)	$	163	$	393	$	(212)	$	181
Developed technology		254		(90)		164		254		(62)		192
Other		164		(101)		63		167		(90)		77
	$	810	$	(420)	$	390	$	814	$	(364)	$	450

Indefinite-lived intangible assets					$	76					$	83
Intangible assets, net					$	466					$	533

Schedule of Definite-Lived Intangible Assets, Future Amortization Expense


Year	Amount
	(in millions)
2024	$	57
2025		56
2026		36
2027		35
2028		31
Thereafter		175
	$	390

- 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

Changes in Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Dec. 31, 2023

Changes in Accumulated Other Comprehensive Loss

Schedule of Accumulated Other Comprehensive Loss


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

	(in millions)
Balance, December 31, 2022	$	(45)	$	(25)	$	(70)
Other comprehensive income before reclassifications, net of tax		12		3		15
Reclassifications from accumulated other comprehensive loss to earnings, net of tax		—		—		—
Other comprehensive income, net of tax		12		3		15
Balance, December 31, 2023	$	(33)	$	(22)	$	(55)

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Measurements

Assets measured at fair value on a recurring basis


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

	(in millions)
Assets
Investments (Note 5)	$	2,730	$	129	$	42	$	2,901	$	5,538	$	1,142	$	42	$	6,722
Derivative assets, net (Note 7)		—		64		—		64		—		805		—		805
	$	2,730	$	193	$	42	$	2,965	$	5,538	$	1,947	$	42	$	7,527
Liabilities
Securities sold, not yet purchased (Note 5)	$	3,288	$	185	$	—	$	3,473	$	6,326	$	169	$	—	$	6,495
Derivative liabilities, net (Note 7)		—		979		—		979		—		691		—		691
Other liabilities		—		329		—		329		—		692		—		692
	$	3,288	$	1,493	$	—	$	4,781	$	6,326	$	1,552	$	—	$	7,878

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies.

Contractual Obligation, Fiscal Year Maturity Schedule


Year	Energy		Pharma

	(in millions)
2024	$	73	$	15
2025		73		11
2026		67		11
2027		66		12
2028		66		12
Thereafter		147		12
	$	492	$	73

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

Dec. 31, 2023

Dec. 31, 2022

Equity Contracts

Primary underlying risk:

Long Notional Exposure

$ 1,882

$ 1,816

Short Notional Exposure

2,350

5,354

Credit Contracts

Primary underlying risk:

Long Notional Exposure

^[1]

Short Notional Exposure

^[1]

435

945

Commodity Contracts

Primary underlying risk:

Long Notional Exposure

Short Notional Exposure

409

Credit Default Swap

Primary underlying risk:

Short notional amount of credit default swap positions

$ 2,500

$ 3,500

[1]

Leases

12 Months Ended

Dec. 31, 2023

Leases

Leases

12. Leases

All Segments and Holding Company

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

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


	December 31,
	2023		2022

	(in millions)
Operating Leases:
Right-of-use assets (other assets)	$	526	$	478
Lease liabilities (accrued expenses and other liabilities)		531		484

Financing Leases:
Right-of-use assets (property, plant and equipment, net)		55		48
Lease liabilities (debt)		70		64

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


	Right-Of-Use		Lease			Discount
Operating Leases as of December 31, 2023	Assets		Liabilities		Lease Term	Rate

	(in millions)
Energy	$	53	$	49	5.4 years	6.7%
Automotive		422		434	5.4 years	5.9%
Food Packaging		22		25	9.1 years	7.4%
Other segments and Holding Company		29		23
	$	526	$	531


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

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

Maturities of lease liabilities as of December 31, 2023 are as follows:


	Operating		Financing
Year	Leases		Leases

	(in millions)
2024	$	142	$	17
2025		124		15
2026		110		14
2027		87		13
2028		51		10
Thereafter		103		23
Total lease payments		617		92
Less: imputed interest		(86)		(22)
	$	531	$	70

For the year ended December 31, 2023, lease cost was comprised of operating lease cost of $177 million, amortization of financing lease right-of-use assets of $8 million and interest expense on financing lease liabilities of $5 million. For the year ended December 31, 2022, lease cost was comprised of operating lease cost of $197 million, amortization of financing lease right-of-use assets of $8 million and interest expense on financing lease liabilities of $5 million. For the year ended December 31, 2021, lease cost was comprised of operating lease cost of $196 million, amortization of financing lease right-of-use assets of $10 million and interest expense on financing lease liabilities of $6

million. Our Automotive segment accounted for $143 million, $163 million and $163 million of total lease cost for the years ended December 31, 2023, 2022 and 2021, respectively.

Lessor Arrangements

Automotive

Our Automotive segment leases available and excess real estate in certain locations under long-term operating leases. Our Automotive segment’s revenues from operating leases were $56 million, $45 million and $10 million for the years ended December 31, 2023, 2022 and 2021, respectively. Our Automotive segment’s expenses from operating leases were $99 million, $46 million and $10 million for the years ended December 31, 2023, 2022 and 2021, respectively. Revenues from operating leases are included in other revenue from operations in the consolidated statements of operations and expenses from operating leases are included in other expenses from operations in the consolidated statements of operations. Our Automotive segment’s anticipated future receipts of minimum operating lease payments are $37 million for 2024, $36 million for each of 2025, 2026, 2027, and 2028 and an aggregate of $103 million for 2029 and thereafter.

Real Estate

Our Real Estate segment leases real estate, primarily commercial properties under long-term operating leases. As of December 31, 2023 and 2022, our Real Estate segment had assets leased to others included in property, plant and equipment of $252 million and $252 million, respectively, net of accumulated depreciation. Our Real Estate segment’s revenue from operating leases were $17 million, $7 million and $8 million for the years ended December 31, 2023, 2022 and 2021, respectively, and are included in other revenue from operations in the consolidated statements of operations. Our Real Estate segment’s anticipated future receipts of minimum operating lease payments are $6 million for each of 2024 and 2025, $5 million for each of 2026, 2027, and 2028 and an aggregate of $15 million for 2029 and thereafter.

Goodwill and Intangible Assets, Net (Policies)	12 Months Ended
Goodwill and Intangible Assets, Net (Policies)	Dec. 31, 2023
Goodwill and Intangible Assets, Net
Intangible assets	We utilize the straight-line method of amortization, recognized over the estimated useful lives of the assets.

Investments - Investment Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2023
Schedule of Investments
Securities sold, not yet purchased, at fair value	$ 3,473	$ 6,495
Fair value of equity method investment under fair value option		500
Unrealized gain on equity method investments under fair value option	60	(230)
Total liabilities	14,785	18,356
Total assets	20,858	27,914
Net sales	11,077	13,378	$ 10,304
Cost of goods sold	9,327	11,689	9,485
Net loss	(1,012)	(25)	(500)
Net (loss) income attributable to investee shareholders	(684)	(183)	(518)
Xerox
Schedule of Investments
Non-controlling interests		10
Equity attributable to investee shareholders		3,343
Total liabilities		7,966
Total assets		11,543
Net sales		7,107
Cost of goods sold		7,435
Net loss		(322)
Net (loss) income attributable to investee shareholders		(322)
Investment Segment.
Schedule of Investments
Debt Securities	287	2,100
Securities sold, not yet purchased, at fair value	3,473	6,495
Portion of unrealized (losses) gains that relates to equity and debt securities still held	(302)	(1,544)	$ 1,153
Total liabilities	4,785	8,084
Total assets	10,145	17,234
Net sales	0
Cost of goods sold	0
Investment Segment. \| Equity securities
Schedule of Investments
Equity securities	2,611	4,619
Securities sold, not yet purchased, at fair value	3,288	6,326
Investment Segment. \| Communication
Schedule of Investments
Equity securities		199
Debt Securities	85	11
Investment Segment. \| Consumer, non-cyclical
Schedule of Investments
Securities sold, not yet purchased, at fair value	41	1,006
Investment Segment. \| Consumer, cyclical
Schedule of Investments
Equity securities	260	692
Securities sold, not yet purchased, at fair value	3	352
Investment Segment. \| Energy
Schedule of Investments
Equity securities	708	909
Securities sold, not yet purchased, at fair value	2,146	2,690
Investment Segment. \| Financial
Schedule of Investments
Debt Securities	158	1,958
Investment Segment. \| Utilities
Schedule of Investments
Equity securities	1,012	1,205
Securities sold, not yet purchased, at fair value	610	813
Investment Segment. \| Healthcares
Schedule of Investments
Equity securities	440	320
Securities sold, not yet purchased, at fair value		387
Investment Segment. \| Technology
Schedule of Investments
Equity securities	139	655
Investment Segment. \| Materials
Schedule of Investments
Equity securities	52	153
Securities sold, not yet purchased, at fair value	350	598
Investment Segment. \| Industrial
Schedule of Investments
Equity securities		486
Securities sold, not yet purchased, at fair value	138	480
Investment Segment. \| Debt securities
Schedule of Investments
Debt Securities	2,898	6,719
Securities sold, not yet purchased, at fair value	185	169
Investment Segment. \| Real Estate
Schedule of Investments
Debt Securities	44	131
Investment Segment. \| Materials
Schedule of Investments
Securities sold, not yet purchased, at fair value	$ 185	169
Xerox
Schedule of Investments
Ownership percentage in equity method investment	0.00%			22.00%
Fair value of equity method investment under fair value option		500
Unrealized gain on equity method investments under fair value option	$ 60	$ (230)

