Segment Reporting.

We are a diversified holding company owning subsidiaries currently engaged in the following continuing operating businesses: Investment, Automotive, Energy, Metals, Railcar, Gaming, Mining, Food Packaging, Real Estate and Home Fashion. We also report the results of our Holding Company, which includes the results of certain subsidiaries of Icahn Enterprises and Icahn Enterprises Holdings, and investment activity and expenses associated with the Holding Company. 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. 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, 2016 and 2015 are presented below:



	Three Months Ended June 30, 2016
	Investment			Automotive			Energy			Metals			Railcar			Gaming			Mining			Food Packaging			Real Estate		Home Fashion			Holding Company			Consolidated
	(in millions)
Revenues:
Net sales	$	—		$	2,473		$	1,283		$	76		$	97		$	—		$	21		$	85		$	6	$	53		$	—		$	4,094
Other revenues from operations	—			118			—			—			133			254			—			—			18		—			—			523
Net loss from investment activities	(308		)	—			—			—			—			—			—			—			—		—			—			(308		)
Interest and dividend income	22			1			—			—			1			—			1			—			—		—			3			28
Other (loss) income, net	(1		)	22			(7		)	1			1			—			(5		)	1			—		—			1			13
	(287		)	2,614			1,276			77			232			254			17			86			24		53			4			4,350
Expenses:
Cost of goods sold	—			1,986			1,175			75			82			—			16			63			5		46			—			3,448
Other expenses from operations	—			125			—			—			52			125			—			—			12		—			—			314
Selling, general and administrative	19			399			33			6			10			114			4			15			2		9			4			615
Restructuring	—			6			—			—			—			—			—			—			—		—			—			6
Impairment	—			—			—			—			—			—			—			—			—		—			—			—
Interest expense	45			38			19			—			21			3			2			3			—		—			71			202
	64			2,554			1,227			81			165			242			22			81			19		55			75			4,585
(Loss) income before income tax (expense) benefit	(351		)	60			49			(4		)	67			12			(5		)	5			5		(2		)	(71		)	(235		)
Income tax (expense) benefit	—			(18		)	(15		)	3			(15		)	(4		)	—			(3		)	—		—			2			(50		)
Net (loss) income	(351		)	42			34			(1		)	52			8			(5		)	2			5		(2		)	(69		)	(285		)
Less: net loss (income) attributable to non-controlling interests	244			(7		)	(12		)	—			(8		)	(2		)	1			—			—		—			—			216
Net (loss) income attributable to Icahn Enterprises	$	(107	)	$	35		$	22		$	(1	)	$	44		$	6		$	(4	)	$	2		$	5	$	(2	)	$	(69	)	$	(69	)

Supplemental information:
Capital expenditures	$	—		$	109		$	35		$	1		$	23		$	32		$	3		$	3		$	—	$	5		$	—		$	211
Depreciation and amortization⁽¹⁾	$	—		$	113		$	67		$	5		$	34		$	18		$	—		$	6		$	6	$	2		$	—		$	251



	Three Months Ended June 30, 2015
	Investment			Automotive			Energy			Metals			Railcar			Gaming			Mining			Food Packaging			Real Estate		Home Fashion			Holding Company			Consolidated
	(in millions)
Revenues:
Net sales	$	—		$	2,016		$	1,624		$	103		$	86		$	—		$	6		$	91		$	1	$	52		$	—		$	3,979
Other revenues from operations	—			—			—			—			124			203			—			—			20		—			—			347
Net gain (loss) from investment activities	609			—			1			—			—			—			—			—			—		—			(18		)	592
Interest and dividend income	44			2			—			—			—			—			—			—			—		—			1			47
Other income (loss), net	—			26			(13		)	3			2			—			(1		)	—			2		—			—			19
	653			2,044			1,612			106			212			203			5			91			23		52			(17		)	4,984
Expenses:
Cost of goods sold	—			1,706			1,332			110			57			—			6			67			1		45			—			3,324
Other expenses from operations	—			—			—			—			52			97			—			—			12		—			—			161
Selling, general and administrative	130			236			33			5			8			87			2			11			2		8			6			528
Restructuring	—			27			—			—			—			—			—			—			—		—			—			27
Impairment	—			3			—			—			—			—			—			—			—		—			—			3
Interest expense	141			34			12			—			21			3			1			3			—		—			72			287
	271			2,006			1,377			115			138			187			9			81			15		53			78			4,330
Income (loss) before income tax (expense) benefit	382			38			235			(9		)	74			16			(4		)	10			8		(1		)	(95		)	654
Income tax (expense) benefit	—			(8		)	(52		)	4			(18		)	(7		)	(2		)	(4		)	—		—			(26		)	(113		)
Net income (loss)	382			30			183			(5		)	56			9			(6		)	6			8		(1		)	(121		)	541
Less: net (income) loss attributable to non-controlling interests	(206		)	(5		)	(95		)	—			(20		)	(3		)	2			(2		)	—		—			—			(329		)
Net income (loss) attributable to Icahn Enterprises	$	176		$	25		$	88		$	(5	)	$	36		$	6		$	(4	)	$	4		$	8	$	(1	)	$	(121	)	$	212

