10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark one)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2021

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from to

(Commission File Number)	(Exact Name of Registrant as Specified in Its Charter) (Address of Principal Executive Offices) (Zip Code) (Telephone Number)	(State or Other Jurisdiction of Incorporation or Organization)	(IRS Employer Identification No.)
1-9516	ICAHN ENTERPRISES L.P.	Delaware	13-3398766

16690 Collins Avenue, PH-1

Sunny Isles Beach, FL 33160

(305) 422-4100

333-118021-01 ICAHN ENTERPRISES HOLDINGS L.P. Delaware 13-3398767

16690 Collins Avenue, PH-1

Sunny Isles Beach, FL 33160

(305) 422-4100

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Depositary Units of Icahn Enterprises L.P. Representing Limited Partner Interests	IEP	Nasdaq	Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Icahn Enterprises L.P. Yes ☒ No ☐ Icahn Enterprises Holdings L.P. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Icahn Enterprises L.P. Yes ☒ No ☐ Icahn Enterprises Holdings L.P. Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act (Check One):

Icahn Enterprises L.P.						Icahn Enterprises Holdings L.P.
Large Accelerated Filer	☒	Accelerated Filer		☐		Large Accelerated Filer	☐	Accelerated Filer		☐
Non-accelerated Filer	☐	Smaller Reporting Company			☐	Non-accelerated Filer	☒	Smaller Reporting Company			☐
Emerging Growth Company			☐			Emerging Growth Company			☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Icahn Enterprises L.P. Yes ☐ No ☒ Icahn Enterprises Holdings L.P. Yes ☐ No ☒

As of May 7, 2021, there were 252,493,080 of Icahn Enterprises’ depositary units outstanding.

ICAHN ENTERPRISES L.P.

ICAHN ENTERPRISES HOLDINGS L.P.

TABLE OF CONTENTS

		Page No.
	Explanatory Note and Forward-Looking Statements	1
	PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)	2
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	39
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	53
Item 4.	Controls and Procedures	53
	PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	54
Item 1A.	Risk Factors	54
Item 6.	Exhibits	55

i

EXPLANATORY NOTE

This Quarterly Report on Form 10-Q (this “Report”) is a joint report being filed by Icahn Enterprises L.P. and Icahn Enterprises Holdings L.P. Each registrant hereto is filing on its own behalf all of the information contained in this Report that relates to such registrant. Each registrant hereto is not filing any information that does not relate to such registrant, and therefore makes no representation as to any such information.

FORWARD-LOOKING STATEMENTS

This Report contains certain statements that are, or may be deemed to be, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or by Public Law 104-67. All statements included in this Report, other than statements that relate solely to historical fact, are “forward-looking statements.” Such statements include, but are not limited to, any statement that may predict, forecast, indicate or imply future results, performance, achievements or events, including the impact of the COVID-19 pandemic, or any statement that may relate to strategies, plans or objectives for, or potential results of, future operations, financial results, financial condition, business prospects, growth strategy or liquidity, and are based upon management’s current plans and beliefs or current estimates of future results or trends. Forward-looking statements can generally be identified by phrases such as “believes,” “expects,” “potential,” “continues,” “may,” “should,” “seeks,” “predicts,” “anticipates,” “intends,” “projects,” “estimates,” “plans,” “could,” “designed,” “should be” and other similar expressions that denote expectations of future or conditional events rather than statements of fact.

Forward-looking statements include certain statements made under the caption, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” under Part I, Item 2 of this Report, but also forward-looking statements that appear in other parts of this Report. Forward-looking statements reflect our current views with respect to future events and are based on certain assumptions and are subject to risks and uncertainties that could cause our actual results to differ materially from trends, plans, or expectations set forth in the forward-looking statements. These include risks related to economic downturns, substantial competition and rising operating costs; risks related to the severity, magnitude and duration of the COVID-19 pandemic and its impact on the global economy, financial markets and industries in which our subsidiaries operate; risks related to our investment activities, including the nature of the investments made by the private funds in which we invest, declines in the fair value of our investments as a result of the COVID-19 pandemic, losses in the private funds and loss of key employees; risks related to our ability to continue to conduct our activities in a manner so as to not be deemed an investment company under the Investment Company Act of 1940, as amended; risks related to our energy business, including the volatility and availability of crude oil, declines in global demand for crude oil, refined products and liquid transportation fuels as result of the COVID-19 pandemic, other feed stocks and refined products, unfavorable refining margin (crack spread), interrupted access to pipelines, significant fluctuations in nitrogen fertilizer demand in the agricultural industry and seasonality of results; risks related to our automotive activities and exposure to adverse conditions in the automotive industry, including as a result of the COVID-19 pandemic; risks related to our food packaging activities, including competition from better capitalized competitors, inability of its suppliers to timely deliver raw materials, and the failure to effectively respond to industry changes in casings technology; risks related to our scrap metals activities, including potential environmental exposure; risks related to our real estate activities, including the extent of any tenant bankruptcies and insolvencies; risks related to our home fashion operations, including changes in the availability and price of raw materials, and changes in transportation costs and delivery times. These risks and uncertainties also include the risks and uncertainties described in our Annual Report on Form 10-K for the year ended December 31, 2020 and those set forth in this Report, including under the caption “Risk Factors,” under Part II, Item 1A of this Report. Additionally, there may be other factors not presently known to us or which we currently consider to be immaterial that may cause our actual results to differ materially from the forward-looking statements.

1

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

ICAHN ENTERPRISES L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

	March 31,		December 31,
	2021		2020
	(In millions, except unit amounts)
ASSETS
Cash and cash equivalents	$	1,942	$	1,679
Cash held at consolidated affiliated partnerships and restricted cash		1,134		1,612
Investments		11,480		8,913
Due from brokers		4,234		3,437
Accounts receivable, net		572		501
Inventories, net		1,559		1,580
Property, plant and equipment, net		4,231		4,228
Unrealized gain on derivative contracts		855		785
Goodwill		294		294
Intangible assets, net		643		660
Other assets		1,353		1,296
Total Assets	$	28,297	$	24,985
LIABILITIES AND EQUITY
Accounts payable	$	851	$	738
Accrued expenses and other liabilities		2,303		1,584
Deferred tax liabilities		549		568
Unrealized loss on derivative contracts		584		639
Securities sold, not yet purchased, at fair value		4,863		2,521
Due to brokers		1,509		1,618
Debt		8,056		8,059
Total liabilities		18,715		15,727
Commitments and contingencies (Note 16)
Equity:
Limited partners: Depositary units: 244,448,180 units issued and outstanding at March 31, 2021 and 241,338,835 units issued and outstanding at December 31, 2020		4,086		4,236
General partner		(856)		(853)
Equity attributable to Icahn Enterprises		3,230		3,383
Equity attributable to non-controlling interests		6,352		5,875
Total equity		9,582		9,258
Total Liabilities and Equity	$	28,297	$	24,985

See notes to condensed consolidated financial statements.

2

ICAHN ENTERPRISES L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

	Three Months Ended March 31,
	2021		2020
	(In millions, except per unit amounts)
Revenues:
Net sales	$	2,218	$	1,860
Other revenues from operations		152		161
Net gain (loss) from investment activities		1,006		(2,128)
Interest and dividend income		26		64
Other loss, net		(18)		(17)
		3,384		(60)
Expenses:
Cost of goods sold		2,139		1,810
Other expenses from operations		118		135
Selling, general and administrative		316		308
Restructuring, net		—		2
Interest expense		195		171
		2,768		2,426
Income (loss) before income tax (expense) benefit		616		(2,486)
Income tax (expense) benefit		(17)		180
Net income (loss)		599		(2,306)
Less: net income (loss) attributable to non-controlling interests		437		(922)
Net income (loss) attributable to Icahn Enterprises	$	162	$	(1,384)
Net income (loss) attributable to Icahn Enterprises allocated to:
Limited partners	$	159	$	(1,356)
General partner		3		(28)
	$	162	$	(1,384)
Basic income (loss) per LP unit	$	0.66	$	(6.34)
Basic weighted average LP units outstanding		242		214
Diluted income (loss) per LP unit	$	0.65	$	(6.34)
Diluted weighted average LP units outstanding		245		214
Cash distributions declared per LP unit	$	2.00	$	2.00

See notes to condensed consolidated financial statements.

3

ICAHN ENTERPRISES L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

	Three Months Ended March 31,
	2021		2020
	(in millions)
Net income (loss)	$	599	$	(2,306)
Other comprehensive loss, net of tax:
Translation adjustments		(1)		(3)
Post-retirement benefits and other		—		—
Other comprehensive loss, net of tax		(1)		(3)
Comprehensive income (loss)		598		(2,309)
Less: Comprehensive income (loss) attributable to non-controlling interests		437		(922)
Comprehensive income (loss) attributable to Icahn Enterprises	$	161	$	(1,387)
Comprehensive income (loss) attributable to Icahn Enterprises allocated to:
Limited partners	$	158	$	(1,359)
General partner		3		(28)
	$	161	$	(1,387)

See notes to condensed consolidated financial statements.

4

ICAHN ENTERPRISES L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)

	Equity Attributable to Icahn Enterprises
	General		Limited				Non-
	Partner’s		Partners’		Total Partners’		controlling
	(Deficit) Equity		Equity		Equity		Interests		Total Equity
	(In millions)
Balance, December 31, 2020	$	(853)	$	4,236	$	3,383	$	5,875	$	9,258
Net income		3		159		162		437		599
Other comprehensive loss		—		(1)		(1)		—		(1)
Partnership distributions payable		(10)		(489)		(499)		—		(499)
Partnership contributions		4		182		186		—		186
Investment segment contributions from non-controlling interests		—		—		—		40		40
Changes in subsidiary equity and other		—		(1)		(1)		—		(1)
Balance, March 31, 2021	$	(856)	$	4,086	$	3,230	$	6,352	$	9,582

	Equity Attributable to Icahn Enterprises
	General		Limited				Non-
	Partner’s		Partners’		Total Partners’		controlling
	(Deficit) Equity		Equity		Equity		Interests		Total Equity
	(In millions)
Balance, December 31, 2019	$	(812)	$	6,268	$	5,456	$	5,486	$	10,942
Net loss		(28)		(1,356)		(1,384)		(922)		(2,306)
Other comprehensive loss		—		(3)		(3)		—		(3)
Partnership distributions payable		(9)		(428)		(437)		—		(437)
Partnership contributions		—		7		7		—		7
Investment segment contributions from non-controlling interests		—		—		—		1,241		1,241
Dividends and distributions to non-controlling interests in subsidiaries		—		—		—		(23)		(23)
Changes in subsidiary equity and other		—		(4)		(4)		—		(4)
Balance, March 31, 2020	$	(849)	$	4,484	$	3,635	$	5,782	$	9,417

See notes to condensed consolidated financial statements.

5

ICAHN ENTERPRISES L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Three Months Ended March 31,
	2021		2020
	(in millions)
Cash flows from operating activities:
Net income (loss)	$	599	$	(2,306)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Net (gain) loss from securities transactions		(1,290)		4,402
Purchases of securities		(1,519)		(1,279)
Proceeds from sales of securities		715		20
Payments to cover securities sold, not yet purchased		(459)		(635)
Proceeds from securities sold, not yet purchased		2,141		—
Changes in receivables and payables relating to securities transactions		(858)		2,292
Changes in unrealized gains/losses on derivative contracts		(125)		(3,827)
Depreciation and amortization		127		121
Deferred taxes		(18)		(144)
Other, net		10		57
Changes in other operating assets and liabilities		126		(74)
Net cash used in operating activities		(551)		(1,373)
Cash flows from investing activities:
Capital expenditures		(47)		(53)
Acquisition of businesses, net of cash acquired		(20)		(1)
Purchases of investments		—		(254)
Proceeds from sale of investments		182		—
Other, net		1		(16)
Net cash provided by (used in) investing activities		116		(324)
Cash flows from financing activities:
Investment segment contributions from non-controlling interests		40		1
Partnership contributions		182		7
Dividends and distributions to non-controlling interests in subsidiaries		—		(23)
Proceeds from Holding Company senior unsecured notes		750		866
Repayments of Holding Company senior unsecured notes		(750)		(1,350)
Proceeds from subsidiary borrowings		177		1,368
Repayments of subsidiary borrowings		(180)		(848)
Other, net		(5)		(14)
Net cash provided by financing activities		214		7
Effect of exchange rate changes on cash and cash equivalents and restricted cash and restricted cash equivalents		6		2
Net decrease in cash and cash equivalents and restricted cash and restricted cash equivalents		(215)		(1,688)
Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period		3,291		4,945
Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period	$	3,076	$	3,257

See notes to condensed consolidated financial statements.

6

ICAHN ENTERPRISES HOLDINGS L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

	March 31,		December 31,
	2021		2020
	(in millions)
ASSETS
Cash and cash equivalents	$	1,942	$	1,679
Cash held at consolidated affiliated partnerships and restricted cash		1,134		1,612
Investments		11,480		8,913
Due from brokers		4,234		3,437
Accounts receivable, net		572		501
Inventories, net		1,559		1,580
Property, plant and equipment, net		4,231		4,228
Unrealized gain on derivative contracts		855		785
Goodwill		294		294
Intangible assets, net		643		660
Other assets		1,353		1,296
Total Assets	$	28,297	$	24,985
LIABILITIES AND EQUITY
Accounts payable	$	851	$	738
Accrued expenses and other liabilities		2,303		1,584
Deferred tax liabilities		549		568
Unrealized loss on derivative contracts		584		639
Securities sold, not yet purchased, at fair value		4,863		2,521
Due to brokers		1,509		1,618
Debt		8,058		8,061
Total liabilities		18,717		15,729
Commitments and contingencies (Note 16)
Equity:
Limited partner		4,125		4,277
General partner		(897)		(896)
Equity attributable to Icahn Enterprises Holdings		3,228		3,381
Equity attributable to non-controlling interests		6,352		5,875
Total equity		9,580		9,256
Total Liabilities and Equity	$	28,297	$	24,985

See notes to condensed consolidated financial statements.

7

ICAHN ENTERPRISES HOLDINGS L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

	Three Months Ended March 31,
	2021		2020
	(in millions)
Revenues:
Net sales	$	2,218	$	1,860
Other revenues from operations		152		161
Net gain (loss) from investment activities		1,006		(2,128)
Interest and dividend income		26		64
Other loss, net		(18)		(17)
		3,384		(60)
Expenses:
Cost of goods sold		2,139		1,810
Other expenses from operations		118		135
Selling, general and administrative		316		308
Restructuring, net		—		2
Interest expense		195		171
		2,768		2,426
Income (loss) before income tax (expense) benefit		616		(2,486)
Income tax (expense) benefit		(17)		180
Net income (loss)		599		(2,306)
Less: net income (loss) attributable to non-controlling interests		437		(922)
Net income (loss) attributable to Icahn Enterprises Holdings	$	162	$	(1,384)
Net income (loss) attributable to Icahn Enterprises Holdings allocated to:
Limited partner	$	160	$	(1,370)
General partner		2		(14)
	$	162	$	(1,384)

See notes to condensed consolidated financial statements.

8

ICAHN ENTERPRISES HOLDINGS L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

	Three Months Ended March 31,
	2021		2020
	(in millions)
Net income (loss)	$	599	$	(2,306)
Other comprehensive loss, net of tax:
Translation adjustments		(1)		(3)
Post-retirement benefits and other		—		—
Other comprehensive loss, net of tax		(1)		(3)
Comprehensive income (loss)		598		(2,309)
Less: Comprehensive income (loss) attributable to non-controlling interests		437		(922)
Comprehensive income (loss) attributable to Icahn Enterprises Holdings	$	161	$	(1,387)
Comprehensive income (loss) attributable to Icahn Enterprises Holdings allocated to:
Limited partner	$	159	$	(1,373)
General partner		2		(14)
	$	161	$	(1,387)

See notes to condensed consolidated financial statements.

9

ICAHN ENTERPRISES HOLDINGS L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED)

	Equity Attributable to Icahn Enterprises Holdings
	General		Limited				Non-
	Partner’s		Partner’s		Total Partners’		controlling
	(Deficit) Equity		Equity		Equity		Interests		Total Equity
	(In millions)
Balance, December 31, 2020	$	(896)	$	4,277	$	3,381	$	5,875	$	9,256
Net income		2		160		162		437		599
Other comprehensive loss		—		(1)		(1)		—		(1)
Partnership distributions payable		(5)		(494)		(499)		—		(499)
Partnership contributions		2		184		186		—		186
Investment segment contributions from non-controlling interests		—		—		—		40		40
Changes in subsidiary equity and other		—		(1)		(1)		—		(1)
Balance, March 31, 2021	$	(897)	$	4,125	$	3,228	$	6,352	$	9,580

	Equity Attributable to Icahn Enterprises Holdings
	General		Limited				Non-
	Partner’s		Partner’s		Total Partners’		controlling
	(Deficit) Equity		Equity		Equity		Interests		Total Equity
	(In millions)
Balance, December 31, 2019	$	(875)	$	6,328	$	5,453	$	5,486	$	10,939
Net loss		(14)		(1,370)		(1,384)		(922)		(2,306)
Other comprehensive loss		—		(3)		(3)		—		(3)
Partnership distributions payable		(4)		(433)		(437)		—		(437)
Partnership contributions		—		7		7		—		7
Investment segment contributions from non-controlling interests		—		—		—		1,241		1,241
Dividends and distributions to non-controlling interests in subsidiaries		—		—		—		(23)		(23)
Changes in subsidiary equity and other		—		(4)		(4)		—		(4)
Balance, March 31, 2020	$	(893)	$	4,525	$	3,632	$	5,782	$	9,414

See notes to condensed consolidated financial statements.

10

ICAHN ENTERPRISES HOLDINGS L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Three Months Ended March 31,
	2021		2020
	(in millions)
Cash flows from operating activities:
Net income (loss)	$	599	$	(2,306)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Net (gain) loss from securities transactions		(1,290)		4,402
Purchases of securities		(1,519)		(1,279)
Proceeds from sales of securities		715		20
Payments to cover securities sold, not yet purchased		(459)		(635)
Proceeds from securities sold, not yet purchased		2,141		—
Changes in receivables and payables relating to securities transactions		(858)		2,292
Changes in unrealized gains/losses on derivative contracts		(125)		(3,827)
Depreciation and amortization		127		121
Deferred taxes		(18)		(144)
Other, net		10		57
Changes in other operating assets and liabilities		126		(74)
Net cash used in operating activities		(551)		(1,373)
Cash flows from investing activities:
Capital expenditures		(47)		(53)
Acquisition of businesses, net of cash acquired		(20)		(1)
Purchases of investments		—		(254)
Proceeds from sale of investments		182		—
Other, net		1		(16)
Net cash provided by (used in) investing activities		116		(324)
Cash flows from financing activities:
Investment segment contributions from non-controlling interests		40		1
Partnership contributions		182		7
Dividends and distributions to non-controlling interests in subsidiaries		—		(23)
Proceeds from Holding Company senior unsecured notes		750		866
Repayments of Holding Company senior unsecured notes		(750)		(1,350)
Proceeds from subsidiary borrowings		177		1,368
Repayments of subsidiary borrowings		(180)		(848)
Other, net		(5)		(14)
Net cash provided by financing activities		214		7
Effect of exchange rate changes on cash and cash equivalents and restricted cash and restricted cash equivalents		6		2
Net decrease in cash and cash equivalents and restricted cash and restricted cash equivalents		(215)		(1,688)
Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period		3,291		4,945
Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period	$	3,076	$	3,257

See notes to condensed consolidated financial statements.

11

ICAHN ENTERPRISES L.P. AND SUBSIDIARIES

ICAHN ENTERPRISES HOLDINGS L.P. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

1.  Description of Business

Overview

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

Icahn Enterprises owns a 99% limited partner interest in Icahn Enterprises Holdings. Icahn Enterprises G.P. Inc. (“Icahn Enterprises GP”), which is 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 March 31, 2021. Icahn Enterprises Holdings and its subsidiaries own substantially all of our assets and liabilities and conduct substantially all of our operations. Therefore, the financial results of Icahn Enterprises and Icahn Enterprises Holdings are substantially the same, with differences relating primarily to the allocation of the general partner interest, which is reflected as an aggregate 1.99% general partner interest in the financial statements of Icahn Enterprises. In addition to the above, Mr. Icahn and his affiliates owned approximately 91% of Icahn Enterprises’ outstanding depositary units as of March 31, 2021.

Description of Continuing Operating Businesses

We are a diversified holding company owning subsidiaries currently engaged in the following continuing operating businesses: Investment, Energy, Automotive, Food Packaging, Metals, 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 and Icahn Enterprises Holdings (unless otherwise noted), and investment activity and expenses associated with our Holding Company. See Note 12, “Segment Reporting,” for a reconciliation of each of our reporting segment’s results of operations to our consolidated results. Certain additional information with respect to our segments is discussed below.

Investment

Our Investment segment is comprised of various private investment funds (“Investment Funds”) in which we have general partner interests and through which we invest our proprietary capital. As general partner, we provide investment advisory and certain administrative and back office services to the Investment Funds but do not provide such services to any other entities, individuals or accounts. We and certain of Mr. Icahn’s family members and affiliates are the only investors in the Investment Funds. Interests in the Investment Funds are not offered to outside investors. We had interests in the Investment Funds with a fair value of approximately $4.7 billion and $4.3 billion as of March 31, 2021 and December 31, 2020, respectively.

Energy

We conduct our Energy segment through our majority owned subsidiary, CVR Energy, Inc. (“CVR Energy”). CVR Energy is a diversified holding company primarily engaged in the petroleum refining and nitrogen fertilizer manufacturing businesses through its holdings in CVR Refining, LP (“CVR Refining”) and CVR Partners, LP (“CVR Partners”), respectively. CVR Refining is an independent petroleum refiner and marketer of high value transportation fuels. CVR Partners produces and markets nitrogen fertilizers in the form of urea ammonium nitrate and ammonia. CVR Energy has a general partner interest in each of CVR Refining and CVR Partners. In addition, CVR Energy is the sole limited partner of CVR Refining and owns approximately 36% of the outstanding common units of CVR Partners as of March 31, 2021. As of March 31, 2021, we owned approximately 71% of the total outstanding common stock of CVR Energy.

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Notes to Condensed Consolidated Financial Statements (Unaudited)

Automotive

We conduct our Automotive segment through our wholly owned subsidiary, Icahn Automotive Group LLC (“Icahn Automotive”). Icahn Automotive is engaged in the retail and wholesale distribution of automotive parts in the aftermarket (“aftermarket parts”) as well as providing automotive repair and maintenance services (“automotive services”) to its customers. Icahn Automotive’s aftermarket parts and automotive services businesses serve different customer channels and have distinct strategies, opportunities and requirements and therefore are operated as two independent operating companies, each with its own Chief Executive Officer and management teams, and both of which are supported by a central shared service group. Our Automotive segment also includes our separate investment in 767 Auto Leasing LLC (“767 Leasing”), a joint venture created by us to purchase vehicles for lease, as described further in Note 3, “Related Party Transactions.” Our investment in 767 Leasing is included as a component of our Automotive segment due to the nature of the joint venture activities.

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 March 31, 2021, we owned approximately 89% of the total outstanding common stock of Viskase.

Metals

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

Real Estate

Our Real Estate segment consists primarily of investment properties, the development and sale of single-family homes and the management of a country club.

Home Fashion

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

Pharma

We conduct our Pharma segment through our wholly owned subsidiary, Vivus, Inc. (“Vivus”). We acquired all of the outstanding common stock of Vivus in December 2020 upon its emergence from bankruptcy. Vivus is a specialty pharmaceutical company with two approved therapies and one product candidate in active clinical development.

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Notes to Condensed Consolidated Financial Statements (Unaudited)

2.  Basis of Presentation and Summary of Significant Accounting Policies

We conduct and plan to continue to conduct our activities in such a manner as not to be deemed an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). Therefore, no more than 40% of our total assets can be invested in investment securities, as such term is defined in the Investment Company Act. In addition, we do not invest or intend to invest in securities as our primary business. We intend to structure our investments to continue 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. and Ferrous Resources Ltd. in recent years did not result in our being considered an investment company. However, additional transactions involving the sale of certain assets could result in our being considered an investment company. Following such events or transactions, an exemption under the Investment Company Act would provide us up to one year to take steps to avoid becoming classified as an investment company. We expect to take steps to avoid becoming classified as an investment company, but no assurance can be made that we will successfully be able to take the steps necessary to avoid becoming classified as an investment company.

The accompanying condensed consolidated financial statements and related notes should be read in conjunction with our consolidated financial statements and related notes contained in our Annual Report on Form 10-K for the year ended December 31, 2020. The condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) related to interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. The financial information contained herein is unaudited; however, management believes all adjustments have been made that are necessary to present fairly the results for the interim periods. All such adjustments are of a normal and recurring nature.

Principles of Consolidation

Our condensed consolidated financial statements include the accounts of (i) Icahn Enterprises and Icahn Enterprises Holdings and (ii) the wholly and majority owned subsidiaries of Icahn Enterprises and Icahn Enterprises Holdings, 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.

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.

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Notes to Condensed Consolidated Financial Statements (Unaudited)

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.

Consolidated Variable Interest Entities

The following is a discussion of variable interest entities in which we are deemed to be the primary beneficiary and in which we therefore consolidate.

Icahn Enterprises Holdings

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. The condensed consolidated financial statements of Icahn Enterprises Holdings are included in this Report. The balances with respect to Icahn Enterprises Holdings’ consolidated VIEs are discussed below, comprising the Investment Funds, CVR Partners and Viskase’s joint venture.

Investment

We determined that each of the Investment Funds are considered VIEs because these limited partnerships lack both substantive kick-out and participating rights. Because we have a general partner interest in each of the Investment Funds and have significant limited partner interests in each of the Investment Funds, coupled with our significant exposure to losses and benefits in each of the Investment Funds, we are the primary beneficiary of each of the Investment Funds and therefore continue to consolidate each of the Investment Funds.

Energy

CVR Partners is considered a VIE because it is a limited partnership that lacks both substantive kick-out and participating rights. In addition, CVR Energy also concluded that, based upon its general partner’s roles and rights in CVR Partners as afforded by CVR Partners’ partnership agreement, coupled with its exposure to losses and benefits in CVR Partners through its significant limited partner interest, intercompany credit facilities and services agreements, it is the primary beneficiary of CVR Partners.

Food Packaging

Viskase holds a variable interest in a joint venture for which Viskase is the primary beneficiary. Viskase’s interest in the joint venture includes a 50% equity interest and also relates to the sales, operations, administrative and financial support to the joint venture through providing many of the assets used in its business.

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Notes to Condensed Consolidated Financial Statements (Unaudited)

The following table includes balances of assets and liabilities of VIE’s included in Icahn Enterprises Holdings’ condensed consolidated balance sheets.

	March 31,		December 31,
	2021		2020
	(in millions)
Cash and cash equivalents	$	64	$	31
Cash held at consolidated affiliated partnerships and restricted cash		1,078		1,558
Investments		10,926		8,239
Due from brokers		4,234		3,437
Accounts receivable, net		15		37
Inventories, net		57		42
Property, plant and equipment, net		1,025		1,042
Unrealized gain on derivative contracts		849		785
Intangible assets, net		227		232
Other assets		124		107
Accounts payable		22		25
Accrued expenses and other liabilities		151		70
Deferred tax liabilities		1		1
Unrealized loss on derivative contracts		521		622
Securities sold, not yet purchased, at fair value		4,863		2,521
Due to brokers		1,509		1,618
Debt		637		636

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 4, “Investments,” and Note 5, “Fair Value Measurements,” for a detailed discussion of our investments and other non-financial assets and/or liabilities.

The fair value of our long-term debt is based on the quoted market prices for the same or similar issues or on the current rates offered to us for debt of the same remaining maturities. The carrying value and estimated fair value of our long-term debt as of March 31, 2021 was approximately $8.1 billion and $8.1 billion, respectively. The carrying value and estimated fair value of our long-term debt as of December 31, 2020 was approximately $8.1 billion and $8.2 billion, respectively.

Cash Flow

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

Cash Held at Consolidated Affiliated Partnerships and Restricted Cash

Our cash held at consolidated affiliated partnerships balance was $142 million and $686 million as of March 31, 2021 and December 31, 2020, respectively. Cash held at consolidated affiliated partnerships relates to our Investment segment and consists of cash and cash equivalents held by the Investment Funds that, although not legally restricted, are not available to fund the general liquidity needs of the Investment segment or Icahn Enterprises.

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Notes to Condensed Consolidated Financial Statements (Unaudited)

Our restricted cash balance was $992 million and $926 million as of March 31, 2021 and December 31, 2020, respectively. Restricted cash primarily relates to our Investment segment’s cash pledged and held for margin requirements on derivative transactions.

Revenue From Contracts With Customers and Contract Balances

Due to the nature of our business, we derive revenue from various sources in various industries. With the exception of all of our Investment segment’s and our Holding Company’s revenues, and our Real Estate segment’s leasing revenue, our revenue is generally derived from contracts with customers in accordance with U.S. GAAP. Such revenue from contracts with customers is included in net sales and other revenues from operations in the condensed consolidated statements of operations, however, our Real Estate segment’s leasing revenue, as disclosed in Note 9, “Leases,” is also included in other revenues from operations. Related contract assets are included in accounts receivable, net or other assets and related contract liabilities are included in accrued expenses and other liabilities in the condensed consolidated balance sheets. Our disaggregation of revenue information includes our net sales and other revenues from operations for each of our reporting segments as well as additional disaggregation of revenue information for our Energy and Automotive segments. See Note 12, “Segment Reporting,” for our complete disaggregation of revenue information. In addition, we disclose additional information with respect to revenue from contracts with customers and contract balances for our Energy and Automotive segments below.

Energy

Our Energy segment’s deferred revenue is a contract liability that 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. Our Energy segment had deferred revenue of $40 million and $31 million as of March 31, 2021 and December 31, 2020, respectively. For the three months ended March 31, 2021 and 2020, our Energy segment recorded revenue of $8 million and $6 million, respectively, with respect to deferred revenue outstanding as of the beginning of each respective period.

As of March 31, 2021, our Energy segment had $6 million of remaining performance obligations for contracts with an original expected duration of more than one year. Our Energy segment expects to recognize approximately $3 million of these performance obligations as revenue by the end of 2021 and the remaining balance thereafter.

Automotive

Our Automotive segment has deferred revenue with respect to extended warranty plans of $40 million and $41 million as of March 31, 2021 and December 31, 2020, respectively, which are included in accrued expenses and other liabilities on the condensed consolidated balance sheets. For the three months ended March 31, 2021 and 2020, our Automotive segment recorded revenue of $6 million and $6 million, respectively, with respect to deferred revenue outstanding as of the beginning of each respective period.

