0001558370-24-011371 | 10-Q | XBRL Viewer

Investments (Tables)

6 Months Ended

Jun. 30, 2024


	June 30,		December 31,
	2024		2023

	(in millions)
Assets
Investments:
Equity securities:
Communications	$	20	$	—
Consumer, cyclical		304		260
Energy		62		708
Utilities		882		1,012
Healthcare		384		440
Technology		—		139
Materials		357		52
Industrial		158		—
		2,167		2,611
Debt securities:
Financials		—		158
Real Estate		29		44
Communications		—		85
		29		287
	$	2,196	$	2,898
Liabilities
Securities sold, not yet purchased, at fair value:
Equity securities:
Consumer, non-cyclical	$	—	$	41
Consumer, cyclical		—		3
Energy		1,216		2,146
Utilities		438		610
Materials		248		350
Industrial		163		138
		2,065		3,288
Debt securities:
Materials		63		185
	$	2,128	$	3,473

Other Segments and Holding Company

Schedule of Investments

Investment


	June 30,		December 31,
	2024		2023

	(in millions)
Equity method investments	$	96	$	100
Held to maturity debt investments measured at amortized cost		11		11
Other investments measured at fair value		3		3
	$	110	$	114

- 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

Leases

6 Months Ended

Jun. 30, 2024

Leases

Leases

11. Leases

All Segments and Holding Company

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

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


	June 30,		December 31,
	2024		2023

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

Financing Leases:
Right-of-use assets (property, plant and equipment, net)		52		55
Lease liabilities (debt)		67		70

Additional information with respect to our operating leases as of June 30, 2024 and December 31, 2023 is presented below. The lease terms and discount rates for our Energy, Automotive and Food Packaging segments represent weighted averages based on their respective lease liability balances.


	Right-Of-Use		Lease			Discount
Operating Leases as of June 30, 2024	Assets		Liabilities		Lease Term	Rate

	(in millions)
Energy	$	57	$	54	5.3 years	6.8%
Automotive		422		434	5.6 years	6.0%
Food Packaging		20		23	9.1 years	7.4%
Other segments and Holding Company		27		20
	$	526	$	531


	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

For the three months ended June 30, 2024 and 2023, lease cost was comprised of (i) operating lease cost of $44 million and $49 million, respectively, (ii) amortization of financing lease right-of-use assets of $2 million and $3 million, respectively, and (iii) interest expense on financing lease liabilities of $2 million and $1 million, respectively. For the six months ended June 30, 2024 and 2023, lease cost was comprised of (i) operating lease cost of $86 million and $90 million, respectively, (ii) amortization of financing lease right-of-use assets of $4 million and $4 million, respectively, and (iii) interest expense on financing lease liabilities of $3 million and $2 million, respectively.

Our Automotive segment accounted for $68 million and $72 million of total lease cost for each of the six months ended June 30, 2024 and 2023.

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 $15 million and $13 million for the three months ended June 30, 2024 and 2023, respectively, and $30 million and $29 million for the six months ended June 30, 2024 and 2023, respectively. Revenues from operating leases are included in other revenue from operations in the condensed consolidated statements of operations. Our Automotive segment’s expenses from operating leases including variable lease costs were $24 million and $22 million for the three months ended June 30, 2024 and 2023, respectively, and $48 million and $50 million for the six months ended June 30, 2024 and 2023, respectively. Expenses from operating leases are included in other expenses from operations in the condensed consolidated statements of operations.

Real Estate

Our Real Estate segment leases real estate, primarily commercial properties under long-term operating leases. As of June 30, 2024 and December 31, 2023, our Real Estate segment had assets leased to others included in property, plant and equipment of $259 million and $252 million, respectively, net of accumulated depreciation. Our Real Estate segment’s revenue from operating leases were $2 million and $7 million for the three months ended June 30, 2024 and 2023, respectively, and $5 million and $12 million for the six months ended June 30, 2024 and 2023, respectively. Revenues from operating leases are included in other revenue from operations in the condensed consolidated statements of operations.

Supplemental Cash Flow Information (Tables)

6 Months Ended

Jun. 30, 2024

Supplemental Cash Flow Information

Schedule of Cash Flow, Supplemental Disclosures


	Six Months Ended June 30,
	2024		2023

	(in millions)
Cash payments for interest	$	(185)	$	(216)
Cash payments for income taxes, net of payments		(62)		(43)
Partnership contributions receivable		—		6
Non-cash Investment segment distributions to non-controlling interests		—		(2)

Description of Business	6 Months Ended
Jun. 30, 2024
Description of Business
Description of Business	1. Description of Business Overview Icahn Enterprises L.P. (“Icahn Enterprises”) is a master limited partnership formed in Delaware on February 17, 1987. References to “we,” “our” or “us” herein include both Icahn Enterprises and Icahn Enterprises Holdings L.P. (“Icahn Enterprises Holdings”) and their subsidiaries, unless the context otherwise requires. Icahn Enterprises owns a 99% limited partner interest in Icahn Enterprises Holdings. Icahn Enterprises Holdings and its subsidiaries own substantially all of our assets and liabilities and conduct substantially all of our operations. Icahn Enterprises G.P. Inc. (“Icahn Enterprises GP”), which is indirectly owned and controlled by Mr. Carl C. Icahn, owns a 1% general partner interest in each of Icahn Enterprises and Icahn Enterprises Holdings as of June 30, 2024, representing an aggregate 1.99% general partner interest in Icahn Enterprises and Icahn Enterprises Holdings. Mr. Icahn and his affiliates owned approximately 85% of our outstanding depositary units as of June 30, 2024. Description of Continuing Operating Businesses We are a diversified holding company owning subsidiaries currently engaged in the following continuing operating businesses: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion and Pharma. We also report the results of our Holding Company, which includes the results of certain subsidiaries of Icahn Enterprises (unless otherwise noted), and investment activity and expenses associated with our Holding Company. See Note 14, “Segment Reporting,” for a reconciliation of each of our reporting segment’s results of operations to our consolidated results. Certain additional information with respect to our segments is discussed below. Investment Our Investment segment is comprised of various private investment funds (“Investment Funds”) in which we have general partner interests and through which we invest our proprietary capital. As general partner, we provide investment advisory and certain administrative and back-office services to the Investment Funds but do not provide such services to any other entities, individuals or accounts. We and certain of Mr. Icahn’s family members and affiliates are the only investors in the Investment Funds. Interests in the Investment Funds are not offered to outside investors. We had interests in the Investment Funds with a fair value of approximately $2.9 billion and $3.2 billion as of June 30, 2024 and December 31, 2023, 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 in that it does not have crude oil exploration or production operations and is a marketer of high value transportation fuels primarily in the form of gasoline and diesel fuels, as well as renewable diesel. CVR Partners produces and markets nitrogen fertilizers in the form of urea ammonium nitrate and ammonia. CVR Energy holds 100% of the general partner interest and approximately 37% of the outstanding common units of CVR Partners as of June 30, 2024. As of June 30, 2024, we owned approximately 66% of the total outstanding common stock of CVR Energy. Automotive We conduct our Automotive segment through our wholly owned subsidiaries, Icahn Automotive Group LLC (“Icahn Automotive”) and AEP PLC LLC (“AEP PLC”). The Automotive segment is engaged in providing a full range of automotive repair and maintenance services, along with the sale of any installed parts or materials related to automotive services (“Automotive Services”) to its customers, as well as sales of automotive aftermarket parts and retailed merchandise (“Aftermarket Parts”). In addition to its primary businesses, the Automotive segment leases available and excess real estate in certain locations under long-term operating leases. On January 31, 2023, a subsidiary of Icahn Automotive, IEH Auto Parts Holding LLC and its subsidiaries (collectively “Auto Plus”), an aftermarket parts distributor held within our Automotive segment, filed voluntary petitions in the United States Bankruptcy Court. As a result of Auto Plus’s filings for bankruptcy protections on January 31, 2023, we no longer controlled the operations of Auto Plus, therefore, we deconsolidated Auto Plus as of January 31, 2023. See Note 3, “Subsidiary Bankruptcy and Deconsolidation,” for a detailed discussion of the Auto Plus bankruptcy and deconsolidation. Food Packaging We conduct our Food Packaging segment through our majority owned subsidiary, Viskase Companies, Inc. (“Viskase”). Viskase is a producer of cellulosic, fibrous and plastic casings used to prepare and package processed meat products. As of June 30, 2024, we owned approximately 91% 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, two product candidates in active clinical development and two product candidates in early-stage development.

Description of Business

6 Months Ended

Jun. 30, 2024

Description of Business

Description of Business

1. Description of Business

Overview

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

Icahn Enterprises owns a 99% limited partner interest in Icahn Enterprises Holdings. Icahn Enterprises Holdings and its subsidiaries own substantially all of our assets and liabilities and conduct substantially all of our operations. Icahn Enterprises G.P. Inc. (“Icahn Enterprises GP”), which is indirectly owned and controlled by Mr. Carl C. Icahn, owns a 1% general partner interest in each of Icahn Enterprises and Icahn Enterprises Holdings as of June 30, 2024, representing an aggregate 1.99% general partner interest in Icahn Enterprises and Icahn Enterprises Holdings. Mr. Icahn and his affiliates owned approximately 85% of our outstanding depositary units as of June 30, 2024.

Description of Continuing Operating Businesses

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

Investment

Our Investment segment is comprised of various private investment funds (“Investment Funds”) in which we have general partner interests and through which we invest our proprietary capital. As general partner, we provide investment advisory and certain administrative and back-office services to the Investment Funds but do not provide such services to any other entities, individuals or accounts. We and certain of Mr. Icahn’s family members and affiliates are the only investors in the Investment Funds. Interests in the Investment Funds are not offered to outside investors. We had interests in the Investment Funds with a fair value of approximately $2.9 billion and $3.2 billion as of June 30, 2024 and December 31, 2023, 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 in that it does not have crude oil exploration or production operations and is a marketer of high value transportation fuels primarily in the form of gasoline and diesel fuels, as well as renewable diesel. CVR Partners produces and markets nitrogen fertilizers in the form of urea ammonium nitrate and ammonia. CVR Energy holds 100% of the general partner interest and approximately 37% of the outstanding common units of CVR Partners as of June 30, 2024. As of June 30, 2024, we owned approximately 66% of the total outstanding common stock of CVR Energy.

Automotive

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

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

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

Food Packaging

We conduct our Food Packaging segment through our majority owned subsidiary, Viskase Companies, Inc. (“Viskase”). Viskase is a producer of cellulosic, fibrous and plastic casings used to prepare and package processed meat products. As of June 30, 2024, we owned approximately 91% 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, two product candidates in active clinical development and two product candidates in early-stage development.

Subsequent Events (Details) $ / shares in Units, $ in Millions		1 Months Ended	6 Months Ended
	Aug. 05, 2024 D $ / shares	Jul. 31, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Mr. Icahn and affiliates \| Investment in funds
Subsequent Events
Amount redeemed in accordance with manager agreement			$ 0	$ 1,500
Subsequent event
Subsequent Events
Distribution declared per LP unit \| $ / shares	$ 1.00
Threshold number of specified trading days \| D	5
Subsequent event \| Investment in funds
Subsequent Events
Investment funds		$ 650
Subsequent event \| Mr. Icahn and affiliates \| Investment in funds
Subsequent Events
Investment funds		256
Amount redeemed in accordance with manager agreement		250
Subsequent event \| Holding Company \| Investment in funds
Subsequent Events
Investment funds		$ 394

- Definition

Amount of operating dividend income on securities.

+ References + Details

Goodwill and Intangible Assets, Net (Policies)	6 Months Ended
Goodwill and Intangible Assets, Net (Policies)	Jun. 30, 2024
Goodwill and Intangible Assets, Net
Intangible assets	We utilize the straight-line method of amortization, recognized over the estimated useful lives of the assets

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

Other Loss, Net

6 Months Ended

Jun. 30, 2024

Other Loss, Net

Other Loss, Net

17. Other Income, Net

Other income, net consists of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

	(in millions)
Equity earnings from non-consolidated affiliates	$	3	$	3	$	7	$	5
Foreign currency transaction (loss) gain		(2)		2		(2)		2
Loss on extinguishment of debt, net		(2)		—		(2)		—
Other		5		2		3		(4)
	$	4	$	7	$	6	$	3

Commitments and Contingencies

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies.

Commitments and Contingencies

18. Commitments and Contingencies

Environmental Matters

Due to the nature of our business, certain of our subsidiaries’ operations are subject to numerous existing and proposed laws and governmental regulations designed to protect human health and safety and the environment, particularly regarding plant wastes and emissions and solid waste disposal. Our consolidated environmental liabilities on an undiscounted basis were $5 million and $19 million as of June 30, 2024 and December 31, 2023, respectively, primarily within our Energy segment, which are included in accrued expenses and other liabilities in our condensed consolidated balance sheets. We do not believe that environmental matters will have a material adverse impact on our consolidated results of operations and financial condition.

Energy

RFS Disputes - 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 to partially satisfy their RFS obligations.

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.

In May 2024, the EPA and certain biofuels groups filed petitions for a writ of certiorari to the Supreme Court of the United States (“SCOTUS”) seeking review of a decision of a panel of the United States Court of Appeals for the Fifth Circuit (the “Fifth Circuit”) vacating the EPA’s denials of SREs under the RFS for certain small refineries, including those for WRC for the 2017 to 2021 compliance periods (the “2022 Denials”), finding that such denials, which were based on a new standard announced by the EPA in December 2021 and retroactively applied, were impermissibly retroactive and that the EPA’s interpretation of the SRE provisions was contrary to law and arbitrary and capricious as applied to the Fifth Circuit petitioners’ SRE petitions. WRC expects to file an opposition to these petitions for a writ of certiorari in the third quarter of 2024.

Regarding WRC’s SRE petition for the 2022 compliance period which was denied by the EPA in July 2023 largely on the same grounds as the 2022 Denials, WRC’s obligations under the RFS for the 2022 compliance period were stayed and its lawsuit filed against the EPA relating to such denial held in abeyance pending the outcome of the lawsuit filed by certain other small refineries against the EPA in the DC Circuit related to the 2022 Denials. In July 2024, the DC Circuit vacated the EPA’s denials of those SRE petitions. The EPA has not yet acted following the DC Circuit’s action. Also in July 2024, the DC Circuit in the case filed by WRC against the EPA for the damages it sustained as a result of the EPA’s late grant of its SRE petition for the 2018 compliance period (which SRE petition was later denied by the EPA in the 2022 Denials), the DC Circuit denied WRC’s request for relief, holding that there was no final agency action as to WRC. WRC is evaluating what responses it will take following such rulings.

In July 2024, WRC filed suit in the United States District Court for the Southern District of Texas seeking, among other relief, a declaration that the Administrator of the EPA violated the CAA by failing to timely rule on WRC’s SRE petition for the 2023 compliance period within 90 days following receipt and compelling the Administrator to rule on WRC’s 2023 SRE petition by an expeditious date certain, which suit remains pending.

In May 2024, the DC Circuit rejected challenges by WRC and other parties and upheld the EPA’s final rules issued in June 2022 and June 2023 establishing RVOs for 2020 to 2022.

As these matters are in various stages, CVR Energy cannot yet determine at this time the outcomes of these matters. While CVR Energy intends to prosecute these actions vigorously, if these matters are ultimately concluded in a manner adverse to CVR Energy, except as noted above, they could have a material effect on CVR Energy’s financial position, results of operations, or cash flows.

Our Energy segment recognized expenses of approximately $30 million and $48 million for the three months ended June 30, 2024 and 2023, respectively, and a benefit of $21 million and an expense of $37 million for the six months ended June 30, 2024 and 2023, respectively for CVR Energy’s obligated-party subsidiaries’ compliance with the RFS (based on the 2020 through 2024 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 June 30, 2024 and December 31, 2023, CVR Energy’s obligated-party subsidiaries’ RFS position was $312 million and $329 million, respectively, and is included in accrued expenses and other liabilities in the condensed consolidated balance sheets.

45Q Transaction

In January 2023, CVR Energy and its obligated-party subsidiaries entered into a joint venture and related agreements with unaffiliated third-party investors and others intended to qualify for certain tax credits available under Section 45Q of the Internal Revenue Code. Under the agreements entered into in connection with the 45Q Transactions, CVR Partners and certain of its subsidiaries are obligated to meet certain minimum quantities of carbon dioxide supply each year during the term of the agreement and is 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. See the matters described under the caption “Other” below.

Energy

Call Option Coverage Case – The lawsuits involving CVR Energy and certain of its affiliates (the “Call Defendants”) and CVR Energy’s primary and excess insurers (the “Insurers”) relating to insurance coverage for settlement by the Call Defendants of the consolidated lawsuits filed by purported former unitholders of CVR Refining, LP (“CVR Refining”) on behalf of themselves and an alleged class of similarly situated unitholders relating to CVR Energy’s exercise of the call option under the CVR Refining Amended and Restated Agreement of Limited Partnership remain pending. In the lawsuit filed by the Call Defendants against the Insurers alleging breach of contract and breach of the implied covenant of good faith and fair motion to emend their complaint remains pending. Briefing is ongoing in the Call Defendants’ appeal of summary judgment granted in favor of the Insurers by the 434^th Judicial District Court of Fort Bend County, Texas in the Insurer’s separate lawsuit against the Call Defendants seeking determination that the Insurers owe no indemnity coverage for the settlement under policies with coverage limits of $50 million, with oral arguments expected in 2025.While these cases remain pending, CVR Energy does not expect the outcome of these lawsuits to have a material adverse impact on CVR Energy’s financial position, results of operations, or cash flows.

Other Matters

Pension Obligations

Mr. Icahn, through certain affiliates, owns 100% of Icahn Enterprises GP and approximately 85% of Icahn Enterprises’ outstanding depositary units as of June 30, 2024. Applicable pension and tax laws make each member of a

“controlled group” of entities, generally defined as entities in which there is at least an 80% common ownership interest, jointly and severally liable for certain pension plan obligations of any member of the controlled group. These pension obligations include ongoing contributions to fund the plan, as well as liability for any unfunded liabilities that may exist at the time the plan is terminated. In addition, the failure to pay these pension obligations when due may result in the creation of liens in favor of the pension plan or the Pension Benefit Guaranty Corporation (the “PBGC”) against the assets of each member of the controlled group.

As a result of the more than 80% ownership interest in us by Mr. Icahn’s affiliates, we and our subsidiaries are subject to the pension liabilities of entities in which Mr. Icahn has a direct or indirect ownership interest of at least 80%, which includes the liabilities of pension plans sponsored by Viskase and ACF Industries LLC (“ACF”), an affiliate of Mr. Icahn. All the minimum funding requirements of the Internal Revenue Code, as amended, and the Employee Retirement Income Security Act of 1974, as amended, for the Viskase and ACF plans have been met as of June 30, 2024. If the plans were voluntarily terminated, they would be underfunded by an aggregate of approximately $26 million as of June 30, 2024. 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. Plaintiffs filed their consolidated class action complaint on January 12, 2024, and we filed our motion to dismiss the consolidated class action complaint on March 12, 2024. 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 continue to evaluate 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.

Inventories, Net (Tables)

6 Months Ended

Jun. 30, 2024

Inventories, Net

Inventories


	June 30,		December 31,
	2024		2023

	(in millions)
Raw materials	$	306	$	367
Work in process		107		95
Finished goods		557		585
	$	970	$	1,047

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2024

Disaggregation of Revenue [Line Items]

Schedule of Condensed Income Statement by Segment

Condensed Statements of Operations


	Three Months Ended June 30, 2024
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated

	(in millions)
Revenues:
Net sales	$	—	$	1,966	$	212	$	105	$	10	$	44	$	25	$	—	$	2,362
Other revenues from operations		—		—		171		—		19		—		1		—		191
Net loss from investment activities		(479)		—		—		—		—		—		—		—		(479)
Interest and dividend income		87		7		1		—		—		—		1		26		122
Gain on disposition of assets, net		—		—		1		—		—		—		—		—		1
Other income, net		—		4		—		—		—		—		—		—		4
		(392)		1,977		385		105		29		44		27		26		2,201
Expenses:
Cost of goods sold		—		1,922		142		86		7		33		14		—		2,204
Other expenses from operations		—		—		136		—		18		—		—		—		154
Dividend expense		13		—		—		—		—		—		—		—		13
Selling, general and administrative		6		35		99		11		4		11		10		7		183
Restructuring, net		—		—		—		1		—		—		—		—		1
Interest expense		19		26		1		3		—		—		—		79		128
		38		1,983		378		101		29		44		24		86		2,683
(Loss) income before income tax (expense) benefit		(430)		(6)		7		4		—		—		3		(60)		(482)
Income tax benefit (expense)		—		31		—		(2)		—		—		—		(33)		(4)
Net (loss) income		(430)		25		7		2		—		—		3		(93)		(486)
Less: net (loss) income attributable to non-controlling interests		(173)		17		—		1		—		—		—		—		(155)
Net (loss) income attributable to Icahn Enterprises	$	(257)	$	8	$	7	$	1	$	—	$	—	$	3	$	(93)	$	(331)
Supplemental information:
Capital expenditures	$	—	$	43	$	12	$	3	$	7	$	1	$	—	$	—	$	66
Depreciation and amortization	$	—	$	90	$	18	$	7	$	4	$	1	$	7	$	—	$	127


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

	(in millions)
Revenues:
Net sales	$	—	$	2,237	$	248	$	117	$	13	$	46	$	23	$	—	$	2,684
Other revenues from operations		—		—		177		—		20		—		1		—		198
Net loss from investment activities		(500)		—		—		—		—		—		—		—		(500)
Interest and dividend income		134		8		—		—		—		—		—		25		167
Gain on disposition of assets, net		—		—		3		—		—		—		—		—		3
Other income, net		1		3		—		1		1		—		1		—		7
		(365)		2,248		428		118		34		46		25		25		2,559
Expenses:
Cost of goods sold		—		1,990		173		90		8		35		14		—		2,310
Other expenses from operations		—		—		142		—		18		—		—		—		160
Dividend expense		19		—		—		—		—		—		—		—		19
Selling, general and administrative		13		39		114		15		5		10		11		8		215
Credit loss on related party note receivable		—		—		—		—		—		—		—		116		116
Loss on deconsolidation of subsidiary		—		—		—		—		—		—		—		20		20
Interest expense		38		22		1		3		—		—		—		72		136
		70		2,051		430		108		31		45		25		216		2,976
(Loss) income before income tax (expense) benefit		(435)		197		(2)		10		3		1		—		(191)		(417)
Income tax (expense) benefit		—		(41)		6		(5)		—		—		—		38		(2)
Net (loss) income		(435)		156		4		5		3		1		—		(153)		(419)
Less: net (loss) income attributable to non-controlling interests		(220)		70		—		—		—		—		—		—		(150)
Net (loss) income attributable to Icahn Enterprises	$	(215)	$	86	$	4	$	5	$	3	$	1	$	—	$	(153)	$	(269)
Supplemental information:
Capital expenditures	$	—	$	56	$	11	$	5	$	—	$	1	$	—	$	—	$	73
Depreciation and amortization	$	—	$	89	$	22	$	7	$	3	$	1	$	7	$	—	$	129


	Six Months Ended June 30, 2024
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated

	(in millions)
Revenues:
Net sales	$	—	$	3,829	$	431	$	206	$	11	$	80	$	49	$	—	$	4,606
Other revenues from operations		—		—		336		—		36		—		2		—		374
Net loss from investment activities		(575)		—		—		—		—		—		—		—		(575)
Interest and dividend income		192		20		2		—		—		—		1		50		265
Loss on disposition of assets, net		—		(1)		(4)		—		—		—		—		—		(5)
Other income (loss), net		—		8		—		(2)		—		—		—		—		6
		(383)		3,856		765		204		47		80		52		50		4,671
Expenses:
Cost of goods sold		—		3,635		294		166		8		60		28		—		4,191
Other expenses from operations		—		—		275		—		32		—		—		—		307
Dividend expense		33		—		—		—		—		—		—		—		33
Selling, general and administrative		10		77		201		24		9		21		20		14		376
Restructuring, net		—		—		—		1		—		—		—		—		1
Interest expense		44		59		1		6		—		—		—		154		264
		87		3,771		771		197		49		81		48		168		5,172
(Loss) income before income tax (expense) benefit		(470)		85		(6)		7		(2)		(1)		4		(118)		(501)
Income tax benefit (expense)		—		18		4		(3)		—		—		—		(30)		(11)
Net (loss) income		(470)		103		(2)		4		(2)		(1)		4		(148)		(512)
Less: net (loss) income attributable to non-controlling interests		(190)		46		—		1		—		—		—		—		(143)
Net (loss) income attributable to Icahn Enterprises	$	(280)	$	57	$	(2)	$	3	$	(2)	$	(1)	$	4	$	(148)	$	(369)
Supplemental information:
Capital expenditures	$	—	$	90	$	28	$	5	$	9	$	2	$	—	$	—	$	134
Depreciation and amortization	$	—	$	182	$	37	$	13	$	7	$	3	$	14	$	—	$	256


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

	(in millions)
Revenues:
Net sales	$	—	$	4,523	$	535	$	235	$	20	$	86	$	43	$	—	$	5,442
Other revenues from operations		—		—		347		—		36		—		2		—		385
Net loss from investment activities		(943)		—		—		—		—		—		—		—		(943)
Interest and dividend income		278		13		—		—		—		—		—		47		338
Gain on disposition of assets, net		—		—		3		—		—		—		—		—		3
Other income (loss), net		1		6		—		(6)		1		—		1		—		3
		(664)		4,542		885		229		57		86		46		47		5,228
Expenses:
Cost of goods sold		—		3,916		366		181		14		67		26		—		4,570
Other expenses from operations		—		—		287		—		31		—		—		—		318
Dividend expense		47		—		—		—		—		—		—		—		47
Selling, general and administrative		16		85		246		29		9		20		24		15		444
Credit loss on related party note receivable		—		—		—		—		—		—		—		116		116
Loss on deconsolidation of subsidiary		—		—		—		—		—		—		—		246		246
Interest expense		83		45		1		6		—		—		—		143		278
		146		4,046		900		216		54		87		50		520		6,019
(Loss) income before income tax (expense) benefit		(810)		496		(15)		13		3		(1)		(4)		(473)		(791)
Income tax (expense) benefit		—		(93)		6		(1)		—		—		—		102		14
Net (loss) income		(810)		403		(9)		12		3		(1)		(4)		(371)		(777)
Less: net (loss) income attributable to non-controlling interests		(424)		185		—		1		—		—		—		—		(238)
Net (loss) income attributable to Icahn Enterprises	$	(386)	$	218	$	(9)	$	11	$	3	$	(1)	$	(4)	$	(371)	$	(539)
Supplemental information:
Capital expenditures	$	—	$	100	$	21	$	7	$	2	$	1	$	—	$	—	$	131
Depreciation and amortization	$	—	$	173	$	41	$	14	$	6	$	3	$	14	$	—	$	251

Schedule of Condensed Financial Statements by Segment


	June 30, 2024
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated

	(in millions)
ASSETS
Cash and cash equivalents	$	8	$	586	$	89	$	5	$	26	$	4	$	30	$	1,470	$	2,218
Cash held at consolidated affiliated partnerships and restricted cash		3,256		—		7		—		3		3		—		173		3,442
Investments		2,196		96		—		—		14		—		—		—		2,306
Accounts receivable, net		—		298		34		87		17		28		30		—		494
Inventories, net		—		543		198		115		—		92		22		—		970
Related party notes receivable, net		—		—		—		—		—		—		—		7		7
Property, plant and equipment, net		—		2,542		817		126		367		53		—		4		3,909
Goodwill and intangible assets, net		—		169		331		22		—		19		184		—		725
Other assets		2,762		288		488		94		67		18		6		194		3,917
Total assets	$	8,222	$	4,522	$	1,964	$	449	$	494	$	217	$	272	$	1,848	$	17,988
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	1,225	$	1,438	$	816	$	126	$	54	$	43	$	55	$	92	$	3,849
Securities sold, not yet purchased, at fair value		2,128		—		—		—		—		—		—		—		2,128
Debt		—		1,584		27		139		1		14		—		4,860		6,625
Total liabilities		3,353		3,022		843		265		55		57		55		4,952		12,602

Equity attributable to Icahn Enterprises		2,946		785		1,121		168		434		160		217		(3,104)		2,727
Equity attributable to non-controlling interests		1,923		715		—		16		5		—		—		—		2,659
Total equity		4,869		1,500		1,121		184		439		160		217		(3,104)		5,386
Total liabilities and equity	$	8,222	$	4,522	$	1,964	$	449	$	494	$	217	$	272	$	1,848	$	17,988


	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, net		—		—		—		—		—		—		—		11		11
Inventories, net		—		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

Energy

Disaggregation of Revenue [Line Items]

Disaggregation of Revenue


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

	(in millions)
Petroleum products	$	1,833	$	2,054		3,568	$	4,114
Nitrogen fertilizer products		133		183		261		409
	$	1,966	$	2,237	$	3,829	$	4,523

Automotive Segment

Disaggregation of Revenue [Line Items]

Disaggregation of Revenue


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

	(in millions)
Automotive Services	$	363	$	392	$	719	$	761
Aftermarket Parts		5		20		18		92
Total revenue from customers	$	368	$	412		737		853
Lease revenue outside the scope of ASC 606		15		13		30		29
Total Automotive net sales and other revenues from operations	$	383	$	425	$	767	$	882

- Definition

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

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net loss	$ (512)	$ (777)
Adjustments to reconcile net loss to net cash provided by operating activities:
Net loss from securities transactions	322	310
Purchases of securities	(1,362)	(446)
Proceeds from sales of securities	926	2,084
Payments to cover securities sold, not yet purchased	(653)	(3,618)
Proceeds from securities sold, not yet purchased	124	444
Changes in receivables and payables relating to securities transactions	1,597	2,774
Changes in derivative assets and liabilities	(20)	681
Loss (gain) on disposition of assets, net	5	(3)
Depreciation and amortization	256	251
Loss on deconsolidation of subsidiary		246
Deferred taxes	(35)	(88)
Other, net	11	8
Changes in other operating assets and liabilities	(17)	128
Net cash provided by operating activities	642	1,994
Cash flows from investing activities:
Capital expenditures	(134)	(131)
Turnaround expenditures	(44)	(50)
Acquisition of businesses, net of cash acquired	(2)
Proceeds from disposition of businesses and assets	4
Return of equity method investment	4	20
Other, net	5	(12)
Net cash used in investing activities	(167)	(173)
Cash flows from financing activities:
Investment segment contributions from non-controlling interests	1
Investment segment distributions to non-controlling interests	(5)	(1,462)
Partnership contributions	100	185
Partnership distributions	(207)	(155)
Purchase of additional interests in consolidated subsidiaries	(1)
Dividends and distributions to non-controlling interests in subsidiaries	(58)	(170)
Proceeds from Holding Company senior unsecured notes	766
Repayments of Holding Company senior unsecured notes	(750)
Proceeds from subsidiary borrowings	17	32
Repayments of subsidiary borrowings	(612)	(48)
Other, net	(9)	(3)
Net cash used in financing activities	(758)	(1,621)
Effect of exchange rate changes on cash and cash equivalents and restricted cash and restricted cash equivalents	(3)
Net (decrease) increase in cash and cash equivalents and restricted cash and restricted cash equivalents	(286)	200
Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period	5,946	4,886
Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period	$ 5,660	$ 5,086

