Icahn Enterprises L.P. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Icahn Enterprises L.P. filed its 2023 10-K, detailing $429M in assets and $353M in debt, with a 1.75 D/E ratio.</b>

AI Summary

ICAHN ENTERPRISES L.P. (IEP) filed a Annual Report (10-K) with the SEC on February 29, 2024. Icahn Enterprises L.P. reported total assets of $429,033,241 and total debt of $353,572,182 for the fiscal year ending December 31, 2023. The company's fiscal year ends on December 31st, with the latest filing being for the period ending December 31, 2023. Key financial metrics include a debt-to-equity ratio of 1.75 and an operating margin of 0.57. Revenue segments include Energy, Automotive, and others, with specific product lines like petroleum products and automotive parts. The filing references CVR Energy, Inc. and CVR Refining, L.P. as related entities.

Why It Matters

For investors and stakeholders tracking ICAHN ENTERPRISES L.P., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Icahn Enterprises' financial health and operational segments for the fiscal year 2023, crucial for investors assessing the company's performance and stability. The detailed financial figures, including asset and debt levels, operating margins, and debt-to-equity ratios, offer specific data points for evaluating the company's financial leverage and profitability.

Risk Assessment

Risk Level: medium — ICAHN ENTERPRISES L.P. shows moderate risk based on this filing. The company has a significant amount of debt relative to its equity (D/E ratio of 1.75), which could pose a risk if earnings decline or interest rates rise.

Analyst Insight

Investors should analyze the company's debt structure and cash flow generation to assess its ability to service its debt obligations.

Financial Highlights

debt To Equity

1.75

operating Margin

0.57

total Assets

429033241

total Debt

353572182

Revenue Breakdown

Key Numbers

• 429033241 — Total Assets (As of 2023-12-31)
• 353572182 — Total Debt (As of 2023-12-31)
• 1.75 — Debt/Equity Ratio (As of 2023-12-31)
• 0.57 — Operating Margin (As of 2023-12-31)
• 2023-12-31 — Fiscal Year End (Reporting period)

Key Players & Entities

• ICAHN ENTERPRISES L.P. (company) — Filer name
• CVR Energy, Inc. (company) — Related entity
• CVR Refining, L.P. (company) — Related entity
• DE (jurisdiction) — State of incorporation
• SUNNY ISLES BEACH (location) — Business address city
• FL (location) — Business address state

FAQ

Risk Factors

• Debt Levels [medium — financial]: The company has a significant amount of debt relative to its equity, indicated by a debt-to-equity ratio of 1.75.
• Market Volatility [medium — market]: Fluctuations in commodity prices and market demand can impact the performance of the Energy and Automotive segments.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.

Key Financial Figures

• $3.2 billion — th a fair market value of approximately $3.2 billion in the Investment Funds, as defined bel

Filing Documents

• tmb-20231231x10k.htm (10-K) — 5382KB
• tmb-20231231xex21d1.htm (EX-21.1) — 349KB
• tmb-20231231xex22d1.htm (EX-22.1) — 6KB
• tmb-20231231xex23d1.htm (EX-23.1) — 4KB
• tmb-20231231xex31d1.htm (EX-31.1) — 10KB
• tmb-20231231xex31d2.htm (EX-31.2) — 10KB
• tmb-20231231xex32d1.htm (EX-32.1) — 8KB
• tmb-20231231xex97d1.htm (EX-97.1) — 51KB
• 0001558370-24-002090.txt (&nbsp;) — 23823KB
• tmb-20231231.xsd (EX-101.SCH) — 103KB
• tmb-20231231_cal.xml (EX-101.CAL) — 106KB
• tmb-20231231_def.xml (EX-101.DEF) — 471KB
• tmb-20231231_lab.xml (EX-101.LAB) — 882KB
• tmb-20231231_pre.xml (EX-101.PRE) — 736KB
• tmb-20231231x10k_htm.xml (XML) — 6019KB

FORWARD-LOOKING STATEMENTS

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 the Private Securities Litigation Reform Act. 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, 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 Item 7 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 op

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 7 Item 1B. Unresolved Staff Comments 31 Item 1C. Cybersecurity 32 Item 2.

Properties

Properties 32 Item 3.

Legal Proceedings

Legal Proceedings 33 Item 4. Mine Safety Disclosures 33 PART II Item 5. Market for Registrant's Common Equity, Related Security Holder Matters and Issuer Purchases of Equity Securities 33 Item 6. Reserved 33 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 33 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 56 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 59 Item 9. Changes In and Disagreements With Accountants on Accounting and Financial Disclosure 120 Item 9A

Controls and Procedures

Controls and Procedures 120 Item 9B. Other Information 122 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 122 PART III Item 10. Directors, Executive Officers and Corporate Governance 122 Item 11.

Executive Compensation

Executive Compensation 128 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Security Holder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Security Holder Matters 137 Item 13. Certain Relationships and Related Transactions, and Director Independence 138 Item 14. Principal Accountant Fees and Services 141 PART IV Item 15. Exhibits and Financial Statement Schedules 143 Item 16. Form 10-K Summary 143 iv Table of Contents PART I

Business

Item 1. Business Business Overview Icahn Enterprises L.P. ("Icahn Enterprises") is a master limited partnership formed in Delaware on February 17, 1987 and headquartered in Sunny Isles Beach, Florida. We are a diversified holding company owning subsidiaries currently engaged in the following continuing operating businesses: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion and Pharma. In addition, we operated a Metals segment until it was sold in December 2021. References to "we," "our" or "us" herein include Icahn Enterprises and its subsidiaries, unless the context otherwise requires. Icahn Enterprises owns 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. ("Icahn Enterprises GP"), which is indirectly 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 December 31, 2023, representing an aggregate 1.99% general partner interest in Icahn Enterprises Holdings and us. Mr. Icahn and his affiliates owned approximately 86% of our outstanding depositary units as of December 31, 2023. 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 structure and intend to continue structuring our investments 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. Busine

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