Segment Reporting.

As of March 31, 2015, 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 months ended March 31, 2015 and 2014 are presented below:



	Three Months Ended March 31, 2015
	Investment			Automotive			Energy			Metals			Railcar			Gaming			Food Packaging			Real Estate		Home Fashion			Holding Company			Consolidated
	(in millions)
Revenues:
Net sales	$	—		$	1,835		$	1,389		$	106		$	103		$	—		$	85		$	—	$	47		$	—		$	3,565
Other revenues from operations	—			—			—			—			117			193			—			19		—			—			329
Net income from investment activities	570			—			35			—			—			—			—			—		—			(14		)	591
Interest and dividend income	49			1			1			—			1			—			—			—		—			1			53
Other income (loss), net	—			9			(51		)	—			—			(1		)	(3		)	19		—			—			(27		)
	619			1,845			1,374			106			221			192			82			38		47			(13		)	4,511
Expenses:
Cost of goods sold	—			1,584			1,237			116			82			—			66			—		40			—			3,125
Other expenses from operations	—			—			—			—			48			96			—			11		—			—			155
Selling, general and administrative	100			217			32			5			11			82			12			3		8			7			477
Restructuring	—			12			—			—			—			—			—			—		—			—			12
Impairment	—			1			—			—			—			—			—			—		—			—			1
Interest expense	123			36			12			—			20			3			3			1		—			72			270
	223			1,850			1,281			121			161			181			81			15		48			79			4,040
Income (loss) before income tax (expense) benefit	396			(5		)	93			(15		)	60			11			1			23		(1		)	(92		)	471
Income tax (expense) benefit	—			(15		)	(18		)	6			(16		)	(4		)	(1		)	—		—			(1		)	(49		)
Net income (loss)	396			(20		)	75			(9		)	44			7			—			23		(1		)	(93		)	422
Less: net (income) loss attributable to non-controlling interests	(212		)	2			(32		)	—			(17		)	(2		)	—			—		—			—			(261		)
Net income (loss) attributable to Icahn Enterprises	$	184		$	(18	)	$	43		$	(9	)	$	27		$	5		$	—		$	23	$	(1	)	$	(93	)	$	161

Supplemental information:
Capital expenditures	$	—		$	108		$	46		$	15		$	162		$	26		$	4		$	—	$	2		$	—		$	363
Depreciation and amortization⁽¹⁾	$	—		$	83		$	58		$	7		$	29		$	15		$	5		$	5	$	2		$	—		$	204



	Three Months Ended March 31, 2014
	Investment			Automotive			Energy			Metals			Railcar			Gaming			Food Packaging			Real Estate		Home Fashion			Holding Company			Consolidated
	(in millions)
Revenues:
Net sales	$	—		$	1,779		$	2,447		$	189		$	118		$	—		$	88		$	3	$	42		$	—		$	4,666
Other revenues from operations	—			—			—			—			93			149			—			19		—			—			261
Net gain (loss) from investment activities	(10		)	—			—			—			—			—			—			—		—			(21		)	(31		)
Interest and dividend income	55			1			—			—			1			1			—			—		—			1			59
Other income (loss), net	1			9			109			1			(5		)	37			(15		)	2		1			(105		)	35
	46			1,789			2,556			190			207			187			73			24		43			(125		)	4,990
Expenses:
Cost of goods sold	—			1,506			2,247			192			93			—			66			1		37			—			4,142
Other expenses from operations	—			—			—			—			43			74			—			12		—			—			129
Selling, general and administrative	22			193			32			6			12			67			11			3		7			7			360
Restructuring	—			8			—			—			—			—			—			—		—			—			8
Impairment	—			1			—			—			—			—			—			—		—			—			1
Interest expense	39			25			10			—			12			3			5			1		—			75			170
	61			1,733			2,289			198			160			144			82			17		44			82			4,810
Income (loss) before income tax (expense) benefit	(15		)	56			267			(8		)	47			43			(9		)	7		(1		)	(207		)	180
Income tax (expense) benefit	—			(16		)	(63		)	3			(11		)	(10		)	3			—		—			(9		)	(103		)
Net income (loss)	(15		)	40			204			(5		)	36			33			(6		)	7		(1		)	(216		)	77
Less: net (income) loss attributable to non-controlling interests	20			(9		)	(94		)	—			(15		)	(10		)	2			—		—			—			(106		)
Net income (loss) attributable to Icahn Enterprises	$	5		$	31		$	110		$	(5	)	$	21		$	23		$	(4	)	$	7	$	(1	)	$	(216	)	$	(29	)

Supplemental information:
Capital expenditures	$	—		$	96		$	62		$	4		$	102		$	12		$	5		$	—	$	1		$	—		$	282
Depreciation and amortization⁽¹⁾	$	—		$	80		$	53		$	6		$	26		$	9		$	5		$	6	$	2		$	—		$	187


⁽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 $10 million for the three months ended March 31, 2015 and 2014, respectively.