Adoption of New Accounting Standards

In December 2019, the Financial Account Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Simplifying the Accounting for Income Taxes, which amends FASB ASC Topic 740, Income Taxes. This ASU simplifies the accounting for income taxes by removing certain exceptions to the general principles in the standard and modifies other areas of the standard to clarify the application of U.S. GAAP. This ASU is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. We have adopted this

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Notes to Condensed Consolidated Financial Statements (Unaudited)

standard on January 1, 2021. Certain amendments in this ASU are applied using a retrospective approach and others using the prospective approach. The adoption of this standard did not have a significant impact on our condensed consolidated financial statements.

Recently Issued Accounting Standards

In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which amends FASB ASC Topic 848, Reference Rate Reform. By the end of 2021, banks will no longer be required to report information that is used to determine London Interbank Offered Rate (“LIBOR”) which is used globally by all types of entities for various types of transactions. As a result, LIBOR could be discontinued, as well as other interest rates used globally. This ASU provides companies with optional expedients for contract modifications under U.S GAAP, excluded components of certain hedging relationships, fair value hedges, and cash flow hedges, as well as certain exceptions, which are intended to help ease the potential accounting burden associated with transitioning away from these reference rates. Companies can apply this ASU immediately and will only be available for a limited time (generally through December 31, 2022). We are currently assessing the impact of this standard on our condensed consolidated financial statements.

3.  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

During the three months ended March 31, 2020, Mr. Icahn and his affiliates (excluding us) contributed $1,241 million to the Investment Funds consisting primarily of in-kind investments previously held directly by Mr. Icahn and his affiliates (excluding us). As of March 31, 2021 and December 31, 2020, the total fair market value of investments in the Investment Funds made by Mr. Icahn and his affiliates (excluding us) was approximately $5.5 billion and $5.0 billion, respectively, representing approximately 54% and 54% of the Investment Funds’ assets under management as of each respective date.

We pay for expenses pertaining to the operation, administration and investment activities of our Investment segment for the benefit of the Investment Funds (including salaries, benefits and rent). Based on an expense-sharing arrangement, certain expenses borne by us are reimbursed by the Investment Funds. For the three months ended March 31, 2021 and 2020, $5 million and $(6) million, respectively, was allocated to the Investment Funds based on this expense-sharing arrangement. For the three months ended March 31, 2020, the allocation was reduced by $8 million relating to certain compensation arrangements.

Hertz Global Holdings, Inc. and 767 Auto Leasing LLC

The Investment Funds had an investment in the common stock of Hertz Global Holdings, Inc. (“Hertz”) measured at fair value that would have otherwise been subject to the equity method of accounting (until sold in the second quarter of 2020). Icahn Automotive provides services to Hertz in the ordinary course of business. Revenue from Hertz was $14 million for the three months ended March 31, 2020.

In addition to our transactions with Hertz disclosed above, in January 2018, we entered into a Master Motor Vehicle Lease and Management Agreement with Hertz, pursuant to which Hertz granted 767 Leasing the option to acquire

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Notes to Condensed Consolidated Financial Statements (Unaudited)

certain vehicles from Hertz at rates aligned with the rates at which Hertz sells vehicles to third parties. Under this agreement, as amended, Hertz will lease the vehicles that 767 Leasing purchases from Hertz, or from third parties, under a mutually developed fleet plan and Hertz will manage, service, repair, sell and maintain those leased vehicles on behalf of 767 Leasing. Additionally, Hertz will rent the leased vehicles to transportation network company drivers from rental counters within locations leased or owned by us. This agreement had an initial term of 18 months and is subject to automatic six-month renewals thereafter, unless terminated by either party (with or without cause) prior to the start of any such six-month renewal. Our agreement with Hertz was unanimously approved by the independent directors of Icahn Enterprises’ audit committee. Due to the nature of our involvement with 767 Leasing, which includes Icahn Enterprises and Icahn Enterprises Holdings guaranteeing the payment obligations of 767 Leasing and sharing in the profits of 767 Leasing with Hertz, we determined that 767 Leasing is a variable interest entity. Furthermore, we determined that we are not the primary beneficiary as we do not have the power to direct the activities of 767 Leasing that most significantly impact its economic performance. Therefore, we do not consolidate the results of 767 Leasing. Our exposure to loss with respect to 767 Leasing is primarily limited to our direct investment in 767 Leasing as well as any payment obligations of 767 Leasing that we guarantee, which are not material as of March 31, 2021 and December 31, 2020. For the three months ended March 31, 2021, 767 Leasing distributed $11 million to us. As of March 31, 2021 and December 31, 2020, we had an equity method investment in 767 Leasing of $28 million and $40 million, respectively, which we report in our Automotive segment.

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. 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, as discussed below. 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. During 2021, Brett Icahn contributed $40 million in accordance with the manager agreement and has investments in the Investment Funds with a total fair market value of $59 million as of March 31, 2021. 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.

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Notes to Condensed Consolidated Financial Statements (Unaudited)

4.  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 condensed consolidated balance sheets. These investments are considered trading securities. In addition, our Investment segment has certain derivative transactions which are discussed in Note 6, “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:

	March 31,		December 31,
	2021		2020
	(in millions)
Assets
Investments:
Equity securities:
Consumer, non-cyclical	$	2,079	$	1,548
Consumer, cyclical		2,572		2,073
Energy		3,703		2,654
Utilities		658		107
Technology		1,589		1,578
Industrial		194		158
		10,795		8,118
Corporate debt securities		131		121
	$	10,926	$	8,239
Liabilities
Securities sold, not yet purchased, at fair value:
Equity securities:
Consumer, non-cyclical	$	971	$	424
Consumer, cyclical		405		572
Energy		3,091		1,476
Utilities		396		49
	$	4,863	$	2,521

The portion of unrealized gains (losses) that relates to securities still held by our Investment segment, primarily equity securities, was $1,122 million and $(4,170) million for the three months ended March 31, 2021 and 2020, respectively.

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Notes to Condensed Consolidated Financial Statements (Unaudited)

Other Segments and Holding Company

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

	March 31,		December 31,
	2021		2020
	(in millions)
Equity method investments	$	108	$	120
Held to maturity debt investments measured at amortized cost		20		20
Other investments measured at fair value		426		534
	$	554	$	674

The portion of unrealized gains (losses) that relates to equity securities still held by our other segments and Holding Company was $58 million and $(312) million for the three months ended March 31, 2021 and 2020, respectively.

5.  Fair Value Measurements

U.S. GAAP requires enhanced disclosures about investments and non-recurring non-financial 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 investments or non-financial assets and liabilities at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the investment. Investments 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.

Investments and non-financial assets and/or 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 investments and non-financial assets and/or 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 investments are derived from market observable sources including reported trades, broker/dealer quotes and other pertinent data.

Level 3 - Pricing inputs are unobservable for the investment and non-financial asset and/or liability and include situations where there is little, if any, market activity for the investment or non-financial asset and/or liability. 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 investments’, non-financial assets’ and/or liabilities’ 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 investment. 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.

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Notes to Condensed Consolidated Financial Statements (Unaudited)

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:

	March 31, 2021								December 31, 2020
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(in millions)
Assets
Investments (Note 4)	$	11,128	$	171	$	41	$	11,340	$	8,546	$	174	$	41	$	8,761
Derivative contracts, at fair value (Note 6)		—		855		—		855		—		785		—		785
	$	11,128	$	1,026	$	41	$	12,195	$	8,546	$	959	$	41	$	9,546
Liabilities
Securities sold, not yet purchased (Note 4)	$	4,863	$	—	$	—	$	4,863	$	2,521	$	—	$	—	$	2,521
Derivative contracts, at fair value (Note 6)		—		584		—		584		11		628		—		639
Other liabilities		—		342		—		342		—		214		—		214
	$	4,863	$	926	$	—	$	5,789	$	2,532	$	842	$	—	$	3,374

6.  Financial Instruments

Overview

Investment

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

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

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Notes to Condensed Consolidated Financial Statements (Unaudited)

frame. They are also required to pay to the counterparty a floating interest rate equal to the product of the notional amount multiplied by an agreed-upon rate, and they receive interest on any cash collateral that they post to the counterparty at the federal funds or LIBOR rate in effect for such period.

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

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

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

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

Certain terms of the Investment Funds’ contracts with derivative counterparties, which are standard and customary to such contracts, contain certain triggering events that would give the counterparties the right to terminate the derivative instruments. In such events, the counterparties to the derivative instruments could request immediate payment on derivative instruments in net liability positions. The aggregate fair value of all of the Investment Funds’ derivative instruments with credit-risk-related contingent features that are in a liability position as of March 31, 2021 and December 31, 2020 was $2 million and $1 million, respectively.

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Notes to Condensed Consolidated Financial Statements (Unaudited)

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

	March 31, 2021				December 31, 2020
	Long Notional Exposure		Short Notional Exposure		Long Notional Exposure		Short Notional Exposure
		(in millions)
Primary underlying risk:
Equity contracts	$	217	$	4,074	$	—	$	8,623
Credit contracts(1)		8		4,113		—		2,099

(1) The short notional amount on our credit default swap positions was approximately $8.2 billion at March 31, 2021. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is approximately $4.1 billion as of March 31, 2021. The short notional amount on our credit default swap positions was approximately $6.3 billion as of December 31, 2020. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is approximately $2.1 billion as of December 31, 2020.

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:

	Asset Derivatives				Liability Derivatives
	March 31, 2021		December 31, 2020		March 31, 2021		December 31, 2020
		(in millions)
Equity contracts	$	11	$	4	$	737	$	852
Credit contracts		1,056		1,012		2		1
Sub-total		1,067		1,016		739		853
Netting across contract types(1)		(218)		(231)		(218)		(231)
Total(1)	$	849	$	785	$	521	$	622

(1) Excludes netting of cash collateral received and posted. The total collateral posted at March 31, 2021 and December 31, 2020 was $936 million and $872 million, respectively, across all counterparties, which are included in cash held at consolidated affiliated partnerships and restricted cash in the condensed consolidated balance sheets.

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

	Gain (Loss) Recognized in Income(1)
	Three Months Ended March 31,
	2021		2020
	(in millions)
Equity contracts	$	(324)	$	1,468
Credit contracts		39		806
	$	(285)	$	2,274

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Notes to Condensed Consolidated Financial Statements (Unaudited)

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

Energy

CVR Energy’s businesses are subject to price fluctuations caused by supply conditions, weather, economic conditions, interest rate fluctuations and other factors. To manage price risk on crude oil and other inventories and to fix margins on certain future production, CVR Refining regularly enters into various commodity derivative transactions. CVR Refining holds derivative instruments, such as exchange-traded crude oil futures and over-the-counter forward swap agreements, which it believes provide an economic hedge on future transactions, but such instruments are not designated as hedge instruments. CVR Refining may enter into forward purchase or sale contracts associated with renewable identification numbers (“RINs”).

As of March 31, 2021 and December 31, 2020, CVR Refining had 12 million and 7 million, respectively, outstanding commodity swap positions. As of March 31, 2021 and December 31, 2020, CVR Refining had open forward purchase and sale commitments for 4 million barrels and 6 million barrels, respectively. As of March 31, 2021 and December 31, 2020, CVR Refining had open fixed-price commitments to purchase a net 32 million and 13 million RINs, respectively.

Certain derivative contracts executed by our Energy segment with a single counterparty are reported on a net-by-counterparty basis where a legal right of offset exists under an enforceable netting agreement. As of March 31, 2021 and December 31, 2020, our Energy segment had net asset derivatives of $6 million and net liability derivatives of $63 million, respectively. (Losses) gains recognized on derivatives for our Energy segment were $(32) million and $46 million for the three months ended March 31, 2021 and 2020, respectively. Gains and losses recognized on derivatives for our Energy segment are included in cost of goods sold on the condensed consolidated statements of operations.

7.  Inventories, Net

Inventories, net consists of the following:

	March 31,		December 31,
	2021		2020
	(in millions)
Raw materials	$	235	$	183
Work in process		90		83
Finished goods		1,234		1,314
	$	1,559	$	1,580

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Notes to Condensed Consolidated Financial Statements (Unaudited)

8.  Goodwill and Intangible Assets, Net

Goodwill consists of the following:

	March 31, 2021						December 31, 2020
	Gross				Net		Gross				Net
	Carrying		Accumulated		Carrying		Carrying		Accumulated		Carrying
	Amount		Impairment		Value		Amount		Impairment		Value
	(in millions)
Automotive	$	337	$	(87)	$	250	$	337	$	(87)	$	250
Food Packaging		6		—		6		6		—		6
Metals		4		—		4		4		—		4
Home Fashion		24		(3)		21		24		(3)		21
Pharma		13		—		13		13		—		13
	$	384	$	(90)	$	294	$	384	$	(90)	$	294

Intangible assets, net consists of the following:

	March 31, 2021						December 31, 2020
	Gross				Net		Gross				Net
	Carrying		Accumulated		Carrying		Carrying		Accumulated		Carrying
	Amount		Amortization		Value		Amount		Amortization		Value
	(in millions)
Definite-lived intangible assets:
Customer relationships	$	398	$	(181)	$	217	$	399	$	(176)	$	223
Developed technology		254		(13)		241		254		(6)		248
Other		177		(75)		102		269		(163)		106
	$	829	$	(269)	$	560	$	922	$	(345)	$	577
Indefinite-lived intangible assets					$	83					$	83
Intangible assets, net					$	643					$	660

Amortization expense associated with definite-lived intangible assets was $15 million and $11 million for the three months ended March 31, 2021 and 2020, respectively. We utilize the straight-line method of amortization, recognized over the estimated useful lives of the assets.

9.  Leases

All Segments and Holding Company

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

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Notes to Condensed Consolidated Financial Statements (Unaudited)

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

	March 31,		December 31,
	2021		2020
	(in millions)
Operating Leases:
Right-of-use assets (other assets)	$	540	$	552
Lease liabilities (accrued expenses and other liabilities)		557		569
Financing Leases:
Right-of-use assets (property, plant and equipment, net)		65		65
Lease liabilities (debt)		82		81

Additional information with respect to our operating leases as of March 31, 2021 and December 31, 2020 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 March 31, 2021	Assets		Liabilities		Lease Term	Rate
	(in millions)
Energy	$	41	$	42	4.5 years	5.5%
Automotive		423		442	4.6 years	5.7%
Food Packaging		30		34	11.1 years	7.4%
Other segments and Holding Company		46		39
	$	540	$	557

	Right-Of-Use		Lease			Discount
Operating Leases as of December 31, 2020	Assets		Liabilities		Lease Term	Rate
	(in millions)
Energy	$	37	$	38	3.1 years	5.5%
Automotive		436		456	4.6 years	5.7%
Food Packaging		32		35	11.1 years	7.4%
Other segments and Holding Company		47		40
	$	552	$	569

For the three months ended March 31, 2021 and 2020, lease cost was comprised of (i) operating lease cost of $51 million and $51 million, respectively, (ii) amortization of financing lease right-of-use assets of $3 million and $3 million, respectively, and (iii) interest expense on financing lease liabilities of $1 million and $2 million respectively. Our Automotive segment accounted for $43 million and $43 million of total lease cost for the three months ended March 31, 2021 and 2020, respectively.

Real Estate

Our Real Estate segment leases real estate, primarily commercial properties under long-term operating leases. As of March 31, 2021 and December 31, 2020, our Real Estate segment has assets leased to others included in property, plant

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Notes to Condensed Consolidated Financial Statements (Unaudited)

and equipment of $222 million and $222 million, respectively, net of accumulated depreciation. Our Real Estate segment’s revenue from operating leases were $5 million and $8 million for the three months ended March 31, 2021 and 2020, respectively. Revenues from operating leases are included in other revenue from operations in the condensed consolidated statements of operations.

10.  Debt

Debt consists of the following:

	March 31,		December 31,
	2021		2020
	(in millions)
Holding Company:
6.250% senior unsecured notes due 2022	$	456	$	1,209
6.750% senior unsecured notes due 2024		499		499
4.750% senior unsecured notes due 2024		1,106		1,106
6.375% senior unsecured notes due 2025		748		748
6.250% senior unsecured notes due 2026		1,250		1,250
5.250% senior unsecured notes due 2027		999		999
4.375% senior unsecured notes due 2029		747		—
		5,805		5,811
Reporting Segments:
Energy		1,691		1,691
Automotive		352		368
Food Packaging		156		151
Metals		28		16
Real Estate		1		1
Home Fashion		23		21
		2,251		2,248
Total Debt	$	8,056	$	8,059

Holding Company

In January 2021, Icahn Enterprises and Icahn Enterprises Finance Corp. (together the “Issuers”) issued $750 million in aggregate principal amount of 4.375% senior unsecured notes due 2029 (the “New 2029 Notes”). The proceeds from the New 2029 Notes were used to redeem $750 million principal amount of 6.250% senior unsecured notes due 2022, and to pay accrued interest, related fees and expenses. Interest on the New 2029 Notes is payable semi-annually. In connection with this transaction, our Holding Company recorded a gain on extinguishment of debt of $2 million.

The New 2029 Notes and the related guarantee are the senior unsecured obligations of the Issuers and rank equally with all of the Issuers’ and the Guarantor’s existing and future senior unsecured indebtedness and senior to all of the Issuers’ and the Guarantor’s existing and future subordinated indebtedness. The New 2029 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. The New 2029 Notes and the related guarantees are also effectively subordinated to all indebtedness and other liabilities of the Issuers’ subsidiaries other than the Guarantor.

The indenture governing the New 2029 Notes restricts 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. The indenture also restricts the incurrence of debt or the issuance of disqualified stock, as defined in the indenture, with certain exceptions. In addition, the indenture requires that on each quarterly determination date, Icahn Enterprises and

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Notes to Condensed Consolidated Financial Statements (Unaudited)

the guarantor of the New 2029 Notes (currently only Icahn Enterprises Holdings) maintain certain minimum financial ratios, as defined therein. The indenture also restricts the creation of liens, mergers, consolidations and sales of substantially all of our assets, and transactions with affiliates.

Subsequent Event

In April 2021, the Issuers issued $455 million in aggregate principal amount of additional 5.250% senior unsecured notes due 2027. The proceeds from this issuance were used to redeem the remaining $455 million principal amount of 6.250% senior unsecured notes due 2022, and to pay accrued interest, related fees and expenses.

Covenants

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

Non-Cash Charges to Interest Expense

The amortization of deferred financing costs and debt discounts and premiums included in interest expense in the condensed consolidated statements of operations were $1 million and $1 million for the three months ended March 31, 2021 and 2020, respectively.

11.  Net Income Per LP Unit

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

	Three Months Ended March 31,
	2021		2020
	(in millions, except per unit amounts)
Net income (loss) attributable to Icahn Enterprises	$	162	$	(1,384)
Net income (loss) attributable to Icahn Enterprises allocated to limited partners (98.01% allocation)	$	159	$	(1,356)
Basic income (loss) per LP unit	$	0.66	$	(6.34)
Basic weighted average LP units outstanding		242		214
Diluted income (loss) per LP unit	$	0.65	$	(6.34)
Diluted weighted average LP units outstanding		245		214

As their effect would have been anti-dilutive, four million weighted average units have been excluded from the calculation of diluted income per LP unit for the three months ended March 31, 2020.

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Notes to Condensed Consolidated Financial Statements (Unaudited)

LP Unit Transactions

Unit Distributions

On February 24, 2021, Icahn Enterprises declared a quarterly distribution in the amount of $2.00 per depositary unit in which each depositary unitholder had the option to make an election to receive either cash or additional depositary units. Because the depositary unitholders had the election to receive the distribution either in cash or additional depositary units, we recorded a unit distribution liability of $489 million as the unit distribution had not been made as of March 31, 2021. In addition, the unit distribution liability, which is included in accrued expenses and other liabilities in the condensed consolidated balance sheets, is considered a potentially dilutive security and is considered in the calculation of diluted income per LP unit as disclosed above. Any difference between the liability recorded and the amount representing the aggregate value of the number of depositary units distributed and cash paid would be charged to equity.

On April 29, 2021, Icahn Enterprises distributed an aggregate 8,044,900 depositary units to unitholders electing to receive depositary units, of which an aggregate of 7,717,918 depositary units were distributed to Mr. Icahn and his affiliates. In connection with this distribution, aggregate cash distributions to all depositary unitholders that made a timely election to receive cash was $27 million.

2019 and 2021 At-The-Market Offerings

On May 2, 2019, Icahn Enterprises announced the commencement of its “at-the-market” offering pursuant to its Open Market Sale Agreement, pursuant to which Icahn Enterprises may sell its depositary units, from time to time, during the term of the program ending on March 31, 2021, for up to $400 million in aggregate sale proceeds. During the three months ended March 31, 2020, Icahn Enterprises sold 107,131 depositary units pursuant to this agreement, resulting in gross proceeds of $7 million. This agreement was terminated on February 26, 2021.

On February 26, 2021, Icahn Enterprises announced the commencement of its “at-the-market” offering pursuant to its Open Market Sale Agreement, pursuant to which Icahn Enterprises may sell its depositary units, from time to time, during the term of the program ending on December 31, 2023, for up to $400 million in aggregate sale proceeds. During the three months ended March 31, 2021, Icahn Enterprises sold 3,109,345 depositary units pursuant to this agreement, resulting in gross proceeds of $184 million. As of March 31, 2021, Icahn Enterprises may sell its depositary units for up to an additional $216 million in aggregate sale proceeds pursuant to this agreement. No assurance can be made that any or all amounts will be sold during the term of the program.

12.  Segment Reporting

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

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Notes to Condensed Consolidated Financial Statements (Unaudited)

Condensed Statements of Operations

Icahn Enterprises’ condensed statements of operations by reporting segment are presented below. Icahn Enterprises Holdings’ condensed statements of operations are substantially the same, with immaterial differences relating to our Holding Company’s interest expense.

	Three Months Ended March 31, 2021
	Investment		Energy		Automotive		Food Packaging		Metals		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated
	(in millions)
Revenues:
Net sales	$	—	$	1,463	$	456	$	101	$	120	$	8	$	41	$	29	$	—	$	2,218
Other revenues from operations		—		—		142		—		—		9		—		1		—		152
Net gain from investment activities		939		62		—		—		—		—		—		—		5		1,006
Interest and dividend income		25		—		—		—		—		—		—		—		1		26
Other (loss) income, net		(21)		7		(1)		(6)		1		—		—		—		2		(18)
		943		1,532		597		95		121		17		41		30		8		3,384
Expenses:
Cost of goods sold		—		1,579		313		80		112		7		34		14		—		2,139
Other expenses from operations		—		—		112		—		—		6		—		—		—		118
Selling, general and administrative		5		35		227		13		4		5		11		8		8		316
Restructuring, net		—		—		—		—		—		—		—		—		—		—
Interest expense		76		31		3		2		—		—		—		—		83		195
		81		1,645		655		95		116		18		45		22		91		2,768
Income (loss) before income tax benefit (expense)		862		(113)		(58)		—		5		(1)		(4)		8		(83)		616
Income tax benefit (expense)		—		46		12		(1)		—		—		—		—		(74)		(17)
Net income (loss)		862		(67)		(46)		(1)		5		(1)		(4)		8		(157)		599
Less: net income (loss) attributable to non-controlling interests		471		(34)		—		—		—		—		—		—		—		437
Net income (loss) attributable to Icahn Enterprises	$	391	$	(33)	$	(46)	$	(1)	$	5	$	(1)	$	(4)	$	8	$	(157)	$	162
Supplemental information:
Capital expenditures	$	—	$	34	$	8	$	2	$	1	$	1	$	1	$	—	$	—	$	47
Depreciation and amortization	$	—	$	82	$	22	$	7	$	4	$	3	$	2	$	7	$	—	$	127

	Three Months Ended March 31, 2020
	Investment		Energy		Automotive		Food Packaging		Metals		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated
	(in millions)
Revenues:
Net sales	$	—	$	1,130	$	492	$	98	$	86	$	4	$	50	$	—	$	—	$	1,860
Other revenues from operations		—		—		143		—		—		18		—		—		—		161
Net (loss) gain from investment activities		(1,816)		30		—		—		—		—		—		—		(342)		(2,128)
Interest and dividend income		52		3		—		—		—		—		—		—		9		64
Other (loss) income, net		(1)		(6)		1		(7)		—		—		—		—		(4)		(17)
		(1,765)		1,157		636		91		86		22		50		—		(337)		(60)
Expenses:
Cost of goods sold		—		1,250		352		78		85		4		41		—		—		1,810
Other expenses from operations		—		—		123		—		—		12		—		—		—		135
Selling, general and administrative		(6)		31		246		12		4		5		11		—		5		308
Restructuring, net		—		—		2		—		—		—		—		—		—		2
Interest expense		43		29		5		4		—		—		—		—		90		171
		37		1,310		728		94		89		21		52		—		95		2,426
(Loss) income before income tax benefit (expense)		(1,802)		(153)		(92)		(3)		(3)		1		(2)		—		(432)		(2,486)
Income tax benefit (expense)		—		40		19		(1)		—		—		—		—		122		180
Net (loss) income		(1,802)		(113)		(73)		(4)		(3)		1		(2)		—		(310)		(2,306)
Less: net (loss) income attributable to non-controlling interests		(876)		(45)		—		(1)		—		—		—		—		—		(922)
Net (loss) income attributable to Icahn Enterprises	$	(926)	$	(68)	$	(73)	$	(3)	$	(3)	$	1	$	(2)	$	—	$	(310)	$	(1,384)
Supplemental information:
Capital expenditures	$	—	$	35	$	9	$	2	$	1	$	4	$	2	$	—	$	—	$	53
Depreciation and amortization	$	—	$	80	$	24	$	6	$	5	$	4	$	2	$	—	$	—	$	121

31

ICAHN ENTERPRISES L.P. AND SUBSIDIARIES

ICAHN ENTERPRISES HOLDINGS L.P. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

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

Disaggregated revenue for our Energy segment net sales is presented below:

	Three Months Ended March 31,
	2021		2020
Petroleum products	$	1,402	$	1,055
Nitrogen fertilizer products		61		75
	$	1,463	$	1,130

Automotive

Disaggregated revenue for our Automotive segment net sales and other revenues from operations is presented below:

	Three Months Ended March 31,
	2021		2020
Automotive services	$	322	$	309
Aftermarket parts sales		276		326
	$	598	$	635

32

ICAHN ENTERPRISES L.P. AND SUBSIDIARIES

ICAHN ENTERPRISES HOLDINGS L.P. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

Condensed Balance Sheets

Icahn Enterprises’ condensed balance sheets by reporting segment are presented below. Icahn Enterprises Holdings’ condensed balance sheets are substantially the same, with immaterial differences relating to our Holding Company’s debt and equity attributable to Icahn Enterprises Holdings.

	March 31, 2021
	Investment		Energy		Automotive		Food Packaging		Metals		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated
	(in millions)
ASSETS
Cash and cash equivalents	$	15	$	707	$	42	$	13	$	—	$	27	$	2	$	2	$	1,134	$	1,942
Cash held at consolidated affiliated partnerships and restricted cash		1,078		7		18		—		2		10		3		—		16		1,134
Investments		10,926		315		28		—		—		15		—		—		196		11,480
Accounts receivable, net		—		226		119		86		73		11		28		29		—		572
Inventories, net		—		378		962		89		33		—		86		11		—		1,559
Property, plant and equipment, net		—		2,774		845		152		81		308		64		—		7		4,231
Goodwill and intangible assets, net		—		233		370		29		9		—		21		275		—		937
Other assets		5,188		277		679		102		35		123		20		5		13		6,442
Total assets	$	17,207	$	4,917	$	3,063	$	471	$	233	$	494	$	224	$	322	$	1,366	$	28,297
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	2,100	$	1,450	$	1,153	$	163	$	72	$	50	$	64	$	52	$	692	$	5,796
Securities sold, not yet purchased, at fair value		4,863		—		—		—		—		—		—		—		—		4,863
Debt		—		1,691		352		156		28		1		23		—		5,805		8,056
Total liabilities		6,963		3,141		1,505		319		100		51		87		52		6,497		18,715
Equity attributable to Icahn Enterprises		4,675		1,006		1,558		139		133		443		137		270		(5,131)		3,230
Equity attributable to non-controlling interests		5,569		770		—		13		—		—		—		—		—		6,352
Total equity		10,244		1,776		1,558		152		133		443		137		270		(5,131)		9,582
Total liabilities and equity	$	17,207	$	4,917	$	3,063	$	471	$	233	$	494	$	224	$	322	$	1,366	$	28,297

	December 31, 2020
	Investment		Energy		Automotive		Food Packaging		Metals		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated
	(in millions)
ASSETS
Cash and cash equivalents	$	14	$	667	$	25	$	16	$	1	$	21	$	2	$	8	$	925	$	1,679
Cash held at consolidated affiliated partnerships and restricted cash		1,558		7		20		—		2		8		6		—		11		1,612
Investments		8,239		253		40		—		—		15		—		—		366		8,913
Accounts receivable, net		—		178		109		88		63		10		33		20		—		501
Inventories, net		—		298		1,080		89		22		—		81		10		—		1,580
Property, plant and equipment, net		—		2,747		857		160		82		310		65		—		7		4,228
Goodwill and intangible assets, net		—		238		372		31		9		1		21		282		—		954
Other assets		4,308		335		582		103		38		121		19		6		6		5,518
Total assets	$	14,119	$	4,723	$	3,085	$	487	$	217	$	486	$	227	$	326	$	1,315	$	24,985
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	2,256	$	1,189	$	1,163	$	182	$	73	$	45	$	65	$	64	$	110	$	5,147
Securities sold, not yet purchased, at fair value		2,521		—		—		—		—		—		—		—		—		2,521
Debt		—		1,691		368		151		16		1		21		—		5,811		8,059
Total liabilities		4,777		2,880		1,531		333		89		46		86		64		5,921		15,727
Equity attributable to Icahn Enterprises		4,283		1,039		1,554		142		128		440		141		262		(4,606)		3,383
Equity attributable to non-controlling interests		5,059		804		—		12		—		—		—		—		—		5,875
Total equity		9,342		1,843		1,554		154		128		440		141		262		(4,606)		9,258
Total liabilities and equity	$	14,119	$	4,723	$	3,085	$	487	$	217	$	486	$	227	$	326	$	1,315	$	24,985

33

ICAHN ENTERPRISES L.P. AND SUBSIDIARIES

ICAHN ENTERPRISES HOLDINGS L.P. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

13.  Income Taxes

For the three months ended March 31, 2021, we recorded an income tax expense of $17 million on pre-tax income of $616 million compared to an income tax benefit of $180 million on pre-tax loss of $2,486 million for the three months ended March 31, 2020. Our effective income tax rate was 2.8% and 7.2% for the three months ended March 31, 2021 and 2020, respectively.

For the three months ended March 31, 2021, the effective tax rate was lower than the statutory federal rate of 21%, primarily due to partnership income for which there was no tax expense, as such loss is allocated to the partners.

For the three months ended March 31, 2020, the effective tax rate was lower than the statutory federal rate of 21%, primarily due to partnership loss for which there was no tax benefit, as such loss is allocated to the partners.

