Segment Reporting.

As of June 30, 2014, 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

Icahn Enterprises' condensed statements of operations by reporting segment for the three and six months ended June 30, 2014 and 2013 are presented below:



	Three Months Ended June 30, 2014
	Investment			Automotive			Energy			Metals			Railcar			Gaming			Food Packaging			Real Estate		Home Fashion		Holding Company			Consolidated
	(in millions)
Revenues:
Net sales	$	—		$	1,872		$	2,541		$	188		$	122		$	—		$	93		$	5	$	46	$	—		$	4,867
Other revenues from operations	—			—			—			—			101			202			—			20		—		—			323
Net gain (loss) from investment activities	1,159			—			(3		)	—			—			—			—			—		—		(24		)	1,132
Interest and dividend income	41			1			1			—			—			—			—			—		—		1			44
Other income (loss), net	1			(28		)	36			(1		)	2			1			—			1		—		1			13
	1,201			1,845			2,575			187			225			203			93			26		46		(22		)	6,379
Expenses:
Cost of goods sold	—			1,574			2,358			191			94			—			69			3		38		—			4,327
Other expenses from operations	—			—			—			—			44			106			—			13		—		—			163
Selling, general and administrative	88			207			35			6			10			85			11			3		8		3			456
Restructuring	—			30			—			—			—			—			—			—		—		—			30
Impairment	—			1			—			—			—			—			—			—		—		—			1
Interest expense	63			32			8			—			15			3			3			1		—		72			197
	151			1,844			2,401			197			163			194			83			20		46		75			5,174
Income (loss) before income tax (expense) benefit	1,050			1			174			(10		)	62			9			10			6		—		(97		)	1,205
Income tax (expense) benefit	—			(12		)	(39		)	5			(15		)	(3		)	(4		)	—		—		(14		)	(82		)
Net income (loss)	1,050			(11		)	135			(5		)	47			6			6			6		—		(111		)	1,123
Less: net income attributable to non-controlling interests	(549		)	(1		)	(63		)	—			(17		)	(2		)	(2		)	—		—		—			(634		)
Net income (loss) attributable to Icahn Enterprises	$	501		$	(12	)	$	72		$	(5	)	$	30		$	4		$	4		$	6	$	—	$	(111	)	$	489

Supplemental information:
Capital expenditures	$	—		$	77		$	53		$	3		$	148		$	17		$	5		$	1	$	1	$	—		$	305
Depreciation and amortization⁽¹⁾	$	—		$	83		$	55		$	6		$	25		$	13		$	6		$	5	$	2	$	—		$	195



	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	—			—			—			—			82			149			—			20		—			—			251
Net gain (loss) from investment activities	(217		)	—			—			—			—			—			—			—		—			(11		)	(228		)
Interest and dividend income	49			1			1			—			2			—			—			—		—			1			54
Other income (loss), net	—			—			119			—			1			—			(24		)	—		1			(1		)	96
	(168		)	1,787			2,341			230			201			149			69			21		51			(11		)	4,670
Expenses:
Cost of goods sold	—			1,506			1,939			236			90			—			70			1		45			—			3,887
Other expenses from operations	—			—			—			—			40			73			—			13		—			—			126
Selling, general and administrative	12			175			34			6			8			56			12			2		8			4			317
Restructuring	—			8			—			—			—			—			—			—		1			—			9
Impairment	—			2			—			—			—			2			—			1		—			—			5
Interest expense	2			27			12			—			11			3			6			1		—			74			136
	14			1,718			1,985			242			149			134			88			18		54			78			4,480
Income (loss) before income tax (expense) benefit	(182		)	69			356			(12		)	52			15			(19		)	3		(3		)	(89		)	190
Income tax (expense) benefit	—			(13		)	(94		)	5			(14		)	1			2			—		—			16			(97		)
Net income (loss)	(182		)	56			262			(7		)	38			16			(17		)	3		(3		)	(73		)	93
Less: net (income) loss attributable to non-controlling interests	110			(14		)	(106		)	—			(28		)	(6		)	5			—		—			—			(39		)
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		$	57		$	23		$	4		$	1	$	1		$	—		$	233
Depreciation and amortization⁽¹⁾	$	—		$	73		$	51		$	6		$	22		$	8		$	6		$	5	$	2		$	—		$	173