Segment and Geographic Reporting - Geographic Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 11,077	$ 13,378	$ 10,304
Other revenues from operations	770	748	647
Property, plant and equipment, net	3,969	4,038
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	10,687	12,988	9,924
Other revenues from operations	742	722	636
Property, plant and equipment, net	3,844	3,921
Other geographical locations
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	390	390	380
Other revenues from operations	28	26	$ 11
Property, plant and equipment, net	$ 125	$ 117

Inventories, Net

12 Months Ended

Dec. 31, 2023

Inventories, Net

Inventories Net

9. Inventories, Net

Inventories, net consists of the following:


	December 31,
	2023		2022

	(in millions)
Raw materials	$	367	$	335
Work in process		95		105
Finished goods		585		1,091
	$	1,047	$	1,531

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

Debt (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Apr. 30, 2021
Debt Instrument [Line Items]
Debt	$ 7,207	$ 7,096
Holding Company
Debt Instrument [Line Items]
Debt	4,847	5,309
Energy
Debt Instrument [Line Items]
Debt	2,185	1,591
Automotive Segment
Debt Instrument [Line Items]
Debt	33	21
Food Packaging Segment
Debt Instrument [Line Items]
Debt	133	162
Real Estate Segment
Debt Instrument [Line Items]
Debt	1	1
Home Fashion Segment
Debt Instrument [Line Items]
Debt	8	12
Reporting Segments
Debt Instrument [Line Items]
Debt	$ 2,360	1,787
4.750% senior unsecured notes due 2024 \| Holding Company
Debt Instrument [Line Items]
Debt		1,103
Interest rate on debt instrument	4.75%		5.25%
6.375% senior unsecured notes due 2025 \| Holding Company
Debt Instrument [Line Items]
Debt	$ 749	749
Interest rate on debt instrument	6.375%
6.250% senior unsecured notes due 2026 \| Holding Company
Debt Instrument [Line Items]
Debt	$ 1,238	1,250
Interest rate on debt instrument	6.25%
5.250% senior unsecured notes due 2027 \| Holding Company
Debt Instrument [Line Items]
Debt	$ 1,454	1,460
Interest rate on debt instrument	5.25%
5.25% senior unsecured notes due 2025 \| Energy
Debt Instrument [Line Items]
Interest rate on debt instrument	5.25%
4.375% senior unsecured notes due 2029 \| Holding Company
Debt Instrument [Line Items]
Debt	$ 708	$ 747
Interest rate on debt instrument	4.375%	4.375%
9.750% senior unsecured notes due 2029 \| Holding Company
Debt Instrument [Line Items]
Debt	$ 698
Interest rate on debt instrument	9.75%

Pension and Other Post-Retirement Benefit Plans

12 Months Ended

Dec. 31, 2023

Pension and Other Post-Retirement Benefit Plans

Pension and Other Post-Retirement Benefit Plans

20. Pension and Other Post-Retirement Benefit Plans

Pension and other post-retirement benefit plan costs and obligations are primarily within our Food Packaging segment. Pension plans and other post-retirement benefit plans for other segments are not material and are not included in our disclosures below.

Viskase sponsors several defined benefit pension plans, including defined contribution plans, varying by country and subsidiary. Additionally, Viskase sponsors health care and life insurance benefits for certain employees and retirees around the world. The pension benefits are funded based on the funding requirements of federal and international laws and regulations, as applicable, in advance of benefit payments and the other benefits are funded as benefits are provided to participating employees.

Components of net periodic benefit cost (credit) are as follows:


	U.S. and Non-U.S. Pension Benefits
	Year Ended December 31,
	2023		2022		2021

	(in millions)
Interest cost	$	6	$	4	$	4
Expected return on plan assets		(5)		(5)		(5)
Amortization of actuarial losses		0		1		1
	$	1	$	—	$	—

The following table provides disclosures for Viskase’s benefit obligations, plan assets, funded status, and recognition in the consolidated balance sheets. As pension costs for Viskase are not material to our consolidated financial position and results of operations, we do not provide information regarding their inputs and valuation assumptions.


	U.S. and Non-U.S. Pension Benefits
	2023		2022

	(in millions)
Change in benefit obligation:
Benefit obligation, beginning of year	$	115	$	154
Interest cost		6		4
Benefits paid		(8)		(8)
Actuarial loss (gain)		1		(34)
Currency translation		2		(1)
Benefit obligation, end of year		116		115
Change in plan assets:
Fair value of plan assets, beginning of year		84		106
Actual return on plan assets		10		(15)
Employer contributions		3		1
Benefits paid		(8)		(8)
Fair value of plan assets, end of year		89		84
Funded status of the plan and amounts recognized in the consolidated balance sheets	$	(27)	$	(31)

Defined Benefit Plans Measured at Fair Value on a Recurring Basis

The following table presents Viskase’s defined benefit plan assets measured at fair value on a recurring basis:


	December 31, 2023						December 31, 2022
	Level 1		Level 2		Total		Level 1		Level 2		Total

	(in millions)
U.S. and Non-U.S. Plans:
Cash and cash equivalents	$	1	$	39	$	40	$	13	$	—	$	13
Government debt securities		3		—		3		2		13		15
Exchange traded funds		—		—		—		12		—		12
Mutual funds		—		—		—		20		—		20
Common stock		46		—		46		24		—		24
	$	50	$	39	$	89	$	71	$	13	$	84

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Fair Value Measurements - Fair Value Measurement (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Assets
Derivative contracts, at fair value (asset)	$ 64	$ 805
Liabilities
Securities sold, not yet purchased, at fair value	3,473	6,495
Derivative contracts, at fair value (liability)	979	691
Recurring measurement
Assets
Investments	2,901	6,722
Derivative contracts, at fair value (asset)	64	805
Assets, Fair Value Disclosure	2,965	7,527
Liabilities
Securities sold, not yet purchased, at fair value	3,473	6,495
Derivative contracts, at fair value (liability)	979	691
Other liabilities	329	692
Financial and Nonfinancial Liabilities, Fair Value Disclosure	4,781	7,878
Recurring measurement \| Level 1
Assets
Investments	2,730	5,538
Assets, Fair Value Disclosure	2,730	5,538
Liabilities
Securities sold, not yet purchased, at fair value	3,288	6,326
Financial and Nonfinancial Liabilities, Fair Value Disclosure	3,288	6,326
Recurring measurement \| Level 2
Assets
Investments	129	1,142
Derivative contracts, at fair value (asset)	64	805
Assets, Fair Value Disclosure	193	1,947
Liabilities
Securities sold, not yet purchased, at fair value	185	169
Derivative contracts, at fair value (liability)	979	691
Other liabilities	329	692
Financial and Nonfinancial Liabilities, Fair Value Disclosure	1,493	1,552
Recurring measurement \| Level 3
Assets
Investments	42	42
Assets, Fair Value Disclosure	42	$ 42
Fair value, nonrecurring \| Level 3
Liabilities
Estimated fair value	46
Fair value of related party note receivable	$ 11

Inventories, Net (Tables)

12 Months Ended

Dec. 31, 2023

Inventories, Net

Inventories


	December 31,
	2023		2022

	(in millions)
Raw materials	$	367	$	335
Work in process		95		105
Finished goods		585		1,091
	$	1,047	$	1,531

