Segment Reporting.

As of September 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 nine months ended September 30, 2014 and 2013 are presented below:



	Three Months Ended September 30, 2014
	Investment			Automotive			Energy			Metals			Railcar			Gaming			Food Packaging			Real Estate		Home Fashion			Holding Company			Consolidated
	(in millions)
Revenues:
Net sales	$	—		$	1,871		$	2,280		$	186		$	74		$	—		$	95		$	5	$	46		$	—		$	4,557
Other revenues from operations	—			—			—			—			108			220			—			22		—			—			350
Net (loss) gain from investment activities	(501		)	—			2			—			—			—			—			—		—			(93		)	(592		)
Interest and dividend income	58			1			1			—			1			1			—			—		—			—			62
Other (loss) income, net	(1		)	18			26			1			(1		)	(1		)	(1		)	—		2			2			45
	(444		)	1,890			2,309			187			182			220			94			27		48			(91		)	4,422
Expenses:
Cost of goods sold	—			1,609			2,251			188			55			—			73			3		39			—			4,218
Other expenses from operations	—			—			—			—			44			108			—			14		—			—			166
Selling, general and administrative	37			222			39			5			11			90			13			4		7			3			431
Restructuring	—			25			—			—			—			—			—			—		(2		)	—			23
Impairment	—			1			—			—			—			—			—			3		—			—			4
Interest expense	87			35			10			—			16			4			3			—		—			71			226
	124			1,892			2,300			193			126			202			89			24		44			74			5,068
(Loss) income before income tax (expense) benefit	(568		)	(2		)	9			(6		)	56			18			5			3		4			(165		)	(646		)
Income tax (expense) benefit	—			1			2			3			(12		)	(5		)	(3		)	—		—			33			19
Net (loss) income	(568		)	(1		)	11			(3		)	44			13			2			3		4			(132		)	(627		)
Less: net loss (income) attributable to non-controlling interests	298			3			(8		)	—			(15		)	(5		)	(1		)	—		—			—			272
Net (loss) income attributable to Icahn Enterprises	$	(270	)	$	2		$	3		$	(3	)	$	29		$	8		$	1		$	3	$	4		$	(132	)	$	(355	)

Supplemental information:
Capital expenditures	$	—		$	109		$	56		$	17		$	188		$	23		$	6		$	—	$	—		$	—		$	399
Depreciation and amortization⁽¹⁾	$	—		$	88		$	54		$	7		$	27		$	14		$	5		$	6	$	1		$	—		$	202



	Three Months Ended September 30, 2013
	Investment			Automotive			Energy			Metals			Railcar			Gaming			Food Packaging			Real Estate			Home Fashion		Holding Company			Consolidated
	(in millions)
Revenues:
Net sales	$	—		$	1,713		$	1,977		$	243		$	108		$	—		$	95		$	—		$	45	$	—		$	4,181
Other revenues from operations	—			—			—			—			83			153			—			23			—		—			259
Net gain (loss) from investment activities	1,229			—			—			—			—			—			—			—			—		(28		)	1,201
Interest and dividend income	42			1			—			—			3			—			—			—			—		—			46
Other (loss) income, net	—			(4		)	79			—			2			—			(1		)	—			2		6			84
	1,271			1,710			2,056			243			196			153			94			23			47		(22		)	5,771
Expenses:
Cost of goods sold	—			1,459			1,919			246			90			—			74			(1		)	38		—			3,825
Other expenses from operations	—			—			—			—			41			79			—			14			—		—			134
Selling, general and administrative	44			190			34			6			10			61			12			4			7		3			371
Restructuring	—			4			—			—			—			—			—			—			1		—			5
Impairment	—			1			—			—			—			—			—			1			—		—			2
Interest expense	4			28			12			—			12			4			5			1			—		75			141
	48			1,682			1,965			252			153			144			91			19			46		78			4,478
Income (loss) before income tax (expense) benefit	1,223			28			91			(9		)	43			9			3			4			1		(100		)	1,293
Income tax (expense) benefit	—			(4		)	(23		)	4			(14		)	(1		)	1			—			—		(20		)	(57		)
Net income (loss)	1,223			24			68			(5		)	29			8			4			4			1		(120		)	1,236
Less: net (income) loss attributable to non-controlling interests	(694		)	(6		)	(35		)	—			(25		)	(3		)	(1		)	—			—		—			(764		)
Net income (loss) attributable to Icahn Enterprises	$	529		$	18		$	33		$	(5	)	$	4		$	5		$	3		$	4		$	1	$	(120	)	$	472

Supplemental information:
Capital expenditures	$	—		$	84		$	69		$	5		$	101		$	10		$	3		$	1		$	5	$	—		$	278
Depreciation and amortization⁽¹⁾	$	—		$	75		$	53		$	8		$	24		$	9		$	4		$	6		$	2	$	—		$	181



	Nine Months Ended September 30, 2014
	Investment			Automotive			Energy			Metals			Railcar			Gaming			Food Packaging			Real Estate		Home Fashion			Holding Company			Consolidated
	(in millions)
Revenues:
Net sales	$	—		$	5,522		$	7,268		$	563		$	314		$	—		$	276		$	13	$	134		$	—		$	14,090
Other revenues from operations	—			—			—			—			302			571			—			61		—			—			934
Net gain (loss) from investment activities	648			—			(1		)	—			—			—			—			—		—			(138		)	509
Interest and dividend income	154			3			2			—			2			2			—			—		—			2			165
Other income (loss), net	1			(1		)	171			1			(4		)	37			(16		)	3		3			(102		)	93
	803			5,524			7,440			564			614			610			260			77		137			(238		)	15,791
Expenses:
Cost of goods sold	—			4,689			6,856			571			242			—			208			7		114			—			12,687
Other expenses from operations	—			—			—			—			131			288			—			39		—			—			458
Selling, general and administrative	147			622			106			17			33			242			35			10		22			13			1,247
Restructuring	—			63			—			—			—			—			—			—		(2		)	—			61
Impairment	—			3			—			—			—			—			—			3		—			—			6
Interest expense	189			92			28			—			43			10			11			2		—			218			593
	336			5,469			6,990			588			449			540			254			61		134			231			15,052
Income (loss) before income tax (expense) benefit	467			55			450			(24		)	165			70			6			16		3			(469		)	739
Income tax (expense) benefit	—			(27		)	(100		)	11			(38		)	(18		)	(4		)	—		—			10			(166		)
Net income (loss)	467			28			350			(13		)	127			52			2			16		3			(459		)	573
Less: net income attributable to non-controlling interests	(231		)	(7		)	(165		)	—			(47		)	(17		)	(1		)	—		—			—			(468		)
Net income (loss) attributable to Icahn Enterprises	$	236		$	21		$	185		$	(13	)	$	80		$	35		$	1		$	16	$	3		$	(459	)	$	105

Supplemental information:
Capital expenditures	$	—		$	282		$	171		$	24		$	438		$	52		$	16		$	1	$	2		$	—		$	986
Depreciation and amortization⁽¹⁾	$	—		$	251		$	162		$	19		$	78		$	36		$	16		$	17	$	5		$	—		$	584



	Nine Months Ended September 30, 2013
	Investment			Automotive			Energy			Metals			Railcar			Gaming			Food Packaging			Real Estate		Home Fashion			Holding Company			Consolidated
	(in millions)
Revenues:
Net sales	$	—		$	5,212		$	6,550		$	737		$	334		$	—		$	276		$	2	$	141		$	—		$	13,252
Other revenues from operations	—			—			—			—			238			445			—			63		—			—			746
Net gain (loss) from investment activities	1,590			—			—			—			2			—			—			—		—			(41		)	1,551
Interest and dividend income	114			2			1			—			8			—			—			—		—			1			126
Other income (loss), net	2			(37		)	184			—			3			—			(25		)	—		3			5			135
	1,706			5,177			6,735			737			585			445			251			65		144			(35		)	15,810
Expenses:
Cost of goods sold	—			4,430			5,825			749			266			—			211			—		124			—			11,605
Other expenses from operations	—			—			—			—			120			224			—			38		—			—			382
Selling, general and administrative	84			564			102			20			31			178			35			10		23			12			1,059
Restructuring	—			20			—			—			—			—			—			—		2			—			22
Impairment	—			3			—			—			—			2			—			2		—			—			7
Interest expense	6			86			39			—			37			11			16			3		—			224			422
	90			5,103			5,966			769			454			415			262			53		149			236			13,497
Income (loss) before income tax (expense) benefit	1,616			74			769			(32		)	131			30			(11		)	12		(5		)	(271		)	2,313
Income tax (expense) benefit	—			(28		)	(217		)	14			(40		)	(2		)	1			—		—			(2		)	(274		)
Net income (loss)	1,616			46			552			(18		)	91			28			(10		)	12		(5		)	(273		)	2,039
Less: net (income) loss attributable to non-controlling interests	(926		)	(15		)	(212		)	—			(76		)	(10		)	3			—		—			—			(1,236		)
Net income (loss) attributable to Icahn Enterprises	$	690		$	31		$	340		$	(18	)	$	15		$	18		$	(7	)	$	12	$	(5	)	$	(273	)	$	803

Supplemental information:
Capital expenditures	$	—		$	270		$	184		$	11		$	260		$	45		$	12		$	2	$	6		$	—		$	790
Depreciation and amortization⁽¹⁾	$	—		$	219		$	154		$	20		$	68		$	25		$	15		$	17	$	6		$	—		$	524


⁽¹⁾	Excludes amounts related to the amortization of deferred financing costs and debt discounts and premiums included in interest expense in the amounts of $4 million and $8 million for the three months ended September 30, 2014 and 2013, respectively, and $17 million and $25 million for the nine months ended September 30, 2014 and 2013, respectively.

