Segment Reporting.

As of September 30, 2012, our nine reporting segments are: (1) Investment; (2) Automotive; (3) Energy; (4) Gaming; (5) Railcar; (6) Food Packaging; (7) Metals; (8) Real Estate and (9) Home Fashion. In addition to our nine 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 3, “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 3, "Operating Units-Gaming," 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 3, "Operating Units-Gaming," 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 and nine months ended September 30, 2012 and 2011 are presented below:



	Three Months Ended September 30, 2012
	Investment			Automotive			Energy			Gaming			Railcar			Food Packaging			Metals			Real Estate		Home Fashion			Holding Company			Eliminations		Consolidated
	(in millions)
Revenues:
Net sales	$	—		$	1,602		$	2,410		$	—		$	131		$	86		$	236		$	1	$	53		$	—		$	—	$	4,519
Other revenues from operations	—			—			—			171			21			—			—			23		—			—			—		215
Net gain from investment activities	(81		)	—			—			—			—			—			—			—		—			—			—		(81		)
Interest and dividend income	19			2			—			1			—			—			—			—		—			(1		)	—		21
Other (loss) income, net	—			(4		)	(169		)	5			(2		)	—			—			—		1			(2		)	—		(171		)
	(62		)	1,600			2,241			177			150			86			236			24		54			(3		)	—		4,503
Expenses:
Cost of goods sold	—			1,390			1,857			—			103			66			239			—		47			—			—		3,702
Other expenses from operations	—			—			—			83			15			—			—			13		—			—			—		111
Selling, general and administrative	7			137			34			66			6			11			7			3		9			4			—		284
Restructuring	—			5			—			—			—			—			—			—		—			—			—		5
Impairment	—			50			—			—			—			—			—			—		3			—			—		53
Interest expense	—			35			14			4			5			5			—			2		—			73			—		138
	7			1,617			1,905			153			129			82			246			18		59			77			—		4,293
(Loss) income before income tax benefit (expense)	(69		)	(17		)	336			24			21			4			(10		)	6		(5		)	(80		)	—		210
Income tax benefit (expense)	—			7			(123		)	(2		)	(9		)	(2		)	5			—		—			14			—		(110		)
Net (loss) income	(69		)	(10		)	213			22			12			2			(5		)	6		(5		)	(66		)	—		100
Less: net loss (income) attributable to non-controlling interests	42			2			(46		)	(7		)	(6		)	—			—			—		—			—			—		(15		)
Net (loss) income attributable to Icahn Enterprises	$	(27	)	$	(8	)	$	167		$	15		$	6		$	2		$	(5	)	$	6	$	(5	)	$	(66	)	$	—	$	85

Supplemental information:
Capital expenditures	$	—		$	73		$	40		$	9		$	49		$	12		$	5		$	—	$	—		$	—		$	—	$	188
Depreciation and amortization⁽²⁾	$	—		$	72		$	49		$	8		$	7		$	5		$	7		$	6	$	2		$	—		$	—	$	156



	Three Months Ended September 30, 2011
	Investment			Automotive			Gaming			Railcar			Food Packaging			Metals			Real Estate			Home Fashion			Holding Company			Eliminations		Consolidated
	(in millions)
Revenues:
Net sales	$	—		$	1,732		$	—		$	108		$	87		$	272		$	1		$	79		$	—		$	—	$	2,279
Other revenues from operations	—			—			175			18			—			—			22			—			—			—		215
Net loss from investment activities	(40		)	—			—			—			—			—			—			—			(9		)	—		(49		)
Interest and dividend income	20			1			—			1			—			—			—			—			—			—		22
Other (loss) income, net	(23		)	1			—			(2		)	(1		)	—			2			1			(2		)	—		(24		)
	(43		)	1,734			175			125			86			272			25			80			(11		)	—		2,443
Expenses:
Cost of goods sold	—			1,469			—			98			66			267			(1		)	76			—			—		1,975
Other expenses from operations	—			—			86			13			—			—			13			—			—			—		112
Selling, general and administrative	1			184			62			3			11			6			4			14			—			—		285
Restructuring	—			3			—			—			—			—			—			2			—			—		5
Impairment	—			—			—			—			—			—			—			—			—			—		—
Interest expense	2			35			2			4			6			—			1			—			55			—		105
	3			1,691			150			118			83			273			17			92			55			—		2,482
(Loss) income before income tax (expense) benefit	(46		)	43			25			7			3			(1		)	8			(12		)	(66		)	—		(39		)
Income tax (expense) benefit	—			(9		)	(4		)	(3		)	(1		)	1			—			—			3			—		(13		)
Net (loss) income	(46		)	34			21			4			2			—			8			(12		)	(63		)	—		(52		)
Less: net loss (income) attributable to non-controlling interests	31			(9		)	(9		)	(2		)	(1		)	—			—			3			—			—		13
Net (loss) income attributable to Icahn Enterprises	$	(15	)	$	25		$	12		$	2		$	1		$	—		$	8		$	(9	)	$	(63	)	$	—	$	(39	)