14.  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, 2020	$	(31)	$	(49)	$	(80)
Other comprehensive loss before reclassifications, net of tax		(1)		—		(1)
Reclassifications from accumulated other comprehensive loss to earnings, net of tax		—		—		—
Other comprehensive loss, net of tax		(1)		—		(1)
Balance, March 31, 2021	$	(32)	$	(49)	$	(81)

15.  Other Income, Net

Other income, net consists of the following:

	Three Months Ended March 31,
	2021		2020
	(in millions)
Dividend expense	$	(21)	$	(1)
Equity earnings from non-consolidated affiliates		1		2
Gain on disposition of assets, net		—		1
Foreign currency transaction loss		(6)		(6)
Gain (loss) on extinguishment of debt		2		(12)
Other		6		(1)
	$	(18)	$	(17)

34

ICAHN ENTERPRISES L.P. AND SUBSIDIARIES

ICAHN ENTERPRISES HOLDINGS L.P. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

16.  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 the environment, particularly regarding plant wastes and emissions and solid waste disposal. Our consolidated environmental liabilities were $36 million and $37 million as of March 31, 2021 and December 31, 2020, respectively, primarily within our Metals and Energy segments and which are included in accrued expenses and other liabilities in our condensed consolidated balance sheets. We do not believe that environmental matters will have a material adverse impact on our consolidated results of operations and financial condition.

On August 21, 2018, CVR Refining received a letter from the United States Department of Justice (the “DOJ”) on behalf of the Environmental Protection Agency (the “EPA”) and the Kansas Department of Health and Environment (“KDHE”) alleging violations of the Clean Air Act and a 2012 Consent Decree (“CD”) between CVR Refining, the United States (on behalf of the EPA) and KDHE at CVR Energy’s Coffeyville refinery. In June 2020, a tolling agreement between the parties relating to such allegations expired, and the United States and KDHE sent demand letters relating to the allegations (the “Stipulated Claims”) and seeking stipulated penalties. In February 2021, the DOJ and KDHE sent CVR Refining a statement of position under the CD regarding its demand for Stipulated Claims. As CVR Refining disputes most claims asserted by the government, in accordance with the CD, CVR Refining deposited funds into a commercial escrow account pending resolution of disputed claims. The escrowed funds are legally restricted for use and are included within other assets on the consolidated balance sheets. In December 2020, the DOJ and KDHE filed a supplement complaint in the United States District Court for the District of Kansas asserting nine counts for alleged violations of the Clean Air Act, the Kansas State Implementation Plan and Kansas law (the “Statutory Claims”) and seeking civil penalties, injunctive and related relief. Negotiations relating to the Stipulated Claims and the Statutory Claims are ongoing and CVR Energy cannot at this time determine the outcome of this matter, including whether such outcome, or any subsequent enforcement or litigation relating thereto would have a material impact on our Energy segment’s financial position, results of operations, or cash flows.

Renewable Fuel Standards

CVR Refining is subject to the Renewable Fuel Standard (“RFS”) of the EPA which requires refiners to either blend renewable fuels in with their transportation fuels or purchase renewable fuel credits, known as RINs, in lieu of blending. CVR Refining is not able to blend the substantial majority of its transportation fuels and has to purchase RINs on the open market and may have to obtain waiver credits for cellulosic biofuels from the EPA, in order to comply with the RFS.

For the three months ended March 31, 2021 and 2020, our Energy segment recognized expenses of $178 million and $19 million, respectively, for CVR Refining’s compliance with the RFS and which is included in cost of goods sold in the condensed consolidated statements of operations. These recognized expenses represent costs to comply with the RFS obligation through purchasing of RINs not otherwise reduced by blending of ethanol or biodiesel. At each reporting period, to the extent RINs purchased or generated through blending are less than the RFS obligation, the remaining obligation is marked-to-market using RIN market prices at period end. As of March 31, 2021 and December 31, 2020, CVR Refining’s RFS obligation was $342 million and $214 million, respectively, and is included in accrued expenses and other liabilities in the condensed consolidated balance sheets.

35

ICAHN ENTERPRISES L.P. AND SUBSIDIARIES

ICAHN ENTERPRISES HOLDINGS L.P. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

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

In 2019, CVR Energy, CVR Refining and its general partner, CVR Refining Holdings, Icahn Enterprises and certain directors and affiliates were named in at least one of nine lawsuits filed by purported former unitholders of CVR Refining, on behalf of themselves and an alleged class of similarly situated unitholders relating to CVR Energy’s exercise of the call option (“Call Option”) under the CVR Refining Amended and Restated Agreement of Limited Partnership assigned to it by CVR Refining’s general partner (the “Delaware Lawsuits”). The Delaware Lawsuits primarily allege breach of contract, tortious interference and breach of the implied covenant of good faith and fair dealing and seek monetary damages and attorneys’ fees, among other remedies. In January 2020, the court dismissed CVR Holdings and certain former directors of CVR Refining’s general partner from the Delaware Lawsuits, though permitted some or all of the claims to proceed against each remaining defendant. On April 6, 2020, a lawsuit was filed in the United States District Court for the Southern District of New York against the CVR Energy, CVR Refining and its general partner, CVR Refining Holdings, Icahn Enterprises, and CVR Energy’s Chief Executive Officer by purported former unitholders of CVR Refining on behalf of themselves and an alleged class of similarly situated unitholders also relating to CVR Energy’s exercise of the Call Option (the “New York Lawsuit” and together with the Delaware Lawsuits, the “Call Option Lawsuits”). The New York Lawsuit primarily alleges violations of Sections 10(b) and 20(a) of the Exchange Act, and Rule 10b-5 thereunder and seeks monetary damages and attorney’s fees, among other remedies. CVR Energy believes the Call Option Lawsuits are without merit and intends to vigorously defend against them. The Call Option Lawsuits remain in the early stages of litigation, and discovery is currently on-going. Accordingly, CVR Energy cannot determine at this time the outcome of the Call Option Lawsuits, including whether the outcome of this matter would have a material impact on our Energy segment’s financial position, results of operations, or cash flows.

On January 27, 2021, a lawsuit was filed against the defendants in the Call Option Lawsuits in the 434th Judicial District Court of Fort Bend County, Texas by their primary and excess insurers seeking declaratory judgements determining that they owe no indemnity coverage and, for certain defendants, no defense obligations relating to the Call Option Lawsuits (the “Call Option Insurer Case”). The defendants believe the Call Option Insurer Case is without merit, intends to vigorously defend the claims against them and filed a related lawsuit in the Delaware Court of Chancery. These lawsuits are in the early stages of litigation. Accordingly, CVR Energy cannot determine at this time their outcome, including whether such outcome would have a material impact on our Energy Segment’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 91% of Icahn Enterprises’ outstanding depositary units as of March 31, 2021. 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.

36

ICAHN ENTERPRISES L.P. AND SUBSIDIARIES

ICAHN ENTERPRISES HOLDINGS L.P. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

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. 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 March 31, 2021. If the plans were voluntarily terminated, they would be underfunded by approximately $122 million as of March 31, 2021. These results are based on the most recent information provided by the plans’ actuaries. These liabilities could increase or decrease, depending on a number of factors, including future changes in benefits, investment returns, and the assumptions used to calculate the liability. As members of the controlled group, we would be liable for any failure of Viskase or ACF to make ongoing pension contributions or to pay the unfunded liabilities upon a termination of the Viskase or ACF pension plans. In addition, other entities now or in the future within the controlled group in which we are included may have pension plan obligations that are, or may become, underfunded and we would be liable for any failure of such entities to make ongoing pension contributions or to pay the unfunded liabilities upon termination of such plans.

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

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

Other

The U.S. Attorney’s office for the Southern District of New York contacted Icahn Enterprises L.P. in September 2017 seeking production of information pertaining to our and Mr. Icahn’s activities relating to the Renewable Fuels Standard and Mr. Icahn’s former role as an advisor to the former President of the United States. We cooperated with the request and provided information in response to the subpoena. The U.S. Attorney’s office for the Southern District of New York contacted Icahn Enterprises L.P. in June 2018 seeking production of information pertaining to trading in Manitowoc Company, Inc. securities. We cooperated with the request and provided documents in response to the subpoena. The U.S. Attorney’s office has not made any claims or allegations against us or Mr. Icahn with respect to either of the foregoing inquiries. We believe that we maintain a strong compliance program and, while no assurances can be made, we do not believe these inquiries will have a material impact on our business, financial condition, results of operations or cash flows.

17.  Supplemental Cash Flow Information

Supplemental cash flow information consists of the following:

	Three Months Ended March 31,
	2021		2020
	(in millions)
Cash payments for interest, net of amounts capitalized	$	(117)	$	(136)
Cash receipts (payments) for income taxes, net of payments		1		10
Non-cash Investment segment contributions from non-controlling interests		—		1,240
Partnership distributions payable		(499)		(437)

37

ICAHN ENTERPRISES L.P. AND SUBSIDIARIES

ICAHN ENTERPRISES HOLDINGS L.P. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Unaudited)

18.  Subsequent Events

Icahn Enterprises

LP Unit Distribution

On May 5, 2021, the Board of Directors of the general partner of Icahn Enterprises declared a quarterly distribution in the amount of $2.00 per depositary unit, which will be paid on or about June 30, 2021 to depositary unitholders of record at the close of business on June 1, 2021. Depositary unitholders will have until June 18, 2021 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 5 consecutive trading days ending June 25, 2021. 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.

Debt Issuance

In April 2021, we refinanced certain of our senior unsecured notes. Refer to Note 10, “Debt,” for further discussion.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion is intended to assist you in understanding our present business and the results of operations together with our present financial condition. This section should be read in conjunction with our unaudited condensed consolidated financial statements and the accompanying notes contained in this Quarterly Report on Form 10-Q for the period ended March 31, 2021 (this “Report”), as well as our Annual Report on Form 10-K for the year ended December 31, 2020 filed with the Securities and Exchange Commission on February 26, 2021.

Executive Overview

Introduction

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

Icahn Enterprises owns a 99% limited partner interest in Icahn Enterprises Holdings. Icahn Enterprises Holdings and its subsidiaries own substantially all of the assets and liabilities of Icahn Enterprises and conduct substantially all of its operations. Therefore, the financial results of Icahn Enterprises and Icahn Enterprises Holdings are substantially the same, with differences relating primarily to allocations to the general and limited partners. We do not discuss Icahn Enterprises and Icahn Enterprises Holdings separately unless we believe it is necessary to an understanding of the businesses.

We are a diversified holding company owning subsidiaries currently engaged in the following continuing operating businesses: Investment, Energy, Automotive, Food Packaging, Metals, 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 and Icahn Enterprises Holdings (unless otherwise noted), and investment activity and expenses associated with our Holding Company.

Significant Transactions and Developments

Debt Issuances

In January 2021, Icahn Enterprises and Icahn Enterprises Finance Corp. (together the “Issuers”) issued $750 million in aggregate principal amount of 4.375% senior unsecured notes due 2029 (the “New 2029 Notes”). The proceeds from the New 2029 Notes were used to redeem $750 million principal amount of 6.250% senior unsecured notes due 2022, and to pay accrued interest, related fees and expenses.

In April 2021, the Issuers issued $455 million in aggregate principal amount of additional 5.250% senior unsecured notes due 2027. The proceeds from this issuance were used to redeem the remaining $455 million principal amount of 6.250% senior unsecured notes due 2022, and to pay accrued interest, related fees and expenses.

Management Changes

On April 5, 2021, we announced the hiring of Aris Kekedjian, who will succeed Keith Cozza as President and Chief Executive Officer as of May 10, 2021. Mr. Kekedjian also joined the board of directors of our general partner. Mr. Cozza will remain with Icahn Enterprises and provide transition services through May 31, 2021 and will leave the board of directors upon his departure. We also announced on April 5, 2021 the departure of SungHwan Cho, our Chief Financial Officer, who will remain with Icahn Enterprises through a mutually agreeable transition period and will also leave the board of directors upon his departure. We are currently conducting a search for Mr. Cho’s successor.

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Results of Operations

Consolidated Financial Results

Our operating businesses comprise consolidated subsidiaries which operate in various industries and are managed on a decentralized basis. In addition to our Investment segment’s revenues from investment transactions, revenues for our operating businesses primarily consist of net sales of various products, services revenue, franchisor operations and leasing of real estate. Due to the structure and nature of our business, we primarily discuss the results of operations by individual reporting segment in order to better understand our consolidated operating performance. Certain other financial information is discussed on a consolidated basis following our segment discussion, including other revenues and expenses included in continuing operations as well as our results from discontinued operations. In addition to the summarized financial results below, refer to Note 12, “Segment Reporting,” to the condensed consolidated financial statements for a reconciliation of each of our reporting segment’s results of continuing operations to our consolidated results.

Throughout 2020, the COVID-19 pandemic, and actions taken by governments and others in response thereto, has negatively impacted the global economy, financial markets, and the industries in which our subsidiaries operate. Our consolidated results of operations and financial condition have been impacted primarily by the volatility in the fair value of investments held by our Investment segment and the Holding Company as well as declines in the global demand for refined products, especially gasoline and diesel fuels, with respect to our Energy segment. The impact on our businesses has also included the acceleration of selective planned store closures in our Automotive segment and recording write-downs to inventories. The economic conditions that persisted for much of 2020 have improved in 2021 as more governments reduce restrictions and more businesses resume operations.

The comparability of our summarized consolidated financial results presented below is affected primarily by the performance of the Investment Funds (as defined below), the results of operations of our Energy segment, impacted by the demand and pricing for its products, and our Holding Company’s realized and unrealized gains and losses on certain equity investments. Refer to our respective segment discussions and “Other Consolidated Results of Operations,” below for further discussion.

									Net Income (Loss)
	Revenues				Net Income (Loss)				Attributable to Icahn Enterprises
	Three Months Ended March 31,				Three Months Ended March 31,				Three Months Ended March 31,
	2021		2020		2021		2020		2021		2020
	(in millions)
Investment	$	943	$	(1,765)	$	862	$	(1,802)	$	391	$	(926)
Holding Company		8		(337)		(157)		(310)		(157)		(310)
Other Operating Segments:
Energy		1,532		1,157		(67)		(113)		(33)		(68)
Automotive		597		636		(46)		(73)		(46)		(73)
Food Packaging		95		91		(1)		(4)		(1)		(3)
Metals		121		86		5		(3)		5		(3)
Real Estate		17		22		(1)		1		(1)		1
Home Fashion		41		50		(4)		(2)		(4)		(2)
Pharma		30		—		8		—		8		—
Other operating segments		2,433		2,042		(106)		(194)		(72)		(148)
Consolidated	$	3,384	$	(60)	$	599	$	(2,306)	$	162	$	(1,384)

Investment

We invest our proprietary capital through various private investment funds (“Investment Funds”). As of March 31, 2021 and December 31, 2020, we had investments with a fair market value of approximately $4.7 billion and $4.3 billion, respectively, in the Investment Funds. As of March 31, 2021 and December 31, 2020, the total fair market

40

value of investments in the Investment Funds made by Mr. Icahn and his affiliates (excluding us) was approximately $5.5 billion and $5.0 billion, respectively.

Our Investment segment’s results of operations are reflected in net income (loss) in the condensed consolidated statements of operations. Our Investment segment’s net income (loss) is driven by the amount of funds allocated to the Investment Funds and the performance of the underlying investments in the Investment Funds. Future funds allocated to the Investment Funds may increase or decrease based on the contributions and redemptions by our Holding Company, Mr. Icahn and his affiliates and by Brett Icahn, son of Mr. Icahn. Additionally, historical performance results of the Investment Funds are not indicative of future results as past market conditions, investment opportunities and investment decisions may not occur in the future. Changes in general market conditions coupled with changes in exposure to short and long positions have significant impact on our Investment segment’s results of operations and the comparability of results of operations year over year and as such, future results of operations will be impacted by our future exposures and future market conditions, which may not be consistent with prior trends. Refer to the “Investment Segment Liquidity” section of our “Liquidity and Capital Resources” discussion for additional information regarding our Investment segment’s exposure as of March 31, 2021.

For the three months ended March 31, 2021 and 2020, our Investment Funds’ returns were 9.2% and (17.6)%, respectively. Our Investment Funds’ returns represent a weighted-average composite of the average returns, net of expenses.

The following table sets forth the performance attribution for the Investment Funds’ returns.

	Three Months Ended March 31,
	2021		2020
Long positions	18.5	%	(46.7)	%
Short positions	(9.2)	%	29.0	%
Other	(0.1)	%	0.1	%
	9.2	%	(17.6)	%

The following table presents net income (loss) for our Investment segment for the three months ended March 31, 2021 and 2020.

	Three Months Ended March 31,
	2021		2020
	(in millions)
Long positions	$	1,914	$	(4,601)
Short positions		(1,041)		2,791
Other		(11)		8
	$	862	$	(1,802)

Three Months Ended March 31, 2021 and 2020

For the three months ended March 31, 2021, the Investment Funds’ positive performance was driven by net gains in their long positions, offset in part by net losses in their short positions. The positive performance of our Investment segment’s long positions was driven primarily by gains from an energy sector investment of $925 million a consumer, cyclical sector investment of $253 million and two consumer, non-cyclical sector investments aggregating $322 million. The aggregate performance of investments with net gains across various sectors accounted for an additional positive performance of our Investment segment’s long positions. The negative performance of our Investment segment’s short positions was driven primarily by the negative performance of an energy sector investment of $494 million and broad market hedges of $329 million. The aggregate performance of investments with net losses across various sectors accounted for an additional negative performance of our Investment segment’s short positions. The negative performance of our Investment segment’s short positions was offset in part by gains from a consumer, cyclical sector investment of $196 million.

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For the three months ended March 31, 2020, the Investment Funds’ negative performance was driven by net losses in their long positions, offset in part by net gains in their short positions. The negative performance of our Investment segment’s long positions was driven by losses from a consumer, cyclical sector investment of $973 million, aggregate losses from four other consumer, cyclical sector investments of $585 million, two energy sector investments aggregating approximately $1.1 billion, two consumer, non-cyclical sector investments aggregating $850 million and four technology sector investments aggregating $693 million. The aggregate performance of investments with net losses across various other sectors accounted for an additional negative performance of our Investment segment’s long positions. The positive performance of our Investment segment’s short positions was driven primarily by the positive performance of broad market hedges as well as short exposure to commercial mortgage-backed securities through credit default swap contracts.

Energy

Our Energy segment is primarily engaged in the petroleum refining and nitrogen fertilizer manufacturing businesses. The petroleum business accounted for approximately 96% and 93% of our Energy segment’s net sales for the three months ended March 31, 2021 and 2020, respectively.

The results of operations of the petroleum business are primarily affected by the relationship between refined product prices and the prices for crude oil and other feedstocks that are processed and blended into petroleum products, such as gasoline, diesel fuel and jet fuel, that are produced by a refinery (“refined products”). The cost to acquire crude oil and other feedstocks and the price for which refined products are ultimately sold depend on factors beyond our Energy segment’s control, including the supply of and demand for crude oil, as well as gasoline and other refined products. This supply and demand depend on, among other factors, changes in domestic and foreign economies, weather conditions, domestic and foreign political affairs, production levels, the availability of imports, the marketing of competitive fuels and the extent of government regulation. Because the petroleum business applies first-in, first-out accounting to value its inventory, crude oil price movements may impact gross margin in the short-term fluctuations in the market price of inventory. The effect of changes in crude oil prices on the petroleum business’ results of operations is influenced by the rate at which the prices of refined products adjust to reflect these changes.

The COVID-19 pandemic, and the actions taken by governments and others, has negatively impacted the energy industry. The COVID-19 pandemic has also resulted in significant business and operational disruptions, including business closures, liquidity strains, destruction of non-essential demand, as well as supply chain challenges, travel restrictions, stay-at home orders, and limitations on the availability of the workforce. As a result, the demand for gasoline and diesel in the regions that our Energy segment operates declined beginning in the first quarter of 2020. The declines were amplified in the first quarter of 2020 by market plays between the world’s largest oil producers. The simultaneous shocks in oil supply and demand has resulted in a decline in the price of crude oil and lead to a significant decrease in the price of refined products sold by our Energy segment. However, beginning in late 2020 and into 2021, the U.S. market for refined products improved and demand increased as travel restrictions and stay-at-home orders were eased.

In addition to recent market conditions, there are long-term factors that may impact the demand for refined products. These factors include mandated renewable fuels standards, proposed climate change laws and regulations, and increased mileage standards for vehicles. The petroleum business is also subject to the Renewable Fuel Standard of the United States Environmental Protection Agency, which requires it to either blend “renewable fuels” with its transportation fuels or purchase renewable identification numbers (“RINs”), in lieu of blending. The price of RINs has been extremely volatile and the future cost of RINs for the petroleum business is difficult to estimate. Additionally, the cost of RINs is dependent upon a variety of factors, which include the availability of RINs for purchase, the price at which RINs can be purchased, transportation fuel production levels, the mix of the petroleum business’ petroleum products, as well as the fuel blending performed at its refineries and downstream terminals, all of which can vary significantly from period to period. Refer to Note 16, “Commitments and Contingencies,” to the condensed consolidated financial statements for further discussion of RINs.

In December 2020, our Energy segment approved a renewable diesel project at one of its refineries, which would convert the refinery’s hydrocracker to a renewable diesel unit (“RDU”) capable of producing 100 million gallons of

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renewable diesel per year and approximately 180 million RINs annually. As a result of conversion, the crude oil capacity of the refinery will be reduced. Further, the conversion enables our Energy segment to capture additional benefits associated with the existing blenders’ tax credit that expires at the end of 2022 and low carbon fuel standard programs in states such as California. Our Energy segment has additional plans to add pretreating capabilities for the RDU and construction of a similar facility at its other refinery. These collective renewable diesel efforts could reduce our Energy segment’s Renewable Fuels Standard (“RFS”) exposure. However, any actions taken by the Supreme Court, resulting administration efforts under the RFS, such as denial of existing or previous waiver applications, and market conditions could significantly impact the amount by which our Energy segment’s renewable diesel business.

	Three Months Ended March 31,
	2021		2020
Net sales	$	1,463	$	1,130
Cost of goods sold		1,579		1,250
Gross margin	$	(116)	$	(120)

Three Months Ended March 31, 2021 and 2020

Net sales for our Energy segment increased by $333 million (29%) for the three months ended March 31, 2021 as compared to the comparable prior year period, primarily due to an increase in our petroleum business’ net sales, which increased $347 million, offset in part by a decrease in our nitrogen fertilizer business’ net sales, which decreased $14 million over the comparable periods. The increase in the petroleum business’ net sales was primarily due to an increase in sales of gasoline and distillates attributable to an increase in volumes and more favorable pricing conditions. Volumes were lower in the comparable prior year period due to the full planned turnaround at one of the refineries while another refinery experienced reduced utilization in response to demand reductions driven by the impacts of the COVID-19 pandemic. Our nitrogen fertilizer business’ net sales decreased primarily due to a decrease in urea ammonium nitrate (“UAN”) sales primarily due to a decrease in volumes.

Cost of goods sold for our Energy segment increased by $329 million (26%) for the three months ended March 31, 2021 as compared to the comparable prior year period. The increase was primarily due to our petroleum business as a result of higher cost of consumed crude oil. The higher cost of consumed crude oil was due to an increase in volumes, as discussed above, as well as lower derivative performance of $78 million and a $159 million increase in the net cost of RINs. Gross margin for our Energy segment improved by $4 million for the three months ended March 31, 2021 as compared to the comparable prior year period. Gross margin as a percentage of net sales was (8)% and (11)% for the three months ended March 31, 2021 and 2020, respectively. The improvement in the gross margin as a percentage of net sales was primarily attributable to the petroleum business, which was primarily due to higher crack spreads, offset in part by the derivatives and net cost of RINs, as discussed above.

Automotive

Our Automotive segment’s results of operations are generally driven by the distribution and installation of automotive aftermarket parts and the demand for automotive service and maintenance, and is affected by the relative strength of automotive part replacement trends, among other factors.

Our Automotive segment is in the process of implementing a multi-year transformation plan, which includes the restructuring of its businesses. The transformation plan includes operating the automotive services and aftermarket parts businesses as separate businesses, streamlining Icahn Automotive’s corporate and field support teams, facility closures, consolidations and conversions, inventory optimization actions, and the re-focusing of its automotive parts business on certain core markets. As part of this plan, Icahn Automotive entered into an agreement to sell certain inventory assets relating to its aftermarket parts business at 109 locations and a distribution center in California and certain other inventory and fixed assets in California. Aftermarket parts sales from these locations aggregated $35 million during the

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three months ended March 31, 2021. Costs to implement the transformation plan will include restructuring charges, which will be recorded when specific plans are approved, and which may be significant.

Our Automotive segment’s priorities include:

● Positioning the service business to take advantage of opportunities in the do-it-for-me market and vehicle fleets;

● Optimizing the value of the commercial parts distribution business in certain high-volume core markets;

● Exiting the automotive parts distribution business in certain low volume, non-core markets;

● Improving inventory management across Icahn Automotive’s parts and tire distribution network;

● Investment in customer experience initiatives and selective upgrades in facilities;

● Investment in employees with focus on training and career development investments; and

● Business process improvements, including investments in our supply chain and information technology capabilities.

The following table presents our Automotive segment’s operating revenue, cost of revenue and gross margin. Our Automotive segment’s results of operations also include automotive services labor. Automotive services labor revenues are included in other revenues from operations in our condensed consolidated statements of operations, however, the sale of any installed parts or materials related to automotive services are included in net sales. Therefore, we discuss the combined results of our automotive net sales and automotive services labor revenues below.

	Three Months Ended March 31,
	2021		2020
Net sales and other revenue from operations	$	598	$	635
Cost of goods sold and other expenses from operations		425		475
Gross margin	$	173	$	160

Three Months Ended March 31, 2021 and 2020

Net sales and other revenue from operations for our Automotive segment for the three months ended March 31, 2021 decreased by $37 million (6%) as compared to the comparable prior year period. The decrease was attributable to a decrease in aftermarket parts sales of $50 million (15%) offset in part by an increase in automotive services revenues of $13 million (4%). On an organic basis, aftermarket parts sales decreased $10 million over the comparable periods due to a decrease in commercial sales of $7 million (4%) and a decrease in retail sales of $3 million (5%). Store closures related to the transformation plan accounted for another $40 million decrease in aftermarket parts sales. The increase in automotive services revenues represents an increase on a primarily organic basis as sales have improved over the comparable prior year period. The COVID-19 pandemic, and the impacts of the actions taken by governments and others, have significantly contributed to a decline in revenues beginning in March 2020.

Cost of goods sold and other expenses from operations for the three months ended March 31, 2021 decreased by $50 million (11%) as compared to the comparable prior year period. The decrease was due to lower sales volumes as described above. Gross margin on net sales and other revenue from operations for the three months ended March 31, 2021 increased by $13 million (8%) as compared to the comparable prior year period. Gross margin as a percentage of net sales and other revenue from operations was 29% and 25% for the three months ended March 31, 2021 and 2020, respectively. Due to the COVID-19 pandemic, our Automotive segment accelerated planned store closures in 2020, shifting our Automotive segment’s business from a majority attributable to aftermarket parts sales to a majority attributable to higher margin automotive services.

Food Packaging

Our Food packaging segment’s results of operations are primarily driven by the production and sale of cellulosic, fibrous and plastic casings for the processed meat and poultry industry and derives a majority of its total net sales from customers located outside the United States.

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Three Months Ended March 31, 2021 and 2020

Net sales for the three months ended March 31, 2021 increased $3 million (3%) as compared to the comparable prior year period. The increase was due to an increase of $1 million in volumes and $2 million from the favorable effects of foreign exchange. Cost of goods sold for the three months ended March 31, 2021 increased by $2 million (3%) as compared to the comparable prior year period due to the effects of foreign exchange and distribution costs. Gross margin as a percentage of net sales was 21% and 20% for the three months ended March 31, 2021 and 2020, respectively.

Metals

The scrap metals business is highly cyclical and is substantially dependent upon the overall economic conditions in the United States and other global markets. Ferrous and non-ferrous scrap has been historically vulnerable to significant declines in consumption and product pricing during prolonged periods of economic downturn or stagnation.

Three Months Ended March 31, 2021 and 2020

Net sales for the three months ended March 31, 2021 increased by $34 million (40%) compared to the comparable prior year period primarily due to higher pricing. Cost of goods sold for the three months ended March 31, 2021 increased by $27 million (32%) compared to the comparable prior year period due to higher material costs. Gross margin as a percentage of net sales was 7% and 1% for the three months ended March 31, 2021 and 2020, respectively, primarily due to higher material margins.

Real Estate

Our Real Estate segment consists primarily of investment properties, the development and sale of single-family homes, and the management of a country club. Sales of single-family homes are included in net sales in our consolidated statements of operations. Results from investment properties and country club operations are included in other revenues from operations in our consolidated statements of operations. Revenue from our real estate operations for each of the three months ended March 31, 2021 and 2020 were primarily derived from the sale of residential units and rental operations.

Home Fashion

Our Home Fashion segment is significantly influenced by the overall economic environment, including consumer spending, at the retail level, for home textile products.

Three Months Ended March 31, 2021 and 2020

Net sales for the three months ended March 31, 2021 decreased by $9 million (18%) compared to the comparable prior year period primarily due to the impact of the COVID-19 pandemic on our Home Fashion segment’s hospitality business. Cost of goods sold for the three months ended March 31, 2021 decreased $7 million (17%) compared to the comparable prior year period due to lower volumes, offset in part by higher material and freight costs. Gross margin as a percentage of net sales was 17% and 18% for the three months ended March 31, 2021 and 2020, respectively. The decrease is due to higher material and freight costs.

Pharma

Our Pharma segment derives revenues primarily from the sale of its products directly to customers, wholesalers and pharmacies. To a lesser extent, our Pharma segment derives revenues through supply, licensing and royalty arrangements. We began consolidating our Pharma segment in the fourth quarter of 2020. For the three months ended March 31, 2021, our Pharma segment had $15 million of net product revenue, $14 million of supply revenue and $1 million of royalty revenue. For our Pharma segment’s supply revenue, $13 million is attributable to the one-time sale of product to a single customer.

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Holding Company

Our Holding Company’s results of operations primarily reflect investment gains and losses from equity investments and the interest expense on its senior unsecured notes for each of the three months ended March 31, 2021 and 2020.

Other Consolidated Results of Operations

Selling, General and Administrative

Three Months Ended March 31, 2021 and 2020

Our consolidated selling, general and administrative during the three months ended March 31, 2021 increased by $8 million (3%) as compared the comparable prior year period primarily due to higher compensation costs for our Investment segment and the addition of the results of our Pharma segment, offset in part by lower costs resulting from store closures for our Automotive segment.

Interest Expense

Three Months Ended March 31, 2021 and 2020

Our consolidated interest expense during the three months ended March 31, 2021 increased by $24 million (14%) as compared the comparable prior year period. The increase was primarily due to higher interest expense from our Investment segment attributable to an increase in average due to broker balances over the respective periods offset in part by lower interest expense for our Holding Company due to lower weighted average interest rates resulting from debt refinancings.

