Segment Reporting.

As of June 30, 2013, our nine operating segments, which also constitute our reporting segments, are: (1) Investment; (2) Automotive; (3) Energy; (4) Metals; (5) Railcar; (6) Gaming; (7) Food Packaging; (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. 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 2, “Operating Units,” for a detailed description of each of our reporting segments.

Icahn Enterprises' condensed statements of operations by reporting segment for the three and six months ended June 30, 2013 and 2012 are presented below:



	Three Months Ended June 30, 2013
	Investment			Automotive			Energy			Metals			Railcar			Gaming			Food Packaging			Real Estate		Home Fashion			Holding Company			Consolidated
	(in millions)
Revenues:
Net sales	$	—		$	1,786		$	2,221		$	230		$	116		$	—		$	93		$	1	$	50		$	—		$	4,497
Other revenues from operations	—			—			—			—			34			149			—			20		—			—			203
Net gain from investment activities	(217		)	—			—			—			—			—			—			—		—			(11		)	(228		)
Interest and dividend income	49			1			1			—			—			—			—			—		—			1			52
Other income (loss), net	—			—			119			—			(1		)	—			(24		)	—		1			(1		)	94
	(168		)	1,787			2,341			230			149			149			69			21		51			(11		)	4,618
Expenses:
Cost of goods sold	—			1,506			1,939			236			90			—			70			1		45			—			3,887
Other expenses from operations	—			—			—			—			19			73			—			13		—			—			105
Selling, general and administrative	12			175			34			6			4			56			12			2		8			4			313
Restructuring	—			8			—			—			—			—			—			—		1			—			9
Impairment	—			2			—			—			—			2			—			1		—			—			5
Interest expense	2			27			12			—			1			3			6			1		—			74			126
	14			1,718			1,985			242			114			134			88			18		54			78			4,445
Income (loss) before income tax benefit (expense)	(182		)	69			356			(12		)	35			15			(19		)	3		(3		)	(89		)	173
Income tax (expense) benefit	—			(13		)	(94		)	5			(14		)	1			2			—		—			16			(97		)
Net Income (loss)	(182		)	56			262			(7		)	21			16			(17		)	3		(3		)	(73		)	76
Less: net (income) loss attributable to non-controlling interests	110			(14		)	(106		)	—			(11		)	(6		)	5			—		—			—			(22		)
Net income (loss) attributable to Icahn Enterprises	$	(72	)	$	42		$	156		$	(7	)	$	10		$	10		$	(12	)	$	3	$	(3	)	$	(73	)	$	54

Supplemental information:
Capital expenditures	$	—		$	93		$	51		$	3		$	55		$	23		$	4		$	1	$	1		$	—		$	231
Depreciation and amortization⁽¹⁾	$	—		$	73		$	51		$	6		$	8		$	8		$	6		$	5	$	2		$	—		$	159



	Three Months Ended June 30, 2012
	Investment			Automotive			Energy⁽²⁾			Metals			Railcar			Gaming			Food Packaging			Real Estate		Home Fashion			Holding Company			Consolidated
	(in millions)
Revenues:
Net sales	$	—		$	1,704		$	1,412		$	303		$	135		$	—		$	86		$	3	$	64		$	—		$	3,707
Other revenues from operations	—			—			—			—			20			164			—			20		—			—			204
Net gain from investment activities	280			—			—			—			—			—			—			—		—			19			299
Interest and dividend income	14			1			—			—			1			—			—			—		—			1			17
Other (loss) income, net	1			4			(2		)	1			—			(6		)	(2		)	1		1			1			(1		)
	295			1,709			1,410			304			156			158			84			24		65			21			4,226
Expenses:
Cost of goods sold	—			1,450			1,261			311			107			—			67			1		55			—			3,252
Other expenses from operations	—			—			—			—			14			82			—			12		—			—			108
Selling, general and administrative	8			186			35			7			8			64			11			4		9			4			336
Restructuring	—			8			—			—			—			—			—			—		1			—			9
Impairment	—			28			—			—			—			2			—			—		2			—			32
Interest expense	—			35			10			—			5			4			5			1		—			69			129
	8			1,707			1,306			318			134			152			83			18		67			73			3,866
Income (loss) before income tax (expense) benefit	287			2			104			(14		)	22			6			1			6		(2		)	(52		)	360
Income tax (expense) benefit	—			29			(35		)	—			(9		)	(2		)	—			—		—			118			101
Income (loss)	287			31			69			(14		)	13			4			1			6		(2		)	66			461
Less: net income attributable to non-controlling interests	(171		)	(9		)	(16		)	—			(6		)	(2		)	—			—		—			—			(204		)
Net income (loss) attributable to Icahn Enterprises	$	116		$	22		$	53		$	(14	)	$	7		$	2		$	1		$	6	$	(2	)	$	66		$	257