Schedule I - Condensed Financial Information of Parent (Details) - USD ($) $ in Millions	1 Months Ended		12 Months Ended
	Dec. 31, 2023	Feb. 28, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Condensed Financial Statements, Captions [Line Items]
Aggregate general partner ownership interest of parent and operating subsidiary			1.99%
Debt	$ 7,207		$ 7,207	$ 7,096
Icahn Enterprises Holdings
Condensed Financial Statements, Captions [Line Items]
Affiliate ownership interest			99.00%
Icahn Enterprises (Parent)
Condensed Financial Statements, Captions [Line Items]
Net investment in and advances from subsidiaries			$ 629	264	$ (366)
Debt	4,847		$ 4,847	5,309
Cash and cash equivalents on hand, used to discharge debt	$ 376
6.750% senior unsecured notes due 2024 \| Icahn Enterprises (Parent)
Condensed Financial Statements, Captions [Line Items]
Repayment of senior notes		$ 500
Interest rate on debt instrument		6.75%
4.750% senior unsecured notes due 2024 \| Icahn Enterprises (Parent)
Condensed Financial Statements, Captions [Line Items]
Debt				$ 1,103
Interest rate on debt instrument	4.75%		4.75%	4.75%
6.375% senior unsecured notes due 2025 \| Icahn Enterprises (Parent)
Condensed Financial Statements, Captions [Line Items]
Debt	$ 749		$ 749	$ 749
Interest rate on debt instrument	6.375%		6.375%	6.375%
6.250% senior unsecured notes due 2026 \| Icahn Enterprises (Parent)
Condensed Financial Statements, Captions [Line Items]
Debt	$ 1,238		$ 1,238	$ 1,250
Interest rate on debt instrument	6.25%		6.25%	6.25%
5.250% senior unsecured notes due 2027 \| Icahn Enterprises (Parent)
Condensed Financial Statements, Captions [Line Items]
Debt	$ 1,454		$ 1,454	$ 1,460
Interest rate on debt instrument	5.25%		5.25%	5.25%
4.375% senior unsecured notes due 2029 \| Icahn Enterprises (Parent)
Condensed Financial Statements, Captions [Line Items]
Debt	$ 698		$ 698
Interest rate on debt instrument	4.375%		4.375%
9.750% senior unsecured notes due 2029 \| Icahn Enterprises (Parent)
Condensed Financial Statements, Captions [Line Items]
Debt face amount	$ 700		$ 700
Interest rate on debt instrument	9.75%		9.75%	9.75%
Icahn Enterprises G.P. \| Icahn Enterprises Holdings
Condensed Financial Statements, Captions [Line Items]
General partner ownership percentage in Icahn Enterprises			1.00%
Icahn Enterprises G.P. \| 4.375% senior unsecured notes due 2029 \| Icahn Enterprises (Parent)
Condensed Financial Statements, Captions [Line Items]
Debt	$ 708		$ 708	$ 747

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

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


	Icahn Enterprises
	December 31,
	2023		2022

		(in millions)
Book basis of net assets	$	3,224	$	3,901
Book/tax basis difference		(540)		(1,267)
Tax basis of net assets	$	2,684	$	2,634

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


	Year Ended December 31,
	2023		2022		2021

	(in millions)
Domestic	$	(943)	$	(8)	$	(576)
International		21		17		(2)
	$	(922)	$	9	$	(578)

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


	Year Ended December 31,
	2023		2022		2021

	(in millions)
Current:
Domestic	$	(130)	$	(174)	$	(87)
International		(8)		(8)		(3)
Total current		(138)		(182)		(90)
Deferred:
Domestic		41		149		166
International		7		(1)		2
Total deferred		48		148		168
	$	(90)	$	(34)	$	78

Schedule of reconciliation of the income tax benefit (expense)


	Year Ended December 31,
	2023		2022		2021

	(in millions)
Income tax benefit at U.S. statutory rate	$	193	$	(2)	$	121
Tax effect from:
Valuation allowance		(1)		100		13
Non-controlling interest		23		38		10
Credits and incentives		26		—		—
Uncertain tax positions		17		—		—
Deconsolidation		23		—		—
Tax gain not on books		(83)		—		—
Tax rate changes		—		—		13
Dividends received		(20)		(23)		(24)
Income not subject to taxation		(239)		(88)		(64)
State taxes		(26)		(49)		—
Other		(3)		(10)		9
Income tax benefit (expense)	$	(90)	$	(34)	$	78

Schedule of deferred tax assets (liabilities)


	December 31,
	2023		2022

	(in millions)
Deferred tax assets:
Contingent liabilities	$	61	$	—
Net operating loss		954		954
Tax credits		48		46
Capital loss		200		253
Leases		139		115
Investment in partnerships		147		74
Other		105		101
Total deferred tax assets		1,654		1,543
Less: Valuation allowance		(860)		(866)
Net deferred tax assets	$	794	$	677

Deferred tax liabilities:
Property, plant and equipment	$	(408)	$	(100)
Intangible assets		(65)		(70)
Investment in partnerships		(180)		(435)
Investment in U.S. subsidiaries		(163)		(184)
Leases		(135)		(112)
Other		(58)		(6)
Total deferred tax liabilities		(1,009)		(907)
	$	(215)	$	(230)

Schedule of unrecognized tax benefits


	Year Ended December 31,
	2023		2022		2021

	(in millions)
Balance at January 1	$	27	$	33	$	35
Addition based on tax positions related to the current year		—		—		—
Increase for tax positions of prior years		—		—		—
Decrease for tax positions of prior years		—		—		(1)
Decrease for statute of limitation expiration		(17)		(6)		(1)
Balance at December 31	$	10	$	27	$	33

Property, Plant and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment, Net.

Schedule of Property, Plant and Equipment, Net


			December 31,
	Useful Life		2023		2022

	(in years)			(in millions)
Land			$	332	$	331
Buildings and improvements		1 – 40		1,058		964
Machinery, equipment and furniture		1 – 30		6,083		6,034
Assets leased to others		3 – 39		334		321
Financing leases		1 – 10		118		106
Construction in progress				275		210
				8,200		7,966
Less: Accumulated depreciation and amortization				(4,231)		(3,928)
Property, plant and equipment, net			$	3,969	$	4,038

Debt - Non-Cash Charges to Interest Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Feb. 29, 2024	Sep. 30, 2023	Oct. 31, 2020
Debt Instrument [Line Items]
Amortization of deferred financing costs and debt discounts and premiums	$ 4	$ 5	$ 5
Term Loan \| Revolving credit facility
Debt Instrument [Line Items]
Debt face amount						$ 133
Line of credit						$ 30
Energy \| Revolving credit facility
Debt Instrument [Line Items]
Borrowing availability on credit facilities		287
Line of credit facility maximum borrowing capacity					$ 275
Incremental borrowing capacity					125
Energy \| Swingline Loan
Debt Instrument [Line Items]
Line of credit facility maximum borrowing capacity					30
Energy \| Letter of credit
Debt Instrument [Line Items]
Letters of credit outstanding					60
Energy \| Letter of credit \| Maximum
Debt Instrument [Line Items]
Letters of credit outstanding					$ 100
Energy \| 5.25% senior unsecured notes due 2025
Debt Instrument [Line Items]
Interest rate on debt instrument	5.25%
Energy \| 5.25% senior unsecured notes due 2025 \| Subsequent event
Debt Instrument [Line Items]
Debt face amount				$ 600
Interest rate on debt instrument				5.25%
Energy \| 8.50% senior unsecured notes due 2029
Debt Instrument [Line Items]
Debt face amount	$ 600
Interest rate on debt instrument	8.50%
Energy \| Revolving credit facility \| Revolving credit facility
Debt Instrument [Line Items]
Borrowing availability on credit facilities	$ 288
Energy \| CVR Refining credit facility
Debt Instrument [Line Items]
Letters of credit outstanding	26	$ 23
Energy \| CVR 2025 Notes [Member]
Debt Instrument [Line Items]
Debt face amount	$ 600
Interest rate on debt instrument	5.25%
Energy \| CVR 2028 Notes [Member]
Debt Instrument [Line Items]
Debt face amount	$ 400
Interest rate on debt instrument	5.75%
Energy \| CVR Partner 2028 Notes
Debt Instrument [Line Items]
Debt face amount	$ 550
Interest rate on debt instrument	6.125%
Food Packaging Segment \| Viskase credit facility
Debt Instrument [Line Items]
Interest rate on debt instrument	7.40%	6.80%

Income Taxes - Accounting for Uncertainty in Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes
Unrecognized Tax Benefits, Beginning Balance	$ 27	$ 33	$ 35
Decrease for tax positions of prior years			(1)
Decrease for statute of limitation expiration	(17)	(6)	(1)
Unrecognized Tax Benefits, Ending Balance	$ 10	$ 27	$ 33

