0001558370-25-001612 | 10-K | XBRL Viewer

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Fair Value Measurements - Fair Value Measurement (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Assets
Derivative assets, net	$ 22	$ 64
Liabilities
Securities sold, not yet purchased	1,373	3,473
Derivative liabilities, net	756	979
Recurring measurement
Assets
Investments	2,275	2,901
Derivative assets, net	22	64
Assets	2,297	2,965
Liabilities
Securities sold, not yet purchased	1,373	3,473
Derivative liabilities, net	756	979
Other liabilities	323	329
Liabilities	2,452	4,781
Recurring measurement \| Level 1
Assets
Investments	2,203	2,730
Assets	2,203	2,730
Liabilities
Securities sold, not yet purchased	1,153	3,288
Derivative liabilities, net	6
Liabilities	1,159	3,288
Recurring measurement \| Level 2
Assets
Investments	31	129
Derivative assets, net	22	64
Assets	53	193
Liabilities
Securities sold, not yet purchased	220	185
Derivative liabilities, net	750	979
Other liabilities	323	329
Liabilities	1,293	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

Property, Plant and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment, Net

Schedule of Property, plant and equipment, net


			December 31,
	Useful Life		2024		2023

	(in years)			(in millions)
Land			$	335	$	332
Buildings and improvements		1 – 40		1,129		1,058
Machinery, equipment and furniture		1 – 30		6,209		6,083
Assets leased to others		5 – 39		320		334
Financing leases		1 – 10		143		118
Construction in progress				261		275
				8,397		8,200
Less: Accumulated depreciation and amortization				(4,554)		(4,231)
Property, plant and equipment, net			$	3,843	$	3,969

Inventories, Net (Tables)

12 Months Ended

Dec. 31, 2024

Inventories, Net

Inventories


	December 31,
	2024		2023

	(in millions)
Raw materials	$	293	$	367
Work in process		92		95
Finished goods		512		585
	$	897	$	1,047

Investments

12 Months Ended

Dec. 31, 2024

Investments

Investments

5. Investments

Investment

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


	December 31,
	2024		2023

	(in millions)
Assets
Investments:
Equity securities:
Communications	$	129	$	—
Consumer, cyclical		277		260
Energy		57		708
Utilities		792		1,012
Healthcare		482		440
Technology		—		139
Materials		317		52
Industrial		187		—
		2,241		2,611
Debt securities:
Financials		—		158
Real Estate		31		44
Communications		—		85
		31		287
	$	2,272	$	2,898
Liabilities
Securities sold, not yet purchased, at fair value:
Equity securities:
Consumer, non-cyclical	$	—	$	41
Consumer, cyclical		—		3
Energy		460		2,146
Utilities		453		610
Materials		133		350
Industrial		107		138
		1,153		3,288
Debt securities:
Communications		220
Materials		—		185
		220		185
	$	1,373	$	3,473

The portions of unrealized losses that relate to securities still held by our Investment segment, primarily equity securities, were $187 million, $302 million and $1,544 million for the years ended December 31, 2024, 2023 and 2022, respectively.

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

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

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

During the third quarter of 2023, the Investment Funds sold their entire investment in Xerox. Prior to the sale of its investment in Xerox, the Investment Funds owned approximately 22.0% of the outstanding common stock of Xerox. Due to the nature of our Investment segment’s operations, the sale of Xerox was deemed to be in the ordinary course of business.


	Voting	Fair Value of				Gains (Losses)
	Interests	Investment				Recognized in Other loss, net
	December 31,	December 31,				Year Ended December 31,
	2024	2024		2023		2024		2023		2022

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

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


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

Other Segments and Holding Company

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


	December 31,
	2024		2023

	(in millions)
Equity method investments	$	24	$	100
Held to maturity debt investments measured at amortized cost		11		11
Other investments measured at fair value		3		3
	$	38	$	114

There were no unrealized gains and (losses) that relate to equity securities still held by our other segments and our Holding Company for the years ended December 31, 2024 and 2023, and unrealized gains of $61 million for the year ended December 31, 2022.

During the fourth quarter of 2024, our Energy segment sold an equity method investment for cash consideration of approximately $90 million, resulting in a gain of $24 million included within Other income, net.

CONSOLIDATED BALANCE SHEETS (Parentheticals) - shares	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Equity:
Limited partners: Depositary units issued	522,736,315	429,033,241	353,572,182
Limited partners: Depositary units outstanding	522,736,315	429,033,241

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net loss	$ (542)	$ (1,012)	$ (25)
Adjustments to reconcile net loss to net cash provided by operating activities:
Net loss from securities transactions	207	595	52
Purchases of securities	(1,925)	(963)	(2,985)
Proceeds from sales of securities	1,474	4,537	5,359
Payments to cover securities sold, not yet purchased	(2,227)	(4,692)	(2,908)
Proceeds from securities sold, not yet purchased	998	1,358	3,836
Changes in receivables and payables relating to securities transactions	2,465	2,268	(2,390)
Changes in derivative assets and liabilities	(181)	1,029	(296)
Loss (gain) on disposition of assets, net	4	(8)	8
Depreciation and amortization	511	518	509
Loss on deconsolidation of subsidiary		246
Credit loss expense		139
Impairment		7
Deferred taxes	(45)	(48)	(148)
Other, net	3	(84)	72
Changes in other operating assets and liabilities:
Accounts receivable, net	15	78	(110)
Related party note receivable		7
Inventories	133	27	(96)
Other assets	(1)	55	(11)
Accounts payable	(33)	59	45
Accrued expenses and other liabilities	(24)	(380)	143
Net cash provided by operating activities	832	3,736	1,055
Cash flows from investing activities:
Capital expenditures	(280)	(303)	(338)
Turnaround expenditures	(53)	(57)	(83)
Acquisition of businesses, net of cash acquired	(2)	(20)
Proceeds from sale of investments			153
Proceeds from sale of equity investment	90
Proceeds from disposition of businesses and assets	3	33	4
Related party note receivable payments and distributions, net	4	30
Other, net	23	27	4
Net cash (used in) provided by investing activities	(215)	(290)	(260)
Cash flows from financing activities:
Investment segment contributions from non-controlling interests	1		9
Investment segment distributions to non-controlling interests	(511)	(2,199)	(23)
Partnership contributions	104	185	768
Partnership distributions	(391)	(307)	(226)
Proceeds from sale of (purchase of) additional interests in consolidated subsidiaries	(13)	158	(1)
Dividends and distributions to non-controlling interests in subsidiaries	(95)	(319)	(270)
Proceeds from Holding Company senior notes	1,266	699
Repayments of Holding Company senior notes	(1,229)	(1,159)	(500)
Repurchase of senior notes held in treasury	(168)
Proceeds from subsidiary borrowings	362	683	115
Repayments of subsidiary borrowings	(629)	(112)	(216)
Other, net	(20)	(14)
Net cash (used in) provided by financing activities	(1,323)	(2,385)	(344)
Effect of exchange rate changes on cash and cash equivalents and restricted cash and restricted cash equivalents	(1)	(1)	(1)
Net (decrease) increase in cash and cash equivalents and restricted cash and restricted cash equivalents	(707)	1,060	450
Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period	5,946	4,886	4,436
Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period	$ 5,239	$ 5,946	$ 4,886

Schedule I

12 Months Ended

Dec. 31, 2024

Icahn Enterprises (Parent)

Condensed Financial Statements, Captions [Line Items]

Condensed financial information of parent company

SCHEDULE I

ICAHN ENTERPRISES, L.P.

(Parent Company)

CONDENSED BALANCE SHEETS


	December 31,
	2024		2023

	(in millions, except unit amounts)
ASSETS
Investments in subsidiaries, net	$	7,232	$	8,092
Total Assets	$	7,232	$	8,092

LIABILITIES AND EQUITY
Accrued expenses and other liabilities	$	67	$	37
Debt		4,699		4,847
		4,766		4,884

Commitments and contingencies (Note 3)

Equity:
Limited partners: Depositary units: 522,736,315 units issued and outstanding at December 31, 2024 and 429,033,241 units issued and outstanding at December 31, 2023		3,241		3,969
General partner		(775)		(761)
Total equity		2,466		3,208
Total Liabilities and Equity	$	7,232	$	8,092

See notes to condensed financial statements.

SCHEDULE I

ICAHN ENTERPRISES, L.P.

(Parent Company)

CONDENSED STATEMENTS OF OPERATIONS


	Year Ended December 31,
	2024		2023		2022

	(in millions)
Interest expense	$	(317)	$	(286)	$	(290)
Gain (loss) on extinguishment of debt		8		13		(1)
Equity in (loss) gain of subsidiaries		(136)		(411)		108
Net loss	$	(445)	$	(684)	$	(183)
Net loss allocated to:
Limited partners	$	(436)	$	(670)	$	(179)
General partner		(9)		(14)		(4)
	$	(445)	$	(684)	$	(183)

See notes to condensed financial statements.

SCHEDULE I

ICAHN ENTERPRISES, L.P.

(Parent Company)

CONDENSED STATEMENTS OF CASH FLOWS


	Year Ended December 31,
	2024		2023		2022

	(in millions)
Cash flows from operating activities:
Net loss	$	(445)	$	(684)	$	(183)
Adjustments to reconcile net loss to net cash used in operating activities:
Equity in (gain) loss of subsidiary		136		411		(108)
(Loss) gain on extinguishment of debt		(8)		(13)		(1)
Other, net		30		(3)		(14)
Net cash used in operating activities		(287)		(289)		(306)
Cash flows from investing activities:
Net investment in and advances from subsidiaries		320		629		264
Net cash provided by (used in) by investing activities		320		629		264
Cash flows from financing activities:
Partnership distributions		(391)		(307)		(226)
Partnership contributions		104		185		768
Proceeds from borrowings		1,266		699		—
Repayments of borrowings		(1,397)		(1,159)		(500)
Investment segment distributions		394		242		—
Debt issuance costs and other		(9)		—		—
Net cash provided by (used in) financing activities		(33)		(340)		42
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents		—		—		—
Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period		—		—		—
Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period	$	—	$	—	$	—

See notes to condensed financial statements.

SCHEDULE I

ICAHN ENTERPRISES L.P.

(Parent Company)

NOTES TO CONDENSED FINANCIAL STATEMENTS

1. Description of Business and Basis of Presentation

Icahn Enterprises, L.P. (“Icahn Enterprises”) is a master limited partnership formed in Delaware on February 17, 1987. We own a 99% limited partner interest in Icahn Enterprises Holdings L.P. (“Icahn Enterprises Holdings”). Icahn Enterprises Holdings and its subsidiaries own substantially all of our assets and liabilities and conduct substantially all of our operations. Icahn Enterprises G.P. Inc., our sole general partner, which is owned and controlled by Carl C. Icahn, owns a 1% general partner interest in both us and Icahn Enterprises Holdings, representing an aggregate 1.99% general partner interest in us and Icahn Enterprises Holdings. As of December 31, 2024, Icahn Enterprises is engaged in the following continuing operating businesses: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion and Pharma.

For the years ended December 31, 2024, 2023 and 2022, Icahn Enterprises received $320 million, $629 million and $264 million, respectively, for net investment in and advances from subsidiaries.

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

2. Debt

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


	December 31,
	2024		2023

	(in millions)
6.375% senior notes due 2025		—		749
6.250% senior notes due 2026		719		1,238
5.250% senior notes due 2027		1,384		1,454
4.375% senior notes due 2029		656		708
9.750% senior notes due 2029		698		698
10.000% senior notes due 2029		495		—
9.000% senior notes due 2030		747		—
Total debt	$	4,699	$	4,847

In November 2024, the Issuers issued $500 million in aggregate principal amount of secured 10.000% senior notes due 2029 (the “10% 2029 Notes”). The net proceeds from the issuance were used to partially redeem $500 million of the outstanding 6.250% senior notes due 2026 on December 16, 2024. Our 10% 2029 Notes are secured by substantially all of our assets directly owned by us and Icahn Enterprises Holdings, subject to customary exceptions. Concurrently with the consummation of this issuance, the Issuers granted a lien in favor of the holders of the Issuers’ 6.250% senior notes due 2026, 5.250% senior notes due 2027, 4.375% senior notes due 2029 and the 9.000% senior notes due 2030 (collectively, the “Existing Notes”) such that the Existing Notes are secured equally and ratably with the 10% 2029 Notes upon the issuance thereof. Accordingly, while we previously designated the Existing Notes as our senior unsecured notes they are now designated as our senior notes.

In August 2024, we commenced an offer to exchange $700 million aggregate principal amount of our 9.750% senior notes due 2029 that have been registered under the Securities Act of 1933, as amended (the “Securities Act”), for $700 million in aggregate principal amount of our issued and outstanding, unregistered 9.750% senior notes due 2029 and $750 million aggregate principal amount of our 9.000% senior notes due 2030 that have been registered under

the Securities Act for $750 million aggregate principal amount of our issued and outstanding, unregistered 9.000% senior notes due 2030. The offer expired on October 17, 2024.

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

In April 2024, we sold $12 million in aggregate principal amount of our 6.250% senior notes due 2026 and $5 million in aggregate principal amount of our 5.250% senior notes due 2027, both previously repurchased and held in treasury, in the open market. In August and September of 2024, we repurchased in the open market approximately $52 million aggregate principal amount of our 6.250% senior notes due 2026, $73 million aggregate principal amount of our 5.250% senior notes due 2027 and $52 million aggregate principal amount of our 4.375% senior notes due 2029 for total cash paid of $168 million and a total aggregate principal amount of $177 million of our senior notes repurchased. The repurchased notes of $177 million aggregate principal were extinguished but were not retired and are held in treasury. In December 2024, we received $21 million as a part of the redemption of our 6.25% senior notes due 2026 held in treasury.

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

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

Icahn Enterprises recorded a gain on extinguishment of $8 million in 2024, a gain on extinguishment of debt of $13 million in 2023 and a loss on extinguishment of debt of $2 million in 2022 in connection with debt transactions.

3. Commitments and Contingencies

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

Related Party Notes Receivable, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	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	(127)
Ending Balance	$ 12	$ 12

Leases

12 Months Ended

Dec. 31, 2024

Leases

Leases

12. Leases

All Segments and Holding Company

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

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


	December 31,
	2024		2023

	(in millions)
Operating Leases:
Right-of-use assets (other assets)	$	527	$	526
Lease liabilities (accrued expenses and other liabilities)		530		531

Financing Leases:
Right-of-use assets (property, plant and equipment, net)		72		55
Lease liabilities (debt)		83		70

Additional information with respect to our operating leases as of December 31, 2024 and 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 December 31, 2024	Assets		Liabilities		Lease Term	Rate

	(in millions)
Energy	$	75	$	71	5.4 years	7.9%
Automotive		409		421	5.4 years	5.9%
Food Packaging		19		22	9.1 years	7.4%
Other segments and Holding Company		24		16
	$	527	$	530


	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

Maturities of lease liabilities as of December 31, 2024 are as follows:


	Operating		Financing
Year	Leases		Leases

	(in millions)
2025	$	146	$	20
2026		134		18
2027		112		16
2028		73		14
2029		53		11
Thereafter		106		44
Total lease payments		624		123
Less: imputed interest		(94)		(40)
	$	530	$	83

For the year ended December 31, 2024, lease cost was comprised of operating lease cost of $178 million, amortization of financing lease right-of-use assets of $8 million and interest expense on financing lease liabilities of $6 million. For the year ended December 31, 2023, lease cost was comprised of operating lease cost of $177 million, amortization of financing lease right-of-use assets of $8 million and interest expense on financing lease liabilities of $5 million. For the year ended December 31, 2022, lease cost was comprised of operating lease cost of $197 million, amortization of financing lease right-of-use assets of $8 million and interest expense on financing lease liabilities of $5

million. Our Automotive segment accounted for $141 million, $143 million and $163 million of total lease cost for the years ended December 31, 2024, 2023 and 2022, respectively.

Lessor Arrangements

Automotive

Our Automotive segment leases available and excess real estate in certain locations under long-term operating leases. Our Automotive segment’s revenues from operating leases were $60 million, $56 million and $45 million for the years ended December 31, 2024, 2023 and 2022, respectively. Our Automotive segment’s expenses from operating leases were $97 million, $99 million and $46 million for the years ended December 31, 2024, 2023 and 2022, respectively. Revenues from operating leases are included in other revenue from operations in the consolidated statements of operations and expenses from operating leases are included in other expenses from operations in the consolidated statements of operations. Our Automotive segment’s anticipated future receipts of minimum operating lease payments are $23 million for 2025, $22 million for each of 2026, 2027, 2028, $21 million for 2029 and an aggregate of $56 million for 2030 and thereafter.

Real Estate

Our Real Estate segment leases real estate, primarily commercial properties under long-term operating leases. As of December 31, 2024 and 2023, our Real Estate segment had assets leased to others included in property, plant and equipment of $236 million and $252 million, respectively, net of accumulated depreciation. Our Real Estate segment’s revenue from operating leases were $10 million, $17 million and $7 million for the years ended December 31, 2024, 2023 and 2022, respectively, and are included in other revenue from operations in the consolidated statements of operations. Our Real Estate segment’s anticipated future receipts of minimum operating lease payments are $6 million for each of 2025 and 2026, $5 million for 2027, $6 million for each of 2027 and 2028 and an aggregate of $14 million for 2030 and thereafter.

Pension and Other Post-Retirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2024

Pension and Other Post-Retirement Benefit Plans

Components of net periodic benefit cost (credit)


	U.S. and Non-U.S. Pension Benefits
	Year Ended December 31,
	2024		2023		2022

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

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


	U.S. and Non-U.S. Pension Benefits
	2024		2023

	(in millions)
Change in benefit obligation:
Benefit obligation, beginning of year	$	116	$	115
Interest cost		6		6
Benefits paid		(8)		(8)
Actuarial loss (gain)		(1)		1
Currency translation		(4)		2
Benefit obligation, end of year		109		116
Change in plan assets:
Fair value of plan assets, beginning of year		89		84
Actual return on plan assets		4		10
Employer contributions		4		3
Benefits paid		(9)		(8)
Fair value of plan assets, end of year		88		89
Funded status of the plan and amounts recognized in the consolidated balance sheets	$	(21)	$	(27)

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


	December 31, 2024						December 31, 2023
	Level 1		Level 2		Total		Level 1		Level 2		Total

	(in millions)
U.S. and Non-U.S. Plans:
Cash and cash equivalents	$	2	$	—	$	2	$	1	$	39	$	40
Government debt securities		1		56		57		3		—		3
Exchange traded funds		—		—		—		—		—		—
Mutual funds		—		—		—		—		—		—
Common stock		29		—		29		46		—		46
	$	32	$	56	$	88	$	50	$	39	$	89

Commitments and Contingencies - Narrative (Details)		12 Months Ended
Commitments and Contingencies - Narrative (Details)	Aug. 19, 2024 USD ($)	Dec. 31, 2024 USD ($) lawsuit	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jan. 31, 2023 USD ($)
Commitments and Contingencies
Environmental loss contingency accrual		$ 3,000,000	$ 19,000,000
Environmental Loss Contingency, Statement of Financial Position [Extensible Enumeration]		Accrued Liabilities	Accrued Liabilities
Minimum Carbon Dioxide Supply					$ 15,000,000
Maximum fee payable					$ 45,000,000
Civil penalty	$ 1,500,000
Energy
Commitments and Contingencies
Expense (benefit)		$ 46,000,000	$ 114,000,000	$ 435,000,000
RFS position		323,000,000	$ 329,000,000
Insurance policies coverage limits		$ 50,000,000
Icahn Enterprises Holdings
Commitments and Contingencies
Affiliate ownership interest		99.00%
Icahn Enterprises G.P. \| Mr. Icahn and affiliates
Commitments and Contingencies
Affiliate ownership in parent company general partner		100.00%
Icahn Enterprises Holdings \| Mr. Icahn and affiliates
Commitments and Contingencies
Affiliate ownership interest		86.00%
Minimum \| Mr. Icahn and affiliates
Commitments and Contingencies
Affiliate ownership interest		80.00%
Starfire Holding Corporation
Commitments and Contingencies
Ownership percentage by principal owner		99.60%
Pension funding indemnity agreement with subsidiary		$ 250,000,000
ACF
Commitments and Contingencies
Funded status of related party pension plan		$ 21,000,000
ACF \| Minimum \| Icahn Enterprises Holdings
Commitments and Contingencies
Ownership percentage by principal owner		80.00%
General partner \| Carl C. Icahn
Commitments and Contingencies
Civil penalty	$ 500,000
Call option lawsuits \| Energy
Commitments and Contingencies
Lawsuits relating to settlement \| lawsuit		2

Net Income (Loss) Per LP Unit (Details) $ / shares in Units, $ in Millions		12 Months Ended
	Feb. 24, 2025 $ / shares	Dec. 31, 2024 USD ($) item $ / shares shares	Dec. 31, 2023 USD ($) item $ / shares shares	Dec. 31, 2022 USD ($) item $ / shares shares	Nov. 06, 2024 USD ($)	Aug. 26, 2024 USD ($)	May 09, 2023 USD ($)	May 31, 2019 USD ($)
Net Income (Loss) Per LP Unit [Line Items]
Net Income (Loss) \| $		$ (445)	$ (684)	$ (183)
Net (loss) income attributable to Icahn Enterprises allocated to limited partners (98.01% allocation) \| $		$ (436)	$ (670)	$ (179)
Basic loss per LP unit (in dollars per share) \| $ / shares		$ (0.94)	$ (1.75)	$ (0.57)
Basic weighted average LP units outstanding (in shares)		466,000,000	382,000,000	316,000,000
Diluted loss per LP unit (in dollars per share) \| $ / shares		$ (0.94)	$ (1.75)	$ (0.57)
Diluted weighted average LP units outstanding (in shares)		466,000,000	382,000,000	316,000,000
Limited partners: Depositary units issued		429,033,241	353,572,182
Units distributed to LP unitholders		87,896,088	72,060,733
Aggregate cash distributions to depositary unit holders \| $		$ 383	$ 301
Partners' Capital Account, Units, Sale of Units		5,806,986	3,395,353
Limited partners: Depositary units issued		522,736,315	429,033,241	353,572,182
Fixed-rate senior unsecured notes, repurchase program authorized amount \| $					$ 500		$ 500
Depositary units, repurchase program authorized amount \| $					$ 500		$ 500
Repurchased senior notes \| $		$ 269
2017 LTIP units vested			4,973
Number of distributions \| item		4	4	4
Amount of distribution per share \| $ / shares		$ 3.50	$ 6.00
Aggregate gross sale proceeds \| $								$ 400
Subsequent event
Net Income (Loss) Per LP Unit [Line Items]
Distribution declared per LP unit \| $ / shares	$ 0.50
Open market sale agreement entered into November 2022
Net Income (Loss) Per LP Unit [Line Items]
Partners' Capital Account, Units, Sale of Units		5,806,986
Proceeds from Sale of Interest in Partnership Unit \| $		$ 102
Aggregate gross sale proceeds \| $		47
Open market sale agreement entered into August 2024
Net Income (Loss) Per LP Unit [Line Items]
Sales of depositary units \| $						$ 400
Aggregate gross sale proceeds \| $		400
Limited partners
Net Income (Loss) Per LP Unit [Line Items]
Net (loss) income attributable to Icahn Enterprises allocated to limited partners (98.01% allocation) \| $		$ (436)	$ (670)	$ (179)
Units distributed to LP unitholders		87,896,088	72,060,733
Mr. Icahn and affiliates
Net Income (Loss) Per LP Unit [Line Items]
Limited partners: Depositary units issued		367,879,902	299,997,624
Units distributed to LP unitholders		82,908,268	67,882,278
Aggregate cash distributions to depositary unit holders \| $		$ 220	$ 70
Limited partners: Depositary units issued		450,788,170	367,879,902	299,997,624
Public unitholders
Net Income (Loss) Per LP Unit [Line Items]
Limited partners: Depositary units issued		61,153,339	53,574,558
Units distributed to LP unitholders		4,987,820	4,178,455
Partners' Capital Account, Units, Sale of Units		5,806,986	3,395,353
Limited partners: Depositary units issued		71,948,145	61,153,339	53,574,558
2017 LTIP units vested			4,973
Icahn Enterprises Holdings LP
Net Income (Loss) Per LP Unit [Line Items]
Affiliate ownership interest		98.01%	98.01%	98.01%

Subsequent Events

12 Months Ended

Dec. 31, 2024

Subsequent Events

Subsequent Events

22. Subsequent Events

Icahn Enterprises

ACF Industries LLC Pension Termination Approva1

On January 31, 2025, the Executive Committee of ACF Industries (“ACF LLC”) approved a resolution to terminate its qualified pension plans, which is frozen and no longer accrues benefits. As of December 31, 2024, the fair value of this plan's assets exceeded its benefit obligation. The termination of the plan is effective January 31, 2025, is subject to the appropriate regulatory approvals, and is expected to be completed in fiscal 2025. The ACF LLC ultimate settlement obligation will depend upon both the nature and timing of participant settlements and prevailing market conditions.

LP Unit Distribution

On February 24, 2025, the Board of Directors of the general partner of Icahn Enterprises declared a quarterly distribution in the amount of $0.50 per depositary unit, which will be paid on or about April 16, 2025 to depositary unitholders of record at the close of business on March 10, 2025. Depositary unitholders will have until April 4, 2025 to make a timely election to receive either cash or additional depositary units. If a unitholder does not make a timely election, it will automatically be deemed to have elected to receive the distribution in additional depositary units. Depositary unitholders who elect to receive (or who are deemed to have elected to receive) additional depositary units will receive units valued at the volume weighted average trading price of the units during the five consecutive trading days ending April 11, 2025. 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.

Purchases of CVR Energy Shares and CVR Partners’ Units

On January 8, 2025, we completed a tender offer to acquire additional shares of CVR Energy’s common stock, purchasing a total of 878,212 shares, bringing our aggregate percentage ownership to approximately 67% of CVR Energy’s outstanding shares of common stock. On December 20, 2024, AEPC, our wholly-owned subsidiary, entered into a Rule 10b5-1 trading plan to purchase up to 320,000 common units of CVR Partners. The plan will terminate on June 1, 2025 if not earlier terminated by its terms. On February 21, 2025, AEPC entered into a Rule 10b5-1 trading plan to purchase up to 13,356,539 shares of common stock of CVI. The plan will terminate on February 21, 2026, if not earlier terminated by its terms.

