XML 33 R21.htm IDEA: XBRL DOCUMENT
v3.22.4

Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Income Taxes | 14. Income Taxes The difference between the book basis and the tax basis of our net assets, not directly subject to income taxes, is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Icahn Enterprises
​ | ​ | December 31,
​ |  | 2022 |  | 2021
​ |  | ​ | (in millions)
Book basis of net assets | ​ | $ | 3,901 | ​ | $ | 3,544
Book/tax basis difference | ​ |  | (1,267) | ​ |  | (1,362)
Tax basis of net assets | ​ | $ | 2,634 | ​ | $ | 2,182
​ Income (loss) from continuing operations before income tax benefit (expense) is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2022 |  | 2021 |  | 2020
​ | ​ | (in millions)
Domestic | ​ | $ | (8) | ​ | $ | (576) | ​ | $ | (2,586)
International | ​ |  | 17 | ​ |  | (2) | ​ |  | 2
​ | ​ | $ | 9 | ​ | $ | (578) | ​ | $ | (2,584)
​ Income tax benefit (expense) attributable to continuing operations is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2022 |  | 2021 |  | 2020
​ | ​ | (in millions)
Current: | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Domestic | ​ | $ | (174) | ​ | $ | (87) | ​ | $ | 69
International | ​ |  | (8) | ​ |  | (3) | ​ |  | (2)
Total current | ​ |  | (182) | ​ |  | (90) | ​ |  | 67
Deferred: | ​ |  |  | ​ |  |  | ​ |  |
Domestic | ​ |  | 149 | ​ |  | 166 | ​ |  | 51
International | ​ |  | (1) | ​ |  | 2 | ​ |  | (2)
Total deferred | ​ |  | 148 | ​ |  | 168 | ​ |  | 49
​ | ​ | $ | (34) | ​ | $ | 78 | ​ | $ | 116
​ A reconciliation of the income tax benefit (expense) calculated at the federal statutory rate to income tax benefit (expense) on continuing operations as shown in the consolidated statements of operations is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2022 |  | 2021 |  | 2020
​ | ​ | (in millions)
Income tax benefit at U.S. statutory rate | ​ | $ | (2) | ​ | $ | 121 | ​ | $ | 543
Tax effect from: | ​ |  |  | ​ |  |  | ​ |  |
Valuation allowance | ​ |  | 100 | ​ |  | 13 | ​ |  | (243)
Non-controlling interest | ​ |  | 38 | ​ |  | 10 | ​ |  | (6)
Tax rate changes | ​ |  | — | ​ |  | 13 | ​ |  | —
Dividends received | ​ |  | (23) | ​ |  | (24) | ​ |  | —
Income not subject to taxation | ​ |  | (88) | ​ |  | (64) | ​ |  | (287)
State taxes | ​ |  | (49) | ​ |  | — | ​ |  | 103
Other | ​ |  | (10) | ​ |  | 9 | ​ |  | 6
Income tax benefit (expense) | ​ | $ | (34) | ​ | $ | 78 | ​ | $ | 116
​ The tax effect of significant differences representing deferred tax assets (liabilities) (the difference between financial statement carrying value and the tax basis of assets and liabilities) is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ |  | 2022 |  | 2021
​ | ​ | (in millions)
Deferred tax assets: |  | ​ |  | ​ | ​ |
Property, plant and equipment | ​ | $ | — | ​ | $ | 1
Net operating loss | ​ |  | 954 | ​ |  | 955
Tax credits | ​ |  | 46 | ​ |  | 54
Capital loss | ​ |  | 253 | ​ |  | 342
Leases | ​ |  | 115 | ​ |  | 118
Investment in partnerships | ​ | ​ | 74 | ​ | ​ | —
Other | ​ |  | 101 | ​ |  | 120
Total deferred tax assets | ​ |  | 1,543 | ​ |  | 1,590
Less: Valuation allowance | ​ |  | (866) | ​ |  | (971)
Net deferred tax assets | ​ | $ | 677 | ​ | $ | 619
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax liabilities: | ​ |  |  | ​ |  |
Property, plant and equipment | ​ | $ | (100) | ​ | $ | (118)
Intangible assets | ​ |  | (70) | ​ |  | (80)
Investment in partnerships | ​ |  | (435) | ​ |  | (496)
Investment in U.S. subsidiaries | ​ |  | (184) | ​ |  | (184)
Leases | ​ |  | (112) | ​ |  | (113)
Other | ​ |  | (6) | ​ |  | (9)
Total deferred tax liabilities | ​ |  | (907) | ​ |  | (1,000)
​ | ​ | $ | (230) | ​ | $ | (381)
​ We recorded deferred tax assets and deferred tax liabilities of $109 million and $339 million, respectively, as of December 31, 2022 and $9 million and $390 million, respectively, as of December 31, 2021. Deferred tax assets are included in other assets in our consolidated balance sheets. We analyze all positive and negative evidence to consider whether it is more likely than not that all of the deferred tax assets will be realized. Projected future income, tax planning strategies and the expected reversal of deferred tax liabilities are considered in making this assessment. As of December 31, 2022 we had a valuation allowance of approximately $866 million primarily related to tax loss and credit carryforwards and other deferred tax assets. The current and future provisions for income taxes may be significantly impacted by changes to valuation allowances. These allowances will be maintained until it is more likely than not that the deferred tax assets will be realized. For the year ended December 31, 2022, the valuation allowance on deferred tax assets decreased by $105 million. The decrease