Inventories, Net (Details) - USD ($) $ in Millions	12 Months Ended
Inventories, Net (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Inventories, Net
Raw materials	$ 367	$ 335
Work in process	95	105
Finished goods	585	1,091
Inventory, Net, Total	1,047	1,531
Inventory write-down	$ (27)	180	$ 83
Auto Plus
Inventories, Net
Inventory write-down		$ 440

Investments

12 Months Ended

Dec. 31, 2023

Investments

Investments

5. Investments

Investment

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


	December 31,
	2023		2022

	(in millions)
Assets
Investments:
Equity securities:
Communications	$	—	$	199
Consumer, cyclical		260		692
Energy		708		909
Utilities		1,012		1,205
Healthcare		440		320
Technology		139		655
Materials		52		153
Industrial		—		486
		2,611		4,619
Debt securities:
Financials		158		1,958
Real Estate		44		131
Communications		85		11
		287		2,100
	$	2,898	$	6,719
Liabilities
Securities sold, not yet purchased, at fair value:
Equity securities:
Consumer, non-cyclical	$	41	$	1,006
Consumer, cyclical		3		352
Energy		2,146		2,690
Utilities		610		813
Healthcare		—		387
Materials		350		598
Industrial		138		480
		3,288		6,326
Debt securities:
Materials		185		169
		185		169
	$	3,473	$	6,495

The portion of unrealized (losses) and gains that relates to securities still held by our Investment segment, primarily equity securities, was $(302) million, $(1,544) million and $1,153 million for the years ended December 31, 2023, 2022 and 2021, respectively.

As discussed in Note 2, “Basis of Presentation and Summary of Significant Accounting Policies,” when certain investments become subject to the equity method of accounting, our Investment segment elects the fair value option to such investment. Investments become subject to the equity method of accounting when we possess the ability to exercise significant influence, but not control, over the operating and financial policies of the investee. The ability to exercise significant influence is presumed when we possess more than 20% of the voting interests of the investee. This presumption may be overcome based on specific facts and circumstances that demonstrate that the ability to exercise significant influence is restricted. Conversely, there is a presumption that for investments in which we have less than 20% of the voting interests of the investee that we do not have the ability to exercise significant influence. However,

such presumption may be overcome based on specific facts and circumstances that demonstrate that the ability to exercise significant influence is present, such as when we have representation on the board of directors of such investee.

After considering specific facts and circumstances, including the collective ownership in entities by the Investment Funds and affiliates of Mr. Icahn, as well as their collective representation on each of the boards of directors, we have determined that we had the ability to exercise significant influence over the operating and financial policies of certain investees of our Investment segment.


	Voting	Fair Value of				Gains (Losses)
	Interests	Investment				Recognized in Other loss, net
	December 31,	December 31,				Year Ended December 31,
	2023	2023		2022		2023		2022		2021

		(in millions)
Xerox Holding Corporation	0.0%	$	—	$	500	$	60	$	(230)	$	—
		$	—	$	500	$	60	$	(230)	$	—

During the third quarter of 2023, the Investment Funds sold their entire investment in Xerox. Prior to the sale of its investment in Xerox, the Investment Funds owned approximately 22.0% of the outstanding common stock of Xerox.

Due to the nature of our Investment segment’s operations, the sale of Xerox is deemed to be in the ordinary course of business.

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


		December 31,
		2022
	Xerox
		(in millions)
Total assets	$	11,543
Total liabilities		7,966
Non-controlling interests		10
Equity attributable to investee shareholders		3,343

The majority of total assets in the table above consists of receivables, goodwill and inventories. The majority of total liabilities in the table above consists of debt.


	Year Ended December 31,
	2022
	Xerox
	(in millions)
Net sales/Other revenue from operations	$	7,107
Cost of goods sold/Other expenses from operations		7,435
Net loss		(322)
Net loss attributable to investee shareholders		(322)

Other Segments and Holding Company

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


	December 31,
	2023		2022

	(in millions)
Equity method investments	$	100	$	76
Held to maturity debt investments measured at amortized cost		11		11
Other investments measured at fair value		3		3
	$	114	$	90

The portion of unrealized losses that relates to equity securities still held by our other segments and our Holding Company was $0 million, $61 million and $61 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Pension and Other Post-Retirement Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
U.S. and Non-U.S. Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Interest cost	$ 6	$ 4	$ 4
Expected return on plan assets	(5)	(5)	(5)
Amortization of actuarial losses	0	1	1
Net periodic benefit cost (credit)	1
Benefit obligation	116	115	154
Benefits paid	(8)	(8)
Actuarial loss (gain)	1	(34)
Currency translation	2	(1)
Plan assets measured at fair value	89	84	$ 106
Actual return on plan assets	10	(15)
Employer contributions	3	1
Defined Benefit Plan, Plan Assets, Benefits Paid	(8)	(8)
Funded status of the plan and amounts recognized in the consolidated balance sheets	(27)	(31)
Recurring measurement
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan Assets	89	84
Recurring measurement \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan Assets	50	71
Recurring measurement \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan Assets	39	13
Cash and cash equivalents \| Recurring measurement
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan Assets	40	13
Cash and cash equivalents \| Recurring measurement \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan Assets	1	13
Cash and cash equivalents \| Recurring measurement \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan Assets	39	0
Government debt securities \| Recurring measurement
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan Assets	3	15
Government debt securities \| Recurring measurement \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan Assets	3	2
Government debt securities \| Recurring measurement \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan Assets	0	13
Exchange traded funds \| Recurring measurement
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan Assets	0	12
Exchange traded funds \| Recurring measurement \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan Assets		12
Exchange traded funds \| Recurring measurement \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan Assets	0	0
Mutual funds \| Recurring measurement
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan Assets	0	20
Mutual funds \| Recurring measurement \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan Assets		20
Mutual funds \| Recurring measurement \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan Assets	0	0
Common stock \| Recurring measurement
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan Assets	46	24
Common stock \| Recurring measurement \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan Assets	46	24
Common stock \| Recurring measurement \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan Assets	$ 0	$ 0

Segment and Geographic Reporting

12 Months Ended

Dec. 31, 2023

Segment and Geographic Reporting

Segment and Geographic Reporting

15. Segment and Geographic Reporting

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

Condensed Statements of Operations


	Year Ended December 31, 2023
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated

	(in millions)
Revenues:
Net sales	$	—	$	9,247	$	1,047	$	446	$	69	$	175	$	93	$	—	$	11,077
Other revenues from operations		—		—		694		—		73		—		3		—		770
Net loss from investment activities		(1,575)		—		—		—		—		—		—		—		(1,575)
Interest and dividend income		497		38		3		—		—		—		1		97		636
(Loss) gain on disposition of assets, net		—		(2)		10		—		—		—		—		—		8
Other (loss) gain, net		(87)		14		—		(11)		1		—		1		13		(69)
		(1,165)		9,297		1,754		435		143		175		98		110		10,847
Expenses:
Cost of goods sold		—		8,019		714		352		48		138		56		—		9,327
Other expenses from operations		—		—		581		—		62		—		—		—		643
Selling, general and administrative		26		168		465		54		17		41		45		36		852
Restructuring, net		—		—		—		—		—		1		—		—		1
Impairment		—		—		7		—		—		—		—		—		7
Credit loss on notes receivable		—		—		—		—		—		—		—		139		139
Loss on deconsolidation		—		—		—		—		—		—		—		246		246
Interest expense		162		90		3		12		—		1		—		286		554
		188		8,277		1,770		418		127		181		101		707		11,769
(Loss) income from continuing operations before income tax (expense) benefit		(1,353)		1,020		(16)		17		16		(6)		(3)		(597)		(922)
Income tax (expense) benefit		—		(189)		10		(4)		—		—		—		93		(90)
Net (loss) income		(1,353)		831		(6)		13		16		(6)		(3)		(504)		(1,012)
Less: net (loss) income from continuing operations attributable to non-controlling interests		(652)		323		—		1		—		—		—		—		(328)
Net (loss) income from continuing operations attributable to Icahn Enterprises	$	(701)	$	508	$	(6)	$	12	$	16	$	(6)	$	(3)	$	(504)	$	(684)
Supplemental information:
Capital expenditures	$	—	$	205	$	79	$	14	$	3	$	2	$	—	$	—	$	303
Depreciation and amortization	$	—	$	363	$	81	$	25	$	13	$	7	$	28	$	1	$	518