Leases (Details) - USD ($) $ in Millions	12 Months Ended
Leases (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases
Operating lease right-of-use asset	$ 527	$ 526
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Operating lease liabilities	$ 530	$ 531
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Accrued Liabilities	Accrued Liabilities
Finance lease right-of-use assets	$ 72	$ 55
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, plant and equipment, net	Property, plant and equipment, net
Finance lease liabilities	$ 83	$ 70
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities	Accrued Liabilities
Operating lease cost	$ 178	$ 177	$ 197
Amortization of financing lease right-of-use assets	8	8	8
Interest expense on financing lease liabilities	6	5	5
Thereafter	14
Property, plant and equipment, net	3,843	3,969
Energy
Leases
Operating lease right-of-use asset	75	53
Operating lease liabilities	$ 71	$ 49
Lease term	5 years 4 months 24 days	5 years 4 months 24 days
Operating lease, discount rate percentage	7.90%	6.70%
Property, plant and equipment, net	$ 2,504	$ 2,594
Automotive
Leases
Operating lease right-of-use asset	409	422
Operating lease liabilities	$ 421	$ 434
Lease term	5 years 4 months 24 days	5 years 4 months 24 days
Operating lease, discount rate percentage	5.90%	5.90%
Operating lease cost	$ 97	$ 99	46
Lease cost	141	143	163
Revenues from operating leases	$ 60	$ 56	$ 45
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Operating Revenue	Other Operating Revenue	Other Operating Revenue
2025	$ 23
2026	22
2027	22
2028	22
2029	21
2030	56
Thereafter	56
Property, plant and equipment, net	808	$ 822
Food Packaging
Leases
Operating lease right-of-use asset	19	22
Operating lease liabilities	$ 22	$ 25
Lease term	9 years 1 month 6 days	9 years 1 month 6 days
Operating lease, discount rate percentage	7.40%	7.40%
Property, plant and equipment, net	$ 124	$ 134
Other Segments and Holding Company
Leases
Operating lease right-of-use asset	24	29
Operating lease liabilities	16	23
Real Estate Segment
Leases
Revenues from operating leases	10	17	$ 7
2025	6
2026	6
2027	5
2028	6
2029	6
2030	14
Property, plant and equipment, net	350	363
Real Estate Segment \| Assets leased to others
Leases
Property, plant and equipment, net	$ 236	$ 252

Subsequent Events (Details)	Feb. 24, 2025 D $ / shares	Jan. 08, 2025 shares	Feb. 21, 2025 shares	Dec. 20, 2024 shares
Subsequent event
Subsequent Events
Distribution declared per LP unit \| $ / shares	$ 0.50
Threshold number of specified trading days \| D	5
CVR Energy \| Subsequent event
Subsequent Events
Number of shares acquired		878,212
Noncontrolling Interest, Ownership Percentage by Parent		67.00%
CVR Energy \| American Entertainment Properties Corp.
Subsequent Events
Maximum number of shares acquired				320,000
CVR Energy \| American Entertainment Properties Corp. \| Subsequent event
Subsequent Events
Maximum number of shares acquired			13,356,539

Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment, Net
Property, plant and equipment, gross	$ 8,397	$ 8,200
Less: Accumulated depreciation and amortization	(4,554)	(4,231)
Property, plant and equipment, net	3,843	3,969
Depreciation and amortization expense related to property, plant and equipment	400	384	$ 384
Land
Property, Plant and Equipment, Net
Property, plant and equipment, gross	335	332
Buildings and improvements
Property, Plant and Equipment, Net
Property, plant and equipment, gross	$ 1,129	1,058
Buildings and improvements \| Minimum
Property, Plant and Equipment, Net
Property, plant and equipment, useful life (in years)	1 year
Buildings and improvements \| Maximum
Property, Plant and Equipment, Net
Property, plant and equipment, useful life (in years)	40 years
Machinery, equipment and furniture
Property, Plant and Equipment, Net
Property, plant and equipment, gross	$ 6,209	6,083
Machinery, equipment and furniture \| Minimum
Property, Plant and Equipment, Net
Property, plant and equipment, useful life (in years)	1 year
Machinery, equipment and furniture \| Maximum
Property, Plant and Equipment, Net
Property, plant and equipment, useful life (in years)	30 years
Assets leased to others
Property, Plant and Equipment, Net
Property, plant and equipment, gross	$ 320	334
Assets leased to others \| Minimum
Property, Plant and Equipment, Net
Property, plant and equipment, useful life (in years)	5 years
Assets leased to others \| Maximum
Property, Plant and Equipment, Net
Property, plant and equipment, useful life (in years)	39 years
Financing leases
Property, Plant and Equipment, Net
Property, plant and equipment, gross	$ 143	118
Financing leases \| Minimum
Property, Plant and Equipment, Net
Property, plant and equipment, useful life (in years)	1 year
Financing leases \| Maximum
Property, Plant and Equipment, Net
Property, plant and equipment, useful life (in years)	10 years
Construction in progress
Property, Plant and Equipment, Net
Property, plant and equipment, gross	$ 261	$ 275

Goodwill and Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets, Net

Schedule of Goodwill


	December 31, 2024
	Automotive		Food Packaging		Home Fashion		Pharma		Consolidated

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

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

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


	December 31, 2023
	Automotive		Food Packaging		Home Fashion		Pharma		Consolidated

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

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

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

Intangible assets, net


	December 31, 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	$	(249)	$	143	$	392	$	(229)	$	163
Developed technology		254		(118)		136		254		(90)		164
Other		164		(110)		54		164		(101)		63
	$	810	$	(477)	$	333	$	810	$	(420)	$	390

Indefinite-lived intangible assets					$	76					$	76
Intangible assets, net					$	409					$	466

Schedule of Future amortization expense, Definite-lived intangible assets


Year	Amount
	(in millions)
2025	$	56
2026		36
2027		35
2028		31
2029		32
Thereafter		143
	$	333

- 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

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

Dec. 31, 2024

Dec. 31, 2023

Derivatives Not Designated as Hedging Instruments, Fair Value

Unrealized Gain On Derivative Contracts

$ 22

$ 64

Derivative Asset, Statement of Financial Position [Extensible Enumeration]

^[1]

Unrealized Gain On Derivative Contracts

Derivative contracts, at fair value (liability)

$ 756

$ 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

$ 1,500

$ 1,700

Investment Segment | Not designated as hedging instrument

Derivatives Not Designated as Hedging Instruments, Fair Value

Derivative contracts, at fair value (liability)

^[1]

756

979

Investment Segment | Not designated as hedging instrument | Other assets

Derivatives Not Designated as Hedging Instruments, Fair Value

Asset derivatives, Gross

121

Derivative, Fair Value, Amount Offset Against Collateral, Net

^[1]

(103)

(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

859

1,004

Derivative, Fair Value, Amount Offset Against Collateral, Net

^[1]

(103)

(25)

Investment Segment | Not designated as hedging instrument | Equity contracts | Other assets

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

853

999

Investment Segment | Not designated as hedging instrument | Credit contracts | Other assets

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

Derivatives Not Designated as Hedging Instruments, Fair Value

Asset derivatives, Gross

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

Derivatives Not Designated as Hedging Instruments, Fair Value

Liability derivatives, Gross

Energy Segment

Derivatives Not Designated as Hedging Instruments, Fair Value

Asset derivatives, Gross

(13)

(6)

Liability derivatives, Gross

(13)

(6)

Energy Segment | Commodity contracts

Derivatives Not Designated as Hedging Instruments, Fair Value

Asset derivatives, Gross

Liability derivatives, Gross

$ 13

$ 6

[1]

Excludes netting of cash collateral received and posted. The total collateral posted at December 31, 2024 and 2023 was $1.5 billion and $1.7 billion, respectively, across all counterparties, which are included in cash held at consolidated affiliated partnerships and restricted cash in the consolidated balance sheets.

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

Other Loss, Net (Tables)

12 Months Ended

Dec. 31, 2024

Other Loss, Net

Schedule of other loss, net


	Year Ended December 31,
	2024		2023		2022

	(in millions)
Equity earnings from non-consolidated affiliates	$	13	$	12	$	10
Gain on sale of equity investment		24		—		—
Foreign currency transaction loss		(9)		1		(3)
Gain on lease termination		38		—		—
Legal settlement loss		—		—		(76)
Gain (loss) on extinguishment of debt, net		8		13		(2)
Other		(6)		(8)		(11)
	$	68	$	18	$	(82)

Description of Business (Details) $ in Billions	12 Months Ended
Description of Business (Details) $ in Billions	Dec. 31, 2024 USD ($) item country product	Dec. 31, 2023 USD ($)
Description of Business [Line Items]
Aggregate general partner ownership interest of parent and operating subsidiary	1.99%
Number of Country Clubs Operated \| country	2
Icahn Enterprises Holdings
Description of Business [Line Items]
Percentage of equity ownership in operating subsidiary	99.00%
Affiliate ownership interest	99.00%
Icahn Enterprises Holdings \| Icahn Enterprises G.P.
Description of Business [Line Items]
General partner ownership percentage in Icahn Enterprises	1.00%
Icahn Enterprises Holdings \| Mr. Icahn and affiliates
Description of Business [Line Items]
Affiliate ownership interest	86.00%
Icahn Enterprises G.P.
Description of Business [Line Items]
General partner ownership percentage in Icahn Enterprises	1.00%
Aggregate general partner ownership interest of parent and operating subsidiary	1.99%
Affiliate ownership interest	98.01%
CVR Refining
Description of Business [Line Items]
Percentage of equity ownership in operating subsidiary	37.00%
CVR Refining \| Energy
Description of Business [Line Items]
Percentage of equity ownership in operating subsidiary	2.00%
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%
CVR Partners \| Energy
Description of Business [Line Items]
Percentage of equity ownership in operating subsidiary	2.00%
Investment Funds
Description of Business [Line Items]
Fair value of investment in subsidiary \| $	$ 2.7	$ 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 \| item	2
Number of product candidates in active clinical development	2
Number of product candidates	2

Subsidiary Bankruptcy and Deconsolidation

12 Months Ended

Dec. 31, 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 year ended December 31, 2023.

Related Party Transactions (Details) $ in Millions				11 Months Ended	12 Months Ended
Related Party Transactions (Details) $ in Millions	Feb. 06, 2023 USD ($)	May 05, 2022 item	Oct. 01, 2020 shares	Dec. 31, 2023 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jan. 31, 2023 USD ($)
Related Party Transaction
Number of portfolios \| item		2
Mr. Icahn and affiliates
Related Party Transaction
Noncontrolling Interest in Variable Interest Entity				$ 2,100	$ 1,500	$ 2,100
Percentage of assets under management				39.00%	35.00%	39.00%
Auto Plus
Related Party Transaction
Estimated amount of proceeds from repayment of notes receivable					$ 48
Write-off of notes receivable					127
Repayment of notes receivable					11
Brett Icahn
Related Party Transaction
Portfolio manager term		7 years	7 years
Number of lump sum payment after term \| item		1
Investment in funds
Related Party Transaction
Investment funds					650	$ 400
Investment in funds \| Mr. Icahn and affiliates
Related Party Transaction
Investment funds					256	158
Redemption of investment funds					250	2,000
Amount redeemed in accordance with manager agreement						242
Investment in funds \| Holding Company
Related Party Transaction
Investment funds					394
Expense sharing arrangement \| Consolidated VIE
Related Party Transaction
Amount of transaction with related party					19	18	$ 18
Debtor in Possession Financing \| Auto Plus
Related Party Transaction
Aggregate amount								$ 75
Auto Plus Auction \| AEP PLC
Related Party Transaction
Assets acquired						10
Automotive Segment
Related Party Transaction
DIP loan amount	$ 17
Revenues from operating leases					60	56	45
Automotive Segment \| Deconsolidation of Investment in Auto Plus \| Auto Plus
Related Party Transaction
Revenues from operating leases				$ 3
Purchases from related party				$ 4
Real Estate Segment
Related Party Transaction
Revenues from operating leases					10	17	$ 7
Incentive Plan 2017 \| Restricted depositary units
Related Party Transaction
Grants of restricted depository units \| shares			239,254
Vesting period			7 years
Brett Icahn
Related Party Transaction
Amount redeemed in accordance with manager agreement					4	17
Investment funds total fair value					$ 17	$ 28

Debt

12 Months Ended

Dec. 31, 2024

Debt

Debt

13. Debt

Debt consists of the following:


	December 31,
	2024		2023

	(in millions)
Holding Company:
6.375% senior notes due 2025		—		749
6.250% senior notes due 2026		719		1,238
5.250% senior notes due 2027		1,384		1,454
4.375% senior notes due 2029		656		708
9.750% senior notes due 2029		698		698
10.000% senior notes due 2029		495		—
9.000% senior notes due 2030		747		—
		4,699		4,847
Reporting Segments:
Energy		1,919		2,185
Automotive		31		33
Food Packaging		144		133
Real Estate		1		1
Home Fashion		15		8
		2,110		2,360
Total Debt	$	6,809	$	7,207

Holding Company

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

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

The indentures governing each of our senior notes: restrict the payment of cash distributions, the purchase of equity interests or the purchase, redemption, defeasance or acquisition of debt subordinated to the senior unsecured notes; restrict the incurrence of debt or the issuance of disqualified stock, as defined in the indentures, with certain exceptions; require that on each quarterly determination date, Icahn Enterprises and the guarantor of each of the senior notes (currently only Icahn Enterprises Holdings) maintain certain minimum financial ratios, as defined therein; and restrict the creation of liens, mergers, consolidations and sales of substantially all of our assets, and transactions with affiliates. Additionally, each of the 5.250% senior notes due 2027, the 4.375% senior notes due 2029, the 10.000% senior notes due 2029 and the 9.000% senior notes due 2030 are subject to optional redemption premiums in the event we redeem any of the notes prior to six months before maturity. The 9.750% senior notes due 2029 are subject to optional redemption premiums in the event we redeem these notes prior to three months before maturity. Although we have no obligation to do so, we may continue, from time-to-time, to retire our outstanding debt through privately negotiated transactions, open market repurchases, redemptions or otherwise.

As of December 31, 2024 and 2023, we were in compliance with all covenants, including maintaining certain minimum financial ratios, as defined in the indentures. Additionally, as of December 31, 2024, based on covenants in the indentures governing our senior notes, we are not permitted to incur additional indebtedness; however, we are permitted to issue new notes in connection with debt refinancings of existing notes.

Reporting Segments

Energy

Our Energy segment’s debt primarily consists of (i) $400 million in aggregate principal amount of 5.75% senior unsecured notes due 2028 and $600 million in aggregate principal amount of 8.50% senior unsecured notes due 2029 (each issued by CVR Energy), (ii) $550 million in aggregate principal amount of 6.125% senior secured notes due 2028 (issued by CVR Partners), and (iii) $325 million senior secured term loan facility. Interest for each of these notes is accrued and paid based on contractual terms.

In December 2023, CVR Energy issued $600 million in aggregate principal amount of 8.50% senior unsecured notes due 2029. The proceeds from the issuance of these notes were used to fund the redemption in full of CVR Energy’s existing $600 million in aggregate principal amount of 5.25% senior unsecured notes due 2025, at par in February 2024. As a result of this transaction, CVR Energy recognized a $1 million loss on extinguishment of debt in the year ended December 31, 2024.

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

In December 2024, CVR Energy and certain of its subsidiaries (the “Term Loan Borrowers”) entered into a senior secured term loan facility in the amount of $325 million, which was borrowed in full on the closing date, with net proceeds of $318 million. At the option of the Term Loan Borrowers, the term loan facility uses a variable interest rate based on SOFR plus 4.00% per year, or an alternate base rate, plus 3.00%.

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

As of December 31, 2024 and 2023, total availability under the CVR Energy ABL and CVR Partners variable rate asset based revolving credit facilities aggregated $277 million and $288 million, respectively. The CVR Energy ABL also had $24 million and $26 million of letters of credit outstanding as of December 31, 2024 and 2023, respectively.

Food Packaging

Viskase’s debt primarily consists of a credit agreement providing for a $134 million term loan and a $10 million revolving credit facility. The interest rate on Viskase’s term loans were 7.49% and 7.40% as of December 31, 2024 and 2023, respectively. As of December 31, 2024 and 2023, the total availability under the term loan aggregated $25 million and $30 million, respectively.

Covenants

All of our subsidiaries are currently in compliance with all covenants and restrictions as described in the various executed agreements and contracts with respect to each debt instrument. These covenants include limitations on indebtedness, liens, investments, acquisitions, asset sales, dividends and other restricted payments and affiliate and extraordinary transactions. On February 14, 2025, Viskase entered into an amendment to its credit agreement providing for, among other things, a waiver of any events of default relating to financial covenants under the credit agreement for the measurement period ended December 31, 2024, and greater flexibility for the measurement of the financial covenants for each of the fiscal quarters in 2025.

Non-Cash Charges to Interest Expense

The amortization of deferred financing costs and debt discounts and premiums included in interest expense in the consolidated statements of operations were $3 million, $4 million and $5 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Consolidated Maturities

The following is a summary of the maturities of our debt as of December 31, 2024:


Year	Amount
	(in millions)
2025	$	35
2026		850
2027		1,707
2028		950
2029		2,458
Thereafter		750
Total debt payments (excluding financing lease payments)		6,750
Less: unamortized discounts, premiums and deferred financing fees		(24)
Financing leases (Note 12)		83
	$	6,809

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - 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, 2021	$ (754)	$ 4,298	$ 3,544	$ 5,799	$ 9,343
Increase (Decrease) in Equity
Net income (loss)	(4)	(179)	(183)	158	(25)
Other comprehensive loss		4	4		4
Partnership distributions	(4)	(222)	(226)		(226)
Partnership contributions	15	753	768		768
Investment segment contributions				9	9
Investment segment distributions				(27)	(27)
Dividends and distributions to non-controlling interests in subsidiaries				(270)	(270)
Changes in subsidiary equity and other		(7)	(7)	(11)	(18)
Total equity at Dec. 31, 2022	(747)	4,647	3,900	5,658	9,558
Increase (Decrease) in Equity
Net income (loss)	(14)	(670)	(684)	(328)	(1,012)
Other comprehensive loss		15	15		15
Partnership distributions	(6)	(301)	(307)		(307)
Partnership contributions	4	175	179		179
Investment segment distributions				(2,197)	(2,197)
Dividends and distributions to non-controlling interests in subsidiaries				(319)	(319)
Changes in subsidiary equity and other	2	103	105	51	156
Total equity at Dec. 31, 2023	(761)	3,969	3,208	2,865	6,073
Increase (Decrease) in Equity
Net income (loss)	(9)	(436)	(445)	(97)	(542)
Other comprehensive loss		(6)	(6)		(6)
Partnership distributions	(8)	(383)	(391)		(391)
Partnership contributions	2	102	104		104
Investment segment contributions				1	1
Investment segment distributions				(511)	(511)
Dividends and distributions to non-controlling interests in subsidiaries				(95)	(95)
Changes in subsidiary equity and other	1	(5)	(4)	(8)	(12)
Total equity at Dec. 31, 2024	$ (775)	$ 3,241	$ 2,466	$ 2,155	$ 4,621

Leases - Maturities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2025	$ 146
2026	134
2027	112
2028	73
2029	53
Thereafter	106
Total lease payments	624
Less: imputed interest	(94)
Operating lease liabilities	530	$ 531
Finance Lease, Liability, Payment, Due [Abstract]
2025	20
2026	18
2027	16
2028	14
2029	11
Thereafter	44
Total lease payments	123
Less: imputed interest	(40)
Finance lease liabilities	$ 83	$ 70

Changes in Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2024

Changes in Accumulated Other Comprehensive Loss

Changes in Accumulated Other Comprehensive Loss

17. Changes in Accumulated Other Comprehensive Loss

Changes in accumulated other comprehensive loss consists of the following:


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

	(in millions)
Balance, December 31, 2023	$	(33)	$	(22)	$	(55)
Other comprehensive income before reclassifications, net of tax		(7)		1		(6)
Reclassifications from accumulated other comprehensive loss to earnings, net of tax		—		—		—
Other comprehensive income, net of tax		(7)		1		(6)
Balance, December 31, 2024	$	(40)	$	(21)	$	(61)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Net loss	$ (542)	$ (1,012)	$ (25)
Other comprehensive (loss) income, net of tax:
Translation adjustments	(7)	12	(7)
Post-retirement benefits and other	1	3	11
Other comprehensive income, net of tax	(6)	15	4
Comprehensive loss	(548)	(997)	(21)
Less: Comprehensive (loss) income attributable to non-controlling interests	(97)	(328)	158
Comprehensive loss attributable to Icahn Enterprises	(451)	(669)	(179)
Comprehensive loss attributable to Icahn Enterprises allocated to:
Limited partners	(442)	(656)	(175)
General partner	(9)	(13)	(4)
Comprehensive loss attributable to Icahn Enterprises	$ (451)	$ (669)	$ (179)

Inventories, Net

12 Months Ended

Dec. 31, 2024

Inventories, Net

Inventories, Net

9. Inventories, Net

Inventories, net consists of the following:


	December 31,
	2024		2023

	(in millions)
Raw materials	$	293	$	367
Work in process		92		95
Finished goods		512		585
	$	897	$	1,047

Supplemental Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2024

Supplemental Cash Flow Information

Schedule of Cash Flow, Supplemental Disclosures


	Year Ended December 31,
	2024		2023		2022

	(in millions)
Cash payments for interest, net of amounts capitalized	$	(423)	$	(426)	$	(438)
Cash (payments) receipts for income taxes, net		(66)		(105)		(180)
Partnership contributions receivable		—		6		—
Non-cash Investment segment contributions from non-controlling interests		—		(2)		—

Investments - Investment Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Investments
Investments	$ 2,310	$ 3,012
Securities sold, not yet purchased, at fair value	1,373	3,473
Investment Segment
Schedule of Investments
Investments	2,272	2,898
Securities sold, not yet purchased, at fair value	1,373	3,473
Portion of unrealized (losses) gains that relates to equity and debt securities still held	187	302	$ 1,544
Investment Segment \| Equity securities
Schedule of Investments
Equity securities	2,241	2,611
Securities sold, not yet purchased, at fair value	1,153	3,288
Investment Segment \| Communications
Schedule of Investments
Equity securities	129
Investment Segment \| Consumer, cyclical
Schedule of Investments
Equity securities	277	260
Securities sold, not yet purchased, at fair value		3
Investment Segment \| Consumer, non-cyclical
Schedule of Investments
Securities sold, not yet purchased, at fair value		41
Investment Segment \| Energy
Schedule of Investments
Equity securities	57	708
Securities sold, not yet purchased, at fair value	460	2,146
Investment Segment \| Utilities
Schedule of Investments
Equity securities	792	1,012
Securities sold, not yet purchased, at fair value	453	610
Investment Segment \| Healthcare
Schedule of Investments
Equity securities	482	440
Investment Segment \| Technology
Schedule of Investments
Equity securities		139
Investment Segment \| Materials
Schedule of Investments
Equity securities	317	52
Securities sold, not yet purchased, at fair value	133	350
Investment Segment \| Industrial
Schedule of Investments
Equity securities	187
Securities sold, not yet purchased, at fair value	107	138
Investment Segment \| Debt securities
Schedule of Investments
Debt Securities	31	287
Securities sold, not yet purchased, at fair value	220	185
Investment Segment \| Financials
Schedule of Investments
Debt Securities		158
Investment Segment \| Real Estate
Schedule of Investments
Debt Securities	31	44
Investment Segment \| Communications
Schedule of Investments
Debt Securities		85
Securities sold, not yet purchased, at fair value	$ 220
Investment Segment \| Materials
Schedule of Investments
Securities sold, not yet purchased, at fair value		$ 185

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Derivative

Notional exposure of derivative instruments


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

		(in millions)
Primary underlying risk:
Equity contracts	$	1,813	$	1,845	$	1,882	$	2,350
Credit contracts⁽¹⁾		185		55		—		435
Commodity contracts		—		90		—		409

(1)

The short notional amount on our credit default swap positions was approximately $213 million at December 31, 2024. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is approximately $55 million as of December 31, 2024. The short notional amount on our credit default swap positions was approximately $2.5 billion as of December 31, 2023. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is $0.4 billion as of December 31, 2023.

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


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

		(in millions)
Equity contracts	$	81	$	11	$	853	$	999
Credit contracts		18		39		6		2
Commodity contracts		22		14		—		3
Sub-total		121		64		859		1,004
Netting across contract types⁽¹⁾		(103)		(25)		(103)		(25)
Total⁽¹⁾	$	18	$	39	$	756	$	979

(1)


	Gain (Loss) Recognized in Income⁽¹⁾
	Year Ended December 31,
	2024		2023		2022

Equity contracts	$	(201)	$	(903)	$	456
Credit contracts		(29)		(87)		(586)
Commodity contracts		16		(26)		(1)
	$	(214)	$	(1,016)	$	(131)

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

Energy

Derivative

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


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

		(in millions)
Commodity contracts	$	17	$	31	$	13	$	6
Netting across contract types⁽¹⁾		(13)		(6)		(13)		(6)
Total⁽¹⁾	$	4	$	25	$	—	$	—

(1)

Excludes netting of derivatives primarily related to initial margin requirements of $3 million and $13 million at December 31, 2024 and 2023, respectively, which was not offset against derivatives liabilities, net in the consolidated balance sheets.

Pension and Other Post-Retirement Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
U.S. and Non-U.S. Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Interest cost	$ 6	$ 6	$ 4
Expected return on plan assets	(5)	(5)	(5)
Amortization of actuarial losses		0	1
Net periodic benefit cost (credit)	1	1
Benefit obligation, beginning of year	116	115
Benefits paid	(8)	(8)
Actuarial loss (gain)	(1)	1
Currency translation	(4)	2
Benefit obligation, end of year	109	116	115
Fair value of plan assets, beginning of year	89	84
Actual return on plan assets	4	10
Employer contributions	4	3
Benefits paid	(9)	(8)
Fair value of plan assets, end of year	88	89	$ 84
Funded status of the plan and amounts recognized in the consolidated balance sheets	(21)	(27)
Recurring measurement
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan Assets	88	89
Recurring measurement \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan Assets	32	50
Recurring measurement \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan Assets	56	39
Cash and cash equivalents \| Recurring measurement
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan Assets	2	40
Cash and cash equivalents \| Recurring measurement \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan Assets	2	1
Cash and cash equivalents \| Recurring measurement \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan Assets	0	39
Government debt securities \| Recurring measurement
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan Assets	57	3
Government debt securities \| Recurring measurement \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan Assets	1	3
Government debt securities \| Recurring measurement \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan Assets	56	0
Exchange traded funds \| Recurring measurement
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan Assets	0
Exchange traded funds \| Recurring measurement \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan Assets	0	0
Mutual funds \| Recurring measurement
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan Assets	0
Mutual funds \| Recurring measurement \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan Assets	0	0
Common stock \| Recurring measurement
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan Assets	29	46
Common stock \| Recurring measurement \| Level 1
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan Assets	29	46
Common stock \| Recurring measurement \| Level 2
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan Assets	$ 0	$ 0

Other Loss, Net (Details) - USD ($) $ in Millions	12 Months Ended
Other Loss, Net (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other Loss, Net
Other income (loss), net	$ 68	$ 18	$ (82)
Equity earnings from non-consolidated affiliates
Other Loss, Net
Other income (loss), net	13	12	10
Gain on sale of equity investment
Other Loss, Net
Other income (loss), net	24
Foreign currency transaction loss
Other Loss, Net
Other income (loss), net	(9)	1	(3)
Gain on lease termination
Other Loss, Net
Other income (loss), net	38
Legal settlement loss
Other Loss, Net
Other income (loss), net			(76)
Gain (loss) on extinguishment of debt, net
Other Loss, Net
Other income (loss), net	8	13	(2)
Other
Other Loss, Net
Other income (loss), net	$ (6)	$ (8)	$ (11)

Investments - Investment segment's operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Investments
Net sales/Other revenue from operations	$ 9,193	$ 11,077	$ 13,378
Cost of goods sold/Other expenses from operations	8,619	9,327	11,689
Net loss	542	1,012	25
Net (loss) income attributable to investee shareholders	$ (445)	$ (684)	(183)
Xerox
Schedule of Investments
Net sales/Other revenue from operations			7,107
Cost of goods sold/Other expenses from operations			7,435
Net loss			(322)
Net (loss) income attributable to investee shareholders			$ (322)

- Definition

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

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+ Details

Related Party Notes Receivable, Net (Tables)

12 Months Ended

Dec. 31, 2024

Related Party Notes Receivable, Net


	December 31, 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 December 31, 2024	$	12

COVER PAGE - USD ($) $ in Billions	12 Months Ended
COVER PAGE - USD ($) $ in Billions	Dec. 31, 2024	Feb. 25, 2025	Jun. 30, 2024
COVER PAGE
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 1.1
Entity Common Stock, Shares Outstanding		522,736,315
Auditor Firm ID	248
Auditor Name	GRANT THORNTON LLP
Auditor Location	Fort Lauderdale, Florida
Entity Central Index Key	0000813762
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Taxes

Income Taxes

16. Income Taxes

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


	Icahn Enterprises
	December 31,
	2024		2023

		(in millions)
Book basis of net assets	$	2,449	$	3,224
Book/tax basis difference		(366)		(540)
Tax basis of net assets	$	2,083	$	2,684

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


	Year Ended December 31,
	2024		2023		2022

	(in millions)
Domestic	$	(570)	$	(943)	$	(8)
International		3		21		17
	$	(567)	$	(922)	$	9

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


	Year Ended December 31,
	2024		2023		2022

	(in millions)
Current:
Domestic	$	(20)	$	(130)	$	(174)
International		9		(8)		(8)
Total current		(11)		(138)		(182)
Deferred:
Domestic		43		41		149
International		(7)		7		(1)
Total deferred		36		48		148
	$	25	$	(90)	$	(34)

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


	Year Ended December 31,
	2024		2023		2022

	(in millions)
Income tax benefit at U.S. statutory rate	$	119	$	193	$	(2)
Tax effect from:
Valuation allowance		(68)		(1)		100
Non-controlling interest		8		23		38
Credits and incentives		19		26		—
Uncertain tax positions		5		17		—
Deconsolidation		—		23		—
Tax gain not on books		—		(83)		—
Dividends received		(4)		(20)		(23)
Income not subject to taxation		(91)		(239)		(88)
State taxes		32		(26)		(49)
Other		5		(3)		(10)
Income tax benefit (expense)	$	25	$	(90)	$	(34)

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


	December 31,
	2024		2023

	(in millions)
Deferred tax assets:
Contingent liabilities	$	56	$	61
Net operating loss		962		954
Tax credits		54		48
Capital loss		241		200
Leases		132		139
Investment in partnerships		135		147
Other		87		105
Total deferred tax assets		1,667		1,654
Less: Valuation allowance		(908)		(860)
Net deferred tax assets	$	759	$	794

Deferred tax liabilities:
Property, plant and equipment	$	(364)	$	(408)
Intangible assets		(60)		(65)
Investment in partnerships		(161)		(180)
Investment in U.S. subsidiaries		(163)		(163)
Leases		(129)		(135)
Other		(53)		(58)
Total deferred tax liabilities		(930)		(1,009)
	$	(171)	$	(215)

We recorded deferred tax assets and deferred tax liabilities of $160 million and $331 million, respectively, as of December 31, 2024 and $184 million and $399 million, respectively, as of December 31, 2023.