Income Tax Expense

Certain of our subsidiaries are partnerships not subject to taxation in our condensed consolidated financial statements and certain other subsidiaries are corporations, or subsidiaries of corporations, subject to taxation in our condensed consolidated financial statements. Therefore, our consolidated effective tax rate generally differs from the statutory federal tax rate. Refer to Note 13, “Income Taxes,” to the condensed consolidated financial statements for a discussion of income taxes.

Liquidity and Capital Resources

Holding Company Liquidity

We are a holding company. Our cash flow and our ability to meet our debt service obligations and make distributions with respect to depositary units will depend on the cash flow resulting from divestitures, equity and debt financings, interest income, returns on our interests in the Investment Funds and the payment of funds to us by our subsidiaries in the form of loans, dividends and distributions. We may pursue various means to raise cash from our subsidiaries. To date, such means include receipt of dividends and distributions from subsidiaries, obtaining loans or other financings based on the asset values of subsidiaries or selling debt or equity securities of subsidiaries through capital market transactions. To the degree any distributions and transfers are impaired or prohibited, our ability to make payments on our debt or distributions on our depositary units could be limited. The operating results of our subsidiaries may not be sufficient for them to make distributions to us. In addition, our subsidiaries are not obligated to make funds available to us and distributions and intercompany transfers from our subsidiaries to us may be restricted by applicable law or covenants contained in debt agreements and other agreements.

As of March 31, 2021, our Holding Company had cash and cash equivalents of approximately $1.1 billion and total debt of approximately $5.8 billion. As of March 31, 2021, our Holding Company had investments in the Investment Funds with a total fair market value of approximately $4.7 billion. We may redeem our direct investment in the Investment Funds upon notice. See “Investment Segment Liquidity” below for additional information with respect to our

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Investment segment liquidity. See “Consolidated Cash Flows” below for additional information with respect to our Holding Company liquidity.

Holding Company Borrowings and Availability

	March 31,		December 31,
	2021		2020
	(in millions)
6.250% senior unsecured notes due 2022	$	456	$	1,209
6.750% senior unsecured notes due 2024		499		499
4.750% senior unsecured notes due 2024		1,106		1,106
6.375% senior unsecured notes due 2025		748		748
6.250% senior unsecured notes due 2026		1,250		1,250
5.250% senior unsecured notes due 2027		999		999
4.375% senior unsecured notes due 2029		747		—
	$	5,805	$	5,811

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

In January 2021, Icahn Enterprises and Icahn Enterprises Finance Corp. (together the “Issuers”) issued $750 million in aggregate principal amount of 4.375% senior unsecured notes due 2029 (the “New 2029 Notes”). The proceeds from the New 2029 Notes were used to redeem $750 million principal amount of 6.250% senior unsecured notes due 2022, and to pay accrued interest, related fees and expenses. Interest on the New 2029 Notes is payable semi-annually.

In April 2021, the Issuers issued $455 million in aggregate principal amount of additional 5.250% senior unsecured notes due 2027. The proceeds from this issuance were used to redeem the remaining $455 million principal amount of 6.250% senior unsecured notes due 2022, and to pay accrued interest, related fees and expenses.

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

The indentures governing our senior unsecured notes described above 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. The indentures also restrict the incurrence of debt or the issuance of disqualified stock, as defined in the indentures, with certain exceptions. In addition, the indentures require that on each quarterly determination date, Icahn Enterprises and the guarantor of the notes (currently only Icahn Enterprises Holdings) maintain certain minimum financial ratios, as defined therein. The indentures also restrict the creation of liens, mergers, consolidations and sales of substantially all of our assets, and transactions with affiliates. Additionally, each of the senior unsecured notes outstanding as of March 31, 2021, except for the 4.750% senior unsecured notes due 2024, the 5.250% senior unsecured notes due 2027 and 4.375% senior unsecured notes due 2029, are subject to optional redemption premiums in the event we redeem any of the notes prior to certain dates as described in the indentures.

As of March 31, 2021 and December 31, 2020, we were in compliance with all covenants, including maintaining certain minimum financial ratios, as defined in the indentures. Additionally, as of March 31, 2021, based on covenants in the indentures governing our senior unsecured notes, we are not permitted to incur additional indebtedness; however, we are permitted to issue new notes in connection with debt refinancings of existing notes.

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2021 At-The-Market Offering

On February 26, 2021, Icahn Enterprises announced the commencement of its “at-the-market” offering pursuant to its Open Market Sale Agreement, pursuant to which Icahn Enterprises may sell its depositary units, from time to time, during the term of the program ending on December 31, 2023, for up to $400 million in aggregate sale proceeds. During the three months ended March 31, 2021, Icahn Enterprises sold 3,109,345 depositary units pursuant to this agreement, resulting in gross proceeds of $184 million. As of March 31, 2021, Icahn Enterprises may sell its depositary units for up to an additional $216 million in aggregate sale proceeds pursuant to this agreement. No assurance can be made that any or all amounts will be sold during the term of the program. Icahn Enterprises’ prior “at-the-market” offering was terminated on February 26, 2021.

LP Unit Distributions

On February 24, 2021, Icahn Enterprises declared a quarterly distribution in the amount of $2.00 per depositary unit in which each depositary unitholder had the option to make an election to receive either cash or additional depositary units. In connection with this distribution, aggregate cash distributions to all depositary unitholders was $27 million in April 2021.

On May 5, 2021, the Board of Directors of the general partner of Icahn Enterprises declared a quarterly distribution in the amount of $2.00 per depositary unit. The quarterly distribution is payable in either cash or additional depositary units, at the election of each depositary unitholder and will be paid on or about June 30, 2021 to depositary unitholders of record at the close of business on June 1, 2021. Depositary unitholders will have until June 18, 2021 to make an election to receive either cash or additional depositary units. If a holder does not make a timely election to receive cash, it will automatically be deemed to have elected to receive the distribution in additional depositary units. 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.

The declaration and payment of distributions is reviewed quarterly by Icahn Enterprises GP’s board of directors based upon a review of our balance sheet and cash flow, our expected capital and liquidity requirements, the provisions of our partnership agreement and provisions in our financing arrangements governing distributions, and keeping in mind that limited partners subject to U.S. federal income tax have recognized income on our earnings even if they do not receive distributions that could be used to satisfy any resulting tax obligations. The payment of future distributions will be determined by the board of directors quarterly, based upon the factors described above and other factors that it deems relevant at the time that declaration of a distribution is considered. Payments of distributions are subject to certain restrictions, including certain restrictions on our subsidiaries which limit their ability to distribute dividends to us. There can be no assurance as to whether or in what amounts any future distributions might be paid.

Investment Segment Liquidity

In addition to investments by us and Mr. Icahn, the Investment Funds historically have access to significant amounts of cash available from prime brokerage lines of credit, subject to customary terms and market conditions.

Additionally, our Investment segment liquidity is driven by the investment activities and performance of the Investment Funds. As of March 31, 2021, the Investment Funds’ had a net short notional exposure of 19%. The Investment Funds’ long exposure was 109% (108% long equity and 1% long credit) and its short exposure was 128% (88% short equity and 40% short credit and other). The notional exposure represents the ratio of the notional exposure of the Investment Funds’ invested capital to the net asset value of the Investment Funds at March 31, 2021.

Of the Investment Funds’ 109% long exposure, 107% was comprised of the fair value of its long positions (with certain adjustments) and 2% was comprised of single name equity forward contracts and credit contracts. Of the Investment Funds’ 128% short exposure, 48% was comprised of the fair value of its short positions and 80% was comprised of short broad market index swap derivative contracts and short credit default swap contracts.

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With respect to both our long positions that are not notionalized (108% long exposure) and our short positions that are not notionalized (48% short exposure), each 1% change in exposure as a result of purchases or sales (assuming no change in value) would have a 1% impact on our cash and cash equivalents (as a percentage of net asset value). Changes in exposure as a result of purchases and sales as well as adverse changes in market value would also have an effect on funds available to us pursuant to prime brokerage lines of credit.

With respect to the notional value of our other short positions (80% short exposure), our liquidity would decrease by the balance sheet unrealized loss if we were to close the positions at quarter end prices. This would be offset by a release of restricted cash balances collateralizing these positions as well as an increase in funds available to us pursuant to certain prime brokerage lines of credit. If we were to increase our short exposure by adding to these short positions, we would be required to provide cash collateral equal to a small percentage of the initial notional value at counterparties that require cash as collateral and then post additional collateral equal to 100% of the mark to market on adverse changes in fair value. For our counterparties who do not require cash collateral, funds available from lines of credit would decrease.

Other Segment Liquidity

Segment Cash and Cash Equivalents

Segment cash and cash equivalents (excluding our Investment segment) consists of the following:

	March 31,		December 31,
	2021		2020
	(in millions)
Energy	$	707	$	667
Automotive		42		25
Food Packaging		13		16
Metals		—		1
Real Estate		27		21
Home Fashion		2		2
Pharma		2		8
	$	791	$	732

Segment Borrowings and Availability

Segment debt consists of the following:

	March 31,		December 31,
	2021		2020
	(in millions)
Energy	$	1,691	$	1,691
Automotive		352		368
Food Packaging		156		151
Metals		28		16
Real Estate		1		1
Home Fashion		23		21
	$	2,251	$	2,248

Refer to our Annual Report on Form 10-K for the year ended December 31, 2020 for information concerning terms, restrictions and covenants pertaining to our subsidiaries’ debt. As of March 31, 2021, all of our subsidiaries were in compliance with all debt covenants.

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Our segments have additional borrowing availability under certain revolving credit facilities as summarized below:

	March 31,
	2021
	(in millions)
Energy	$	389
Automotive		99
Food Packaging		19
Metals		65
Home Fashion		14
	$	586

The above outstanding debt and borrowing availability with respect to each of our continuing operating segments reflects third-party obligations.

Subsidiary Stock Repurchase Program

On October 23, 2019, the Board of Directors of CVR Energy approved a stock repurchase program which would enable it to repurchase up to $300 million of its common stock from time to time through open market transactions, block trades, privately negotiated transactions or otherwise in accordance with applicable securities laws. The stock repurchase program has a duration of four years, which may be terminated by the Board of Directors of CVR Energy at any time. Repurchases, if any, including the timing, price and amount, may be made at the discretion of CVR Energy management and CVR Energy is not obligated to make any repurchases. CVR Energy did not repurchase any shares of its common stock as of March 31, 2021. Due to the market and oil price volatility, coupled with the current economic conditions, CVR Energy does not currently intend to repurchase any stock if these, and other, conditions continue.

On May 6, 2020, the Board of Directors of CVR Partners’ general partner approved a unit repurchase program which would enable it to repurchase up to $10 million of its common units from time to time through open market transactions, block trades, privately negotiated transactions or otherwise in accordance with applicable securities laws. On February 22, 2021, the Board of Directors of CVR Partners authorized an additional $10 million under the unit repurchase program. During 2021, CVR Partners repurchased common units on the open market at a cost of $1 million. As of March 31, 2021, CVR Partners has $12 million remaining under its unit repurchase program.

Consolidated Cash Flows

Our Holding Company’s cash flows are generally driven by payments and proceeds associated with our senior unsecured debt obligations and payments and proceeds associated with equity transactions with Icahn Enterprises’ depositary unitholders. Additionally, our Holding Company’s cash flows include transactions with our Investment and other operating segments. Our Investment segment’s cash flows are primarily driven by investment transactions, which are included in net cash flows from operating activities due to the nature of its business, as well as contributions to and distributions from Mr. Icahn and his affiliates (including Icahn Enterprises and Icahn Enterprises Holdings) and Brett Icahn, which are included in net cash flows from financing activities. Our other operating segments’ cash flows are driven by the activities and performance of each business as well as transactions with our Holding Company, as discussed below.

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The following table summarizes cash flow information for Icahn Enterprises’ reporting segments and our Holding Company:

	Three Months Ended March 31, 2021						Three Months Ended March 31, 2020
	Net Cash Provided By (Used In)						Net Cash Provided By (Used In)
	Operating		Investing		Financing		Operating		Investing		Financing
	Activities		Activities		Activities		Activities		Activities		Activities
	(in millions)
Holding Company	$	(81)	$	116	$	179	$	(103)	$	(1,121)	$	(480)
Investment		(519)		—		40		(1,138)		—		1,001
Other Operating Segments:
Energy		96		(54)		(2)		(58)		(196)		407
Automotive		(21)		3		33		(54)		(6)		65
Food Packaging		(12)		(2)		4		(6)		(2)		(4)
Metals		(9)		(1)		9		(11)		—		10
Real Estate		4		(1)		5		3		(4)		4
Home Fashion		(3)		—		1		(6)		(2)		11
Pharma		(6)		—		—		—		—		—
Other operating segments		49		(55)		50		(132)		(210)		493
Total before eliminations		(551)		61		269		(1,373)		(1,331)		1,014
Eliminations		—		55		(55)		—		1,007		(1,007)
Consolidated	$	(551)	$	116	$	214	$	(1,373)	$	(324)	$	7

Eliminations

Eliminations in the table above relate to certain of our Holding Company’s transactions with our Investment and other operating segments. Our Holding Company’s net (investments in) distributions from the Investments Funds, when applicable, are included in cash flows from investing activities for our Holding Company and cash flows from financing activities for our Investment segment. Similarly, our Holding Company’s net distributions from (investments in) our other operating segments are included in cash flows from investing activities for our Holding Company and cash flows from financing activities for our other operating segments.

Holding Company

Our Holding Company’s cash flows from operating activities for each of the three months ended March 31, 2021 and 2020 were primarily attributable to our semi-annual interest payments on our senior unsecured notes. The decrease in interest payments over the comparable periods is due to the timing of the payment of the semi-annual interest as our recent debt transactions resulted in a change in certain interest payment dates as well as a lower weighted average interest rate over the comparative periods.

Our Holding Company’s cash flows from investing activities for the three months ended March 31, 2021 were primarily attributable to proceeds from the sale of equity investments of $171 million offset in part by investments in/contributions to our operating subsidiaries aggregating $55 million, including an investment in our Automotive segment of $50 million. Our Holding Company’s cash flows from investing activities for the three months ended March 31, 2020 were primarily due to our investment in the Investment Funds of $1.0 billion, our purchase of an equity investment of $114 million and investments in/contributions to our operating subsidiaries aggregating $64 million, including an investment in our Automotive segment of $55 million. This was offset in part by net cash dividends from our Energy segment of $57 million.

Our Holding Company’s cash flows from financing activities for the three months ended March 31, 2021 were due to proceeds from our “at-the-market” offering, offset in part by the net effect of a debt refinancing transaction. Our Holding Company’s cash flows from financing activities for the three months ended March 31, 2020 were primarily due to the effects of certain debt refinancing transactions, which included the repayment of certain senior unsecured notes in

51

January 2020 using proceeds from senior unsecured note issuances in December 2019. This was offset in part by proceeds from our “at-the-market” offering.

Investment Segment

Our Investment segment’s cash flows from operating activities for the comparable periods were attributable to its net investment transactions.

Our Investment segment’s cash flows from financing activities for the three months ended March 31, 2021 were attributable to Brett Icahn’s contribution to the Funds of $40 million. Our Investment segment’s cash flows from financing activities for the three months ended March 31, 2020 were attributable to our investment in the Investment Funds of $1.0 billion, and $1 million from Mr. Icahn and his affiliates (excluding us).

Other Operating Segments

Our other operating segments’ cash flows from operating activities included net cash flows from operating activities before changes in operating assets and liabilities of $(82) million and $(91) million for the three months ended March 31, 2021 and 2020, respectively, primarily due to the result of our Energy and Automotive segments for each period. The change in cash flows from operating activities for the three months ended March 31, 2021 as compared to the comparable prior year period was primarily due to changes in working capital attributable to our Energy segment. Our Energy segment’s working capital improved over the comparable periods primarily due to the increase in crude oil prices during the first quarter of 2021 and increases in its open RFS obligation.

Our other operating segments’ cash flows from investing activities were primarily due to the purchase of investments of zero in 2021 compared to $140 million in 2020 and due to capital expenditures of $47 million in 2021, primarily for its RDU project, and $55 million in 2020, primarily within our Energy and Automotive segments for both periods. In addition, our Energy segment acquired a pipeline for cash consideration of $20 million in the first quarter of 2021.

Our other operating segments’ cash flows from financing activities were primarily due net debt transactions. In 2020, our Energy segment had net proceeds from senior debt transactions of $500 million. In addition, our other operating segments also had net contributions from our Holding Company of $55 million for the three months ended March 31, 2021 compared to $7 million for the three months ended March 31, 2020, as described above. For the three months ended March 31, 2020, our Energy segment had distributions to non-controlling interests of $23 million.

Consolidated Capital Expenditures

There have been no material changes to our planned capital expenditures as compared to the estimated capital expenditures for 2021 reported in our Annual Report on Form 10-K for the year ended December 31, 2020.

Critical Accounting Estimates

The critical accounting estimates used in the preparation of our condensed consolidated financial statements that we believe affect our more significant judgments and estimates used in the preparation of our condensed consolidated financial statements presented in this Report are described in Management’s Discussion and Analysis of Financial Condition and Results of Operations and in the Notes to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2020.

There have been no material changes to our critical accounting policies and estimates during the three months ended March 31, 2021 as compared to those reported in our Annual Report on Form 10-K for the year ended December 31, 2020.

52

Recently Issued Accounting Standards

Refer to Note 2, “Basis of Presentation and Summary of Significant Accounting Policies,” to the condensed consolidated financial statements for a discussion of recent accounting pronouncements applicable to us.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Except as discussed below, information about our quantitative and qualitative disclosures about market risk did not differ materially from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2020.

Market Risk

Our predominant exposure to market risk is related to our Investment segment and the sensitivities to movements in the fair value of the Investment Funds’ investments.

Investment

The fair value of the financial assets and liabilities of the Investment Funds primarily fluctuates in response to changes in the value of securities. The net effect of these fair value changes impacts the net gains from investment activities in our condensed consolidated statements of operations. The Investment Funds’ risk is regularly evaluated and is managed on a position basis as well as on a portfolio basis. Senior members of our investment team meet on a regular basis to assess and review certain risks, including concentration risk, correlation risk and credit risk for significant positions. Certain risk metrics and other analytical tools are used in the normal course of business by the Investment segment.

The Investment Funds hold investments that are reported at fair value as of the reporting date, which include securities owned, securities sold, not yet purchased and derivatives as reported on our condensed consolidated balance sheets. Based on their respective balances as of March 31, 2021, we estimate that in the event of a 10% adverse change in the fair value of these investments, the fair values of securities owned, securities sold, not yet purchased and derivatives would be negatively impacted by approximately $1,093 million, $486 million and $1,070 million, respectively. However, as of March 31, 2021, we estimate that the impact to our share of the net gain (loss) from investment activities reported in our condensed consolidated statement of operations would be less than the change in fair value since we have an investment of approximately 46% in the Investment Funds, and the non-controlling interests in income would correspondingly offset approximately 54% of the change in fair value.

Item 4. Controls and Procedures

As of March 31, 2021, our management, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of Icahn Enterprises’ and Icahn Enterprises Holdings’ and subsidiaries’ disclosure controls and procedures pursuant to the Rule 13a-15(e) and 15d-15(e) promulgated under the Exchange Act. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures are effective to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms, and include controls and procedures designed to ensure that information required to be disclosed by us in such reports is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

There have been no changes in our internal control over financial reporting during the quarter ended March 31, 2021 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

53

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

We are, and will continue to be, subject to litigation from time to time in the ordinary course of business. Refer to Note 16, “Commitments and Contingencies” to the condensed consolidated financial statements, which is incorporated by reference into this Part II, Item 1 of this Report, for information regarding our lawsuits and proceedings. Except for the lawsuits and proceedings disclosed in Note 16, there were no material changes to our lawsuits and proceedings as compared to those reported in our Annual Report on Form 10-K for the year ended December 31, 2020.

Item 1A. Risk Factors

There were no material changes to our risk factors during the three months ended March 31, 2021 as compared to those reported in our Annual Report on Form 10-K for the year ended December 31, 2020.

54

Item 6. Exhibits

Exhibit No.	Description
31.1	Certification of Chief Executive Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002 and Rule 13a-14(a) of the Securities Exchange Act of 1934.
31.2	Certification of Chief Financial Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002 and Rule 13a-14(a) of the Securities Exchange Act of 1934.
32.1	Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350) and Rule 13a-14(b) of the Securities Exchange Act of 1934.
101.SCH	Inline XBRL Taxonomy Extension Schema Document.
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document.
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document.
104	Cover Page Interactive Data File (formatted in Inline XBRL in Exhibit 101).

55

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Icahn Enterprises L.P.
By:	Icahn Enterprises G.P. Inc., its general partner
By:	/s/SungHwan Cho
	SungHwan Cho, Chief Financial Officer and Director
By:	Icahn Enterprises G.P. Inc., its general partner
By:	/s/Ted Papapostolou
	Ted Papapostolou, Chief Accounting Officer

Date: May 7, 2021

Icahn Enterprises Holdings L.P.
By:	Icahn Enterprises G.P. Inc., its general partner
By:	/s/SungHwan Cho
	SungHwan Cho, Chief Financial Officer and Director
By:	Icahn Enterprises G.P. Inc., its general partner
By:	/s/Ted Papapostolou
	Ted Papapostolou, Chief Accounting Officer

Date: May 7, 2021

56

EX-31.1

EXHIBIT 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

Pursuant to Section 302(a) of the Sarbanes Oxley Act of 2002 and

Rule 13a-14(a) of the Securities Exchange Act of 1934

I, Keith Cozza, certify that:

1. I have reviewed this joint quarterly report on Form 10-Q of Icahn Enterprises L.P. and Icahn Enterprises Holdings L.P. for the period ended March 31, 2021;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrants as of, and for, the periods presented in this report;

4. The registrants' other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrants and we have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrants' disclosure controls and procedures and presented in the report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrants' internal control over financial reporting that occurred during the registrants' most recent fiscal quarter (the registrants' fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants' internal control over financial reporting.

5. The registrants' other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants' auditors and the audit committee of the registrants' board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants' ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants' internal control over financial reporting.

/s/Keith Cozza

Keith Cozza

President and Chief Executive Officer of Icahn Enterprises G.P. Inc., the general partner of Icahn Enterprises L.P. and Icahn Enterprises Holdings L.P.

Date: May 7, 2021

EX-31.2

EXHIBIT 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

Pursuant to Section 302(a) of the Sarbanes Oxley Act of 2002 and

Rule 13a-14(a) of the Securities Exchange Act of 1934

I, SungHwan Cho, certify that:

1. I have reviewed this joint quarterly report on Form 10-Q of Icahn Enterprises L.P. and Icahn Enterprises Holdings L.P. for the period ended March 31, 2021;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrants as of, and for, the periods presented in this report;

4. The registrants' other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrants and we have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrants' disclosure controls and procedures and presented in the report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrants' internal control over financial reporting that occurred during the registrants' most recent fiscal quarter (the registrants' fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants' internal control over financial reporting.

5. The registrants' other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants' auditors and the audit committee of the registrants' board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants' ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants' internal control over financial reporting.

/s/SungHwan Cho

SungHwan Cho

Chief Financial Officer of Icahn Enterprises G.P. Inc., the general partner of Icahn Enterprises L.P. and Icahn Enterprises Holdings L.P.

Date: May 7, 2021

EX-32.1

EXHIBIT 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER

Pursuant to Section 906 of the Sarbanes Oxley Act of 2002 (18 U.S.C. 1350) and

Rules 13a-14(b) of the Securities Exchange Act of 1934

In connection with the joint quarterly report on Form 10-Q of Icahn Enterprises L.P. and Icahn Enterprises Holdings L.P., for the period ended March 31, 2021, the undersigned certify that, to the best of his knowledge, based upon a review of the Icahn Enterprises L.P. and Icahn Enterprises Holdings L.P. joint quarterly report on Form 10-Q for the period ended March 31, 2021:

(1) The report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the report fairly presents, in all material respects, the financial condition and results of operations of the registrants.

/s/Keith Cozza

Keith Cozza

President and Chief Executive Officer of Icahn Enterprises G.P. Inc., the general partner of Icahn Enterprises L.P. and Icahn Enterprises Holdings L.P.

Date: May 7, 2021

/s/SungHwan Cho

SungHwan Cho

Chief Financial Officer of Icahn Enterprises G.P. Inc., the general partner of Icahn Enterprises L.P. and Icahn Enterprises Holdings L.P.

Date: May 7, 2021

XML

Cover - shares	3 Months Ended
	Mar. 31, 2021	May 07, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	1-9516
Entity Registrant Name	ICAHN ENTERPRISES L.P.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-3398766
Entity Address, Address Line One	16690 Collins Avenue,
Entity Address, Address Line Two	PH-1
Entity Address, City or Town	Sunny Isles Beach,
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33160
City Area Code	305
Local Phone Number	422-4100
Title of 12(b) Security	Depositary Units of Icahn Enterprises L.P. Representing Limited Partner Interests
Trading Symbol	IEP
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		252,493,080
Entity Central Index Key	0000813762
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false
Icahn Enterprises Holdings
Document Information [Line Items]
Entity File Number	333-118021-01
Entity Registrant Name	ICAHN ENTERPRISES HOLDINGS L.P.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-3398767
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
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		0
Entity Central Index Key	0001034563

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 1,942	$ 1,679
Cash held at consolidated affiliated partnerships and restricted cash	1,134	1,612
Investments	11,480	8,913
Due from brokers	4,234	3,437
Accounts receivable, net	572	501
Inventories, net	1,559	1,580
Property, plant and equipment, net	4,231	4,228
Unrealized gain on derivative contracts	855	785
Goodwill	294	294
Intangible assets, net	643	660
Other assets	1,353	1,296
Total Assets	28,297	24,985
LIABILITIES AND EQUITY
Accounts payable	851	738
Accrued expenses and other liabilities	2,303	1,584
Deferred tax liabilities	549	568
Unrealized loss on derivative contracts	584	639
Securities sold, not yet purchased, at fair value	4,863	2,521
Due to brokers	1,509	1,618
Debt	8,056	8,059
Total liabilities	18,715	15,727
Commitments and contingencies (Note 16)
Equity:
Limited partners	4,086	4,236
General partner	(856)	(853)
Equity attributable to Icahn Enterprises	3,230	3,383
Equity attributable to non-controlling interests	6,352	5,875
Total equity	9,582	9,258
Total Liabilities and Equity	28,297	24,985
Icahn Enterprises Holdings
ASSETS
Cash and cash equivalents	1,942	1,679
Cash held at consolidated affiliated partnerships and restricted cash	1,134	1,612
Investments	11,480	8,913
Due from brokers	4,234	3,437
Accounts receivable, net	572	501
Inventories, net	1,559	1,580
Property, plant and equipment, net	4,231	4,228
Unrealized gain on derivative contracts	855	785
Goodwill	294	294
Intangible assets, net	643	660
Other assets	1,353	1,296
Total Assets	28,297	24,985
LIABILITIES AND EQUITY
Accounts payable	851	738
Accrued expenses and other liabilities	2,303	1,584
Deferred tax liabilities	549	568
Unrealized loss on derivative contracts	584	639
Securities sold, not yet purchased, at fair value	4,863	2,521
Due to brokers	1,509	1,618
Debt	8,058	8,061
Total liabilities	18,717	15,729
Commitments and contingencies (Note 16)
Equity:
Limited partners	4,125	4,277
General partner	(897)	(896)
Equity attributable to Icahn Enterprises	3,228	3,381
Equity attributable to non-controlling interests	6,352	5,875
Total equity	9,580	9,256
Total Liabilities and Equity	$ 28,297	$ 24,985

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - shares	Mar. 31, 2021	Dec. 31, 2020
Equity:
Limited partners: Depositary units issued	244,448,180	241,338,835
Limited partners: Depositary units outstanding	244,448,180	241,338,835

XML

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Net sales	$ 2,218	$ 1,860
Other revenues from operations	152	161
Net gain (loss) from investment activities	1,006	(2,128)
Interest and dividend income	26	64
Other (loss) income, net	(18)	(17)
Total Revenues	3,384	(60)
Expenses:
Cost of goods sold	2,139	1,810
Other expenses from operations	118	135
Selling, general and administrative	316	308
Restructuring, net	0	2
Interest expense	195	171
Total Expenses	2,768	2,426
Income (loss) before income tax (expense) benefit	616	(2,486)
Income tax (expense) benefit	(17)	180
Net income (loss)	599	(2,306)
Less: net income (loss) attributable to non-controlling interests	437	(922)
Net income (loss) attributable to Icahn Enterprises	162	(1,384)
Net income (loss) attributable to Icahn Enterprises allocated to:
Limited partners	159	(1,356)
General partner	3	(28)
Net income (loss) attributable to Icahn Enterprises	$ 162	$ (1,384)
Basic and diluted income (loss) per LP unit:
Basic income (loss) per LP unit	$ 0.66	$ (6.34)
Basic weighted average LP units outstanding	242	214
Diluted income (loss) per LP unit	$ 0.65	$ (6.34)
Diluted weighted average LP units outstanding	245	214
Cash distributions declared per LP unit	$ 2.00	$ 2.00
Icahn Enterprises Holdings
Revenues:
Net sales	$ 2,218	$ 1,860
Other revenues from operations	152	161
Net gain (loss) from investment activities	1,006	(2,128)
Interest and dividend income	26	64
Other (loss) income, net	(18)	(17)
Total Revenues	3,384	(60)
Expenses:
Cost of goods sold	2,139	1,810
Other expenses from operations	118	135
Selling, general and administrative	316	308
Restructuring, net	0	2
Interest expense	195	171
Total Expenses	2,768	2,426
Income (loss) before income tax (expense) benefit	616	(2,486)
Income tax (expense) benefit	(17)	180
Net income (loss)	599	(2,306)
Less: net income (loss) attributable to non-controlling interests	437	(922)
Net income (loss) attributable to Icahn Enterprises	162	(1,384)
Net income (loss) attributable to Icahn Enterprises allocated to:
Limited partners	160	(1,370)
General partner	2	(14)
Net income (loss) attributable to Icahn Enterprises	$ 162	$ (1,384)