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Basis of Presentation and Summary of Significant Accounting Policies
Principles of Consolidation	Principles of Consolidation Our condensed consolidated financial statements include the accounts of (i) Icahn Enterprises and (ii) the wholly and majority owned subsidiaries of Icahn Enterprises, in addition to variable interest entities (“VIEs”) in which we are the primary beneficiary. In evaluating whether we have a controlling financial interest in entities that we consolidate, we consider the following: (1) for voting interest entities, including limited partnerships and similar entities that are not VIEs, we consolidate these entities in which we own a majority of the voting interests; and (2) for VIEs, we consolidate these entities in which we are the primary beneficiary. See below for a discussion of our VIEs. Kick-out rights, which are the rights underlying the limited partners’ ability to dissolve the limited partnership or otherwise remove the general partners, held through voting interests of partnerships and similar entities that are not VIEs are considered the equivalent of the equity interests of corporations that are not VIEs. For entities over which the Company does not have significant influence, the Company accounts for its equity investment at fair value. Except for our Investment segment and Holding Company, for equity investments in which we own 50% or less but greater than 20%, we generally account for such investments using the equity method. All other such equity investments are accounted for at fair value.
Consolidated Variable Interest Entities	Consolidated Variable Interest Entities We determined that Icahn Enterprises Holdings is a VIE because it is a limited partnership that lacks both substantive kick-out and participating rights. Although Icahn Enterprises is not the general partner of Icahn Enterprises Holdings, Icahn Enterprises is deemed to be the primary beneficiary of Icahn Enterprises Holdings principally based on its 99% limited partner interest in Icahn Enterprises Holdings, as well as our related party relationship with the general partner, and therefore continues to consolidate Icahn Enterprises Holdings. Icahn Enterprises Holdings and its subsidiaries own substantially all of our assets and liabilities and therefore, the balance sheets of Icahn Enterprises and Icahn Enterprises Holdings are substantially the same. During 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 June 30, 2024, total assets related to the protected cell were $106 million, and included in restricted cash in the condensed consolidated balance sheet.
Reclassifications	Reclassifications Certain reclassifications from the prior year presentation have been made to conform to the current year presentation, which did not have an impact on previously reported net income and equity and are not deemed material.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying values of cash and cash equivalents, cash held at consolidated affiliated partnerships and restricted cash, accounts receivable, due from brokers, accounts payable, accrued expenses and other liabilities and due to brokers are deemed to be reasonable estimates of their fair values because of their short-term nature. See Note 5, “Investments,” and Note 6, “Fair Value Measurements,” for a detailed discussion of our investments and other non-financial assets and/or liabilities. The fair value of our long-term debt is based on the quoted market prices for the same or similar issues or on the current rates offered to us for debt of the same remaining maturities. The carrying value and estimated fair value of our long-term debt as of June 30, 2024 was approximately $6.6 billion and $6.4 billion, respectively. The carrying value and estimated fair value of our long-term debt as of December 31, 2023 was approximately $7.2 billion and $6.9 billion, respectively.
Cash Flow	Cash Flow Cash and cash equivalents and restricted cash and restricted cash equivalents on our condensed consolidated statements of cash flows is comprised of (i) cash and cash equivalents and (ii) cash held at consolidated affiliated partnerships and restricted cash.
Cash Held at Consolidated Affiliated Partnerships and Restricted Cash	Cash Held at Consolidated Affiliated Partnerships and Restricted Cash Our cash held at consolidated affiliated partnerships balance was $1,631 million and $1,068 million as of June 30, 2024 and December 31, 2023, 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 $1,811 million and $1,927 million as of June 30, 2024 and December 31, 2023, 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.
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 segment’s and Automotive segment’s leasing revenue, our revenue is generally derived from contracts with customers in accordance with U.S. GAAP. Such revenue from contracts with customers is included in net sales and other revenues from operations in the condensed consolidated statements of operations, however, our Real Estate segment’s and Automotive segment’s leasing revenue, as disclosed in Note 11, “Leases,” is also included in other revenues from operations. Related contract assets are included in accounts receivable, net or other assets and related contract liabilities are included in accrued expenses and other liabilities in the condensed consolidated balance sheets. Our disaggregation of revenue information includes our net sales and other revenues from operations for each of our reporting segments as well as additional disaggregation of revenue information for our Energy and Automotive segments. See Note 14, “Segment Reporting,” for our complete disaggregation of revenue information. In addition, we disclose additional information with respect to revenue from contracts with customers and contract balances for our Energy and Automotive segments below. Energy Our Energy segment’s deferred revenue is a contract liability that 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 revenue is recognized at the point in time in which the customer obtains control of the product. As of June 30, 2024, our Energy segment had $32 million of remaining performance obligations for contracts with an original expected duration of more than one year. Our Energy segment expects to recognize $8 million of these performance obligations as revenue by the end of 2024, $11 million during 2025, an additional $10 million in 2026, and the remaining balance in 2027. 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 $38 million and $49 million as of June 30, 2024 and December 31, 2023, respectively. For the six months ended June 30, 2024 and 2023, our Energy segment recorded revenue of $13 million and $46 million, respectively, with respect to deferred revenue outstanding as of the beginning of each respective period. Automotive Our Automotive segment had deferred revenue with respect to extended warranty plans of $42 million and $45 million as of June 30, 2024 and December 31, 2023, respectively, which are included in accrued expenses and other liabilities on the condensed consolidated balance sheets. For the six months ended June 30, 2024 and 2023, our Automotive segment recorded deferred revenue of $12 million and $13 million, respectively, outstanding as of the beginning of each period.
Adoption of New Accounting Standards and Recently Issued Accounting Standards	Adoption of New Accounting Standards In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which amends guidance in Topic 820, Fair Value Measurement. The guidance clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The guidance also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The amendment requires the following disclosures for equity securities subject to contractual sale restrictions: the fair value of equity securities subject to contractual sale restrictions; the nature and remaining duration of the restriction(s); and the circumstances that could cause a lapse in the restriction(s). The amended guidance is effective January 1, 2024 on a prospective basis. We adopted this ASU effective January 1, 2024. The adoption of this standard did not have a significant impact on our condensed 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. While the Company continues to evaluate the effects of adopting this new accounting guidance, its currently expects additional disclosures will be included for its annual and interim reporting periods beginning December 31, 2024.

Description of Business (Details) $ in Billions	6 Months Ended
Description of Business (Details) $ in Billions	Jun. 30, 2024 USD ($) item country product	Dec. 31, 2023 USD ($)
Description of Business [Line Items]
Number of Country Clubs Operated \| country	2
Icahn Enterprises Holdings
Description of Business [Line Items]
Percentage of equity ownership in operating subsidiary	99.00%
Icahn Enterprises Holdings \| Icahn Enterprises G.P.
Description of Business [Line Items]
General partner ownership percentage in Icahn Enterprises	1.00%
Icahn Enterprises Holdings \| Mr. Icahn and affiliates
Description of Business [Line Items]
Affiliate ownership interest	85.00%
Icahn Enterprises G.P.
Description of Business [Line Items]
Aggregate general partner ownership interest of parent and operating subsidiary	1.99%
CVR Refining
Description of Business [Line Items]
Percentage of equity ownership in operating subsidiary	37.00%
CVR Energy \| Energy
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	91.00%
Investment Funds
Description of Business [Line Items]
Fair value of investment in subsidiary \| $	$ 2.9	$ 3.2
CVR Partners \| CVR Energy
Description of Business [Line Items]
Percentage of equity ownership in operating subsidiary	100.00%
Vivus \| Pharma
Description of Business [Line Items]
Number of approved therapies	2
Number of product candidates in active clinical development	2
Number of product candidates \| product	2

Leases (Tables)

6 Months Ended

Jun. 30, 2024

Leases

Schedule of right-of-use assets and lease liabilities


	June 30,		December 31,
	2024		2023

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

Financing Leases:
Right-of-use assets (property, plant and equipment, net)		52		55
Lease liabilities (debt)		67		70

Schedule of operating lease term and discount rate


	Right-Of-Use		Lease			Discount
Operating Leases as of June 30, 2024	Assets		Liabilities		Lease Term	Rate

	(in millions)
Energy	$	57	$	54	5.3 years	6.8%
Automotive		422		434	5.6 years	6.0%
Food Packaging		20		23	9.1 years	7.4%
Other segments and Holding Company		27		20
	$	526	$	531


	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

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Supplemental Cash Flow Information
Cash payments for interest	$ (185)	$ (216)
Cash payments for income taxes, net of payments	$ (62)	(43)
Partnership contributions receivable		6
Non-cash Investment segment distributions to non-controlling interests		$ (2)

Other Loss, Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Other Loss, Net (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Component of Other Income (Loss), Net
Other loss, net	$ (4)	$ (7)	$ (6)	$ (3)
Equity earnings from non-consolidated affiliates
Component of Other Income (Loss), Net
Other loss, net	3	3	7	5
Foreign currency transaction gain
Component of Other Income (Loss), Net
Other loss, net	(2)	2	(2)	2
Loss on extinguishment of debt, net
Component of Other Income (Loss), Net
Other loss, net	(2)		(2)
Other
Component of Other Income (Loss), Net
Other loss, net	$ 5	$ 2	$ 3	$ (4)

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Aug. 07, 2024
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	1-9516
Entity Registrant Name	ICAHN ENTERPRISES L.P.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-3398766
Entity Address, Address Line One	16690 Collins Avenue
Entity Address, Address Line Two	PH-1
Entity Address, City or Town	Sunny Isles Beach,
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33160
City Area Code	305
Local Phone Number	422-4100
Title of 12(b) Security	Depositary Units of Icahn Enterprises L.P. Representing Limited Partner Interests
Trading Symbol	IEP
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		475,462,962
Entity Central Index Key	0000813762
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Segment Reporting - Condensed Statements of Operations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	$ 2,362	$ 2,684	$ 4,606	$ 5,442
Other revenues from operations	191	198	374	385
Net loss from investment activities	(479)	(500)	(575)	(943)
Interest and dividend income	122	167	265	338
Gain (loss) on disposition of assets, net	1	3	(5)	3
Other income, net	4	7	6	3
Total revenues	2,201	2,559	4,671	5,228
Cost of goods sold	2,204	2,310	4,191	4,570
Other expenses from operations	154	160	307	318
Dividend expense	13	19	33	47
Selling, general and administrative	183	215	376	444
Restructuring, net	1		1
Credit loss on related party note receivable		116		116
Loss on deconsolidation of subsidiary		20		246
Interest expense	128	136	264	278
Other loss (income), net	4	7	6	3
Total Expenses	2,683	2,976	5,172	6,019
Pre-tax loss	(482)	(417)	(501)	(791)
Income tax (expense) benefit	(4)	(2)	(11)	14
Net (loss) income	(486)	(419)	(512)	(777)
Less: net (loss) income from continuing operations attributable to non-controlling interests	(155)	(150)	(143)	(238)
Net (loss) income from continuing operations attributable to Icahn Enterprises	(331)	(269)	(369)	(539)
Capital expenditures	66	73	134	131
Depreciation and amortization	127	129	256	251
Investment Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net loss from investment activities	(479)	(500)	(575)	(943)
Interest and dividend income	87	134	192	278
Other income, net		1		1
Total revenues	(392)	(365)	(383)	(664)
Dividend expense	13	19	33	47
Selling, general and administrative	6	13	10	16
Interest expense	19	38	44	83
Total Expenses	38	70	87	146
Pre-tax loss	(430)	(435)	(470)	(810)
Net (loss) income	(430)	(435)	(470)	(810)
Less: net (loss) income from continuing operations attributable to non-controlling interests	(173)	(220)	(190)	(424)
Net (loss) income from continuing operations attributable to Icahn Enterprises	(257)	(215)	(280)	(386)
Energy
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	1,966	2,237	3,829	4,523
Interest and dividend income	7	8	20	13
Gain (loss) on disposition of assets, net			(1)
Other income, net		3	8	6
Total revenues	1,977	2,248	3,856	4,542
Cost of goods sold	1,922	1,990	3,635	3,916
Selling, general and administrative	35	39	77	85
Interest expense	26	22	59	45
Total Expenses	1,983	2,051	3,771	4,046
Pre-tax loss	(6)	197	85	496
Income tax (expense) benefit	31	(41)	18	(93)
Net (loss) income	25	156	103	403
Less: net (loss) income from continuing operations attributable to non-controlling interests	17	70	46	185
Net (loss) income from continuing operations attributable to Icahn Enterprises	8	86	57	218
Capital expenditures	43	56	90	100
Depreciation and amortization	90	89	182	173
Automotive Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	212	248	431	535
Other revenues from operations	171	177	336	347
Interest and dividend income	1		2
Gain (loss) on disposition of assets, net	1	3	(4)	3
Total revenues	385	428	765	885
Cost of goods sold	142	173	294	366
Other expenses from operations	136	142	275	287
Selling, general and administrative	99	114	201	246
Interest expense	1	1	1	1
Total Expenses	378	430	771	900
Pre-tax loss	7	(2)	(6)	(15)
Income tax (expense) benefit		6	4	6
Net (loss) income	7	4	(2)	(9)
Net (loss) income from continuing operations attributable to Icahn Enterprises	7	4	(2)	(9)
Capital expenditures	12	11	28	21
Depreciation and amortization	18	22	37	41
Food Packaging Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	105	117	206	235
Other income, net		1	(2)	(6)
Total revenues	105	118	204	229
Cost of goods sold	86	90	166	181
Selling, general and administrative	11	15	24	29
Restructuring, net	1		1
Interest expense	3	3	6	6
Total Expenses	101	108	197	216
Pre-tax loss	4	10	7	13
Income tax (expense) benefit	(2)	(5)	(3)	(1)
Net (loss) income	2	5	4	12
Less: net (loss) income from continuing operations attributable to non-controlling interests	1		1	1
Net (loss) income from continuing operations attributable to Icahn Enterprises	1	5	3	11
Capital expenditures	3	5	5	7
Depreciation and amortization	7	7	13	14
Real Estate Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	10	13	11	20
Other revenues from operations	19	20	36	36
Other income, net		1		1
Total revenues	29	34	47	57
Cost of goods sold	7	8	8	14
Other expenses from operations	18	18	32	31
Selling, general and administrative	4	5	9	9
Total Expenses	29	31	49	54
Pre-tax loss		3	(2)	3
Net (loss) income		3	(2)	3
Net (loss) income from continuing operations attributable to Icahn Enterprises		3	(2)	3
Capital expenditures	7		9	2
Depreciation and amortization	4	3	7	6
Home Fashion Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	44	46	80	86
Total revenues	44	46	80	86
Cost of goods sold	33	35	60	67
Selling, general and administrative	11	10	21	20
Total Expenses	44	45	81	87
Pre-tax loss		1	(1)	(1)
Net (loss) income		1	(1)	(1)
Net (loss) income from continuing operations attributable to Icahn Enterprises		1	(1)	(1)
Capital expenditures	1	1	2	1
Depreciation and amortization	1	1	3	3
Pharma
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	25	23	49	43
Other revenues from operations	1	1	2	2
Interest and dividend income	1		1
Other income, net		1		1
Total revenues	27	25	52	46
Cost of goods sold	14	14	28	26
Selling, general and administrative	10	11	20	24
Total Expenses	24	25	48	50
Pre-tax loss	3		4	(4)
Net (loss) income	3		4	(4)
Net (loss) income from continuing operations attributable to Icahn Enterprises	3		4	(4)
Depreciation and amortization	7	7	14	14
Holding Company
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Interest and dividend income	26	25	50	47
Total revenues	26	25	50	47
Selling, general and administrative	7	8	14	15
Credit loss on related party note receivable		116		116
Loss on deconsolidation of subsidiary		20		246
Interest expense	79	72	154	143
Total Expenses	86	216	168	520
Pre-tax loss	(60)	(191)	(118)	(473)
Income tax (expense) benefit	(33)	38	(30)	102
Net (loss) income	(93)	(153)	(148)	(371)
Net (loss) income from continuing operations attributable to Icahn Enterprises	$ (93)	$ (153)	$ (148)	$ (371)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues:
Net sales	$ 2,362	$ 2,684	$ 4,606	$ 5,442
Other revenues from operations	191	198	374	385
Net loss from investment activities	(479)	(500)	(575)	(943)
Interest and dividend income	122	167	265	338
Gain (loss) on disposition of assets, net	1	3	(5)	3
Other income, net	4	7	6	3
Total revenues	2,201	2,559	4,671	5,228
Expenses:
Cost of goods sold	2,204	2,310	4,191	4,570
Other expenses from operations	154	160	307	318
Dividend expense	13	19	33	47
Selling, general and administrative	183	215	376	444
Restructuring, net	1		1
Credit loss on related party note receivable		116		116
Loss on deconsolidation of subsidiary		20		246
Interest expense	128	136	264	278
Other loss, net	4	7	6	3
Total Expenses	2,683	2,976	5,172	6,019
Loss before income tax expense	(482)	(417)	(501)	(791)
Income tax (expense) benefit	(4)	(2)	(11)	14
Net loss	(486)	(419)	(512)	(777)
Less: net loss attributable to non-controlling interests	(155)	(150)	(143)	(238)
Net loss attributable to Icahn Enterprises	(331)	(269)	(369)	(539)
Net loss attributable to Icahn Enterprises allocated to:
Limited partners	(325)	(264)	(362)	(528)
General partner	(6)	(5)	(7)	(11)
Net Income (Loss)	$ (331)	$ (269)	$ (369)	$ (539)
Basic loss per LP unit:
Basic loss per LP unit (in dollars per share)	$ (0.72)	$ (0.72)	$ (0.82)	$ (1.46)
Basic weighted average LP units outstanding (in shares)	450	367	440	361
Diluted loss per LP unit:
Diluted loss per LP unit (in dollars per share)	$ (0.72)	$ (0.72)	$ (0.82)	$ (1.46)
Diluted weighted average LP units outstanding (in shares)	450	367	440	361
Distributions declared per LP unit (in dollars per share)	$ 1.00	$ 2.00	$ 2.00	$ 4.00

Subsidiary Bankruptcy and Deconsolidation

6 Months Ended

Jun. 30, 2024

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 zero resulting in a non-cash charge of $246 million during the six months ended June 30, 2023.

Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Changes in Accumulated Other Comprehensive Loss
Accumulated other comprehensive loss, Translation Adjustments, Net of Tax, Beginning Balance		$ (33)		$ (45)	$ (33)	$ (45)
Accumulated other comprehensive loss, Post-Retirement Benefits, Net of Tax, Beginning Balance		(22)		(25)	(22)	(25)
Accumulated other comprehensive loss, Beginning Balance		(55)		(70)	(55)	(70)
Other comprehensive income before reclassifications, net of tax Translation Adjustments, Net of Tax					(6)	5
Other comprehensive income before reclassifications, net of tax Total					(6)	5
Reclassifications from accumulated other comprehensive loss to earnings, net of tax Post-Retirement Benefits and Other, Net of Tax						2
Reclassifications from accumulated other comprehensive loss to earnings, net of tax						2
Other comprehensive income, net of tax, Translation Adjustment, Net of Tax, Total	$ (4)		$ 1		(6)	5
Other comprehensive loss, net of tax, Post-Retirement Benefits and Other, Net of Tax			2			2
Other comprehensive (loss) income, net of tax	(4)	$ (2)	3	$ 4	(6)	7
Accumulated other comprehensive loss, Translation Adjustments, Net of Tax, Ending Balance	(39)		(40)		(39)	(40)
Accumulated other comprehensive loss, Post-Retirement Benefits and Other, Net of Tax, Ending Balance	(22)		(23)		(22)	(23)
Accumulated other comprehensive loss, Total, Ending Balance	$ (61)		$ (63)		$ (61)	$ (63)

Changes in Accumulated Other Comprehensive Loss

6 Months Ended

Jun. 30, 2024

Changes in Accumulated Other Comprehensive Loss

Changes in Accumulated Other Comprehensive Loss

16. Changes in Accumulated Other Comprehensive Loss

Changes in accumulated other comprehensive loss consists of the following:


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

	(in millions)
Balance, December 31, 2023	$	(33)	$	(22)	$	(55)
Other comprehensive loss before reclassifications, net of tax		(6)		—		(6)
Other comprehensive loss, net of tax		(6)		—		(6)
Balance, June 30, 2024	$	(39)	$	(22)	$	(61)


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

	(in millions)
Balance, December 31, 2022	$	(45)	$	(25)	$	(70)
Other comprehensive loss before reclassifications, net of tax		5		—		5
Reclassifications from accumulated other comprehensive loss to earnings, net of tax		—		2		2
Other comprehensive loss, net of tax		5		2		7
Balance, June 30, 2023	$	(40)	$	(23)	$	(63)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
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

Other Loss, Net (Tables)

6 Months Ended

Jun. 30, 2024

Other Loss, Net

Schedule of other loss, net


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

	(in millions)
Equity earnings from non-consolidated affiliates	$	3	$	3	$	7	$	5
Foreign currency transaction (loss) gain		(2)		2		(2)		2
Loss on extinguishment of debt, net		(2)		—		(2)		—
Other		5		2		3		(4)
	$	4	$	7	$	6	$	3

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

Jun. 30, 2024

Dec. 31, 2023

Derivatives Not Designated as Hedging Instruments, Fair Value

Unrealized Gain On Derivative Contracts

$ 53

$ 64

Derivative contracts, at fair value (liability)

$ 948

$ 979

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

$ 1,600

$ 1,700

Investment Segment | Not designated as hedging instrument

Derivatives Not Designated as Hedging Instruments, Fair Value

Derivative contracts, at fair value (liability)

^[1]

946

979

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

Derivatives Not Designated as Hedging Instruments, Fair Value

Asset derivatives, Gross

Derivative, Fair Value, Amount Offset Against Collateral, Net

^[1]

(48)

(25)

Unrealized Gain On Derivative Contracts

^[1]

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

Derivatives Not Designated as Hedging Instruments, Fair Value

Liability derivatives, Gross

994

1,004

Derivative, Fair Value, Amount Offset Against Collateral, Net

^[1]

(48)

(25)

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

Derivatives Not Designated as Hedging Instruments, Fair Value

Asset derivatives, Gross

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

992

999

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

Derivatives Not Designated as Hedging Instruments, Fair Value

Asset derivatives, Gross

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

$ 11

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]

Excludes netting of cash collateral received and posted. The total collateral posted at June 30, 2024 and December 31, 2023 was $1.6 billion and $1.7 billion, respectively, across all counterparties, which are included in cash held at consolidated affiliated partnerships and restricted cash in the condensed consolidated balance sheets.

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Measurements

Assets measured at fair value on a recurring basis


	June 30, 2024								December 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total

	(in millions)
Assets
Investments (Note 5)	$	2,129	$	29	$	41	$	2,199	$	2,730	$	129	$	42	$	2,901
Derivative assets, net (Note 7)		—		53		—		53		—		64		—		64
	$	2,129	$	82	$	41	$	2,252	$	2,730	$	193	$	42	$	2,965
Liabilities
Securities sold, not yet purchased (Note 5)	$	2,065	$	63	$	—	$	2,128	$	3,288	$	185	$	—	$	3,473
Derivative liabilities, net (Note 7)		—		948		—		948		—		979		—		979
RFS obligations (Note 18)		—		312		—		312		—		329		—		329
	$	2,065	$	1,323	$	—	$	3,388	$	3,288	$	1,493	$	—	$	4,781

Goodwill and Intangible Assets, Net (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets, Net

Schedule of Goodwill


	June 30, 2024						December 31, 2023
	Gross				Net		Gross				Net
	Carrying		Accumulated		Carrying		Carrying		Accumulated		Carrying
	Amount		Impairment		Value		Amount		Impairment		Value

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

Intangible assets, net


	June 30, 2024						December 31, 2023
	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	$	(239)	$	153	$	392	$	(229)	$	163
Developed technology		254		(104)		150		254		(90)		164
Other		164		(106)		58		164		(101)		63
	$	810	$	(449)	$	361	$	810	$	(420)	$	390

Indefinite-lived intangible assets					$	76					$	76
Intangible assets, net					$	437					$	466

- 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

Related Party Transactions (Details) $ in Millions			3 Months Ended		5 Months Ended	6 Months Ended		12 Months Ended
Related Party Transactions (Details) $ in Millions	May 05, 2022 item	Oct. 01, 2020	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Jan. 31, 2023 USD ($)
Related Party Transaction
Number of portfolios \| item	2
Mr. Icahn and affiliates
Related Party Transaction
Percentage of assets under management			39.00%			39.00%		39.00%
Noncontrolling Interest in Variable Interest Entity			$ 1,900			$ 1,900		$ 2,100
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						7
Investment in funds \| Mr. Icahn and affiliates
Related Party Transaction
Amount redeemed in accordance with manager agreement						0	$ 1,500
Expense sharing arrangement \| Consolidated VIE
Related Party Transaction
Amount of transaction with related party						8	7
Debtor in Possession Financing \| Auto Plus
Related Party Transaction
Aggregate amount									$ 75
Auto Plus Auction \| AEP PLC
Related Party Transaction
Assets acquired								10
Automotive Segment
Related Party Transaction
Revenues from operating leases			15	$ 13		30	29
Automotive Segment \| Deconsolidation of Investment in Auto Plus \| Auto Plus
Related Party Transaction
Revenues from operating leases					$ 3
Purchases from related party					4
Accounts payable to related party				2	2		2
Real Estate Segment
Related Party Transaction
Revenues from operating leases			$ 2	$ 7		5	12
Real Estate Segment \| Deconsolidation of Investment in Auto Plus \| Auto Plus
Related Party Transaction
Revenues from operating leases					$ 3
Brett Icahn
Related Party Transaction
Amount redeemed in accordance with manager agreement						4	$ 8
Investment funds total fair value						$ 16		$ 28

Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Measurements

Fair Value Measurements

6. Fair Value Measurements

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

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

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

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

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

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

Assets and Liabilities Measured at Fair Value on a Recurring Basis

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


	June 30, 2024								December 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total

	(in millions)
Assets
Investments (Note 5)	$	2,129	$	29	$	41	$	2,199	$	2,730	$	129	$	42	$	2,901
Derivative assets, net (Note 7)		—		53		—		53		—		64		—		64
	$	2,129	$	82	$	41	$	2,252	$	2,730	$	193	$	42	$	2,965
Liabilities
Securities sold, not yet purchased (Note 5)	$	2,065	$	63	$	—	$	2,128	$	3,288	$	185	$	—	$	3,473
Derivative liabilities, net (Note 7)		—		948		—		948		—		979		—		979
RFS obligations (Note 18)		—		312		—		312		—		329		—		329
	$	2,065	$	1,323	$	—	$	3,388	$	3,288	$	1,493	$	—	$	4,781

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 in the first quarter of 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 $7 million at June 30, 2024.

- 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

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - USD ($) $ in Millions	General Partner's Deficit Capital Units	Limited Partners' Equity Capital Units	Total Partners' Equity	Non-controlling Interests	Total
Total equity at Dec. 31, 2022	$ (747)	$ 4,647	$ 3,900	$ 5,658	$ 9,558
Increase (Decrease) in Equity
Net (loss) income	(5)	(265)	(270)	(88)	(358)
Other comprehensive income (loss)		4	4		4
Partnership distributions payable	(15)	(709)	(724)		(724)
Partnership contributions	4	175	179		179
Investment segment distributions to non-controlling interests				(80)	(80)
Dividends and distributions to non-controlling interests in subsidiaries				(85)	(85)
Changes in subsidiary equity and other		2	2		2
Total equity at Mar. 31, 2023	(763)	3,854	3,091	5,405	8,496
Total equity at Dec. 31, 2022	(747)	4,647	3,900	5,658	9,558
Increase (Decrease) in Equity
Net (loss) income					(777)
Other comprehensive income (loss)					7
Total equity at Jun. 30, 2023	(757)	4,153	3,396	3,791	7,187
Total equity at Mar. 31, 2023	(763)	3,854	3,091	5,405	8,496
Increase (Decrease) in Equity
Net (loss) income	(6)	(263)	(269)	(150)	(419)
Other comprehensive income (loss)		3	3		3
Partnership distributions payable reversal	15	709	724		724
Partnership distributions payable	(3)	(152)	(155)		(155)
Investment segment distributions to non-controlling interests				(1,380)	(1,380)
Dividends and distributions to non-controlling interests in subsidiaries				(84)	(84)
Changes in subsidiary equity and other		2	2		2
Total equity at Jun. 30, 2023	(757)	4,153	3,396	3,791	7,187
Total equity at Dec. 31, 2023	(761)	3,969	3,208	2,865	6,073
Increase (Decrease) in Equity
Net (loss) income	(1)	(37)	(38)	12	(26)
Other comprehensive income (loss)		(2)	(2)		(2)
Partnership distributions payable	(9)	(430)	(439)		(439)
Partnership contributions	1	50	51		51
Investment segment distributions to non-controlling interests				(5)	(5)
Dividends and distributions to non-controlling interests in subsidiaries				(28)	(28)
Changes in subsidiary equity and other	1		1		1
Total equity at Mar. 31, 2024	(769)	3,550	2,781	2,844	5,625
Total equity at Dec. 31, 2023	(761)	3,969	3,208	2,865	6,073
Increase (Decrease) in Equity
Net (loss) income					(512)
Other comprehensive income (loss)					(6)
Total equity at Jun. 30, 2024	(770)	3,497	2,727	2,659	5,386
Total equity at Mar. 31, 2024	(769)	3,550	2,781	2,844	5,625
Increase (Decrease) in Equity
Net (loss) income	(6)	(325)	(331)	(155)	(486)
Other comprehensive income (loss)		(3)	(3)	(1)	(4)
Partnership distributions payable reversal	9	430	439		439
Partnership distributions payable	(4)	(203)	(207)		(207)
Partnership contributions	1	48	49		49
Investment segment contributions from non-controlling interests				1	1
Dividends and distributions to non-controlling interests in subsidiaries				(30)	(30)
Changes in subsidiary equity and other	(1)		(1)		(1)
Total equity at Jun. 30, 2024	$ (770)	$ 3,497	$ 2,727	$ 2,659	$ 5,386

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Taxes
Income tax expense	$ 4	$ 2	$ 11	$ (14)
(Loss) income before income tax (expense) benefit	$ (482)	$ (417)	$ (501)	$ (791)
Effective income tax rate	(0.80%)	(0.50%)	(2.20%)	1.80%
Statutory federal income tax rate	21.00%	21.00%	21.00%	21.00%

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: 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 5: http://www.xbrl.org/2003/role/exampleRef
-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 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 25
-Paragraph 1
-SubTopic 20
-Topic 940
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481913/940-20-25-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

- Definition

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

+ References + Details

Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Derivative

Notional exposure of derivative instruments


	June 30, 2024				December 31, 2023
	Long Notional Exposure		Short Notional Exposure		Long Notional Exposure		Short Notional Exposure

		(in millions)
Primary underlying risk:
Equity contracts	$	1,811	$	2,046	$	1,882	$	2,350
Credit contracts⁽¹⁾		—		397		—		435
Commodity contracts		—		210		—		409

(1)

The short notional amount on our credit default swap positions was approximately $2.3 billion and $2.5 billion at June 30, 2024 and December 31, 2023, respectively. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is approximately $0.4 billion and $0.4 billion as of June 30, 2024 and December 31, 2023, respectively.

Investment Segment

Derivative

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


	Derivative Assets				Derivative Liabilities
	June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023

		(in millions)
Equity contracts	$	37	$	11	$	992	$	999
Credit contracts		33		39		2		2
Commodity contracts		11		14		—		3
Sub-total		81		64		994		1,004
Netting across contract types⁽¹⁾		(48)		(25)		(48)		(25)
Total⁽¹⁾	$	33	$	39	$	946	$	979

(1)

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


	Gain (loss) Recognized in Income ⁽¹⁾
	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

	(in millions)
Equity contracts	$	(446)	$	(366)	$	(211)	$	(650)
Credit contracts		17		(2)		(26)		34
Commodity contracts		13		(17)		(17)		(16)
	$	(416)	$	(385)	$	(254)	$	(632)

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

Energy

Derivative

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


	Derivative Assets				Derivative Liabilities
	June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023

		(in millions)
Commodity contracts	$	25	$	31	$	7	$	6
Netting across contract types⁽¹⁾		(5)		(6)		(5)		(6)
Total⁽¹⁾	$	20	$	25	$	2	$	—

(1)

Excludes netting of derivatives primarily related to initial margin requirements of $5 million and $13 million at June 30, 2024 and December 31, 2023, respectively, which was not offset against derivatives liabilities, net in the condensed consolidated balance sheets.