was primarily attributable to utilization of capital loss carryforwards and changes in state net operating loss carryforwards. On December 11, 2020, we acquired all of the outstanding stock of Vivus upon its emergence from bankruptcy. On July 15, 2021, we contributed the stock of Vivus, Inc. to American Entertainment Properties Corp (“AEPC”), a wholly owned subsidiary, in a tax-free transaction. Immediately after the contribution, Vivus, Inc. converted into an LLC and became a disregarded entity of AEPC. At December 31, 2022, American Entertainment Properties Corp. (“AEPC”), a wholly-owned corporate subsidiary of Icahn Enterprises, which includes all or parts of our Automotive, Food Packaging, Pharma, Home Fashion and Real Estate segments had U.S. federal net operating loss carryforwards of approximately $3.0 billion with expiration dates from 2024 through unlimited carryforward periods. Additionally, AEPC and its corporate subsidiaries had foreign net operating loss carryforwards of $22 million with an unlimited carryforward period. At December 31, 2022, CVR Energy had state income tax credits of $9 million, which are available to reduce future state income taxes. These credits have an indefinite carryforward period. On October 9, 2020, Viskase completed an equity private placement whereby AEPC ownership increased from approximately 79% to 89%. As a result of greater than 80% ownership, Viskase became a member of the consolidated federal tax group of AEPC and party to a tax allocation agreement with AEPC. The tax allocation agreement provides, among other things, that AEPC will pay all consolidated federal income taxes on behalf of the consolidated tax group and Viskase is required to make payments to AEPC in an amount equal to the tax liability, if any, that it would have paid if it were to file a separate company return. As of December 31, 2022, we have not provided taxes on approximately $72 million of undistributed earnings in foreign subsidiaries which are deemed to be indefinitely reinvested. If at some future date these earnings cease to be permanently reinvested, we may be subject to foreign income and withholding taxes upon repatriation of such amounts. An estimate of the tax liability that would be incurred upon repatriation of foreign earnings is not practicable to determine. Accounting for Uncertainty in Income Taxes A summary of the changes in the gross amounts of unrecognized tax benefits for the years ended December 31, 2022, 2021 and 2020 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2022 |  | 2021 |  | 2020
​ | ​ | (in millions)
Balance at January 1 | ​ | $ | 33 | ​ | $ | 35 | ​ | $ | 33
Addition based on tax positions related to the current year | ​ |  | — | ​ |  | — | ​ |  | 1
Increase for tax positions of prior years | ​ |  | — | ​ |  | — | ​ |  | 6
Decrease for tax positions of prior years | ​ |  | — | ​ |  | (1) | ​ |  | (2)
Decrease for statute of limitation expiration | ​ |  | (6) | ​ |  | (1) | ​ |  | (3)
Balance at December 31 | ​ | $ | 27 | ​ | $ | 33 | ​ | $ | 35
​ At December 31, 2022, 2021 and 2020, we had unrecognized tax benefits of $27 million, $33 million and $35 million, respectively. Of these totals, $25 million, $29 million and $31 million represent the amount of unrecognized tax benefits that if recognized, would affect the annual effective tax rate in the respective periods. The total unrecognized tax benefits differ from the amount which would affect the effective tax rate primarily due to the impact of valuation allowances. During the next 12 months, we believe that it is reasonably possible that unrecognized tax benefits may decrease by approximately $17 million due to statute expirations. We recognize interest and penalties accrued related to unrecognized tax benefits as a component of income tax expense. We recorded $6 million, $5 million and $3 million as of December 31, 2022, 2021 and 2020, respectively, in liabilities for tax related net interest and penalties in our consolidated balance sheets. Income tax expense (benefit) related to interest and penalties were $2 million, $2 million and $2 million for the years December 31, 2022, 2021 and 2020, respectively. We or certain of our subsidiaries file income tax returns in the U.S. federal jurisdiction, various state jurisdictions and various non-U.S. jurisdictions. We and our subsidiaries are no longer subject to U.S. federal tax examinations for years before 2018 or state and local examinations for years before 2017, with limited exceptions. The Internal Revenue Service (“IRS”) has concluded its examination of the AEPC group’s income tax returns for the years ended December 31, 2018 and 2017. No significant issues or changes were made pursuant to the examination.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration