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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of difference between the book basis and the tax basis of our net asset

Icahn Enterprises

Icahn Enterprises Holdings

December 31, 

December 31, 

    

2020

    

2019

    

2020

    

2019

 

(in millions)

 

(in millions)

Book basis of net assets

$

3,382

$

5,456

$

3,380

$

5,453

Book/tax basis difference

 

(774)

 

(1,397)

 

(774)

 

(1,397)

Tax basis of net assets

$

2,608

$

4,059

$

2,606

$

4,056

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

Year Ended December 31, 

    

2020

    

2019

    

2018

(in millions)

Domestic

$

(2,586)

$

(1,765)

$

235

International

 

2

 

26

 

(12)

$

(2,584)

$

(1,739)

$

223

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

Year Ended December 31, 

    

2020

    

2019

    

2018

(in millions)

Current:

  

  

  

Domestic

$

69

$

(106)

$

(11)

International

 

(2)

 

(3)

 

(4)

Total current

 

67

 

(109)

 

(15)

Deferred:

 

  

 

  

 

  

Domestic

 

51

 

87

 

30

International

 

(2)

 

2

 

(1)

Total deferred

 

49

 

89

 

29

$

116

$

(20)

$

14

Schedule of reconciliation of the income tax benefit (expense)

Year Ended December 31, 

    

2020

    

2019

    

2018

(in millions)

Income tax benefit (expense) at U.S. statutory rate

$

543

$

365

$

(47)

Tax effect from:

 

  

 

  

 

  

Valuation allowance

 

(243)

 

(63)

 

(4)

Non-controlling interest

 

(6)

 

(4)

 

26

Goodwill impairment

 

 

 

(18)

Stock dispositions

 

 

 

69

Income not subject to taxation

 

(287)

 

(314)

 

14

State taxes

 

103

 

 

Other

 

6

 

(4)

 

(26)

Income tax benefit (expense)

$

116

$

(20)

$

14

Schedule of deferred tax assets (liabilities)

December 31, 

    

2020

    

2019

(in millions)

Deferred tax assets:

    

  

  

Property, plant and equipment

$

17

$

17

Net operating loss

 

996

 

791

Tax credits

 

60

 

29

Capital loss

 

358

 

155

Leases

 

141

 

133

Other

 

119

 

71

Total deferred tax assets

 

1,691

 

1,196

Less: Valuation allowance

 

(1,026)

 

(619)

Net deferred tax assets

$

665

$

577

Deferred tax liabilities:

 

  

 

  

Property, plant and equipment

$

(121)

$

(125)

Intangible assets

 

(84)

 

(37)

Investment in partnerships

 

(657)

 

(652)

Investment in U.S. subsidiaries

 

(184)

 

(184)

Leases

 

(135)

 

(125)

Other

 

(46)

 

(61)

Total deferred tax liabilities

 

(1,227)

 

(1,184)

$

(562)

$

(607)

Schedule of unrecognized tax benefits

Year Ended December 31, 

    

2020

    

2019

    

2018

(in millions)

Balance at January 1

$

33

$

34

$

34

Addition based on tax positions related to the current year

 

1

 

2

 

Increase for tax positions of prior years

 

6

 

 

6

Decrease for tax positions of prior years

 

(2)

 

 

Decrease for statute of limitation expiration

 

(3)

 

(3)

 

(6)

Balance at December 31

$

35

$

33

$

34