Icahn Enterprises' condensed balance sheets by reporting segment as of March 31, 2015 and December 31, 2014 are presented below:



	March 31, 2015
	Investment		Automotive		Energy		Metals		Railcar			Gaming		Food Packaging		Real Estate		Home Fashion		Holding Company			Consolidated
	(in millions)
ASSETS
Cash and cash equivalents	$	9	$	323	$	852	$	10	$	581		$	186	$	39	$	36	$	6	$	826		$	2,868
Cash held at consolidated affiliated partnerships and restricted cash	1,903		—		—		4		45			14		1		30		5		3			2,005
Investments	14,393		257		38		—		30			35		—		—		—		116			14,869
Accounts receivable, net	—		1,443		137		38		46			9		62		5		36		—			1,776
Inventories, net	—		1,290		311		60		122			—		79		—		75		—			1,937
Property, plant and equipment, net	—		2,295		2,676		150		2,507			725		149		622		74		3			9,201
Goodwill and intangible assets, net	—		1,845		1,179		7		7			75		9		56		3		—			3,181
Other assets	295		444		154		24		91			215		89		24		10		58			1,404
Total assets	$	16,600	$	7,897	$	5,347	$	293	$	3,429		$	1,259	$	428	$	773	$	209	$	1,006		$	37,241
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	1,310	$	1,987	$	1,450	$	54	$	308		$	123	$	65	$	22	$	30	$	129		$	5,478
Securities sold, not yet purchased, at fair value	958		—		—		—		—			—		—		—		—		—			958
Due to brokers	4,627		—		—		—		—			—		—		—		—		—			4,627
Post-employment benefit liability	—		1,295		—		2		8			—		50		—		—		—			1,355
Debt	—		2,904		675		3		2,420			294		273		31		—		5,488			12,088
Total liabilities	6,895		6,186		2,125		59		2,736			417		388		53		30		5,617			24,506

Equity attributable to Icahn Enterprises	4,470		1,356		1,652		234		714			582		26		720		179		(4,611		)	5,322
Equity attributable to non-controlling interests	5,235		355		1,570		—		(21		)	260		14		—		—		—			7,413
Total equity	9,705		1,711		3,222		234		693			842		40		720		179		(4,611		)	12,735
Total liabilities and equity	$	16,600	$	7,897	$	5,347	$	293	$	3,429		$	1,259	$	428	$	773	$	209	$	1,006		$	37,241



	December 31, 2014
	Investment		Automotive		Energy		Metals		Railcar			Gaming		Food Packaging		Real Estate		Home Fashion		Holding Company			Consolidated
	(in millions)
ASSETS
Cash and cash equivalents	$	2	$	332	$	754	$	19	$	412		$	196	$	39	$	24	$	11	$	1,123		$	2,912
Cash held at consolidated affiliated partnerships and restricted cash	1,366		—		—		4		35			16		1		2		8		3			1,435
Investments	13,961		269		77		—		29			33		—		—		—		131			14,500
Accounts receivable, net	—		1,356		137		51		41			9		63		4		30		—			1,691
Inventories, net	—		1,215		330		67		117			—		77		—		73		—			1,879
Property, plant and equipment, net	—		2,160		2,692		144		2,376			719		154		633		74		3			8,955
Goodwill and intangible assets, net	—		1,744		1,184		8		7			75		9		58		3		—			3,088
Other assets	131		453		160		22		103			212		93		24		9		113			1,320
Total assets	$	15,460	$	7,529	$	5,334	$	315	$	3,120		$	1,260	$	436	$	745	$	208	$	1,373		$	35,780
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	864	$	1,933	$	1,471	$	60	$	294		$	130	$	64	$	20	$	28	$	13		$	4,877
Securities sold, not yet purchased, at fair value	337		—		—		—		—			—		—		—		—		—			337
Due to brokers	5,197		—		—		—		—			—		—		—		—		—			5,197
Post-employment benefit liability	—		1,328		—		2		9			—		52		—		—		—			1,391
Debt	—		2,690		675		3		2,133			295		274		32		—		5,486			11,588
Total liabilities	6,398		5,951		2,146		65		2,436			425		390		52		28		5,499			23,390

Equity attributable to Icahn Enterprises	4,284		1,231		1,612		250		711			578		30		693		180		(4,126		)	5,443
Equity attributable to non-controlling interests	4,778		347		1,576		—		(27		)	257		16		—		—		—			6,947
Total equity	9,062		1,578		3,188		250		684			835		46		693		180		(4,126		)	12,390
Total liabilities and equity	$	15,460	$	7,529	$	5,334	$	315	$	3,120		$	1,260	$	436	$	745	$	208	$	1,373		$	35,780

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 March 31,																March 31,		December 31,
	2015								2014								2015		2014
	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	$	123	$	396		$	184		$	39	$	(15	)	$	5		$	16,600	$	15,460
Automotive	36		(20		)	(18		)	25		40			31			7,897		7,529
Energy	12		75			43			10		204			110			5,347		5,334
Metals	—		(9		)	(9		)	—		(5		)	(5		)	293		315
Railcar	20		44			27			12		36			21			3,429		3,120
Gaming	3		7			5			3		33			23			1,259		1,260
Food Packaging	3		—			—			5		(6		)	(4		)	428		436
Real Estate	1		23			23			1		7			7			773		745
Home Fashion	—		(1		)	(1		)	—		(1		)	(1		)	209		208
Holding Company	72		(93		)	(93		)	75		(216		)	(216		)	1,029		1,396
Consolidated	$	270	$	422		$	161		$	170	$	77		$	(29	)	$	37,264	$	35,803

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 $10 million for the three months ended March 31, 2015 and 2014, respectively.