	Six Months Ended June 30, 2014
	Investment			Automotive			Energy			Metals			Railcar			Gaming			Food Packaging			Real Estate		Home Fashion			Holding Company			Consolidated
	(in millions)
Revenues:
Net sales	$	—		$	3,651		$	4,988		$	377		$	240		$	—		$	181		$	8	$	88		$	—		$	9,533
Other revenues from operations	—			—			—			—			194			351			—			39		—			—			584
Net gain (loss) from investment activities	1,149			—			(3		)	—			—			—			—			—		—			(45		)	1,101
Interest and dividend income	96			2			1			—			1			1			—			—		—			2			103
Other income (loss), net	2			(19		)	145			—			(3		)	38			(15		)	3		1			(104		)	48
	1,247			3,634			5,131			377			432			390			166			50		89			(147		)	11,369
Expenses:
Cost of goods sold	—			3,080			4,605			383			187			—			135			4		75			—			8,469
Other expenses from operations	—			—			—			—			87			180			—			25		—			—			292
Selling, general and administrative	110			400			67			12			22			152			22			6		15			10			816
Restructuring	—			38			—			—			—			—			—			—		—			—			38
Impairment	—			2			—			—			—			—			—			—		—			—			2
Interest expense	102			57			18			—			27			6			8			2		—			147			367
	212			3,577			4,690			395			323			338			165			37		90			157			9,984
Income (loss) before income tax (expense) benefit	1,035			57			441			(18		)	109			52			1			13		(1		)	(304		)	1,385
Income tax (expense) benefit	—			(28		)	(102		)	8			(26		)	(13		)	(1		)	—		—			(23		)	(185		)
Net income (loss)	1,035			29			339			(10		)	83			39			—			13		(1		)	(327		)	1,200
Less: net income attributable to non-controlling interests	(529		)	(10		)	(157		)	—			(32		)	(12		)	—			—		—			—			(740		)
Net income (loss) attributable to Icahn Enterprises	$	506		$	19		$	182		$	(10	)	$	51		$	27		$	—		$	13	$	(1	)	$	(327	)	$	460

Supplemental information:
Capital expenditures	$	—		$	173		$	115		$	7		$	250		$	29		$	10		$	1	$	2		$	—		$	587
Depreciation and amortization⁽¹⁾	$	—		$	163		$	108		$	12		$	51		$	22		$	11		$	11	$	4		$	—		$	382



	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	—			—			—			—			155			292			—			40		—			—			487
Net gain (loss) from investment activities	361			—			—			—			2			—			—			—		—			(13		)	350
Interest and dividend income	72			1			1			—			5			—			—			—		—			1			80
Other income (loss), net	2			(33		)	105			—			1			—			(24		)	—		1			(1		)	51
	435			3,467			4,679			494			389			292			157			42		97			(13		)	10,039
Expenses:
Cost of goods sold	—			2,971			3,906			503			176			—			137			1		86			—			7,780
Other expenses from operations	—			—			—			—			79			145			—			24		—			—			248
Selling, general and administrative	40			374			68			14			21			117			23			6		16			9			688
Restructuring	—			16			—			—			—			—			—			—		1			—			17
Impairment	—			2			—			—			—			2			—			1		—			—			5
Interest expense	2			58			27			—			25			7			11			2		—			149			281
	42			3,421			4,001			517			301			271			171			34		103			158			9,019
Income (loss) before income tax (expense) benefit	393			46			678			(23		)	88			21			(14		)	8		(6		)	(171		)	1,020
Income tax (expense) benefit	—			(24		)	(194		)	10			(26		)	(1		)	—			—		—			18			(217		)
Net income (loss)	393			22			484			(13		)	62			20			(14		)	8		(6		)	(153		)	803
Less: net (income) loss attributable to non-controlling interests	(232		)	(9		)	(177		)	—			(51		)	(7		)	4			—		—			—			(472		)
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		$	159		$	35		$	9		$	1	$	1		$	—		$	512
Depreciation and amortization⁽¹⁾	$	—		$	144		$	101		$	12		$	44		$	16		$	11		$	11	$	4		$	—		$	343


⁽¹⁾	Excludes amounts related to the amortization of deferred financing costs and debt discounts and premiums included in interest expense in the amounts of $3 million and $7 million for the three months ended June 30, 2014 and 2013, respectively, and $13 million and $17 million for the six months ended June 30, 2014 and 2013, respectively.

Icahn Enterprises' condensed balance sheets by reporting segment as of June 30, 2014 and December 31, 2013 are presented below:



	June 30, 2014
	Investment		Automotive		Energy		Metals		Railcar			Gaming		Food Packaging		Real Estate		Home Fashion		Holding Company			Consolidated
	(in millions)
ASSETS
Cash and cash equivalents	$	5	$	628	$	999	$	15	$	335		$	160	$	31	$	52	$	9	$	1,099		$	3,333
Cash held at consolidated affiliated partnerships and restricted cash	1,219		—		—		3		35			16		1		2		6		3			1,285
Investments	16,585		289		79		—		29			32		—		—		—		213			17,227
Accounts receivable, net	—		1,439		249		71		41			13		69		3		33		—			1,918
Inventories, net	—		1,146		529		76		92			—		80		—		75		—			1,998
Property, plant and equipment, net	—		2,054		2,692		125		2,081			700		157		648		75		3			8,535
Goodwill and intangible assets, net	—		1,782		1,297		9		7			78		10		63		3		—			3,249
Other assets	34		449		185		22		64			62		89		17		22		70			1,014
Total assets	$	17,843	$	7,787	$	6,030	$	321	$	2,684		$	1,061	$	437	$	785	$	223	$	1,388		$	38,559
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	1,818	$	1,911	$	1,544	$	62	$	202		$	160	$	70	$	19	$	33	$	361		$	6,180
Securities sold, not yet purchased, at fair value	929		—		—		—		—			—		—		—		—		—			929
Due to brokers	4,318		—		—		—		—			—		—		—		—		—			4,318
Post-employment benefit liability	—		1,028		—		1		4			—		29		—		—		—			1,062
Debt	—		2,689		676		3		1,878			296		276		40		—		5,485			11,343
Total liabilities	7,065		5,628		2,220		66		2,084			456		375		59		33		5,846			23,832