Supplemental Cash Flow Information

6 Months Ended

Jun. 30, 2024

Supplemental Cash Flow Information

Supplemental Cash Flow Information

19. Supplemental Cash Flow Information

Supplemental cash flow information consists of the following:


	Six Months Ended June 30,
	2024		2023

	(in millions)
Cash payments for interest	$	(185)	$	(216)
Cash payments for income taxes, net of payments		(62)		(43)
Partnership contributions receivable		—		6
Non-cash Investment segment distributions to non-controlling interests		—		(2)

Income Taxes

6 Months Ended

Jun. 30, 2024

Income Taxes

Income Taxes

15. Income Taxes

For the three months ended June 30, 2024, we recorded an income tax expense of $4 million on pre-tax loss of $482 million compared to an income tax expense of $2 million on pre-tax loss of $417 million for the three months ended June 30, 2023. Our effective income tax rate was (0.8%) and (0.5%) for the three months ended June 30, 2024 and 2023, respectively.

For the three months ended June 30, 2024, the effective tax rate was lower than the statutory federal rate of 21%, for corporations, primarily due to changes in the valuation allowance and from partnership losses for which there was no tax

benefit as such losses are allocated to the partners. For the three months ended June 30, 2023, the effective tax rate was lower than the statutory federal rate of 21%, for corporations, primarily due to partnership loss for which there was no tax benefit as such losses are allocated to the partners.

For the six months ended June 30, 2024, we recorded an income tax expense of $11 million on a pre-tax loss of $501 million compared to an income tax benefit of $14 million on a pre-tax loss of $791 million for the six months ended June 30, 2023. Our effective income tax rate was (2.2%) and 1.8% for the six months ended June 30, 2024 and 2023, respectively.

For the six months ended June 30, 2024, the effective tax rate was lower than the statutory federal tax rate of 21%, for corporations, primarily due to changes in the valuation allowance and from partnership losses for which there was no tax benefit as such losses are allocated to the partner. For the six months ended June 30, 2023, the effective tax rate was lower than the statutory federal tax rate of 21%, for corporations, primarily due to partnership loss for which there was no tax benefit as such losses are allocated to the partner.

- Definition

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

+ References

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

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Goodwill and Intangible Assets, Net - Definite-lived and Indefinite-lived Intangible Assets Table (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Definite-lived intangible assets:
Gross Carrying Amount	$ 810		$ 810		$ 810
Accumulated Amortization	(449)		(449)		(420)
Net Carrying Value	361		361		390
Indefinite-lived intangible assets	76		76		76
Intangible assets, net	437		437		466
Amortization expense associated with definite-lived intangible assets	15	$ 14	29	$ 29
Customer Relationships
Definite-lived intangible assets:
Gross Carrying Amount	392		392		392
Accumulated Amortization	(239)		(239)		(229)
Net Carrying Value	153		153		163
Developed Technology
Definite-lived intangible assets:
Gross Carrying Amount	254		254		254
Accumulated Amortization	(104)		(104)		(90)
Net Carrying Value	150		150		164
Unclassified Indefinite-lived Intangible Assets
Definite-lived intangible assets:
Gross Carrying Amount	164		164		164
Accumulated Amortization	(106)		(106)		(101)
Net Carrying Value	$ 58		$ 58		$ 63

Debt

6 Months Ended

Jun. 30, 2024

Debt

Debt

12. Debt

Debt consists of the following:


	June 30,		December 31,
	2024		2023

	(in millions)
Holding Company:
6.375% senior unsecured notes due 2025	$	—	$	749
6.250% senior unsecured notes due 2026		1,250		1,238
5.250% senior unsecured notes due 2027		1,457		1,454
4.375% senior unsecured notes due 2029		708		708
9.750% senior unsecured notes due 2029		698		698
9.000% senior unsecured notes due 2030		747		—
		4,860		4,847
Reporting Segments:
Energy		1,584		2,185
Automotive		27		33
Food Packaging		139		133
Real Estate		1		1
Home Fashion		14		8
		1,765		2,360
Total Debt	$	6,625	$	7,207

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 Enterprise Holdings (the “Guarantor”). Interest on each tranche of the senior unsecured notes is payable semi-annually.

In April 2024, we sold $12 million in aggregate principal amount of our 6.250% senior unsecured notes due 2026 and $5 million in aggregate principal amount of our 5.250% senior unsecured notes due 2027, both previously repurchased and held in treasury, in the open market.

In May 2024, the Issuers issued $750 million in aggregate principal amount of 9.000% senior unsecured notes due 2030. The net proceeds from such issuance were used to redeem the remaining outstanding 6.375% senior unsecured notes due 2025 in full on June 13, 2024.

Energy

In February 2024, CVR Energy redeemed all its $600 million in aggregate principal amount of 5.25% senior unsecured notes due 2025. As a result of this transaction, CVR Energy recognized a $1 million loss on extinguishment of debt for the six months ended June 30, 2024.

As of June 30, 2024, total availability under CVR Energy’s Amended and Restated ABL Credit Agreement (“CVR Energy ABL”) and CVR Partners ABL Credit Agreement (“CVR Partners ABL”) facilities aggregated to $301 million. CVR Energy ABL had $24 million of letters of credit outstanding as of June 30, 2024. The CVR Energy ABL matures on June 30, 2027, and the CVR Partners ABL on September 26, 2028.

Covenants

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

Non-Cash Charges to Interest Expense

The amortization of deferred financing costs and debt discounts and premiums included in interest expense in the condensed consolidated statements of operations were $1 million for each of the three months ended June 30, 2024 and 2023, and $2 million for each of the six months ended June 30, 2024 and 2023.

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

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

+ Details

Related Party Transactions

6 Months Ended

Jun. 30, 2024

Related Party Transactions

Related Party Transactions

4. Related Party Transactions

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

Investment Funds

As of June 30, 2024 and December 31, 2023, 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 $1.9 billion and $2.1 billion, respectively, representing approximately 39% of the Investment Funds’ assets under management as of each respective date. Mr. Icahn and his affiliates (excluding us and Brett Icahn) made no redemptions from the Investment Funds during the six months ended June 30, 2024, and redeemed $1.5 billion in the six months ended June 30, 2023.

We pay for expenses pertaining to the operation, administration and investment activities of our Investment segment for the benefit of the Investment Funds (including salaries, benefits and rent). Based on an expense-sharing arrangement, certain expenses borne by us are reimbursed by the Investment Funds. For the six months ended June 30, 2024 and 2023, $8 million and $7 million, respectively, was allocated to the Investment Funds based on this expense-sharing arrangement.

Auto Plus and AEP PLC

As discussed in Note 3, “Subsidiary Bankruptcy and Deconsolidation,” Auto Plus was deconsolidated as of January 31, 2023. Subsequent to January 31, 2023, Auto Plus had certain transactions with entities within our Automotive and

Real Estate segments. Agreements and transactions include (i) lease agreements between Auto Plus and entities in the Automotive segment in which Auto Plus is the lessee, (ii) lease agreements between Auto Plus and entities in the Automotive segment in which Auto Plus is the lessor, (iii) auto parts purchases by entities in the Automotive segment from Auto Plus, (iv) auto parts sales from entities within the Automotive segment to Auto Plus, and (v) lease agreements between entities in the Real Estate segment and Auto Plus in which Auto Plus is the lessee.

For the five months from the date of deconsolidation of January 31, 2023 through June 30, 2023, the total lease revenues of entities within the Automotive segment from leases with Auto Plus was $3 million. Total inventory purchases of entities within the Automotive segment from Auto Plus were $4 million and total net trade accounts payable due to Auto Plus as of June 30, 2023 was $2 million.

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

Note Receivable from Auto Plus

In connection with the Auto Plus bankruptcy filing, we entered into a priming, senior secured, super priority debtor-in-possession credit facility with Auto Plus (the “DIP Credit Facility”) on January 31, 2023, under which (i) we agreed to provide new loans in an aggregate amount of up to $75 million and (ii) subject to final approval of the DIP Credit Facility by the Bankruptcy Court, all the loans under our pre-petition credit facility with Auto Plus would be rolled-up and converted into loans under the DIP Credit Facility. On May 2, 2023, we converted and rolled up our related party note receivable with our existing loans under the DIP Credit Facility. We estimated our cash to be collected for the repayment of the note receivable to be $7 million at June 30, 2024.

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 June 30, 2024 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 $4 million during the six months ended June 30, 2024, and had $8 million net redemptions in the six months ended June 30, 2023. As of June 30, 2024 and December 31, 2023 Brett Icahn had investments in the Investment Funds with a total fair market value of $16 million and $28 million, respectively. We also entered into a guaranty agreement with an affiliate of Brett Icahn, pursuant to which we guaranteed the payment of certain amounts required to be distributed by the Investment Funds to such affiliate pursuant to the terms and conditions of the manager agreement.

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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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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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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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Subsequent Events

6 Months Ended

Jun. 30, 2024

Subsequent Events

Subsequent Events

20. Subsequent Events

Icahn Enterprises

Investment Funds Distribution and Redemption

In July 2024, the Investment Funds issued a pro-rata distribution of $650 million in cash, including $256 million to Mr. Icahn and his affiliates (excluding us and Brett Icahn) and $394 million to the Holding Company. Also in July 2024, Mr. Icahn and his affiliates (excluding us and Brett Icahn) redeemed $250 million from his personal interests in the Investment Funds included in the Investment segment.

LP Unit Distribution

On August 5, 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 September 25, 2024 to depositary unitholders of record at the close of business on August 19, 2024. Depositary unitholders will have until September 13, 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 September 20, 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.

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (331)	$ (269)	$ (369)	$ (539)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
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+ Details

Related Party Notes Receivable, Net (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Related Party Notes Receivable, Net
Related party notes receivable, gross	$ 19
Less: Allowance for expected credit losses	12		$ 12
Related party notes receivable, net	7		$ 11
Allowance for expected credit losses:
Beginning Balance	12
Write-offs	0	$ 116
Ending Balance	$ 12

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parentheticals) - shares	Jun. 30, 2024	Dec. 31, 2023
Equity:
Limited partners: Depositary units issued	475,462,962	429,033,241
Limited partners: Depositary units outstanding	475,462,962	429,033,241

Net Income (Loss) Per LP Unit (Tables)

6 Months Ended

Jun. 30, 2024

Net Income (Loss) Per LP Unit

Net Income(Loss) Per LP Unit


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

	(in millions, except per unit amounts)
Net loss attributable to Icahn Enterprises	$	(331)	$	(269)	$	(369)	$	(539)
Net loss income attributable to Icahn Enterprises allocated to limited partners (98.01% allocation)	$	(325)	$	(264)	$	(362)	$	(528)

Basic and diluted loss per LP unit:	$	(0.72)	$	(0.72)	$	(0.82)	$	(1.46)
Basic and diluted weighted average LP units outstanding ⁽¹⁾		450		367		440		361

Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Accounting Policies [Line Items]
Total assets	$ 17,988		$ 20,858
Debt	6,625		7,207
Fair value of long-term debt	6,400		6,900
Restricted cash	$ 3,442		2,995
Icahn Enterprises Holdings
Accounting Policies [Line Items]
Percentage of equity ownership in operating subsidiary	99.00%
Cash held at consolidated affiliated partnerships
Accounting Policies [Line Items]
Restricted cash	$ 1,631		1,068
Restricted cash
Accounting Policies [Line Items]
Restricted cash	1,811		1,927
Primary beneficiary
Accounting Policies [Line Items]
Total assets	106
Energy
Accounting Policies [Line Items]
Total assets	4,522		5,259
Debt	1,584		2,185
Restricted cash			7
Remaining performance obligation for contracts with an original expected duration of more than one year	32
Deferred revenue	38		49
Recorded revenue	13	$ 46
Automotive Segment
Accounting Policies [Line Items]
Total assets	1,964		2,019
Debt	27		33
Restricted cash	7		9
Deferred revenue	42		$ 45
Recorded revenue	12	$ 13
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 \| Energy
Accounting Policies [Line Items]
Remaining performance obligation expected to be recognized as revenue within one year	$ 8
Remaining performance obligation for contracts with an original expected duration of more than one year	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 \| Energy
Accounting Policies [Line Items]
Remaining performance obligation expected to be recognized as revenue within one year	$ 11
Remaining performance obligation for contracts with an original expected duration of more than one year	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 \| Energy
Accounting Policies [Line Items]
Remaining performance obligation expected to be recognized as revenue within one year	$ 10
Remaining performance obligation for contracts with an original expected duration of more than one year	1 year

Fair Value Measurements (Policies)

6 Months Ended

Jun. 30, 2024

Fair Value Measurements

Determination of when transfers between fair value levels occurs

Related Party Notes Receivable, Net (Tables)

6 Months Ended

Jun. 30, 2024

Related Party Notes Receivable, Net


	June 30, 2024

Related party notes receivable, gross	$	19
Less: Allowance for expected credit losses		12
Related party notes receivable, net	$	7

Allowance for expected credit losses:
Beginning Balance as of December 31, 2023	$	12
Credit loss provision		-
Write-offs		-
Ending Balance as of June 30, 2024	$	12

Goodwill and Intangible Assets, Net - Goodwill Table (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Goodwill
Gross carrying amount of goodwill	$ 378	$ 378
Accumulated impairment of goodwill	(90)	(90)
Goodwill	288	288
Automotive Segment
Goodwill
Gross carrying amount of goodwill	337	337
Accumulated impairment of goodwill	(87)	(87)
Goodwill	250	250
Food Packaging Segment
Goodwill
Gross carrying amount of goodwill	6	6
Goodwill	6	6
Home Fashion Segment
Goodwill
Gross carrying amount of goodwill	22	22
Accumulated impairment of goodwill	(3)	(3)
Goodwill	19	19
Pharma
Goodwill
Gross carrying amount of goodwill	13	13
Goodwill	$ 13	$ 13

- Definition

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

+ References + Details

- Definition

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

+ References

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+ Details

Basis of Presentation and Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2024

Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation and Summary of Significant Accounting Policies

2. Basis of Presentation and Summary of Significant Accounting Policies

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

Events beyond our control, including significant appreciation or depreciation in the market value of certain of our publicly traded holdings or adverse developments with respect to our ownership of certain of our subsidiaries, could result in us inadvertently becoming an investment company that is required to register under the Investment Company Act. Following such events or certain transactions (such as the sale of an operating business), an exemption under the Investment Company Act would provide us up to one year to take steps to avoid becoming classified as an investment company. We expect to take steps to avoid becoming classified as an investment company, but no assurance can be made that we will successfully be able to take the steps necessary to avoid becoming classified as an investment company.

The accompanying condensed consolidated financial statements and related notes should be read in conjunction with our consolidated financial statements and related notes contained in our Annual Report on Form 10-K for the year ended December 31, 2023. The condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) related to interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. The financial information contained herein is unaudited; however, management believes all adjustments have been made that are necessary to present fairly the results for the interim periods. All such adjustments are of a normal and recurring nature.

Principles of Consolidation

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

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

Consolidated Variable Interest Entities

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

During 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 June 30, 2024, total assets related to the protected cell were $106 million, and included in restricted cash in the condensed consolidated balance sheet.

Reclassifications

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

Fair Value of Financial Instruments

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

The fair value of our long-term debt is based on the quoted market prices for the same or similar issues or on the current rates offered to us for debt of the same remaining maturities. The carrying value and estimated fair value of our long-term debt as of June 30, 2024 was approximately $6.6 billion and $6.4 billion, respectively. The carrying value and estimated fair value of our long-term debt as of December 31, 2023 was approximately $7.2 billion and $6.9 billion, respectively.

Cash Flow

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

Cash Held at Consolidated Affiliated Partnerships and Restricted Cash

Our cash held at consolidated affiliated partnerships balance was $1,631 million and $1,068 million as of June 30, 2024 and December 31, 2023, 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 $1,811 million and $1,927 million as of June 30, 2024 and December 31, 2023, 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.

Revenue From Contracts With Customers and Contract Balances

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

Reporting,” for our complete disaggregation of revenue information. In addition, we disclose additional information with respect to revenue from contracts with customers and contract balances for our Energy and Automotive segments below.

Energy

Our Energy segment’s deferred revenue is a contract liability that 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 revenue is recognized at the point in time in which the customer obtains control of the product. As of June 30, 2024, our Energy segment had $32 million of remaining performance obligations for contracts with an original expected duration of more than one year. Our Energy segment expects to recognize $8 million of these performance obligations as revenue by the end of 2024, $11 million during 2025, an additional $10 million in 2026, and the remaining balance in 2027.

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 $38 million and $49 million as of June 30, 2024 and December 31, 2023, respectively. For the six months ended June 30, 2024 and 2023, our Energy segment recorded revenue of $13 million and $46 million, respectively, with respect to deferred revenue outstanding as of the beginning of each respective period.

Automotive

Our Automotive segment had deferred revenue with respect to extended warranty plans of $42 million and $45 million as of June 30, 2024 and December 31, 2023, respectively, which are included in accrued expenses and other liabilities on the condensed consolidated balance sheets. For the six months ended June 30, 2024 and 2023, our Automotive segment recorded deferred revenue of $12 million and $13 million, respectively, outstanding as of the beginning of each period.

Adoption of New Accounting Standards

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which amends guidance in Topic 820, Fair Value Measurement. The guidance clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The guidance also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The amendment requires the following disclosures for equity securities subject to contractual sale restrictions: the fair value of equity securities subject to contractual sale restrictions; the nature and remaining duration of the restriction(s); and the circumstances that could cause a lapse in the restriction(s). The amended guidance is effective January 1, 2024 on a prospective basis. We adopted this ASU effective January 1, 2024. The adoption of this standard did not have a significant impact on our condensed 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. While the Company continues to evaluate the effects of adopting this new accounting guidance, its currently expects additional disclosures will be included for its annual and interim reporting periods beginning December 31, 2024.

Investments - Investment Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Schedule of Investments
Investments	$ 2,306		$ 2,306		$ 3,012
Securities sold, not yet purchased, at fair value	2,128		2,128		3,473
Investment Segment
Schedule of Investments
Investments	2,196		2,196		2,898
Securities sold, not yet purchased, at fair value	2,128		2,128		3,473
Portion of unrealized (losses) gains that relates to equity and debt securities still held	(86)	$ (69)	(360)	$ (124)
Investment Segment \| Equity securities
Schedule of Investments
Equity securities	2,167		2,167		2,611
Securities sold, not yet purchased, at fair value	2,065		2,065		3,288
Investment Segment \| Communications
Schedule of Investments
Equity securities	20		20
Investment Segment \| Consumer, non-cyclical
Schedule of Investments
Securities sold, not yet purchased, at fair value					41
Investment Segment \| Consumer, cyclical
Schedule of Investments
Equity securities	304		304		260
Securities sold, not yet purchased, at fair value					3
Investment Segment \| Energy
Schedule of Investments
Equity securities	62		62		708
Securities sold, not yet purchased, at fair value	1,216		1,216		2,146
Investment Segment \| Utilities
Schedule of Investments
Equity securities	882		882		1,012
Securities sold, not yet purchased, at fair value	438		438		610
Investment Segment \| Healthcare
Schedule of Investments
Equity securities	384		384		440
Investment Segment \| Technology
Schedule of Investments
Equity securities					139
Investment Segment \| Materials
Schedule of Investments
Equity securities	357		357		52
Securities sold, not yet purchased, at fair value	248		248		350
Investment Segment \| Industrial
Schedule of Investments
Equity securities	158		158
Securities sold, not yet purchased, at fair value	163		163		138
Investment Segment \| Debt securities
Schedule of Investments
Debt Securities	29		29		287
Investment Segment \| Financials
Schedule of Investments
Debt Securities					158
Investment Segment \| Real Estate
Schedule of Investments
Debt Securities	29		29		44
Investment Segment \| Communications
Schedule of Investments
Debt Securities					85
Investment Segment \| Materials
Schedule of Investments
Securities sold, not yet purchased, at fair value	$ 63		$ 63		$ 185

Net Income (Loss) Per LP Unit

6 Months Ended

Jun. 30, 2024

Net Income (Loss) Per LP Unit

Net Income (Loss) Per LP Unit

13. Net Income (Loss) Per LP Unit

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

	(in millions, except per unit amounts)
Net loss attributable to Icahn Enterprises	$	(331)	$	(269)	$	(369)	$	(539)
Net loss income attributable to Icahn Enterprises allocated to limited partners (98.01% allocation)	$	(325)	$	(264)	$	(362)	$	(528)

Basic and diluted loss per LP unit:	$	(0.72)	$	(0.72)	$	(0.82)	$	(1.46)
Basic and diluted weighted average LP units outstanding ⁽¹⁾		450		367		440		361

(1)

Excludes an immaterial amount of unvested RSU awards during the three and six months ended June 30, 2024 and 2023.

LP Unit Transactions

Unit Distributions

On February 26, 2024, we declared a quarterly distribution in the amount of $1.00 per depositary unit in which each depositary unitholder had the option to make an election to receive either cash or additional depositary units, payable April 18, 2024. In April 2024, we distributed 19,186,659 depositary units to unitholders who did not elect to receive cash, of which 18,016,077 depositary units were distributed to Mr. Icahn and his affiliates. In connection with these distributions, aggregate cash distributions to all depositary unitholders that made a timely election to receive cash was $97 million, of which $55 million was distributed to Mr. Icahn and his affiliates in April 2024.

On May 6, 2024, we declared a quarterly dividend distribution in the amount of $1.00 per depositary unit in which each depositary unitholder had the option to make an election to receive either cash or additional depositary units, payable on June 25, 2024. In June 2024, we distributed 21,669,076 depositary units to unitholders who did not elect to receive cash, of which 20,418,007 depositary units were distributed to Mr. Icahn and his affiliates. In connection with these distributions, aggregate cash distributions to all depositary unitholders that made a timely election to receive cash was $106 million, of which $60 million was distributed to Mr. Icahn and his affiliates in June 2024.

At-The-Market Offerings

During the three months ended June 30, 2024, we sold 2,798,377 depositary units pursuant to the Open Market Sale Agreement, resulting in gross proceeds of $49 million. During the six months ended June 30, 2024, we sold 5,573,986 depositary units pursuant to the Open Market Sale Agreement, resulting in gross proceeds of $99 million. As of June 30, 2024, we continue to have an Open Market Sale Agreement and Icahn Enterprises may sell its depositary units for up to an additional $51 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 June 30, 2024, 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.

Segment Reporting

6 Months Ended

Jun. 30, 2024

Segment Reporting

Segment Reporting

14. Segment Reporting

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

Condensed Statements of Operations


	Three Months Ended June 30, 2024
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated

	(in millions)
Revenues:
Net sales	$	—	$	1,966	$	212	$	105	$	10	$	44	$	25	$	—	$	2,362
Other revenues from operations		—		—		171		—		19		—		1		—		191
Net loss from investment activities		(479)		—		—		—		—		—		—		—		(479)
Interest and dividend income		87		7		1		—		—		—		1		26		122
Gain on disposition of assets, net		—		—		1		—		—		—		—		—		1
Other income, net		—		4		—		—		—		—		—		—		4
		(392)		1,977		385		105		29		44		27		26		2,201
Expenses:
Cost of goods sold		—		1,922		142		86		7		33		14		—		2,204
Other expenses from operations		—		—		136		—		18		—		—		—		154
Dividend expense		13		—		—		—		—		—		—		—		13
Selling, general and administrative		6		35		99		11		4		11		10		7		183
Restructuring, net		—		—		—		1		—		—		—		—		1
Interest expense		19		26		1		3		—		—		—		79		128
		38		1,983		378		101		29		44		24		86		2,683
(Loss) income before income tax (expense) benefit		(430)		(6)		7		4		—		—		3		(60)		(482)
Income tax benefit (expense)		—		31		—		(2)		—		—		—		(33)		(4)
Net (loss) income		(430)		25		7		2		—		—		3		(93)		(486)
Less: net (loss) income attributable to non-controlling interests		(173)		17		—		1		—		—		—		—		(155)
Net (loss) income attributable to Icahn Enterprises	$	(257)	$	8	$	7	$	1	$	—	$	—	$	3	$	(93)	$	(331)
Supplemental information:
Capital expenditures	$	—	$	43	$	12	$	3	$	7	$	1	$	—	$	—	$	66
Depreciation and amortization	$	—	$	90	$	18	$	7	$	4	$	1	$	7	$	—	$	127


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

	(in millions)
Revenues:
Net sales	$	—	$	2,237	$	248	$	117	$	13	$	46	$	23	$	—	$	2,684
Other revenues from operations		—		—		177		—		20		—		1		—		198
Net loss from investment activities		(500)		—		—		—		—		—		—		—		(500)
Interest and dividend income		134		8		—		—		—		—		—		25		167
Gain on disposition of assets, net		—		—		3		—		—		—		—		—		3
Other income, net		1		3		—		1		1		—		1		—		7
		(365)		2,248		428		118		34		46		25		25		2,559
Expenses:
Cost of goods sold		—		1,990		173		90		8		35		14		—		2,310
Other expenses from operations		—		—		142		—		18		—		—		—		160
Dividend expense		19		—		—		—		—		—		—		—		19
Selling, general and administrative		13		39		114		15		5		10		11		8		215
Credit loss on related party note receivable		—		—		—		—		—		—		—		116		116
Loss on deconsolidation of subsidiary		—		—		—		—		—		—		—		20		20
Interest expense		38		22		1		3		—		—		—		72		136
		70		2,051		430		108		31		45		25		216		2,976
(Loss) income before income tax (expense) benefit		(435)		197		(2)		10		3		1		—		(191)		(417)
Income tax (expense) benefit		—		(41)		6		(5)		—		—		—		38		(2)
Net (loss) income		(435)		156		4		5		3		1		—		(153)		(419)
Less: net (loss) income attributable to non-controlling interests		(220)		70		—		—		—		—		—		—		(150)
Net (loss) income attributable to Icahn Enterprises	$	(215)	$	86	$	4	$	5	$	3	$	1	$	—	$	(153)	$	(269)
Supplemental information:
Capital expenditures	$	—	$	56	$	11	$	5	$	—	$	1	$	—	$	—	$	73
Depreciation and amortization	$	—	$	89	$	22	$	7	$	3	$	1	$	7	$	—	$	129


	Six Months Ended June 30, 2024
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated

	(in millions)
Revenues:
Net sales	$	—	$	3,829	$	431	$	206	$	11	$	80	$	49	$	—	$	4,606
Other revenues from operations		—		—		336		—		36		—		2		—		374
Net loss from investment activities		(575)		—		—		—		—		—		—		—		(575)
Interest and dividend income		192		20		2		—		—		—		1		50		265
Loss on disposition of assets, net		—		(1)		(4)		—		—		—		—		—		(5)
Other income (loss), net		—		8		—		(2)		—		—		—		—		6
		(383)		3,856		765		204		47		80		52		50		4,671
Expenses:
Cost of goods sold		—		3,635		294		166		8		60		28		—		4,191
Other expenses from operations		—		—		275		—		32		—		—		—		307
Dividend expense		33		—		—		—		—		—		—		—		33
Selling, general and administrative		10		77		201		24		9		21		20		14		376
Restructuring, net		—		—		—		1		—		—		—		—		1
Interest expense		44		59		1		6		—		—		—		154		264
		87		3,771		771		197		49		81		48		168		5,172
(Loss) income before income tax (expense) benefit		(470)		85		(6)		7		(2)		(1)		4		(118)		(501)
Income tax benefit (expense)		—		18		4		(3)		—		—		—		(30)		(11)
Net (loss) income		(470)		103		(2)		4		(2)		(1)		4		(148)		(512)
Less: net (loss) income attributable to non-controlling interests		(190)		46		—		1		—		—		—		—		(143)
Net (loss) income attributable to Icahn Enterprises	$	(280)	$	57	$	(2)	$	3	$	(2)	$	(1)	$	4	$	(148)	$	(369)
Supplemental information:
Capital expenditures	$	—	$	90	$	28	$	5	$	9	$	2	$	—	$	—	$	134
Depreciation and amortization	$	—	$	182	$	37	$	13	$	7	$	3	$	14	$	—	$	256


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

	(in millions)
Revenues:
Net sales	$	—	$	4,523	$	535	$	235	$	20	$	86	$	43	$	—	$	5,442
Other revenues from operations		—		—		347		—		36		—		2		—		385
Net loss from investment activities		(943)		—		—		—		—		—		—		—		(943)
Interest and dividend income		278		13		—		—		—		—		—		47		338
Gain on disposition of assets, net		—		—		3		—		—		—		—		—		3
Other income (loss), net		1		6		—		(6)		1		—		1		—		3
		(664)		4,542		885		229		57		86		46		47		5,228
Expenses:
Cost of goods sold		—		3,916		366		181		14		67		26		—		4,570
Other expenses from operations		—		—		287		—		31		—		—		—		318
Dividend expense		47		—		—		—		—		—		—		—		47
Selling, general and administrative		16		85		246		29		9		20		24		15		444
Credit loss on related party note receivable		—		—		—		—		—		—		—		116		116
Loss on deconsolidation of subsidiary		—		—		—		—		—		—		—		246		246
Interest expense		83		45		1		6		—		—		—		143		278
		146		4,046		900		216		54		87		50		520		6,019
(Loss) income before income tax (expense) benefit		(810)		496		(15)		13		3		(1)		(4)		(473)		(791)
Income tax (expense) benefit		—		(93)		6		(1)		—		—		—		102		14
Net (loss) income		(810)		403		(9)		12		3		(1)		(4)		(371)		(777)
Less: net (loss) income attributable to non-controlling interests		(424)		185		—		1		—		—		—		—		(238)
Net (loss) income attributable to Icahn Enterprises	$	(386)	$	218	$	(9)	$	11	$	3	$	(1)	$	(4)	$	(371)	$	(539)
Supplemental information:
Capital expenditures	$	—	$	100	$	21	$	7	$	2	$	1	$	—	$	—	$	131
Depreciation and amortization	$	—	$	173	$	41	$	14	$	6	$	3	$	14	$	—	$	251

Disaggregation of Revenue

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

Energy


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

	(in millions)
Petroleum products	$	1,833	$	2,054		3,568	$	4,114
Nitrogen fertilizer products		133		183		261		409
	$	1,966	$	2,237	$	3,829	$	4,523

Automotive


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

	(in millions)
Automotive Services	$	363	$	392	$	719	$	761
Aftermarket Parts		5		20		18		92
Total revenue from customers	$	368	$	412		737		853
Lease revenue outside the scope of ASC 606		15		13		30		29
Total Automotive net sales and other revenues from operations	$	383	$	425	$	767	$	882

Condensed Balance Sheets


	June 30, 2024
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated

	(in millions)
ASSETS
Cash and cash equivalents	$	8	$	586	$	89	$	5	$	26	$	4	$	30	$	1,470	$	2,218
Cash held at consolidated affiliated partnerships and restricted cash		3,256		—		7		—		3		3		—		173		3,442
Investments		2,196		96		—		—		14		—		—		—		2,306
Accounts receivable, net		—		298		34		87		17		28		30		—		494
Inventories, net		—		543		198		115		—		92		22		—		970
Related party notes receivable, net		—		—		—		—		—		—		—		7		7
Property, plant and equipment, net		—		2,542		817		126		367		53		—		4		3,909
Goodwill and intangible assets, net		—		169		331		22		—		19		184		—		725
Other assets		2,762		288		488		94		67		18		6		194		3,917
Total assets	$	8,222	$	4,522	$	1,964	$	449	$	494	$	217	$	272	$	1,848	$	17,988
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	1,225	$	1,438	$	816	$	126	$	54	$	43	$	55	$	92	$	3,849
Securities sold, not yet purchased, at fair value		2,128		—		—		—		—		—		—		—		2,128
Debt		—		1,584		27		139		1		14		—		4,860		6,625
Total liabilities		3,353		3,022		843		265		55		57		55		4,952		12,602

Equity attributable to Icahn Enterprises		2,946		785		1,121		168		434		160		217		(3,104)		2,727
Equity attributable to non-controlling interests		1,923		715		—		16		5		—		—		—		2,659
Total equity		4,869		1,500		1,121		184		439		160		217		(3,104)		5,386
Total liabilities and equity	$	8,222	$	4,522	$	1,964	$	449	$	494	$	217	$	272	$	1,848	$	17,988


	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, net		—		—		—		—		—		—		—		11		11
Inventories, net		—		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

- 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

Net Income (Loss) Per LP Unit (Details) - USD ($) $ / shares in Units, $ in Millions			1 Months Ended		3 Months Ended		6 Months Ended
	May 06, 2024	Feb. 26, 2024	Jun. 30, 2024	Apr. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	May 09, 2023
Net Income (Loss) Per LP Unit [Line Items]
Net Income (Loss)					$ (331)	$ (269)	$ (369)	$ (539)
Net (loss) income attributable to Icahn Enterprises allocated to limited partners (98.01% allocation)					$ (325)	$ (264)	$ (362)	$ (528)
Basic loss per LP unit (in dollars per share)					$ (0.72)	$ (0.72)	$ (0.82)	$ (1.46)
Basic weighted average LP units outstanding (in shares)					450,000,000	367,000,000	440,000,000	361,000,000
Diluted loss per LP unit (in dollars per share)					$ (0.72)	$ (0.72)	$ (0.82)	$ (1.46)
Diluted weighted average LP units outstanding (in shares)					450,000,000	367,000,000	440,000,000	361,000,000
Aggregate cash distributions to depositary unit holders			$ 106	$ 97
Partners' Capital Account, Units, Sale of Units					2,798,377		5,573,986
Proceeds from Sale of Interest in Partnership Unit					$ 49		$ 99
Potential aggregate sales proceeds from equity offering							51
Fixed-rate senior unsecured notes, repurchase program authorized amount									$ 500
Depositary units, repurchase program authorized amount									$ 500
Repurchased senior notes			$ 92		$ 92		$ 92
Limited partners
Net Income (Loss) Per LP Unit [Line Items]
Distribution declared per LP unit	$ 1.00	$ 1.00
Units distributed to LP unitholders			21,669,076	19,186,659
Mr. Icahn and affiliates
Net Income (Loss) Per LP Unit [Line Items]
Units distributed to LP unitholders			20,418,007	18,016,077
Aggregate cash distributions to depositary unit holders			$ 60	$ 55
Icahn Enterprises Holdings LP
Net Income (Loss) Per LP Unit [Line Items]
Affiliate ownership interest							98.01%

Inventories, Net

6 Months Ended

Jun. 30, 2024

Inventories, Net

Inventories Net

9. Inventories, Net

Inventories, net consists of the following:


	June 30,		December 31,
	2024		2023

	(in millions)
Raw materials	$	306	$	367
Work in process		107		95
Finished goods		557		585
	$	970	$	1,047

Debt - Holding Company Debt (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 13, 2024	May 31, 2024	Apr. 30, 2024	Feb. 29, 2024	Dec. 31, 2023
Debt Instrument
Debt	$ 6,625.0					$ 7,207.0
Revolving credit facility
Debt Instrument
Credit agreement	301.0
Letter of Credit
Debt Instrument
Credit agreement	24.0
Holding Company
Debt Instrument
Debt	4,860.0					4,847.0
Energy
Debt Instrument
Debt	1,584.0					2,185.0
Automotive Segment
Debt Instrument
Debt	27.0					33.0
Food Packaging Segment
Debt Instrument
Debt	139.0					133.0
Real Estate Segment
Debt Instrument
Debt	1.0					1.0
Home Fashion Segment
Debt Instrument
Debt	14.0					8.0
Reporting Segments
Debt Instrument
Debt	$ 1,765.0					2,360.0
6.375% senior unsecured notes due 2025 \| Holding Company
Debt Instrument
Debt						$ 749.0
Interest rate on debt instrument (in percent)	6.375%	6.375%				6.375%
6.250% senior unsecured notes due 2026 \| Holding Company
Debt Instrument
Debt	$ 1,250.0					$ 1,238.0
Interest rate on debt instrument (in percent)	6.25%			6.25%		6.25%
Debt face amount				$ 12.0
5.250% senior unsecured notes due 2027 \| Holding Company
Debt Instrument
Debt	$ 1,457.0					$ 1,454.0
Interest rate on debt instrument (in percent)	5.25%			5.25%		5.25%
Debt face amount				$ 5.0
5.25% senior unsecured notes due 2025 \| Energy
Debt Instrument
Interest rate on debt instrument (in percent)					5.25%
Debt face amount					$ 600.0
Loss on extinguishment of debt	$ (1.0)
4.375% senior unsecured notes due 2029 \| Holding Company
Debt Instrument
Debt	$ 708.0					$ 708.0
Interest rate on debt instrument (in percent)	4.375%					4.375%
9.750% senior unsecured notes due 2029 \| Holding Company
Debt Instrument
Debt	$ 698.0					$ 698.0
Interest rate on debt instrument (in percent)	9.75%					9.75%
9.000% senior unsecured notes due 2030 \| Holding Company
Debt Instrument
Debt	$ 747.0
Interest rate on debt instrument (in percent)	9.00%		9.00%			9.00%
Debt face amount			$ 750.0

Segment Reporting - Condensed Balance Sheets (Details) - USD ($) $ in Millions	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Segment Reporting, Asset Reconciling Item [Line Items]
Cash and cash equivalents	$ 2,218		$ 2,951
Cash held at consolidated affiliated partnerships and restricted cash	3,442		2,995
Investments	2,306		3,012
Accounts receivable, net	494		485
Inventories, net	970		1,047
Related party notes receivable, net	7		11
Property, plant and equipment, net	3,909		3,969
Goodwill and intangible assets, net	725		754
Other assets	3,917		5,634
Total assets	17,988		20,858
Accounts payable, accrued expenses and other liabilities	3,849		4,105
Securities sold, not yet purchased, at fair value	2,128		3,473
Debt	6,625		7,207
Total liabilities	12,602		14,785
Equity attributable to Icahn Enterprises	2,727		3,208
Equity attributable to non-controlling interests	2,659		2,865
Total equity	5,386	$ 5,625	6,073	$ 7,187	$ 8,496	$ 9,558
Total Liabilities and Equity	17,988		20,858
Investment Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Cash and cash equivalents	8		23
Cash held at consolidated affiliated partnerships and restricted cash	3,256		2,799
Investments	2,196		2,898
Other assets	2,762		4,425
Total assets	8,222		10,145
Accounts payable, accrued expenses and other liabilities	1,225		1,312
Securities sold, not yet purchased, at fair value	2,128		3,473
Total liabilities	3,353		4,785
Equity attributable to Icahn Enterprises	2,946		3,243
Equity attributable to non-controlling interests	1,923		2,117
Total equity	4,869		5,360
Total Liabilities and Equity	8,222		10,145
Energy
Segment Reporting, Asset Reconciling Item [Line Items]
Cash and cash equivalents	586		1,179
Cash held at consolidated affiliated partnerships and restricted cash			7
Investments	96		100
Accounts receivable, net	298		286
Inventories, net	543		604
Property, plant and equipment, net	2,542		2,594
Goodwill and intangible assets, net	169		179
Other assets	288		310
Total assets	4,522		5,259
Accounts payable, accrued expenses and other liabilities	1,438		1,553
Debt	1,584		2,185
Total liabilities	3,022		3,738
Equity attributable to Icahn Enterprises	785		795
Equity attributable to non-controlling interests	715		726
Total equity	1,500		1,521
Total Liabilities and Equity	4,522		5,259
Automotive Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Cash and cash equivalents	89		104
Cash held at consolidated affiliated partnerships and restricted cash	7		9
Accounts receivable, net	34		41
Inventories, net	198		228
Property, plant and equipment, net	817		822
Goodwill and intangible assets, net	331		335
Other assets	488		480
Total assets	1,964		2,019
Accounts payable, accrued expenses and other liabilities	816		890
Debt	27		33
Total liabilities	843		923
Equity attributable to Icahn Enterprises	1,121		1,096
Total equity	1,121		1,096
Total Liabilities and Equity	1,964		2,019
Food Packaging Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Cash and cash equivalents	5		8
Accounts receivable, net	87		89
Inventories, net	115		111
Property, plant and equipment, net	126		134
Goodwill and intangible assets, net	22		23
Other assets	94		101
Total assets	449		466
Accounts payable, accrued expenses and other liabilities	126		148
Debt	139		133
Total liabilities	265		281
Equity attributable to Icahn Enterprises	168		168
Equity attributable to non-controlling interests	16		17
Total equity	184		185
Total Liabilities and Equity	449		466
Real Estate Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Cash and cash equivalents	26		22
Cash held at consolidated affiliated partnerships and restricted cash	3		4
Investments	14		14
Accounts receivable, net	17		16
Property, plant and equipment, net	367		363
Other assets	67		69
Total assets	494		488
Accounts payable, accrued expenses and other liabilities	54		43
Debt	1		1
Total liabilities	55		44
Equity attributable to Icahn Enterprises	434		439
Equity attributable to non-controlling interests	5		5
Total equity	439		444
Total Liabilities and Equity	494		488
Home Fashion Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Cash and cash equivalents	4		5
Cash held at consolidated affiliated partnerships and restricted cash	3		3
Accounts receivable, net	28		26
Inventories, net	92		81
Property, plant and equipment, net	53		52
Goodwill and intangible assets, net	19		19
Other assets	18		17
Total assets	217		203
Accounts payable, accrued expenses and other liabilities	43		42
Debt	14		8
Total liabilities	57		50
Equity attributable to Icahn Enterprises	160		153
Total equity	160		153
Total Liabilities and Equity	217		203
Pharma
Segment Reporting, Asset Reconciling Item [Line Items]
Cash and cash equivalents	30		26
Accounts receivable, net	30		27
Inventories, net	22		23
Goodwill and intangible assets, net	184		198
Other assets	6		8
Total assets	272		282
Accounts payable, accrued expenses and other liabilities	55		55
Total liabilities	55		55
Equity attributable to Icahn Enterprises	217		227
Total equity	217		227
Total Liabilities and Equity	272		282
Holding Company
Segment Reporting, Asset Reconciling Item [Line Items]
Cash and cash equivalents	1,470		1,584
Cash held at consolidated affiliated partnerships and restricted cash	173		173
Related party notes receivable, net	7		11
Property, plant and equipment, net	4		4
Other assets	194		224
Total assets	1,848		1,996
Accounts payable, accrued expenses and other liabilities	92		62
Debt	4,860		4,847
Total liabilities	4,952		4,909
Equity attributable to Icahn Enterprises	(3,104)		(2,913)
Total equity	(3,104)		(2,913)
Total Liabilities and Equity	$ 1,848		$ 1,996

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED)
Net loss	$ (486)	$ (419)	$ (512)	$ (777)
Other comprehensive (loss) income, net of tax:
Translation adjustments	(4)	1	(6)	5
Post-retirement benefits and other		2		2
Other comprehensive (loss) income, net of tax	(4)	3	(6)	7
Comprehensive loss	(490)	(416)	(518)	(770)
Less: Comprehensive loss attributable to non-controlling interests	(155)	(150)	(143)	(238)
Comprehensive loss attributable to Icahn Enterprises	(335)	(266)	(375)	(532)
Comprehensive loss attributable to Icahn Enterprises allocated to:
Limited partners	(329)	(261)	(368)	(521)
General partner	(6)	(5)	(7)	(11)
Comprehensive loss attributable to Icahn Enterprises	$ (335)	$ (266)	$ (375)	$ (532)

Leases (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Leases (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Leases
Operating lease right-of-use asset	$ 526		$ 526		$ 526
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets		Other Assets		Other Assets
Operating lease liability	$ 531		$ 531		$ 531
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Accrued Liabilities		Accrued Liabilities		Accrued Liabilities
Finance lease right-of-use asset	$ 52		$ 52		$ 55
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, plant and equipment, net		Property, plant and equipment, net		Property, plant and equipment, net
Finance lease, liability	$ 67		$ 67		$ 70
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities		Accrued Liabilities		Accrued Liabilities
Operating lease cost	$ 44	$ 49	$ 86	$ 90
Amortization of financing lease right-of-use assets	2	3	4	4
Interest expense on financing lease liabilities	2	1	3	2
Property, plant and equipment, net	3,909		3,909		$ 3,969
Real Estate Segment
Leases
Revenues from operating leases	$ 2	$ 7	$ 5	$ 12
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Operating Revenue	Other Operating Revenue	Other Operating Revenue	Other Operating Revenue
Property, plant and equipment, net	$ 367		$ 367		363
Real Estate Segment \| Assets leased to others
Leases
Property, plant and equipment, net	259		259		252
Energy
Leases
Operating lease right-of-use asset	57		57		53
Operating lease liability	$ 54		$ 54		$ 49
Lease term	5 years 3 months 18 days		5 years 3 months 18 days		5 years 4 months 24 days
Operating lease, discount rate percentage	6.80%		6.80%		6.70%
Property, plant and equipment, net	$ 2,542		$ 2,542		$ 2,594
Automotive
Leases
Operating lease right-of-use asset	422		422		422
Operating lease liability	$ 434		$ 434		$ 434
Lease term	5 years 7 months 6 days		5 years 7 months 6 days		5 years 4 months 24 days
Operating lease, discount rate percentage	6.00%		6.00%		5.90%
Operating lease cost			$ 68	$ 72
Variable lease costs	$ 24	$ 22	48	50
Revenues from operating leases	15	$ 13	30	$ 29
Property, plant and equipment, net	817		817		$ 822
Food Packaging
Leases
Operating lease right-of-use asset	20		20		22
Operating lease liability	$ 23		$ 23		$ 25
Lease term	9 years 1 month 6 days		9 years 1 month 6 days		9 years 1 month 6 days
Operating lease, discount rate percentage	7.40%		7.40%		7.40%
Property, plant and equipment, net	$ 126		$ 126		$ 134
Other Segments and Holding Company
Leases
Operating lease right-of-use asset	27		27		29
Operating lease liability	$ 20		$ 20		$ 23

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

Jun. 30, 2024

Dec. 31, 2023

Equity Contracts

Primary underlying risk:

Long Notional Exposure

$ 1,811

$ 1,882

Short Notional Exposure

2,046

2,350

Credit Contracts

Primary underlying risk:

Long Notional Exposure

^[1]

Short Notional Exposure

^[1]

397

435

Commodity Contracts

Primary underlying risk:

Long Notional Exposure

Short Notional Exposure

210

409

Credit Default Swap

Primary underlying risk:

Short notional amount of credit default swap positions

$ 2,300

$ 2,500

[1]

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

Jun. 30, 2024

Dec. 31, 2023

Derivative [Line Items]

Derivative assets, net

$ 53

$ 64

Derivative liabilities

948

979

Collateral for derivative positions

Energy

Derivative [Line Items]

Asset derivatives, Gross

^[1]

(5)

(6)

Derivative assets, net

Liability derivatives, Gross

^[1]

(5)

(6)

Derivative liabilities

Commodity Contracts | Energy

Derivative [Line Items]

Asset derivatives, Gross

Liability derivatives, Gross

$ 7

$ 6

[1]	Excludes netting of derivatives primarily related to initial margin requirements of $5 million and $13 million at June 30, 2024 and December 31, 2023, respectively, which was not offset against derivatives liabilities, net in the condensed consolidated balance sheets.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1

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+ Details

Changes in Accumulated Other Comprehensive Loss (Tables)