Supplemental information:
Capital expenditures	$	—		$	105		$	9		$	10		$	11		$	6		$	—		$	—		$	—		$	—	$	141
Depreciation and amortization⁽²⁾	$	—		$	73		$	8		$	5		$	3		$	5		$	6		$	3		$	—		$	—	$	103



	Nine Months Ended September 30, 2012
	Investment			Automotive			Energy⁽¹⁾			Gaming			Railcar			Food Packaging			Metals			Real Estate		Home Fashion			Holding Company			Eliminations		Consolidated
	(in millions)
Revenues:
Net sales	$	—		$	5,070		$	3,822		$	—		$	430		$	255		$	871		$	4	$	173		$	—		$	—	$	10,625
Other revenues from operations	—			—			—			490			58			—			—			63		—			—			—		611
Net gain from investment activities	249			—			—			—			—			—			—			—		—			6			—		255
Interest and dividend income	56			4			—			1			2			—			—			—		—			—			—		63
Other (loss) income, net	(1		)	9			(171		)	(3		)	(2		)	(2		)	1			2		3			2			—		(162		)
	304			5,083			3,651			488			488			253			872			69		176			8			—		11,392
Expenses:
Cost of goods sold	—			4,327			3,095			—			347			196			881			1		156			—			—		9,003
Other expenses from operations	—			—			—			245			43			—			—			37		—			—			—		325
Selling, general and administrative	18			524			70			192			20			35			21			10		28			12			—		930
Restructuring	—			19			—			—			—			—			—			—		2			—			—		21
Impairment	—			79			—			2			—			—			—			—		6			—			—		87
Interest expense	2			106			23			10			15			15			—			4		—			208			—		383
	20			5,055			3,188			449			425			246			902			52		192			220			—		10,749
Income (loss) before income tax benefit (expense)	284			28			463			39			63			7			(30		)	17		(16		)	(212		)	—		643
Income tax benefit (expense)	—			27			(171		)	(3		)	(26		)	(3		)	9			—		—			175			—		8
Net income (loss)	284			55			292			36			37			4			(21		)	17		(16		)	(37		)	—		651
Less: net income attributable to non-controlling interests	(163		)	(17		)	(64		)	(11		)	(17		)	(1		)	—			—		—			—			—		(273		)
Net income (loss) attributable to Icahn Enterprises	$	121		$	38		$	228		$	25		$	20		$	3		$	(21	)	$	17	$	(16	)	$	(37	)	$	—	$	378

Supplemental information:
Capital expenditures	$	—		$	296		$	71		$	32		$	168		$	35		$	14		$	1	$	—		$	—		$	—	$	617
Depreciation and amortization⁽²⁾	$	—		$	212		$	79		$	24		$	18		$	14		$	19		$	17	$	6		$	—		$	—	$	389



