Segment Reporting

12 Months Ended

Dec. 31, 2012

Segment Reporting [Abstract]

Segment Reporting

Segment and Geographic Reporting.

As of December 31, 2012, our nine operating segments, which also constitute our 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.Our determination of what constitutes an operating segment is based on the various industries in which our businesses operate and how we manage those businesses in accordance with our investment strategy. We assess and measure segment operating results based on net income from continuing operations attributable to Icahn Enterprises and Icahn Enterprises Holdings, 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.

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 4, “Operating Units,” for a detailed description of each of our reporting segments.

As described in Note 4, "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 4, 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. 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 for the periods November 15, 2010 through April 29, 2011. For such period, we eliminate the fair value effects of Tropicana in the column labeled “Eliminations.”

Icahn Enterprises' condensed statements of operations by reporting segment for the years ended December 31, 2012, 2011 and 2010 are presented below:

	Year Ended December 31, 2012
	Investment			Automotive			Energy(1)			Gaming			Railcar			Food Packaging			Metals			Real Estate		Home Fashion			Holding Company			Eliminations		Consolidated
	(in millions)
Revenues:
Net sales	$	—		$	6,664		$	5,703		$	—		$	575		$	343		$	1,102		$	4	$	228		$	—		$	—	$	14,619
Other revenues from operations	—			—			—			613			80			—			—			82		—			—			—		775
Net gain from investment activities	314			—			—			—			2			—			—			—		—			27			—		343
Interest and dividend income	85			5			1			1			3			—			—			—		—			—			—		95
Other (loss) income, net	(1		)	8			(185		)	(3		)	(3		)	(2		)	1			2		3			2			—		(178		)
	398			6,677			5,519			611			657			341			1,103			88		231			29			—		15,654
Expenses:
Cost of goods sold	—			5,753			4,848			—			456			263			1,116			1		206			—			—		12,643
Other expenses from operations	—			—			—			312			57			—			—			49		—			—			—		418
Selling, general and administrative	24			710			112			250			27			45			28			14		37			18			—		1,265
Restructuring	—			26			—			—			—			1			—			—		4			—			—		31
Impairment	—			98			—			2			—			—			18			—		11			—			—		129
Interest expense	2			141			39			13			18			21			—			5		—			283			—		522
	26			6,728			4,999			577			558			330			1,162			69		258			301			—		15,008
Income (loss) before income tax benefit (expense)	372			(51		)	520			34			99			11			(59		)	19		(27		)	(272		)	—		646
Income tax benefit (expense)	—			29			(182		)	(4		)	(42		)	(5		)	1			—		—			284			—		81
Income (loss) from continuing operations	372			(22		)	338			30			57			6			(58		)	19		(27		)	12			—		727
Less: net income from continuing operations attributable to non-controlling interests	(215		)	(2		)	(75		)	(9		)	(28		)	(2		)	—			—		—			—			—		(331		)
Net income (loss) from continuing operations attributable to Icahn Enterprises	$	157		$	(24	)	$	263		$	21		$	29		$	4		$	(58	)	$	19	$	(27	)	$	12		$	—	$	396
Supplemental information:
Capital expenditures	$	—		$	387		$	138		$	44		$	256		$	39		$	24		$	2	$	—		$	—		$	—	$	890
Depreciation and amortization(3)	$	—		$	289		$	128		$	32		$	24		$	18		$	26		$	23	$	8		$	—		$	—	$	548

	Year Ended December 31, 2011
	Investment			Automotive			Gaming			Railcar			Food Packaging			Metals		Real Estate		Home Fashion			Holding Company			Eliminations			Consolidated
	(in millions)
Revenues:
Net sales	$	—		$	6,910		$	—		$	453		$	339		$	1,095	$	8	$	322		$	—		$	—		$	9,127
Other revenues from operations	—			—			624			66			—			—		81		—			—			—			771
Net gain from investment activities	1,887			—			—			—			—			—		—		—			27			(9		)	1,905
Interest and dividend income	110			6			1			3			—			—		—		—			2			(5		)	117
Other (loss) income, net	(101		)	21			(1		)	(8		)	(1		)	1		1		3			7			—			(78		)
	1,896			6,937			624			514			338			1,096		90		325			36			(14		)	11,842
Expenses:
Cost of goods sold	—			5,822			—			410			263			1,068		3		305			—			—			7,871
Other expenses from operations	—			—			329			51			—			—		47		—			—			—			427
Selling, general and administrative	37			736			254			25			43			25		16		61			31			—			1,228
Restructuring	—			5			—			—			—			—		—		6			—			—			11
Impairment	—			48			5			—			—			—		—		18			—			—			71
Interest expense	15			141			9			20			21			—		6		1			223			—			436
	52			6,752			597			506			327			1,093		72		391			254			—			10,044
Income (loss) before income tax (expense) benefit	1,844			185			27			8			11			3		18		(66		)	(218		)	(14		)	1,798
Income tax (expense) benefit	—			(17		)	(3		)	(4		)	(5		)	3		—		—			(8		)	—			(34		)
Income (loss) from continuing operations	1,844			168			24			4			6			6		18		(66		)	(226		)	(14		)	1,764
Less: net (income) loss from continuing operations attributable to non-controlling interests	(971		)	(47		)	(11		)	(2		)	(2		)	—		—		10			—			9			(1,014		)
Net income (loss) from continuing operations attributable to Icahn Enterprises	$	873		$	121		$	13		$	2		$	4		$	6	$	18	$	(56	)	$	(226	)	$	(5	)	$	750
Supplemental information:
Capital expenditures	$	—		$	348		$	34		$	36		$	37		$	25	$	1	$	—		$	—		$	—		$	481
Depreciation and amortization(3)	$	—		$	284		$	32		$	22		$	16		$	23	$	23	$	10		$	—		$	—		$	410