XML

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net income (loss)	$ 599	$ (2,306)
Other comprehensive loss, net of tax:
Translation adjustments	(1)	(3)
Other comprehensive loss, net of tax	(1)	(3)
Comprehensive income (loss)	598	(2,309)
Less: Comprehensive income (loss) attributable to non-controlling interests	437	(922)
Comprehensive income (loss) attributable to Icahn Enterprises	161	(1,387)
Limited partners
Net income (loss)	159	(1,356)
Other comprehensive loss, net of tax:
Other comprehensive loss, net of tax	(1)	(3)
Comprehensive income (loss) attributable to Icahn Enterprises	158	(1,359)
General partner
Net income (loss)	3	(28)
Other comprehensive loss, net of tax:
Comprehensive income (loss) attributable to Icahn Enterprises	3	(28)
Icahn Enterprises Holdings
Net income (loss)	599	(2,306)
Other comprehensive loss, net of tax:
Translation adjustments	(1)	(3)
Other comprehensive loss, net of tax	(1)	(3)
Comprehensive income (loss)	598	(2,309)
Less: Comprehensive income (loss) attributable to non-controlling interests	437	(922)
Comprehensive income (loss) attributable to Icahn Enterprises	161	(1,387)
Icahn Enterprises Holdings | Limited partners
Net income (loss)	160	(1,370)
Other comprehensive loss, net of tax:
Other comprehensive loss, net of tax	(1)	(3)
Comprehensive income (loss) attributable to Icahn Enterprises	159	(1,373)
Icahn Enterprises Holdings | General partner
Net income (loss)	2	(14)
Other comprehensive loss, net of tax:
Comprehensive income (loss) attributable to Icahn Enterprises	$ 2	$ (14)

XML

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - USD ($) $ in Millions	General partner Icahn Enterprises Holdings	General partner	Limited partners Icahn Enterprises Holdings	Limited partners	Total Partners' Equity Icahn Enterprises Holdings	Total Partners' Equity	Non-controlling Interests Icahn Enterprises Holdings	Non-controlling Interests	Icahn Enterprises Holdings	Total
Total equity at Dec. 31, 2019	$ (875)	$ (812)	$ 6,328	$ 6,268	$ 5,453	$ 5,456	$ 5,486	$ 5,486	$ 10,939	$ 10,942
Increase (Decrease) in Equity
Net income (loss)	(14)	(28)	(1,370)	(1,356)	(1,384)	(1,384)	(922)	(922)	(2,306)	(2,306)
Other comprehensive loss			(3)	(3)	(3)	(3)			(3)	(3)
Partnership distributions payable	(4)	(9)	(433)	(428)	(437)	(437)			(437)	(437)
Partnership contributions			7	7	7	7			7	7
Investment segment contributions from non-controlling interests							1,241	1,241	1,241	1,241
Dividends and distributions to non-controlling interests in subsidiaries							(23)	(23)	(23)	(23)
Changes in subsidiary equity and other			(4)	(4)	(4)	(4)			(4)	(4)
Total equity at Mar. 31, 2020	(893)	(849)	4,525	4,484	3,632	3,635	5,782	5,782	9,414	9,417
Total equity at Dec. 31, 2020	(896)	(853)	4,277	4,236	3,381	3,383	5,875	5,875	9,256	9,258
Increase (Decrease) in Equity
Net income (loss)	2	3	160	159	162	162	437	437	599	599
Other comprehensive loss			(1)	(1)	(1)	(1)			(1)	(1)
Partnership distributions payable	(5)	(10)	(494)	(489)	(499)	(499)			(499)	(499)
Partnership contributions	2	4	184	182	186	186			186	186
Investment segment contributions from non-controlling interests							40	40	40	40
Changes in subsidiary equity and other			(1)	(1)	(1)	(1)			(1)	(1)
Total equity at Mar. 31, 2021	$ (897)	$ (856)	$ 4,125	$ 4,086	$ 3,228	$ 3,230	$ 6,352	$ 6,352	$ 9,580	$ 9,582

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net income (loss)	$ 599	$ (2,306)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Net (gain) loss from securities transactions	(1,290)	4,402
Purchases of securities	(1,519)	(1,279)
Proceeds from sales of securities	715	20
Payments to cover securities sold, not yet purchased	(459)	(635)
Proceeds from securities sold, not yet purchased	2,141
Changes in receivables and payables relating to securities transactions	(858)	2,292
Changes in unrealized gains/losses on derivative contracts	(125)	(3,827)
Depreciation and amortization	127	121
Deferred taxes	(18)	(144)
Other, net	10	57
Changes in other operating assets and liabilities	126	(74)
Net cash used in operating activities	(551)	(1,373)
Cash flows from investing activities:
Capital expenditures	(47)	(53)
Acquisition of businesses, net of cash acquired	(20)	(1)
Purchases of investments		(254)
Proceeds from sale of investments	182
Other, net	1	(16)
Net cash provided by (used in) investing activities	116	(324)
Cash flows from financing activities:
Investment segment contributions from non-controlling interests	40	1
Partnership contributions	182	7
Dividends and distributions to non-controlling interests in subsidiaries		(23)
Proceeds from Holding Company senior unsecured notes	750	866
Repayments of Holding Company senior unsecured notes	(750)	(1,350)
Proceeds from subsidiary borrowings	177	1,368
Repayments of subsidiary borrowings	(180)	(848)
Other, net	(5)	(14)
Net cash provided by financing activities	214	7
Effect of exchange rate changes on cash and cash equivalents and restricted cash and restricted cash equivalents	6	2
Net decrease in cash and cash equivalents and restricted cash and restricted cash equivalents	(215)	(1,688)
Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period	3,291	4,945
Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period	3,076	3,257
Icahn Enterprises Holdings
Cash flows from operating activities:
Net income (loss)	599	(2,306)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Net (gain) loss from securities transactions	(1,290)	4,402
Purchases of securities	(1,519)	(1,279)
Proceeds from sales of securities	715	20
Payments to cover securities sold, not yet purchased	(459)	(635)
Proceeds from securities sold, not yet purchased	2,141
Changes in receivables and payables relating to securities transactions	(858)	2,292
Changes in unrealized gains/losses on derivative contracts	(125)	(3,827)
Depreciation and amortization	127	121
Deferred taxes	(18)	(144)
Other, net	10	57
Changes in other operating assets and liabilities	126	(74)
Net cash used in operating activities	(551)	(1,373)
Cash flows from investing activities:
Capital expenditures	(47)	(53)
Acquisition of businesses, net of cash acquired	(20)	(1)
Purchases of investments		(254)
Proceeds from sale of investments	182
Other, net	1	(16)
Net cash provided by (used in) investing activities	116	(324)
Cash flows from financing activities:
Investment segment contributions from non-controlling interests	40	1
Partnership contributions	182	7
Dividends and distributions to non-controlling interests in subsidiaries		(23)
Proceeds from Holding Company senior unsecured notes	750	866
Repayments of Holding Company senior unsecured notes	(750)	(1,350)
Proceeds from subsidiary borrowings	177	1,368
Repayments of subsidiary borrowings	(180)	(848)
Other, net	(5)	(14)
Net cash provided by financing activities	214	7
Effect of exchange rate changes on cash and cash equivalents and restricted cash and restricted cash equivalents	6	2
Net decrease in cash and cash equivalents and restricted cash and restricted cash equivalents	(215)	(1,688)
Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period	3,291	4,945
Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period	$ 3,076	$ 3,257

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Description of Business

3 Months Ended

Mar. 31, 2021

Description of Business [Abstract]

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

Icahn Enterprises owns a 99% limited partner interest in Icahn Enterprises Holdings. Icahn Enterprises G.P. Inc. (“Icahn Enterprises GP”), which is 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 March 31, 2021. Icahn Enterprises Holdings and its subsidiaries own substantially all of our assets and liabilities and conduct substantially all of our operations. Therefore, the financial results of Icahn Enterprises and Icahn Enterprises Holdings are substantially the same, with differences relating primarily to the allocation of the general partner interest, which is reflected as an aggregate 1.99% general partner interest in the financial statements of Icahn Enterprises. In addition to the above, Mr. Icahn and his affiliates owned approximately 91% of Icahn Enterprises’ outstanding depositary units as of March 31, 2021.

Description of Continuing Operating Businesses

We are a diversified holding company owning subsidiaries currently engaged in the following continuing operating businesses: Investment, Energy, Automotive, Food Packaging, Metals, 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 and Icahn Enterprises Holdings (unless otherwise noted), and investment activity and expenses associated with our Holding Company. See Note 12, “Segment Reporting,” for a reconciliation of each of our reporting segment’s results of operations to our consolidated results. Certain additional information with respect to our segments is discussed below.

Investment

Our Investment segment is comprised of various private investment funds (“Investment Funds”) in which we have general partner interests and through which we invest our proprietary capital. As general partner, we provide investment advisory and certain administrative and back office services to the Investment Funds but do not provide such services to any other entities, individuals or accounts. We and certain of Mr. Icahn’s family members and affiliates are the only investors in the Investment Funds. Interests in the Investment Funds are not offered to outside investors. We had interests in the Investment Funds with a fair value of approximately $4.7 billion and $4.3 billion as of March 31, 2021 and December 31, 2020, respectively.

Energy

We conduct our Energy segment through our majority owned subsidiary, CVR Energy, Inc. (“CVR Energy”). CVR Energy is a diversified holding company primarily engaged in the petroleum refining and nitrogen fertilizer manufacturing businesses through its holdings in CVR Refining, LP (“CVR Refining”) and CVR Partners, LP (“CVR Partners”), respectively. CVR Refining is an independent petroleum refiner and marketer of high value transportation fuels. CVR Partners produces and markets nitrogen fertilizers in the form of urea ammonium nitrate and ammonia. CVR Energy has a general partner interest in each of CVR Refining and CVR Partners. In addition, CVR Energy is the sole limited partner of CVR Refining and owns approximately 36% of the outstanding common units of CVR Partners as of March 31, 2021. As of March 31, 2021, we owned approximately 71% of the total outstanding common stock of CVR Energy.

Automotive

We conduct our Automotive segment through our wholly owned subsidiary, Icahn Automotive Group LLC (“Icahn Automotive”). Icahn Automotive is engaged in the retail and wholesale distribution of automotive parts in the aftermarket (“aftermarket parts”) as well as providing automotive repair and maintenance services (“automotive services”) to its customers. Icahn Automotive’s aftermarket parts and automotive services businesses serve different customer channels and have distinct strategies, opportunities and requirements and therefore are operated as two independent operating companies, each with its own Chief Executive Officer and management teams, and both of which are supported by a central shared service group. Our Automotive segment also includes our separate investment in 767 Auto Leasing LLC (“767 Leasing”), a joint venture created by us to purchase vehicles for lease, as described further in Note 3, “Related Party Transactions.” Our investment in 767 Leasing is included as a component of our Automotive segment due to the nature of the joint venture activities.

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 March 31, 2021, we owned approximately 89% of the total outstanding common stock of Viskase.

Metals

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

Real Estate

Our Real Estate segment consists primarily of investment properties, the development and sale of single-family homes and the management of a country club.

Home Fashion

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

Pharma

We conduct our Pharma segment through our wholly owned subsidiary, Vivus, Inc. (“Vivus”). We acquired all of the outstanding common stock of Vivus in December 2020 upon its emergence from bankruptcy. Vivus is a specialty pharmaceutical company with two approved therapies and one product candidate in active clinical development.

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Basis of Presentation and Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

2.  Basis of Presentation and Summary of Significant Accounting Policies

We conduct and plan to continue to conduct our activities in such a manner as not to be deemed an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). Therefore, no more than 40% of our total assets can be invested in investment securities, as such term is defined in the Investment Company Act. In addition, we do not invest or intend to invest in securities as our primary business. We intend to structure our investments to continue 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. and Ferrous Resources Ltd. in recent years did not result in our being considered an investment company. However, additional transactions involving the sale of certain assets could result in our being considered an investment company. Following such events or transactions, an exemption under the Investment Company Act would provide us up to one year to take steps to avoid becoming classified as an investment company. We expect to take steps to avoid becoming classified as an investment company, but no assurance can be made that we will successfully be able to take the steps necessary to avoid becoming classified as an investment company.

The accompanying condensed consolidated financial statements and related notes should be read in conjunction with our consolidated financial statements and related notes contained in our Annual Report on Form 10-K for the year ended December 31, 2020. The condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) related to interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. The financial information contained herein is unaudited; however, management believes all adjustments have been made that are necessary to present fairly the results for the interim periods. All such adjustments are of a normal and recurring nature.

Principles of Consolidation

Our condensed consolidated financial statements include the accounts of (i) Icahn Enterprises and Icahn Enterprises Holdings and (ii) the wholly and majority owned subsidiaries of Icahn Enterprises and Icahn Enterprises Holdings, 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.

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.

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.

Consolidated Variable Interest Entities

The following is a discussion of variable interest entities in which we are deemed to be the primary beneficiary and in which we therefore consolidate.

Icahn Enterprises Holdings

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. The condensed consolidated financial statements of Icahn Enterprises Holdings are included in this Report. The balances with respect to Icahn Enterprises Holdings’ consolidated VIEs are discussed below, comprising the Investment Funds, CVR Partners and Viskase’s joint venture.

Investment

We determined that each of the Investment Funds are considered VIEs because these limited partnerships lack both substantive kick-out and participating rights. Because we have a general partner interest in each of the Investment Funds and have significant limited partner interests in each of the Investment Funds, coupled with our significant exposure to losses and benefits in each of the Investment Funds, we are the primary beneficiary of each of the Investment Funds and therefore continue to consolidate each of the Investment Funds.

Energy

CVR Partners is considered a VIE because it is a limited partnership that lacks both substantive kick-out and participating rights. In addition, CVR Energy also concluded that, based upon its general partner’s roles and rights in CVR Partners as afforded by CVR Partners’ partnership agreement, coupled with its exposure to losses and benefits in CVR Partners through its significant limited partner interest, intercompany credit facilities and services agreements, it is the primary beneficiary of CVR Partners.

Food Packaging

Viskase holds a variable interest in a joint venture for which Viskase is the primary beneficiary. Viskase’s interest in the joint venture includes a 50% equity interest and also relates to the sales, operations, administrative and financial support to the joint venture through providing many of the assets used in its business.

The following table includes balances of assets and liabilities of VIE’s included in Icahn Enterprises Holdings’ condensed consolidated balance sheets.

	March 31,		December 31,
	2021		2020
	(in millions)
Cash and cash equivalents	$	64	$	31
Cash held at consolidated affiliated partnerships and restricted cash		1,078		1,558
Investments		10,926		8,239
Due from brokers		4,234		3,437
Accounts receivable, net		15		37
Inventories, net		57		42
Property, plant and equipment, net		1,025		1,042
Unrealized gain on derivative contracts		849		785
Intangible assets, net		227		232
Other assets		124		107
Accounts payable		22		25
Accrued expenses and other liabilities		151		70
Deferred tax liabilities		1		1
Unrealized loss on derivative contracts		521		622
Securities sold, not yet purchased, at fair value		4,863		2,521
Due to brokers		1,509		1,618
Debt		637		636

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 4, “Investments,” and Note 5, “Fair Value Measurements,” for a detailed discussion of our investments and other non-financial assets and/or liabilities.

The fair value of our long-term debt is based on the quoted market prices for the same or similar issues or on the current rates offered to us for debt of the same remaining maturities. The carrying value and estimated fair value of our long-term debt as of March 31, 2021 was approximately $8.1 billion and $8.1 billion, respectively. The carrying value and estimated fair value of our long-term debt as of December 31, 2020 was approximately $8.1 billion and $8.2 billion, respectively.

Cash Flow

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

Cash Held at Consolidated Affiliated Partnerships and Restricted Cash

Our cash held at consolidated affiliated partnerships balance was $142 million and $686 million as of March 31, 2021 and December 31, 2020, respectively. Cash held at consolidated affiliated partnerships relates to our Investment segment and consists of cash and cash equivalents held by the Investment Funds that, although not legally restricted, are not available to fund the general liquidity needs of the Investment segment or Icahn Enterprises.

Our restricted cash balance was $992 million and $926 million as of March 31, 2021 and December 31, 2020, respectively. Restricted cash primarily relates to our Investment segment’s cash pledged and held for margin requirements on derivative transactions.

Revenue From Contracts With Customers and Contract Balances

Due to the nature of our business, we derive revenue from various sources in various industries. With the exception of all of our Investment segment’s and our Holding Company’s revenues, and our Real Estate segment’s leasing revenue, our revenue is generally derived from contracts with customers in accordance with U.S. GAAP. Such revenue from contracts with customers is included in net sales and other revenues from operations in the condensed consolidated statements of operations, however, our Real Estate segment’s leasing revenue, as disclosed in Note 9, “Leases,” is also included in other revenues from operations. Related contract assets are included in accounts receivable, net or other assets and related contract liabilities are included in accrued expenses and other liabilities in the condensed consolidated balance sheets. Our disaggregation of revenue information includes our net sales and other revenues from operations for each of our reporting segments as well as additional disaggregation of revenue information for our Energy and Automotive segments. See Note 12, “Segment Reporting,” for our complete disaggregation of revenue information. In addition, we disclose additional information with respect to revenue from contracts with customers and contract balances for our Energy and Automotive segments below.

Energy

Our Energy segment’s deferred revenue is a contract liability that 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. Our Energy segment had deferred revenue of $40 million and $31 million as of March 31, 2021 and December 31, 2020, respectively. For the three months ended March 31, 2021 and 2020, our Energy segment recorded revenue of $8 million and $6 million, respectively, with respect to deferred revenue outstanding as of the beginning of each respective period.

As of March 31, 2021, our Energy segment had $6 million of remaining performance obligations for contracts with an original expected duration of more than one year. Our Energy segment expects to recognize approximately $3 million of these performance obligations as revenue by the end of 2021 and the remaining balance thereafter.

Automotive

Our Automotive segment has deferred revenue with respect to extended warranty plans of $40 million and $41 million as of March 31, 2021 and December 31, 2020, respectively, which are included in accrued expenses and other liabilities on the condensed consolidated balance sheets. For the three months ended March 31, 2021 and 2020, our Automotive segment recorded revenue of $6 million and $6 million, respectively, with respect to deferred revenue outstanding as of the beginning of each respective period.

Adoption of New Accounting Standards

In December 2019, the Financial Account Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Simplifying the Accounting for Income Taxes, which amends FASB ASC Topic 740, Income Taxes. This ASU simplifies the accounting for income taxes by removing certain exceptions to the general principles in the standard and modifies other areas of the standard to clarify the application of U.S. GAAP. This ASU is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. We have adopted this

standard on January 1, 2021. Certain amendments in this ASU are applied using a retrospective approach and others using the prospective approach. The adoption of this standard did not have a significant impact on our condensed consolidated financial statements.

Recently Issued Accounting Standards

In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which amends FASB ASC Topic 848, Reference Rate Reform. By the end of 2021, banks will no longer be required to report information that is used to determine London Interbank Offered Rate (“LIBOR”) which is used globally by all types of entities for various types of transactions. As a result, LIBOR could be discontinued, as well as other interest rates used globally. This ASU provides companies with optional expedients for contract modifications under U.S GAAP, excluded components of certain hedging relationships, fair value hedges, and cash flow hedges, as well as certain exceptions, which are intended to help ease the potential accounting burden associated with transitioning away from these reference rates. Companies can apply this ASU immediately and will only be available for a limited time (generally through December 31, 2022). We are currently assessing the impact of this standard on our condensed consolidated financial statements.

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Related Party Transactions

3 Months Ended

Mar. 31, 2021

Related Party Transactions [Abstract]

Related Party Transactions

3.  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

During the three months ended March 31, 2020, Mr. Icahn and his affiliates (excluding us) contributed $1,241 million to the Investment Funds consisting primarily of in-kind investments previously held directly by Mr. Icahn and his affiliates (excluding us). As of March 31, 2021 and December 31, 2020, the total fair market value of investments in the Investment Funds made by Mr. Icahn and his affiliates (excluding us) was approximately $5.5 billion and $5.0 billion, respectively, representing approximately 54% and 54% of the Investment Funds’ assets under management as of each respective date.

We pay for expenses pertaining to the operation, administration and investment activities of our Investment segment for the benefit of the Investment Funds (including salaries, benefits and rent). Based on an expense-sharing arrangement, certain expenses borne by us are reimbursed by the Investment Funds. For the three months ended March 31, 2021 and 2020, $5 million and $(6) million, respectively, was allocated to the Investment Funds based on this expense-sharing arrangement. For the three months ended March 31, 2020, the allocation was reduced by $8 million relating to certain compensation arrangements.

Hertz Global Holdings, Inc. and 767 Auto Leasing LLC

The Investment Funds had an investment in the common stock of Hertz Global Holdings, Inc. (“Hertz”) measured at fair value that would have otherwise been subject to the equity method of accounting (until sold in the second quarter of 2020). Icahn Automotive provides services to Hertz in the ordinary course of business. Revenue from Hertz was $14 million for the three months ended March 31, 2020.

In addition to our transactions with Hertz disclosed above, in January 2018, we entered into a Master Motor Vehicle Lease and Management Agreement with Hertz, pursuant to which Hertz granted 767 Leasing the option to acquire

certain vehicles from Hertz at rates aligned with the rates at which Hertz sells vehicles to third parties. Under this agreement, as amended, Hertz will lease the vehicles that 767 Leasing purchases from Hertz, or from third parties, under a mutually developed fleet plan and Hertz will manage, service, repair, sell and maintain those leased vehicles on behalf of 767 Leasing. Additionally, Hertz will rent the leased vehicles to transportation network company drivers from rental counters within locations leased or owned by us. This agreement had an initial term of 18 months and is subject to automatic six-month renewals thereafter, unless terminated by either party (with or without cause) prior to the start of any such six-month renewal. Our agreement with Hertz was unanimously approved by the independent directors of Icahn Enterprises’ audit committee. Due to the nature of our involvement with 767 Leasing, which includes Icahn Enterprises and Icahn Enterprises Holdings guaranteeing the payment obligations of 767 Leasing and sharing in the profits of 767 Leasing with Hertz, we determined that 767 Leasing is a variable interest entity. Furthermore, we determined that we are not the primary beneficiary as we do not have the power to direct the activities of 767 Leasing that most significantly impact its economic performance. Therefore, we do not consolidate the results of 767 Leasing. Our exposure to loss with respect to 767 Leasing is primarily limited to our direct investment in 767 Leasing as well as any payment obligations of 767 Leasing that we guarantee, which are not material as of March 31, 2021 and December 31, 2020. For the three months ended March 31, 2021, 767 Leasing distributed $11 million to us. As of March 31, 2021 and December 31, 2020, we had an equity method investment in 767 Leasing of $28 million and $40 million, respectively, which we report in our Automotive segment.

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. 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, as discussed below. 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. During 2021, Brett Icahn contributed $40 million in accordance with the manager agreement and has investments in the Investment Funds with a total fair market value of $59 million as of March 31, 2021. 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.

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Investments

3 Months Ended

Mar. 31, 2021

Schedule of Investments [Abstract]

Investments

4.  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 condensed consolidated balance sheets. These investments are considered trading securities. In addition, our Investment segment has certain derivative transactions which are discussed in Note 6, “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:

	March 31,		December 31,
	2021		2020
	(in millions)
Assets
Investments:
Equity securities:
Consumer, non-cyclical	$	2,079	$	1,548
Consumer, cyclical		2,572		2,073
Energy		3,703		2,654
Utilities		658		107
Technology		1,589		1,578
Industrial		194		158
		10,795		8,118
Corporate debt securities		131		121
	$	10,926	$	8,239
Liabilities
Securities sold, not yet purchased, at fair value:
Equity securities:
Consumer, non-cyclical	$	971	$	424
Consumer, cyclical		405		572
Energy		3,091		1,476
Utilities		396		49
	$	4,863	$	2,521

The portion of unrealized gains (losses) that relates to securities still held by our Investment segment, primarily equity securities, was $1,122 million and $(4,170) million for the three months ended March 31, 2021 and 2020, respectively.

Other Segments and Holding Company

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

	March 31,		December 31,
	2021		2020
	(in millions)
Equity method investments	$	108	$	120
Held to maturity debt investments measured at amortized cost		20		20
Other investments measured at fair value		426		534
	$	554	$	674

The portion of unrealized gains (losses) that relates to equity securities still held by our other segments and Holding Company was $58 million and $(312) million for the three months ended March 31, 2021 and 2020, respectively.

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Fair Value Measurements

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

5.  Fair Value Measurements

U.S. GAAP requires enhanced disclosures about investments and non-recurring non-financial 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 investments or non-financial assets and liabilities at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the investment. Investments 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.

Investments and non-financial assets and/or 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 investments and non-financial assets and/or 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 investments are derived from market observable sources including reported trades, broker/dealer quotes and other pertinent data.

Level 3 - Pricing inputs are unobservable for the investment and non-financial asset and/or liability and include situations where there is little, if any, market activity for the investment or non-financial asset and/or liability. 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 investments’, non-financial assets’ and/or liabilities’ 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 investment. 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:

	March 31, 2021								December 31, 2020
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(in millions)
Assets
Investments (Note 4)	$	11,128	$	171	$	41	$	11,340	$	8,546	$	174	$	41	$	8,761
Derivative contracts, at fair value (Note 6)		—		855		—		855		—		785		—		785
	$	11,128	$	1,026	$	41	$	12,195	$	8,546	$	959	$	41	$	9,546
Liabilities
Securities sold, not yet purchased (Note 4)	$	4,863	$	—	$	—	$	4,863	$	2,521	$	—	$	—	$	2,521
Derivative contracts, at fair value (Note 6)		—		584		—		584		11		628		—		639
Other liabilities		—		342		—		342		—		214		—		214
	$	4,863	$	926	$	—	$	5,789	$	2,532	$	842	$	—	$	3,374

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Financial Instruments

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments

6.  Financial Instruments

Overview

Investment

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

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

The Investment Funds have entered into various types of swap contracts with other counterparties. These agreements provide that they are entitled to receive or are obligated to pay in cash an amount equal to the increase or decrease, respectively, in the value of the underlying shares, debt and other instruments that are the subject of the contracts, during the period from inception of the applicable agreement to its expiration. In addition, pursuant to the terms of such agreements, they are entitled to receive or obligated to pay other amounts, including interest, dividends and other distributions made in respect of the underlying shares, debt and other instruments during the specified time

frame. They are also required to pay to the counterparty a floating interest rate equal to the product of the notional amount multiplied by an agreed-upon rate, and they receive interest on any cash collateral that they post to the counterparty at the federal funds or LIBOR rate in effect for such period.

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

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

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

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

Certain terms of the Investment Funds’ contracts with derivative counterparties, which are standard and customary to such contracts, contain certain triggering events that would give the counterparties the right to terminate the derivative instruments. In such events, the counterparties to the derivative instruments could request immediate payment on derivative instruments in net liability positions. The aggregate fair value of all of the Investment Funds’ derivative instruments with credit-risk-related contingent features that are in a liability position as of March 31, 2021 and December 31, 2020 was $2 million and $1 million, respectively.

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

	March 31, 2021				December 31, 2020
	Long Notional Exposure		Short Notional Exposure		Long Notional Exposure		Short Notional Exposure
		(in millions)
Primary underlying risk:
Equity contracts	$	217	$	4,074	$	—	$	8,623
Credit contracts(1)		8		4,113		—		2,099

(1) The short notional amount on our credit default swap positions was approximately $8.2 billion at March 31, 2021. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is approximately $4.1 billion as of March 31, 2021. The short notional amount on our credit default swap positions was approximately $6.3 billion as of December 31, 2020. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is approximately $2.1 billion as of December 31, 2020.

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:

	Asset Derivatives				Liability Derivatives
	March 31, 2021		December 31, 2020		March 31, 2021		December 31, 2020
		(in millions)
Equity contracts	$	11	$	4	$	737	$	852
Credit contracts		1,056		1,012		2		1
Sub-total		1,067		1,016		739		853
Netting across contract types(1)		(218)		(231)		(218)		(231)
Total(1)	$	849	$	785	$	521	$	622

(1) Excludes netting of cash collateral received and posted. The total collateral posted at March 31, 2021 and December 31, 2020 was $936 million and $872 million, respectively, across all counterparties, which are included in cash held at consolidated affiliated partnerships and restricted cash in the condensed consolidated balance sheets.

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

	Gain (Loss) Recognized in Income(1)
	Three Months Ended March 31,
	2021		2020
	(in millions)
Equity contracts	$	(324)	$	1,468
Credit contracts		39		806
	$	(285)	$	2,274

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

Energy

CVR Energy’s businesses are subject to price fluctuations caused by supply conditions, weather, economic conditions, interest rate fluctuations and other factors. To manage price risk on crude oil and other inventories and to fix margins on certain future production, CVR Refining regularly enters into various commodity derivative transactions. CVR Refining holds derivative instruments, such as exchange-traded crude oil futures and over-the-counter forward swap agreements, which it believes provide an economic hedge on future transactions, but such instruments are not designated as hedge instruments. CVR Refining may enter into forward purchase or sale contracts associated with renewable identification numbers (“RINs”).

As of March 31, 2021 and December 31, 2020, CVR Refining had 12 million and 7 million, respectively, outstanding commodity swap positions. As of March 31, 2021 and December 31, 2020, CVR Refining had open forward purchase and sale commitments for 4 million barrels and 6 million barrels, respectively. As of March 31, 2021 and December 31, 2020, CVR Refining had open fixed-price commitments to purchase a net 32 million and 13 million RINs, respectively.

Certain derivative contracts executed by our Energy segment with a single counterparty are reported on a net-by-counterparty basis where a legal right of offset exists under an enforceable netting agreement. As of March 31, 2021 and December 31, 2020, our Energy segment had net asset derivatives of $6 million and net liability derivatives of $63 million, respectively. (Losses) gains recognized on derivatives for our Energy segment were $(32) million and $46 million for the three months ended March 31, 2021 and 2020, respectively. Gains and losses recognized on derivatives for our Energy segment are included in cost of goods sold on the condensed consolidated statements of operations.

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Inventories, Net

3 Months Ended

Mar. 31, 2021

Inventory, Net [Abstract]

Inventories, Net

7.  Inventories, Net

Inventories, net consists of the following:

	March 31,		December 31,
	2021		2020
	(in millions)
Raw materials	$	235	$	183
Work in process		90		83
Finished goods		1,234		1,314
	$	1,559	$	1,580

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Goodwill and Intangible Assets, Net

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

8.  Goodwill and Intangible Assets, Net

Goodwill consists of the following:

	March 31, 2021						December 31, 2020
	Gross				Net		Gross				Net
	Carrying		Accumulated		Carrying		Carrying		Accumulated		Carrying
	Amount		Impairment		Value		Amount		Impairment		Value
	(in millions)
Automotive	$	337	$	(87)	$	250	$	337	$	(87)	$	250
Food Packaging		6		—		6		6		—		6
Metals		4		—		4		4		—		4
Home Fashion		24		(3)		21		24		(3)		21
Pharma		13		—		13		13		—		13
	$	384	$	(90)	$	294	$	384	$	(90)	$	294

Intangible assets, net consists of the following:

	March 31, 2021						December 31, 2020
	Gross				Net		Gross				Net
	Carrying		Accumulated		Carrying		Carrying		Accumulated		Carrying
	Amount		Amortization		Value		Amount		Amortization		Value
	(in millions)
Definite-lived intangible assets:
Customer relationships	$	398	$	(181)	$	217	$	399	$	(176)	$	223
Developed technology		254		(13)		241		254		(6)		248
Other		177		(75)		102		269		(163)		106
	$	829	$	(269)	$	560	$	922	$	(345)	$	577
Indefinite-lived intangible assets					$	83					$	83
Intangible assets, net					$	643					$	660

Amortization expense associated with definite-lived intangible assets was $15 million and $11 million for the three months ended March 31, 2021 and 2020, respectively. We utilize the straight-line method of amortization, recognized over the estimated useful lives of the assets.

