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Schedule I | 12 Months Ended
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Dec. 31, 2024
Icahn Enterprises (Parent) |
Condensed Financial Statements, Captions [Line Items] |
Condensed financial information of parent company | SCHEDULE I ICAHN ENTERPRISES, L.P. (Parent Company) CONDENSED BALANCE SHEETS
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ |  | 2024 |  | 2023
​ | ​ | (in millions, except unit amounts)
ASSETS | ​ | ​ |  | ​ | ​ |
Investments in subsidiaries, net | ​ | $ | 7,232 | ​ | $ | 8,092
Total Assets | ​ | $ | 7,232 | ​ | $ | 8,092
​ | ​ | ​ | ​ | ​ | ​ | ​
LIABILITIES AND EQUITY | ​ |  |  | ​ |  |
Accrued expenses and other liabilities | ​ | $ | 67 | ​ | $ | 37
Debt | ​ |  | 4,699 | ​ |  | 4,847
​ | ​ |  | 4,766 | ​ |  | 4,884
​ | ​ | ​ | ​ | ​ | ​ | ​
Commitments and contingencies (Note 3) | ​ |  |  | ​ |  |
​ | ​ | ​ | ​ | ​ | ​ | ​
Equity: | ​ |  |  | ​ |  |
Limited partners: Depositary units: 522,736,315 units issued and outstanding at December 31, 2024 and 429,033,241 units issued and outstanding at December 31, 2023 | ​ |  | 3,241 | ​ |  | 3,969
General partner | ​ |  | (775) | ​ |  | (761)
Total equity | ​ |  | 2,466 | ​ |  | 3,208
Total Liabilities and Equity | ​ | $ | 7,232 | ​ | $ | 8,092
​ See notes to condensed financial statements. SCHEDULE I ICAHN ENTERPRISES, L.P. (Parent Company) CONDENSED STATEMENTS OF OPERATIONS
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2024 |  | 2023 |  | 2022
​ | ​ | (in millions)
Interest expense | ​ | $ | (317) | ​ | $ | (286) | ​ | $ | (290)
Gain (loss) on extinguishment of debt | ​ |  | 8 | ​ |  | 13 | ​ |  | (1)
Equity in (loss) gain of subsidiaries | ​ |  | (136) | ​ |  | (411) | ​ |  | 108
Net loss | ​ | $ | (445) | ​ | $ | (684) | ​ | $ | (183)
Net loss allocated to: | ​ |  |  | ​ |  |  | ​ |  |
Limited partners | ​ | $ | (436) | ​ | $ | (670) | ​ | $ | (179)
General partner | ​ |  | (9) | ​ |  | (14) | ​ |  | (4)
​ | ​ | $ | (445) | ​ | $ | (684) | ​ | $ | (183)
​ See notes to condensed financial statements. SCHEDULE I ICAHN ENTERPRISES, L.P. (Parent Company) CONDENSED STATEMENTS OF CASH FLOWS
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2024 |  | 2023 |  | 2022
​ | ​ | (in millions)
Cash flows from operating activities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net loss | ​ | $ | (445) | ​ | $ | (684) | ​ | $ | (183)
Adjustments to reconcile net loss to net cash used in operating activities: | ​ |  |  | ​ |  |  | ​ |  |
Equity in (gain) loss of subsidiary | ​ |  | 136 | ​ |  | 411 | ​ |  | (108)
(Loss) gain on extinguishment of debt | ​ |  | (8) | ​ |  | (13) | ​ |  | (1)
Other, net | ​ |  | 30 | ​ |  | (3) | ​ |  | (14)
Net cash used in operating activities | ​ |  | (287) | ​ |  | (289) | ​ |  | (306)
Cash flows from investing activities: | ​ |  |  | ​ |  |  | ​ |  |
Net investment in and advances from subsidiaries | ​ |  | 320 | ​ |  | 629 | ​ |  | 264
Net cash provided by (used in) by investing activities | ​ |  | 320 | ​ |  | 629 | ​ |  | 264
Cash flows from financing activities: | ​ |  |  | ​ |  |  | ​ |  |
Partnership distributions | ​ |  | (391) | ​ |  | (307) | ​ |  | (226)
Partnership contributions | ​ |  | 104 | ​ |  | 185 | ​ |  | 768
Proceeds from borrowings | ​ |  | 1,266 | ​ |  | 699 | ​ |  | —
Repayments of borrowings | ​ |  | (1,397) | ​ |  | (1,159) | ​ |  | (500)
Investment segment distributions | ​ | ​ | 394 | ​ | ​ | 242 | ​ | ​ | —
Debt issuance costs and other | ​ |  | (9) | ​ |  | — | ​ |  | —
Net cash provided by (used in) financing activities | ​ |  | (33) | ​ |  | (340) | ​ |  | 42
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents | ​ |  | — | ​ |  | — | ​ |  | —
Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period | ​ |  | — | ​ |  | — | ​ |  | —
Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period | ​ | $ | — | ​ | $ | — | ​ | $ | —
​ See notes to condensed financial statements. SCHEDULE I ICAHN ENTERPRISES L.P. (Parent Company) NOTES TO CONDENSED FINANCIAL STATEMENTS 1. Description of Business and Basis of Presentation Icahn Enterprises, L.P. (“Icahn Enterprises”) is a master limited partnership formed in Delaware on February 17, 1987. We own a 99% limited partner interest in Icahn Enterprises Holdings L.P. (“Icahn Enterprises Holdings”). Icahn Enterprises Holdings and its subsidiaries own substantially all of our assets and liabilities and conduct substantially all of our operations. Icahn Enterprises G.P. Inc., our sole general partner, which is owned and controlled by Carl C. Icahn, owns a 1% general partner interest in both us and Icahn Enterprises Holdings, representing an aggregate 1.99% general partner interest in us and Icahn Enterprises Holdings. As of December 31, 2024, Icahn Enterprises is engaged in the following continuing operating businesses: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion and Pharma. For the years ended December 31, 2024, 2023 and 2022, Icahn Enterprises received $320 million, $629 million and $264 million, respectively, for net investment in and advances from subsidiaries. The condensed financial statements of Icahn Enterprises should be read in conjunction with the consolidated financial statements and notes thereto included in Item 8 of this Report. 2. Debt See Note 13, “Debt,” to the consolidated financial statements located in Item 8 of this Report. Icahn Enterprises’ Parent company debt consists of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ |  | 2024 |  | 2023
​ | ​ | (in millions)
6.375% senior notes due 2025 | ​ |  | — | ​ |  | 749
6.250% senior notes due 2026 | ​ |  | 719 | ​ |  | 1,238
5.250% senior notes due 2027 | ​ | ​ | 1,384 | ​ | ​ | 1,454
4.375% senior notes due 2029 | ​ | ​ | 656 | ​ | ​ | 708
9.750% senior notes due 2029 | ​ |  | 698 | ​ |  | 698
10.000% senior notes due 2029 | ​ |  | 495 | ​ |  | —
9.000% senior notes due 2030 | ​ |  | 747 | ​ |  | —
Total debt | ​ | $ | 4,699 | ​ | $ | 4,847
​ In November 2024, the Issuers issued $500 million in aggregate principal amount of secured 10.000% senior notes due 2029 (the “10% 2029 Notes”). The net proceeds from the issuance were used to partially redeem $500 million of the outstanding 6.250% senior notes due 2026 on December 16, 2024. Our 10% 2029 Notes are secured by substantially all of our assets directly owned by us and Icahn Enterprises Holdings, subject to customary exceptions. Concurrently with the consummation of this issuance, the Issuers granted a lien in favor of the holders of the Issuers’ 6.250% senior notes due 2026, 5.250% senior notes due 2027, 4.375% senior notes due 2029 and the 9.000% senior notes due 2030 (collectively, the “Existing Notes”) such that the Existing Notes are secured equally and ratably with the 10% 2029 Notes upon the issuance thereof. Accordingly, while we previously designated the Existing Notes as our senior unsecured notes they are now designated as our senior notes. In August 2024, we commenced an offer to exchange $700 million aggregate principal amount of our 9.750% senior notes due 2029 that have been registered under the Securities Act of 1933, as amended (the “Securities Act”), for $700 million in aggregate principal amount of our issued and outstanding, unregistered 9.750% senior notes due 2029 and $750 million aggregate principal amount of our 9.000% senior notes due 2030 that have been registered under the Securities Act for $750 million aggregate principal amount of our issued and outstanding, unregistered 9.000% senior notes due 2030. The offer expired on October 17, 2024. ​ In May 2024, the Issuers issued $750 million in aggregate principal amount of 9.000% senior notes due 2030. The net proceeds from the issuance were used to redeem the remaining outstanding 6.375% senior notes due 2025 in full on June 13, 2024. ​ In April 2024, we sold $12 million in aggregate principal amount of our 6.250% senior notes due 2026 and $5 million in aggregate principal amount of our 5.250% senior notes due 2027, both previously repurchased and held in treasury, in the open market. In August and September of 2024, we repurchased in the open market approximately $52 million aggregate principal amount of our 6.250% senior notes due 2026, $73 million aggregate principal amount of our 5.250% senior notes due 2027 and $52 million aggregate principal amount of our 4.375% senior notes due 2029 for total cash paid of $168 million and a total aggregate principal amount of $177 million of our senior notes repurchased. The repurchased notes of $177 million aggregate principal were extinguished but were not retired and are held in treasury. In December 2024, we received $21 million as a part of the redemption of our 6.25% senior notes due 2026 held in treasury. In November and December of 2023, we repurchased in the open market approximately $35 million aggregate principal amount of our 4.750% senior notes due 2024, which the Company then cancelled and reduced the outstanding principal, $12 million aggregate principal amount of our 6.25% senior notes due 2026, $5 million aggregate principal amount of our 5.25% senior notes due 2027, and $40 million aggregate principal amount of our 4.375% senior notes due 2029 for total cash paid of $84 million for a total aggregate principal amount of $92 million. The remaining repurchased notes of $57 million aggregate principal were extinguished but were not retired and are held in treasury. ​ In December 2023, the Issuers issued $700 million in aggregate principal amount of 9.750% senior notes due 2029. The net proceeds from such issuance, together with $376 million of cash and cash equivalents on hand, was used to satisfy and discharge the remaining outstanding 4.750% senior notes due 2024, along with any accrued interest associated with the notes and related fees and expenses. Icahn Enterprises recorded a gain on extinguishment of $8 million in 2024, a gain on extinguishment of debt of $13 million in 2023 and a loss on extinguishment of debt of $2 million in 2022 in connection with debt transactions. ​ 3. Commitments and Contingencies See Note 19, “Commitments and Contingencies,” to the consolidated financial statements located in Item 8 of this Report.

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