Segment Reporting.

As of March 31, 2012, our eight reporting segments are: (1) Investment; (2) Automotive; (3) Gaming; (4) Railcar; (5) Food Packaging; (6) Metals; (7) Real Estate and (8) Home Fashion. In addition to our eight reporting segments, we present the results of the Holding Company which includes the unconsolidated results of Icahn Enterprises and Icahn Enterprises Holdings, and investment activity and expenses associated with the activities of the Holding Company. See Note 2, “Operating Units,” for a detailed description of each of our reporting segments.

We assess and measure segment operating results based on net income attributable to Icahn Enterprises as disclosed below. Certain terms of financings for certain of our segments impose restrictions on the segments' ability to transfer funds to us, including restrictions on dividends, distributions, loans and other transactions.

As described in Note 2, our Investment segment acquired a controlling interest in Tropicana on November 15, 2010 and, therefore, we consolidated the results of Tropicana effective November 15, 2010. As further described in Note 2, through a distribution-in-kind transaction from our Investment segment directly to us, we directly own the investment in Tropicana's common stock effective April 29, 2011. Through an additional distribution-in-kind transaction from our Investment segment directly to us, we directly owned the investment in Tropicana's Exit Facility effective June 30, 2011. Our management evaluates the aggregate performance of the Investment segment with all of its investments stated on a fair value basis, including its investment in Tropicana. Accordingly, although we are required to consolidate the results of Tropicana effective November 15, 2010 and separately report their results as part of our Gaming segment, the column representing our Investment segment's results include the investment in Tropicana on a fair value basis during the three months ended March 31, 2011. For such period, we eliminate the fair value effects of Tropicana in the column labeled “Eliminations.”

Condensed statements of operations by reporting segment for the three months ended March 31, 2012 and 2011 are presented below:



	Three Months Ended March 31, 2012
	Investment			Automotive			Gaming			Railcar			Food Packaging			Metals			Real Estate		Home Fashion			Holding Company			Consolidated
	(in millions)
Revenues:
Net sales	$	—		$	1,764		$	—		$	164		$	83		$	332		$	—	$	56		$	—		$	2,399
Other revenues from operations	—			—			155			17			—			—			20		—			—			192
Net gain from investment activities	50			—			—			—			—			—			—		—			8			58
Interest and dividend income	23			1			—			1			—			—			—		—			—			25
Other (loss) income, net	(2		)	9			(2		)	—			—			—			1		1			3			10
	71			1,774			153			182			83			332			21		57			11			2,684
Expenses:
Cost of goods sold	—			1,487			—			137			63			331			—		54			—			2,072
Other expenses from operations	—			—			80			14			—			—			12		—			—			106
Selling, general and administrative	3			201			62			6			13			7			3		10			4			309
Restructuring	—			6			—			—			—			—			—		1			—			7
Impairment	—			1			—			—			—			—			—		1			—			2
Interest expense	2			36			2			5			5			—			1		—			66			117
	5			1,731			144			162			81			338			16		66			70			2,613
Income (loss) before income tax (expense) benefit	66			43			9			20			2			(6		)	5		(9		)	(59		)	71
Income tax (expense) benefit	—			(10		)	1			(8		)	(1		)	4			—		—			44			30
Net income (loss)	66			33			10			12			1			(2		)	5		(9		)	(15		)	101
Less: net income attributable to non-controlling interests	(35		)	(10		)	(2		)	(5		)	—			—			—		—			—			(52		)
Net income (loss) attributable to Icahn Enterprises	$	31		$	23		$	8		$	7		$	1		$	(2	)	$	5	$	(9	)	$	(15	)	$	49

Supplemental information:
Capital expenditures	$	—		$	130		$	12		$	41		$	12		$	2		$	—	$	—		$	—		$	197
Depreciation and amortization⁽¹⁾	$	—		$	69		$	9		$	5		$	4		$	6		$	5	$	2		$	—		$	100



	Three Months Ended March 31, 2011
	Investment			Automotive			Gaming			Railcar			Food Packaging			Metals			Real Estate		Home Fashion			Holding Company			Eliminations			Consolidated
	(in millions)
Revenues:
Net sales	$	—		$	1,724		$	—		$	69		$	80		$	279		$	1	$	98		$	—		$	—		$	2,251
Other revenues from operations	—			—			157			16			—			—			20		—			—			—			193
Net gain from investment activities	616			—			—			—			—			—			—		—			10			(9		)	617
Interest and dividend income	34			1			—			1			—			—			—		—			1			(3		)	34
Other (loss) income, net	(29		)	9			—			(2		)	—			—			—		1			4			—			(17		)
	621			1,734			157			84			80			279			21		99			15			(12		)	3,078
Expenses:
Cost of goods sold	—			1,445			—			67			61			261			1		90			—			—			1,925
Other expenses from operations	—			—			84			13			—			—			11		—			—			—			108
Selling, general and administrative	13			189			68			7			11			6			4		16			5			—			319
Restructuring	—			1			—			—			—			—			—		2			—			—			3
Impairment	—			—			—			—			—			—			—		—			—			—			—
Interest expense	3			35			2			5			5			—			2		—			57			—			109
	16			1,670			154			92			77			267			18		108			62			—			2,464
Income (loss) before income tax (expense) benefit	605			64			3			(8		)	3			12			3		(9		)	(47		)	(12		)	614
Income tax (expense) benefit	—			(14		)	2			3			(1		)	(4		)	—		—			(4		)	—			(18		)
Net income (loss)	605			50			5			(5		)	2			8			3		(9		)	(51		)	(12		)	596
Less: net (income) loss attributable to non-controlling interests	(352		)	(13		)	(3		)	2			(1		)	—			—		3			—			8			(356		)
Net income (loss) attributable to Icahn Enterprises	$	253		$	37		$	2		$	(3	)	$	1		$	8		$	3	$	(6	)	$	(51	)	$	(4	)	$	240