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Leases

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Leases

9.  Leases

All Segments and Holding Company

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

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

	March 31,		December 31,
	2021		2020
	(in millions)
Operating Leases:
Right-of-use assets (other assets)	$	540	$	552
Lease liabilities (accrued expenses and other liabilities)		557		569
Financing Leases:
Right-of-use assets (property, plant and equipment, net)		65		65
Lease liabilities (debt)		82		81

Additional information with respect to our operating leases as of March 31, 2021 and December 31, 2020 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 March 31, 2021	Assets		Liabilities		Lease Term	Rate
	(in millions)
Energy	$	41	$	42	4.5 years	5.5%
Automotive		423		442	4.6 years	5.7%
Food Packaging		30		34	11.1 years	7.4%
Other segments and Holding Company		46		39
	$	540	$	557

	Right-Of-Use		Lease			Discount
Operating Leases as of December 31, 2020	Assets		Liabilities		Lease Term	Rate
	(in millions)
Energy	$	37	$	38	3.1 years	5.5%
Automotive		436		456	4.6 years	5.7%
Food Packaging		32		35	11.1 years	7.4%
Other segments and Holding Company		47		40
	$	552	$	569

For the three months ended March 31, 2021 and 2020, lease cost was comprised of (i) operating lease cost of $51 million and $51 million, respectively, (ii) amortization of financing lease right-of-use assets of $3 million and $3 million, respectively, and (iii) interest expense on financing lease liabilities of $1 million and $2 million respectively. Our Automotive segment accounted for $43 million and $43 million of total lease cost for the three months ended March 31, 2021 and 2020, respectively.

Real Estate

Our Real Estate segment leases real estate, primarily commercial properties under long-term operating leases. As of March 31, 2021 and December 31, 2020, our Real Estate segment has assets leased to others included in property, plant

and equipment of $222 million and $222 million, respectively, net of accumulated depreciation. Our Real Estate segment’s revenue from operating leases were $5 million and $8 million for the three months ended March 31, 2021 and 2020, respectively. Revenues from operating leases are included in other revenue from operations in the condensed consolidated statements of operations.

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Debt

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Debt

10.  Debt

Debt consists of the following:

	March 31,		December 31,
	2021		2020
	(in millions)
Holding Company:
6.250% senior unsecured notes due 2022	$	456	$	1,209
6.750% senior unsecured notes due 2024		499		499
4.750% senior unsecured notes due 2024		1,106		1,106
6.375% senior unsecured notes due 2025		748		748
6.250% senior unsecured notes due 2026		1,250		1,250
5.250% senior unsecured notes due 2027		999		999
4.375% senior unsecured notes due 2029		747		—
		5,805		5,811
Reporting Segments:
Energy		1,691		1,691
Automotive		352		368
Food Packaging		156		151
Metals		28		16
Real Estate		1		1
Home Fashion		23		21
		2,251		2,248
Total Debt	$	8,056	$	8,059

Holding Company

In January 2021, Icahn Enterprises and Icahn Enterprises Finance Corp. (together the “Issuers”) issued $750 million in aggregate principal amount of 4.375% senior unsecured notes due 2029 (the “New 2029 Notes”). The proceeds from the New 2029 Notes were used to redeem $750 million principal amount of 6.250% senior unsecured notes due 2022, and to pay accrued interest, related fees and expenses. Interest on the New 2029 Notes is payable semi-annually. In connection with this transaction, our Holding Company recorded a gain on extinguishment of debt of $2 million.

The New 2029 Notes and the related guarantee are the senior unsecured obligations of the Issuers and rank equally with all of the Issuers’ and the Guarantor’s existing and future senior unsecured indebtedness and senior to all of the Issuers’ and the Guarantor’s existing and future subordinated indebtedness. The New 2029 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. The New 2029 Notes and the related guarantees are also effectively subordinated to all indebtedness and other liabilities of the Issuers’ subsidiaries other than the Guarantor.

The indenture governing the New 2029 Notes restricts 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. The indenture also restricts the incurrence of debt or the issuance of disqualified stock, as defined in the indenture, with certain exceptions. In addition, the indenture requires that on each quarterly determination date, Icahn Enterprises and

the guarantor of the New 2029 Notes (currently only Icahn Enterprises Holdings) maintain certain minimum financial ratios, as defined therein. The indenture also restricts the creation of liens, mergers, consolidations and sales of substantially all of our assets, and transactions with affiliates.

Subsequent Event

In April 2021, the Issuers issued $455 million in aggregate principal amount of additional 5.250% senior unsecured notes due 2027. The proceeds from this issuance were used to redeem the remaining $455 million principal amount of 6.250% senior unsecured notes due 2022, and to pay accrued interest, related fees and expenses.

Covenants

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

Non-Cash Charges to Interest Expense

The amortization of deferred financing costs and debt discounts and premiums included in interest expense in the condensed consolidated statements of operations were $1 million and $1 million for the three months ended March 31, 2021 and 2020, respectively.

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Net Income Per LP Unit

3 Months Ended

Mar. 31, 2021

Earnings Per Unit [Abstract]

Net Income Per LP Unit

11.  Net Income Per LP Unit

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

	Three Months Ended March 31,
	2021		2020
	(in millions, except per unit amounts)
Net income (loss) attributable to Icahn Enterprises	$	162	$	(1,384)
Net income (loss) attributable to Icahn Enterprises allocated to limited partners (98.01% allocation)	$	159	$	(1,356)
Basic income (loss) per LP unit	$	0.66	$	(6.34)
Basic weighted average LP units outstanding		242		214
Diluted income (loss) per LP unit	$	0.65	$	(6.34)
Diluted weighted average LP units outstanding		245		214

As their effect would have been anti-dilutive, four million weighted average units have been excluded from the calculation of diluted income per LP unit for the three months ended March 31, 2020.

LP Unit Transactions

Unit Distributions

On February 24, 2021, Icahn Enterprises declared a quarterly distribution in the amount of $2.00 per depositary unit in which each depositary unitholder had the option to make an election to receive either cash or additional depositary units. Because the depositary unitholders had the election to receive the distribution either in cash or additional depositary units, we recorded a unit distribution liability of $489 million as the unit distribution had not been made as of March 31, 2021. In addition, the unit distribution liability, which is included in accrued expenses and other liabilities in the condensed consolidated balance sheets, is considered a potentially dilutive security and is considered in the calculation of diluted income per LP unit as disclosed above. Any difference between the liability recorded and the amount representing the aggregate value of the number of depositary units distributed and cash paid would be charged to equity.

On April 29, 2021, Icahn Enterprises distributed an aggregate 8,044,900 depositary units to unitholders electing to receive depositary units, of which an aggregate of 7,717,918 depositary units were distributed to Mr. Icahn and his affiliates. In connection with this distribution, aggregate cash distributions to all depositary unitholders that made a timely election to receive cash was $27 million.

2019 and 2021 At-The-Market Offerings

On May 2, 2019, Icahn Enterprises announced the commencement of its “at-the-market” offering pursuant to its Open Market Sale Agreement, pursuant to which Icahn Enterprises may sell its depositary units, from time to time, during the term of the program ending on March 31, 2021, for up to $400 million in aggregate sale proceeds. During the three months ended March 31, 2020, Icahn Enterprises sold 107,131 depositary units pursuant to this agreement, resulting in gross proceeds of $7 million. This agreement was terminated on February 26, 2021.

On February 26, 2021, Icahn Enterprises announced the commencement of its “at-the-market” offering pursuant to its Open Market Sale Agreement, pursuant to which Icahn Enterprises may sell its depositary units, from time to time, during the term of the program ending on December 31, 2023, for up to $400 million in aggregate sale proceeds. During the three months ended March 31, 2021, Icahn Enterprises sold 3,109,345 depositary units pursuant to this agreement, resulting in gross proceeds of $184 million. As of March 31, 2021, Icahn Enterprises may sell its depositary units for up to an additional $216 million in aggregate sale proceeds pursuant to this agreement. No assurance can be made that any or all amounts will be sold during the term of the program.

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Segment Reporting

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Segment Reporting

12.  Segment Reporting

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

Condensed Statements of Operations

Icahn Enterprises’ condensed statements of operations by reporting segment are presented below. Icahn Enterprises Holdings’ condensed statements of operations are substantially the same, with immaterial differences relating to our Holding Company’s interest expense.

	Three Months Ended March 31, 2021
	Investment		Energy		Automotive		Food Packaging		Metals		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated
	(in millions)
Revenues:
Net sales	$	—	$	1,463	$	456	$	101	$	120	$	8	$	41	$	29	$	—	$	2,218
Other revenues from operations		—		—		142		—		—		9		—		1		—		152
Net gain from investment activities		939		62		—		—		—		—		—		—		5		1,006
Interest and dividend income		25		—		—		—		—		—		—		—		1		26
Other (loss) income, net		(21)		7		(1)		(6)		1		—		—		—		2		(18)
		943		1,532		597		95		121		17		41		30		8		3,384
Expenses:
Cost of goods sold		—		1,579		313		80		112		7		34		14		—		2,139
Other expenses from operations		—		—		112		—		—		6		—		—		—		118
Selling, general and administrative		5		35		227		13		4		5		11		8		8		316
Restructuring, net		—		—		—		—		—		—		—		—		—		—
Interest expense		76		31		3		2		—		—		—		—		83		195
		81		1,645		655		95		116		18		45		22		91		2,768
Income (loss) before income tax benefit (expense)		862		(113)		(58)		—		5		(1)		(4)		8		(83)		616
Income tax benefit (expense)		—		46		12		(1)		—		—		—		—		(74)		(17)
Net income (loss)		862		(67)		(46)		(1)		5		(1)		(4)		8		(157)		599
Less: net income (loss) attributable to non-controlling interests		471		(34)		—		—		—		—		—		—		—		437
Net income (loss) attributable to Icahn Enterprises	$	391	$	(33)	$	(46)	$	(1)	$	5	$	(1)	$	(4)	$	8	$	(157)	$	162
Supplemental information:
Capital expenditures	$	—	$	34	$	8	$	2	$	1	$	1	$	1	$	—	$	—	$	47
Depreciation and amortization	$	—	$	82	$	22	$	7	$	4	$	3	$	2	$	7	$	—	$	127

	Three Months Ended March 31, 2020
	Investment		Energy		Automotive		Food Packaging		Metals		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated
	(in millions)
Revenues:
Net sales	$	—	$	1,130	$	492	$	98	$	86	$	4	$	50	$	—	$	—	$	1,860
Other revenues from operations		—		—		143		—		—		18		—		—		—		161
Net (loss) gain from investment activities		(1,816)		30		—		—		—		—		—		—		(342)		(2,128)
Interest and dividend income		52		3		—		—		—		—		—		—		9		64
Other (loss) income, net		(1)		(6)		1		(7)		—		—		—		—		(4)		(17)
		(1,765)		1,157		636		91		86		22		50		—		(337)		(60)
Expenses:
Cost of goods sold		—		1,250		352		78		85		4		41		—		—		1,810
Other expenses from operations		—		—		123		—		—		12		—		—		—		135
Selling, general and administrative		(6)		31		246		12		4		5		11		—		5		308
Restructuring, net		—		—		2		—		—		—		—		—		—		2
Interest expense		43		29		5		4		—		—		—		—		90		171
		37		1,310		728		94		89		21		52		—		95		2,426
(Loss) income before income tax benefit (expense)		(1,802)		(153)		(92)		(3)		(3)		1		(2)		—		(432)		(2,486)
Income tax benefit (expense)		—		40		19		(1)		—		—		—		—		122		180
Net (loss) income		(1,802)		(113)		(73)		(4)		(3)		1		(2)		—		(310)		(2,306)
Less: net (loss) income attributable to non-controlling interests		(876)		(45)		—		(1)		—		—		—		—		—		(922)
Net (loss) income attributable to Icahn Enterprises	$	(926)	$	(68)	$	(73)	$	(3)	$	(3)	$	1	$	(2)	$	—	$	(310)	$	(1,384)
Supplemental information:
Capital expenditures	$	—	$	35	$	9	$	2	$	1	$	4	$	2	$	—	$	—	$	53
Depreciation and amortization	$	—	$	80	$	24	$	6	$	5	$	4	$	2	$	—	$	—	$	121

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

Disaggregated revenue for our Energy segment net sales is presented below:

	Three Months Ended March 31,
	2021		2020
Petroleum products	$	1,402	$	1,055
Nitrogen fertilizer products		61		75
	$	1,463	$	1,130

Automotive

Disaggregated revenue for our Automotive segment net sales and other revenues from operations is presented below:

	Three Months Ended March 31,
	2021		2020
Automotive services	$	322	$	309
Aftermarket parts sales		276		326
	$	598	$	635

Condensed Balance Sheets

Icahn Enterprises’ condensed balance sheets by reporting segment are presented below. Icahn Enterprises Holdings’ condensed balance sheets are substantially the same, with immaterial differences relating to our Holding Company’s debt and equity attributable to Icahn Enterprises Holdings.

	March 31, 2021
	Investment		Energy		Automotive		Food Packaging		Metals		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated
	(in millions)
ASSETS
Cash and cash equivalents	$	15	$	707	$	42	$	13	$	—	$	27	$	2	$	2	$	1,134	$	1,942
Cash held at consolidated affiliated partnerships and restricted cash		1,078		7		18		—		2		10		3		—		16		1,134
Investments		10,926		315		28		—		—		15		—		—		196		11,480
Accounts receivable, net		—		226		119		86		73		11		28		29		—		572
Inventories, net		—		378		962		89		33		—		86		11		—		1,559
Property, plant and equipment, net		—		2,774		845		152		81		308		64		—		7		4,231
Goodwill and intangible assets, net		—		233		370		29		9		—		21		275		—		937
Other assets		5,188		277		679		102		35		123		20		5		13		6,442
Total assets	$	17,207	$	4,917	$	3,063	$	471	$	233	$	494	$	224	$	322	$	1,366	$	28,297
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	2,100	$	1,450	$	1,153	$	163	$	72	$	50	$	64	$	52	$	692	$	5,796
Securities sold, not yet purchased, at fair value		4,863		—		—		—		—		—		—		—		—		4,863
Debt		—		1,691		352		156		28		1		23		—		5,805		8,056
Total liabilities		6,963		3,141		1,505		319		100		51		87		52		6,497		18,715
Equity attributable to Icahn Enterprises		4,675		1,006		1,558		139		133		443		137		270		(5,131)		3,230
Equity attributable to non-controlling interests		5,569		770		—		13		—		—		—		—		—		6,352
Total equity		10,244		1,776		1,558		152		133		443		137		270		(5,131)		9,582
Total liabilities and equity	$	17,207	$	4,917	$	3,063	$	471	$	233	$	494	$	224	$	322	$	1,366	$	28,297

	December 31, 2020
	Investment		Energy		Automotive		Food Packaging		Metals		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated
	(in millions)
ASSETS
Cash and cash equivalents	$	14	$	667	$	25	$	16	$	1	$	21	$	2	$	8	$	925	$	1,679
Cash held at consolidated affiliated partnerships and restricted cash		1,558		7		20		—		2		8		6		—		11		1,612
Investments		8,239		253		40		—		—		15		—		—		366		8,913
Accounts receivable, net		—		178		109		88		63		10		33		20		—		501
Inventories, net		—		298		1,080		89		22		—		81		10		—		1,580
Property, plant and equipment, net		—		2,747		857		160		82		310		65		—		7		4,228
Goodwill and intangible assets, net		—		238		372		31		9		1		21		282		—		954
Other assets		4,308		335		582		103		38		121		19		6		6		5,518
Total assets	$	14,119	$	4,723	$	3,085	$	487	$	217	$	486	$	227	$	326	$	1,315	$	24,985
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	2,256	$	1,189	$	1,163	$	182	$	73	$	45	$	65	$	64	$	110	$	5,147
Securities sold, not yet purchased, at fair value		2,521		—		—		—		—		—		—		—		—		2,521
Debt		—		1,691		368		151		16		1		21		—		5,811		8,059
Total liabilities		4,777		2,880		1,531		333		89		46		86		64		5,921		15,727
Equity attributable to Icahn Enterprises		4,283		1,039		1,554		142		128		440		141		262		(4,606)		3,383
Equity attributable to non-controlling interests		5,059		804		—		12		—		—		—		—		—		5,875
Total equity		9,342		1,843		1,554		154		128		440		141		262		(4,606)		9,258
Total liabilities and equity	$	14,119	$	4,723	$	3,085	$	487	$	217	$	486	$	227	$	326	$	1,315	$	24,985

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Income Taxes

3 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

13.  Income Taxes

For the three months ended March 31, 2021, we recorded an income tax expense of $17 million on pre-tax income of $616 million compared to an income tax benefit of $180 million on pre-tax loss of $2,486 million for the three months ended March 31, 2020. Our effective income tax rate was 2.8% and 7.2% for the three months ended March 31, 2021 and 2020, respectively.

For the three months ended March 31, 2021, the effective tax rate was lower than the statutory federal rate of 21%, primarily due to partnership income for which there was no tax expense, as such loss is allocated to the partners.

For the three months ended March 31, 2020, the effective tax rate was lower than the statutory federal rate of 21%, primarily due to partnership loss for which there was no tax benefit, as such loss is allocated to the partners.

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Changes in Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2021

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Changes in Accumulated Other Comprehensive Loss.

14.  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, 2020	$	(31)	$	(49)	$	(80)
Other comprehensive loss before reclassifications, net of tax		(1)		—		(1)
Reclassifications from accumulated other comprehensive loss to earnings, net of tax		—		—		—
Other comprehensive loss, net of tax		(1)		—		(1)
Balance, March 31, 2021	$	(32)	$	(49)	$	(81)

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Other Income, Net

3 Months Ended

Mar. 31, 2021

Other Income and Expenses [Abstract]

Other Income, Net

15.  Other Income, Net

Other income, net consists of the following:

	Three Months Ended March 31,
	2021		2020
	(in millions)
Dividend expense	$	(21)	$	(1)
Equity earnings from non-consolidated affiliates		1		2
Gain on disposition of assets, net		—		1
Foreign currency transaction loss		(6)		(6)
Gain (loss) on extinguishment of debt		2		(12)
Other		6		(1)
	$	(18)	$	(17)

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

16.  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 the environment, particularly regarding plant wastes and emissions and solid waste disposal. Our consolidated environmental liabilities were $36 million and $37 million as of March 31, 2021 and December 31, 2020, respectively, primarily within our Metals and Energy segments and which are included in accrued expenses and other liabilities in our condensed consolidated balance sheets. We do not believe that environmental matters will have a material adverse impact on our consolidated results of operations and financial condition.

On August 21, 2018, CVR Refining received a letter from the United States Department of Justice (the “DOJ”) on behalf of the Environmental Protection Agency (the “EPA”) and the Kansas Department of Health and Environment (“KDHE”) alleging violations of the Clean Air Act and a 2012 Consent Decree (“CD”) between CVR Refining, the United States (on behalf of the EPA) and KDHE at CVR Energy’s Coffeyville refinery. In June 2020, a tolling agreement between the parties relating to such allegations expired, and the United States and KDHE sent demand letters relating to the allegations (the “Stipulated Claims”) and seeking stipulated penalties. In February 2021, the DOJ and KDHE sent CVR Refining a statement of position under the CD regarding its demand for Stipulated Claims. As CVR Refining disputes most claims asserted by the government, in accordance with the CD, CVR Refining deposited funds into a commercial escrow account pending resolution of disputed claims. The escrowed funds are legally restricted for use and are included within other assets on the consolidated balance sheets. In December 2020, the DOJ and KDHE filed a supplement complaint in the United States District Court for the District of Kansas asserting nine counts for alleged violations of the Clean Air Act, the Kansas State Implementation Plan and Kansas law (the “Statutory Claims”) and seeking civil penalties, injunctive and related relief. Negotiations relating to the Stipulated Claims and the Statutory Claims are ongoing and CVR Energy cannot at this time determine the outcome of this matter, including whether such outcome, or any subsequent enforcement or litigation relating thereto would have a material impact on our Energy segment’s financial position, results of operations, or cash flows.

Renewable Fuel Standards

CVR Refining is subject to the Renewable Fuel Standard (“RFS”) of the EPA which requires refiners to either blend renewable fuels in with their transportation fuels or purchase renewable fuel credits, known as RINs, in lieu of blending. CVR Refining is not able to blend the substantial majority of its transportation fuels and has to purchase RINs on the open market and may have to obtain waiver credits for cellulosic biofuels from the EPA, in order to comply with the RFS.

For the three months ended March 31, 2021 and 2020, our Energy segment recognized expenses of $178 million and $19 million, respectively, for CVR Refining’s compliance with the RFS and which is included in cost of goods sold in the condensed consolidated statements of operations. These recognized expenses represent costs to comply with the RFS obligation through purchasing of RINs not otherwise reduced by blending of ethanol or biodiesel. At each reporting period, to the extent RINs purchased or generated through blending are less than the RFS obligation, the remaining obligation is marked-to-market using RIN market prices at period end. As of March 31, 2021 and December 31, 2020, CVR Refining’s RFS obligation was $342 million and $214 million, respectively, and is included in accrued expenses and other liabilities in the condensed consolidated balance sheets.

Litigation

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

Energy

In 2019, CVR Energy, CVR Refining and its general partner, CVR Refining Holdings, Icahn Enterprises and certain directors and affiliates were named in at least one of nine lawsuits filed by purported former unitholders of CVR Refining, on behalf of themselves and an alleged class of similarly situated unitholders relating to CVR Energy’s exercise of the call option (“Call Option”) under the CVR Refining Amended and Restated Agreement of Limited Partnership assigned to it by CVR Refining’s general partner (the “Delaware Lawsuits”). The Delaware Lawsuits primarily allege breach of contract, tortious interference and breach of the implied covenant of good faith and fair dealing and seek monetary damages and attorneys’ fees, among other remedies. In January 2020, the court dismissed CVR Holdings and certain former directors of CVR Refining’s general partner from the Delaware Lawsuits, though permitted some or all of the claims to proceed against each remaining defendant. On April 6, 2020, a lawsuit was filed in the United States District Court for the Southern District of New York against the CVR Energy, CVR Refining and its general partner, CVR Refining Holdings, Icahn Enterprises, and CVR Energy’s Chief Executive Officer by purported former unitholders of CVR Refining on behalf of themselves and an alleged class of similarly situated unitholders also relating to CVR Energy’s exercise of the Call Option (the “New York Lawsuit” and together with the Delaware Lawsuits, the “Call Option Lawsuits”). The New York Lawsuit primarily alleges violations of Sections 10(b) and 20(a) of the Exchange Act, and Rule 10b-5 thereunder and seeks monetary damages and attorney’s fees, among other remedies. CVR Energy believes the Call Option Lawsuits are without merit and intends to vigorously defend against them. The Call Option Lawsuits remain in the early stages of litigation, and discovery is currently on-going. Accordingly, CVR Energy cannot determine at this time the outcome of the Call Option Lawsuits, including whether the outcome of this matter would have a material impact on our Energy segment’s financial position, results of operations, or cash flows.

On January 27, 2021, a lawsuit was filed against the defendants in the Call Option Lawsuits in the 434th Judicial District Court of Fort Bend County, Texas by their primary and excess insurers seeking declaratory judgements determining that they owe no indemnity coverage and, for certain defendants, no defense obligations relating to the Call Option Lawsuits (the “Call Option Insurer Case”). The defendants believe the Call Option Insurer Case is without merit, intends to vigorously defend the claims against them and filed a related lawsuit in the Delaware Court of Chancery. These lawsuits are in the early stages of litigation. Accordingly, CVR Energy cannot determine at this time their outcome, including whether such outcome would have a material impact on our Energy Segment’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 91% of Icahn Enterprises’ outstanding depositary units as of March 31, 2021. 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. 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 March 31, 2021. If the plans were voluntarily terminated, they would be underfunded by approximately $122 million as of March 31, 2021. These results are based on the most recent information provided by the plans’ actuaries. These liabilities could increase or decrease, depending on a number of factors, including future changes in benefits, investment returns, and the assumptions used to calculate the liability. As members of the controlled group, we would be liable for any failure of Viskase or ACF to make ongoing pension contributions or to pay the unfunded liabilities upon a termination of the Viskase or ACF pension plans. In addition, other entities now or in the future within the controlled group in which we are included may have pension plan obligations that are, or may become, underfunded and we would be liable for any failure of such entities to make ongoing pension contributions or to pay the unfunded liabilities upon termination of such plans.

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

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

Other

The U.S. Attorney’s office for the Southern District of New York contacted Icahn Enterprises L.P. in September 2017 seeking production of information pertaining to our and Mr. Icahn’s activities relating to the Renewable Fuels Standard and Mr. Icahn’s former role as an advisor to the former President of the United States. We cooperated with the request and provided information in response to the subpoena. The U.S. Attorney’s office for the Southern District of New York contacted Icahn Enterprises L.P. in June 2018 seeking production of information pertaining to trading in Manitowoc Company, Inc. securities. We cooperated with the request and provided documents in response to the subpoena. The U.S. Attorney’s office has not made any claims or allegations against us or Mr. Icahn with respect to either of the foregoing inquiries. We believe that we maintain a strong compliance program and, while no assurances can be made, we do not believe these inquiries will have a material impact on our business, financial condition, results of operations or cash flows.

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Supplemental Cash Flow Information

3 Months Ended

Mar. 31, 2021

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information

17.  Supplemental Cash Flow Information

Supplemental cash flow information consists of the following:

	Three Months Ended March 31,
	2021		2020
	(in millions)
Cash payments for interest, net of amounts capitalized	$	(117)	$	(136)
Cash receipts (payments) for income taxes, net of payments		1		10
Non-cash Investment segment contributions from non-controlling interests		—		1,240
Partnership distributions payable		(499)		(437)

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Subsequent Events

3 Months Ended

Mar. 31, 2021

Subsequent Events [Abstract]

Subsequent Events

18.  Subsequent Events

Icahn Enterprises

LP Unit Distribution

On May 5, 2021, the Board of Directors of the general partner of Icahn Enterprises declared a quarterly distribution in the amount of $2.00 per depositary unit, which will be paid on or about June 30, 2021 to depositary unitholders of record at the close of business on June 1, 2021. Depositary unitholders will have until June 18, 2021 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 5 consecutive trading days ending June 25, 2021. 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.

Debt Issuance

In April 2021, we refinanced certain of our senior unsecured notes. Refer to Note 10, “Debt,” for further discussion.

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Basis of Presentation and Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Principles of Consolidation

Principles of Consolidation

Our condensed consolidated financial statements include the accounts of (i) Icahn Enterprises and Icahn Enterprises Holdings and (ii) the wholly and majority owned subsidiaries of Icahn Enterprises and Icahn Enterprises Holdings, 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.

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.

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.

Consolidated Variable Interest Entities

Consolidated Variable Interest Entities

The following is a discussion of variable interest entities in which we are deemed to be the primary beneficiary and in which we therefore consolidate.

Icahn Enterprises Holdings

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. The condensed consolidated financial statements of Icahn Enterprises Holdings are included in this Report. The balances with respect to Icahn Enterprises Holdings’ consolidated VIEs are discussed below, comprising the Investment Funds, CVR Partners and Viskase’s joint venture.

Investment

We determined that each of the Investment Funds are considered VIEs because these limited partnerships lack both substantive kick-out and participating rights. Because we have a general partner interest in each of the Investment Funds and have significant limited partner interests in each of the Investment Funds, coupled with our significant exposure to losses and benefits in each of the Investment Funds, we are the primary beneficiary of each of the Investment Funds and therefore continue to consolidate each of the Investment Funds.

Energy

CVR Partners is considered a VIE because it is a limited partnership that lacks both substantive kick-out and participating rights. In addition, CVR Energy also concluded that, based upon its general partner’s roles and rights in CVR Partners as afforded by CVR Partners’ partnership agreement, coupled with its exposure to losses and benefits in CVR Partners through its significant limited partner interest, intercompany credit facilities and services agreements, it is the primary beneficiary of CVR Partners.

Food Packaging

Viskase holds a variable interest in a joint venture for which Viskase is the primary beneficiary. Viskase’s interest in the joint venture includes a 50% equity interest and also relates to the sales, operations, administrative and financial support to the joint venture through providing many of the assets used in its business.

The following table includes balances of assets and liabilities of VIE’s included in Icahn Enterprises Holdings’ condensed consolidated balance sheets.

	March 31,		December 31,
	2021		2020
	(in millions)
Cash and cash equivalents	$	64	$	31
Cash held at consolidated affiliated partnerships and restricted cash		1,078		1,558
Investments		10,926		8,239
Due from brokers		4,234		3,437
Accounts receivable, net		15		37
Inventories, net		57		42
Property, plant and equipment, net		1,025		1,042
Unrealized gain on derivative contracts		849		785
Intangible assets, net		227		232
Other assets		124		107
Accounts payable		22		25
Accrued expenses and other liabilities		151		70
Deferred tax liabilities		1		1
Unrealized loss on derivative contracts		521		622
Securities sold, not yet purchased, at fair value		4,863		2,521
Due to brokers		1,509		1,618
Debt		637		636

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 4, “Investments,” and Note 5, “Fair Value Measurements,” for a detailed discussion of our investments and other non-financial assets and/or liabilities.

The fair value of our long-term debt is based on the quoted market prices for the same or similar issues or on the current rates offered to us for debt of the same remaining maturities. The carrying value and estimated fair value of our long-term debt as of March 31, 2021 was approximately $8.1 billion and $8.1 billion, respectively. The carrying value and estimated fair value of our long-term debt as of December 31, 2020 was approximately $8.1 billion and $8.2 billion, respectively.

Cash Flow

Cash Flow

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

Cash Held at Consolidated Affiliated Partnerships and Restricted Cash

Cash Held at Consolidated Affiliated Partnerships and Restricted Cash

Our cash held at consolidated affiliated partnerships balance was $142 million and $686 million as of March 31, 2021 and December 31, 2020, respectively. Cash held at consolidated affiliated partnerships relates to our Investment segment and consists of cash and cash equivalents held by the Investment Funds that, although not legally restricted, are not available to fund the general liquidity needs of the Investment segment or Icahn Enterprises.

Our restricted cash balance was $992 million and $926 million as of March 31, 2021 and December 31, 2020, respectively. Restricted cash primarily relates to our Investment segment’s cash pledged and held for margin requirements on derivative transactions.