We analyze all positive and negative evidence to consider whether it is more likely than not that all of the deferred tax assets will be realized. Projected future income, tax planning strategies and the expected reversal of deferred tax liabilities are considered in making this assessment. As of December 31, 2024 we had a valuation allowance of approximately $908 million primarily related to tax loss and credit carryforwards and other deferred tax assets. The current and future provisions for income taxes may be significantly impacted by changes to valuation allowances. These allowances will be maintained until it is more likely than not that the deferred tax assets will be realized. For the year ended December 31, 2024, the valuation allowance on deferred tax assets increased $48 million. The increase was primarily attributable to increases in capital loss carryforwards and state net operating loss carryforwards.

At December 31, 2024, American Entertainment Properties Corp. (“AEPC”), a wholly-owned corporate subsidiary of Icahn Enterprises, which includes all or parts of our Automotive, Food Packaging, Pharma, Home Fashion and Real Estate segments had U.S. federal net operating loss carryforwards of approximately $3.1 billion with expiration dates from 2024 through unlimited carryforward periods. Additionally, AEPC and its corporate subsidiaries had foreign net operating loss carryforwards of $16 million with an unlimited carryforward period.

At December 31, 2024, CVR Energy had state income tax credits of $22 million, which are available to reduce future state income taxes. These credits, if not used, will begin expiring in 2040.

As of December 31, 2024, we have not provided taxes on approximately $140 million of undistributed earnings in foreign subsidiaries which are deemed to be indefinitely reinvested. If at some future date these earnings cease to be permanently reinvested, we may be subject to foreign income and withholding taxes upon repatriation of such amounts. An estimate of the tax liability that would be incurred upon repatriation of foreign earnings is not practicable to determine.

Accounting for Uncertainty in Income Taxes

A summary of the changes in the gross amounts of unrecognized tax benefits for the years ended December 31, 2024, 2023 and 2022 are as follows:


	Year Ended December 31,
	2024		2023		2022

	(in millions)
Balance at January 1	$	10	$	27	$	33
Addition based on tax positions related to the current year		—		—		—
Increase for tax positions of prior years		—		—		—
Decrease for tax positions of prior years		—		—		—
Decrease for statute of limitation expiration		(1)		(17)		(6)
Balance at December 31	$	9	$	10	$	27

At December 31, 2024, 2023 and 2022, we had unrecognized tax benefits of $9 million, $10 million and $27 million, respectively. Of these totals, $3 million, $10 million and $25 million represent the amount of unrecognized tax benefits that if recognized, would affect the annual effective tax rate in the respective periods. The total unrecognized tax benefits differ from the amount which would affect the effective tax rate primarily due to the impact of valuation allowances.

During the next 12 months, we do not expect any amount of unrecognized tax benefits to be released.

We recognize interest and penalties accrued related to unrecognized tax benefits as a component of income tax expense. We recorded less than $1 million, $4 million and $6 million as of December 31, 2024, 2023 and 2022, respectively, in liabilities for tax related net interest and penalties in our consolidated balance sheets. Income tax expense (benefit) related to interest and penalties were $(4) million, $(2) million and $2 million for the years December 31, 2024, 2023 and 2022, respectively. We or certain of our subsidiaries file income tax returns in the U.S. federal jurisdiction, various state jurisdictions and various non-U.S. jurisdictions. We and our subsidiaries are no longer subject to U.S. federal tax examinations for years before 2020 or state and local examinations for years before 2019, with limited exceptions.

- Definition

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

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+ Details

Goodwill and Intangible Assets, Net (Policies)	12 Months Ended
Goodwill and Intangible Assets, Net (Policies)	Dec. 31, 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.

Schedule I (Tables) - Icahn Enterprises (Parent)

12 Months Ended

Dec. 31, 2024

Condensed Financial Statements, Captions [Line Items]

Financial statement schedule, parent company balance sheet

ICAHN ENTERPRISES, L.P.

(Parent Company)

CONDENSED BALANCE SHEETS


	December 31,
	2024		2023

	(in millions, except unit amounts)
ASSETS
Investments in subsidiaries, net	$	7,232	$	8,092
Total Assets	$	7,232	$	8,092

LIABILITIES AND EQUITY
Accrued expenses and other liabilities	$	67	$	37
Debt		4,699		4,847
		4,766		4,884

Commitments and contingencies (Note 3)

Equity:
Limited partners: Depositary units: 522,736,315 units issued and outstanding at December 31, 2024 and 429,033,241 units issued and outstanding at December 31, 2023		3,241		3,969
General partner		(775)		(761)
Total equity		2,466		3,208
Total Liabilities and Equity	$	7,232	$	8,092

Financial statement schedule, parent company statement of operations

ICAHN ENTERPRISES, L.P.

(Parent Company)

CONDENSED STATEMENTS OF OPERATIONS


	Year Ended December 31,
	2024		2023		2022

	(in millions)
Interest expense	$	(317)	$	(286)	$	(290)
Gain (loss) on extinguishment of debt		8		13		(1)
Equity in (loss) gain of subsidiaries		(136)		(411)		108
Net loss	$	(445)	$	(684)	$	(183)
Net loss allocated to:
Limited partners	$	(436)	$	(670)	$	(179)
General partner		(9)		(14)		(4)
	$	(445)	$	(684)	$	(183)

Financial statement schedule, parent company statement of cash flows

ICAHN ENTERPRISES, L.P.

(Parent Company)

CONDENSED STATEMENTS OF CASH FLOWS


	Year Ended December 31,
	2024		2023		2022

	(in millions)
Cash flows from operating activities:
Net loss	$	(445)	$	(684)	$	(183)
Adjustments to reconcile net loss to net cash used in operating activities:
Equity in (gain) loss of subsidiary		136		411		(108)
(Loss) gain on extinguishment of debt		(8)		(13)		(1)
Other, net		30		(3)		(14)
Net cash used in operating activities		(287)		(289)		(306)
Cash flows from investing activities:
Net investment in and advances from subsidiaries		320		629		264
Net cash provided by (used in) by investing activities		320		629		264
Cash flows from financing activities:
Partnership distributions		(391)		(307)		(226)
Partnership contributions		104		185		768
Proceeds from borrowings		1,266		699		—
Repayments of borrowings		(1,397)		(1,159)		(500)
Investment segment distributions		394		242		—
Debt issuance costs and other		(9)		—		—
Net cash provided by (used in) financing activities		(33)		(340)		42
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents		—		—		—
Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period		—		—		—
Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period	$	—	$	—	$	—

Financial statement schedule, parent company debt note


	December 31,
	2024		2023

	(in millions)
6.375% senior notes due 2025		—		749
6.250% senior notes due 2026		719		1,238
5.250% senior notes due 2027		1,384		1,454
4.375% senior notes due 2029		656		708
9.750% senior notes due 2029		698		698
10.000% senior notes due 2029		495		—
9.000% senior notes due 2030		747		—
Total debt	$	4,699	$	4,847

Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt

Schedule of Long-term Debt Instruments


	December 31,
	2024		2023

	(in millions)
Holding Company:
6.375% senior notes due 2025		—		749
6.250% senior notes due 2026		719		1,238
5.250% senior notes due 2027		1,384		1,454
4.375% senior notes due 2029		656		708
9.750% senior notes due 2029		698		698
10.000% senior notes due 2029		495		—
9.000% senior notes due 2030		747		—
		4,699		4,847
Reporting Segments:
Energy		1,919		2,185
Automotive		31		33
Food Packaging		144		133
Real Estate		1		1
Home Fashion		15		8
		2,110		2,360
Total Debt	$	6,809	$	7,207

Schedule of Maturities of Long-term Debt


Year	Amount
	(in millions)
2025	$	35
2026		850
2027		1,707
2028		950
2029		2,458
Thereafter		750
Total debt payments (excluding financing lease payments)		6,750
Less: unamortized discounts, premiums and deferred financing fees		(24)
Financing leases (Note 12)		83
	$	6,809

- Definition

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

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+ Details

Supplemental Cash Flow Information

12 Months Ended

Dec. 31, 2024

Supplemental Cash Flow Information

Supplemental Cash Flow Information

21. Supplemental Cash Flow Information

Supplemental cash flow information consists of the following:


	Year Ended December 31,
	2024		2023		2022

	(in millions)
Cash payments for interest, net of amounts capitalized	$	(423)	$	(426)	$	(438)
Cash (payments) receipts for income taxes, net		(66)		(105)		(180)
Partnership contributions receivable		—		6		—
Non-cash Investment segment contributions from non-controlling interests		—		(2)		—

Schedule I - Condensed Financial Information of Parent - Statements of Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Condensed Financial Statements, Captions [Line Items]
Interest expense	$ 523	$ 554	$ 568
Gain (loss) on extinguishment of debt	8	13	2
Net loss	(542)	(1,012)	(25)
Limited partners	(436)	(670)	(179)
General partner	(9)	(14)	(4)
Icahn Enterprises (Parent)
Condensed Financial Statements, Captions [Line Items]
Interest expense	(317)	(286)	(290)
Gain (loss) on extinguishment of debt	8	13	(1)
Equity in (loss) gain of subsidiaries	(136)	(411)	108
Net loss	(445)	(684)	(183)
Limited partners	(436)	(670)	(179)
General partner	$ (9)	$ (14)	$ (4)

- Definition

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

+ References + Details

- Definition

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

+ References

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+ Details

Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Changes in Accumulated Other Comprehensive Loss
Accumulated other comprehensive loss, Translation Adjustments, Net of Tax, Beginning Balance	$ (33)
Accumulated other comprehensive loss, Post-Retirement Benefits, Net of Tax, Beginning Balance	(22)
Accumulated other comprehensive loss, Beginning Balance	(55)
Other comprehensive income before reclassifications, net of tax Translation Adjustments, Net of Tax	(7)
Other comprehensive income before reclassifications, net of tax Post-Retirement Benefits and Other, Net of Tax	1
Other comprehensive income before reclassifications, net of tax Total	(6)
Reclassifications from accumulated other comprehensive loss to earnings, net of tax Translation Adjustments, Net of Tax	0
Reclassifications from accumulated other comprehensive loss to earnings, net of tax Post-Retirement Benefits and Other, Net of Tax	0
Reclassifications from accumulated other comprehensive loss to earnings, net of tax	0
Other comprehensive income, net of tax, Translation Adjustment, Net of Tax, Total	(7)	$ 12	$ (7)
Other comprehensive loss, net of tax, Post-Retirement Benefits and Other, Net of Tax	1	3	11
Other comprehensive income, net of tax	(6)	15	$ 4
Accumulated other comprehensive loss, Translation Adjustments, Net of Tax, Ending Balance	(40)	(33)
Accumulated other comprehensive loss, Post-Retirement Benefits and Other, Net of Tax, Ending Balance	(21)	(22)
Accumulated other comprehensive loss, Total, Ending Balance	$ (61)	$ (55)

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Segment and Geographic Reporting - Disaggregation of Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Energy
Disaggregation of Revenue [Line Items]
Disaggregated revenue	$ 7,610	$ 9,247	$ 10,896
Automotive Segment
Disaggregation of Revenue [Line Items]
Disaggregated revenue	1,445	1,685	2,349
Lease revenue outside the scope of ASC 606	60	56	45
Total Automotive net sales and other revenues from operations	1,505	1,741	2,394
Petroleum products \| Energy
Disaggregation of Revenue [Line Items]
Disaggregated revenue	6,909	8,267	9,902
Renewable products \| Energy
Disaggregation of Revenue [Line Items]
Disaggregated revenue	177	299	158
Nitrogen fertilizer products \| Energy
Disaggregation of Revenue [Line Items]
Disaggregated revenue	524	681	836
Automotive Services \| Automotive Segment
Disaggregation of Revenue [Line Items]
Disaggregated revenue	1,420	1,548	1,552
Automotive Parts \| Automotive Segment
Disaggregation of Revenue [Line Items]
Disaggregated revenue	$ 25	$ 137	$ 797

Description of Business

12 Months Ended

Dec. 31, 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”, “us” or “the Company” herein include Icahn Enterprises and its subsidiaries, unless the context otherwise requires.

Icahn Enterprises owns a 99% limited partner interest in Icahn Enterprises Holdings L.P. (“Icahn Enterprises Holdings”). Icahn Enterprises Holdings and its subsidiaries own substantially all of our assets and liabilities and conduct substantially all of our operations. Icahn Enterprises G.P. Inc. (“Icahn Enterprises GP”), which is indirectly owned and controlled by Mr. Carl C. Icahn, owns a 1% general partner interest in each of Icahn Enterprises and Icahn Enterprises Holdings as of December 31, 2024, representing an aggregate 1.99% general partner interest in Icahn Enterprises Holdings and us. Mr. Icahn and his affiliates owned approximately 86% of our outstanding depositary units as of December 31, 2024.

Description of Operating Businesses

We are a diversified holding company owning subsidiaries currently engaged in the following continuing operating businesses: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion and Pharma. We also report the results of our Holding Company, which includes the results of certain subsidiaries of Icahn Enterprises (unless otherwise noted), and investment activity and expenses associated with our Holding Company. See Note 15, “Segment and Geographic Reporting,” for a reconciliation of each of our reporting segment’s results of operations to our consolidated results. Certain additional information with respect to our segments is discussed below.

Investment

Our Investment segment is comprised of various private investment funds (“Investment Funds”) in which we have general partner interests and through which we invest our proprietary capital. As general partner, we provide investment advisory and certain administrative and back-office services to the Investment Funds but do not provide such services to any other entities, individuals or accounts. We and certain of Mr. Icahn’s family members and affiliates are the only investors in the Investment Funds. Interests in the Investment Funds are not offered to outside investors. We had interests in the Investment Funds with a fair value of approximately $2.7 billion and $3.2 billion as of December 31, 2024 and 2023, respectively.

Energy

We conduct our Energy segment through our majority owned subsidiary, CVR Energy, Inc. (“CVR Energy”), along with a 2% interest in common units of CVR Partners, LP held outside of CVR Energy. CVR Energy is headquartered in Sugar Land, Texas. CVR Energy is a diversified holding company primarily engaged in the petroleum refining and marketing businesses, the renewable fuels businesses as well as in the nitrogen fertilizer manufacturing and distribution businesses through its holdings in CVR Partners, LP, a publicly traded limited partnership (“CVR Partners”). CVR Energy is an independent petroleum refiner and marketer of high value transportation fuels primarily in the form of gasoline, diesel, jet fuel and distillates. The renewables business refines renewable feedstocks, such as soybean oil, corn oil, and other related renewable feedstocks, into renewable diesel, and markets renewable products. CVR Partners produces and markets nitrogen fertilizers in the form of urea ammonium nitrate (“UAN”) and ammonia. CVR Energy holds 100% of the general partner interest and approximately 37% of the outstanding common units of CVR Partners as of December 31, 2024. As of December 31, 2024, we owned approximately 66% of the total outstanding common stock of CVR Energy and 2% of the outstanding common units of CVR Partners.

Automotive

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

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

Food Packaging

We conduct our Food Packaging segment through our majority owned subsidiary, Viskase Companies, Inc. (“Viskase”). Viskase is a producer of cellulosic, fibrous and plastic casings used to prepare and package processed meat products. As of December 31, 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 and two product candidates in active clinical development and two product candidates in early-stage development.

Debt - Maturities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Debt
2025	$ 35
2026	850
2027	1,707
2028	950
2029	2,458
Thereafter	750
Total debt payments (excluding financing lease payments)	6,750
Less: unamortized discounts, premiums and deferred financing fees	(24)
Financing leases (Note 12)	83	$ 70
Debt and Lease Obligation, Total	$ 6,809	$ 7,207

Award Timing Disclosure

12 Months Ended

Dec. 31, 2024

Award Timing Disclosures [Line Items]

Award Timing MNPI Disclosure

Policies and Practices Related to the Grant of Certain Equity Awards Close in Time to the Release of Material Nonpublic Information

We do not grant depositary unit options, unit appreciation rights, or similar option-like instruments and, as such, do not have any policy or practice in place on the timing of awards of options, stock or unit appreciation rights, or similar option-like instruments in relation to the disclosure of material non-public information. If in the future we anticipate granting depositary unit options, unit appreciation rights, or similar option-like instruments, we may determine to establish a policy regarding how the Board determines when to grant such awards and how the Board will take material nonpublic information into account when determining the timing and terms of such awards.

Property, Plant and Equipment, Net

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment, Net

Property, Plant and Equipment, Net

10. Property, Plant and Equipment, Net

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


			December 31,
	Useful Life		2024		2023

	(in years)			(in millions)
Land			$	335	$	332
Buildings and improvements		1 – 40		1,129		1,058
Machinery, equipment and furniture		1 – 30		6,209		6,083
Assets leased to others		5 – 39		320		334
Financing leases		1 – 10		143		118
Construction in progress				261		275
				8,397		8,200
Less: Accumulated depreciation and amortization				(4,554)		(4,231)
Property, plant and equipment, net			$	3,843	$	3,969

Depreciation and amortization expense related to property, plant and equipment for the years ended December 31, 2024, 2023 and 2022 was $400 million, $384 million and $384 million, respectively.

Goodwill and Intangible Assets, Net

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets, Net

Goodwill and Intangible Assets, Net

11. Goodwill and Intangible Assets, Net

Goodwill consists of the following:


	December 31, 2024
	Automotive		Food Packaging		Home Fashion		Pharma		Consolidated

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

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

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


	December 31, 2023
	Automotive		Food Packaging		Home Fashion		Pharma		Consolidated

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

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

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

Intangible assets, net consists of the following:


	December 31, 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	$	(249)	$	143	$	392	$	(229)	$	163
Developed technology		254		(118)		136		254		(90)		164
Other		164		(110)		54		164		(101)		63
	$	810	$	(477)	$	333	$	810	$	(420)	$	390

Indefinite-lived intangible assets					$	76					$	76
Intangible assets, net					$	409					$	466

Amortization expense associated with definite-lived intangible assets for the years ended December 31, 2024, 2023 and 2022 was $57 million, $58 million and $61 million, respectively. We utilize the straight-line method of amortization, recognized over the estimated useful lives of the assets.

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


Year	Amount
	(in millions)
2025	$	56
2026		36
2027		35
2028		31
2029		32
Thereafter		143
	$	333

Impairment of Goodwill

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

Automotive

We perform the annual goodwill impairment test for our Automotive segment as of October 1 of each year, or more frequently if impairment indicators exist. On October 1, 2024, we performed a qualitative annual goodwill impairment analysis for our Automotive segment, we determined that it was not more likely than not that the fair value of the Service reporting unit was below its carrying amount and therefore, no impairment is required.

During the third quarter of 2024, we experienced declining sales in our Automotive Services business, due to, among other factors, reduced consumer spending on automotive repairs and maintenance and certain operational challenges, resulting in a reduction in expected future cash flows. This led to a goodwill triggering event during the quarter ended September 30, 2024. Our goodwill impairment testing concluded that no impairment was required at that time, and we have undertaken operational changes, including changes in management and strategy, that we believe will lead to improvements in the performance of the business and cash flows.

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

Impairment of Intangible Assets

In conjunction with our goodwill impairment test, we also performed a trademarks and brand names impairment analysis in accordance with FASB ASC 350, Intangibles-Goodwill and other, as of December 31, 2023. Our impairment analyses compare the fair values of these assets to the related carrying values, and impairment charges are

recorded for any excess of carrying values over fair values. The fair values of these assets are based upon the prospective stream of hypothetical after-tax royalty cost savings discounted at rates that reflect the rates of return appropriate for these intangible assets. The inputs used to determine the fair values of tradenames and trademarks are (i) the projected revenue growth, (ii) the royalty rate, (iii) the discount rate, and (iv) the tax rate. Following this analysis, our Automotive segment recognized a $7 million impairment charge in the fourth quarter of 2023, resulting from a decrease in projected revenue growth.

Financial Instruments - Energy Segments Derivatives (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Derivative liabilities	$ 756	$ 979
Collateral for derivative positions	3	13
Energy
Derivative [Line Items]
Asset derivatives, Gross	(13)	(6)
Liability derivatives, Gross	(13)	(6)
Derivative asset	4	25
Commodity contracts \| Energy
Derivative [Line Items]
Asset derivatives, Gross	17	31
Liability derivatives, Gross	$ 13	$ 6

- Definition

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

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- Definition

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

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+ Details

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

Dec. 31, 2024

Dec. 31, 2023

Equity contracts

Primary underlying risk:

Long Notional Exposure

$ 1,813

$ 1,882

Short Notional Exposure

1,845

2,350

Credit contracts

Primary underlying risk:

Long Notional Exposure

^[1]

185

Short Notional Exposure

^[1]

435

Commodity contracts

Primary underlying risk:

Long Notional Exposure

Short Notional Exposure

409

Credit Default Swap

Primary underlying risk:

Short notional amount of credit default swap positions

$ 213

$ 2,500

[1]

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

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Net gain (loss) from investment activities

Derivative

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

^[1]

$ (214)

$ (1,016)

$ (131)

Equity contracts

Derivative

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

^[1]

(201)

(903)

456

Credit contracts

Derivative

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

^[1]

(29)

(87)

(586)

Commodity contracts

Derivative

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

^[1]

$ 16

$ (26)

$ (1)

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

Net Income (Loss) Per LP Unit

12 Months Ended

Dec. 31, 2024

Net Income (Loss) Per LP Unit

Net Income (Loss) Per LP Unit

14. Net Income (Loss) Per LP Unit

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


	Year Ended December 31,
	2024		2023		2022

	(in millions, except per unit amounts)
Net loss attributable to Icahn Enterprises from continuing operations	$	(445)	$	(684)	$	(183)
Net loss attributable to Icahn Enterprises from continuing operations allocated to limited partners (98.01% allocation)	$	(436)	$	(670)	$	(179)

Basic and diluted loss per LP unit	$	(0.94)	$	(1.75)	$	(0.57)
Basic and diluted weighted average LP units outstanding		466		382		316

(1)	Excludes an immaterial amount of unvested RSU awards during the years ended December 31, 2024, 2023 and 2022, due to their anti-dilutive impact.

GP Allocation

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

LP Unit Transactions

The following table summarizes the changes in our outstanding depositary units during each of the years ended December 31, 2024, 2023 and 2022.


	Mr. Icahn and	Public
	Affiliates ⁽¹⁾	Unitholders	Total
December 31, 2022	299,997,624	53,574,558	353,572,182
Unit distributions	67,882,278	4,178,455	72,060,733
2017 Incentive Plan	—	4,973	4,973
At-the-market offerings	—	3,395,353	3,395,353
December 31, 2023	367,879,902	61,153,339	429,033,241
Unit distributions	82,908,268	4,987,820	87,896,088
At-the-market offerings	—	5,806,986	5,806,986
December 31, 2024	450,788,170	71,948,145	522,736,315

⁽¹⁾ Excluding us and Brett Icahn

Unit Distributions

During each of the years ended December 31, 2024, 2023 and 2022, we declared four quarterly distributions. Depositary unitholders were given the option to make an election to receive the distributions in either cash or additional depositary units. If a holder did not make a timely election, it was automatically deemed to have elected to receive the distributions in additional depositary units.

During the year ended December 31, 2024, we declared four quarterly distributions aggregating $3.50 per share. In connection with these distributions, we distributed an aggregate of 87,896,088 depositary units to unitholders who did not elect to receive cash, of which an aggregate of 82,908,268 depositary units were distributed to Mr. Icahn and his affiliates. The aggregate cash distributions to all depositary unitholders that made a timely election to receive cash was $383 million, of which $220 million was distributed to Mr. Icahn and his affiliates, for the year ended December 31, 2024.

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

At-The-Market Offerings

In May 2019, Icahn Enterprises entered into an Open Market Sale Agreement for the sale of its depositary units, from time to time, for up to $400 million in aggregate sale proceeds, under its ongoing “at-the-market” offering. This agreement has been subsequently terminated and superseded by subsequent agreements with substantially the same terms. During the year ended December 31, 2024, Icahn Enterprises sold 5,806,986 depositary units pursuant to its current agreement, resulting in gross proceeds of $102 million. On August 26, 2024, we entered into a new Open Market Sales Agreement providing for sales of depositary units of up to $400 million. As of December 31, 2024, we continue to have effective Open Market Sale Agreements and Icahn Enterprises may sell its depositary units for up to an additional $47 million in aggregate gross sale proceeds pursuant to its Open Market Sales Agreement entered into November 21, 2022 and up to $400 million in aggregate gross sale proceeds pursuant to its Open Market Sales Agreement entered into August 26, 2024.

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 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”), in each case subject to restrictions on use of our cash contained in the indentures governing our indebtedness. The repurchases of senior notes or depositary units may be done for cash from time to time in the open market, through tender offers or in privately negotiated transactions upon such terms and at such prices as management may determine. The authorization of the Repurchase Program is for an indefinite term and does not expire until later terminated by the Board of Directors of Icahn Enterprises GP. As of December 31, 2024, the Company has not repurchased any of the Company’s depositary units and the Company has repurchased $269 million worth of senior notes in aggregate under the Repurchase Program. On November 6, 2024, the Board re-approved the Repurchase Program, and, pursuant to the reapproved Program, we are authorized to repurchase up to an additional $500 million worth of our outstanding fixed-rate senior notes, in addition to the approximately $269 million we have already repurchased under the Repurchase Program, and we remain authorized to repurchase up to $500 million of our depositary units, in each case subject to restrictions on use of our cash contained in the indentures governing our indebtedness.

2017 Incentive Plan

During the years ended December 31, 2024, 2023 and 2022, we distributed depositary units to Brett Icahn net of payroll withholdings with respect to certain restricted depositary units and deferred unit awards that vested during the respective periods in connection with the Icahn Enterprises L.P. 2017 Long Term Incentive Plan (the “2017 Incentive Plan”). The aggregate impact of the units distributed pursuant to the 2017 Incentive Plan is not material with respect to our consolidated financial statements, including the calculation of potentially dilutive units and diluted income per LP unit.

Financial Instruments

12 Months Ended

Dec. 31, 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 entitled to receive from or required to pay to the counterparty a floating interest rate equal to the product of the notional amount multiplied by an agreed-upon rate. They also receive interest on any cash collateral that they post to the counterparty and pay interest on any cash collateral posted by the counterparty at an agreed-upon rate.

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 consolidated balance sheets.

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

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

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

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


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

		(in millions)
Primary underlying risk:
Equity contracts	$	1,813	$	1,845	$	1,882	$	2,350
Credit contracts⁽¹⁾		185		55		—		435
Commodity contracts		—		90		—		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
	December 31, 2024		December 31, 2023		December 31, 2024		December 31, 2023

		(in millions)
Equity contracts	$	81	$	11	$	853	$	999
Credit contracts		18		39		6		2
Commodity contracts		22		14		—		3
Sub-total		121		64		859		1,004
Netting across contract types⁽¹⁾		(103)		(25)		(103)		(25)
Total⁽¹⁾	$	18	$	39	$	756	$	979

(1)

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


	Gain (Loss) Recognized in Income⁽¹⁾
	Year Ended December 31,
	2024		2023		2022

Equity contracts	$	(201)	$	(903)	$	456
Credit contracts		(29)		(87)		(586)
Commodity contracts		16		(26)		(1)
	$	(214)	$	(1,016)	$	(131)

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

Energy

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 December 31, 2024 and 2023, CVR Energy had swap positions for crack spreads of less than 1 million barrels and 11 million barrels of refined products, respectively. As of December 31, 2024 and 2023, CVR Energy had future contracts of less than 1 million barrels and no future contracts, respectively. As of December 31, 2024 and 2023, CVR Energy had forward contracts of less than 1 million barrels at each period. As of December 31, 2024, CVR Energy had open fixed-price commitments to purchase a net 7 million RINs. As of December 31, 2023, CVR Energy had open fixed-price commitments to sell a net of 11 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
	December 31, 2024		December 31, 2023		December 31, 2024		December 31, 2023

		(in millions)
Commodity contracts	$	17	$	31	$	13	$	6
Netting across contract types⁽¹⁾		(13)		(6)		(13)		(6)
Total⁽¹⁾	$	4	$	25	$	—	$	—

(1)

Certain derivative instruments within our Energy segment contain credit risk-related contingent provisions associated with our Energy segments’ credit ratings. If our Energy segments’ credit rating were to be downgraded, it would allow the counterparty to require our Energy segment to post collateral or to request, immediate, full settlement of derivative instruments in liability positions. There were no derivative liabilities in our Energy segments’ derivative instruments with credit-risk-related contingent features as of December 31, 2024 and 2023, and no collateral has been posted.

Gains and (losses) recognized on derivatives for our Energy segment were $13 million, $5 million and $(55) million for the years ended December 31, 2024, 2023 and 2022, respectively. Gains and (losses) recognized on derivatives for our Energy segment are included in cost of goods sold on the consolidated statements of operations.