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

	(in millions)
Revenues:
Net sales	$	—	$	10,896	$	1,707	$	431	$	61	$	217	$	66	$	—	$	13,378
Other revenues from operations		—		—		687		—		57		—		4		—		748
Net (loss) gain from investment activities		(216)		—		—		—		—		—		—		48		(168)
Interest and dividend income		288		8		—		—		—		—		1		31		328
(Loss) gain on disposition of assets, net		—		(11)		3		—		—		—		—		—		(8)
Other (loss) gain, net		(95)		(78)		1		(5)		—		—		1		(1)		(177)
		(23)		10,815		2,398		426		118		217		72		78		14,101
Expenses:
Cost of goods sold		—		9,811		1,247		357		40		186		48		—		11,689
Other expenses from operations		—		—		528		—		55		—		—		—		583
Selling, general and administrative		27		176		867		52		16		48		42		22		1,250
Restructuring, net		—		—		—		—		—		2		—		—		2
Impairment		—		—		—		—		—		—		—		—		—
Interest expense		173		92		2		8		—		3		—		290		568
		200		10,079		2,644		417		111		239		90		312		14,092
(Loss) income from continuing operations before income tax (expense) benefit		(223)		736		(246)		9		7		(22)		(18)		(234)		9
Income tax (expense) benefit		—		(140)		54		(7)		—		—		—		59		(34)
Net (loss) income		(223)		596		(192)		2		7		(22)		(18)		(175)		(25)
Less: net (loss) income from continuing operations attributable to non-controlling interests		(134)		292		—		—		—		—		—		—		158
Net (loss) income from continuing operations attributable to Icahn Enterprises	$	(89)	$	304	$	(192)	$	2	$	7	$	(22)	$	(18)	$	(175)	$	(183)
Supplemental information:
Capital expenditures	$	—	$	191	$	114	$	22	$	9	$	2	$	—	$	—	$	338
Depreciation and amortization	$	—	$	353	$	80	$	27	$	13	$	7	$	28	$	1	$	509


	Year Ended December 31, 2021
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Metals		Holding Company		Consolidated

	(in millions)
Revenues:
Net sales	$	—	$	7,242	$	1,789	$	416	$	55	$	197	$	81	$	524	$	—	$	10,304
Other revenues from operations		—		—		605		—		38		—		4		—		—		647
Net gain (loss) from investment activities		145		81		—		—		—		—		—		—		(33)		193
Interest and dividend income		132		—		—		—		—		—		—		—		5		137
(Loss) gain on disposition of assets, net		—		(3)		(22)		—		3		—		—		163		—		141
Other (loss) income, net		(75)		7		(2)		(14)		—		—		—		(3)		3		(84)
		202		7,327		2,370		402		96		197		85		684		(25)		11,338
Expenses:
Cost of goods sold		—		7,069		1,339		343		44		159		50		481		—		9,485
Other expenses from operations		—		—		475		—		47		—		—		—		—		522
Selling, general and administrative		16		147		877		50		13		46		38		16		35		1,238
Restructuring, net		—		—		4		1		—		—		—		—		—		5
Impairment		—		—		—		—		—		—		—		—		—		—
Interest expense		218		109		7		6		—		2		—		1		323		666
		234		7,325		2,702		400		104		207		88		498		358		11,916
(Loss) income from continuing operations before income tax benefit (expense)		(32)		2		(332)		2		(8)		(10)		(3)		186		(383)		(578)
Income tax benefit (expense)		—		27		72		(4)		—		2		—		—		(19)		78
Net (loss) income from continuing operations		(32)		29		(260)		(2)		(8)		(8)		(3)		186		(402)		(500)
Less: net (loss) income from continuing operations attributable to non-controlling interests		(16)		34		—		—		—		—		—		—		—		18
Net (loss) income from continuing operations attributable to Icahn Enterprises	$	(16)	$	(5)	$	(260)	$	(2)	$	(8)	$	(8)	$	(3)	$	186	$	(402)	$	(518)
Supplemental information:
Capital expenditures	$	—	$	224	$	48	$	17	$	10	$	3	$	—	$	3	$	—	$	305
Depreciation and amortization	$	—	$	343	$	87	$	28	$	9	$	7	$	28	$	14	$	1	$	517

Disaggregation of Revenue

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

Energy


	Year Ended December 31,
	2023		2022		2021

	(in millions)
Petroleum products	$	8,566	$	10,060	$	6,709
Nitrogen fertilizer products		681		836		533
	$	9,247	$	10,896	$	7,242

Automotive


	Year Ended December 31,
	2023		2022		2021

	(in millions)
Automotive Services	$	1,548	$	1,552	$	1,377
Aftermarket Parts sales		137		797		1,007
Total revenue from customers		1,685		2,349		2,384
Lease revenue outside scope ASC 606		56		45		10
Total Automotive net sales and other revenues from operations	$	1,741	$	2,394	$	2,394

Condensed Balance Sheets


	December 31, 2023
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated

	(in millions)
ASSETS
Cash and cash equivalents	$	23	$	1,179	$	104	$	8	$	22	$	5	$	26	$	1,584	$	2,951
Cash held at consolidated affiliated partnerships and restricted cash		2,799		7		9		—		4		3		—		173		2,995
Investments		2,898		100		—		—		14		—		—		—		3,012
Accounts receivable, net		—		286		41		89		16		26		27		—		485
Related party note receivable		—		—		—		—		—		—		—		11		11
Inventories		—		604		228		111		—		81		23		—		1,047
Property, plant and equipment, net		—		2,594		822		134		363		52		—		4		3,969
Goodwill and intangible assets, net		—		179		335		23		—		19		198		—		754
Other assets		4,425		310		480		101		69		17		8		224		5,634
Total assets	$	10,145	$	5,259	$	2,019	$	466	$	488	$	203	$	282	$	1,996	$	20,858
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	1,312	$	1,553	$	890	$	148	$	43	$	42	$	55	$	62	$	4,105
Securities sold, not yet purchased, at fair value		3,473		—		—		—		—		—		—		—		3,473
Debt		—		2,185		33		133		1		8		—		4,847		7,207
Total liabilities		4,785		3,738		923		281		44		50		55		4,909		14,785

Equity attributable to Icahn Enterprises		3,243		795		1,096		168		439		153		227		(2,913)		3,208
Equity attributable to non-controlling interests		2,117		726		—		17		5		—		—		—		2,865
Total equity		5,360		1,521		1,096		185		444		153		227		(2,913)		6,073
Total liabilities and equity	$	10,145	$	5,259	$	2,019	$	466	$	488	$	203	$	282	$	1,996	$	20,858


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

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

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

Geographic Information

The following table presents our consolidated geographic net sales from external customers, other revenues from operations and property, plant and equipment, net for the periods indicated:


														Property, Plant and
		Net Sales						Other Revenues From Operations						Equipment, Net
		Year Ended December 31,						Year Ended December 31,						December 31,
		2023		2022		2021		2023		2022		2021		2023		2022

	(in millions)
United States		$	10,687	$	12,988	$	9,924	$	742	$	722	$	636	$	3,844	$	3,921
International			390		390		380		28		26		11		125		117
		$	11,077	$	13,378	$	10,304	$	770	$	748	$	647	$	3,969	$	4,038

Geographic locations for net sales and other revenues from operations are based on locations of the customers and geographic locations for property, plant, and equipment are based on the locations of the assets.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Changes in Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2023

Changes in Accumulated Other Comprehensive Loss

Changes in Accumulated Other Comprehensive Loss

17. Changes in Accumulated Other Comprehensive Loss

Changes in accumulated other comprehensive loss consists of the following:


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

	(in millions)
Balance, December 31, 2022	$	(45)	$	(25)	$	(70)
Other comprehensive income before reclassifications, net of tax		12		3		15
Reclassifications from accumulated other comprehensive loss to earnings, net of tax		—		—		—
Other comprehensive income, net of tax		12		3		15
Balance, December 31, 2023	$	(33)	$	(22)	$	(55)

Schedule I - Condensed Financial Information of Parent - Balance Sheets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Condensed Financial Statements, Captions [Line Items]
Total assets	$ 20,858	$ 27,914
Accrued expenses and other liabilities	1,596	1,981
Debt	7,207	7,096
Total liabilities	14,785	18,356
Commitments and contingencies (Note 3)
Limited partners: Depositary units: 353,572,182 units issued and outstanding at December 31, 2022 and 293,403,243 units issued and outstanding at December 31, 2021	3,969	4,647
General partner	(761)	(747)
Total Liabilities and Equity	$ 20,858	$ 27,914
Limited partners: Depositary units issued	429,033,241	353,572,182	293,403,243
Limited partners: Depositary units outstanding	429,033,241	353,572,182
Icahn Enterprises (Parent)
Condensed Financial Statements, Captions [Line Items]
Investments in subsidiaries, net	$ 8,092	$ 9,260
Total assets	8,092	9,260
Accrued expenses and other liabilities	37	51
Debt	4,847	5,309
Total liabilities	4,884	5,360
Commitments and contingencies (Note 3)
Limited partners: Depositary units: 353,572,182 units issued and outstanding at December 31, 2022 and 293,403,243 units issued and outstanding at December 31, 2021	3,969	4,647
General partner	(761)	(747)
Total equity	3,208	3,900
Total Liabilities and Equity	$ 8,092	$ 9,260
Limited partners: Depositary units issued	429,033,241	353,572,182
Limited partners: Depositary units outstanding	429,033,241	353,572,182

Leases - Maturities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2024	$ 142
2025	124
2026	110
2027	87
2028	51
Thereafter	103
Total lease payments	617
Less: imputed interest	(86)
Operating lease liability	531	$ 484
Finance Lease, Liability, Payment, Due [Abstract]
2024	17
2025	15
2026	14
2027	13
2028	10
Thereafter	23
Total lease payments	92
Less: imputed interest	(22)
Finance lease, liability	$ 70	$ 64

Segment and Geographic Reporting - Condensed Statements of Operations (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales		$ 11,077	$ 13,378	$ 10,304
Other revenues from operations		770	748	647
Net loss from investment activities		(1,575)	(168)	193
Interest and dividend income		636	328	137
Gain (loss) on disposition of assets, net		8	(8)	141
Other (loss) income, net		(69)	(177)	(84)
Total revenues		10,847	14,101	11,338
Cost of goods sold		9,327	11,689	9,485
Other expenses from operations		643	583	522
Selling, general and administrative		852	1,250	1,238
Restructuring, net		1	2	5
Impairment		7
Credit loss on related party note receivable		139
Loss on deconsolidation of subsidiary		246
Interest expense		554	568	666
Total Expenses		11,769	14,092	11,916
(Loss) income before income tax (expense) benefit		(922)	9	(578)
Income tax (expense) benefit		(90)	(34)	78
Net (loss) income		(1,012)	(25)	(500)
Less: net (loss) income from continuing operations attributable to non-controlling interests		(328)	158	18
Net (loss) income from continuing operations attributable to Icahn Enterprises		(684)	(183)	(518)
Capital expenditures		303	338	305
Depreciation and amortization		518	509	517
Investment Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales		0
Other revenues from operations		0
Net loss from investment activities		(1,575)	(216)	145
Interest and dividend income		497	288	132
Gain (loss) on disposition of assets, net		0
Other (loss) income, net		(87)	(95)	(75)
Total revenues		(1,165)	(23)	202
Cost of goods sold		0
Other expenses from operations		0
Selling, general and administrative		26	27	16
Restructuring, net		0
Impairment		0
Credit loss on related party note receivable		0
Loss on deconsolidation of subsidiary		0
Interest expense		162	173	218
Total Expenses		188	200	234
(Loss) income before income tax (expense) benefit		(1,353)	(223)	(32)
Income tax (expense) benefit		0
Net (loss) income		(1,353)	(223)	(32)
Less: net (loss) income from continuing operations attributable to non-controlling interests		(652)	(134)	(16)
Net (loss) income from continuing operations attributable to Icahn Enterprises		(701)	(89)	(16)
Capital expenditures		0
Depreciation and amortization		0
Energy
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales		9,247	10,896	7,242
Other revenues from operations		0
Net loss from investment activities		0		81
Interest and dividend income		38	8
Gain (loss) on disposition of assets, net		(2)	(11)	(3)
Other (loss) income, net		14	(78)	7
Total revenues		9,297	10,815	7,327
Cost of goods sold		8,019	9,811	7,069
Other expenses from operations		0
Selling, general and administrative		168	176	147
Restructuring, net		0
Impairment		0
Credit loss on related party note receivable		0
Loss on deconsolidation of subsidiary		0
Interest expense		90	92	109
Total Expenses		8,277	10,079	7,325
(Loss) income before income tax (expense) benefit		1,020	736	2
Income tax (expense) benefit		(189)	(140)	27
Net (loss) income		831	596	29
Less: net (loss) income from continuing operations attributable to non-controlling interests		323	292	34
Net (loss) income from continuing operations attributable to Icahn Enterprises		508	304	(5)
Capital expenditures		205	191	224
Depreciation and amortization		363	353	343
Automotive Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales		1,047	1,707	1,789
Other revenues from operations		694	687	605
Net loss from investment activities		0
Interest and dividend income		3
Gain (loss) on disposition of assets, net		10	3	(22)
Other (loss) income, net		0	1	(2)
Total revenues		1,754	2,398	2,370
Cost of goods sold		714	1,247	1,339
Other expenses from operations		581	528	475
Selling, general and administrative		465	867	877
Restructuring, net		0		4
Impairment	$ 7	7
Credit loss on related party note receivable		0
Loss on deconsolidation of subsidiary		0
Interest expense		3	2	7
Total Expenses		1,770	2,644	2,702
(Loss) income before income tax (expense) benefit		(16)	(246)	(332)
Income tax (expense) benefit		10	54	72
Net (loss) income		(6)	(192)	(260)
Less: net (loss) income from continuing operations attributable to non-controlling interests		0
Net (loss) income from continuing operations attributable to Icahn Enterprises		(6)	(192)	(260)
Capital expenditures		79	114	48
Depreciation and amortization		81	80	87
Food Packaging Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales		446	431	416
Other revenues from operations		0
Net loss from investment activities		0
Interest and dividend income		0
Gain (loss) on disposition of assets, net		0
Other (loss) income, net		(11)	(5)	(14)
Total revenues		435	426	402
Cost of goods sold		352	357	343
Other expenses from operations		0
Selling, general and administrative		54	52	50
Restructuring, net		0		1
Impairment		0
Credit loss on related party note receivable		0
Loss on deconsolidation of subsidiary		0
Interest expense		12	8	6
Total Expenses		418	417	400
(Loss) income before income tax (expense) benefit		17	9	2
Income tax (expense) benefit		(4)	(7)	(4)
Net (loss) income		13	2	(2)
Less: net (loss) income from continuing operations attributable to non-controlling interests		1
Net (loss) income from continuing operations attributable to Icahn Enterprises		12	2	(2)
Capital expenditures		14	22	17
Depreciation and amortization		25	27	28
Real Estate Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales		69	61	55
Other revenues from operations		73	57	38
Gain (loss) on disposition of assets, net				3
Other (loss) income, net		1
Total revenues		143	118	96
Cost of goods sold		48	40	44
Other expenses from operations		62	55	47
Selling, general and administrative		17	16	13
Total Expenses		127	111	104
(Loss) income before income tax (expense) benefit		16	7	(8)
Net (loss) income		16	7	(8)
Net (loss) income from continuing operations attributable to Icahn Enterprises		16	7	(8)
Capital expenditures		3	9	10
Depreciation and amortization		13	13	9
Home Fashion Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales		175	217	197
Other revenues from operations		0
Net loss from investment activities		0
Interest and dividend income		0
Gain (loss) on disposition of assets, net		0
Other (loss) income, net		0
Total revenues		175	217	197
Cost of goods sold		138	186	159
Other expenses from operations		0
Selling, general and administrative		41	48	46
Restructuring, net		1	2
Impairment		0
Credit loss on related party note receivable		0
Loss on deconsolidation of subsidiary		0
Interest expense		1	3	2
Total Expenses		181	239	207
(Loss) income before income tax (expense) benefit		(6)	(22)	(10)
Income tax (expense) benefit		0		2
Net (loss) income		(6)	(22)	(8)
Less: net (loss) income from continuing operations attributable to non-controlling interests		0
Net (loss) income from continuing operations attributable to Icahn Enterprises		(6)	(22)	(8)
Capital expenditures		2	2	3
Depreciation and amortization		7	7	7
Pharma
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales		93	66	81
Other revenues from operations		3	4	4
Net loss from investment activities		0
Interest and dividend income		1	1
Gain (loss) on disposition of assets, net		0
Other (loss) income, net		1	1
Total revenues		98	72	85
Cost of goods sold		56	48	50
Other expenses from operations		0
Selling, general and administrative		45	42	38
Restructuring, net		0
Impairment		0
Credit loss on related party note receivable		0
Loss on deconsolidation of subsidiary		0
Interest expense		0
Total Expenses		101	90	88
(Loss) income before income tax (expense) benefit		(3)	(18)	(3)
Income tax (expense) benefit		0
Net (loss) income		(3)	(18)	(3)
Less: net (loss) income from continuing operations attributable to non-controlling interests		0
Net (loss) income from continuing operations attributable to Icahn Enterprises		(3)	(18)	(3)
Capital expenditures		0
Depreciation and amortization		28	28	28
Metals Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales				524
Gain (loss) on disposition of assets, net				163
Other (loss) income, net				(3)
Total revenues				684
Cost of goods sold				481
Selling, general and administrative				16
Interest expense				1
Total Expenses				498
(Loss) income before income tax (expense) benefit				186
Net (loss) income				186
Net (loss) income from continuing operations attributable to Icahn Enterprises				186
Capital expenditures				3
Depreciation and amortization				14
Holding Company
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales		0
Other revenues from operations		0
Net loss from investment activities		0	48	(33)
Interest and dividend income		97	31	5
Gain (loss) on disposition of assets, net		0
Other (loss) income, net		13	(1)	3
Total revenues		110	78	(25)
Cost of goods sold		0
Other expenses from operations		0
Selling, general and administrative		36	22	35
Restructuring, net		0
Impairment		0
Credit loss on related party note receivable		139
Loss on deconsolidation of subsidiary		246
Interest expense		286	290	323
Total Expenses		707	312	358
(Loss) income before income tax (expense) benefit		(597)	(234)	(383)
Income tax (expense) benefit		93	59	(19)
Net (loss) income		(504)	(175)	(402)
Less: net (loss) income from continuing operations attributable to non-controlling interests		0
Net (loss) income from continuing operations attributable to Icahn Enterprises		(504)	(175)	(402)
Capital expenditures		0
Depreciation and amortization		$ 1	$ 1	$ 1

