Schedule I

12 Months Ended

Dec. 31, 2020

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,
	2020		2019
	(In millions, except unit amounts)
ASSETS
Investments in subsidiaries, net	$	9,273	$	11,853
Total Assets	$	9,273	$	11,853
LIABILITIES AND EQUITY
Accrued expenses and other liabilities	$	80	$	100
Debt		5,811		6,297
		5,891		6,397
Commitments and contingencies (Note 3)
Equity:
Limited partners: Depositary units: 241,338,835 units issued and outstanding at December 31, 2020 and 214,078,558 units issued and outstanding at December 31, 2019		4,235		6,268
General partner		(853)		(812)
Total equity		3,382		5,456
Total Liabilities and Equity	$	9,273	$	11,853

See notes to condensed financial statements.

SCHEDULE I

ICAHN ENTERPRISES, L.P.

(Parent Company)

CONDENSED STATEMENTS OF OPERATIONS

	Year Ended December 31,
	2020		2019		2018
	(In millions)
Interest expense	$	(342)	$	(350)	$	(337)
Gain (loss) on extinguishment of debt		(4)		2		—
Equity in (loss) income of subsidiaries		(1,307)		(750)		1,819
Net (loss) income	$	(1,653)	$	(1,098)	$	1,482
Net (loss) income allocated to:
Limited partners	$	(1,620)	$	(1,076)	$	2,039
General partner		(33)		(22)		(557)
	$	(1,653)	$	(1,098)	$	1,482

See notes to condensed financial statements.

SCHEDULE I

ICAHN ENTERPRISES, L.P.

(Parent Company)

CONDENSED STATEMENTS OF CASH FLOWS

	Year Ended December 31,
	2020		2019		2018
	(In millions)
Cash flows from operating activities:
Net (loss) income	$	(1,653)	$	(1,098)	$	1,482
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Equity in loss (income) of subsidiary		1,307		750		(1,819)
Loss (gain) on extinguishment of debt		4		(2)		—
Other, net		(23)		(25)		1
Net cash used in operating activities		(365)		(375)		(336)
Cash flows from investing activities:
Net investment in and advances from subsidiaries		1,276		(363)		433
Net cash provided by (used in) investing activities		1,276		(363)		433
Cash flows from financing activities:
Partnership distributions		(526)		(112)		(97)
Partnership contributions		102		55		—
Proceeds from borrowings		866		2,507		—
Repayments of borrowings		(1,350)		(1,700)		—
Debt issuance costs and other		(3)		(12)		—
Net cash (used in) provided by financing activities		(911)		738		(97)
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, 2020, Icahn Enterprises is engaged in the following continuing operating businesses: Investment, Energy, Automotive, Food Packaging, Metals, Real Estate, Home Fashion and, as of December 2020, Pharma.

For the years ended December 31, 2020, 2019 and 2018, Icahn Enterprises received (paid) $1,276 million, $(363) million and $433 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 11, “Debt,” to the consolidated financial statements located in Item 8 of this Report. Icahn Enterprises’ Parent company debt consists of the following:

	December 31,
	2020		2019
	(in millions)
5.875% senior unsecured notes due 2022	$	—	$	1,345
6.250% senior unsecured notes due 2022		1,209		1,211
6.750% senior unsecured notes due 2024		499		498
4.750% senior unsecured notes due 2024		1,106		498
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		747
Total debt	$	5,811	$	6,297

3. Commitments and Contingencies

See Note 18, “Commitments and Contingencies,” to the consolidated financial statements.

Icahn Enterprises Holdings (Parent)

Condensed Financial Statements, Captions [Line Items]

Condensed financial information of parent company

SCHEDULE I

ICAHN ENTERPRISES HOLDINGS L.P.

(Parent Company)

CONDENSED BALANCE SHEETS

	December 31,
	2020		2019
	(in millions)
ASSETS
Cash and cash equivalents	$	868	$	1,042
Restricted cash		11		7
Investments		260		346
Investments in subsidiaries, net		8,148		10,474
Total Assets	$	9,287	$	11,869
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	94	$	116
Debt		5,813		6,300
		5,907		6,416
Commitments and contingencies (Note 3)
Equity:
Limited partner		4,276		6,328
General partner		(896)		(875)
Total equity		3,380		5,453
Total Liabilities and Equity	$	9,287	$	11,869

See notes to condensed financial statements.