Debt - Holding Company Debt (Details) - USD ($) $ in Millions		1 Months Ended			2 Months Ended	12 Months Ended
	Dec. 16, 2024	Dec. 31, 2024	Apr. 30, 2024	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Nov. 30, 2024	Aug. 31, 2024	Jul. 13, 2024	May 31, 2024	Feb. 29, 2024	Sep. 30, 2023	Oct. 31, 2020
Debt Instrument
Debt		$ 6,809		$ 7,207	$ 7,207	$ 6,809	$ 7,207
Total cash paid						168
Loss on extinguishment of debt						8	13	$ 2
Repayments of Holding Company senior notes						(1,229)	(1,159)	(500)
Holding Company
Debt Instrument
Debt		4,699		4,847	4,847	4,699	4,847
Aggregate principal amount			$ 177
Total cash paid			168
Loss on extinguishment of debt						8	13	$ (2)
Extinguishment of debt, amount			$ 177		57
Repurchase amount				92	92		92
Energy
Debt Instrument
Debt		1,919		2,185	2,185	1,919	2,185
Loss on extinguishment of debt						(1)
Energy \| Revolving credit facility
Debt Instrument
Line of credit facility, incremental borrowing capacity														$ 125
Line of credit Facility maximum borrowing capacity														275
Revolving credit facilities		277		288	288	277	288
Energy \| Letter of Credit
Debt Instrument
Letters of credit outstanding amount														60
Energy \| Letter of Credit \| Maximum
Debt Instrument
Letters of credit outstanding amount														100
Energy \| Swingline Loan
Debt Instrument
Line of credit Facility maximum borrowing capacity														$ 30
Automotive Segment
Debt Instrument
Debt		31		33	33	31	33
Food Packaging Segment
Debt Instrument
Debt		144		133	133	144	133
Real Estate Segment
Debt Instrument
Debt		1		1	1	1	1
Home Fashion Segment
Debt Instrument
Debt		15		8	8	15	8
Reporting Segments
Debt Instrument
Debt		$ 2,110		$ 2,360	$ 2,360	$ 2,110	$ 2,360
5.25% senior unsecured notes due 2025 \| Energy
Debt Instrument
Interest rate on debt instrument (in percent)				5.25%	5.25%		5.25%						5.25%
Debt face amount													$ 600
6.375% senior unsecured notes due 2025 \| Holding Company
Debt Instrument
Debt				$ 749	$ 749		$ 749
Interest rate on debt instrument (in percent)		6.375%		6.375%	6.375%	6.375%	6.375%				6.375%
6.250% senior unsecured notes due 2026 \| Holding Company
Debt Instrument
Debt		$ 719		$ 1,238	$ 1,238	$ 719	$ 1,238
Interest rate on debt instrument (in percent)	6.25%	6.25%	6.25%	6.25%	6.25%	6.25%	6.25%		6.25%
Debt face amount			$ 12	$ 12	$ 12		$ 12
Aggregate principal amount			$ 52
Debt redemption		$ 21
Repayments of Holding Company senior notes	$ 500
5.250% senior unsecured notes due 2027 \| Holding Company
Debt Instrument
Debt		$ 1,384		$ 1,454	$ 1,454	$ 1,384	$ 1,454
Interest rate on debt instrument (in percent)		5.25%	5.25%	5.25%	5.25%	5.25%	5.25%		5.25%
Debt face amount			$ 5	$ 5	$ 5		$ 5
Aggregate principal amount			$ 73
4.375% senior unsecured notes due 2029 \| Holding Company
Debt Instrument
Debt		$ 656		$ 708	$ 708	$ 656	$ 708
Interest rate on debt instrument (in percent)		4.375%	4.375%	4.375%	4.375%	4.375%	4.375%		4.375%
Aggregate principal amount			$ 52
9.750% senior unsecured notes due 2029 \| Holding Company
Debt Instrument
Debt		$ 698		$ 698	$ 698	$ 698	$ 698
Interest rate on debt instrument (in percent)		9.75%		9.75%	9.75%	9.75%	9.75%			9.75%
Debt face amount				$ 700	$ 700		$ 700			$ 700
Unregistered 9.750% senior notes due 2029 \| Holding Company
Debt Instrument
Interest rate on debt instrument (in percent)										9.75%
Debt face amount										$ 700
10.000% senior notes due 2029 \| Holding Company
Debt Instrument
Debt		$ 495				$ 495
Interest rate on debt instrument (in percent)		10.00%		10.00%	10.00%	10.00%	10.00%		10.00%
Debt face amount									$ 500
9.000% senior unsecured notes due 2030 \| Holding Company
Debt Instrument
Debt		$ 747				$ 747
Interest rate on debt instrument (in percent)		9.00%		9.00%	9.00%	9.00%	9.00%		9.00%	9.00%		9.00%
Debt face amount										$ 750		$ 750
A8.50 Senior Unsecured Notes Due 2029 \| Energy
Debt Instrument
Interest rate on debt instrument (in percent)		8.50%		8.50%	8.50%	8.50%	8.50%
Debt face amount		$ 600		$ 600	$ 600	$ 600	$ 600
CVR 2028 Notes \| Energy
Debt Instrument
Interest rate on debt instrument (in percent)		5.75%				5.75%
Debt face amount		$ 400				$ 400
Cvr Partner 2028 Notes [Member] \| Energy
Debt Instrument
Interest rate on debt instrument (in percent)		6.125%				6.125%
Debt face amount		$ 550				$ 550
Unregistered 9.000% senior notes due 2030 \| Holding Company
Debt Instrument
Interest rate on debt instrument (in percent)										9.00%
Debt face amount										$ 750
Senior secured term loan \| Energy
Debt Instrument
Debt face amount		325				325
Variable net proceeds						$ 318
Senior secured term loan \| Energy \| SOFR
Debt Instrument
Variable interest rate						4.00%
Senior secured term loan \| Energy \| Base rate
Debt Instrument
Variable interest rate						3.00%
4.750% senior unsecured notes due 2024 \| Holding Company
Debt Instrument
Interest rate on debt instrument (in percent)				4.75%	4.75%		4.75%
Debt face amount				$ 35	$ 35		$ 35
Proceeds from Issuance of Debt				$ 376
4.375% senior unsecured notes due 2029 \| Holding Company
Debt Instrument
Interest rate on debt instrument (in percent)				4.375%	4.375%		4.375%
Debt face amount				$ 40	$ 40		$ 40
Repurchase amount		$ 84				$ 84
Viskase credit facility \| Food Packaging Segment
Debt Instrument
Interest rate on debt instrument (in percent)		7.49%		7.40%	7.40%	7.49%	7.40%
Term loan \| Revolving credit facility
Debt Instrument
Debt face amount															$ 134
Line of credit															$ 10
Term loan \| Food Packaging Segment
Debt Instrument
Revolving credit facilities		$ 25		$ 30	$ 30	$ 25	$ 30
CVR Refining Credit Facility \| Energy
Debt Instrument
Letters of credit outstanding amount		$ 24		$ 26	$ 26	$ 24	$ 26

Net Income (Loss) Per LP Unit (Tables)

12 Months Ended

Dec. 31, 2024

Net Income (Loss) Per LP Unit

Schedule of computation of basic and diluted income per LP unit


	Year Ended December 31,
	2024		2023		2022

	(in millions, except per unit amounts)
Net loss attributable to Icahn Enterprises from continuing operations	$	(445)	$	(684)	$	(183)
Net loss attributable to Icahn Enterprises from continuing operations allocated to limited partners (98.01% allocation)	$	(436)	$	(670)	$	(179)

Basic and diluted loss per LP unit	$	(0.94)	$	(1.75)	$	(0.57)
Basic and diluted weighted average LP units outstanding		466		382		316

(1)	Excludes an immaterial amount of unvested RSU awards during the years ended December 31, 2024, 2023 and 2022, due to their anti-dilutive impact.

Schedule of Capital Units


	Mr. Icahn and	Public
	Affiliates ⁽¹⁾	Unitholders	Total
December 31, 2022	299,997,624	53,574,558	353,572,182
Unit distributions	67,882,278	4,178,455	72,060,733
2017 Incentive Plan	—	4,973	4,973
At-the-market offerings	—	3,395,353	3,395,353
December 31, 2023	367,879,902	61,153,339	429,033,241
Unit distributions	82,908,268	4,987,820	87,896,088
At-the-market offerings	—	5,806,986	5,806,986
December 31, 2024	450,788,170	71,948,145	522,736,315

⁽¹⁾ Excluding us and Brett Icahn

Goodwill and Intangible Assets, Net - Definite-lived and Indefinite-lived Intangible Assets Table (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Definite-lived intangible assets:
Gross Carrying Amount	$ 810	$ 810
Accumulated Amortization	(477)	(420)
Net Carrying Value	333	390
Indefinite-lived intangible assets	76	76
Intangible assets, net	409	466
Customer Relationships
Definite-lived intangible assets:
Gross Carrying Amount	392	392
Accumulated Amortization	(249)	(229)
Net Carrying Value	143	163
Developed Technology
Definite-lived intangible assets:
Gross Carrying Amount	254	254
Accumulated Amortization	(118)	(90)
Net Carrying Value	136	164
Unclassified Indefinite-lived Intangible Assets
Definite-lived intangible assets:
Gross Carrying Amount	164	164
Accumulated Amortization	(110)	(101)
Net Carrying Value	$ 54	$ 63

Changes in Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Dec. 31, 2024

Changes in Accumulated Other Comprehensive Loss

Schedule of Accumulated Other Comprehensive Loss


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

	(in millions)
Balance, December 31, 2023	$	(33)	$	(22)	$	(55)
Other comprehensive income before reclassifications, net of tax		(7)		1		(6)
Reclassifications from accumulated other comprehensive loss to earnings, net of tax		—		—		—
Other comprehensive income, net of tax		(7)		1		(6)
Balance, December 31, 2024	$	(40)	$	(21)	$	(61)

Fair Value Measurements

12 Months Ended

Dec. 31, 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:


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

	(in millions)
Assets
Investments (Note 5)	$	2,203	$	31	$	41	$	2,275	$	2,730	$	129	$	42	$	2,901
Derivative assets, net (Note 7)		—		22		—		22		—		64		—		64
	$	2,203	$	53	$	41	$	2,297	$	2,730	$	193	$	42	$	2,965
Liabilities
Securities sold, not yet purchased (Note 5)	$	1,153	$	220	$	—	$	1,373	$	3,288	$	185	$	—	$	3,473
Derivative liabilities, net (Note 7)		6		750		—		756		—		979		—		979
Other liabilities		—		323		—		323		—		329		—		329
	$	1,159	$	1,293	$	—	$	2,452	$	3,288	$	1,493	$	—	$	4,781

Refer to Note 20, “Pension and Other Post-Retirement Benefit Plans,” for our Food Packaging segment’s defined benefit plan assets measured at fair value on a recurring basis as of December 31, 2024 and 2023.

There were no changes in investments measured at fair value on a recurring basis for which we use Level 3 inputs during the years ended December 31, 2024 and 2023.

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 December 31, 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

Investments - Fair Value of Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2024
Schedule of Investments
Gains (Losses) recognized in other loss, net	$ 60	$ (230)
Xerox
Schedule of Investments
Percent of outstanding shares owned			22.00%
Voting Interests			0.00%
Gains (Losses) recognized in other loss, net	$ 60	$ (230)

- 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

Schedule I - Condensed Financial Information of Parent (Details) - USD ($) $ in Millions		1 Months Ended			2 Months Ended	12 Months Ended
	Dec. 16, 2024	Dec. 31, 2024	Apr. 30, 2024	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Nov. 30, 2024	Aug. 31, 2024	Jul. 13, 2024	May 31, 2024
Condensed Financial Statements, Captions [Line Items]
Aggregate general partner ownership interest of parent and operating subsidiary						1.99%
Debt		$ 6,809		$ 7,207	$ 7,207	$ 6,809	$ 7,207
Repayments of Holding Company senior notes						(1,229)	(1,159)	$ (500)
Gain (Loss) on Extinguishment of Debt						8	13	2
Total cash paid						$ 168
Icahn Enterprises Holdings
Condensed Financial Statements, Captions [Line Items]
Affiliate ownership interest						99.00%
Icahn Enterprises (Parent)
Condensed Financial Statements, Captions [Line Items]
Net investment in and advances from subsidiaries						$ 320	629	264
Debt		4,699		4,847	4,847	4,699	4,847
Extinguishment of debt, amount			$ 177		57
Gain (Loss) on Extinguishment of Debt						8	13	(1)
Aggregate principal amount			177
Total cash paid			168
Repurchase amount				92	92		92
Holding Company
Condensed Financial Statements, Captions [Line Items]
Debt		$ 4,699		4,847	4,847	4,699	4,847
Extinguishment of debt, amount			177		57
Gain (Loss) on Extinguishment of Debt						$ 8	13	$ (2)
Aggregate principal amount			177
Total cash paid			168
Repurchase amount				92	92		92
4.750% senior unsecured notes due 2024 \| Icahn Enterprises (Parent)
Condensed Financial Statements, Captions [Line Items]
Debt face amount				$ 35	$ 35		$ 35
Interest rate on debt instrument (in percent)				4.75%	4.75%		4.75%
Proceeds from Issuance of Debt				$ 376
4.750% senior unsecured notes due 2024 \| Holding Company
Condensed Financial Statements, Captions [Line Items]
Debt face amount				$ 35	$ 35		$ 35
Interest rate on debt instrument (in percent)				4.75%	4.75%		4.75%
Proceeds from Issuance of Debt				$ 376
6.375% senior unsecured notes due 2025 \| Icahn Enterprises (Parent)
Condensed Financial Statements, Captions [Line Items]
Debt				$ 749	$ 749		$ 749
Interest rate on debt instrument (in percent)		6.375%		6.375%	6.375%	6.375%	6.375%					6.375%
6.375% senior unsecured notes due 2025 \| Holding Company
Condensed Financial Statements, Captions [Line Items]
Debt				$ 749	$ 749		$ 749
Interest rate on debt instrument (in percent)		6.375%		6.375%	6.375%	6.375%	6.375%				6.375%
6.250% senior unsecured notes due 2026 \| Icahn Enterprises (Parent)
Condensed Financial Statements, Captions [Line Items]
Debt		$ 719		$ 1,238	$ 1,238	$ 719	$ 1,238
Debt face amount			$ 12	$ 12	$ 12		$ 12
Repayments of Holding Company senior notes	$ 500
Interest rate on debt instrument (in percent)	6.25%	6.25%	6.25%	6.25%	6.25%	6.25%	6.25%		6.25%
Debt redemption		$ 21
Aggregate principal amount			$ 52
6.250% senior unsecured notes due 2026 \| Holding Company
Condensed Financial Statements, Captions [Line Items]
Debt		$ 719		$ 1,238	$ 1,238	$ 719	$ 1,238
Debt face amount			$ 12	$ 12	$ 12		$ 12
Repayments of Holding Company senior notes	$ 500
Interest rate on debt instrument (in percent)	6.25%	6.25%	6.25%	6.25%	6.25%	6.25%	6.25%		6.25%
Debt redemption		$ 21
Aggregate principal amount			$ 52
5.250% senior unsecured notes due 2027 \| Icahn Enterprises (Parent)
Condensed Financial Statements, Captions [Line Items]
Debt		$ 1,384		$ 1,454	$ 1,454	$ 1,384	$ 1,454
Debt face amount			$ 5
Interest rate on debt instrument (in percent)		5.25%	5.25%	5.25%	5.25%	5.25%	5.25%		5.25%
Aggregate principal amount			$ 73
4.375% senior unsecured notes due 2029 \| Icahn Enterprises (Parent)
Condensed Financial Statements, Captions [Line Items]
Debt		$ 656		$ 708	$ 708	$ 656	$ 708
Interest rate on debt instrument (in percent)		4.375%	4.375%	4.375%	4.375%	4.375%	4.375%		4.375%
Aggregate principal amount			$ 52
4.375% senior unsecured notes due 2029 \| Holding Company
Condensed Financial Statements, Captions [Line Items]
Debt		$ 656		$ 708	$ 708	$ 656	$ 708
Interest rate on debt instrument (in percent)		4.375%	4.375%	4.375%	4.375%	4.375%	4.375%		4.375%
Aggregate principal amount			$ 52
9.750% senior unsecured notes due 2029 \| Icahn Enterprises (Parent)
Condensed Financial Statements, Captions [Line Items]
Debt		$ 698		$ 698	$ 698	$ 698	$ 698
Debt face amount				$ 700	$ 700		$ 700			$ 700
Interest rate on debt instrument (in percent)		9.75%		9.75%	9.75%	9.75%	9.75%			9.75%
9.750% senior unsecured notes due 2029 \| Holding Company
Condensed Financial Statements, Captions [Line Items]
Debt		$ 698		$ 698	$ 698	$ 698	$ 698
Debt face amount				$ 700	$ 700		$ 700			$ 700
Interest rate on debt instrument (in percent)		9.75%		9.75%	9.75%	9.75%	9.75%			9.75%
10.000% senior notes due 2029 \| Icahn Enterprises (Parent)
Condensed Financial Statements, Captions [Line Items]
Debt		$ 495				$ 495
Interest rate on debt instrument (in percent)		10.00%				10.00%
9.000% senior notes due 2030 \| Icahn Enterprises (Parent)
Condensed Financial Statements, Captions [Line Items]
Debt		$ 747				$ 747
Interest rate on debt instrument (in percent)		9.00%		9.00%	9.00%	9.00%	9.00%
5.250% senior unsecured notes due 2027 \| Icahn Enterprises (Parent)
Condensed Financial Statements, Captions [Line Items]
Debt face amount				$ 5	$ 5		$ 5
Interest rate on debt instrument (in percent)				5.25%	5.25%		5.25%
5.250% senior unsecured notes due 2027 \| Holding Company
Condensed Financial Statements, Captions [Line Items]
Debt		$ 1,384		$ 1,454	$ 1,454	$ 1,384	$ 1,454
Debt face amount			$ 5	$ 5	$ 5		$ 5
Interest rate on debt instrument (in percent)		5.25%	5.25%	5.25%	5.25%	5.25%	5.25%		5.25%
Aggregate principal amount			$ 73
9.000% senior notes due 2030 \| Icahn Enterprises (Parent)
Condensed Financial Statements, Captions [Line Items]
Debt face amount										$ 750		$ 750
Interest rate on debt instrument (in percent)									9.00%	9.00%		9.00%
9.000% senior notes due 2030 \| Holding Company
Condensed Financial Statements, Captions [Line Items]
Debt		$ 747				$ 747
Debt face amount										$ 750		$ 750
Interest rate on debt instrument (in percent)		9.00%		9.00%	9.00%	9.00%	9.00%		9.00%	9.00%		9.00%
Unregistered 9.750% senior notes due 2029 \| Icahn Enterprises (Parent)
Condensed Financial Statements, Captions [Line Items]
Debt face amount										$ 700
Interest rate on debt instrument (in percent)										9.75%
Unregistered 9.750% senior notes due 2029 \| Holding Company
Condensed Financial Statements, Captions [Line Items]
Debt face amount										$ 700
Interest rate on debt instrument (in percent)										9.75%
Unregistered 9.000% senior notes due 2030 \| Icahn Enterprises (Parent)
Condensed Financial Statements, Captions [Line Items]
Debt face amount										$ 750
Interest rate on debt instrument (in percent)										9.00%
Unregistered 9.000% senior notes due 2030 \| Holding Company
Condensed Financial Statements, Captions [Line Items]
Debt face amount										$ 750
Interest rate on debt instrument (in percent)										9.00%
10.000% senior notes due 2029 \| Icahn Enterprises (Parent)
Condensed Financial Statements, Captions [Line Items]
Debt face amount									$ 500
Interest rate on debt instrument (in percent)									10.00%
10.000% senior notes due 2029 \| Holding Company
Condensed Financial Statements, Captions [Line Items]
Debt		$ 495				$ 495
Debt face amount									$ 500
Interest rate on debt instrument (in percent)		10.00%		10.00%	10.00%	10.00%	10.00%		10.00%
4.375% senior unsecured notes due 2029 \| Icahn Enterprises (Parent)
Condensed Financial Statements, Captions [Line Items]
Debt face amount				$ 40	$ 40		$ 40
Interest rate on debt instrument (in percent)				4.375%	4.375%		4.375%
Repurchase amount				$ 84	$ 84		$ 84
4.375% senior unsecured notes due 2029 \| Holding Company
Condensed Financial Statements, Captions [Line Items]
Debt face amount				$ 40	$ 40		$ 40
Interest rate on debt instrument (in percent)				4.375%	4.375%		4.375%
Repurchase amount		$ 84				$ 84

Other Loss, Net

12 Months Ended

Dec. 31, 2024

Other Loss, Net

Other Loss, Net

18. Other Loss, Net

Other loss, net consists of the following:


	Year Ended December 31,
	2024		2023		2022

	(in millions)
Equity earnings from non-consolidated affiliates	$	13	$	12	$	10
Gain on sale of equity investment		24		—		—
Foreign currency transaction loss		(9)		1		(3)
Gain on lease termination		38		—		—
Legal settlement loss		—		—		(76)
Gain (loss) on extinguishment of debt, net		8		13		(2)
Other		(6)		(8)		(11)
	$	68	$	18	$	(82)

Goodwill and Intangible Assets, Net - Narrative (Details) - USD ($) $ in Millions		3 Months Ended		12 Months Ended
	Oct. 01, 2024	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets
Amortization expense associated with definite-lived intangible assets				$ 57	$ 58	$ 61
2025				56
2026				36
2027				35
2028				31
2029				32
Thereafter				143
Net Carrying Value			$ 390	$ 333	390
Impairment					7
Automotive Segment
Goodwill and Intangible Assets
Impairment of goodwill	$ 0	$ 0			0
Impairment			$ 7		$ 7

Income Taxes - Accounting for Uncertainty in Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Unrecognized Tax Benefits, Beginning Balance	$ 10	$ 27	$ 33
Decrease for statute of limitation expiration	(1)	(17)	(6)
Unrecognized Tax Benefits, Ending Balance	$ 9	$ 10	$ 27

Investments - Other Segments and Holding Company (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Investments
Investments	$ 2,310	$ 2,310	$ 3,012
Equity method investment for cash consideration		90
Other Segments and Holding Company
Schedule of Investments
Investments	38	38	114
Portion of unrealized (losses) gains that relates to equity securities still held		0	0	$ 61
Energy
Schedule of Investments
Investments	24	24	100
Equity method investment for cash consideration	90
Energy \| Other income
Schedule of Investments
Equity method investment on gain	24
Equity method investments \| Other Segments and Holding Company
Schedule of Investments
Investments	24	24	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

Commitments and Contingencies

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies

Commitments and Contingencies

19. Commitments and Contingencies

Environmental Matters

Due to the nature of our business, certain of our subsidiaries’ operations are subject to numerous existing and proposed laws and governmental regulations designed to protect human health and safety and the environment, particularly regarding plant wastes and emissions and solid waste disposal. Our consolidated environmental liabilities on an undiscounted basis were $3 million and $19 million as of December 31, 2024 and 2023, respectively, primarily within our Energy segment, which are included in accrued expenses and other liabilities in our consolidated balance sheets. We do not believe that environmental matters will have a material adverse impact on our consolidated results of operations and financial condition.

Energy

CVR Energy’s obligated-party subsidiaries are subject to the Renewable Fuel Standard (“RFS”) implemented by the EPA which requires refiners to either blend renewable fuels into their transportation fuels or purchase renewable fuel credits, known as RINs, in lieu of blending, in an amount equal to the renewable volume obligation (“RVO”) for the applicable compliance year. CVR Energy’s obligated-party subsidiaries are not able to blend the substantial majority of their transportation fuels and, unless their obligations are waived or exempted by the EPA, must either purchase RINs on the open market from third parties including its affiliates or obtain waiver credits for cellulosic biofuels in order to comply with the RFS. 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 petition for and receive small refinery exemptions (“SREs”) under the RFS should it be able to establish it suffered disproportionate economic hardship.

CVR Energy’s obligated-party subsidiaries have been parties to numerous lawsuits relating to the RFS, including lawsuits relating to WRC’s SREs for the 2017 through 2024 compliance years, which petitions are in various stages of review by the EPA and/or various courts, primarily including the following:

•

Regarding WRC’s petitions for the 2017 to 2021 compliance periods which, together with the SRE petitions from certain other small refineries, had been denied by the EPA in 2022 (the “2022 Denials”), the EPA has yet to act on those petitions after the EPA’s denials were vacated by the United States Court of Appeals for the Fifth Circuit (the “Fifth Circuit”) in November 2023 and remanded back to the EPA on the grounds that the EPA’s denials were impermissibly retroactive and that the EPA’s interpretation was contrary to law and arbitrary and capricious as applied to petitioners’ exemptions. In May 2024, the EPA and certain biofuels groups sought certiorari before the Supreme Court of the United States (“SCOTUS”) seeking review of whether venue for these challenges to the 2022 Denials lies exclusively in the United States Court of Appeals for the District of Colombia Circuit (the “DC Circuit”), which certiorari was granted in October 2024. Oral argument is expected sometime in 2025.

•

Regarding WRC’s petition for the 2022 compliance period, that petition was denied by the EPA in July 2023 largely on the same grounds as the 2022 Denials and had been stayed by the Fifth Circuit pending issuance of the mandate in case brought by other small refiners in July 2024 in the United States Court of Appeals for the District of Colombia Circuit (the “DC Circuit”) ruled in favor of certain small refineries also challenging the 2022 Denials, holding that the 2022 Denials as applicable to those small refineries was arbitrary and capricious, vacating such denials and remanding such petitions back to the EPA. The DC Circuit also dismissed a challenge brought by biofuel producers to the EPA’s alternative compliance action, concluding that the petitioners had not established any harm from EPA’s decision and therefore lacked standing to sue. 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, had been stayed pending issuance of the mandate in the DC Circuit case.

•

Regarding WRC’s petition for the 2023 compliance period, the United States District Court for the Southern District of Texas ruled in favor of WRC in its suit seeking a declaration that the Administrator of the EPA violated the CAA by failing to rule on WRC’s petition within 90 days, and issued a ruling that EPA must act on WRC’s petition in January 2025. In January 2025, the EPA denied WRC’s petition. In February 2025, WRC filed a petition with the Fifth Circuit seeking stay of WRC’s obligations under the RFS. In its filings with the Fifth Circuit in February 2025, the EPA reported that it was reviewing its denial and did not oppose WRC’s stay.

•	Regarding WRC’s petition for the 2024 compliance period, EPA has not yet ruled on WRC’s petition despite its ninety-day deadline. WRC served on the EPA a notice of intent to sue EPA for this failure.

Our Energy segment recognized, net of RINS sales, an expense of approximately $46 million and a benefit of approximately $114 million for the years ended December 31, 2024 and 2023, and an expense of $435 million for the

year ended December 31, 2022, respectively, for CVR Energy’s obligated-party subsidiaries’ compliance with the RFS (based on the 2020, 2021, 2022 and 2023 annual RVO for the respective periods, excluding the impacts of any exemptions or waivers to which the obligated-party subsidiaries may be entitled). The costs to comply with the RFS obligation through purchasing of RINs not otherwise reduced by blending of ethanol, biodiesel, or renewable diesel are included within cost of goods sold in the consolidated statements of operations. At each reporting period, to the extent RINs purchased or generated through blending are less than the RFS obligation (excluding the impact of exemptions or waivers to which CVR Energy’s obligated-party subsidiaries may be entitled), the remaining position is valued using RIN market prices at period end using each specific or closest vintage year. As of December 31, 2024 and December 31, 2023, CVR Energy’s obligated-party subsidiaries’ RFS position was $323 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 Partners and certain of its subsidiaries entered into a joint venture and related agreements with unaffiliated third-party investors and others intended to qualify for certain tax credits available under Section 45Q of the Internal Revenue Code. Under the agreements entered into in connection with the 45Q Transactions, CVR Partners and certain of its subsidiaries are obligated to meet certain minimum quantities of carbon dioxide supply each year during the term of the agreement and could be subject to fees of up to $15 million per year, with an overall cap at $45 million, should it fail to perform.

Litigation

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

Energy

Call Option Coverage Case – CVR Energy and certain of its affiliates (the “Call Defendants”) are engaged in two lawsuits relating to settlement of the consolidated lawsuits (collectively, the “Call Option Lawsuits”) filed by purported former unitholders of CVR Refining on behalf of themselves and an alleged class of similarly situated unitholders against CVR Energy and certain of its affiliates including Mr. Icahn (the “Call Defendants”) relating to CVR Energy’s exercise of the call option under the CVR Refining Amended and Restated Agreement of Limited Partnership assigned to it by CVR Refining’s general partner including the Stipulation, Compromise and Release (the “Settlement”), which Settlement was entered into in August 2022 and had no further impact on CVR Energy’s financial position or results of operations beyond the amount recognized within Other (expense) income, net in the Consolidated Statements of Operations for the year ended December 31, 2022. In the Texas declaration judgment commenced by CVR Energy’s primary and excess insurers (the “Insurers”) seeking determination that the Insurers owe no indemnity coverage under policies with coverage limits of $50 million, the Call Defendants have appealed the entry of summary judgment by the lower court to the Texas appellate court, which appeal remains pending. In the Delaware action filed by the Call Defendants against the Insurers seeking recovery of all amounts paid in connection with Settlement, mediation in 2024 was unsuccessful and motion practice remains in process. While both cases remain pending, CVR Energy does not expect the outcome of these lawsuits to have a material adverse impact on the Company’s financial position, results of operations, or cash flows.