Net Income (Loss) Per LP Unit (Tables)

12 Months Ended

Dec. 31, 2023

Net Income (Loss) Per LP Unit

Schedule of Capital Units


	Mr. Icahn and	Public
	Affiliates ⁽¹⁾	Unitholders	Total
December 31, 2021	257,047,260	36,355,983	293,403,243
Unit distributions	42,950,364	2,569,961	45,520,325
2017 Incentive Plan	—	29,342	29,342
At-the-market offerings	—	14,619,272	14,619,272
December 31, 2022	299,997,624	53,574,558	353,572,182
Unit distributions	67,882,278	4,178,455	72,060,733
2017 Incentive Plan	—	4,973	4,973
At-the-market offerings	—	3,395,353	3,395,353
December 31, 2023	367,879,902	61,153,339	429,033,241

⁽¹⁾ Excluding us and Brett Icahn

Subsidiary Bankruptcy and Deconsolidation

12 Months Ended

Dec. 31, 2023

Subsidiary Bankruptcy and Deconsolidation

Subsidiary Bankruptcy and Deconsolidation

3. Subsidiary Bankruptcy and Deconsolidation

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

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

Description of Business (Details) $ in Millions		3 Months Ended	12 Months Ended
Description of Business (Details) $ in Millions	Dec. 07, 2021	Dec. 31, 2021 USD ($)	Dec. 31, 2023 USD ($) item product	Dec. 31, 2022 USD ($)
Description of Business [Line Items]
Aggregate general partner ownership interest of parent and operating subsidiary			1.99%
Disposal Group Not Discontinued Operation Gain Loss On Disposal Statement Of Income Extensible List Not Disclosed Flag		true
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] \| PSC Metals
Description of Business [Line Items]
Percentage of interest sold	100.00%
Proceeds from sale of equity interests		$ 163
Pretax gain on disposition of assets		$ 323
Icahn Enterprises Holdings
Description of Business [Line Items]
Percentage of equity ownership in operating subsidiary			99.00%
Affiliate ownership interest			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			86.00%
Icahn Enterprises G.P.
Description of Business [Line Items]
General partner ownership percentage in Icahn Enterprises			1.00%
Aggregate general partner ownership interest of parent and operating subsidiary			1.99%
Affiliate ownership interest			98.01%
CVR Refining
Description of Business [Line Items]
Percentage of equity ownership in operating subsidiary			37.00%
CVR Energy \| Energy
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			$ 3,200	$ 4,200
CVR Partners \| CVR Energy
Description of Business [Line Items]
Percentage of equity ownership in operating subsidiary			100.00%
CVR Energy \| Energy
Description of Business [Line Items]
Proceeds from partial sale of interests in consolidated subsidiaries			$ 158
Vivus \| Pharma
Description of Business [Line Items]
Number of approved therapies \| item			2
Number of product candidates in active clinical development \| product			2

Investments (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Investments

Investments Financial Information


	Year Ended December 31,
	2022
	Xerox
	(in millions)
Net sales/Other revenue from operations	$	7,107
Cost of goods sold/Other expenses from operations		7,435
Net loss		(322)
Net loss attributable to investee shareholders		(322)

Summary of investments


	Voting	Fair Value of				Gains (Losses)
	Interests	Investment				Recognized in Other loss, net
	December 31,	December 31,				Year Ended December 31,
	2023	2023		2022		2023		2022		2021

		(in millions)
Xerox Holding Corporation	0.0%	$	—	$	500	$	60	$	(230)	$	—
		$	—	$	500	$	60	$	(230)	$	—

Summarized Financial Information of Equity Method Investments


		December 31,
		2022
	Xerox
		(in millions)
Total assets	$	11,543
Total liabilities		7,966
Non-controlling interests		10
Equity attributable to investee shareholders		3,343

Investment Segment

Schedule of Investments

Investment


	December 31,
	2023		2022

	(in millions)
Assets
Investments:
Equity securities:
Communications	$	—	$	199
Consumer, cyclical		260		692
Energy		708		909
Utilities		1,012		1,205
Healthcare		440		320
Technology		139		655
Materials		52		153
Industrial		—		486
		2,611		4,619
Debt securities:
Financials		158		1,958
Real Estate		44		131
Communications		85		11
		287		2,100
	$	2,898	$	6,719
Liabilities
Securities sold, not yet purchased, at fair value:
Equity securities:
Consumer, non-cyclical	$	41	$	1,006
Consumer, cyclical		3		352
Energy		2,146		2,690
Utilities		610		813
Healthcare		—		387
Materials		350		598
Industrial		138		480
		3,288		6,326
Debt securities:
Materials		185		169
		185		169
	$	3,473	$	6,495

Other Segments and Holding Company

Schedule of Investments

Investment


	December 31,
	2023		2022

	(in millions)
Equity method investments	$	100	$	76
Held to maturity debt investments measured at amortized cost		11		11
Other investments measured at fair value		3		3
	$	114	$	90

- 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

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

Dec. 31, 2023

Dec. 31, 2022

Derivatives Not Designated as Hedging Instruments, Fair Value

Unrealized Gain On Derivative Contracts

$ 64

$ 805

Derivative contracts, at fair value (liability)

$ 979

$ 691

Derivative Liability, Statement of Financial Position [Extensible Enumeration]

^[1]

Accrued Liabilities

Investment Segment

Derivatives Not Designated as Hedging Instruments, Fair Value

Collateral for derivative positions

$ 1,731

$ 1,436

Investment Segment | Not designated as hedging instrument

Derivatives Not Designated as Hedging Instruments, Fair Value

Derivative contracts, at fair value (liability)

^[1]

979

687

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

Derivatives Not Designated as Hedging Instruments, Fair Value

Asset derivatives, Gross

839

Derivative, Fair Value, Amount Offset Against Collateral, Net

^[1]

(25)

(34)

Unrealized Gain On Derivative Contracts

^[1]

805

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

Derivatives Not Designated as Hedging Instruments, Fair Value

Liability derivatives, Gross

1,004

721

Derivative, Fair Value, Amount Offset Against Collateral, Net

^[1]

(25)

(34)

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

Derivatives Not Designated as Hedging Instruments, Fair Value

Asset derivatives, Gross

392

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

Derivatives Not Designated as Hedging Instruments, Fair Value

Liability derivatives, Gross

999

719

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

Derivatives Not Designated as Hedging Instruments, Fair Value

Asset derivatives, Gross

447

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

Derivatives Not Designated as Hedging Instruments, Fair Value

Liability derivatives, Gross

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

Derivatives Not Designated as Hedging Instruments, Fair Value

Asset derivatives, Gross

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

Derivatives Not Designated as Hedging Instruments, Fair Value

Liability derivatives, Gross

$ 3

$ 1

[1]

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Jan. 31, 2023
Loss Contingencies [Line Items]
Environmental loss contingency accrual	$ 19	$ 22
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities	Accrued Liabilities
Minimum Carbon Dioxide Supply			$ 15
Maximum fee payable			$ 45
Starfire Holding Corporation
Loss Contingencies [Line Items]
Ownership percentage by principal owner	99.60%
Pension funding indemnity agreement with subsidiary	$ 250
ACF
Loss Contingencies [Line Items]
Funded status of related party pension plan	$ 34
Icahn Enterprises Holdings
Loss Contingencies [Line Items]
Affiliate ownership interest	99.00%
Icahn Enterprises Holdings \| ACF \| Minimum
Loss Contingencies [Line Items]
Ownership percentage by principal owner	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	86.00%
Energy
Loss Contingencies [Line Items]
Price of RINs		$ 435
Expense (benefit)	$ 114
RFS position	329	$ 692
Insurance policies coverage limits	50
Energy \| Call option lawsuits
Loss Contingencies [Line Items]
Litigation settlement paid	$ 79

Net Income (Loss) Per LP Unit

12 Months Ended

Dec. 31, 2023

Net Income (Loss) Per LP Unit

Net Income (Loss) Per LP Unit

14. Net Income (Loss) Per LP Unit

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


	Year Ended December 31,
	2023		2022		2021

	(in millions, except per unit amounts)
Net loss attributable to Icahn Enterprises from continuing operations	$	(684)	$	(183)	$	(518)
Less: net loss attributable to Icahn Enterprises from continuing operations allocated 100% to general partner		(13)		(4)		(98)
Net loss attributable to Icahn Enterprises from continuing operations allocable to limited partners	$	(697)	$	(187)	$	(616)
Net loss attributable to Icahn Enterprises from continuing operations allocated to limited partners (98.01% allocation)	$	(670)	$	(179)	$	(604)

Basic and diluted loss per LP unit	$	(1.75)	$	(0.57)	$	(2.32)
Basic and diluted weighted average LP units outstanding		382		316		260

(1)

Excludes an immaterial amount of unvested RSU awards during the years ended December 31, 2023, 2022 and 2021, due to their anti-dilutive impact.

GP Allocation

As disclosed in Note 2, “Basis of Presentation and Summary of Significant Accounting Policies - Acquisition, Investments and Disposition of Entities under Common Control,” upon the sale of common control entities, such as PSC Metals, a portion of the gain or loss on the sale is first allocated to the general partner in order to restore the general partners’ capital account for cumulative charges or credits relating to periods prior to our obtaining a controlling interest in such entities from Mr. Icahn and his affiliates. After such general partner allocation, the remaining gain is allocated among our general partner and limited partners, in accordance with their respective ownership percentages.

LP Unit Transactions

The following table summarizes the changes in our outstanding depositary units during each of the years ended December 31, 2023, 2022 and 2021.


	Mr. Icahn and	Public
	Affiliates ⁽¹⁾	Unitholders	Total
December 31, 2021	257,047,260	36,355,983	293,403,243
Unit distributions	42,950,364	2,569,961	45,520,325
2017 Incentive Plan	—	29,342	29,342
At-the-market offerings	—	14,619,272	14,619,272
December 31, 2022	299,997,624	53,574,558	353,572,182
Unit distributions	67,882,278	4,178,455	72,060,733
2017 Incentive Plan	—	4,973	4,973
At-the-market offerings	—	3,395,353	3,395,353
December 31, 2023	367,879,902	61,153,339	429,033,241

⁽¹⁾ Excluding us and Brett Icahn

Unit Distributions

During each of the years ended December 31, 2023, 2022 and 2021, we declared four quarterly distributions. Depositary unitholders were given the option to make an election to receive the distributions in either cash or additional depositary units. If a holder did not make a timely election, it was automatically deemed to have elected to receive the distributions in additional depositary units.

During the year ended December 31, 2023, we declared four quarterly distributions aggregating $6.00 per share. In connection with these distributions, we distributed an aggregate of 72,060,733 depositary units to unitholders who did not elect to receive cash, of which an aggregate of 67,882,278 depositary units were distributed to Mr. Icahn and his affiliates. The aggregate cash distributions to all depositary unitholders that made a timely election to receive cash was $301 million, of which $70 million was distributed to Mr. Icahn and his affiliates, for the year ended December 31, 2023.

During the year ended December 31, 2022, we declared four quarterly distributions aggregating $8.00 per share. In connection with these distributions, we distributed an aggregate of 45,520,325 depositary units to unitholders who did not elect to receive cash, of which an aggregate of 42,950,364 depositary units were distributed to Mr. Icahn and his affiliates. The aggregate cash distributions to all depositary unitholders that made a timely election to receive cash was $222 million, of which $0 was distributed to Mr. Icahn and his affiliates, for the year ended December 31, 2022.

At-The-Market-Offerings

In May 2019, Icahn Enterprises entered into an Open Market Sale Agreement for the sale of its depositary units, from time to time, for up to $400 million in aggregate sale proceeds, under its ongoing “at-the-market” offering. This agreement has been subsequently terminated and superseded by subsequent agreements with substantially the same terms. During the year ended December 31, 2023, Icahn Enterprises sold 3,395,353 depositary units pursuant to its current agreement, resulting in gross proceeds of $175 million. As of December 31, 2023, we continue to have an Open Market Sale Agreement and Icahn Enterprises may sell its depositary units for up to an additional $149 million in aggregate gross sale proceeds pursuant to this agreement.

Repurchase Authorization

On May 9, 2023, the Board of Directors of the General Partner approved a repurchase program which authorizes Icahn Enterprises or affiliates of Icahn Enterprises to repurchase up to an aggregate of $500 million worth of any of our outstanding fixed-rate senior unsecured notes issued by Icahn Enterprises and Icahn Enterprises Finance Corp. and up to an aggregate of $500 million worth of the depositary units issued by Icahn Enterprises (the “Repurchase Program”). The repurchases of senior notes or depositary units may be done for cash from time to time in the open market, through tender offers or in privately negotiated transactions upon such terms and at such prices as management may determine. The authorization of the Repurchase Program is for an indefinite term and does not expire until later terminated by the Board of Directors of Icahn Enterprises GP. As of December 31, 2023, the Company has not repurchased any of the Company’s depositary units and the Company has repurchased $92 million worth of senior notes in aggregate under the Repurchase Program.

2017 Incentive Plan

During the years ended December 31, 2023, 2022 and 2021, we distributed depositary units, to Brett Icahn net of payroll withholdings, with respect to certain restricted depositary units and deferred unit awards that vested during the respective periods in connection with the Icahn Enterprises L.P. 2017 Long Term Incentive Plan (the “2017 Incentive Plan”). The aggregate impact of the units distributed pursuant to the 2017 Incentive Plan is not material with respect to our consolidated financial statements, including the calculation of potentially dilutive units and diluted income per LP unit.

Segment and Geographic Reporting (Policies)	12 Months Ended
Segment and Geographic Reporting (Policies)	Dec. 31, 2023
Segment and Geographic Reporting
Determination of what constitutes a segment	We report segment information based on the various industries in which our businesses operate and how we manage those businesses in accordance with our investment strategies, which may include: identifying and acquiring undervalued assets and businesses, often through the purchase of distressed securities; increasing value through management, financial or other operational changes; and managing complex legal, regulatory or financial issues, which may include bankruptcy or insolvency, environmental, zoning, permitting and licensing issues. Therefore, although many of our businesses are operated under separate local management, certain of our businesses are grouped together when they operate within a similar industry, comprising similarities in products, customers, production processes and regulatory environments, and when such businesses, when considered together, may be managed in accordance with one or more investment strategies specific to those businesses. Among other measures, we assess and measure segment operating results based on net income from continuing operations attributable to Icahn Enterprises. Certain terms of financings for certain of our businesses impose restrictions on the business’ ability to transfer funds to us, including restrictions on dividends, distributions, loans and other transactions.

- Definition

Disclosure of accounting policy for segment reporting.

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