	Year Ended December 31, 2010
	Investment			Automotive			Gaming(2)			Railcar			Food Packaging			Metals			Real Estate		Home Fashion			Holding Company			Eliminations			Consolidated
	(in millions)
Revenues:
Net sales	$	—		$	6,219		$	—		$	205		$	316		$	725		$	9	$	429		$	—		$	—		$	7,903
Other revenues from operations	—			—			78			69			—			—			81		—			—			—			228
Net gain from investment activities	756			—			—			—			—			—			—		—			79			(21		)	814
Interest and dividend income	178			5			—			4			—			—			—		—			5			(1		)	191
Other (loss) income, net	(47		)	15			—			(8		)	1			—			—		2			(27		)	—			(64		)
	887			6,239			78			270			317			725			90		431			57			(22		)	9,072
Expenses:
Cost of goods sold	—			5,212			—			210			234			697			6		400			—			—			6,759
Other expenses from operations	—			—			41			55			—			—			48		—			—			—			144
Selling, general and administrative	41			704			37			26			46			23			19		75			28			—			999
Restructuring	—			8			—			—			—			—			—		8			—			—			16
Impairment	—			2			—			—			—			—			1		9			—			—			12
Interest expense	4			141			1			21			21			—			8		1			192			—			389
	45			6,067			79			312			301			720			82		493			220			—			8,319
Income (loss) before income tax expense)	842			172			(1		)	(42		)	16			5			8		(62		)	(163		)	(22		)	753
Income tax (expense) benefit	(2		)	(12		)	—			15			(2		)	(1		)	—		—			(7		)	—			(9		)
Income (loss) from continuing operations	840			160			(1		)	(27		)	14			4			8		(62		)	(170		)	(22		)	744
Less: net (income) loss from continuing operations attributable to non-controlling interests	(492		)	(44		)	2			12			(4		)	—			—		20			(52		)	14			(544		)
Net income (loss) from continuing operations attributable to Icahn Enterprises	$	348		$	116		$	1		$	(15	)	$	10		$	4		$	8	$	(42	)	$	(222	)	$	(8	)	$	200
Supplemental information:
Capital expenditures	$	—		$	251		$	6		$	6		$	20		$	21		$	1	$	2		$	115		$	—		$	422
Depreciation and amortization(3)	$	—		$	333		$	5		$	23		$	14		$	18		$	23	$	11		$	—		$	—		$	427

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

⁽²⁾  We consolidated Tropicana effective November 15, 2010.

⁽³⁾  Excludes amounts related to the amortization of debt discounts and premiums included in interest expense in the amounts of $27 million, $37 million and $36 million for the years ended December 31, 2012, 2011 and 2010, respectively.

Icahn Enterprises' condensed balance sheets by reporting segment as of December 31, 2012 and December 31, 2011 are presented below:

	December 31, 2012
	Investment		Automotive		Energy		Gaming		Railcar		Food Packaging			Metals		Real Estate		Home Fashion		Holding Company			Consolidated
	(in millions)
ASSETS
Cash and cash equivalents	$	14	$	467	$	896	$	243	$	207	$	31		$	14	$	87	$	67	$	1,045		$	3,071
Cash held at consolidated affiliated partnerships and restricted cash	1,386		—		—		15		3		1			4		2		6		2			1,419
Investments	5,084		240		—		35		57		—			—		—		14		61			5,491
Accounts receivable, net	—		1,375		211		13		37		62			102		5		36		—			1,841
Inventories, net	—		1,074		528		—		110		61			122		—		60		—			1,955
Property, plant and equipment, net	—		1,971		2,648		431		426		154			142		665		83		3			6,523
Goodwill and intangible assets, net	—		1,782		1,327		68		7		12			11		78		3		—			3,288
Other assets	109		373		133		47		15		34			22		15		22		198			968
Total assets	$	6,593	$	7,282	$	5,743	$	852	$	862	$	355		$	417	$	852	$	291	$	1,309		$	24,556
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	152	$	1,859	$	1,535	$	134	$	156	$	74		$	73	$	18	$	35	$	178		$	4,214
Securities sold, not yet purchased, at fair value	533		—		—		—		—		—			—		—		—		—			533
Due to brokers	—		—		—		—		—		—			—		—		—		—			—
Post-employment benefit liability	—		1,409		—		—		10		66			3		—		—		—			1,488
Debt	—		2,805		926		171		275		215			3		71		—		4,082			8,548
Total liabilities	685		6,073		2,461		305		441		355			79		89		35		4,260			14,783
Equity attributable to Icahn Enterprises	2,387		860		2,383		379		257		(3		)	338		763		256		(2,951		)	4,669
Equity attributable to non-controlling interests	3,521		349		899		168		164		3			—		—		—		—			5,104
Total equity	5,908		1,209		3,282		547		421		—			338		763		256		(2,951		)	9,773
Total liabilities and equity	$	6,593	$	7,282	$	5,743	$	852	$	862	$	355		$	417	$	852	$	291	$	1,309		$	24,556

	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

The following table presents our segments' geographic net sales from external customers, other revenues from operations and property, plant and equipment, net for the periods indicated:

	Net Sales						Other Revenues From Operations						Property, Plant and Equipment, Net
	Year Ended December 31,						Year Ended December 31,						December 31,
	2012		2011		2010		2012		2011		2010		2012		2011
	(in millions)
United States	$	10,247	$	4,459	$	3,849	$	763	$	760	$	222	$	4,879	$	1,997
Germany	1,175		1,302		1,068		—		—		—		403		388
Other	3,197		3,366		2,986		12		11		6		1,241		1,120
	$	14,619	$	9,127	$	7,903	$	775	$	771	$	228	$	6,523	$	3,505

⁽¹⁾ Geographic location is based on location of the customer and location of the asset.

Icahn Enterprises Holdings

Due to the structure of our business, the consolidated results of operations for Icahn Enterprises and Icahn Enterprises Holdings are substantially the same. Differences primarily relate to non-cash portions of interest expense, and are only reflected in the results of operations for our Holding Company. See Note 11, "Debt," for additional information. Segment information for Icahn Enterprises Holdings is presented below for significant financial statement line items affected by these differences.

	Year Ended December 31,																								December 31,
	2012								2011								2010								2012		2011
	Interest Expense		Net Income (Loss) From Continuing Operations			Net Income (Loss) From Continuing Operations Attributable to Icahn Enterprises Holdings			Interest Expense		Net Income (Loss) From Continuing Operations			Net Income (Loss) From Continuing Operations Attributable to Icahn Enterprises Holdings			Interest Expense		Net Income (Loss) From Continuing Operations			Net Income (Loss) From Continuing Operations Attributable to Icahn Enterprises Holdings			Total Assets		Total Assets
	(in millions)																								(in millions)
Investment	$	2	$	372		$	157		$	15	$	1,844		$	873		$	4	$	840		$	348		$	6,593	$	13,477
Automotive	141		(22		)	(24		)	141		168			121			141		160			116			7,282		7,288
Energy	39		338			263			—		—			—			—		—			—			5,743		—
Gaming	13		30			21			9		24			13			1		(1		)	1			852		770
Railcar	18		57			29			20		4			2			21		(27		)	(15		)	862		704
Food Packaging	21		6			4			21		6			4			21		14			10			355		350
Metals	—		(58		)	(58		)	—		6			6			—		4			4			417		476
Real Estate	5		19			19			6		18			18			8		8			8			852		1,004
Home Fashion	—		(27		)	(27		)	1		(66		)	(56		)	1		(62		)	(42		)	291		319
Holding Company	282		13			13			222		(225		)	(225		)	190		(167		)	(219		)	1,323		759
Eliminations	—		—			—			—		(14		)	(5		)	—		(22		)	(8		)	—		—
Consolidated	$	521	$	728		$	397		$	435	$	1,765		$	751		$	387	$	747		$	203		$	24,570	$	25,147

Amounts related to the amortization of debt discounts and premiums included in interest expense for the consolidated results of Icahn Enterprises Holdings were $26 million, $36 million and $34 million for the years ended December 31, 2012, 2011 and 2010, respectively.