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



	September 30, 2014
	Investment		Automotive		Energy		Metals		Railcar			Gaming		Food Packaging		Real Estate		Home Fashion		Holding Company			Consolidated
	(in millions)
ASSETS
Cash and cash equivalents	$	6	$	469	$	793	$	17	$	424		$	184	$	37	$	57	$	19	$	1,074		$	3,080
Cash held at consolidated affiliated partnerships and restricted cash	1,235		—		—		3		35			16		1		2		6		3			1,301
Investments	13,910		268		94		—		28			32		—		—		—		131			14,463
Accounts receivable, net	—		1,446		230		69		41			12		66		7		33		—			1,904
Inventories, net	—		1,241		517		74		105			—		76		—		74		—			2,087
Property, plant and equipment, net	—		2,163		2,697		135		2,239			702		152		642		74		3			8,807
Goodwill and intangible assets, net	—		1,763		1,292		8		7			75		10		61		3		—			3,219
Other assets	365		487		164		22		67			53		87		18		16		58			1,337
Total assets	$	15,516	$	7,837	$	5,787	$	328	$	2,946		$	1,074	$	429	$	787	$	225	$	1,269		$	36,198
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	394	$	2,092	$	1,572	$	62	$	251		$	159	$	69	$	22	$	31	$	194		$	4,846
Securities sold, not yet purchased, at fair value	1,111		—		—		—		—			—		—		—		—		—			1,111
Due to brokers	3,800		—		—		—		—			—		—		—		—		—			3,800
Post-employment benefit liability	—		1,018		—		1		4			—		27		—		—		—			1,050
Debt	—		2,695		675		3		2,057			296		274		33		—		5,486			11,519
Total liabilities	5,305		5,805		2,247		66		2,312			455		370		55		31		5,680			22,326

Equity attributable to Icahn Enterprises	4,824		1,589		1,825		262		675			429		40		732		194		(4,411		)	6,159
Equity attributable to non-controlling interests	5,387		443		1,715		—		(41		)	190		19		—		—		—			7,713
Total equity	10,211		2,032		3,540		262		634			619		59		732		194		(4,411		)	13,872
Total liabilities and equity	$	15,516	$	7,837	$	5,787	$	328	$	2,946		$	1,074	$	429	$	787	$	225	$	1,269		$	36,198



	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 September 30,																September 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	$	87	$	(568	)	$	(270	)	$	4	$	1,223		$	529		$	15,516	$	12,197
Automotive	35		(1		)	2			28		24			18			7,837		7,545
Energy	10		11			3			12		68			33			5,787		5,748
Metals	—		(3		)	(3		)	—		(5		)	(5		)	328		334
Railcar	16		44			29			12		29			4			2,946		2,547
Gaming	4		13			8			4		8			5			1,074		996
Food Packaging	3		2			1			5		4			3			429		405
Real Estate	—		3			3			1		4			4			787		780
Home Fashion	—		4			4			—		1			1			225		222
Holding Company	71		(132		)	(132		)	75		(120		)	(120		)	1,292		987
Consolidated	$	226	$	(627	)	$	(355	)	$	141	$	1,236		$	472		$	36,221	$	31,761



	Nine Months Ended September 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	$	189	$	467		$	236		$	6	$	1,616		$	690
Automotive	92		28			21			86		46			31
Energy	28		350			185			39		552			340
Metals	—		(13		)	(13		)	—		(18		)	(18		)
Railcar	43		127			80			37		91			15
Gaming	10		52			35			11		28			18
Food Packaging	11		2			1			16		(10		)	(7		)
Real Estate	2		16			16			3		12			12
Home Fashion	—		3			3			—		(5		)	(5		)
Holding Company	217		(458		)	(458		)	224		(273		)	(273		)
Consolidated	$	592	$	574		$	106		$	422	$	2,039		$	803

Amounts related to the amortization of debt discounts and premiums included in interest expense for the consolidated results of Icahn Enterprises Holdings were $3 million and $8 million for the three months ended September 30, 2014 and 2013, respectively, and $16 million and $25 million for the nine months ended September 30, 2014 and 2013, respectively.