Guaranty Dispute – In connection with mediation conducted in September 2024, Exxon Mobil Corporation (“XOM”) formally demanded, pursuant to a guaranty claimed by XOM to have been issued in its favor in 1993 by a subsidiary of CVR Energy (the “Alleged Guaranty”), that a subsidiary of CVR Energy defend and indemnify it against claims asserted by various property owners in Louisiana alleging contamination from historic well operations relating to oil and gas leases in Louisiana sold by XOM in 1993 (the “LA Leases”). CVR Energy disputes the validity of the alleged guaranty and has filed suit in the Superior Court of the State of Delaware for declaratory judgment relating thereto,

which suit remains pending. As this matter remains in its early stages, CVR Energy cannot yet determine whether its outcome will have a material adverse impact on CVR Energy’s financial position, results of operations, or cash flows. While CVR Energy vigorously oppose XOM’s claims, if the Alleged Guaranty is determined to obligate CVR Energy to indemnity XOM for all damages it could incur relating to the LA Leases, it could have a material effect 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 86% of our outstanding depositary units as of December 31, 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 December 31, 2024. If the plans were voluntarily terminated, the Viskase plan would be underfunded by approximately $21 million as of December 31, 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 requires them to notify the PBGC of certain “reportable events,” such as if we cease to be a member of the Viskase 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, and his affiliates (excluding us and Brett 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. On August 19, 2024, the Company and Mr. Icahn, entered into settlement agreements with the SEC in connection with this inquiry. In connection with that settlement, the SEC entered an order in an administrative proceeding that contains non-scienter based findings that the Company failed to disclose in its Form 10-Ks for the years 2018, 2019 and 2020 that Mr. Icahn pledged IEP securities as collateral to secure personal margin loans as required by Item 403(b) of Regulation S-K. The order relating to Mr. Icahn contains non-scienter based findings that, while Mr. Icahn’s prior Schedule 13D filings generally disclosed that he had pledged IEP depositary units as collateral for personal margin loans, subsequent Schedule 13D filings were not amended to describe loan agreements and amendments to loan agreements or to attach guarantees as required by Items 6 and 7 of Schedule 13D. Without admitting or denying the SEC’s allegations (other than with respect to the SEC’s jurisdiction), under the terms of the settlements, (i) IEP consented to the entry of an order requiring it to pay a civil penalty of $1.5 million and to cease and desist from violations and any future violations of Section 13(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Rule 13a-1 thereunder, and (ii) Mr. Icahn consented to the entry of an order requiring him to pay a civil penalty of $500,000 and to cease and desist from committing or causing any violations of Section 13(d)(2) of the Exchange Act and Rule 13d-2(a) thereunder. With respect to the request from the U.S. Attorney’s office for the SDNY, the Company produced documents in response to that inquiry and has had no substantive communication with the U.S. Attorney’s office since the initial inquiry on May 3, 2023.

A derivative complaint was 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.). On December 6, 2024, the derivative complaint was dismissed without prejudice.

In addition, an action to compel inspection of our books and records was filed on November 2, 2023 in the Court of Chancery of the State of Delaware, Bruno v. Icahn Enterprises, L.P. et al., Case No. 2023-1170-SEM. On January 6, 2025, this books and records case was dismissed without prejudice. 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 the remaining inquiries and litigations will have a material impact on our business, financial condition, results of operations or cash flows.

Unconditional Purchase Obligations

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


Year	Energy		Pharma

	(in millions)
2025	$	73	$	—
2026		75		16
2027		96		13
2028		96		14
2029		94		15
Thereafter		577		34
	$	1,011	$	92

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Measurements

Assets measured at fair value on a recurring basis


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

	(in millions)
Assets
Investments (Note 5)	$	2,203	$	31	$	41	$	2,275	$	2,730	$	129	$	42	$	2,901
Derivative assets, net (Note 7)		—		22		—		22		—		64		—		64
	$	2,203	$	53	$	41	$	2,297	$	2,730	$	193	$	42	$	2,965
Liabilities
Securities sold, not yet purchased (Note 5)	$	1,153	$	220	$	—	$	1,373	$	3,288	$	185	$	—	$	3,473
Derivative liabilities, net (Note 7)		6		750		—		756		—		979		—		979
Other liabilities		—		323		—		323		—		329		—		329
	$	1,159	$	1,293	$	—	$	2,452	$	3,288	$	1,493	$	—	$	4,781

Investments (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Investments

Summary of investments


	Voting	Fair Value of				Gains (Losses)
	Interests	Investment				Recognized in Other loss, net
	December 31,	December 31,				Year Ended December 31,
	2024	2024		2023		2024		2023		2022

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

Investments Financial Information


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

Investment Segment

Schedule of Investments

Investment


	December 31,
	2024		2023

	(in millions)
Assets
Investments:
Equity securities:
Communications	$	129	$	—
Consumer, cyclical		277		260
Energy		57		708
Utilities		792		1,012
Healthcare		482		440
Technology		—		139
Materials		317		52
Industrial		187		—
		2,241		2,611
Debt securities:
Financials		—		158
Real Estate		31		44
Communications		—		85
		31		287
	$	2,272	$	2,898
Liabilities
Securities sold, not yet purchased, at fair value:
Equity securities:
Consumer, non-cyclical	$	—	$	41
Consumer, cyclical		—		3
Energy		460		2,146
Utilities		453		610
Materials		133		350
Industrial		107		138
		1,153		3,288
Debt securities:
Communications		220
Materials		—		185
		220		185
	$	1,373	$	3,473

Other Segments and Holding Company

Schedule of Investments

Investment


	December 31,
	2024		2023

	(in millions)
Equity method investments	$	24	$	100
Held to maturity debt investments measured at amortized cost		11		11
Other investments measured at fair value		3		3
	$	38	$	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.

+ References

+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents	$ 2,603	$ 2,951
Cash held at consolidated affiliated partnerships and restricted cash	2,636	2,995
Investments	2,310	3,012
Due from brokers	1,624	4,367
Accounts receivable, net	479	485
Related party notes receivable, net	7	11
Inventories	897	1,047
Property, plant and equipment, net	3,843	3,969
Deferred tax asset	160	184
Derivative assets, net	22	64
Goodwill	288	288
Intangible assets, net	409	466
Assets held for sale	25
Other assets	976	1,019
Total Assets	16,279	20,858
LIABILITIES AND EQUITY
Accounts payable	802	830
Accrued expenses and other liabilities	1,547	1,596
Deferred tax liabilities	331	399
Derivative liabilities, net	756	979
Securities sold, not yet purchased, at fair value	1,373	3,473
Due to brokers	40	301
Debt	6,809	7,207
Total liabilities	11,658	14,785
Commitments and contingencies (Note 19)
Equity:
Limited partners: Depositary units: 522,736,315 units issued and outstanding at December 31, 2024 and 429,033,241 units issued and outstanding at December 31, 2023	3,241	3,969
General partner	(775)	(761)
Equity attributable to Icahn Enterprises	2,466	3,208
Equity attributable to non-controlling interests	2,155	2,865
Total equity	4,621	6,073
Total Liabilities and Equity	$ 16,279	$ 20,858

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies

Contractual Obligation, Fiscal Year Maturity Schedule


Year	Energy		Pharma

	(in millions)
2025	$	73	$	—
2026		75		16
2027		96		13
2028		96		14
2029		94		15
Thereafter		577		34
	$	1,011	$	92

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Contingency [Line Items]
Book basis of net assets	$ 2,449	$ 3,224
Book/tax basis difference	(366)	(540)
Tax basis of net assets	2,083	2,684
Domestic income (loss) from continuing operations before taxes	(570)	(943)	$ (8)
Foreign income (loss) from continuing operations before taxes	3	21	17
(Loss) income before income tax (expense) benefit	(567)	(922)	9
Current income tax (expense) benefit	(11)	(138)	(182)
Deferred income tax (expense) benefit	36	48	148
Income tax benefit (expense)	25	(90)	(34)
Deferred tax assets, Contingent liabilities	56	61
Deferred tax asset, net operating loss	962	954
deferred tax asset, Tax credits	54	48
Deferred Tax Assets, Capital Loss Carryforwards	241	200
Deferred tax assets, lease arrangements	132	139
Deferred Tax Assets, Investment in Partnerships	135	147
Deferred tax asset, Other	87	105
Deferred Tax Assets, Gross, Total	1,667	1,654
Deferred Tax Assets, Valuation Allowance	(908)	(860)
Deferred Tax Assets, Net of Valuation Allowance	759	794
Deferred tax liabilities, Property, plant and equipment	(364)	(408)
Deferred tax liabilities, Intangible assets	(60)	(65)
Deferred tax liability, Investment in partnerships	(161)	(180)
Deferred tax liabilities, Investment in U.S. subsidiaries	(163)	(163)
Deferred Tax Liabilities, Leases	(129)	(135)
Deferred tax liabilities, Other	(53)	(58)
Deferred Tax Liabilities, Gross	(930)	(1,009)
Deferred tax liabilities, net of deferred tax assets	(171)	(215)
Deferred Tax Assets, Net	160	184
Deferred tax liability	331	399
Increase (decrease) in deferred tax asset valuation amount	48
Undistributed earnings of foreign subsidiaries	140
Unrecognized tax benefits balance	9	10	27	$ 33
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	3	10	25
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	1	4	6
Income tax expense related to interest and penalties related to unrecognized tax benefits	(4)	(2)	2
American Entertainment Properties Corp.
Income Tax Contingency [Line Items]
Deferred tax assets, Operating loss carryforwards, Subject to expiration	3,100
Domestic tax authority
Income Tax Contingency [Line Items]
Current income tax (expense) benefit	(20)	(130)	(174)
Deferred income tax (expense) benefit	43	41	149
Foreign tax authority
Income Tax Contingency [Line Items]
Current income tax (expense) benefit	9	(8)	(8)
Deferred income tax (expense) benefit	(7)	$ 7	$ (1)
Foreign tax authority \| American Entertainment Properties Corp.
Income Tax Contingency [Line Items]
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration	16
Kansas \| CVR Energy
Income Tax Contingency [Line Items]
Tax credits	$ 22

Schedule I - Condensed Financial Information of Parent - Statements of Cash Flows (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Condensed Financial Statements, Captions [Line Items]
Net loss	$ (542)	$ (1,012)	$ (25)
Adjustments to reconcile net loss to net cash used in operating activities:
Other, net	3	(84)	72
Net cash used in operating activities	832	3,736	1,055
Net cash provided by (used in) by investing activities	(215)	(290)	(260)
Partnership contributions	104	185	768
Proceeds from borrowings	362	683	115
Investment segment distributions	(511)	(2,199)	(23)
Net cash provided by (used in) financing activities	(1,323)	(2,385)	(344)
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents	(707)	1,060	450
Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period	5,946	4,886	4,436
Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period	5,239	5,946	4,886
Icahn Enterprises (Parent)
Condensed Financial Statements, Captions [Line Items]
Net loss	(445)	(684)	(183)
Adjustments to reconcile net loss to net cash used in operating activities:
Equity in (gain) loss of subsidiary	136	411	(108)
(Loss) gain on extinguishment of debt	(8)	(13)	(1)
Other, net	30	(3)	(14)
Net cash used in operating activities	(287)	(289)	(306)
Net investment in and advances from subsidiaries	320	629	264
Net cash provided by (used in) by investing activities	320	629	264
Partnership distributions	(391)	(307)	(226)
Partnership contributions	104	185	768
Proceeds from borrowings	1,266	699
Repayments of borrowings	(1,397)	(1,159)	(500)
Investment segment distributions	394	242
Debt issuance costs and other	(9)
Net cash provided by (used in) financing activities	$ (33)	$ (340)	$ 42

Financial Instruments - Narrative (Details) $ in Millions	12 Months Ended
Financial Instruments - Narrative (Details) $ in Millions	Dec. 31, 2024 USD ($) BarrelOfButane MMBbls	Dec. 31, 2023 USD ($) BarrelOfButane MMBbls	Dec. 31, 2022 USD ($)
Investment Segment
Derivatives, Fair Value
Fair value of derivative instruments with credit risk related contingent features in a liability position \| $	$ 0	$ 0
Energy
Derivatives, Fair Value
Fair value of derivative instruments with credit risk related contingent features in a liability position \| $	0	0
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 \| $	$ 13	$ 5	$ (55)
CVR Energy
Derivatives, Fair Value
Derivative volume (barrels)		0
CVR Energy \| Maximum
Derivatives, Fair Value
Derivative volume (barrels)	1
Commodity swap positions \| CVR Energy
Derivatives, Fair Value
Derivative volume (barrels)		11
Commodity swap positions \| CVR Energy \| Maximum
Derivatives, Fair Value
Derivative volume (barrels)	1
Forward Contracts \| CVR Energy \| Not designated as hedging instrument
Derivatives, Fair Value
Derivative, Number of Instruments Held \| BarrelOfButane	7	11
Forward Contracts \| CVR Energy \| Maximum
Derivatives, Fair Value
Derivative volume (barrels)	1	1

Pension and Other Post-Retirement Benefit Plans

12 Months Ended

Dec. 31, 2024

Pension and Other Post-Retirement Benefit Plans

Pension and Other Post-Retirement Benefit Plans

20. Pension and Other Post-Retirement Benefit Plans

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

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

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


	U.S. and Non-U.S. Pension Benefits
	Year Ended December 31,
	2024		2023		2022

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

The following table provides disclosures for Viskase’s benefit obligations, plan assets, funded status, and recognition in the consolidated balance sheets. As pension costs for Viskase are not material to our consolidated

financial position and results of operations, we do not provide information regarding their inputs and valuation assumptions.


	U.S. and Non-U.S. Pension Benefits
	2024		2023

	(in millions)
Change in benefit obligation:
Benefit obligation, beginning of year	$	116	$	115
Interest cost		6		6
Benefits paid		(8)		(8)
Actuarial loss (gain)		(1)		1
Currency translation		(4)		2
Benefit obligation, end of year		109		116
Change in plan assets:
Fair value of plan assets, beginning of year		89		84
Actual return on plan assets		4		10
Employer contributions		4		3
Benefits paid		(9)		(8)
Fair value of plan assets, end of year		88		89
Funded status of the plan and amounts recognized in the consolidated balance sheets	$	(21)	$	(27)

Defined Benefit Plans Measured at Fair Value on a Recurring Basis

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


	December 31, 2024						December 31, 2023
	Level 1		Level 2		Total		Level 1		Level 2		Total

	(in millions)
U.S. and Non-U.S. Plans:
Cash and cash equivalents	$	2	$	—	$	2	$	1	$	39	$	40
Government debt securities		1		56		57		3		—		3
Exchange traded funds		—		—		—		—		—		—
Mutual funds		—		—		—		—		—		—
Common stock		29		—		29		46		—		46
	$	32	$	56	$	88	$	50	$	39	$	89

- Definition

The entire disclosure for retirement benefits.

+ References

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

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

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

Related Party Notes Receivable, Net

12 Months Ended

Dec. 31, 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:


	December 31, 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 December 31, 2024	$	12

There were no write-offs associated with related party notes receivable for the year ended December 31, 2024.Write-offs associated with related party notes receivable were $127 million for the year ended December 31, 2023. See Note 6, “Fair Value Measurements” for additional information related to the fair value of the related party notes receivable.

Segment and Geographic Reporting - Condensed Balance Sheets (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting, Asset Reconciling Item [Line Items]
Cash and cash equivalents	$ 2,603	$ 2,951
Cash held at consolidated affiliated partnerships and restricted cash	2,636	2,995
Investments	2,310	3,012
Accounts receivable, net	479	485
Inventories, net	897	1,047
Related party notes receivable, net	7	11
Property, plant and equipment, net	3,843	3,969
Goodwill and intangible assets, net	697	754
Other assets	2,807	5,634
Total Assets	16,279	20,858
Accounts payable, accrued expenses and other liabilities	3,476	4,105
Securities sold, not yet purchased, at fair value	1,373	3,473
Debt	6,809	7,207
Total liabilities	11,658	14,785
Equity attributable to Icahn Enterprises	2,466	3,208
Equity attributable to non-controlling interests	2,155	2,865
Total equity	4,621	6,073	$ 9,558	$ 9,343
Total Liabilities and Equity	16,279	20,858
Investment Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Cash and cash equivalents	9	23
Cash held at consolidated affiliated partnerships and restricted cash	2,449	2,799
Investments	2,272	2,898
Other assets	1,660	4,425
Total Assets	6,390	10,145
Accounts payable, accrued expenses and other liabilities	817	1,312
Securities sold, not yet purchased, at fair value	1,373	3,473
Total liabilities	2,190	4,785
Equity attributable to Icahn Enterprises	2,703	3,243
Equity attributable to non-controlling interests	1,497	2,117
Total equity	4,200	5,360
Total Liabilities and Equity	6,390	10,145
Energy
Segment Reporting, Asset Reconciling Item [Line Items]
Cash and cash equivalents	987	1,179
Cash held at consolidated affiliated partnerships and restricted cash		7
Investments	24	100
Accounts receivable, net	295	286
Inventories, net	502	604
Property, plant and equipment, net	2,504	2,594
Goodwill and intangible assets, net	159	179
Other assets	280	310
Total Assets	4,751	5,259
Accounts payable, accrued expenses and other liabilities	1,509	1,553
Debt	1,919	2,185
Total liabilities	3,428	3,738
Equity attributable to Icahn Enterprises	685	795
Equity attributable to non-controlling interests	638	726
Total equity	1,323	1,521
Total Liabilities and Equity	4,751	5,259
Automotive Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Cash and cash equivalents	133	104
Cash held at consolidated affiliated partnerships and restricted cash	8	9
Accounts receivable, net	30	41
Inventories, net	168	228
Property, plant and equipment, net	808	822
Goodwill and intangible assets, net	328	335
Other assets	464	480
Total Assets	1,939	2,019
Accounts payable, accrued expenses and other liabilities	809	890
Debt	31	33
Total liabilities	840	923
Equity attributable to Icahn Enterprises	1,099	1,096
Total equity	1,099	1,096
Total Liabilities and Equity	1,939	2,019
Food Packaging Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Cash and cash equivalents	6	8
Accounts receivable, net	75	89
Inventories, net	109	111
Property, plant and equipment, net	124	134
Goodwill and intangible assets, net	21	23
Other assets	90	101
Total Assets	425	466
Accounts payable, accrued expenses and other liabilities	107	148
Debt	144	133
Total liabilities	251	281
Equity attributable to Icahn Enterprises	159	168
Equity attributable to non-controlling interests	15	17
Total equity	174	185
Total Liabilities and Equity	425	466
Real Estate Segment
Segment Reporting, Asset Reconciling Item [Line Items]
Cash and cash equivalents	25	22
Cash held at consolidated affiliated partnerships and restricted cash	2	4
Investments	14	14
Accounts receivable, net	14	16
Property, plant and equipment, net	350	363
Other assets	90	69
Total Assets	495	488
Accounts payable, accrued expenses and other liabilities	42	43
Debt	1	1
Total liabilities	43	44
Equity attributable to Icahn Enterprises	447	439
Equity attributable to non-controlling interests	5	5
Total equity	452	444
Total Liabilities and Equity	495	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	4	3
Accounts receivable, net	28	26
Inventories, net	93	81
Property, plant and equipment, net	53	52
Goodwill and intangible assets, net	19	19
Other assets	19	17
Total Assets	220	203
Accounts payable, accrued expenses and other liabilities	43	42
Debt	15	8
Total liabilities	58	50
Equity attributable to Icahn Enterprises	162	153
Total equity	162	153
Total Liabilities and Equity	220	203
Pharma
Segment Reporting, Asset Reconciling Item [Line Items]
Cash and cash equivalents	42	26
Accounts receivable, net	37	27
Inventories, net	25	23
Goodwill and intangible assets, net	170	198
Other assets	7	8
Total Assets	281	282
Accounts payable, accrued expenses and other liabilities	72	55
Total liabilities	72	55
Equity attributable to Icahn Enterprises	209	227
Total equity	209	227
Total Liabilities and Equity	281	282
Holding Company
Segment Reporting, Asset Reconciling Item [Line Items]
Cash and cash equivalents	1,397	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	197	224
Total Assets	1,778	1,996
Accounts payable, accrued expenses and other liabilities	77	62
Debt	4,699	4,847
Total liabilities	4,776	4,909
Equity attributable to Icahn Enterprises	(2,998)	(2,913)
Total equity	(2,998)	(2,913)
Total Liabilities and Equity	$ 1,778	$ 1,996

Debt - Non-Cash Charges to Interest Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt
Amortization of deferred financing costs and debt discounts and premiums	$ 3	$ 4	$ 5

Related Party Transactions

12 Months Ended

Dec. 31, 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 December 31, 2024 and 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 $1.5 billion and $2.1 billion, respectively, representing approximately 35% and 39% of the Investment Funds’ assets under management as of each respective date. Mr. Icahn and his affiliates (excluding us and Brett Icahn) redeemed $250 million and $2.0 billion from the Investment Funds for the years ended December 31, 2024 and 2023, respectively. In addition, the Investment Funds issued a pro-rata distribution in cash of $650 million, including $256 million to Mr. Icahn and his affiliates (excluding us and Brett Icahn) and $394 million to the Holding Company during the year ended December 31, 2024. The Investment Funds issued a pro-rata distribution in cash of $400 million, including $158 million to Mr. Icahn and his affiliates (excluding us and Brett Icahn) and $242 million to the Holding Company during the year ended December 31, 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). Effective April 1, 2011, based on an expense-sharing arrangement, certain expenses borne by us are reimbursed by the Investment Funds. For the years ended December 31, 2024, 2023 and 2022, $19 million, $18 million and $18 million, respectively, was allocated to the Investment Funds based on this expense-sharing arrangement.

Auto Plus and AEP PLC

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

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

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

Note Receivable from Auto Plus

In connection with the Auto Plus bankruptcy filing, we entered into a priming, senior secured, super priority debtor-in-possession credit facility with Auto Plus (the “DIP Credit Facility”) on January 31, 2023, under which (i) we agreed to provide new loans in an aggregate amount of up to $75 million and (ii) subject to final approval of the DIP Credit Facility by the Bankruptcy Court, all the loans under our pre-petition credit facility with Auto Plus would be rolled-up and converted into loans under the DIP Credit Facility. On February 6, 2023, we loaned $17 million in cash pursuant to the DIP Credit Facility. On May 2, 2023, we converted and rolled up our related party note receivable with our existing loans under the DIP Credit Facility. We collected cash for the repayment of the note receivable of $48 million as of December 31, 2024. We estimated our cash to be collected for the repayment of the note receivable to be $11 million at December 31, 2024, resulting in a write-off of $127 million during the year ended December 31, 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 December 31, 2024 and were not material. We are in the process of selling the remaining inventory which was substantially completed at the end of 2024 and which we expect will be fully completed in the first quarter of 2025, removing us from the Aftermarket Parts business.

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 and $17 million in the years ended December 31, 2024 and 2023, respectively. As of December 31, 2024 and 2023, Brett Icahn had investments in the Investment Funds with a total fair market value of $17 million and $28 million, respectively.

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

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

Segment and Geographic Reporting

12 Months Ended

Dec. 31, 2024

Segment and Geographic Reporting

Segment and Geographic Reporting

15. Segment and Geographic Reporting

We report segment information based on the various industries in which our businesses operate and how we manage those businesses in accordance with our investment strategies, which may include: identifying and acquiring undervalued assets and businesses, often through the purchase of distressed securities; increasing value through management, financial or other operational changes; and managing complex legal, regulatory or financial issues, which may include bankruptcy or insolvency, environmental, zoning, permitting and licensing issues. Therefore, although many of our businesses are operated under separate local management, certain of our businesses are grouped together when they operate within a similar industry, comprising similarities in products, customers, production processes and regulatory environments, and when such businesses, when considered together, may be managed in accordance with one or more investment strategies specific to those businesses.

Our reportable segments reflect the way the Company is managed, and for which separate financial information is available and evaluated regularly by the Company’s Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources and assess performance. The Chairman of the Board of Directors of our general partner, who is our CODM, reviews financial information for each segment and evaluates the results in relation to our broader business strategies. Accordingly, segment operating results are assessed based on net income from continuing operations attributable to Icahn Enterprises. Assets provided to the CODM are consistent with those reported in the condensed consolidated balance sheets, and there are no intra-entity sales or transfers, or significant expense categories regularly reviewed by the CODM beyond those disclosed in the condensed consolidated statements of operations.

Certain terms of financings for certain of our businesses impose restrictions on the business’ ability to transfer funds to us, including restrictions on dividends, distributions, loans and other transactions. Our condensed statements of operations and balance sheets by reporting segment are presented below.