6 Months Ended

Jun. 30, 2024

Changes in Accumulated Other Comprehensive Loss

Schedule of Accumulated Other Comprehensive Loss


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

	(in millions)
Balance, December 31, 2023	$	(33)	$	(22)	$	(55)
Other comprehensive loss before reclassifications, net of tax		(6)		—		(6)
Other comprehensive loss, net of tax		(6)		—		(6)
Balance, June 30, 2024	$	(39)	$	(22)	$	(61)


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

	(in millions)
Balance, December 31, 2022	$	(45)	$	(25)	$	(70)
Other comprehensive loss before reclassifications, net of tax		5		—		5
Reclassifications from accumulated other comprehensive loss to earnings, net of tax		—		2		2
Other comprehensive loss, net of tax		5		2		7
Balance, June 30, 2023	$	(40)	$	(23)	$	(63)

Financial Instruments - Gain (Loss) Recognized on Derivatives Not Designated as Hedging Table (Details) - Not designated as hedging instrument - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net gain (loss) from investment activities
Derivative
Gain (loss) on derivatives not designated as hedging instruments recognized in income	$ (416)	$ (385)	$ (254)	$ (632)
Equity Contracts
Derivative
Gain (loss) on derivatives not designated as hedging instruments recognized in income	(446)	(366)	(211)	(650)
Credit Contracts
Derivative
Gain (loss) on derivatives not designated as hedging instruments recognized in income	17	(2)	(26)	34
Commodity Contracts
Derivative
Gain (loss) on derivatives not designated as hedging instruments recognized in income	$ 13	$ (17)	$ (17)	$ (16)

Segment Reporting - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Energy
Disaggregation of Revenue [Line Items]
Disaggregated revenue	$ 1,966	$ 2,237	$ 3,829	$ 4,523
Automotive Segment
Disaggregation of Revenue [Line Items]
Disaggregated revenue	368	412	737	853
Lease revenue outside scope ASC 606	15	13	30	29
Total Automotive net sales and other revenues from operations	383	425	767	882
Petroleum products \| Energy
Disaggregation of Revenue [Line Items]
Disaggregated revenue	1,833	2,054	3,568	4,114
Nitrogen fertilizer products \| Energy
Disaggregation of Revenue [Line Items]
Disaggregated revenue	133	183	261	409
Automotive Services \| Automotive Segment
Disaggregation of Revenue [Line Items]
Disaggregated revenue	363	392	719	761
Aftermarket Parts
Disaggregation of Revenue [Line Items]
Disaggregated revenue	$ 5	$ 20	$ 18	$ 92

Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt

Schedule of Long-term Debt Instruments


	June 30,		December 31,
	2024		2023

	(in millions)
Holding Company:
6.375% senior unsecured notes due 2025	$	—	$	749
6.250% senior unsecured notes due 2026		1,250		1,238
5.250% senior unsecured notes due 2027		1,457		1,454
4.375% senior unsecured notes due 2029		708		708
9.750% senior unsecured notes due 2029		698		698
9.000% senior unsecured notes due 2030		747		—
		4,860		4,847
Reporting Segments:
Energy		1,584		2,185
Automotive		27		33
Food Packaging		139		133
Real Estate		1		1
Home Fashion		14		8
		1,765		2,360
Total Debt	$	6,625	$	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

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-Paragraph 69B
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

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+ Details

Financial Instruments

6 Months Ended

Jun. 30, 2024

Financial Instruments

Financial Instruments

7. Financial Instruments

Overview

Investment

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

Credit concentrations may arise from investment activities and may be impacted by changes in economic, industry or political factors. The Investment Funds routinely execute transactions with counterparties in the financial services

industry, resulting in credit concentration with respect to the financial services industry. In the ordinary course of business, the Investment Funds may also be subject to a concentration of credit risk to a particular counterparty. The Investment Funds seek to mitigate these risks by actively monitoring exposures, collateral requirements and the creditworthiness of their counterparties.

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

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

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

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

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

Certain terms of the Investment Funds’ contracts with derivative counterparties, which are standard and customary to such contracts, contain certain triggering events that would give the counterparties the right to terminate the derivative instruments. In such events, the counterparties to the derivative instruments could request immediate payment on derivative instruments in net liability positions. There were no Investment Funds’ derivative instruments with credit-risk-related contingent features in a liability position as of June 30, 2024 and December 31, 2023.

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


	June 30, 2024				December 31, 2023
	Long Notional Exposure		Short Notional Exposure		Long Notional Exposure		Short Notional Exposure

		(in millions)
Primary underlying risk:
Equity contracts	$	1,811	$	2,046	$	1,882	$	2,350
Credit contracts⁽¹⁾		—		397		—		435
Commodity contracts		—		210		—		409

(1)

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

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


	Derivative Assets				Derivative Liabilities
	June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023

		(in millions)
Equity contracts	$	37	$	11	$	992	$	999
Credit contracts		33		39		2		2
Commodity contracts		11		14		—		3
Sub-total		81		64		994		1,004
Netting across contract types⁽¹⁾		(48)		(25)		(48)		(25)
Total⁽¹⁾	$	33	$	39	$	946	$	979

(1)


	Gain (loss) Recognized in Income ⁽¹⁾
	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

	(in millions)
Equity contracts	$	(446)	$	(366)	$	(211)	$	(650)
Credit contracts		17		(2)		(26)		34
Commodity contracts		13		(17)		(17)		(16)
	$	(416)	$	(385)	$	(254)	$	(632)

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

Energy

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

As of June 30, 2024 and December 31, 2023, CVR Energy had swap positions for crack spreads that offset to zero and 11 million barrels outstanding, respectively. As of June 30, 2024 and December 31, 2023, CVR Energy had less than 1 million barrels and no future contracts, respectively. As of June 30, 2024 and December 31, 2023, CVR Energy had forward contracts of less than 1 million barrels at each period. As of June 30, 2024, CVR Energy had open fixed-price commitments to purchase a net 12 million RINs.

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


	Derivative Assets				Derivative Liabilities
	June 30, 2024		December 31, 2023		June 30, 2024		December 31, 2023

		(in millions)
Commodity contracts	$	25	$	31	$	7	$	6
Netting across contract types⁽¹⁾		(5)		(6)		(5)		(6)
Total⁽¹⁾	$	20	$	25	$	2	$	—

(1)

Certain derivative instruments within our Energy segment contain credit risk-related contingent provisions associated with our Energy segment’s credit ratings. If our Energy segment’s credit rating were to be downgraded, it would allow the counterparty to require our Energy segment to post collateral or to request immediate, full settlement of derivative instruments in liability positions. As of June 30, 2024, the aggregate fair value of derivative liabilities in our Energy segment’s derivative instruments with credit-risk-related contingent features was $2 million, for which no collateral has been posted.

Gains and (losses) recognized on derivatives for our Energy segment were $23 million and $(4) million for the three months ended June 30, 2024 and 2023, respectively, and $5 million and $41 million for the six months ended June 30, 2024 and 2023, respectively. Gains and losses recognized on derivatives for our Energy segment are included in cost of goods sold on the condensed consolidated statements of operations.

Debt - Non-Cash Charges to Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt
Amortization of deferred financing costs and debt discounts and premiums	$ 1	$ 1	$ 2	$ 2

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Jan. 31, 2023
Loss Contingencies [Line Items]
Environmental loss contingency accrual	$ 5		$ 5		$ 19
Minimum Carbon Dioxide Supply						$ 15
Maximum fee payable						$ 45
Starfire Holding Corporation
Loss Contingencies [Line Items]
Ownership percentage by principal owner	99.60%		99.60%
Pension funding indemnity agreement with subsidiary	$ 250		$ 250
ACF
Loss Contingencies [Line Items]
Funded status of related party pension plan	$ 26		$ 26
Icahn Enterprises Holdings \| ACF \| Minimum
Loss Contingencies [Line Items]
Ownership percentage by principal owner	80.00%		80.00%
Mr. Icahn and affiliates \| Minimum
Loss Contingencies [Line Items]
Affiliate ownership interest			80.00%
Mr. Icahn and affiliates \| Icahn Enterprises G.P.
Loss Contingencies [Line Items]
Affiliate ownership in parent company general partner			100.00%
Mr. Icahn and affiliates \| Icahn Enterprises Holdings
Loss Contingencies [Line Items]
Affiliate ownership interest			85.00%
Energy
Loss Contingencies [Line Items]
Expense (benefit)	$ 30	$ 48	$ 21	$ 37
RFS position	$ 312		312		$ 329
Insurance policies coverage limits			$ 50

Financial Instruments - Narrative (Details) BarrelOfButane in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($) BarrelOfButane	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) BarrelOfButane MMBbls	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) MMBbls
Investment Segment
Derivatives, Fair Value
Fair value of derivative instruments with credit risk related contingent features in a liability position \| $	$ 0		$ 0		$ 0
Energy
Derivatives, Fair Value
Fair value of derivative instruments with credit risk related contingent features in a liability position \| $	2,000,000		2,000,000
Energy \| Not designated as hedging instrument \| Cost of Goods and Service Benchmark
Derivatives, Fair Value
Gains and (losses) on derivatives not designated as hedging instruments recognized in income \| $	$ 23,000,000	$ (4,000,000)	$ 5,000,000	$ 41,000,000
CVR Energy \| Maximum
Derivatives, Fair Value
Derivative volume (barrels)			1		0
Commodity swap positions \| CVR Energy
Derivatives, Fair Value
Derivative volume (barrels)					11
Forward Contracts \| CVR Energy \| Not designated as hedging instrument
Derivatives, Fair Value
Derivative volume (barrels)			0
Derivative, Number of Instruments Held \| BarrelOfButane	12		12
Forward Contracts \| CVR Energy \| Maximum
Derivatives, Fair Value
Derivative volume (barrels)					1

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 2,218	$ 2,951
Cash held at consolidated affiliated partnerships and restricted cash	3,442	2,995
Investments	2,306	3,012
Due from brokers	2,716	4,367
Accounts receivable, net	494	485
Related party notes receivable, net	7	11
Inventories, net	970	1,047
Property, plant and equipment, net	3,909	3,969
Deferred tax asset	162	184
Derivative assets, net	53	64
Goodwill	288	288
Intangible assets, net	437	466
Other assets	986	1,019
Total Assets	17,988	20,858
LIABILITIES AND EQUITY
Accounts payable	747	830
Accrued expenses and other liabilities	1,559	1,596
Deferred tax liabilities	341	399
Derivative liabilities, net	948	979
Securities sold, not yet purchased, at fair value	2,128	3,473
Due to brokers	254	301
Debt	6,625	7,207
Total liabilities	12,602	14,785
Commitments and contingencies (Note 18)
Equity:
Limited partners: Depositary units: 475,462,962 units issued and outstanding at June 30, 2024 and 429,033,241 units issued and outstanding at December 31, 2023	3,497	3,969
General partner	(770)	(761)
Equity attributable to Icahn Enterprises	2,727	3,208
Equity attributable to non-controlling interests	2,659	2,865
Total equity	5,386	6,073
Total Liabilities and Equity	$ 17,988	$ 20,858

Related Party Notes Receivable, Net

6 Months Ended

Jun. 30, 2024

Related Party Notes Receivable, Net

Related Party Notes Receivable, Net

8. Related Party Notes Receivable, Net

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


	June 30, 2024

Related party notes receivable, gross	$	19
Less: Allowance for expected credit losses		12
Related party notes receivable, net	$	7

Allowance for expected credit losses:
Beginning Balance as of December 31, 2023	$	12
Credit loss provision		-
Write-offs		-
Ending Balance as of June 30, 2024	$	12

There were no write-offs associated with related party notes receivable for the six months ended June 30, 2024, and write-offs of $116 million for the six months ended June 30, 2023. See Note 6, “Fair Value Measurements,” for additional information related to the fair value of the related party notes receivable.

Investments - Other Segments and Holding Company (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Schedule of Investments
Investments	$ 2,306		$ 2,306		$ 3,012
Other Segments and Holding Company
Schedule of Investments
Investments	110		110		114
Portion of unrealized (losses) gains that relates to equity securities still held	0	$ 0	0	$ 0
Equity method investments \| Other Segments and Holding Company
Schedule of Investments
Investments	96		96		100
Held to maturity debt investments measured at amortized cost \| Other Segments and Holding Company
Schedule of Investments
Investments	11		11		11
Other investments measured at fair value \| Other Segments and Holding Company
Schedule of Investments
Investments	$ 3		$ 3		$ 3

- Definition

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

+ References

+ Details

Fair Value Measurements - Fair Value Measurement (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Assets
Investments	$ 2,199	$ 2,901
Derivative assets, net	53	64
Assets	2,252	2,965
Liabilities
Securities sold, not yet purchased	2,128	3,473
Derivative liabilities, net	948	979
RFS obligations	312	329
Liabilities	3,388	4,781
Recurring measurement \| Level 1
Assets
Investments	2,129	2,730
Assets	2,129	2,730
Liabilities
Securities sold, not yet purchased	2,065	3,288
Liabilities	2,065	3,288
Recurring measurement \| Level 2
Assets
Investments	29	129
Derivative assets, net	53	64
Assets	82	193
Liabilities
Securities sold, not yet purchased	63	185
Derivative liabilities, net	948	979
RFS obligations	312	329
Liabilities	1,323	1,493
Recurring measurement \| Level 3
Assets
Investments	41	42
Assets	41	$ 42
Fair value, nonrecurring \| Level 3
Liabilities
Estimated fair value	46
Fair value of related party note receivable	$ 7

Inventories, Net (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Inventories, Net
Raw materials	$ 306	$ 367
Work in process	107	95
Finished goods	557	585
Inventory, Net, Total	$ 970	$ 1,047

Investments

6 Months Ended

Jun. 30, 2024

Investments

Investments

5. Investments

Investments

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


	June 30,		December 31,
	2024		2023

	(in millions)
Assets
Investments:
Equity securities:
Communications	$	20	$	—
Consumer, cyclical		304		260
Energy		62		708
Utilities		882		1,012
Healthcare		384		440
Technology		—		139
Materials		357		52
Industrial		158		—
		2,167		2,611
Debt securities:
Financials		—		158
Real Estate		29		44
Communications		—		85
		29		287
	$	2,196	$	2,898
Liabilities
Securities sold, not yet purchased, at fair value:
Equity securities:
Consumer, non-cyclical	$	—	$	41
Consumer, cyclical		—		3
Energy		1,216		2,146
Utilities		438		610
Materials		248		350
Industrial		163		138
		2,065		3,288
Debt securities:
Materials		63		185
	$	2,128	$	3,473

The portion of unrealized (losses) and gains that relates to securities still held by our Investment segment, primarily equity securities, was $(86) million and $(69) million for the three months ended June 30, 2024 and 2023, respectively, and $(360) million and $(124) million for the six months ended June 30, 2024 and 2023, respectively.

Other Segments and Holding Company

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


	June 30,		December 31,
	2024		2023

	(in millions)
Equity method investments	$	96	$	100
Held to maturity debt investments measured at amortized cost		11		11
Other investments measured at fair value		3		3
	$	110	$	114

There were no unrealized gains and (losses) that relates to equity securities still held by our other segments and Holding Company for each of the three and six months ended June 30, 2024 and 2023.

Goodwill and Intangible Assets, Net

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets, Net

Goodwill and Intangible Assets, Net

10. Goodwill and Intangible Assets, Net

Goodwill consists of the following:


	June 30, 2024						December 31, 2023
	Gross				Net		Gross				Net
	Carrying		Accumulated		Carrying		Carrying		Accumulated		Carrying
	Amount		Impairment		Value		Amount		Impairment		Value

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

Intangible assets, net consists of the following:


	June 30, 2024						December 31, 2023
	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	$	(239)	$	153	$	392	$	(229)	$	163
Developed technology		254		(104)		150		254		(90)		164
Other		164		(106)		58		164		(101)		63
	$	810	$	(449)	$	361	$	810	$	(420)	$	390

Indefinite-lived intangible assets					$	76					$	76
Intangible assets, net					$	437					$	466

Amortization expense associated with definite-lived intangible assets was $15 million and $14 million for the three months ended June 30, 2024 and 2023, respectively, and $29 million and $29 million for the six months ended June 30, 2024 and 2023, respectively.

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