Supplemental information:
Capital expenditures	$	—		$	93		$	31		$	7		$	78		$	11		$	11		$	1	$	—		$	—		$	232
Depreciation and amortization⁽¹⁾	$	—		$	71		$	30		$	6		$	6		$	7		$	5		$	6	$	2		$	—		$	133



	Six Months Ended June 30, 2013
	Investment			Automotive			Energy			Metals			Railcar			Gaming			Food Packaging			Real Estate		Home Fashion			Holding Company			Consolidated
	(in millions)
Revenues:
Net sales	$	—		$	3,499		$	4,573		$	494		$	226		$	—		$	181		$	2	$	96		$	—		$	9,071
Other revenues from operations	—			—			—			—			60			292			—			40		—			—			392
Net gain from investment activities	361			—			—			—			2			—			—			—		—			(13		)	350
Interest and dividend income	72			1			1			—			1			—			—			—		—			1			76
Other income (loss), net	2			(33		)	105			—			(2		)	—			(24		)	—		1			(1		)	48
	435			3,467			4,679			494			287			292			157			42		97			(13		)	9,937
Expenses:
Cost of goods sold	—			2,971			3,906			503			176			—			137			1		86			—			7,780
Other expenses from operations	—			—			—			—			36			145			—			24		—			—			205
Selling, general and administrative	40			374			68			14			15			117			23			6		16			9			682
Restructuring	—			16			—			—			—			—			—			—		1			—			17
Impairment	—			2			—			—			—			2			—			1		—			—			5
Interest expense	2			58			27			—			4			7			11			2		—			149			260
	42			3,421			4,001			517			231			271			171			34		103			158			8,949
Income (loss) before income tax benefit (expense)	393			46			678			(23		)	56			21			(14		)	8		(6		)	(171		)	988
Income tax (expense) benefit	—			(24		)	(194		)	10			(26		)	(1		)	—			—		—			18			(217		)
Net Income (loss)	393			22			484			(13		)	30			20			(14		)	8		(6		)	(153		)	771
Less: net (income) loss attributable to non-controlling interests	(232		)	(9		)	(177		)	—			(19		)	(7		)	4			—		—			—			(440		)
Net income (loss) attributable to Icahn Enterprises	$	161		$	13		$	307		$	(13	)	$	11		$	13		$	(10	)	$	8	$	(6	)	$	(153	)	$	331

Supplemental information:
Capital expenditures	$	—		$	186		$	115		$	6		$	156		$	35		$	9		$	1	$	1		$	—		$	509
Depreciation and amortization⁽¹⁾	$	—		$	144		$	101		$	12		$	15		$	16		$	11		$	11	$	4		$	—		$	314