Condensed Statements of Operations


	Year Ended December 31, 2024
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated

	(in millions)
Revenues:
Net sales	$	—	$	7,610	$	877	$	404	$	21	$	176	$	105	$	—	$	9,193
Other revenues from operations		—		—		628		—		75		—		4		—		707
Net loss from investment activities		(421)		—		—		—		—		—		—		—		(421)
Interest and dividend income		335		37		4		—		1		—		2		98		477
(Loss) gain on disposition of assets, net		—		—		(7)		—		—		—		—		3		(4)
Other income (loss), net		—		37		38		(11)		—		(4)		—		8		68
		(86)		7,684		1,540		393		97		172		111		109		10,020
Expenses:
Cost of goods sold		—		7,450		628		336		15		135		55		—		8,619
Other expenses from operations		—		—		536		—		67		—		—		—		603
Selling, general and administrative		22		166		405		50		19		43		47		31		783
Dividend expense		56		—		—		—		—		—		—		—		56
Restructuring, net		—		—		—		2		—		1		—		—		3
Interest expense		78		114		2		11		—		1		—		317		523
		156		7,730		1,571		399		101		180		102		348		10,587
(Loss) income before income tax (expense) benefit		(242)		(46)		(31)		(6)		(4)		(8)		9		(239)		(567)
Income tax (expense) benefit		—		42		15		—		—		—		—		(32)		25
Net (loss) income		(242)		(4)		(16)		(6)		(4)		(8)		9		(271)		(542)
Less: net (loss) income attributable to non-controlling interests		(110)		14		—		(1)		—		—		—		—		(97)
Net (loss) income attributable to Icahn Enterprises	$	(132)	$	(18)	$	(16)	$	(5)	$	(4)	$	(8)	$	9	$	(271)	$	(445)
Supplemental information:
Capital expenditures	$	—	$	179	$	55	$	15	$	26	$	5	$	—	$	—	$	280
Depreciation and amortization	$	—	$	363	$	74	$	24	$	15	$	6	$	28	$	1	$	511


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

	(in millions)
Revenues:
Net sales	$	—	$	9,247	$	1,047	$	446	$	69	$	175	$	93	$	—	$	11,077
Other revenues from operations		—		—		694		—		73		—		3		—		770
Net loss from investment activities		(1,575)		—		—		—		—		—		—		—		(1,575)
Interest and dividend income		497		38		3		—		—		—		1		97		636
(Loss) gain on disposition of assets, net		—		(2)		10		—		—		—		—		—		8
Other income (loss), net		—		14		—		(11)		1		—		1		13		18
		(1,078)		9,297		1,754		435		143		175		98		110		10,934
Expenses:
Cost of goods sold		—		8,019		714		352		48		138		56		—		9,327
Other expenses from operations		—		—		581		—		62		—		—		—		643
Selling, general and administrative		26		168		465		54		17		41		45		36		852
Dividend expense		87		—		—		—		—		—		—		—		87
Restructuring, net		—		—		—		—		—		1		—		—		1
Impairment		—		—		7		—		—		—		—		—		7
Credit loss on notes receivable		—		—		—		—		—		—		—		139		139
Loss on deconsolidation		—		—		—		—		—		—		—		246		246
Interest expense		162		90		3		12		—		1		—		286		554
		275		8,277		1,770		418		127		181		101		707		11,856
(Loss) income before income tax (expense) benefit		(1,353)		1,020		(16)		17		16		(6)		(3)		(597)		(922)
Income tax (expense) benefit		—		(189)		10		(4)		—		—		—		93		(90)
Net (loss) income		(1,353)		831		(6)		13		16		(6)		(3)		(504)		(1,012)
Less: net (loss) income attributable to non-controlling interests		(652)		323		—		1		—		—		—		—		(328)
Net (loss) income attributable to Icahn Enterprises	$	(701)	$	508	$	(6)	$	12	$	16	$	(6)	$	(3)	$	(504)	$	(684)
Supplemental information:
Capital expenditures	$	—	$	205	$	79	$	14	$	3	$	2	$	—	$	—	$	303
Depreciation and amortization	$	—	$	363	$	81	$	25	$	13	$	7	$	28	$	1	$	518


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

	(in millions)
Revenues:
Net sales	$	—	$	10,896	$	1,707	$	431	$	61	$	217	$	66	$	—	$	13,378
Other revenues from operations		—		—		687		—		57		—		4		—		748
Net (loss) gain from investment activities		(216)		—		—		—		—		—		—		48		(168)
Interest and dividend income		288		8		—		—		—		—		1		31		328
(Loss) gain on disposition of assets, net		—		(11)		3		—		—		—		—		—		(8)
Other (loss) income, net		—		(78)		1		(5)		—		—		1		(1)		(82)
		72		10,815		2,398		426		118		217		72		78		14,196
Expenses:
Cost of goods sold		—		9,811		1,247		357		40		186		48		—		11,689
Other expenses from operations		—		—		528		—		55		—		—		—		583
Selling, general and administrative		27		176		867		52		16		48		42		22		1,250
Dividend expense		95		—		—		—		—		—		—		—		95
Restructuring, net		—		—		—		—		—		2		—		—		2
Interest expense		173		92		2		8		—		3		—		290		568
		295		10,079		2,644		417		111		239		90		312		14,187
(Loss) income before income tax benefit (expense)		(223)		736		(246)		9		7		(22)		(18)		(234)		9
Income tax (expense) benefit		—		(140)		54		(7)		—		—		—		59		(34)
Net (loss) income		(223)		596		(192)		2		7		(22)		(18)		(175)		(25)
Less: net (loss) income attributable to non-controlling interests		(134)		292		—		—		—		—		—		—		158
Net (loss) income attributable to Icahn Enterprises	$	(89)	$	304	$	(192)	$	2	$	7	$	(22)	$	(18)	$	(175)	$	(183)
Supplemental information:
Capital expenditures	$	—	$	191	$	114	$	22	$	9	$	2	$	—	$	—	$	338
Depreciation and amortization	$	—	$	353	$	80	$	27	$	13	$	7	$	28	$	1	$	509

Disaggregation of Revenue

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

Energy


	Year Ended December 31,
	2024		2023		2022

	(in millions)
Petroleum products	$	6,909	$	8,267	$	9,902
Renewable products		177		299		158
Nitrogen fertilizer products		524		681		836
	$	7,610	$	9,247	$	10,896

Automotive


	Year Ended December 31,
	2024		2023		2022

	(in millions)
Automotive Services	$	1,420	$	1,548	$	1,552
Aftermarket Parts sales		25		137		797
Total revenue from customers		1,445		1,685		2,349
Lease revenue outside scope ASC 606		60		56		45
Total Automotive net sales and other revenues from operations	$	1,505	$	1,741	$	2,394

Condensed Balance Sheets


	December 31, 2024
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated

	(in millions)
ASSETS
Cash and cash equivalents	$	9	$	987	$	133	$	6	$	25	$	4	$	42	$	1,397	$	2,603
Cash held at consolidated affiliated partnerships and restricted cash		2,449		—		8		—		2		4		—		173		2,636
Investments		2,272		24		—		—		14		—		—		—		2,310
Accounts receivable, net		—		295		30		75		14		28		37		—		479
Related party note receivable		—		—		—		—		—		—		—		7		7
Inventories		—		502		168		109		—		93		25		—		897
Property, plant and equipment, net		—		2,504		808		124		350		53		—		4		3,843
Goodwill and intangible assets, net		—		159		328		21		—		19		170		—		697
Other assets		1,660		280		464		90		90		19		7		197		2,807
Total assets	$	6,390	$	4,751	$	1,939	$	425	$	495	$	220	$	281	$	1,778	$	16,279
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	817	$	1,509	$	809	$	107	$	42	$	43	$	72	$	77	$	3,476
Securities sold, not yet purchased, at fair value		1,373		—		—		—		—		—		—		—		1,373
Debt		—		1,919		31		144		1		15		—		4,699		6,809
Total liabilities		2,190		3,428		840		251		43		58		72		4,776		11,658

Equity attributable to Icahn Enterprises		2,703		685		1,099		159		447		162		209		(2,998)		2,466
Equity attributable to non-controlling interests		1,497		638		—		15		5		—		—		—		2,155
Total equity		4,200		1,323		1,099		174		452		162		209		(2,998)		4,621
Total liabilities and equity	$	6,390	$	4,751	$	1,939	$	425	$	495	$	220	$	281	$	1,778	$	16,279


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

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

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

Geographic Information

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


														Property, Plant and
		Net Sales						Other Revenues From Operations						Equipment, Net
		Year Ended December 31,						Year Ended December 31,						December 31,
		2024		2023		2022		2024		2023		2022		2024		2023

	(in millions)
United States		$	8,837	$	10,687	$	12,988	$	677	$	742	$	722	$	3,731	$	3,844
International			356		390		390		30		28		26		112		125
		$	9,193	$	11,077	$	13,378	$	707	$	770	$	748	$	3,843	$	3,969

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

- Definition

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

+ References

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

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 32
-Subparagraph (d)
-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Subparagraph (f)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 40
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//280/tableOfContent

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

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

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 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

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Supplemental Cash Flow Information
Cash payments for interest, net of amounts capitalized	$ (423)	$ (426)	$ (438)
Cash (payments) receipts for income taxes, net	$ (66)	(105)	$ (180)
Partnership contributions receivable		6
Non-cash Investment segment contributions from non-controlling interests		$ (2)

Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Feb. 29, 2024
Accounting Policies [Line Items]
Total Assets	$ 20,858	$ 16,279	$ 20,858
Assets held for sale		25
Debt	7,207	6,809	7,207
Fair value of long-term debt	6,900	6,600	6,900
Restricted cash	2,995	2,636	2,995
Portion of inventory under LIFO method	228	168	228
Post-retirement benefit liability	34	25	34
Accumulated other comprehensive loss	55	61	55
Impairment			7
Cash and cash equivalents	2,951	$ 2,603	2,951
Aggregate general partner ownership interest of parent and operating subsidiary		1.99%
Discontinued Operations, Held-for-Sale
Accounting Policies [Line Items]
Assets held for sale		$ 25
Icahn Enterprises G.P.
Accounting Policies [Line Items]
Aggregate general partner ownership interest of parent and operating subsidiary		1.99%
Affiliate ownership interest		98.01%
Icahn Enterprises Holdings
Accounting Policies [Line Items]
Percentage of equity ownership in operating subsidiary		99.00%
Affiliate ownership interest		99.00%
Cash held at consolidated affiliated partnerships
Accounting Policies [Line Items]
Restricted cash	1,100	$ 900	1,100
Restricted cash
Accounting Policies [Line Items]
Restricted cash	1,900	1,700	1,900
Primary beneficiary
Accounting Policies [Line Items]
Total Assets		108
Energy
Accounting Policies [Line Items]
Total Assets	5,259	4,751	5,259
Debt	2,185	1,919	2,185
Restricted cash	7		7
Deferred revenue	$ 49	78	49
Recorded revenue		16	$ 46	$ 86
Remaining performance obligation expected to be recognized as revenue within one year		$ 8
Useful lives of the assets	5 years 4 months 24 days	5 years 4 months 24 days	5 years 4 months 24 days
Cash and cash equivalents	$ 1,179	$ 987	$ 1,179
Energy \| 5.25% senior unsecured notes due 2025
Accounting Policies [Line Items]
Interest rate on debt instrument (in percent)	5.25%		5.25%		5.25%
Energy \| Reserved Funds
Accounting Policies [Line Items]
Cash and cash equivalents	$ 598		$ 598
Energy \| Minimum \| Refineries
Accounting Policies [Line Items]
Turnaround Term of Plants		4 years
Energy \| Maximum \| Refineries
Accounting Policies [Line Items]
Turnaround Term of Plants		5 years
Energy \| Maximum \| Nitrogen Fertilizer Plants
Accounting Policies [Line Items]
Turnaround Term of Plants		3 years
Automotive Segment
Accounting Policies [Line Items]
Total Assets	2,019	$ 1,939	2,019
Debt	33	31	33
Restricted cash	9	8	9
Deferred revenue	45	37	45
Recorded revenue		$ 22	$ 22	$ 25
Impairment	$ 7
Useful lives of the assets	5 years 4 months 24 days	5 years 4 months 24 days	5 years 4 months 24 days
Cash and cash equivalents	$ 104	$ 133	$ 104
Real Estate and Automotive \| Minimum
Accounting Policies [Line Items]
Useful lives of the assets		5 years
Real Estate and Automotive \| Maximum
Accounting Policies [Line Items]
Useful lives of the assets		39 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Accounting Policies [Line Items]
Remaining performance obligation for contracts with an original expected duration of more than one year		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		$ 4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Accounting Policies [Line Items]
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 for contracts with an original expected duration of more than one year		$ 3

Segment and Geographic Reporting (Tables)

12 Months Ended

Dec. 31, 2024

Disaggregation of Revenue [Line Items]

Schedule of Condensed Income Statement by Segment


	Year Ended December 31, 2024
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated

	(in millions)
Revenues:
Net sales	$	—	$	7,610	$	877	$	404	$	21	$	176	$	105	$	—	$	9,193
Other revenues from operations		—		—		628		—		75		—		4		—		707
Net loss from investment activities		(421)		—		—		—		—		—		—		—		(421)
Interest and dividend income		335		37		4		—		1		—		2		98		477
(Loss) gain on disposition of assets, net		—		—		(7)		—		—		—		—		3		(4)
Other income (loss), net		—		37		38		(11)		—		(4)		—		8		68
		(86)		7,684		1,540		393		97		172		111		109		10,020
Expenses:
Cost of goods sold		—		7,450		628		336		15		135		55		—		8,619
Other expenses from operations		—		—		536		—		67		—		—		—		603
Selling, general and administrative		22		166		405		50		19		43		47		31		783
Dividend expense		56		—		—		—		—		—		—		—		56
Restructuring, net		—		—		—		2		—		1		—		—		3
Interest expense		78		114		2		11		—		1		—		317		523
		156		7,730		1,571		399		101		180		102		348		10,587
(Loss) income before income tax (expense) benefit		(242)		(46)		(31)		(6)		(4)		(8)		9		(239)		(567)
Income tax (expense) benefit		—		42		15		—		—		—		—		(32)		25
Net (loss) income		(242)		(4)		(16)		(6)		(4)		(8)		9		(271)		(542)
Less: net (loss) income attributable to non-controlling interests		(110)		14		—		(1)		—		—		—		—		(97)
Net (loss) income attributable to Icahn Enterprises	$	(132)	$	(18)	$	(16)	$	(5)	$	(4)	$	(8)	$	9	$	(271)	$	(445)
Supplemental information:
Capital expenditures	$	—	$	179	$	55	$	15	$	26	$	5	$	—	$	—	$	280
Depreciation and amortization	$	—	$	363	$	74	$	24	$	15	$	6	$	28	$	1	$	511


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

	(in millions)
Revenues:
Net sales	$	—	$	9,247	$	1,047	$	446	$	69	$	175	$	93	$	—	$	11,077
Other revenues from operations		—		—		694		—		73		—		3		—		770
Net loss from investment activities		(1,575)		—		—		—		—		—		—		—		(1,575)
Interest and dividend income		497		38		3		—		—		—		1		97		636
(Loss) gain on disposition of assets, net		—		(2)		10		—		—		—		—		—		8
Other income (loss), net		—		14		—		(11)		1		—		1		13		18
		(1,078)		9,297		1,754		435		143		175		98		110		10,934
Expenses:
Cost of goods sold		—		8,019		714		352		48		138		56		—		9,327
Other expenses from operations		—		—		581		—		62		—		—		—		643
Selling, general and administrative		26		168		465		54		17		41		45		36		852
Dividend expense		87		—		—		—		—		—		—		—		87
Restructuring, net		—		—		—		—		—		1		—		—		1
Impairment		—		—		7		—		—		—		—		—		7
Credit loss on notes receivable		—		—		—		—		—		—		—		139		139
Loss on deconsolidation		—		—		—		—		—		—		—		246		246
Interest expense		162		90		3		12		—		1		—		286		554
		275		8,277		1,770		418		127		181		101		707		11,856
(Loss) income before income tax (expense) benefit		(1,353)		1,020		(16)		17		16		(6)		(3)		(597)		(922)
Income tax (expense) benefit		—		(189)		10		(4)		—		—		—		93		(90)
Net (loss) income		(1,353)		831		(6)		13		16		(6)		(3)		(504)		(1,012)
Less: net (loss) income attributable to non-controlling interests		(652)		323		—		1		—		—		—		—		(328)
Net (loss) income attributable to Icahn Enterprises	$	(701)	$	508	$	(6)	$	12	$	16	$	(6)	$	(3)	$	(504)	$	(684)
Supplemental information:
Capital expenditures	$	—	$	205	$	79	$	14	$	3	$	2	$	—	$	—	$	303
Depreciation and amortization	$	—	$	363	$	81	$	25	$	13	$	7	$	28	$	1	$	518


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

	(in millions)
Revenues:
Net sales	$	—	$	10,896	$	1,707	$	431	$	61	$	217	$	66	$	—	$	13,378
Other revenues from operations		—		—		687		—		57		—		4		—		748
Net (loss) gain from investment activities		(216)		—		—		—		—		—		—		48		(168)
Interest and dividend income		288		8		—		—		—		—		1		31		328
(Loss) gain on disposition of assets, net		—		(11)		3		—		—		—		—		—		(8)
Other (loss) income, net		—		(78)		1		(5)		—		—		1		(1)		(82)
		72		10,815		2,398		426		118		217		72		78		14,196
Expenses:
Cost of goods sold		—		9,811		1,247		357		40		186		48		—		11,689
Other expenses from operations		—		—		528		—		55		—		—		—		583
Selling, general and administrative		27		176		867		52		16		48		42		22		1,250
Dividend expense		95		—		—		—		—		—		—		—		95
Restructuring, net		—		—		—		—		—		2		—		—		2
Interest expense		173		92		2		8		—		3		—		290		568
		295		10,079		2,644		417		111		239		90		312		14,187
(Loss) income before income tax benefit (expense)		(223)		736		(246)		9		7		(22)		(18)		(234)		9
Income tax (expense) benefit		—		(140)		54		(7)		—		—		—		59		(34)
Net (loss) income		(223)		596		(192)		2		7		(22)		(18)		(175)		(25)
Less: net (loss) income attributable to non-controlling interests		(134)		292		—		—		—		—		—		—		158
Net (loss) income attributable to Icahn Enterprises	$	(89)	$	304	$	(192)	$	2	$	7	$	(22)	$	(18)	$	(175)	$	(183)
Supplemental information:
Capital expenditures	$	—	$	191	$	114	$	22	$	9	$	2	$	—	$	—	$	338
Depreciation and amortization	$	—	$	353	$	80	$	27	$	13	$	7	$	28	$	1	$	509

Schedule of Condensed Financial Statements by Segment


	December 31, 2024
	Investment		Energy		Automotive		Food Packaging		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated

	(in millions)
ASSETS
Cash and cash equivalents	$	9	$	987	$	133	$	6	$	25	$	4	$	42	$	1,397	$	2,603
Cash held at consolidated affiliated partnerships and restricted cash		2,449		—		8		—		2		4		—		173		2,636
Investments		2,272		24		—		—		14		—		—		—		2,310
Accounts receivable, net		—		295		30		75		14		28		37		—		479
Related party note receivable		—		—		—		—		—		—		—		7		7
Inventories		—		502		168		109		—		93		25		—		897
Property, plant and equipment, net		—		2,504		808		124		350		53		—		4		3,843
Goodwill and intangible assets, net		—		159		328		21		—		19		170		—		697
Other assets		1,660		280		464		90		90		19		7		197		2,807
Total assets	$	6,390	$	4,751	$	1,939	$	425	$	495	$	220	$	281	$	1,778	$	16,279
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	817	$	1,509	$	809	$	107	$	42	$	43	$	72	$	77	$	3,476
Securities sold, not yet purchased, at fair value		1,373		—		—		—		—		—		—		—		1,373
Debt		—		1,919		31		144		1		15		—		4,699		6,809
Total liabilities		2,190		3,428		840		251		43		58		72		4,776		11,658

Equity attributable to Icahn Enterprises		2,703		685		1,099		159		447		162		209		(2,998)		2,466
Equity attributable to non-controlling interests		1,497		638		—		15		5		—		—		—		2,155
Total equity		4,200		1,323		1,099		174		452		162		209		(2,998)		4,621
Total liabilities and equity	$	6,390	$	4,751	$	1,939	$	425	$	495	$	220	$	281	$	1,778	$	16,279


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

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

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

Geographic Information


														Property, Plant and
		Net Sales						Other Revenues From Operations						Equipment, Net
		Year Ended December 31,						Year Ended December 31,						December 31,
		2024		2023		2022		2024		2023		2022		2024		2023

	(in millions)
United States		$	8,837	$	10,687	$	12,988	$	677	$	742	$	722	$	3,731	$	3,844
International			356		390		390		30		28		26		112		125
		$	9,193	$	11,077	$	13,378	$	707	$	770	$	748	$	3,843	$	3,969

Energy

Disaggregation of Revenue [Line Items]

Disaggregation of Revenue


	Year Ended December 31,
	2024		2023		2022

	(in millions)
Petroleum products	$	6,909	$	8,267	$	9,902
Renewable products		177		299		158
Nitrogen fertilizer products		524		681		836
	$	7,610	$	9,247	$	10,896

Automotive Segment

Disaggregation of Revenue [Line Items]

Disaggregation of Revenue


	Year Ended December 31,
	2024		2023		2022

	(in millions)
Automotive Services	$	1,420	$	1,548	$	1,552
Aftermarket Parts sales		25		137		797
Total revenue from customers		1,445		1,685		2,349
Lease revenue outside scope ASC 606		60		56		45
Total Automotive net sales and other revenues from operations	$	1,505	$	1,741	$	2,394

- Definition

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

+ References + Details

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (445)	$ (684)	$ (183)

- Definition

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

+ References

+ Details

Goodwill and Intangible Assets, Net - Goodwill Table (Details) - USD ($) $ in Millions		3 Months Ended	12 Months Ended
	Oct. 01, 2024	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2022
Goodwill
Gross carrying amount of goodwill			$ 378	$ 378	$ 378
Accumulated impairment of goodwill			(90)	(90)	(90)
Goodwill			288	288
Automotive
Goodwill
Gross carrying amount of goodwill			337	337	337
Accumulated impairment of goodwill			(87)	(87)	(87)
Impairment	$ 0	$ 0	0
Goodwill			250	250
Food Packaging
Goodwill
Gross carrying amount of goodwill			6	6	6
Goodwill			6	6
Home Fashion
Goodwill
Gross carrying amount of goodwill			22	22	22
Accumulated impairment of goodwill			(3)	(3)	(3)
Goodwill			19	19
Pharma
Goodwill
Gross carrying amount of goodwill			13	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

Commitments and Contingencies - Purchase Obligations and Operating Lease Commitment Tables (Details) $ in Millions	Dec. 31, 2024 USD ($)
Energy
Unconditional purchase obligations
2024	$ 73
2025	75
2026	96
2027	96
2028	94
Thereafter	577
Minimum required payments for unconditional purchase obligations	1,011
Pharma
Unconditional purchase obligations
2025	16
2026	13
2027	14
2028	15
Thereafter	34
Minimum required payments for unconditional purchase obligations	$ 92

Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 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

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

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

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

Principles of Consolidation

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

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

Consolidated Variable Interest Entities

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

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 December 31, 2024, total assets related to the protected cell were $108 million and included in restricted cash in the consolidated balance sheet.

Discontinued Operations and Assets Held For Sale

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

and whether actions required to complete the plan indicate it is unlikely significant changes to the plan will be made or the plan will be withdrawn.

Our assets held for sale were $25 million as of December 31, 2024, all of which relates to certain properties in our Real Estate segment. In November 2024, we entered into a purchase and sale agreement to sell certain properties, which is expected to close in the first quarter of 2025.

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

Use of Estimates in Preparation of Financial Statements

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

Reclassifications

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

Fair Value of Financial Instruments

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

The fair value of our long-term debt is based on the quoted market prices for the same or similar issues or on the current rates offered to us for debt of the same remaining maturities. The carrying value and estimated fair value of our debt as of December 31, 2024 was approximately $6.8 billion and $6.6 billion, respectively. The carrying value and estimated fair value of our debt as of December 31, 2023 was approximately $7.2 billion and $6.9 billion, respectively.

Acquisitions of Businesses

We account for business combinations under the acquisition method of accounting (other than acquisitions of businesses under common control), which requires us to recognize separately from goodwill the assets acquired and the liabilities assumed at their acquisition date fair values. While we use our best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date as well as contingent consideration, where applicable, our estimates are inherently uncertain and subject to refinement.

Accounting for business combinations requires us to make significant estimates and assumptions, especially at the acquisition date including our estimates for intangible assets, contractual obligations assumed, pre-acquisition contingencies, and contingent consideration, where applicable. In valuing our acquisitions, we estimate fair values based on industry data and trends and by reference to relevant market rates and transactions, and discounted cash flow valuation methods, among other factors. The discount rates used were commensurate with the inherent risks associated with each type of asset and the level and timing of cash flows appropriately reflect market participant assumptions. The

primary items that generate goodwill include the value of the synergies between the acquired company and our existing businesses and the value of the acquired assembled workforce, neither of which qualifies for recognition as an intangible asset.

Acquisition, Investments and Disposition of Entities under Common Control

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

Cash Flow

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

Cash and Cash Equivalents

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

Cash Held at Consolidated Affiliated Partnerships and Restricted Cash

Our cash held at consolidated affiliated partnerships balance was $0.9 billion and $1.1 billion as of December 31, 2024 and 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 Icahn Enterprises.

Our restricted cash balance was $1.7 billion and $1.9 billion as of December 31, 2024 and 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.

Investments and Related Transactions

Investment

Investment Transactions and Related Investment Income (Loss). Investment transactions of the Investment Funds are recorded on a trade date basis. Realized gains or losses on sales of investments are based on the first-in, first-out or

the specific identification method. Realized and unrealized gains or losses on investments are recorded in the consolidated statements of operations. Interest income and expenses are recorded on an accrual basis and dividends are recorded on the ex-dividend date. Premiums and discounts on fixed income securities are amortized using the effective yield method.

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

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

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

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

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

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

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

Other Segments and Holding Company

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

Fair Value Option for Financial Assets and Financial Liabilities

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

Derivatives

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

Accounts Receivable, Net

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

Inventories

Energy

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

Automotive, Food Packaging, Home Fashion and Pharma

Our Automotive, Food Packaging, Home Fashion and Pharma segments’ inventories are stated at the lower of cost or net realizable value. Cost is determined by using the FIFO method, except for our Automotive segment which uses the last-in, first out (“LIFO”) method and the Pharma segment which utilizes weighted-average cost. Inventory recorded using the LIFO method was $168 million and $228 million as of December 31, 2024 and 2023, respectively, all of which

relates to finished goods. The cost of manufactured goods includes the cost of direct materials, labor and manufacturing overhead. Our Automotive, Food Packaging, Home Fashion and Pharma segments write-down inventory for estimated excess, slow-moving and obsolete inventory as well as inventory whose carrying value is in excess of net realizable value.

Long-Lived Assets

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

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

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

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

Goodwill and Indefinite-Lived Intangible Assets

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

Goodwill

Goodwill is determined as the excess of the fair value of consideration transferred in a business combination over the net amounts of identifiable assets acquired and liabilities assumed. Goodwill is reviewed for impairment annually, or more frequently if impairment indicators exist. An impairment exists when a reporting unit’s carrying value exceeds its fair value. When performing the goodwill impairment testing, we first consider qualitative factors to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Qualitative factors include considering macroeconomic conditions, industry and market conditions, overall financial performance and other factors. If necessary, a quantitative impairment test is performed. When a quantitative impairment test is performed, a reporting units’ fair value is based on valuation techniques using the best available information, primarily discounted cash flow

projections, guideline transaction multiples, and multiples of current and future earnings. The impairment charge, if any, is the excess of the tested reporting unit’s carrying value over its fair value, limited to the total amount of goodwill allocated to the tested reporting unit.

Indefinite-Lived Intangible Assets

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

Pension and Other Post-Retirement Benefit Plan Obligations

Post-retirement benefit liabilities were $25 million and $34 million as of December 31, 2024 and 2023, respectively, and are included in accrued expenses and other liabilities in our consolidated balance sheets.

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

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss is included in the limited partners and general partner components of equity in the consolidated balance sheets in the amounts of $61 million and $55 million as of December 31, 2024 and 2023, respectively. Refer to Note 17, “Changes in Accumulated Other Comprehensive Loss,” for further information.

Allocation of Net Profits and Losses in Consolidated Affiliated Partnerships

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

General Partnership Interest of Icahn Enterprises

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

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

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

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

Basic and Diluted Income Per LP Unit

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

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

Income Taxes

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

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

U.S. GAAP provides that the tax effects from an uncertain tax position can be recognized in the financial statements only if the position is “more-likely-than-not” to be sustained if the position were to be challenged by a taxing authority. The assessment of the tax position is based solely on the technical merits of the position, without regard to the likelihood that the tax position may be challenged. If an uncertain tax position meets the “more-likely-than-not” threshold, the largest amount of tax benefit that is greater than 50 percent likely to be recognized upon ultimate settlement with the taxing authority is recorded. See Note 16, “Income Taxes,” for additional information.

Leases

The determination of whether an arrangement is or contains a lease occurs at inception. We account for arrangements that contain lease and non-lease components as a single lease component for all classes of underlying

assets. Leases in which we are the lessor are primarily within our Automotive segment and Real Estate segment. Refer to Note 12, “Leases,” for additional information regarding our operating leases. In addition, all of our businesses, including our Real Estate segment, enter into lease arrangements as the lessee. The following is our accounting policy for leases in which we are the lessee.

All Segments and Holding Company

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

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

Real Estate and Automotive

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

Revenue From Contracts With Customers and Contract Balances

Due to the nature of our business, we derive revenue from various sources in various industries. With the exception of all of our Investment segment’s and our Holding Company’s revenues, and our Real Estate and Automotive segments’ leasing revenue, our revenue is generally derived from contracts with customers in accordance with U.S. GAAP. Such revenue from contracts with customers is included in net sales and other revenues from operations in the consolidated statements of operations; however, our Real Estate and Automotive segments’ leasing revenue, as disclosed in Note 12, “Leases,” is also included in other revenues from operations. Related contract assets are included in accounts receivable, net or other assets and related contract liabilities are included in accrued expenses and other liabilities in the consolidated balance sheets. Our disaggregation of revenue information includes our net sales and other revenues from operations for each of our reporting segments as well as additional disaggregation of revenue information for our Energy

and Automotive segments. See Note 15, “Segment and Geographic Reporting,” for our complete disaggregation of revenue information. In addition, we disclose additional information with respect to revenue from contracts with customers and contract balances for our segments below.

Energy

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

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

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

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

As of December 31, 2024, our Energy segment had $8 million of remaining performance obligations for contracts with an original expected duration of more than one year. Our Energy segment expects to recognize approximately $4 million of these performance obligations as revenue by the end of 2025, an additional $3 million by the end of 2026, and the remaining balance thereafter.

Contract balances: Our Energy segment’s deferred revenue is a contract liability that primarily relates to fertilizer sales contracts requiring customer prepayment prior to product delivery to guarantee a price and supply of nitrogen fertilizer. Deferred revenue is recorded at the point in time in which a prepaid contract is legally enforceable and the associated right to consideration is unconditional prior to transferring product to the customer. An associated receivable is recorded for uncollected prepaid contract amounts. Contracts requiring prepayment are generally short-term in nature and, as discussed above, revenue is recognized at the point in time in which the customer obtains control of the product. In addition, it includes deferred revenue associated with agreements entered into with third-party investors that has allowed our Energy segment to monetize certain tax credits available under Section 45Q of the Internal Revenue Code (the “45Q Transaction”). Our Energy segment had deferred revenue of $78 million and $49 million as of December 31, 2024 and 2023, respectively. Deferred revenue is included in accrued expense and other liabilities in the consolidated balance sheets. For the years ended December 31, 2024, 2023 and 2022, our Energy segment recorded revenue of $16 million, $46 million and $86 million, respectively, with respect to deferred revenue outstanding as of the beginning of each respective year.

Automotive

Revenue: Our Automotive segment recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer. Our Automotive segment revenue from retail and commercial parts sales

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

Contract balances: Our Automotive segment had deferred revenue with respect to extended warranty plans of $37 million and $45 million as of December 31, 2024 and 2023, respectively, which are included in accrued expenses and other liabilities in our consolidated balance sheets. For the years ended December 31, 2024, 2023 and 2022, our Automotive segment recorded revenue of $22 million, $22 million and $25 million, respectively, with respect to deferred revenue outstanding as of the beginning of each respective year.

Food Packaging

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

Home Fashion

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

Pharma

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

Other Revenue and Expense Recognition

Real Estate

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

Energy

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

Automotive

Shipping Costs: Our Automotive segment recognizes shipping and handling costs as incurred and is included in selling, general and administrative in the consolidated statements of operations for its Aftermarkets Parts business which was substantially exited in 2024.