Equity attributable to Icahn Enterprises	5,092		1,684		2,029		255		652			419		42		726		190		(4,458		)	6,631
Equity attributable to non-controlling interests	5,686		475		1,781		—		(52		)	186		20		—		—		—			8,096
Total equity	10,778		2,159		3,810		255		600			605		62		726		190		(4,458		)	14,727
Total liabilities and equity	$	17,843	$	7,787	$	6,030	$	321	$	2,684		$	1,061	$	437	$	785	$	223	$	1,388		$	38,559



	December 31, 2013
	Investment		Automotive		Energy		Metals		Railcar		Gaming		Food Packaging		Real Estate		Home Fashion		Holding Company			Consolidated
	(in millions)
ASSETS
Cash and cash equivalents	$	3	$	761	$	842	$	31	$	417	$	359	$	19	$	32	$	16	$	782		$	3,262
Cash held at consolidated affiliated partnerships and restricted cash	321		—		—		4		27		31		1		3		6		3			396
Investments	11,826		253		—		—		31		34		—		—		—		117			12,261
Accounts receivable, net	—		1,297		242		62		34		10		67		3		35		—			1,750
Inventories, net	—		1,068		527		85		90		—		72		—		60		—			1,902
Property, plant and equipment, net	—		2,038		2,684		129		1,889		444		156		656		78		3			8,077
Goodwill and intangible assets, net	—		1,715		1,307		9		7		67		11		68		3		—			3,187
Other assets	47		413		146		14		52		51		79		18		24		66			910
Total assets	$	12,197	$	7,545	$	5,748	$	334	$	2,547	$	996	$	405	$	780	$	222	$	971		$	31,745
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	757	$	1,763	$	1,550	$	57	$	204	$	132	$	80	$	18	$	31	$	351		$	4,943
Securities sold, not yet purchased, at fair value	884		—		—		—		—		—		—		—		—		—			884
Due to brokers	2,203		—		—		—		—		—		—		—		—		—			2,203
Post-employment benefit liability	—		1,072		—		1		5		—		33		—		—		—			1,111
Debt	—		2,586		676		3		1,448		298		217		51		—		4,016			9,295
Total liabilities	3,844		5,421		2,226		61		1,657		430		330		69		31		4,367			18,436

Equity attributable to Icahn Enterprises	3,696		1,660		1,926		273		591		392		55		711		191		(3,403		)	6,092
Equity attributable to non-controlling interests	4,657		464		1,596		—		299		174		20		—		—		7			7,217
Total equity	8,353		2,124		3,522		273		890		566		75		711		191		(3,396		)	13,309
Total liabilities and equity	$	12,197	$	7,545	$	5,748	$	334	$	2,547	$	996	$	405	$	780	$	222	$	971		$	31,745

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,																June 30,		December 31,
	2014								2013								2014		2013
	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	$	63	$	1,050		$	501		$	2	$	(182	)	$	(72	)	$	17,843	$	12,197
Automotive	32		(11		)	(12		)	27		56			42			7,787		7,545
Energy	8		135			72			12		262			156			6,030		5,748
Metals	—		(5		)	(5		)	—		(7		)	(7		)	321		334
Railcar	15		47			30			11		38			10			2,684		2,547
Gaming	3		6			4			3		16			10			1,061		996
Food Packaging	3		6			4			6		(17		)	(12		)	437		405
Real Estate	1		6			6			1		3			3			785		780
Home Fashion	—		—			—			—		(3		)	(3		)	223		222
Holding Company	71		(110		)	(110		)	74		(73		)	(73		)	1,411		987
Consolidated	$	196	$	1,124		$	490		$	136	$	93		$	54		$	38,582	$	31,761



	Six Months Ended June 30,
	2014								2013
	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	$	102	$	1,035		$	506		$	2	$	393		$	161
Automotive	57		29			19			58		22			13
Energy	18		339			182			27		484			307
Metals	—		(10		)	(10		)	—		(13		)	(13		)
Railcar	27		83			51			25		62			11
Gaming	6		39			27			7		20			13
Food Packaging	8		—			—			11		(14		)	(10		)
Real Estate	2		13			13			2		8			8
Home Fashion	—		(1		)	(1		)	—		(6		)	(6		)
Holding Company	146		(326		)	(326		)	149		(153		)	(153		)
Consolidated	$	366	$	1,201		$	461		$	281	$	803		$	331

Amounts related to the amortization of debt discounts and premiums included in interest expense for the consolidated results of Icahn Enterprises Holdings were $2 million and $7 million for the three months ended June 30, 2014 and 2013, respectively, and $12 million and $17 million for the six months ended June 30, 2014 and 2013, respectively.