Revenue From Contracts With Customers and Contract Balances

Revenue From Contracts With Customers and Contract Balances

Due to the nature of our business, we derive revenue from various sources in various industries. With the exception of all of our Investment segment’s and our Holding Company’s revenues, and our Real Estate segment’s leasing revenue, our revenue is generally derived from contracts with customers in accordance with U.S. GAAP. Such revenue from contracts with customers is included in net sales and other revenues from operations in the condensed consolidated statements of operations, however, our Real Estate segment’s leasing revenue, as disclosed in Note 9, “Leases,” is also included in other revenues from operations. Related contract assets are included in accounts receivable, net or other assets and related contract liabilities are included in accrued expenses and other liabilities in the condensed consolidated balance sheets. Our disaggregation of revenue information includes our net sales and other revenues from operations for each of our reporting segments as well as additional disaggregation of revenue information for our Energy and Automotive segments. See Note 12, “Segment Reporting,” for our complete disaggregation of revenue information. In addition, we disclose additional information with respect to revenue from contracts with customers and contract balances for our Energy and Automotive segments below.

Energy

Our Energy segment’s deferred revenue is a contract liability that 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. Our Energy segment had deferred revenue of $40 million and $31 million as of March 31, 2021 and December 31, 2020, respectively. For the three months ended March 31, 2021 and 2020, our Energy segment recorded revenue of $8 million and $6 million, respectively, with respect to deferred revenue outstanding as of the beginning of each respective period.

As of March 31, 2021, our Energy segment had $6 million of remaining performance obligations for contracts with an original expected duration of more than one year. Our Energy segment expects to recognize approximately $3 million of these performance obligations as revenue by the end of 2021 and the remaining balance thereafter.

Automotive

Our Automotive segment has deferred revenue with respect to extended warranty plans of $40 million and $41 million as of March 31, 2021 and December 31, 2020, respectively, which are included in accrued expenses and other liabilities on the condensed consolidated balance sheets. For the three months ended March 31, 2021 and 2020, our Automotive segment recorded revenue of $6 million and $6 million, respectively, with respect to deferred revenue outstanding as of the beginning of each respective period.

Adoption of New Accounting Standards

Adoption of New Accounting Standards

In December 2019, the Financial Account Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Simplifying the Accounting for Income Taxes, which amends FASB ASC Topic 740, Income Taxes. This ASU simplifies the accounting for income taxes by removing certain exceptions to the general principles in the standard and modifies other areas of the standard to clarify the application of U.S. GAAP. This ASU is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. We have adopted this

standard on January 1, 2021. Certain amendments in this ASU are applied using a retrospective approach and others using the prospective approach. The adoption of this standard did not have a significant impact on our condensed consolidated financial statements.

Recently Issued Accounting Standards

Recently Issued Accounting Standards

In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which amends FASB ASC Topic 848, Reference Rate Reform. By the end of 2021, banks will no longer be required to report information that is used to determine London Interbank Offered Rate (“LIBOR”) which is used globally by all types of entities for various types of transactions. As a result, LIBOR could be discontinued, as well as other interest rates used globally. This ASU provides companies with optional expedients for contract modifications under U.S GAAP, excluded components of certain hedging relationships, fair value hedges, and cash flow hedges, as well as certain exceptions, which are intended to help ease the potential accounting burden associated with transitioning away from these reference rates. Companies can apply this ASU immediately and will only be available for a limited time (generally through December 31, 2022). We are currently assessing the impact of this standard on our condensed consolidated financial statements.

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Fair Value Measurements (Policies)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

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 investments’, non-financial assets’ and/or liabilities’ 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 investment. 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.

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Goodwill and Intangible Assets, Net (Policies)	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets	We utilize the straight-line method of amortization, recognized over the estimated useful lives of the assets

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Segment Reporting (Policies)

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Determination of what constitutes a segment

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

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Basis of Presentation and Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2021

Icahn Enterprises Holdings

Variable Interest Entity [Line Items]

Variable interest entities

	March 31,		December 31,
	2021		2020
	(in millions)
Cash and cash equivalents	$	64	$	31
Cash held at consolidated affiliated partnerships and restricted cash		1,078		1,558
Investments		10,926		8,239
Due from brokers		4,234		3,437
Accounts receivable, net		15		37
Inventories, net		57		42
Property, plant and equipment, net		1,025		1,042
Unrealized gain on derivative contracts		849		785
Intangible assets, net		227		232
Other assets		124		107
Accounts payable		22		25
Accrued expenses and other liabilities		151		70
Deferred tax liabilities		1		1
Unrealized loss on derivative contracts		521		622
Securities sold, not yet purchased, at fair value		4,863		2,521
Due to brokers		1,509		1,618
Debt		637		636

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Investments (Tables)

3 Months Ended

Mar. 31, 2021

Investment Segment

Schedule of Investments [Line Items]

Investments

	March 31,		December 31,
	2021		2020
	(in millions)
Assets
Investments:
Equity securities:
Consumer, non-cyclical	$	2,079	$	1,548
Consumer, cyclical		2,572		2,073
Energy		3,703		2,654
Utilities		658		107
Technology		1,589		1,578
Industrial		194		158
		10,795		8,118
Corporate debt securities		131		121
	$	10,926	$	8,239
Liabilities
Securities sold, not yet purchased, at fair value:
Equity securities:
Consumer, non-cyclical	$	971	$	424
Consumer, cyclical		405		572
Energy		3,091		1,476
Utilities		396		49
	$	4,863	$	2,521

Other Segments and Holding Company

Schedule of Investments [Line Items]

Investments

	March 31,		December 31,
	2021		2020
	(in millions)
Equity method investments	$	108	$	120
Held to maturity debt investments measured at amortized cost		20		20
Other investments measured at fair value		426		534
	$	554	$	674

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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Assets measured at fair value on a recurring basis

	March 31, 2021								December 31, 2020
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(in millions)
Assets
Investments (Note 4)	$	11,128	$	171	$	41	$	11,340	$	8,546	$	174	$	41	$	8,761
Derivative contracts, at fair value (Note 6)		—		855		—		855		—		785		—		785
	$	11,128	$	1,026	$	41	$	12,195	$	8,546	$	959	$	41	$	9,546
Liabilities
Securities sold, not yet purchased (Note 4)	$	4,863	$	—	$	—	$	4,863	$	2,521	$	—	$	—	$	2,521
Derivative contracts, at fair value (Note 6)		—		584		—		584		11		628		—		639
Other liabilities		—		342		—		342		—		214		—		214
	$	4,863	$	926	$	—	$	5,789	$	2,532	$	842	$	—	$	3,374

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Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Notional exposure of derivative instruments

	March 31, 2021				December 31, 2020
	Long Notional Exposure		Short Notional Exposure		Long Notional Exposure		Short Notional Exposure
		(in millions)
Primary underlying risk:
Equity contracts	$	217	$	4,074	$	—	$	8,623
Credit contracts(1)		8		4,113		—		2,099

(1) The short notional amount on our credit default swap positions was approximately $8.2 billion at March 31, 2021. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is approximately $4.1 billion as of March 31, 2021. The short notional amount on our credit default swap positions was approximately $6.3 billion as of December 31, 2020. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is approximately $2.1 billion as of December 31, 2020.

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

	Asset Derivatives				Liability Derivatives
	March 31, 2021		December 31, 2020		March 31, 2021		December 31, 2020
		(in millions)
Equity contracts	$	11	$	4	$	737	$	852
Credit contracts		1,056		1,012		2		1
Sub-total		1,067		1,016		739		853
Netting across contract types(1)		(218)		(231)		(218)		(231)
Total(1)	$	849	$	785	$	521	$	622

(1) Excludes netting of cash collateral received and posted. The total collateral posted at March 31, 2021 and December 31, 2020 was $936 million and $872 million, respectively, across all counterparties, which are included in cash held at consolidated affiliated partnerships and restricted cash in the condensed consolidated balance sheets.

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

	Gain (Loss) Recognized in Income(1)
	Three Months Ended March 31,
	2021		2020
	(in millions)
Equity contracts	$	(324)	$	1,468
Credit contracts		39		806
	$	(285)	$	2,274

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

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Inventories, Net (Tables)

3 Months Ended

Mar. 31, 2021

Inventory, Net [Abstract]

Inventories, net

	March 31,		December 31,
	2021		2020
	(in millions)
Raw materials	$	235	$	183
Work in process		90		83
Finished goods		1,234		1,314
	$	1,559	$	1,580

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Goodwill and Intangible Assets, Net (Tables)

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

	March 31, 2021						December 31, 2020
	Gross				Net		Gross				Net
	Carrying		Accumulated		Carrying		Carrying		Accumulated		Carrying
	Amount		Impairment		Value		Amount		Impairment		Value
	(in millions)
Automotive	$	337	$	(87)	$	250	$	337	$	(87)	$	250
Food Packaging		6		—		6		6		—		6
Metals		4		—		4		4		—		4
Home Fashion		24		(3)		21		24		(3)		21
Pharma		13		—		13		13		—		13
	$	384	$	(90)	$	294	$	384	$	(90)	$	294

Intangible assets, net

	March 31, 2021						December 31, 2020
	Gross				Net		Gross				Net
	Carrying		Accumulated		Carrying		Carrying		Accumulated		Carrying
	Amount		Amortization		Value		Amount		Amortization		Value
	(in millions)
Definite-lived intangible assets:
Customer relationships	$	398	$	(181)	$	217	$	399	$	(176)	$	223
Developed technology		254		(13)		241		254		(6)		248
Other		177		(75)		102		269		(163)		106
	$	829	$	(269)	$	560	$	922	$	(345)	$	577
Indefinite-lived intangible assets					$	83					$	83
Intangible assets, net					$	643					$	660

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Leases (Tables)

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Lessee right-of-use assets and liabilities

	March 31,		December 31,
	2021		2020
	(in millions)
Operating Leases:
Right-of-use assets (other assets)	$	540	$	552
Lease liabilities (accrued expenses and other liabilities)		557		569
Financing Leases:
Right-of-use assets (property, plant and equipment, net)		65		65
Lease liabilities (debt)		82		81

Operating lease term and discount rate

	Right-Of-Use		Lease			Discount
Operating Leases as of March 31, 2021	Assets		Liabilities		Lease Term	Rate
	(in millions)
Energy	$	41	$	42	4.5 years	5.5%
Automotive		423		442	4.6 years	5.7%
Food Packaging		30		34	11.1 years	7.4%
Other segments and Holding Company		46		39
	$	540	$	557

	Right-Of-Use		Lease			Discount
Operating Leases as of December 31, 2020	Assets		Liabilities		Lease Term	Rate
	(in millions)
Energy	$	37	$	38	3.1 years	5.5%
Automotive		436		456	4.6 years	5.7%
Food Packaging		32		35	11.1 years	7.4%
Other segments and Holding Company		47		40
	$	552	$	569

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Debt (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

	March 31,		December 31,
	2021		2020
	(in millions)
Holding Company:
6.250% senior unsecured notes due 2022	$	456	$	1,209
6.750% senior unsecured notes due 2024		499		499
4.750% senior unsecured notes due 2024		1,106		1,106
6.375% senior unsecured notes due 2025		748		748
6.250% senior unsecured notes due 2026		1,250		1,250
5.250% senior unsecured notes due 2027		999		999
4.375% senior unsecured notes due 2029		747		—
		5,805		5,811
Reporting Segments:
Energy		1,691		1,691
Automotive		352		368
Food Packaging		156		151
Metals		28		16
Real Estate		1		1
Home Fashion		23		21
		2,251		2,248
Total Debt	$	8,056	$	8,059

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Net Income Per LP Unit (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Unit [Abstract]

Net income per LP unit

	Three Months Ended March 31,
	2021		2020
	(in millions, except per unit amounts)
Net income (loss) attributable to Icahn Enterprises	$	162	$	(1,384)
Net income (loss) attributable to Icahn Enterprises allocated to limited partners (98.01% allocation)	$	159	$	(1,356)
Basic income (loss) per LP unit	$	0.66	$	(6.34)
Basic weighted average LP units outstanding		242		214
Diluted income (loss) per LP unit	$	0.65	$	(6.34)
Diluted weighted average LP units outstanding		245		214

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Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2021

Disaggregation of Revenue [Line Items]

Condensed statements of operations by reporting segment

	Three Months Ended March 31, 2021
	Investment		Energy		Automotive		Food Packaging		Metals		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated
	(in millions)
Revenues:
Net sales	$	—	$	1,463	$	456	$	101	$	120	$	8	$	41	$	29	$	—	$	2,218
Other revenues from operations		—		—		142		—		—		9		—		1		—		152
Net gain from investment activities		939		62		—		—		—		—		—		—		5		1,006
Interest and dividend income		25		—		—		—		—		—		—		—		1		26
Other (loss) income, net		(21)		7		(1)		(6)		1		—		—		—		2		(18)
		943		1,532		597		95		121		17		41		30		8		3,384
Expenses:
Cost of goods sold		—		1,579		313		80		112		7		34		14		—		2,139
Other expenses from operations		—		—		112		—		—		6		—		—		—		118
Selling, general and administrative		5		35		227		13		4		5		11		8		8		316
Restructuring, net		—		—		—		—		—		—		—		—		—		—
Interest expense		76		31		3		2		—		—		—		—		83		195
		81		1,645		655		95		116		18		45		22		91		2,768
Income (loss) before income tax benefit (expense)		862		(113)		(58)		—		5		(1)		(4)		8		(83)		616
Income tax benefit (expense)		—		46		12		(1)		—		—		—		—		(74)		(17)
Net income (loss)		862		(67)		(46)		(1)		5		(1)		(4)		8		(157)		599
Less: net income (loss) attributable to non-controlling interests		471		(34)		—		—		—		—		—		—		—		437
Net income (loss) attributable to Icahn Enterprises	$	391	$	(33)	$	(46)	$	(1)	$	5	$	(1)	$	(4)	$	8	$	(157)	$	162
Supplemental information:
Capital expenditures	$	—	$	34	$	8	$	2	$	1	$	1	$	1	$	—	$	—	$	47
Depreciation and amortization	$	—	$	82	$	22	$	7	$	4	$	3	$	2	$	7	$	—	$	127

	Three Months Ended March 31, 2020
	Investment		Energy		Automotive		Food Packaging		Metals		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated
	(in millions)
Revenues:
Net sales	$	—	$	1,130	$	492	$	98	$	86	$	4	$	50	$	—	$	—	$	1,860
Other revenues from operations		—		—		143		—		—		18		—		—		—		161
Net (loss) gain from investment activities		(1,816)		30		—		—		—		—		—		—		(342)		(2,128)
Interest and dividend income		52		3		—		—		—		—		—		—		9		64
Other (loss) income, net		(1)		(6)		1		(7)		—		—		—		—		(4)		(17)
		(1,765)		1,157		636		91		86		22		50		—		(337)		(60)
Expenses:
Cost of goods sold		—		1,250		352		78		85		4		41		—		—		1,810
Other expenses from operations		—		—		123		—		—		12		—		—		—		135
Selling, general and administrative		(6)		31		246		12		4		5		11		—		5		308
Restructuring, net		—		—		2		—		—		—		—		—		—		2
Interest expense		43		29		5		4		—		—		—		—		90		171
		37		1,310		728		94		89		21		52		—		95		2,426
(Loss) income before income tax benefit (expense)		(1,802)		(153)		(92)		(3)		(3)		1		(2)		—		(432)		(2,486)
Income tax benefit (expense)		—		40		19		(1)		—		—		—		—		122		180
Net (loss) income		(1,802)		(113)		(73)		(4)		(3)		1		(2)		—		(310)		(2,306)
Less: net (loss) income attributable to non-controlling interests		(876)		(45)		—		(1)		—		—		—		—		—		(922)
Net (loss) income attributable to Icahn Enterprises	$	(926)	$	(68)	$	(73)	$	(3)	$	(3)	$	1	$	(2)	$	—	$	(310)	$	(1,384)
Supplemental information:
Capital expenditures	$	—	$	35	$	9	$	2	$	1	$	4	$	2	$	—	$	—	$	53
Depreciation and amortization	$	—	$	80	$	24	$	6	$	5	$	4	$	2	$	—	$	—	$	121

Condensed balance sheets by reporting segment

	March 31, 2021
	Investment		Energy		Automotive		Food Packaging		Metals		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated
	(in millions)
ASSETS
Cash and cash equivalents	$	15	$	707	$	42	$	13	$	—	$	27	$	2	$	2	$	1,134	$	1,942
Cash held at consolidated affiliated partnerships and restricted cash		1,078		7		18		—		2		10		3		—		16		1,134
Investments		10,926		315		28		—		—		15		—		—		196		11,480
Accounts receivable, net		—		226		119		86		73		11		28		29		—		572
Inventories, net		—		378		962		89		33		—		86		11		—		1,559
Property, plant and equipment, net		—		2,774		845		152		81		308		64		—		7		4,231
Goodwill and intangible assets, net		—		233		370		29		9		—		21		275		—		937
Other assets		5,188		277		679		102		35		123		20		5		13		6,442
Total assets	$	17,207	$	4,917	$	3,063	$	471	$	233	$	494	$	224	$	322	$	1,366	$	28,297
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	2,100	$	1,450	$	1,153	$	163	$	72	$	50	$	64	$	52	$	692	$	5,796
Securities sold, not yet purchased, at fair value		4,863		—		—		—		—		—		—		—		—		4,863
Debt		—		1,691		352		156		28		1		23		—		5,805		8,056
Total liabilities		6,963		3,141		1,505		319		100		51		87		52		6,497		18,715
Equity attributable to Icahn Enterprises		4,675		1,006		1,558		139		133		443		137		270		(5,131)		3,230
Equity attributable to non-controlling interests		5,569		770		—		13		—		—		—		—		—		6,352
Total equity		10,244		1,776		1,558		152		133		443		137		270		(5,131)		9,582
Total liabilities and equity	$	17,207	$	4,917	$	3,063	$	471	$	233	$	494	$	224	$	322	$	1,366	$	28,297

	December 31, 2020
	Investment		Energy		Automotive		Food Packaging		Metals		Real Estate		Home Fashion		Pharma		Holding Company		Consolidated
	(in millions)
ASSETS
Cash and cash equivalents	$	14	$	667	$	25	$	16	$	1	$	21	$	2	$	8	$	925	$	1,679
Cash held at consolidated affiliated partnerships and restricted cash		1,558		7		20		—		2		8		6		—		11		1,612
Investments		8,239		253		40		—		—		15		—		—		366		8,913
Accounts receivable, net		—		178		109		88		63		10		33		20		—		501
Inventories, net		—		298		1,080		89		22		—		81		10		—		1,580
Property, plant and equipment, net		—		2,747		857		160		82		310		65		—		7		4,228
Goodwill and intangible assets, net		—		238		372		31		9		1		21		282		—		954
Other assets		4,308		335		582		103		38		121		19		6		6		5,518
Total assets	$	14,119	$	4,723	$	3,085	$	487	$	217	$	486	$	227	$	326	$	1,315	$	24,985
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	2,256	$	1,189	$	1,163	$	182	$	73	$	45	$	65	$	64	$	110	$	5,147
Securities sold, not yet purchased, at fair value		2,521		—		—		—		—		—		—		—		—		2,521
Debt		—		1,691		368		151		16		1		21		—		5,811		8,059
Total liabilities		4,777		2,880		1,531		333		89		46		86		64		5,921		15,727
Equity attributable to Icahn Enterprises		4,283		1,039		1,554		142		128		440		141		262		(4,606)		3,383
Equity attributable to non-controlling interests		5,059		804		—		12		—		—		—		—		—		5,875
Total equity		9,342		1,843		1,554		154		128		440		141		262		(4,606)		9,258
Total liabilities and equity	$	14,119	$	4,723	$	3,085	$	487	$	217	$	486	$	227	$	326	$	1,315	$	24,985

Energy Segment

Disaggregation of Revenue [Line Items]

Disaggregation of revenue

	Three Months Ended March 31,
	2021		2020
Petroleum products	$	1,402	$	1,055
Nitrogen fertilizer products		61		75
	$	1,463	$	1,130

Automotive Segment

Disaggregation of Revenue [Line Items]

Disaggregation of revenue

	Three Months Ended March 31,
	2021		2020
Automotive services	$	322	$	309
Aftermarket parts sales		276		326
	$	598	$	635

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Changes in Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Mar. 31, 2021

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of changes in accumulated other comprehensive loss

	Translation		Post-Retirement
	Adjustments, Net		Benefits and
	of Tax		Other, Net of Tax		Total
	(in millions)
Balance, December 31, 2020	$	(31)	$	(49)	$	(80)
Other comprehensive loss before reclassifications, net of tax		(1)		—		(1)
Reclassifications from accumulated other comprehensive loss to earnings, net of tax		—		—		—
Other comprehensive loss, net of tax		(1)		—		(1)
Balance, March 31, 2021	$	(32)	$	(49)	$	(81)

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Other Income, Net (Tables)

3 Months Ended

Mar. 31, 2021

Other Income and Expenses [Abstract]

Schedule of other income

	Three Months Ended March 31,
	2021		2020
	(in millions)
Dividend expense	$	(21)	$	(1)
Equity earnings from non-consolidated affiliates		1		2
Gain on disposition of assets, net		—		1
Foreign currency transaction loss		(6)		(6)
Gain (loss) on extinguishment of debt		2		(12)
Other		6		(1)
	$	(18)	$	(17)

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Supplemental Cash Flow Information (Tables)

3 Months Ended

Mar. 31, 2021

Supplemental Cash Flow Information [Abstract]

Supplemental cash flow information

	Three Months Ended March 31,
	2021		2020
	(in millions)
Cash payments for interest, net of amounts capitalized	$	(117)	$	(136)
Cash receipts (payments) for income taxes, net of payments		1		10
Non-cash Investment segment contributions from non-controlling interests		—		1,240
Partnership distributions payable		(499)		(437)

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Description of Business (Details) $ in Billions	3 Months Ended
	Mar. 31, 2021 USD ($) product item company	Dec. 31, 2020 USD ($)
Description Of Business [Line Items]
Number of operating companies | company	2
Icahn Enterprises Holdings
Description Of Business [Line Items]
Percentage of equity ownership in operating subsidiary	99.00%
CVR Refining
Description Of Business [Line Items]
Percentage of equity ownership in operating subsidiary	36.00%
Viskase | Private Placement
Description Of Business [Line Items]
Percentage of equity ownership in operating subsidiary	89.00%
Investment Funds
Description Of Business [Line Items]
Fair value of interest in subsidiary | $	$ 4.7	$ 4.3
Icahn Enterprises G.P.
Description Of Business [Line Items]
Aggregate general partner ownership interest of parent and operating subsidiary	1.99%
Icahn Enterprises G.P. | Icahn Enterprises Holdings
Description Of Business [Line Items]
General partner ownership percentage in Icahn Enterprises	1.00%
Mr. Icahn and affiliates | Icahn Enterprises Holdings
Description Of Business [Line Items]
Affiliate ownership interest in Icahn Enterprises	91.00%
Energy Segment | CVR Energy
Description Of Business [Line Items]
Percentage of equity ownership in operating subsidiary	71.00%
Pharma Segment | Vivus
Description Of Business [Line Items]
Number of approved therapies | item	2
Number of product candidate in active clinical development | product	1

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Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Accounting Policies [Line Items]
Assets	$ 28,297		$ 24,985
Liabilities	18,715		15,727
Carrying value	8,056		8,059
Fair value of long-term debt	8,100		8,200
Cash held at consolidated affiliated partnerships and restricted cash	1,134		1,612
Cash held at consolidated affiliated partnerships
Accounting Policies [Line Items]
Cash held at consolidated affiliated partnerships and restricted cash	142		686
Restricted cash
Accounting Policies [Line Items]
Cash held at consolidated affiliated partnerships and restricted cash	992		926
Energy Segment
Accounting Policies [Line Items]
Assets	4,917		4,723
Liabilities	3,141		2,880
Carrying value	1,691		1,691
Cash held at consolidated affiliated partnerships and restricted cash	7		7
Deferred revenue	40		31
Recorded revenue	8	$ 6
Revenue, remaining performance obligation	6
Revenue, current portion of remaining performance obligation	3
Automotive Segment
Accounting Policies [Line Items]
Assets	3,063		3,085
Liabilities	1,505		1,531
Carrying value	352		368
Cash held at consolidated affiliated partnerships and restricted cash	18		20
Deferred revenue	40		41
Recorded revenue	6	$ 6
Real Estate Segment
Accounting Policies [Line Items]
Assets	494		486
Liabilities	51		46
Carrying value	1		1
Cash held at consolidated affiliated partnerships and restricted cash	10		8
Food Packaging Segment
Accounting Policies [Line Items]
Assets	471		487
Liabilities	319		333
Carrying value	156		151
Icahn Enterprises Holdings
Accounting Policies [Line Items]
Assets	28,297		24,985
Liabilities	18,717		15,729
Carrying value	8,058		8,061
Cash held at consolidated affiliated partnerships and restricted cash	1,134		1,612
Cash and cash equivalents | Icahn Enterprises Holdings | Variable Interest Entity, Primary Beneficiary
Accounting Policies [Line Items]
Assets	64		31
Cash held at consolidated affiliated partnerships and restricted cash | Icahn Enterprises Holdings | Variable Interest Entity, Primary Beneficiary
Accounting Policies [Line Items]
Assets	1,078		1,558
Investments. | Icahn Enterprises Holdings | Variable Interest Entity, Primary Beneficiary
Accounting Policies [Line Items]
Assets	10,926		8,239
Due from brokers | Icahn Enterprises Holdings | Variable Interest Entity, Primary Beneficiary
Accounting Policies [Line Items]
Assets	4,234		3,437
Accounts receivable, net | Icahn Enterprises Holdings | Variable Interest Entity, Primary Beneficiary
Accounting Policies [Line Items]
Assets	15		37
Inventories, net | Icahn Enterprises Holdings | Variable Interest Entity, Primary Beneficiary
Accounting Policies [Line Items]
Assets	57		42
Property, plant and equipment, net. | Icahn Enterprises Holdings | Variable Interest Entity, Primary Beneficiary
Accounting Policies [Line Items]
Assets	1,025		1,042
Unrealized gain on derivative contracts | Icahn Enterprises Holdings | Variable Interest Entity, Primary Beneficiary
Accounting Policies [Line Items]
Assets	849		785
Intangible assets, net | Icahn Enterprises Holdings | Variable Interest Entity, Primary Beneficiary
Accounting Policies [Line Items]
Assets	227		232
Other assets. | Icahn Enterprises Holdings | Variable Interest Entity, Primary Beneficiary
Accounting Policies [Line Items]
Assets	124		107
Accounts payable. | Icahn Enterprises Holdings | Variable Interest Entity, Primary Beneficiary
Accounting Policies [Line Items]
Liabilities	22		25
Accrued expenses and other liabilities | Icahn Enterprises Holdings | Variable Interest Entity, Primary Beneficiary
Accounting Policies [Line Items]
Liabilities	151		70
Deferred tax liabilities | Icahn Enterprises Holdings | Variable Interest Entity, Primary Beneficiary
Accounting Policies [Line Items]
Liabilities	1		1
Unrealized loss on derivative contracts | Icahn Enterprises Holdings | Variable Interest Entity, Primary Beneficiary
Accounting Policies [Line Items]
Liabilities	521		622
Securities sold, not yet purchased, at fair value | Icahn Enterprises Holdings | Variable Interest Entity, Primary Beneficiary
Accounting Policies [Line Items]
Liabilities	4,863		2,521
Due to brokers | Icahn Enterprises Holdings | Variable Interest Entity, Primary Beneficiary
Accounting Policies [Line Items]
Liabilities	1,509		1,618
Debt | Icahn Enterprises Holdings | Variable Interest Entity, Primary Beneficiary
Accounting Policies [Line Items]
Liabilities	$ 637		$ 636
Icahn Enterprises Holdings
Accounting Policies [Line Items]
Percentage of equity ownership in operating subsidiary	99.00%
Viskase | Variable Interest Entity, Primary Beneficiary
Accounting Policies [Line Items]
Percentage of equity ownership in operating subsidiary	50.00%

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Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Mr. Icahn and affiliates | Investment in funds
Related Party Transaction [Line Items]
Amount of transaction with related party		$ 1,241
Related party transaction, balance	$ 5,500		$ 5,000
Percentage fair value of investments in Funds that is attributable to Mr. Icahn	54.00%		54.00%
Consolidated VIE | Expense sharing arrangement
Related Party Transaction [Line Items]
Amount of transaction with related party	$ 5	(6)
Reduction in amount of transaction with related party		8
Hertz (equity method investee) | Receipts and revenue from related party
Related Party Transaction [Line Items]
Amount of transaction with related party		$ 14
767 Leasing | Automotive Segment
Related Party Transaction [Line Items]
Investment in non-consolidated VIE during the period	11
Investment balance in non-consolidated VIE as of end of period period	28		$ 40
Brett Icahn
Related Party Transaction [Line Items]
Amount contributed in accordance with manager agreement	40
Investment funds total fair value	$ 59

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Investments - Investment Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Schedule of Investments [Line Items]
Investments	$ 11,480		$ 8,913
Securities sold, not yet purchased, at fair value	4,863		2,521
Investment Segment
Schedule of Investments [Line Items]
Investments	10,926		8,239
Securities sold, not yet purchased, at fair value	4,863		2,521
Unrealized gain (loss) on debt and equity securities still held	1,122	$ (4,170)
Investment Segment | Equity securities:
Schedule of Investments [Line Items]
Investments	10,795		8,118
Investment Segment | Consumer, non-cyclical
Schedule of Investments [Line Items]
Investments	2,079		1,548
Securities sold, not yet purchased, at fair value	971		424
Investment Segment | Consumer, cyclical
Schedule of Investments [Line Items]
Investments	2,572		2,073
Securities sold, not yet purchased, at fair value	405		572
Investment Segment | Energy
Schedule of Investments [Line Items]
Investments	3,703		2,654
Securities sold, not yet purchased, at fair value	3,091		1,476
Investment Segment | Utilities
Schedule of Investments [Line Items]
Investments	658		107
Securities sold, not yet purchased, at fair value	396		49
Investment Segment | Technology
Schedule of Investments [Line Items]
Investments	1,589		1,578
Investment Segment | Industrial
Schedule of Investments [Line Items]
Investments	194		158
Investment Segment | Corporate debt securities
Schedule of Investments [Line Items]
Investments	$ 131		$ 121

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Investments - Other Segments and Holding Company (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Schedule of Investments [Line Items]
Investments	$ 11,480		$ 8,913
Other Segments and Holding Company
Schedule of Investments [Line Items]
Investments	554		674
Unrealized gains (losses) that relate to equity securities still held	58	$ (312)
Other Segments and Holding Company | Equity method investments
Schedule of Investments [Line Items]
Investments	108		120
Other Segments and Holding Company | Held to maturity debt investments measured at amortized cost
Schedule of Investments [Line Items]
Investments	20		20
Other Segments and Holding Company | Other investments measured at fair value
Schedule of Investments [Line Items]
Investments	$ 426		$ 534

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Fair Value Measurements - Fair Value Measurement (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Assets
Derivative contracts, at fair value	$ 855	$ 785
Liabilities
Securities sold, not yet purchased	4,863	2,521
Derivative contracts at fair value	584	639
Recurring measurement
Assets
Investments	11,340	8,761
Derivative contracts, at fair value	855	785
Assets, Fair Value Disclosure	12,195	9,546
Liabilities
Securities sold, not yet purchased	4,863	2,521
Derivative contracts at fair value	584	639
Other liabilities	342	214
Financial and Nonfinancial Liabilities, Fair Value Disclosure	5,789	3,374
Recurring measurement | Level 1
Assets
Investments	11,128	8,546
Assets, Fair Value Disclosure	11,128	8,546
Liabilities
Securities sold, not yet purchased	4,863	2,521
Derivative contracts at fair value		11
Financial and Nonfinancial Liabilities, Fair Value Disclosure	4,863	2,532
Recurring measurement | Level 2
Assets
Investments	171	174
Derivative contracts, at fair value	855	785
Assets, Fair Value Disclosure	1,026	959
Liabilities
Derivative contracts at fair value	584	628
Other liabilities	342	214
Financial and Nonfinancial Liabilities, Fair Value Disclosure	926	842
Recurring measurement | Level 3
Assets
Investments	41	41
Assets, Fair Value Disclosure	$ 41	$ 41

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Financial Instruments - Derivative Activities Table (Details) - Investment Segment - USD ($) $ in Millions		Mar. 31, 2021	Dec. 31, 2020
Equity contracts
Derivative [Line Items]
Long Notional Exposure		$ 217	$ 0
Short Notional Exposure		4,074	8,623
Credit contracts
Derivative [Line Items]
Long Notional Exposure	[1]	8	0
Short Notional Exposure	[1]	4,113	2,099
Credit Default Swap
Derivative [Line Items]
Short notional amount of credit default swap positions		$ 8,200	$ 6,300

[1] The short notional amount on our credit default swap positions was approximately $8.2 billion at March 31, 2021. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is approximately $4.1 billion as of March 31, 2021. The short notional amount on our credit default swap positions was approximately $6.3 billion as of December 31, 2020. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is approximately $2.1 billion as of December 31, 2020.