Environmental Liabilities

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

Litigation

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

Foreign Currency Translation

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

Concentrations of credit risk

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

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

Adoption of New Accounting Standards

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures, which includes requirements for more robust disclosures of significant segment expenses and measures of a segment’s profit and loss used in assessing performance. This standard is effective for the Company’s annual period beginning January 1, 2024 and interim periods beginning January 1, 2025 with early adoptions permitted. We adopted this ASU effective January 1, 2024. The adoption of this standard did not have a significant impact on our consolidated financial statements.

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

Recently Issued Accounting Standards

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), which requires disclosure of specific information about costs and expenses within relevant expense captions on the face of the income statement, qualitative descriptions for expense captions not specifically disaggregated quantitatively, and the total amount and definition of selling expenses for interim and annual reporting periods. This standard is effective for the Company’s annual reporting period beginning January 1, 2027 and interim reporting periods beginning January 1, 2028 and should be applied on a retrospective or prospective basis, with early adoption permitted. We are currently assessing the impact of adopting this standard on our consolidated financial statements.

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. While the Company does not expect adoption will have a material impact on our consolidated financial statements, we currently expect additional disclosures will be included for our annual reporting period beginning January 1, 2025. The Company does not intend to early adopt this ASU.

Segment and Geographic Reporting - Condensed Statements of Operations (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales		$ 9,193	$ 11,077	$ 13,378
Other revenues from operations		707	770	748
Net loss from investment activities		(421)	(1,575)	(168)
Interest and dividend income		477	636	328
(Loss) gain on disposition of assets, net		(4)	8	(8)
Other income (loss), net		68	18	(82)
Total revenues		10,020	10,934	14,196
Cost of goods sold		8,619	9,327	11,689
Other expenses from operations		603	643	583
Dividend expense		56	87	95
Selling, general and administrative		783	852	1,250
Restructuring, net		3	1	2
Impairment			7
Credit loss on related party note receivable			139
Loss on deconsolidation of subsidiary			246
Interest expense		523	554	568
Total Expenses		10,587	11,856	14,187
Pre-tax loss		(567)	(922)	9
Income tax (expense) benefit		25	(90)	(34)
Net (loss) income		(542)	(1,012)	(25)
Less: net income (loss) attributable to non-controlling interests		(97)	(328)	158
Net income (loss) attributable to Icahn Enterprises		(445)	(684)	(183)
Capital expenditures		280	303	338
Depreciation and amortization		511	518	509
Investment Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales		0
Other revenues from operations		0
Net loss from investment activities		(421)	(1,575)	(216)
Interest and dividend income		335	497	288
(Loss) gain on disposition of assets, net		0
Other income (loss), net		0
Total revenues		(86)	(1,078)	72
Cost of goods sold		0
Other expenses from operations		0
Dividend expense		56	87	95
Selling, general and administrative		22	26	27
Restructuring, net		0
Interest expense		78	162	173
Total Expenses		156	275	295
Pre-tax loss		(242)	(1,353)	(223)
Income tax (expense) benefit		0
Net (loss) income		(242)	(1,353)	(223)
Less: net income (loss) attributable to non-controlling interests		(110)	(652)	(134)
Net income (loss) attributable to Icahn Enterprises		(132)	(701)	(89)
Capital expenditures		0
Depreciation and amortization		0
Energy
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales		7,610	9,247	10,896
Other revenues from operations		0
Net loss from investment activities		0
Interest and dividend income		37	38	8
(Loss) gain on disposition of assets, net		0	(2)	(11)
Other income (loss), net		37	14	(78)
Total revenues		7,684	9,297	10,815
Cost of goods sold		7,450	8,019	9,811
Other expenses from operations		0
Dividend expense		0
Selling, general and administrative		166	168	176
Restructuring, net		0
Interest expense		114	90	92
Total Expenses		7,730	8,277	10,079
Pre-tax loss		(46)	1,020	736
Income tax (expense) benefit		42	(189)	(140)
Net (loss) income		(4)	831	596
Less: net income (loss) attributable to non-controlling interests		14	323	292
Net income (loss) attributable to Icahn Enterprises		(18)	508	304
Capital expenditures		179	205	191
Depreciation and amortization		363	363	353
Automotive Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales		877	1,047	1,707
Other revenues from operations		628	694	687
Net loss from investment activities		0
Interest and dividend income		4	3
(Loss) gain on disposition of assets, net		(7)	10	3
Other income (loss), net		38		1
Total revenues		1,540	1,754	2,398
Cost of goods sold		628	714	1,247
Other expenses from operations		536	581	528
Dividend expense		0
Selling, general and administrative		405	465	867
Restructuring, net		0
Impairment	$ 7		7
Interest expense		2	3	2
Total Expenses		1,571	1,770	2,644
Pre-tax loss		(31)	(16)	(246)
Income tax (expense) benefit		15	10	54
Net (loss) income		(16)	(6)	(192)
Less: net income (loss) attributable to non-controlling interests		0
Net income (loss) attributable to Icahn Enterprises		(16)	(6)	(192)
Capital expenditures		55	79	114
Depreciation and amortization		74	81	80
Food Packaging Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales		404	446	431
Other revenues from operations		0
Net loss from investment activities		0
Interest and dividend income		0
(Loss) gain on disposition of assets, net		0
Other income (loss), net		(11)	(11)	(5)
Total revenues		393	435	426
Cost of goods sold		336	352	357
Other expenses from operations		0
Dividend expense		0
Selling, general and administrative		50	54	52
Restructuring, net		2
Interest expense		11	12	8
Total Expenses		399	418	417
Pre-tax loss		(6)	17	9
Income tax (expense) benefit		0	(4)	(7)
Net (loss) income		(6)	13	2
Less: net income (loss) attributable to non-controlling interests		(1)	1
Net income (loss) attributable to Icahn Enterprises		(5)	12	2
Capital expenditures		15	14	22
Depreciation and amortization		24	25	27
Real Estate Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales		21	69	61
Other revenues from operations		75	73	57
Interest and dividend income		1
Other income (loss), net			1
Total revenues		97	143	118
Cost of goods sold		15	48	40
Other expenses from operations		67	62	55
Selling, general and administrative		19	17	16
Total Expenses		101	127	111
Pre-tax loss		(4)	16	7
Net (loss) income		(4)	16	7
Net income (loss) attributable to Icahn Enterprises		(4)	16	7
Capital expenditures		26	3	9
Depreciation and amortization		15	13	13
Home Fashion Segment
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales		176	175	217
Other revenues from operations		0
Net loss from investment activities		0
Interest and dividend income		0
(Loss) gain on disposition of assets, net		0
Other income (loss), net		(4)
Total revenues		172	175	217
Cost of goods sold		135	138	186
Other expenses from operations		0
Dividend expense		0
Selling, general and administrative		43	41	48
Restructuring, net		1	1	2
Interest expense		1	1	3
Total Expenses		180	181	239
Pre-tax loss		(8)	(6)	(22)
Income tax (expense) benefit		0
Net (loss) income		(8)	(6)	(22)
Less: net income (loss) attributable to non-controlling interests		0
Net income (loss) attributable to Icahn Enterprises		(8)	(6)	(22)
Capital expenditures		5	2	2
Depreciation and amortization		6	7	7
Pharma
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales		105	93	66
Other revenues from operations		4	3	4
Net loss from investment activities		0
Interest and dividend income		2	1	1
(Loss) gain on disposition of assets, net		0
Other income (loss), net		0	1	1
Total revenues		111	98	72
Cost of goods sold		55	56	48
Other expenses from operations		0
Dividend expense		0
Selling, general and administrative		47	45	42
Restructuring, net		0
Interest expense		0
Total Expenses		102	101	90
Pre-tax loss		9	(3)	(18)
Income tax (expense) benefit		0
Net (loss) income		9	(3)	(18)
Less: net income (loss) attributable to non-controlling interests		0
Net income (loss) attributable to Icahn Enterprises		9	(3)	(18)
Capital expenditures		0
Depreciation and amortization		28	28	28
Holding Company
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales		0
Other revenues from operations		0
Net loss from investment activities		0		48
Interest and dividend income		98	97	31
(Loss) gain on disposition of assets, net		3
Other income (loss), net		8	13	(1)
Total revenues		109	110	78
Cost of goods sold		0
Other expenses from operations		0
Dividend expense		0
Selling, general and administrative		31	36	22
Restructuring, net		0
Credit loss on related party note receivable			139
Loss on deconsolidation of subsidiary			246
Interest expense		317	286	290
Total Expenses		348	707	312
Pre-tax loss		(239)	(597)	(234)
Income tax (expense) benefit		(32)	93	59
Net (loss) income		(271)	(504)	(175)
Less: net income (loss) attributable to non-controlling interests		0
Net income (loss) attributable to Icahn Enterprises		(271)	(504)	(175)
Capital expenditures		0
Depreciation and amortization		$ 1	$ 1	$ 1

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues:
Net sales	$ 9,193	$ 11,077	$ 13,378
Other revenues from operations	707	770	748
Net loss from investment activities	(421)	(1,575)	(168)
Interest and dividend income	477	636	328
(Loss) gain on disposition of assets, net	(4)	8	(8)
Other income (loss), net	68	18	(82)
Total revenues	10,020	10,934	14,196
Expenses:
Cost of goods sold	8,619	9,327	11,689
Other expenses from operations	603	643	583
Selling, general and administrative	783	852	1,250
Dividend expense	56	87	95
Restructuring, net	3	1	2
Impairment		7
Credit loss on related party note receivable		139
Loss on deconsolidation of subsidiary		246
Interest expense	523	554	568
Total Expenses	10,587	11,856	14,187
(Loss) income before income tax benefit (expense)	(567)	(922)	9
Income tax benefit (expense)	25	(90)	(34)
Net loss	(542)	(1,012)	(25)
Less: net (loss) income attributable to non-controlling interests	(97)	(328)	158
Net loss attributable to Icahn Enterprises	(445)	(684)	(183)
Net (loss) income attributable to Icahn Enterprises allocated to:
Limited partners	(436)	(670)	(179)
General partner	(9)	(14)	(4)
Net Income (Loss)	$ (445)	$ (684)	$ (183)
Basic (loss) income per LP unit:
Basic loss per LP unit (in dollars per share)	$ (0.94)	$ (1.75)	$ (0.57)
Basic weighted average LP units outstanding (in shares)	466	382	316
Diluted (loss) income per LP unit:
Diluted loss per LP unit (in dollars per share)	$ (0.94)	$ (1.75)	$ (0.57)
Diluted weighted average LP units outstanding (in shares)	466	382	316
Distributions declared per LP unit (in dollars per share)	$ 3.50	$ 6.00	$ 8.00

Segment and Geographic Reporting (Policies)

12 Months Ended

Dec. 31, 2024

Segment and Geographic Reporting

Determination of what constitutes a segment

- Definition

Disclosure of accounting policy for segment reporting.

+ References + Details

Fair Value Measurements (Policies)	12 Months Ended
Fair Value Measurements (Policies)	Dec. 31, 2024
Fair Value Measurements
Determination of when transfers between fair value levels occurs	In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the assets and liabilities. Significant transfers, if any, between the levels within the fair value hierarchy are recognized at the beginning of the reporting period when changes in circumstances require such transfers.

Schedule I - Condensed Financial Information of Parent - Balance Sheets (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Condensed Financial Statements, Captions [Line Items]
Total Assets	$ 16,279	$ 20,858
Accrued expenses and other liabilities	1,547	1,596
Debt	6,809	7,207
Total liabilities	11,658	14,785
Commitments and contingencies (Note 3)
Limited partners: Depositary units: 522,736,315 units issued and outstanding at December 31, 2024 and 429,033,241 units issued and outstanding at December 31, 2023	3,241	3,969
General partner	(775)	(761)
Total Liabilities and Equity	$ 16,279	$ 20,858
Limited partners: Depositary units issued	522,736,315	429,033,241	353,572,182
Limited partners: Depositary units outstanding	522,736,315	429,033,241
Icahn Enterprises (Parent)
Condensed Financial Statements, Captions [Line Items]
Investments in subsidiaries, net	$ 7,232	$ 8,092
Total Assets	7,232	8,092
Accrued expenses and other liabilities	67	37
Debt	4,699	4,847
Total liabilities	4,766	4,884
Commitments and contingencies (Note 3)
Limited partners: Depositary units: 522,736,315 units issued and outstanding at December 31, 2024 and 429,033,241 units issued and outstanding at December 31, 2023	3,241	3,969
General partner	(775)	(761)
Total equity	2,466	3,208
Total Liabilities and Equity	$ 7,232	$ 8,092
Limited partners: Depositary units issued	522,736,315	429,033,241
Limited partners: Depositary units outstanding	522,736,315	429,033,241

Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases

Schedule of right-of-use assets and lease liabilities


	December 31,
	2024		2023

	(in millions)
Operating Leases:
Right-of-use assets (other assets)	$	527	$	526
Lease liabilities (accrued expenses and other liabilities)		530		531

Financing Leases:
Right-of-use assets (property, plant and equipment, net)		72		55
Lease liabilities (debt)		83		70

Schedule of operating lease term and discount rate


	Right-Of-Use		Lease			Discount
Operating Leases as of December 31, 2024	Assets		Liabilities		Lease Term	Rate

	(in millions)
Energy	$	75	$	71	5.4 years	7.9%
Automotive		409		421	5.4 years	5.9%
Food Packaging		19		22	9.1 years	7.4%
Other segments and Holding Company		24		16
	$	527	$	530


	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

Operating and Finance Lease liability maturities


	Operating		Financing
Year	Leases		Leases

	(in millions)
2025	$	146	$	20
2026		134		18
2027		112		16
2028		73		14
2029		53		11
Thereafter		106		44
Total lease payments		624		123
Less: imputed interest		(94)		(40)
	$	530	$	83

Segment and Geographic Reporting - Geographic Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 9,193	$ 11,077	$ 13,378
Other revenues from operations	707	770	748
Property, plant and equipment, net	3,843	3,969
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	8,837	10,687	12,988
Other revenues from operations	677	742	722
Property, plant and equipment, net	3,731	3,844
Other geographical locations
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	356	390	390
Other revenues from operations	30	28	$ 26
Property, plant and equipment, net	$ 112	$ 125

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2024
Cybersecurity Risk Management Strategy And Governance [Abstract]
Cybersecurity Risk Management Processes For Assessing Identifying And Managing Threats [Text Block]	Risk Management and Strategy We recognize the critical importance of maintaining the safety and security of our systems and data and have a holistic process for overseeing and managing cybersecurity and related risks. We and our subsidiaries depend on the accuracy, capacity, and security of our information technology systems and those used by our third-party service providers. To protect the confidentiality, integrity, and availability of our critical systems and information, we have developed and implemented a cybersecurity risk management program that includes a cybersecurity incident response plan. Our operating subsidiaries operate and manage on a decentralized basis, and their software is not integrated with each other or with us. Our cybersecurity risk management program covers our businesses and is crafted following frameworks established by the National Institute of Standards and Technology (NIST). While using these frameworks guides our approach to identifying, assessing, and managing cybersecurity risks relevant to our business, it does not imply compliance with any specific technical standards, specifications or requirements. The program is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas. In addition, our program emphasizes the maintenance of controls and procedures for the prompt escalation of certain cybersecurity incidents, conducting cybersecurity risk assessments, regularly assessing and deploying technical safeguards, establishing incident response and recovery plans, and mandating annual privacy and cybersecurity training for employees to enhance awareness and response to cybersecurity threats. We maintain that no identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, have materially affected or are reasonably likely to materially affect our operations, business strategy, results of operations, or financial condition.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The program is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program to other legal, compliance, strategic, operational, and financial risk areas. In addition, our program emphasizes the maintenance of controls and procedures for the prompt escalation of certain cybersecurity incidents, conducting cybersecurity risk assessments, regularly assessing and deploying technical safeguards, establishing incident response and recovery plans, and mandating annual privacy and cybersecurity training for employees to enhance awareness and response to cybersecurity threats.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight And Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected Or Reasonably Likely To Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board Of Directors Oversight [Text Block]	Governance The Board of Directors of the General Partner, along with the Board’s Audit Committee, oversees the management of cybersecurity risks, receiving regular reports from management on the prevention, detection, mitigation, and remediation of cybersecurity incidents, as well as on material security risks and vulnerabilities. The Audit Committee is updated on cybersecurity risks, risk reduction initiatives, external auditor feedback, control maturity assessments, and relevant cybersecurity incidents within our industry. The Audit Committee reports to the full Board of Directors regarding its activities, including those related to cybersecurity. Board members receive presentations on cybersecurity topics from our Chief Information Officer (CIO), internal security staff or external experts as part of the Board of Directors’ continuing education on topics that impact public companies. Our cybersecurity governance committee led by our management team and our CIO with 16 years of experience in cybersecurity and a CISSP certification, bears the primary responsibility for assessing and managing material cybersecurity risks. Regular meetings are held to review security performance metrics, identify security risks, assess the status of security enhancements, and make recommendations on security policies, procedures, service requirements, and risk mitigation strategies.
Cybersecurity Risk Board Committee Or Subcommittee Responsible For Oversight [Text Block]	The Board of Directors of the General Partner, along with the Board’s Audit Committee
Cybersecurity Risk Process For Informing Board Committee Or Subcommittee Responsible For Oversight [Text Block]	The Board of Directors of the General Partner, along with the Board’s Audit Committee, oversees the management of cybersecurity risks, receiving regular reports from management on the prevention, detection, mitigation, and remediation of cybersecurity incidents, as well as on material security risks and vulnerabilities. The Audit Committee is updated on cybersecurity risks, risk reduction initiatives, external auditor feedback, control maturity assessments, and relevant cybersecurity incidents within our industry. The Audit Committee reports to the full Board of Directors regarding its activities, including those related to cybersecurity. Board members receive presentations on cybersecurity topics from our Chief Information Officer (CIO), internal security staff or external experts as part of the Board of Directors’ continuing education on topics that impact public companies.
Cybersecurity Risk Role Of Management [Text Block]	Our cybersecurity governance committee led by our management team and our CIO with 16 years of experience in cybersecurity and a CISSP certification, bears the primary responsibility for assessing and managing material cybersecurity risks. Regular meetings are held to review security performance metrics, identify security risks, assess the status of security enhancements, and make recommendations on security policies, procedures, service requirements, and risk mitigation strategies.
Cybersecurity Risk Management Positions Or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions Or Committees Responsible [Text Block]	Chief Information Officer (CIO)
Cybersecurity Risk Management Expertise Of Management Responsible [Text Block]	our management team and our CIO with 16 years of experience in cybersecurity and a CISSP certification, bears the primary responsibility for assessing and managing material cybersecurity risks.
Cybersecurity Risk Process For Informing Management Or Committees Responsible [Text Block]	Regular meetings are held to review security performance metrics, identify security risks, assess the status of security enhancements, and make recommendations on security policies, procedures, service requirements, and risk mitigation strategies
Cybersecurity Risk Management Positions Or Committees Responsible Report To Board [Flag]	true

Inventories, Net (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Inventories, Net
Raw materials	$ 293	$ 367
Work in process	92	95
Finished goods	512	585
Inventory, Net, Total	$ 897	$ 1,047

Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Income tax benefit at U.S. statutory rate	$ 119	$ 193	$ (2)
Valuation allowance	(68)	(1)	100
Non-controlling interest	8	23	38
Credits and incentives	19	26
Uncertain tax positions	5	17
Deconsolidation		23
Tax gain no on books		(83)
Dividends received	(4)	(20)	(23)
Income not subject to taxation	(91)	(239)	(88)
State taxes	32	(26)	(49)
Other	5	(3)	(10)
Income tax (expense) benefit	$ 25	$ (90)	$ (34)