	Six Months Ended June 30, 2012
	Investment			Automotive			Energy⁽²⁾			Metals			Railcar			Gaming			Food Packaging			Real Estate		Home Fashion			Holding Company			Consolidated
	(in millions)
Revenues:
Net sales	$	—		$	3,468		$	1,412		$	635		$	299		$	—		$	169		$	3	$	120		$	—		$	6,106
Other revenues from operations	—			—			—			—			37			319			—			40		—			—			396
Net gain from investment activities	330			—			—			—			—			—			—			—		—			27			357
Interest and dividend income	37			2			—			—			2			—			—			—		—			1			42
Other (loss) income, net	(1		)	13			(2		)	1			—			(8		)	(2		)	2		2			4			9
	366			3,483			1,410			636			338			311			167			45		122			32			6,910
Expenses:
Cost of goods sold	—			2,937			1,261			642			244			—			130			1		109			—			5,324
Other expenses from operations	—			—			—			—			28			162			—			24		—			—			214
Selling, general and administrative	11			387			35			14			14			126			24			7		19			8			645
Restructuring	—			14			—			—			—			—			—			—		2			—			16
Impairment	—			29			—			—			—			2			—			—		3			—			34
Interest expense	2			71			10			—			10			6			10			2		—			135			246
	13			3,438			1,306			656			296			296			164			34		133			143			6,479
Income (loss) before income tax (expense) benefit	353			45			104			(20		)	42			15			3			11		(11		)	(111		)	431
Income tax (expense) benefit	—			20			(35		)	4			(17		)	(1		)	(1		)	—		—			161			131
Income (loss)	353			65			69			(16		)	25			14			2			11		(11		)	50			562
Less: net income attributable to non-controlling interests	(205		)	(19		)	(16		)	—			(11		)	(4		)	(1		)	—		—			—			(256		)
Net income (loss) attributable to Icahn Enterprises	$	148		$	46		$	53		$	(16	)	$	14		$	10		$	1		$	11	$	(11	)	$	50		$	306

Supplemental information:
Capital expenditures	$	—		$	223		$	31		$	9		$	119		$	23		$	23		$	1	$	—		$	—		$	429
Depreciation and amortization⁽¹⁾	$	—		$	140		$	30		$	12		$	11		$	16		$	9		$	11	$	4		$	—		$	233


⁽¹⁾	Excludes amounts related to the amortization of deferred financing costs and debt discounts and premiums included in interest expense in the amounts of $7 million and $12 million for the three months ended June 30, 2013 and 2012, respectively, and $16 million and $20 million for the six months ended June 30, 2013 and 2012, respectively.


⁽²⁾	Energy segment results are for the period May 5, 2012 through June 30, 2012.

Icahn Enterprises' condensed balance sheets by reporting segment as of June 30, 2013 and December 31, 2012 are presented below:



	June 30, 2013
	Investment		Automotive		Energy		Metals		Railcar		Gaming		Food Packaging		Real Estate		Home Fashion		Holding Company			Consolidated
	(in millions)
ASSETS
Cash and cash equivalents	$	4	$	375	$	1,135	$	14	$	97	$	244	$	16	$	33	$	10	$	1,412		$	3,340
Cash held at consolidated affiliated partnerships and restricted cash	984		—		—		4		6		15		1		3		9		613			1,635
Investments	9,123		255		21		—		42		34		—		—		14		115			9,604
Accounts receivable, net	—		1,493		277		87		39		14		67		3		37		—			2,017
Inventories, net	—		1,101		589		111		93		—		72		—		63		—			2,029
Property, plant and equipment, net	—		1,936		2,653		136		566		440		154		660		80		3			6,628
Goodwill and intangible assets, net	—		1,760		1,317		10		7		67		11		73		3		—			3,248
Other assets	23		374		145		33		24		52		35		17		21		19			743
Total assets	$	10,134	$	7,294	$	6,137	$	395	$	874	$	866	$	356	$	789	$	237	$	2,162		$	29,244
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	712	$	1,944	$	1,579	$	67	$	155	$	130	$	77	$	19	$	32	$	339		$	5,054
Securities sold, not yet purchased, at fair value	667		—		—		—		—		—		—		—		—		—			667
Due to brokers	2,414		—		—		—		—		—		—		—		—		—			2,414
Post-employment benefit liability	—		1,342		—		3		9		—		64		—		—		—			1,418
Debt	—		2,849		677		3		198		170		215		53		—		4,080			8,245
Total liabilities	3,793		6,135		2,256		73		362		300		356		72		32		4,419			17,798