SCHEDULE I

ICAHN ENTERPRISES HOLDINGS L.P.

(Parent Company)

CONDENSED STATEMENTS OF OPERATIONS

	Year Ended December 31,
	2020		2019		2018
	(in millions)
Interest and dividend income	$	1	$	14	$	7
Net (loss) gain from investment activities		(66)		(377)		(389)
Gain on disposition of assets		7		2		23
Equity in (loss) income of subsidiaries		(1,237)		(363)		2,200
Other income, net		7		—		4
		(1,288)		(724)		1,845
Other expenses from operations		2		—		—
Interest expense		341		350		337
Selling, general and administrative		21		23		25
		364		373		362
Net (loss) income	$	(1,652)	$	(1,097)	$	1,483
Net (loss) income allocated to:
Limited partner	$	(1,635)	$	(1,086)	$	2,060
General partner		(17)		(11)		(577)
	$	(1,652)	$	(1,097)	$	1,483

See notes to condensed financial statements.

SCHEDULE I

ICAHN ENTERPRISES HOLDINGS L.P.

(Parent Company)

CONDENSED STATEMENTS OF CASH FLOWS

	Year Ended December 31,
	2020		2019		2018
	(in millions)
Cash flows from operating activities:
Net (loss) income	$	(1,652)	$	(1,097)	$	1,483
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Equity in loss (income) of subsidiary		1,237		363		(2,200)
(Gain) loss on disposition of assets		(7)		(2)		(23)
Investment gains		63		377		389
Other, net		—		(1)		—
Change in operating assets and liabilities		(23)		45		8
Net cash used in operating activities		(382)		(315)		(343)
Cash flows from investing activities:
Net advances from subsidiaries		1,093		567		238
Net proceeds from the disposition of fixed assets		7		—		—
Other, net		23		—		41
Net cash provided by investing activities		1,123		567		279
Cash flows from financing activities:
Partnership distributions		(526)		(112)		(97)
Partner contributions		102		55		—
Proceeds from borrowings		866		2,507		—
Repayments of borrowings		(1,350)		(1,700)		(21)
Debt issuance costs		(3)		(12)		—
Net cash provided by (used in) financing activities		(911)		738		(118)
Net change in cash and cash equivalents and restricted cash and restricted cash equivalents		(170)		990		(182)
Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period		1,049		59		241
Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period	$	879	$	1,049	$	59

See notes to condensed financial statements.

SCHEDULE I

ICAHN ENTERPRISES HOLDINGS L.P.

(Parent Company)

NOTES TO CONDENSED FINANCIAL STATEMENTS

1. Description of Business and Basis of Presentation

Icahn Enterprises Holdings L.P. (“Icahn Enterprises Holdings”) is a limited partnership formed in Delaware on February 17, 1987. Our sole limited partner is Icahn Enterprises L.P., a master limited partnership which owns a 99% interest in us. Icahn Enterprises G.P. Inc., our sole 1% general partner, is a Delaware corporation which is owned and controlled by Carl C. Icahn. As of December 31, 2020, Icahn Enterprises Holdings is engaged in the following continuing operating businesses: Investment, Energy, Automotive, Food Packaging, Metals, Real Estate, Home Fashion and, as of December 2020, Pharma.

For the years ended December 31, 2020, 2019 and 2018, Icahn Enterprises Holdings received $1,093 million, $567 million and $238 million, respectively, for net advances from subsidiaries.

The condensed financial statements of Icahn Enterprises Holdings should be read in conjunction with the consolidated financial statements and notes thereto included in Item 8 of this Report.

2. Debt

See Note 11, “Debt,” to the consolidated financial statements located in Item 8 of this Report. Icahn Enterprises Holdings’ Parent company debt consists of the following:

	December 31,
	2020		2019
	(in millions)
5.875% senior unsecured notes due 2022	$	—	$	1,345
6.250% senior unsecured notes due 2022		1,208		1,211
6.750% senior unsecured notes due 2024		500		499
4.750% senior unsecured notes due 2024		1,107		499
6.375% senior unsecured notes due 2025		749		749
6.250% senior unsecured notes due 2026		1,250		1,250
5.250% senior unsecured notes due 2027		999		747
Total debt	$	5,813	$	6,300

3. Commitments and Contingencies

See Note 18, “Commitments and Contingencies,” to the consolidated financial statements.