Supplemental information:
Capital expenditures	$	—		$	100		$	3		$	6		$	—		$	1		$	5	$	—		$	—		$	—		$	115
Depreciation and amortization⁽¹⁾	$	—		$	68		$	10		$	6		$	4		$	5		$	5	$	3		$	—		$	—		$	101

⁽¹⁾ Excludes amounts related to the amortization of debt discounts and premiums.

Condensed balance sheets by reporting segment as of March 31, 2012 and December 31, 2011 are presented below:



	March 31, 2012
	Investment		Automotive		Gaming		Railcar		Food Packaging		Metals		Real Estate		Home Fashion		Holding Company			Consolidated
	(in millions)
ASSETS
Cash and cash equivalents	$	12	$	849	$	218	$	273	$	46	$	4	$	199	$	52	$	1,814		$	3,467
Cash held at consolidated affiliated partnerships and restricted cash	2,220		—		19		—		2		3		2		—		3			2,249
Investments	5,476		244		35		46		—		—		—		14		61			5,876
Accounts receivable, net	—		1,293		17		45		58		135		6		49		—			1,603
Inventories, net	—		1,001		—		105		58		159		—		71		—			1,394
Property, plant and equipment, net	—		1,917		419		230		139		137		676		90		3			3,611
Goodwill and intangible assets, net	—		1,806		76		7		14		26		85		3		—			2,017
Other assets	257		345		61		19		31		49		15		32		39			848
Total assets	$	7,965	$	7,455	$	845	$	725	$	348	$	513	$	983	$	311	$	1,920		$	21,065
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	418	$	1,905	$	146	$	119	$	71	$	97	$	25	$	36	$	97		$	2,914
Securities sold, not yet purchased, at fair value	975		—		—		—		—		—		—		—		—			975
Due to brokers	5		—		—		—		—		—		—		—		—			5
Post-employment benefit liability	—		1,266		—		9		55		3		—		—		—			1,333
Debt	—		2,800		172		275		216		4		75		—		3,771			7,313
Total liabilities	1,398		5,971		318		403		342		104		100		36		3,868			12,540

Equity attributable to Icahn Enterprises	3,164		1,071		352		179		1		409		883		275		(1,948		)	4,386
Equity attributable to non-controlling interests	3,403		413		175		143		5		—		—		—		—			4,139
Total equity	6,567		1,484		527		322		6		409		883		275		(1,948		)	8,525
Total liabilities and equity	$	7,965	$	7,455	$	845	$	725	$	348	$	513	$	983	$	311	$	1,920		$	21,065



	December 31, 2011
	Investment		Automotive		Gaming		Railcar		Food Packaging			Metals		Real Estate		Home Fashion		Holding Company			Eliminations		Consolidated
	(in millions)
ASSETS
Cash and cash equivalents	$	7	$	953	$	150	$	307	$	66		$	7	$	216	$	55	$	517		$	—	$	2,278
Cash held at consolidated affiliated partnerships and restricted cash	4,941		—		16		—		2			2		2		—		16			—		4,979
Investments	8,448		228		34		45		—			—		—		13		170			—		8,938
Accounts receivable, net	—		1,169		19		34		53			98		5		46		—			—		1,424
Inventories, net	—		956		—		96		53			163		—		76		—			—		1,344
Property, plant and equipment, net	—		1,855		416		194		131			134		679		93		3			—		3,505
Goodwill and intangible assets, net	—		1,808		77		7		14			30		87		3		—			—		2,026
Other assets	81		319		58		21		31			42		15		33		42			—		642
Total assets	$	13,477	$	7,288	$	770	$	704	$	350		$	476	$	1,004	$	319	$	748		$	—	$	25,136
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	162	$	1,875	$	145	$	110	$	75		$	85	$	23	$	36	$	332		$	—	$	2,843
Securities sold, not yet purchased, at fair value	4,476		—		—		—		—			—		—		—		—			—		4,476
Due to brokers	2,171		—		—		—		—			—		—		—		—			—		2,171
Post-employment benefit liability	—		1,272		—		9		56			3		—		—		—			—		1,340
Debt	—		2,798		49		275		216			4		75		—		3,056			—		6,473
Total liabilities	6,809		5,945		194		394		347			92		98		36		3,388			—		17,303

Equity attributable to Icahn Enterprises	3,282		967		402		172		(1		)	384		906		283		(2,640		)	—		3,755
Equity attributable to non-controlling interests	3,386		376		174		138		4			—		—		—		—			—		4,078
Total equity	6,668		1,343		576		310		3			384		906		283		(2,640		)	—		7,833
Total liabilities and equity	$	13,477	$	7,288	$	770	$	704	$	350		$	476	$	1,004	$	319	$	748		$	—	$	25,136