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Financial Instruments - Derivatives Not Designated as Hedging, Fair Value Table (Details) - USD ($) $ in Millions		Mar. 31, 2021		Dec. 31, 2020
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items]
Derivative contracts, at fair value		$ 855		$ 785
Derivative contracts at fair value		584		639
Investment Segment
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items]
Collateral for derivative positions		936		872
Investment Segment | Not designated as hedging instrument | Other assets.
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items]
Asset Derivatives, Gross		1,067		1,016
Netting across contract types	[1]	(218)		(231)
Derivative contracts, at fair value		849		785	[1]
Investment Segment | Not designated as hedging instrument | Other assets. | Equity contracts
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items]
Asset Derivatives, Gross		11		4
Investment Segment | Not designated as hedging instrument | Other assets. | Credit contracts
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items]
Asset Derivatives, Gross		1,056		1,012
Investment Segment | Not designated as hedging instrument | Accrued expenses and other liabilities
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items]
Liability Derivatives, Gross		739		853
Netting across contract types		(218)		(231)
Derivative contracts at fair value		521	[1]	622
Investment Segment | Not designated as hedging instrument | Accrued expenses and other liabilities | Equity contracts
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items]
Liability Derivatives, Gross		737		852
Investment Segment | Not designated as hedging instrument | Accrued expenses and other liabilities | Credit contracts
Derivatives Not Designated as Hedging Instruments, Fair Value [Line Items]
Liability Derivatives, Gross		$ 2		$ 1

[1] Excludes netting of cash collateral received and posted. The total collateral posted at March 31, 2021 and December 31, 2020 was $936 million and $872 million, respectively, across all counterparties, which are included in cash held at consolidated affiliated partnerships and restricted cash in the condensed consolidated balance sheets.

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Financial Instruments - Gain (Loss) Recognized on Derivatives Not Designated as Hedging Table (Details) - Not designated as hedging instrument - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Equity contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in Income	[1]	$ (324)	$ 1,468
Credit contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in Income	[1]	39	806
Net gain from investment activities
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) Recognized in Income	[1]	$ (285)	$ 2,274

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

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Financial Instruments - Narrative (Details) bbl in Millions, $ in Millions	3 Months Ended			12 Months Ended
	Mar. 31, 2021 USD ($) bbl	Mar. 31, 2020 USD ($)	[1]	Dec. 31, 2020 USD ($) bbl
Derivative [Line Items]
Derivative contracts, at fair value	$ 855			$ 785
Investment Segment
Derivative [Line Items]
Fair value derivative instruments with credit risk related contingent features in a liability position	$ 2			$ 1
Not designated as hedging instrument | Commodity contracts not considered probable of settlement | Energy Segment
Derivative [Line Items]
Volume of derivatives (barrels) | bbl	4			6
Not designated as hedging instrument | RINs contracts | Energy Segment
Derivative [Line Items]
Number of derivatives | bbl	32			13
Not designated as hedging instrument | Credit Default Swap | Energy Segment
Derivative [Line Items]
Number of derivatives	12			7
Cost of goods sold | Not designated as hedging instrument | Energy Segment
Derivative [Line Items]
Gain (loss) on derivatives not designated as hedging instruments recognized in income	$ (32)	$ 46
Other assets. | Not designated as hedging instrument | Investment Segment
Derivative [Line Items]
Derivative contracts, at fair value	849			$ 785	[2]
Other assets. | Not designated as hedging instrument | Energy Segment
Derivative [Line Items]
Derivative contracts, at fair value	$ 6			$ 63

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

[2] Excludes netting of cash collateral received and posted. The total collateral posted at March 31, 2021 and December 31, 2020 was $936 million and $872 million, respectively, across all counterparties, which are included in cash held at consolidated affiliated partnerships and restricted cash in the condensed consolidated balance sheets.

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Inventories, Net (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Inventory, Net [Abstract]
Raw materials	$ 235	$ 183
Work in process	90	83
Finished goods	1,234	1,314
Inventory, net	$ 1,559	$ 1,580

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Goodwill and Intangible Assets, Net - Goodwill Table (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Goodwill [Line Items]
Gross Carrying Amount	$ 384	$ 384
Accumulated Impairment	(90)	(90)
Net Carrying Amount	294	294
Automotive Segment
Goodwill [Line Items]
Gross Carrying Amount	337	337
Accumulated Impairment	(87)	(87)
Net Carrying Amount	250	250
Food Packaging Segment
Goodwill [Line Items]
Gross Carrying Amount	6	6
Net Carrying Amount	6	6
Metals Segment
Goodwill [Line Items]
Gross Carrying Amount	4	4
Net Carrying Amount	4	4
Home Fashion Segment
Goodwill [Line Items]
Gross Carrying Amount	24	24
Accumulated Impairment	(3)	(3)
Net Carrying Amount	21	21
Pharma Segment
Goodwill [Line Items]
Gross Carrying Amount	13	13
Net Carrying Amount	$ 13	$ 13

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Goodwill and Intangible Assets, Net - Definite-lived and Indefinite-lived Intangible Assets Table (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Definite-lived intangible assets: [Abstract]
Gross carrying amount of definite-lived intangible assets	$ 829		$ 922
Accumulated amortization of definite-lived intangible assets	(269)		(345)
Net carrying amount of definite-lived intangible assets	560		577
Net carrying amount of indefinite-lived intangible assets	83		83
Intangible assets, net	643		660
Amortization of intangible assets	15	$ 11
Customer relationships
Definite-lived intangible assets: [Abstract]
Gross carrying amount of definite-lived intangible assets	398		399
Accumulated amortization of definite-lived intangible assets	(181)		(176)
Net carrying amount of definite-lived intangible assets	217		223
Developed technology
Definite-lived intangible assets: [Abstract]
Gross carrying amount of definite-lived intangible assets	254		254
Accumulated amortization of definite-lived intangible assets	(13)		(6)
Net carrying amount of definite-lived intangible assets	241		248
Other
Definite-lived intangible assets: [Abstract]
Gross carrying amount of definite-lived intangible assets	177		269
Accumulated amortization of definite-lived intangible assets	(75)		(163)
Net carrying amount of definite-lived intangible assets	$ 102		$ 106

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Leases (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Operating lease right-of-use asset	$ 540		$ 552
Operating lease liability	$ 557		$ 569
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Accrued Liabilities		Accrued Liabilities
Operating lease expense	$ 51	$ 51
Amortization of financing lease right-of-use assets	3	3
Interest expense on financing lease liabilities	1	2
Property, plant and equipment, net	4,231		$ 4,228
Energy Segment
Lessee, Lease, Description [Line Items]
Operating lease right-of-use asset	41		37
Operating lease liability	$ 42		$ 38
Operating lease weighted average lease term, lessee	4 years 6 months		3 years 1 month 6 days
Operating lease weighted average discount rate, lessee (percent)	5.50%		5.50%
Property, plant and equipment, net	$ 2,774		$ 2,747
Automotive Segment
Lessee, Lease, Description [Line Items]
Operating lease right-of-use asset	423		436
Operating lease liability	$ 442		$ 456
Operating lease weighted average lease term, lessee	4 years 7 months 6 days		4 years 7 months 6 days
Operating lease weighted average discount rate, lessee (percent)	5.70%		5.70%
Operating lease expense	$ 43	43
Property, plant and equipment, net	845		$ 857
Food Packaging Segment
Lessee, Lease, Description [Line Items]
Operating lease right-of-use asset	30		32
Operating lease liability	$ 34		$ 35
Operating lease weighted average lease term, lessee	11 years 1 month 6 days		11 years 1 month 6 days
Operating lease weighted average discount rate, lessee (percent)	7.40%		7.40%
Property, plant and equipment, net	$ 152		$ 160
Other Segments and Holding Company
Lessee, Lease, Description [Line Items]
Operating lease right-of-use asset	46		47
Operating lease liability	39		40
Real Estate Segment
Lessee, Lease, Description [Line Items]
Property, plant and equipment, net	308		310
Operating lease rental revenue	5	$ 8
Assets leased to others | Real Estate Segment
Lessee, Lease, Description [Line Items]
Property, plant and equipment, net	222		222
Other assets.
Lessee, Lease, Description [Line Items]
Operating lease right-of-use asset	540		552
Accrued expenses and other liabilities
Lessee, Lease, Description [Line Items]
Operating lease liability	$ 557		$ 569
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Accrued Liabilities		Accrued Liabilities
Property, plant and equipment, net.
Lessee, Lease, Description [Line Items]
Financing lease right-of-use asset	$ 65		$ 65
Debt
Lessee, Lease, Description [Line Items]
Financing lease liability	$ 82		$ 81

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Debt (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2021	Mar. 31, 2021	Mar. 31, 2020	Apr. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Debt		$ 8,056,000			$ 8,059,000
Amortization included in interest expense		1,000	$ 1,000
Holding Company
Debt Instrument [Line Items]
Gain on extinguishment of debt	$ 2,000
Debt		5,805,000			5,811,000
Energy Segment
Debt Instrument [Line Items]
Debt		1,691,000			1,691,000
Automotive Segment
Debt Instrument [Line Items]
Debt		352,000			368,000
Food Packaging Segment
Debt Instrument [Line Items]
Debt		156,000			151,000
Metals Segment
Debt Instrument [Line Items]
Debt		28,000			16,000
Real Estate Segment
Debt Instrument [Line Items]
Debt		1,000			1,000
Home Fashion Segment
Debt Instrument [Line Items]
Debt		23,000			21,000
Reporting Segments
Debt Instrument [Line Items]
Debt		$ 2,251,000			$ 2,248,000
6.250% senior unsecured notes due 2022 | Holding Company
Debt Instrument [Line Items]
Interest rate on debt issued	6.25%	6.25%		6.25%	6.25%
Redemption of senior notes	$ 750,000,000			$ 455,000
Debt		$ 456,000			$ 1,209,000
6.750% senior unsecured notes due 2024 | Holding Company
Debt Instrument [Line Items]
Interest rate on debt issued		6.75%			6.75%
Debt		$ 499,000			$ 499,000
4.750% senior unsecured notes due 2024 | Holding Company
Debt Instrument [Line Items]
Interest rate on debt issued		4.75%			4.75%
Debt		$ 1,106,000			$ 1,106,000
6.375% senior unsecured notes due 2025 | Holding Company
Debt Instrument [Line Items]
Interest rate on debt issued		6.375%			6.375%
Debt		$ 748,000			$ 748,000
6.250% senior unsecured notes due 2026 | Holding Company
Debt Instrument [Line Items]
Interest rate on debt issued		6.25%			6.25%
Debt		$ 1,250,000			$ 1,250,000
5.250% senior unsecured notes due 2027 | Holding Company
Debt Instrument [Line Items]
Face value of debit issued				$ 455,000
Interest rate on debt issued		5.25%		5.25%	5.25%
Debt		$ 999,000			$ 999,000
4.375% senior unsecured notes due 2029 | Holding Company
Debt Instrument [Line Items]
Face value of debit issued	$ 750,000
Interest rate on debt issued	4.375%	4.375%
Debt		$ 747,000			$ 0

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Net Income Per LP Unit (Details) - USD ($) $ / shares in Units, $ in Millions					3 Months Ended
	Apr. 29, 2021	Feb. 26, 2021	Feb. 24, 2021	May 02, 2019	Mar. 31, 2021	Mar. 31, 2020
Earnings Per LP Unit [Line Items]
Net income (loss) attributable to shareholders					$ 162	$ (1,384)
Net income (loss) attributable to Icahn Enterprises allocated to limited partners (98.01% allocation)					$ 159	$ (1,356)
Basic income (loss) per LP unit
Basic income (loss) per LP unit					$ 0.66	$ (6.34)
Basic weighted average LP units outstanding					242,000,000	214,000,000
Diluted income (loss) per LP unit
Diluted income (loss) per LP unit					$ 0.65	$ (6.34)
Diluted weighted average LP units outstanding					245,000,000	214,000,000
Weighted average units ecluded from EPS calculation						4,000,000
Potential aggregate sales proceeds from equity offering		$ 400		$ 400	$ 216
LP units sold					3,109,345	107,131
Proceeds from sale of LP units					$ 184	$ 7
Limited partners
Diluted income (loss) per LP unit
Distribution declared per LP unit			$ 2.00
Declared unit distribution liability			$ 489
LP units distributed	8,044,900
Aggregate cash distributions to depositary unitholders	$ 27
Limited partners | Mr. Icahn and affiliates
Diluted income (loss) per LP unit
LP units distributed	7,717,918

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Segment Reporting - Condensed Statement of Operations By Reporting Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Net sales	$ 2,218	$ 1,860
Other revenues from operations	152	161
Net gain (loss) from investment activities	1,006	(2,128)
Interest and dividend income	26	64
Other (loss) income, net	(18)	(17)
Revenues	3,384	(60)
Expenses:
Cost of goods sold	2,139	1,810
Other expenses from operations	118	135
Selling, general and administrative	316	308
Restructuring, net	0	2
Interest expense	195	171
Expenses	2,768	2,426
Income (loss) from continuing operations before income tax benefit (expense)	616	(2,486)
Income tax (benefit) expense	(17)	180
Net loss	599	(2,306)
Less: net income (loss) attributable to non-controlling interests	437	(922)
Net income (loss) attributable to Icahn Enterprises	162	(1,384)
Supplemental information:
Capital expenditures	47	53
Depreciation and amortization	127	121
Investment Segment
Revenues:
Net sales	0	0
Other revenues from operations	0	0
Net gain (loss) from investment activities	939	(1,816)
Interest and dividend income	25	52
Other (loss) income, net	(21)	(1)
Revenues	943	(1,765)
Expenses:
Cost of goods sold	0	0
Other expenses from operations	0	0
Selling, general and administrative	5	(6)
Restructuring, net	0	0
Interest expense	76	43
Expenses	81	37
Income (loss) from continuing operations before income tax benefit (expense)	862	(1,802)
Income tax (benefit) expense	0	0
Net loss	862	(1,802)
Less: net income (loss) attributable to non-controlling interests	471	(876)
Net income (loss) attributable to Icahn Enterprises	391	(926)
Supplemental information:
Capital expenditures	0	0
Depreciation and amortization	0	0
Energy Segment
Revenues:
Net sales	1,463	1,130
Other revenues from operations	0	0
Net gain (loss) from investment activities	62	30
Interest and dividend income	0	3
Other (loss) income, net	7	(6)
Revenues	1,532	1,157
Expenses:
Cost of goods sold	1,579	1,250
Other expenses from operations	0	0
Selling, general and administrative	35	31
Restructuring, net	0	0
Interest expense	31	29
Expenses	1,645	1,310
Income (loss) from continuing operations before income tax benefit (expense)	(113)	(153)
Income tax (benefit) expense	46	40
Net loss	(67)	(113)
Less: net income (loss) attributable to non-controlling interests	(34)	(45)
Net income (loss) attributable to Icahn Enterprises	(33)	(68)
Supplemental information:
Capital expenditures	34	35
Depreciation and amortization	82	80
Automotive Segment
Revenues:
Net sales	456	492
Other revenues from operations	142	143
Net gain (loss) from investment activities	0	0
Interest and dividend income	0	0
Other (loss) income, net	(1)	1
Revenues	597	636
Expenses:
Cost of goods sold	313	352
Other expenses from operations	112	123
Selling, general and administrative	227	246
Restructuring, net	0	2
Interest expense	3	5
Expenses	655	728
Income (loss) from continuing operations before income tax benefit (expense)	(58)	(92)
Income tax (benefit) expense	12	19
Net loss	(46)	(73)
Less: net income (loss) attributable to non-controlling interests	0	0
Net income (loss) attributable to Icahn Enterprises	(46)	(73)
Supplemental information:
Capital expenditures	8	9
Depreciation and amortization	22	24
Food Packaging Segment
Revenues:
Net sales	101	98
Other revenues from operations	0	0
Net gain (loss) from investment activities	0	0
Interest and dividend income	0	0
Other (loss) income, net	(6)	(7)
Revenues	95	91
Expenses:
Cost of goods sold	80	78
Other expenses from operations	0	0
Selling, general and administrative	13	12
Restructuring, net	0	0
Interest expense	2	4
Expenses	95	94
Income (loss) from continuing operations before income tax benefit (expense)	0	(3)
Income tax (benefit) expense	(1)	(1)
Net loss	(1)	(4)
Less: net income (loss) attributable to non-controlling interests	0	(1)
Net income (loss) attributable to Icahn Enterprises	(1)	(3)
Supplemental information:
Capital expenditures	2	2
Depreciation and amortization	7	6
Metals Segment
Revenues:
Net sales	120	86
Other revenues from operations	0	0
Net gain (loss) from investment activities	0	0
Interest and dividend income	0	0
Other (loss) income, net	1	0
Revenues	121	86
Expenses:
Cost of goods sold	112	85
Other expenses from operations	0	0
Selling, general and administrative	4	4
Restructuring, net	0	0
Interest expense	0	0
Expenses	116	89
Income (loss) from continuing operations before income tax benefit (expense)	5	(3)
Income tax (benefit) expense	0	0
Net loss	5	(3)
Less: net income (loss) attributable to non-controlling interests	0	0
Net income (loss) attributable to Icahn Enterprises	5	(3)
Supplemental information:
Capital expenditures	1	1
Depreciation and amortization	4	5
Real Estate Segment
Revenues:
Net sales	8	4
Other revenues from operations	9	18
Net gain (loss) from investment activities	0	0
Interest and dividend income	0	0
Other (loss) income, net	0	0
Revenues	17	22
Expenses:
Cost of goods sold	7	4
Other expenses from operations	6	12
Selling, general and administrative	5	5
Restructuring, net	0	0
Interest expense	0	0
Expenses	18	21
Income (loss) from continuing operations before income tax benefit (expense)	(1)	1
Income tax (benefit) expense	0	0
Net loss	(1)	1
Less: net income (loss) attributable to non-controlling interests	0	0
Net income (loss) attributable to Icahn Enterprises	(1)	1
Supplemental information:
Capital expenditures	1	4
Depreciation and amortization	3	4
Home Fashion Segment
Revenues:
Net sales	41	50
Other revenues from operations	0	0
Net gain (loss) from investment activities	0	0
Interest and dividend income	0	0
Other (loss) income, net	0	0
Revenues	41	50
Expenses:
Cost of goods sold	34	41
Other expenses from operations	0	0
Selling, general and administrative	11	11
Restructuring, net	0	0
Interest expense	0	0
Expenses	45	52
Income (loss) from continuing operations before income tax benefit (expense)	(4)	(2)
Income tax (benefit) expense	0	0
Net loss	(4)	(2)
Less: net income (loss) attributable to non-controlling interests	0	0
Net income (loss) attributable to Icahn Enterprises	(4)	(2)
Supplemental information:
Capital expenditures	1	2
Depreciation and amortization	2	2
Pharma Segment
Revenues:
Net sales	29	0
Other revenues from operations	1	0
Net gain (loss) from investment activities	0	0
Interest and dividend income	0	0
Other (loss) income, net	0	0
Revenues	30	0
Expenses:
Cost of goods sold	14	0
Other expenses from operations	0	0
Selling, general and administrative	8	0
Restructuring, net	0	0
Interest expense	0	0
Expenses	22	0
Income (loss) from continuing operations before income tax benefit (expense)	8	0
Income tax (benefit) expense	0	0
Net loss	8	0
Less: net income (loss) attributable to non-controlling interests	0	0
Net income (loss) attributable to Icahn Enterprises	8	0
Supplemental information:
Capital expenditures	0	0
Depreciation and amortization	7	0
Holding Company
Revenues:
Net sales	0	0
Other revenues from operations	0	0
Net gain (loss) from investment activities	5	(342)
Interest and dividend income	1	9
Other (loss) income, net	2	(4)
Revenues	8	(337)
Expenses:
Cost of goods sold	0	0
Other expenses from operations	0	0
Selling, general and administrative	8	5
Restructuring, net	0	0
Interest expense	83	90
Expenses	91	95
Income (loss) from continuing operations before income tax benefit (expense)	(83)	(432)
Income tax (benefit) expense	(74)	122
Net loss	(157)	(310)
Less: net income (loss) attributable to non-controlling interests	0	0
Net income (loss) attributable to Icahn Enterprises	(157)	(310)
Supplemental information:
Capital expenditures	0	0
Depreciation and amortization	$ 0	$ 0

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Segment Reporting - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Energy Segment
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 1,463	$ 1,130
Automotive Segment
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	598	635
Petroleum products | Energy Segment
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	1,402	1,055
Nitrogen fertilizer products | Energy Segment
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	61	75
Automotive services | Automotive Segment
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	322	309
Aftermarket parts sales | Automotive Segment
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 276	$ 326

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Segment Reporting - Condensed Balance Sheets By Reporting Segment (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 1,942	$ 1,679
Cash held at consolidated affiliated partnerships and restricted cash	1,134	1,612
Investments	11,480	8,913
Accounts receivable, net	572	501
Inventories, net	1,559	1,580
Property, plant and equipment, net	4,231	4,228
Goodwill and intangible assets, net	937	954
Other assets	6,442	5,518
Assets	28,297	24,985
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	5,796	5,147
Securities sold, not yet purchased, at fair value	4,863	2,521
Debt	8,056	8,059
Total liabilities	18,715	15,727
Equity attributable to Icahn Enterprises	3,230	3,383
Equity attributable to non-controlling interests	6,352	5,875
Total equity	9,582	9,258	$ 9,417	$ 10,942
Liabilities and Equity	28,297	24,985
Investment Segment
ASSETS
Cash and cash equivalents	15	14
Cash held at consolidated affiliated partnerships and restricted cash	1,078	1,558
Investments	10,926	8,239
Other assets	5,188	4,308
Assets	17,207	14,119
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	2,100	2,256
Securities sold, not yet purchased, at fair value	4,863	2,521
Total liabilities	6,963	4,777
Equity attributable to Icahn Enterprises	4,675	4,283
Equity attributable to non-controlling interests	5,569	5,059
Total equity	10,244	9,342
Liabilities and Equity	17,207	14,119
Energy Segment
ASSETS
Cash and cash equivalents	707	667
Cash held at consolidated affiliated partnerships and restricted cash	7	7
Investments	315	253
Accounts receivable, net	226	178
Inventories, net	378	298
Property, plant and equipment, net	2,774	2,747
Goodwill and intangible assets, net	233	238
Other assets	277	335
Assets	4,917	4,723
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	1,450	1,189
Debt	1,691	1,691
Total liabilities	3,141	2,880
Equity attributable to Icahn Enterprises	1,006	1,039
Equity attributable to non-controlling interests	770	804
Total equity	1,776	1,843
Liabilities and Equity	4,917	4,723
Automotive Segment
ASSETS
Cash and cash equivalents	42	25
Cash held at consolidated affiliated partnerships and restricted cash	18	20
Investments	28	40
Accounts receivable, net	119	109
Inventories, net	962	1,080
Property, plant and equipment, net	845	857
Goodwill and intangible assets, net	370	372
Other assets	679	582
Assets	3,063	3,085
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	1,153	1,163
Debt	352	368
Total liabilities	1,505	1,531
Equity attributable to Icahn Enterprises	1,558	1,554
Total equity	1,558	1,554
Liabilities and Equity	3,063	3,085
Food Packaging Segment
ASSETS
Cash and cash equivalents	13	16
Accounts receivable, net	86	88
Inventories, net	89	89
Property, plant and equipment, net	152	160
Goodwill and intangible assets, net	29	31
Other assets	102	103
Assets	471	487
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	163	182
Debt	156	151
Total liabilities	319	333
Equity attributable to Icahn Enterprises	139	142
Equity attributable to non-controlling interests	13	12
Total equity	152	154
Liabilities and Equity	471	487
Metals Segment
ASSETS
Cash and cash equivalents		1
Cash held at consolidated affiliated partnerships and restricted cash	2	2
Accounts receivable, net	73	63
Inventories, net	33	22
Property, plant and equipment, net	81	82
Goodwill and intangible assets, net	9	9
Other assets	35	38
Assets	233	217
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	72	73
Debt	28	16
Total liabilities	100	89
Equity attributable to Icahn Enterprises	133	128
Total equity	133	128
Liabilities and Equity	233	217
Real Estate Segment
ASSETS
Cash and cash equivalents	27	21
Cash held at consolidated affiliated partnerships and restricted cash	10	8
Investments	15	15
Accounts receivable, net	11	10
Property, plant and equipment, net	308	310
Goodwill and intangible assets, net		1
Other assets	123	121
Assets	494	486
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	50	45
Debt	1	1
Total liabilities	51	46
Equity attributable to Icahn Enterprises	443	440
Total equity	443	440
Liabilities and Equity	494	486
Home Fashion Segment
ASSETS
Cash and cash equivalents	2	2
Cash held at consolidated affiliated partnerships and restricted cash	3	6
Accounts receivable, net	28	33
Inventories, net	86	81
Property, plant and equipment, net	64	65
Goodwill and intangible assets, net	21	21
Other assets	20	19
Assets	224	227
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	64	65
Debt	23	21
Total liabilities	87	86
Equity attributable to Icahn Enterprises	137	141
Total equity	137	141
Liabilities and Equity	224	227
Pharma Segment
ASSETS
Cash and cash equivalents	2	8
Accounts receivable, net	29	20
Inventories, net	11	10
Goodwill and intangible assets, net	275	282
Other assets	5	6
Assets	322	326
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	52	64
Total liabilities	52	64
Equity attributable to Icahn Enterprises	270	262
Total equity	270	262
Liabilities and Equity	322	326
Holding Company
ASSETS
Cash and cash equivalents	1,134	925
Cash held at consolidated affiliated partnerships and restricted cash	16	11
Investments	196	366
Property, plant and equipment, net	7	7
Other assets	13	6
Assets	1,366	1,315
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	692	110
Debt	5,805	5,811
Total liabilities	6,497	5,921
Equity attributable to Icahn Enterprises	(5,131)	(4,606)
Total equity	(5,131)	(4,606)
Liabilities and Equity	$ 1,366	$ 1,315

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Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income tax (benefit) expense	$ 17	$ (180)
Income (loss) from continuing operations before income tax benefit (expense)	$ 616	$ (2,486)
Effective income tax rate	2.80%	7.20%
Statutory federal income tax rate	21.00%	21.00%

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Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
AOCI, Translation adjustments, net of tax	$ (32)		$ (31)
AOCI, Post-retirement benefits and other, net of tax	(49)		(49)
Accumulated other comprehensive loss, net of tax	(81)		$ (80)
Other comprehensive income (loss), translation adjustments, before reclassification adjustment, net of tax	(1)
Other comprehensive income (loss), before reclassification adjustment, net of tax	(1)
Other comprehensive loss, translation adjustments, net of tax	(1)	$ (3)
Other comprehensive loss, net of tax	$ (1)	$ (3)

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Other Income, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Other Income And Expense, Net [Line Items]
Other income, net	$ (18)	$ (17)
Dividend expense
Other Income And Expense, Net [Line Items]
Other income, net	(21)	(1)
Equity earnings from non-consolidated affiliates
Other Income And Expense, Net [Line Items]
Other income, net	1	2
Gain on disposition of assets, net
Other Income And Expense, Net [Line Items]
Other income, net		1
Foreign currency transaction loss
Other Income And Expense, Net [Line Items]
Other income, net	(6)	(6)
Gain (loss) on extinguishment of debt
Other Income And Expense, Net [Line Items]
Other income, net	2	(12)
Other
Other Income And Expense, Net [Line Items]
Other income, net	$ 6	$ (1)

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Commitments and Contingencies (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
ACF
Loss Contingencies [Line Items]
Defined benefit plan underfunded amount	$ 122
Starfire Holding Corporation
Loss Contingencies [Line Items]
Ownership percentage by Mr. Icahn	99.60%
Pension funding indemnity agreement with subsidiary	$ 250
Energy Segment
Loss Contingencies [Line Items]
RINs costs	178	$ 19
RFS obligation	$ 342		$ 214
Icahn Enterprises G.P. | Mr. Icahn and affiliates
Loss Contingencies [Line Items]
Affiliate ownership in parent company general partner	100.00%
Accrued expenses and other liabilities
Loss Contingencies [Line Items]
Accrued environmental liabilities	$ 36		$ 37
Icahn Enterprises Holdings
Loss Contingencies [Line Items]
Percentage of equity ownership in operating subsidiary	99.00%
Icahn Enterprises Holdings | Mr. Icahn and affiliates
Loss Contingencies [Line Items]
Affiliate ownership interest	91.00%

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Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Supplemental Cash Flow Information [Abstract]
Cash payments for interest, net of amounts capitalized	$ (117)	$ (136)
Cash receipts (payments) for income taxes, net of payments	1	10
Non-cash Investment segment contributions from non-controlling interests		1,240
Partnership distributions payable	$ (499)	$ (437)

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Subsequent Events (Details)	May 05, 2021 $ / shares
Subsequent event
Subsequent Event [Line Items]
Distribution declared per LP unit	$ 2.00