Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

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

	Icahn Enterprises
	December 31,
	2023		2022
		(in millions)
Book basis of net assets	$	3,224	$	3,901
Book/tax basis difference		(540)		(1,267)
Tax basis of net assets	$	2,684	$	2,634

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

	Year Ended December 31,
	2023		2022		2021
	(in millions)
Domestic	$	(943)	$	(8)	$	(576)
International		21		17		(2)
	$	(922)	$	9	$	(578)

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

	Year Ended December 31,
	2023		2022		2021
	(in millions)
Current:
Domestic	$	(130)	$	(174)	$	(87)
International		(8)		(8)		(3)
Total current		(138)		(182)		(90)
Deferred:
Domestic		41		149		166
International		7		(1)		2
Total deferred		48		148		168
	$	(90)	$	(34)	$	78

Schedule of reconciliation of the income tax benefit (expense)

	Year Ended December 31,
	2023		2022		2021
	(in millions)
Income tax benefit at U.S. statutory rate	$	193	$	(2)	$	121
Tax effect from:
Valuation allowance		(1)		100		13
Non-controlling interest		23		38		10
Credits and incentives		26		—		—
Uncertain tax positions		17		—		—
Deconsolidation		23		—		—
Tax gain not on books		(83)		—		—
Tax rate changes		—		—		13
Dividends received		(20)		(23)		(24)
Income not subject to taxation		(239)		(88)		(64)
State taxes		(26)		(49)		—
Other		(3)		(10)		9
Income tax benefit (expense)	$	(90)	$	(34)	$	78

Schedule of deferred tax assets (liabilities)

	December 31,
	2023		2022
	(in millions)
Deferred tax assets:
Contingent liabilities	$	61	$	—
Net operating loss		954		954
Tax credits		48		46
Capital loss		200		253
Leases		139		115
Investment in partnerships		147		74
Other		105		101
Total deferred tax assets		1,654		1,543
Less: Valuation allowance		(860)		(866)
Net deferred tax assets	$	794	$	677
Deferred tax liabilities:
Property, plant and equipment	$	(408)	$	(100)
Intangible assets		(65)		(70)
Investment in partnerships		(180)		(435)
Investment in U.S. subsidiaries		(163)		(184)
Leases		(135)		(112)
Other		(58)		(6)
Total deferred tax liabilities		(1,009)		(907)
	$	(215)	$	(230)

Schedule of unrecognized tax benefits

	Year Ended December 31,
	2023		2022		2021
	(in millions)
Balance at January 1	$	27	$	33	$	35
Addition based on tax positions related to the current year		—		—		—
Increase for tax positions of prior years		—		—		—
Decrease for tax positions of prior years		—		—		(1)
Decrease for statute of limitation expiration		(17)		(6)		(1)
Balance at December 31	$	10	$	27	$	33