Supplemental information:
Capital expenditures	$	—		$	109		$	41		$	4		$	168		$	35		$	2		$	5		$	1	$	1		$	—		$	366
Depreciation and amortization⁽¹⁾	$	—		$	85		$	58		$	7		$	32		$	14		$	1		$	4		$	6	$	2		$	—		$	209



	Six Months Ended June 30, 2016
	Investment			Automotive			Energy			Metals			Railcar			Gaming			Mining			Food Packaging			Real Estate		Home Fashion			Holding Company			Consolidated
	(in millions)
Revenues:
Net sales	$	—		$	4,794		$	2,189		$	134		$	221		$	—		$	31		$	162		$	8	$	103		$	—		$	7,642
Other revenues from operations	—			198			—			—			265			472			—			—			34		—			—			969
Net (loss) income from investment activities	(1,253		)	—			—			—			—			—			—			—			—		—			9			(1,244		)
Interest and dividend income	60			2			—			—			2			—			1			—			—		—			5			70
Other (loss) income, net	(2		)	46			(8		)	1			3			—			(8		)	5			1		1			1			40
	(1,195		)	5,040			2,181			135			491			472			24			167			43		104			15			7,477
Expenses:
Cost of goods sold	—			3,898			2,102			139			184			—			30			124			6		88			—			6,571
Other expenses from operations	—			201			—			—			106			231			—			—			22		—			—			560
Selling, general and administrative	7			749			68			10			22			211			8			27			5		18			8			1,133
Restructuring	—			21			—			—			—			—			—			—			—		—			—			21
Impairment	—			3			574			—			—			—			—			—			—		—			—			577
Interest expense	132			77			30			—			44			6			3			6			1		—			144			443
	139			4,949			2,774			149			356			448			41			157			34		106			152			9,305
(Loss) income before income tax (expense) benefit	(1,334		)	91			(593		)	(14		)	135			24			(17		)	10			9		(2		)	(137		)	(1,828		)
Income tax (expense) benefit	—			(21		)	13			7			(33		)	(10		)	(1		)	(4		)	—		—			(17		)	(66		)
Net (loss) income	(1,334		)	70			(580		)	(7		)	102			14			(18		)	6			9		(2		)	(154		)	(1,894		)
Less: net loss (income) attributable to non-controlling interests	777			(14		)	249			—			(22		)	(5		)	4			(1		)	—		—			—			988
Net (loss) income attributable to Icahn Enterprises	$	(557	)	$	56		$	(331	)	$	(7	)	$	80		$	9		$	(14	)	$	5		$	9	$	(2	)	$	(154	)	$	(906	)

Supplemental information:
Capital expenditures	$	—		$	208		$	83		$	2		$	62		$	48		$	5		$	6		$	—	$	7		$	—		$	421
Depreciation and amortization⁽¹⁾	$	—		$	217		$	123		$	11		$	68		$	35		$	1		$	11		$	11	$	4		$	—		$	481