	Nine Months Ended September 30, 2011
	Investment			Automotive			Gaming			Railcar			Food Packaging			Metals			Real Estate		Home Fashion			Holding Company			Eliminations			Consolidated
	(in millions)
Revenues:
Net sales	$	—		$	5,256		$	—		$	271		$	256		$	839		$	6	$	259		$	—		$	—		$	6,887
Other revenues from operations	—			—			477			52			—			—			62		—			—			—			591
Net gain from investment activities	1,151			—			—			—			—			—			—		—			16			(9		)	1,158
Interest and dividend income	80			4			—			3			—			—			—		—			1			(5		)	83
Other (loss) income, net	(72		)	13			—			(7		)	(1		)	—			2		4			5			—			(56		)
	1,159			5,273			477			319			255			839			70		263			22			(14		)	8,663
Expenses:
Cost of goods sold	—			4,415			—			251			193			806			3		241			—			—			5,909
Other expenses from operations	—			—			249			39			—			—			36		—			—			—			324
Selling, general and administrative	22			558			191			15			33			19			11		45			14			—			908
Restructuring	—			4			—			—			—			—			—		5			—			—			9
Impairment	—			3			—			—			—			—			—		—			—			—			3
Interest expense	11			105			7			15			16			—			5		1			167			—			327
	33			5,085			447			320			242			825			55		292			181			—			7,480
Income (loss) before income tax expense)	1,126			188			30			(1		)	13			14			15		(29		)	(159		)	(14		)	1,183
Income tax expense	—			(40		)	(1		)	—			(4		)	(3		)	—		—			(7		)	—			(55		)
Net income (loss)	1,126			148			29			(1		)	9			11			15		(29		)	(166		)	(14		)	1,128
Less: net (income) loss attributable to non-controlling interests	(599		)	(40		)	(14		)	—			(3		)	—			—		9			—			9			(638		)
Net income (loss) attributable to Icahn Enterprises	$	527		$	108		$	15		$	(1	)	$	6		$	11		$	15	$	(20	)	$	(166	)	$	(5	)	$	490

Supplemental information:
Capital expenditures	$	—		$	282		$	22		$	12		$	25		$	18		$	—	$	—		$	—		$	—		$	359
Depreciation and amortization⁽²⁾	$	—		$	212		$	26		$	17		$	11		$	15		$	17	$	8		$	—		$	—		$	306

⁽¹⁾ We consolidated CVR effective May 4, 2012.

⁽²⁾ Excludes amounts related to the amortization of debt discounts and premiums.

Condensed balance sheets by reporting segment as of September 30, 2012 and December 31, 2011 are presented below:



	September 30, 2012
	Investment		Automotive		Energy		Gaming		Railcar		Food Packaging		Metals		Real Estate		Home Fashion		Holding Company			Consolidated
	(in millions)
ASSETS
Cash and cash equivalents	$	15	$	541	$	988	$	250	$	99	$	26	$	37	$	65	$	73	$	1,046		$	3,140
Cash held at consolidated affiliated partnerships and restricted cash	1,860		—		—		18		—		1		3		2		—		2			1,886
Investments	4,500		257		—		35		45		—		—		—		14		61			4,912
Accounts receivable, net	—		1,426		281		13		36		60		105		10		39		—			1,970
Inventories, net	—		1,041		524		—		132		57		117		—		62		—			1,933
Property, plant and equipment, net	—		1,914		2,598		422		344		154		137		668		85		3			6,325
Goodwill and intangible assets, net	—		1,755		1,245		68		7		12		28		80		3		—			3,198
Other assets	296		319		81		54		20		32		50		15		25		76			968
Total assets	$	6,671	$	7,253	$	5,717	$	860	$	683	$	342	$	477	$	840	$	301	$	1,188		$	24,332
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	406	$	1,820	$	1,588	$	137	$	139	$	64	$	74	$	22	$	35	$	99		$	4,384
Securities sold, not yet purchased, at fair value	314		—		—		—		—		—		—		—		—		—			314
Due to brokers	132		—		—		—		—		—		—		—		—		—			132
Post-employment benefit liability	—		1,218		—		—		9		52		3		—		—		—			1,282
Debt	—		2,799		901		171		175		216		4		72		—		4,084			8,422
Total liabilities	852		5,837		2,489		308		323		332		81		94		35		4,183			14,534

Equity attributable to Icahn Enterprises	2,349		1,023		2,412		369		205		4		396		746		266		(2,995		)	4,775
Equity attributable to non-controlling interests	3,470		393		816		183		155		6		—		—		—		—			5,023
Total equity	5,819		1,416		3,228		552		360		10		396		746		266		(2,995		)	9,798
Total liabilities and equity	$	6,671	$	7,253	$	5,717	$	860	$	683	$	342	$	477	$	840	$	301	$	1,188		$	24,332



	December 31, 2011
	Investment		Automotive		Gaming		Railcar		Food Packaging			Metals		Real Estate		Home Fashion		Holding Company			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