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Basis of Presentation and Summary of Significant Accounting Policies
Principles of Consolidation	Principles of Consolidation Our consolidated financial statements include the accounts of (i) Icahn Enterprises and (ii) the wholly and majority owned subsidiaries of Icahn Enterprises, in addition to variable interest entities (“VIEs”) in which we are the primary beneficiary. In evaluating whether we have a controlling financial interest in entities that we consolidate, we consider the following: (1) for voting interest entities, including limited partnerships and similar entities that are not VIEs, we consolidate these entities in which we own a majority of the voting interests; and (2) for VIEs, we consolidate these entities in which we are the primary beneficiary. See below for a discussion of our VIEs. Kick-out rights, which are the rights underlying the limited partners’ ability to dissolve the limited partnership or otherwise remove the general partners, held through voting interests of partnerships and similar entities that are not VIEs are considered the equivalent of the equity interests of corporations that are not VIEs. For entities over which the Company does not have significant influence, the Company accounts for its equity investment at fair value. Except for our Investment segment and Holding Company, for equity investments in which we own 50% or less but greater than 20%, we generally account for such investments using the equity method. All other equity investments are accounted for at fair value.
Consolidated Variable Interest Entities	Consolidated Variable Interest Entities We determined that Icahn Enterprises Holdings is a VIE because it is a limited partnership that lacks both substantive kick-out and participating rights. Although Icahn Enterprises is not the general partner of Icahn Enterprises Holdings, Icahn Enterprises is deemed to be the primary beneficiary of Icahn Enterprises Holdings principally based on its 99% limited partner interest in Icahn Enterprises Holdings, as well as our related party relationship with the general partner, and therefore continues to consolidate Icahn Enterprises Holdings. Icahn Enterprises Holdings and its subsidiaries own substantially all of our assets and liabilities and therefore, the balance sheets of Icahn Enterprises and Icahn Enterprises Holdings are substantially the same. 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 December 31, 2024, total assets related to the protected cell were $108 million and included in restricted cash in the consolidated balance sheet.
Discontinued Operations and Assets Held For Sale	Discontinued Operations and Assets Held For Sale We classify assets and liabilities as held for sale when management, having the authority to approve the action, commits to a plan to sell the disposal group, the sale is probable within one year, and the disposal group is available for immediate sale in its present condition. We also consider whether an active program to locate a buyer has been initiated, whether the disposal group is marketed actively for sale at a price that is reasonable in relation to its current fair value, and whether actions required to complete the plan indicate it is unlikely significant changes to the plan will be made or the plan will be withdrawn. Our assets held for sale were $25 million as of December 31, 2024, all of which relates to certain properties in our Real Estate segment. In November 2024, we entered into a purchase and sale agreement to sell certain properties, which is expected to close in the first quarter of 2025. In accordance with U.S. GAAP, we classify operations as discontinued when they meet all the criteria to be classified as held for sale and when the sale represents a strategic shift that will have a major impact on our financial condition and results of operations.
Use of Estimates in Preparation of Financial Statements	Use of Estimates in Preparation of Financial Statements The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the period. Due to the inherent uncertainty involved in making estimates, actual results may differ from the estimates and assumptions used in preparing the consolidated financial statements.
Reclassifications	Reclassifications Certain reclassifications from the prior year presentation have been made to conform to the current year presentation, which did not have an impact on previously reported net income and equity and are not deemed material.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying values of cash and cash equivalents, cash held at consolidated affiliated partnerships and restricted cash, accounts receivable, due from brokers, accounts payable, accrued expenses and other liabilities and due to brokers are deemed to be reasonable estimates of their fair values because of their short-term nature. See Note 5, “Investments,” and Note 6, “Fair Value Measurements,” for a detailed discussion of our investments and other non-financial assets and/or liabilities. The fair value of our long-term debt is based on the quoted market prices for the same or similar issues or on the current rates offered to us for debt of the same remaining maturities. The carrying value and estimated fair value of our debt as of December 31, 2024 was approximately $6.8 billion and $6.6 billion, respectively. The carrying value and estimated fair value of our debt as of December 31, 2023 was approximately $7.2 billion and $6.9 billion, respectively.
Acquisitions of Businesses	Acquisitions of Businesses We account for business combinations under the acquisition method of accounting (other than acquisitions of businesses under common control), which requires us to recognize separately from goodwill the assets acquired and the liabilities assumed at their acquisition date fair values. While we use our best estimates and assumptions to accurately value assets acquired and liabilities assumed at the acquisition date as well as contingent consideration, where applicable, our estimates are inherently uncertain and subject to refinement. Accounting for business combinations requires us to make significant estimates and assumptions, especially at the acquisition date including our estimates for intangible assets, contractual obligations assumed, pre-acquisition contingencies, and contingent consideration, where applicable. In valuing our acquisitions, we estimate fair values based on industry data and trends and by reference to relevant market rates and transactions, and discounted cash flow valuation methods, among other factors. The discount rates used were commensurate with the inherent risks associated with each type of asset and the level and timing of cash flows appropriately reflect market participant assumptions. The primary items that generate goodwill include the value of the synergies between the acquired company and our existing businesses and the value of the acquired assembled workforce, neither of which qualifies for recognition as an intangible asset.
Acquisition, Investments and Disposition of Entities under Common Control	Acquisition, Investments and Disposition of Entities under Common Control Acquisitions of or investments in entities under common control are reflected in a manner similar to pooling of interests. The general partner’s capital account or non-controlling interests, as applicable, are charged or credited for the difference between the consideration we pay for the entity and the related entity’s basis prior to our acquisition or investment. Net gains or losses of an acquired entity prior to its acquisition or investment date are allocated to the general partner’s capital account or non-controlling interests, as applicable. In allocating gains and losses upon the sale of a previously acquired common control entity, we allocate a gain or loss for financial reporting purposes by first restoring the general partner’s capital account or non-controlling interests, as applicable, for the cumulative charges or credits relating to prior periods recorded at the time of our acquisition or investment and then allocating the remaining gain or loss (“Common Control Gains or Losses”) among our general partner, limited partners and non-controlling interests, as applicable, in accordance with their respective ownership percentages. In the case of acquisitions of entities under common control, such Common Control Gains or Losses are allocated in accordance with their respective partnership percentages under the Amended and Restated Agreement of Limited Partnership dated as of May 12, 1987, as amended from time to time (together with the partnership agreement of Icahn Enterprises Holdings, the “Partnership Agreement”) (i.e., 98.01% to the limited partners and 1.99% to the general partner).
Cash Flow	Cash Flow Cash and cash equivalents and restricted cash and restricted cash equivalents in our consolidated statements of cash flows is comprised of (i) cash and cash equivalents and (ii) cash held at consolidated affiliated partnerships and restricted cash.
Cash and Cash Equivalents	Cash and Cash Equivalents We consider short-term investments, which are highly liquid with original maturities of three months or less at date of purchase, to be cash equivalents. As of December 31, 2023, our cash and cash equivalents balance included $598 million of reserved funds at our Energy segment to be utilized for the repayment of our Energy segment’s 5.250% senior unsecured notes due 2025.
Cash Held at Consolidated Affiliated Partnerships and Restricted Cash	Cash Held at Consolidated Affiliated Partnerships and Restricted Cash Our cash held at consolidated affiliated partnerships balance was $0.9 billion and $1.1 billion as of December 31, 2024 and 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 Icahn Enterprises. Our restricted cash balance was $1.7 billion and $1.9 billion as of December 31, 2024 and 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.
Investments and Related Transactions	Investments and Related Transactions Investment Investment Transactions and Related Investment Income (Loss). Investment transactions of the Investment Funds are recorded on a trade date basis. Realized gains or losses on sales of investments are based on the first-in, first-out or the specific identification method. Realized and unrealized gains or losses on investments are recorded in the consolidated statements of operations. Interest income and expenses are recorded on an accrual basis and dividends are recorded on the ex-dividend date. Premiums and discounts on fixed income securities are amortized using the effective yield method. Investments held by our Investment segment are carried at fair value. Our Investment segment applies the fair value option to those investments that are otherwise subject to the equity method of accounting. Valuation of Investments. Securities of the Investment Funds that are listed on a securities exchange are valued at their last sales price on the primary securities exchange on which such securities are traded on such date. Securities that are not listed on any exchange but are traded over-the-counter are valued at the mean between the last “bid” and “ask” price for such security on such date. Securities and other instruments for which market quotes are not readily available are valued at fair value as determined in good faith by the Investment Funds. Foreign Currency Transactions. The books and records of the Investment Funds are maintained in U.S. dollars. Assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars at the rate of exchange in effect at the balance sheet date. Transactions during the period denominated in currencies other than U.S. dollars are translated at the rate of exchange applicable on the date of the transaction. Foreign currency translation gains and losses are recorded in the consolidated statements of operations. The Investment Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities. Such fluctuations are reflected in net gain (loss) from investment activities in the consolidated statements of operations. Fair Values of Financial Instruments. The fair values of the Investment Funds’ assets and liabilities that qualify as financial instruments under applicable U.S. GAAP approximate the carrying amounts presented in the consolidated balance sheets. Securities Sold, Not Yet Purchased. The Investment Funds may sell an investment they do not own in anticipation of a decline in the fair value of that investment. When the Investment Funds sell an investment short, they must borrow the investment sold short and deliver it to the broker-dealer through which they made the short sale. A gain, limited to the price at which the Investment Funds sold the investment short, or a loss, unlimited in amount, will be recognized upon the cover of the short sale. Due From Brokers. Due from brokers represents cash balances with the Investment Funds’ clearing brokers, prime brokers, and derivative counterparties. These funds as well as fully-paid for and marginable securities are essentially restricted to the extent that they serve as collateral against securities sold, not yet purchased. Due from brokers may also include unrestricted balances with derivative counterparties. Due To Brokers. Due to brokers represents margin debit balances collateralized by certain of the Investment Funds’ investments in securities. Other Segments and Holding Company Investments in equity securities are carried at fair value with the unrealized gains or losses reflected in the consolidated statements of operations. For purposes of determining gains and losses, the cost of securities is based on specific identification. Dividend income is recorded on the ex-dividend date and interest income is recognized when earned.
Fair Value Option for Financial Assets and Financial Liabilities	Fair Value Option for Financial Assets and Financial Liabilities The fair value option gives entities the option to measure eligible financial assets, financial liabilities and firm commitments at fair value (i.e., the fair value option), on an instrument-by-instrument basis, that are otherwise not permitted to be accounted for at fair value pursuant to the provisions of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 825, Financial Instruments. The election to use the fair value option is available when an entity first recognizes a financial asset or financial liability or upon entering into a firm commitment. Subsequent changes in fair value must be recorded in earnings. In estimating the fair value for financial instruments for which the fair value option has been elected, we use the valuation methodologies in accordance to where the financial instruments are classified within the fair value hierarchy as discussed in Note 6, “Fair Value Measurements.” For our Investment segment, we apply the fair value option to our investments that would otherwise be accounted under the equity method.
Derivatives	Derivatives From time to time, our subsidiaries enter into derivative contracts, including purchased and written option contracts, swap contracts, futures contracts and forward contracts. U.S. GAAP requires recognition of all derivatives as either assets or liabilities in the balance sheet at their fair value. The accounting for changes in fair value depends on the intended use of the derivative and its resulting designation. For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation. Gains and losses related to a hedge are either recognized in income immediately to offset the gain or loss on the hedged item or are deferred and reported as a component of accumulated other comprehensive loss and subsequently recognized in earnings when the hedged item affects earnings. The change in fair value of the ineffective portion of a financial instrument, determined using the hypothetical derivative method, is recognized in earnings immediately. The gain or loss related to financial instruments that are not designated as hedges are recognized immediately in earnings. Cash flows related to hedging activities are included in the operating section of the consolidated statements of cash flows. For further information regarding our derivative contracts, see Note 7, “Financial Instruments.”
Accounts Receivable, Net	Accounts Receivable, Net Accounts receivable, net consists of trade receivables from customers, including contract assets when we have an unconditional right to receive consideration. An allowance is based on historical loss experience, expected credit losses from current economic conditions, and management’s expectations of future economic conditions.
Inventories	Inventories Energy Our Energy segment inventories consist primarily of domestic and foreign crude oil, blending stock and components, work in progress, fertilizer products, refined fuels and by-products and renewable diesel, all of which are valued at the lower of first-in, first-out (“FIFO”) basis method cost or net realizable value. Other inventories, including other raw materials, spare parts and supplies, are valued at the lower of moving-average cost, which approximates FIFO, or net realizable value. The cost of inventories includes inbound freight costs. Automotive, Food Packaging, Home Fashion and Pharma Our Automotive, Food Packaging, Home Fashion and Pharma segments’ inventories are stated at the lower of cost or net realizable value. Cost is determined by using the FIFO method, except for our Automotive segment which uses the last-in, first out (“LIFO”) method and the Pharma segment which utilizes weighted-average cost. Inventory recorded using the LIFO method was $168 million and $228 million as of December 31, 2024 and 2023, respectively, all of which relates to finished goods. The cost of manufactured goods includes the cost of direct materials, labor and manufacturing overhead. Our Automotive, Food Packaging, Home Fashion and Pharma segments write-down inventory for estimated excess, slow-moving and obsolete inventory as well as inventory whose carrying value is in excess of net realizable value.
Long-Lived Assets	Long-Lived Assets Long-lived assets such as property, plant, and equipment, and definite-lived intangible assets are recorded at cost or fair value established at acquisition, less accumulated depreciation or amortization, unless the expected future use of the assets indicate a lower value is appropriate. Long-lived assets are evaluated for impairment when impairment indicators exist. An evaluation of impairment consists of reviewing the carrying value of a long-lived asset for recoverability. Recoverability of long-lived assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future net cash flows expected to be generated by the asset. If the carrying value of a long-lived asset is not determined to be recoverable, a fair value assessment is performed. If the carrying amount of the asset exceeds its fair value, an impairment loss is recognized in accordance with U.S. GAAP. Depreciation and amortization are computed principally by the straight-line method for financial reporting purposes. During the second quarter of 2023, a significant tenant of a commercial high-rise property within our Real Estate segment was notified of default for non-payment. The tenant was unable to cure the default status and the lease was terminated. We considered this default, along with other facts and circumstances, a triggering event for potential impairment and we assessed the carrying value of this long-lived asset for recoverability using the undiscounted cash flow method during the second quarter of 2023. We determined the total undiscounted cash flows of the property exceeded its carrying value and therefore, no impairment is required. Land and construction in progress are stated at the lower of cost or net realizable value. Interest is capitalized on expenditures for long-term projects until a salable or ready-for-use condition is reached. The interest capitalization rate is based on the interest rate on specific borrowings to fund the projects. Costs for planned major maintenance activities (“turnarounds”) for our Energy segment represent major maintenance activities that require shutdown of significant parts of a plant to perform necessary inspection, cleaning, repairs, and replacement of assets. Our Energy segment’s turnaround expenditures are deferred for its petroleum business and expensed as incurred for its nitrogen fertilizer business. Turnarounds generally occur every four to five years for our Energy segment’s refineries and generally every three years for its nitrogen fertilizer plants. Deferred turnaround costs, net of accumulated amortization, are included in other assets in the consolidated financial statements.
Goodwill and Indefinite-Lived Intangible Assets	Goodwill and Indefinite-Lived Intangible Assets Goodwill and indefinite-lived intangible assets primarily include trademarks and brand names acquired in acquisitions. For a complete discussion of the impairment of goodwill and indefinite-lived intangible assets related to our various segments, see Note 11, “Goodwill and Intangible Assets, Net.” Goodwill Goodwill is determined as the excess of the fair value of consideration transferred in a business combination over the net amounts of identifiable assets acquired and liabilities assumed. Goodwill is reviewed for impairment annually, or more frequently if impairment indicators exist. An impairment exists when a reporting unit’s carrying value exceeds its fair value. When performing the goodwill impairment testing, we first consider qualitative factors to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Qualitative factors include considering macroeconomic conditions, industry and market conditions, overall financial performance and other factors. If necessary, a quantitative impairment test is performed. When a quantitative impairment test is performed, a reporting units’ fair value is based on valuation techniques using the best available information, primarily discounted cash flow projections, guideline transaction multiples, and multiples of current and future earnings. The impairment charge, if any, is the excess of the tested reporting unit’s carrying value over its fair value, limited to the total amount of goodwill allocated to the tested reporting unit. Indefinite-Lived Intangible Assets Indefinite-lived intangible assets are stated at fair value established at acquisition or cost. These indefinite-lived intangible assets are reviewed for impairment annually, or more frequently if impairment indicators exist. An impairment exists when a trademark or brand names’ carrying value exceeds its fair value. The fair values of these assets are based upon the prospective stream of hypothetical after-tax royalty cost savings discounted at rates that reflect the rates of return appropriate for these intangible assets. In the fourth quarter of 2023, our Automotive segment recognized an impairment charge of $7 million, representing the excess of the assets’ carrying value over their fair value.
Pension and Other Post-Retirement Benefit Plan Obligations	Pension and Other Post-Retirement Benefit Plan Obligations Post-retirement benefit liabilities were $25 million and $34 million as of December 31, 2024 and 2023, respectively, and are included in accrued expenses and other liabilities in our consolidated balance sheets. Appropriate actuarial methods and assumptions are used in accounting for defined benefit pension plans and other post-retirement benefit plans. These assumptions include long-term rate of return on plan assets, discount rates and other factors. Actual results that differ from the assumptions used are accumulated and amortized over future periods. Therefore, assumptions used to calculate benefit obligations as of the end of the year directly impact the expense to be recognized in future periods. The measurement date for all defined benefit plans is December 31 of each year.
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss Accumulated other comprehensive loss is included in the limited partners and general partner components of equity in the consolidated balance sheets in the amounts of $61 million and $55 million as of December 31, 2024 and 2023, respectively. Refer to Note 17, “Changes in Accumulated Other Comprehensive Loss,” for further information.
Allocation of Net Profits and Losses in Consolidated Affiliated Partnerships	Allocation of Net Profits and Losses in Consolidated Affiliated Partnerships Net investment income and net realized and unrealized gains and losses on investments of the Investment Funds are allocated to the respective partners of the Investment Funds based on their percentage ownership in such Investment Funds on a monthly basis. Except for our limited partner interest, such allocations made to the limited partners of the Investment Funds are represented as non-controlling interests in our consolidated statements of operations.
General Partnership Interest of Icahn Enterprises	General Partnership Interest of Icahn Enterprises The general partner’s capital account generally consists of its cumulative share of our net income less cash distributions plus capital contributions. Additionally, in acquisitions of common control companies accounted for at historical cost similar to a pooling of interests, the general partner’s capital account would be charged (or credited) in a manner similar to a distribution (or contribution) for the excess (or deficit) of the fair value of consideration paid over historical basis in the business acquired. Capital Accounts, as defined under the Partnership Agreement, are maintained for our general partner and our limited partners. The capital account provisions of our Partnership Agreement incorporate principles established for U.S. federal income tax purposes and are not comparable to the equity accounts reflected under U.S. GAAP in our consolidated financial statements. Under our Partnership Agreement, the general partner is required to make additional capital contributions to us upon the issuance of any additional depositary units in order to maintain a capital account balance equal to 1.99% of the total capital accounts of all partners. Generally, net earnings for U.S. federal income tax purposes are allocated 1.99% and 98.01% between the general partner and the limited partners, respectively, in the same proportion as aggregate cash distributions made to the general partner and the limited partners during the period. This is generally consistent with the manner of allocating net income under our Partnership Agreement; however, it is not comparable to the allocation of net income reflected in our consolidated financial statements. Pursuant to the Partnership Agreement, in the event of our dissolution, after satisfying our liabilities, our remaining assets would be divided among our limited partners and the general partner in accordance with their respective percentage interests under the Partnership Agreement. If a deficit balance still remains in the general partner’s capital account after all allocations are made between the partners, the general partner would not be required to make whole any such deficit.
Basic and Diluted Income Per LP Unit	Basic and Diluted Income Per LP Unit For Icahn Enterprises, basic income (loss) per LP unit is based on net income or loss attributable to Icahn Enterprises allocated to limited partners. Net income or loss allocated to limited partners is divided by the weighted-average number of LP units outstanding. Diluted income (loss) per LP unit, when applicable, is based on basic income (loss) adjusted for the potential effect of dilutive securities as well as the related weighted-average number of units and equivalent units outstanding. For accounting purposes, when applicable, earnings prior to dates of acquisitions of entities under common control are excluded from the computation of basic and diluted income per LP unit as such earnings are allocated to our general partner.
Income Taxes	Income Taxes Except as described below, no provision has been made for federal, state, local or foreign income taxes on the results of operations generated by partnership activities, as such taxes are the responsibility of the partners. Provision has been made for federal, state, local or foreign income taxes on the results of operations generated by our corporate subsidiaries and these are reflected within continuing and discontinued operations. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred tax assets are limited to amounts considered to be realizable in future periods. A valuation allowance is recorded against deferred tax assets if management does not believe that we have met the “more-likely-than-not” standard to allow recognition of such an asset. U.S. GAAP provides that the tax effects from an uncertain tax position can be recognized in the financial statements only if the position is “more-likely-than-not” to be sustained if the position were to be challenged by a taxing authority. The assessment of the tax position is based solely on the technical merits of the position, without regard to the likelihood that the tax position may be challenged. If an uncertain tax position meets the “more-likely-than-not” threshold, the largest amount of tax benefit that is greater than 50 percent likely to be recognized upon ultimate settlement with the taxing authority is recorded. See Note 16, “Income Taxes,” for additional information.
Leases	Leases The determination of whether an arrangement is or contains a lease occurs at inception. We account for arrangements that contain lease and non-lease components as a single lease component for all classes of underlying assets. Leases in which we are the lessor are primarily within our Automotive segment and Real Estate segment. Refer to Note 12, “Leases,” for additional information regarding our operating leases. In addition, all of our businesses, including our Real Estate segment, enter into lease arrangements as the lessee. The following is our accounting policy for leases in which we are the lessee. All Segments and Holding Company Leases are classified as either operating or financing by the lessee depending on whether or not the lease terms provide for control of the underlying asset to be transferred to the lessee. When control transfers to the lessee, we classify the lease as a financing lease. All other leases are recorded as operating leases. Effective January 1, 2019, for all leases with an initial lease term in excess of twelve months, we record a right-of-use asset with a corresponding liability in the consolidated balance sheet. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at commencement of the lease based on the present value of the lease payments over the lease term. Right-of-use assets are adjusted for any lease payments made on or before commencement of the lease, less any lease incentives received. As most of our leases do not provide an implicit rate, we use the incremental borrowing rate with respect to each of our businesses based on the information available at commencement of the lease in determining the present value of lease payments. We use the implicit rate when readily determinable. The lease terms used in the determination of our right-of-use assets and lease liabilities reflect any options to extend or terminate the lease when it is reasonably certain that we will exercise such option. We and our subsidiaries, independently of each other, apply a portfolio approach to account for the right-of-use assets and lease liabilities when we or our subsidiaries do not believe that applying the portfolio approach would be materially different from accounting for right-of-use assets and lease liabilities individually. Operating lease costs are recorded as a single expense recognized on a straight-line basis over the lease term. Operating lease right-of-use assets are amortized for the difference between the straight-line expense less the accretion of interest of the related lease liability. Financing lease costs consists of interest expense on the financing lease liability as well as amortization of the right-of-use financing lease assets on a straight-line basis over the lease term.
Real Estate and Automotive	Real Estate and Automotive Leases are classified as either operating, sales-type or direct financing by the lessor. Our Real Estate and Automotive segments’ net lease portfolio consists of commercial real estate leased to others under long-term operating leases and we account for these leases in accordance with FASB ASC Topic 842, Leases. These assets leased to others are recorded at cost, net of accumulated depreciation, and are included in property, plant and equipment, net on our consolidated balance sheets. Assets leased to others are depreciated on a straight-line basis over the useful lives of the assets, ranging from 5 years to 39 years. Lease revenue is recognized on a straight-line basis over the lease term. Cash receipts for all lease payments received are included in net cash flows from operating activities in the consolidated statements of cash flows.
Revenue From Contracts With Customers and Contract Balances	Revenue From Contracts With Customers and Contract Balances Due to the nature of our business, we derive revenue from various sources in various industries. With the exception of all of our Investment segment’s and our Holding Company’s revenues, and our Real Estate and Automotive segments’ leasing revenue, our revenue is generally derived from contracts with customers in accordance with U.S. GAAP. Such revenue from contracts with customers is included in net sales and other revenues from operations in the consolidated statements of operations; however, our Real Estate and Automotive segments’ leasing revenue, as disclosed in Note 12, “Leases,” is also included in other revenues from operations. Related contract assets are included in accounts receivable, net or other assets and related contract liabilities are included in accrued expenses and other liabilities in the consolidated balance sheets. Our disaggregation of revenue information includes our net sales and other revenues from operations for each of our reporting segments as well as additional disaggregation of revenue information for our Energy and Automotive segments. See Note 15, “Segment and Geographic Reporting,” for our complete disaggregation of revenue information. In addition, we disclose additional information with respect to revenue from contracts with customers and contract balances for our segments below. Energy Revenue: Our Energy segment revenues are generated from contracts with customers and are recognized at a point in time when performance obligations are satisfied by transferring control of the products or services to a customer. The transfer of control occurs upon shipment or delivery of the product, as the customer accepts the product, has title and significant risks and rewards of ownership of the product, physical possession of the product has been transferred, and we have the right to payment. The transaction prices of our Energy segment’s contracts are either fixed or based on market indices, and any uncertainty related to the variable consideration when determining the transaction price is resolved on the pricing date or the date when the product is delivered. The payment terms depend on the product and type of contract, but generally require customers to pay within 30 days or less, and do not contain significant financing components. Any pass-through finished goods delivery costs reimbursed by customers are reported in net sales, while an offsetting expense is included in cost of goods sold. Non-monetary product exchanges and certain buy/sell transactions which are entered into in the normal course of business are included on a net cost basis in cost of goods sold. Qualifying excise and other taxes collected from customers and remitted to governmental authorities are recorded as a reduction of the transaction price. Certain sales contracts of the petroleum business require customer prepayment prior to product delivery to guarantee a price and supply of nitrogen fertilizer. Deferred revenue is recorded at the point in time in which a prepaid contract is legally enforceable and the associated right to consideration is unconditional prior to transferring the product to the customer. An associated receivable is recorded for uncollected prepaid contract amounts. As of December 31, 2024, our Energy segment had $8 million of remaining performance obligations for contracts with an original expected duration of more than one year. Our Energy segment expects to recognize approximately $4 million of these performance obligations as revenue by the end of 2025, an additional $3 million by the end of 2026, and the remaining balance thereafter. Contract balances: Our Energy segment’s deferred revenue is a contract liability that primarily relates to fertilizer sales contracts requiring customer prepayment prior to product delivery to guarantee a price and supply of nitrogen fertilizer. Deferred revenue is recorded at the point in time in which a prepaid contract is legally enforceable and the associated right to consideration is unconditional prior to transferring product to the customer. An associated receivable is recorded for uncollected prepaid contract amounts. Contracts requiring prepayment are generally short-term in nature and, as discussed above, revenue is recognized at the point in time in which the customer obtains control of the product. In addition, it includes deferred revenue associated with agreements entered into with third-party investors that has allowed our Energy segment to monetize certain tax credits available under Section 45Q of the Internal Revenue Code (the “45Q Transaction”). Our Energy segment had deferred revenue of $78 million and $49 million as of December 31, 2024 and 2023, respectively. Deferred revenue is included in accrued expense and other liabilities in the consolidated balance sheets. For the years ended December 31, 2024, 2023 and 2022, our Energy segment recorded revenue of $16 million, $46 million and $86 million, respectively, with respect to deferred revenue outstanding as of the beginning of each respective year. Automotive Revenue: Our Automotive segment recognizes revenue when it satisfies a performance obligation by transferring control over a product or service to a customer. Our Automotive segment revenue from retail and commercial parts sales is measured based on consideration specified in a contract with a customer and excludes any sales incentives and amounts collected on behalf of third parties. Automotive Service revenues are recognized on completion of the service and consist of products and the labor charged for installing products or maintaining or repairing vehicles. Automotive services labor revenues are included in other revenues from operations in our consolidated statements of operations; however, the sale of any installed parts or materials related to automotive services are included in net sales. Our Automotive segment recognizes revenues from extended warranties offered to its customers on tires its sells, including lifetime warranties for road hazard assistance (recognized over 3 years) and 1-year, 3-year and lifetime plans for alignments (recognized over 1 year, 3 years and 5 years, respectively), for which it receives payment upfront. Revenues from extended warranties are recognized over the term of the warranty contract with the satisfaction of its performance obligations measured using the output method. Our Automotive segment recognizes revenues from franchise royalties, for which it receives payment over time, in the period in which royalties are earned, generally based on a percentage of franchise sales and are included in other revenues from operations in the consolidated statements of operations. Contract balances: Our Automotive segment had deferred revenue with respect to extended warranty plans of $37 million and $45 million as of December 31, 2024 and 2023, respectively, which are included in accrued expenses and other liabilities in our consolidated balance sheets. For the years ended December 31, 2024, 2023 and 2022, our Automotive segment recorded revenue of $22 million, $22 million and $25 million, respectively, with respect to deferred revenue outstanding as of the beginning of each respective year. Food Packaging Our Food Packaging segment revenues are recognized at the time products are shipped to the customer, under F.O.B. shipping point or F.O.B. port terms, which is the point at which title is transferred, the customer has the assumed risk of loss, and payment has been received or collection is reasonably assumed. Revenues are net of discounts, rebates and allowances. Viskase records all labor, raw materials, in-bound freight, plant receiving and purchasing, warehousing, handling and distribution costs as a component of costs of goods sold. Home Fashion Our Home Fashion segment records revenue upon delivery and when title is transferred and the customer has assumed the risk of loss. Unless otherwise agreed in writing, title and risk of loss pass from WPH to the customer when WPH delivers the merchandise to the designated point of delivery, to the designated point of destination or to the designated carrier, free on board. Provisions for certain rebates, sales incentives, product returns and discounts to customers are recorded in the same period the related revenue is recorded. Pharma Our Pharma segment records product and supply revenue at the time of shipment at which time it has satisfied its performance obligations. Product revenue represents the significant majority of our Pharma segment’s revenue and is recognized net of estimated returns as well as net of consideration paid to customers, wholesalers and certified pharmacies for services rendered in accordance with their respective services network agreements and includes a fixed rate per prescription shipped and monthly program management and data fees. Consideration fees are not deemed sufficiently separable from the customers’ purchase of the products and therefore, such fees are recorded as a reduction of revenue at the time of revenue recognition. Our Pharma segment, as the principal party in a supply arrangement, recognizes supply revenue on a gross basis. Our Pharma segment also recognizes license and royalty revenue, which are not significant.
Other Revenue and Expense Recognition	Other Revenue and Expense Recognition Real Estate Revenue Recognition: Revenue from real estate sales and related costs are recognized at the time of closing primarily by specific identification. The properties comprising our net lease portfolio are leased to others under long-term net leases classified as operating leases and we account for these leases in accordance with applicable U.S. GAAP. Operating lease revenue is recognized on a straight-line basis over the lease term. Energy Shipping Costs: Our Energy segment’s pass-through finished goods delivery costs reimbursed by customers are reported in net sales, while an offsetting expense is included in cost of goods sold. Automotive Shipping Costs: Our Automotive segment recognizes shipping and handling costs as incurred and is included in selling, general and administrative in the consolidated statements of operations for its Aftermarkets Parts business which was substantially exited in 2024.
Environmental Liabilities	Environmental Liabilities We recognize environmental liabilities when a loss is probable and reasonably estimable. Estimates of these costs are based upon currently available facts, internal and third-party assessments of contamination, available remediation technology, site-specific costs, and currently enacted laws and regulations. In reporting environmental liabilities, no offset is made for potential recoveries. Loss contingency accruals, including those for environmental remediation, are subject to revision as further information develops or circumstances change, and such accruals can take into account the legal liability of other parties. Environmental expenditures are capitalized at the time of the expenditure when such costs provide future economic benefits.
Litigation	Litigation On an ongoing basis, we assess the potential liabilities related to any lawsuits or claims brought against us. While it is typically very difficult to determine the timing and ultimate outcome of such actions, we use our best judgment to determine if it is probable that we will incur an expense related to the settlement or final adjudication of such matters and whether a reasonable estimation of such probable loss, if any, can be made. In assessing probable losses, we make estimates of the amount of insurance recoveries, if any. We accrue a liability when we believe a loss is probable and the amount of loss can be reasonably estimated. Due to the inherent uncertainties related to the eventual outcome of litigation and potential insurance recovery, it is possible that certain matters may be resolved for amounts materially different from any provisions or disclosures that we have previously made.
Foreign Currency Translation	Foreign Currency Translation Exchange adjustments related to international currency transactions and translation adjustments for international subsidiaries whose functional currency is the U.S. dollar (principally those located in highly inflationary economies) are reflected in the consolidated statements of operations. Translation adjustments of international subsidiaries for which the local currency is the functional currency are reflected in the consolidated balance sheets as a component of accumulated other comprehensive income. Deferred taxes are not provided on translation adjustments, other than for intercompany loans not designated as permanently reinvested, as the earnings of the subsidiaries are considered to be permanently reinvested.
Concentrations of credit risk	Concentrations of credit risk Concentrations of credit risk relate primarily to derivative instruments from our Investment segment. See Note 7, “Financial Instruments,” for further discussion. In addition, at our Holding Company, financial instruments that potentially subject us to concentrations of credit risk are primarily cash and cash equivalent deposits. These cash and cash equivalent deposits are maintained with several financial institutions. The deposits held at the various financial institutions may exceed federally insured limits. Exposure to this credit risk is reduced by placing such deposits with major financial institutions and monitoring their credit ratings and, therefore, we believe these deposits bear minimal credit risk.
Adoption of New Accounting Standards and Recently Issued Accounting Standards	Adoption of New Accounting Standards In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures, which includes requirements for more robust disclosures of significant segment expenses and measures of a segment’s profit and loss used in assessing performance. This standard is effective for the Company’s annual period beginning January 1, 2024 and interim periods beginning January 1, 2025 with early adoptions permitted. We adopted this ASU effective January 1, 2024. The adoption of this standard did not have a significant impact on our consolidated financial statements. In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which amends guidance in Topic 820, Fair Value Measurement. The guidance clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The guidance also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The amendment requires the following disclosures for equity securities subject to contractual sale restrictions: the fair value of equity securities subject to contractual sale restrictions; the nature and remaining duration of the restriction(s); and the circumstances that could cause a lapse in the restriction(s). The amended guidance is effective January 1, 2024 on a prospective basis. We adopted this ASU effective January 1, 2024. The adoption of this standard did not have a significant impact on our consolidated financial statements. Recently Issued Accounting Standards In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), which requires disclosure of specific information about costs and expenses within relevant expense captions on the face of the income statement, qualitative descriptions for expense captions not specifically disaggregated quantitatively, and the total amount and definition of selling expenses for interim and annual reporting periods. This standard is effective for the Company’s annual reporting period beginning January 1, 2027 and interim reporting periods beginning January 1, 2028 and should be applied on a retrospective or prospective basis, with early adoption permitted. We are currently assessing the impact of adopting this standard on our consolidated financial statements. 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. While the Company does not expect adoption will have a material impact on our consolidated financial statements, we currently expect additional disclosures will be included for our annual reporting period beginning January 1, 2025. The Company does not intend to early adopt this ASU.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes

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


	Icahn Enterprises
	December 31,
	2024		2023

		(in millions)
Book basis of net assets	$	2,449	$	3,224
Book/tax basis difference		(366)		(540)
Tax basis of net assets	$	2,083	$	2,684

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


	Year Ended December 31,
	2024		2023		2022

	(in millions)
Domestic	$	(570)	$	(943)	$	(8)
International		3		21		17
	$	(567)	$	(922)	$	9

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


	Year Ended December 31,
	2024		2023		2022

	(in millions)
Current:
Domestic	$	(20)	$	(130)	$	(174)
International		9		(8)		(8)
Total current		(11)		(138)		(182)
Deferred:
Domestic		43		41		149
International		(7)		7		(1)
Total deferred		36		48		148
	$	25	$	(90)	$	(34)

Schedule of reconciliation of the income tax benefit (expense)


	Year Ended December 31,
	2024		2023		2022

	(in millions)
Income tax benefit at U.S. statutory rate	$	119	$	193	$	(2)
Tax effect from:
Valuation allowance		(68)		(1)		100
Non-controlling interest		8		23		38
Credits and incentives		19		26		—
Uncertain tax positions		5		17		—
Deconsolidation		—		23		—
Tax gain not on books		—		(83)		—
Dividends received		(4)		(20)		(23)
Income not subject to taxation		(91)		(239)		(88)
State taxes		32		(26)		(49)
Other		5		(3)		(10)
Income tax benefit (expense)	$	25	$	(90)	$	(34)

Schedule of deferred tax assets (liabilities)


	December 31,
	2024		2023

	(in millions)
Deferred tax assets:
Contingent liabilities	$	56	$	61
Net operating loss		962		954
Tax credits		54		48
Capital loss		241		200
Leases		132		139
Investment in partnerships		135		147
Other		87		105
Total deferred tax assets		1,667		1,654
Less: Valuation allowance		(908)		(860)
Net deferred tax assets	$	759	$	794

Deferred tax liabilities:
Property, plant and equipment	$	(364)	$	(408)
Intangible assets		(60)		(65)
Investment in partnerships		(161)		(180)
Investment in U.S. subsidiaries		(163)		(163)
Leases		(129)		(135)
Other		(53)		(58)
Total deferred tax liabilities		(930)		(1,009)
	$	(171)	$	(215)

Schedule of unrecognized tax benefits


	Year Ended December 31,
	2024		2023		2022

	(in millions)
Balance at January 1	$	10	$	27	$	33
Addition based on tax positions related to the current year		—		—		—
Increase for tax positions of prior years		—		—		—
Decrease for tax positions of prior years		—		—		—
Decrease for statute of limitation expiration		(1)		(17)		(6)
Balance at December 31	$	9	$	10	$	27