Equity attributable to Icahn Enterprises	2,543		820		2,179		322		335		392		—		717		205		(2,257		)	5,256
Equity attributable to non-controlling interests	3,798		339		1,702		—		177		174		—		—		—		—			6,190
Total equity	6,341		1,159		3,881		322		512		566		—		717		205		(2,257		)	11,446
Total liabilities and equity	$	10,134	$	7,294	$	6,137	$	395	$	874	$	866	$	356	$	789	$	237	$	2,162		$	29,244



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

Equity attributable to Icahn Enterprises	2,387		860		2,383		338		257		379		(3		)	763		256		(2,951		)	4,669
Equity attributable to non-controlling interests	3,521		349		899		—		164		168		3			—		—		—			5,104
Total equity	5,908		1,209		3,282		338		421		547		—			763		256		(2,951		)	9,773
Total liabilities and equity	$	6,593	$	7,282	$	5,743	$	417	$	862	$	852	$	355		$	852	$	291	$	1,309		$	24,556

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 debt, deferred financing costs and amortization of debt discounts and premiums, which are only reflected in the results of operations for the Holding Company. See Note 10, "Debt," for additional information. Segment information for Icahn Enterprises Holdings is presented below for significant financial statement line items affected by these differences.



	Three Months Ended June 30,
	2013								2012
	Interest Expense		Net Income (Loss)			Net Income (Loss) Attributable to Icahn Enterprises Holdings			Interest Expense		Net Income (Loss)			Net Income (Loss) Attributable to Icahn Enterprises Holdings
	(in millions)
Investment	$	2	$	(182	)	$	(72	)	$	—	$	287		$	116
Automotive	27		56			42			35		31			22
Energy	12		262			156			10		69			53
Metals	—		(7		)	(7		)	—		(14		)	(14		)
Railcar	1		21			10			5		13			7
Gaming	3		16			10			4		4			2
Food Packaging	6		(17		)	(12		)	5		1			1
Real Estate	1		3			3			1		6			6
Home Fashion	—		(3		)	(3		)	—		(2		)	(2		)
Holding Company	74		(73		)	(73		)	69		66			66
Consolidated	$	126	$	76		$	54		$	129	$	461		$	257



	Six Months Ended June 30,																June 30,		December 31,
	2013								2012								2013		2012
	Interest Expense		Net Income (Loss)			Net Income (Loss) Attributable to Icahn Enterprises Holdings			Interest Expense		Net Income (Loss)			Net Income (Loss) Attributable to Icahn Enterprises Holdings			Total Assets		Total Assets
	(in millions)																(in millions)
Investment	$	2	$	393		$	161		$	2	$	353		$	148		$	10,134	$	6,593
Automotive	58		22			13			71		65			46			7,294		7,282
Energy	27		484			307			10		69			53			6,137		5,743
Metals	—		(13		)	(13		)	—		(16		)	(16		)	395		417
Railcar	4		30			11			10		25			14			874		862
Gaming	7		20			13			6		14			10			866		852
Food Packaging	11		(14		)	(10		)	10		2			1			356		355
Real Estate	2		8			8			2		11			11			789		852
Home Fashion	—		(6		)	(6		)	—		(11		)	(11		)	237		291
Holding Company	149		(153		)	(153		)	135		50			50			2,178		1,323
Consolidated	$	260	$	771		$	331		$	246	$	562		$	306		$	29,260	$	24,570

Amounts related to the amortization of debt discounts and premiums included in interest expense for the consolidated results of Icahn Enterprises Holdings were $7 million and $12 million for the three months ended June 30, 2013 and 2012, respectively, and $16 million and $20 million for the six months ended June 30, 2013 and 2012, respectively.