	Six Months Ended June 30, 2015
	Investment			Automotive			Energy			Metals			Railcar			Gaming			Mining			Food Packaging			Real Estate		Home Fashion			Holding Company			Consolidated
	(in millions)
Revenues:
Net sales	$	—		$	3,851		$	3,013		$	209		$	189		$	—		$	6		$	176		$	1	$	99		$	—		$	7,544
Other revenues from operations	—			—			—			—			241			396			—			—			39		—			—			676
Net gain (loss) from investment activities	1,179			—			36			—			—			—			—			—			—		—			(32		)	1,183
Interest and dividend income	93			3			1			—			1			—			—			—			—		—			2			100
Other income (loss), net	—			35			(64		)	3			2			(1		)	(1		)	(3		)	21		—			—			(8		)
	1,272			3,889			2,986			212			433			395			5			173			61		99			(30		)	9,495
Expenses:
Cost of goods sold	—			3,290			2,569			226			139			—			6			133			1		85			—			6,449
Other expenses from operations	—			—			—			—			100			193			—			—			23		—			—			316
Selling, general and administrative	230			453			65			10			19			169			2			23			5		16			13			1,005
Restructuring	—			39			—			—			—			—			—			—			—		—			—			39
Impairment	—			4			—			—			—			—			—			—			—		—			—			4
Interest expense	264			70			24			—			41			6			1			6			1		—			144			557
	494			3,856			2,658			236			299			368			9			162			30		101			157			8,370
Income (loss) before income tax (expense) benefit	778			33			328			(24		)	134			27			(4		)	11			31		(2		)	(187		)	1,125
Income tax (expense) benefit	—			(23		)	(70		)	10			(34		)	(11		)	(2		)	(5		)	—		—			(27		)	(162		)
Net income (loss)	778			10			258			(14		)	100			16			(6		)	6			31		(2		)	(214		)	963
Less: net (income) loss attributable to non-controlling interests	(418		)	(3		)	(127		)	—			(37		)	(5		)	2			(2		)	—		—			—			(590		)
Net income (loss) attributable to Icahn Enterprises	$	360		$	7		$	131		$	(14	)	$	63		$	11		$	(4	)	$	4		$	31	$	(2	)	$	(214	)	$	373

Supplemental information:
Capital expenditures	$	—		$	217		$	87		$	19		$	330		$	61		$	2		$	9		$	1	$	3		$	—		$	729
Depreciation and amortization⁽¹⁾	$	—		$	168		$	116		$	14		$	61		$	29		$	1		$	9		$	11	$	4		$	—		$	413


⁽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 $3 million for the three months ended June 30, 2016 and 2015, respectively, and $8 million and $6 million for the six months ended June 30, 2016 and 2015, respectively.

Icahn Enterprises' condensed balance sheets by reporting segment as of June 30, 2016 and December 31, 2015 are presented below:



	June 30, 2016
	Investment		Automotive		Energy		Metals		Railcar		Gaming		Mining		Food Packaging		Real Estate		Home Fashion		Holding Company			Consolidated
	(in millions)
ASSETS
Cash and cash equivalents	$	13	$	345	$	691	$	1	$	337	$	248	$	19	$	36	$	16	$	3	$	211		$	1,920
Cash held at consolidated affiliated partnerships and restricted cash	610		5		—		5		51		12		—		2		2		4		3			694
Investments	9,217		266		5		—		27		37		—		—		—		—		323			9,875
Accounts receivable, net	—		1,429		150		38		51		15		4		63		4		42		—			1,796
Inventories, net	—		2,238		325		43		77		—		25		79		—		74		—			2,861
Property, plant and equipment, net	—		3,408		3,433		108		2,760		903		137		149		465		76		3			11,442
Goodwill and intangible assets, net	—		1,847		327		4		7		88		—		7		43		3		—			2,326
Other assets	353		565		105		14		82		230		23		89		161		6		8			1,636
Total assets	$	10,193	$	10,103	$	5,036	$	213	$	3,392	$	1,533	$	208	$	425	$	691	$	208	$	548		$	32,550
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	901	$	2,871	$	1,397	$	33	$	310	$	151	$	50	$	64	$	18	$	34	$	189		$	6,018
Securities sold, not yet purchased, at fair value	1,306		—		—		—		—		—		—		—		—		—		—			1,306
Due to brokers	2,447		—		—		—		—		—		—		—		—		—		—			2,447
Post-employment benefit liability	—		1,151		—		2		8		—		—		51		—		—		—			1,212
Debt	—		3,254		1,168		—		2,426		288		53		266		26		—		5,488			12,969
Total liabilities	4,654		7,276		2,565		35		2,744		439		103		381		44		34		5,677			23,952

Equity attributable to Icahn Enterprises	1,713		2,494		1,079		178		436		825		81		28		647		174		(5,129		)	2,526
Equity attributable to non-controlling interests	3,826		333		1,392		—		212		269		24		16		—		—		—			6,072
Total equity	5,539		2,827		2,471		178		648		1,094		105		44		647		174		(5,129		)	8,598
Total liabilities and equity	$	10,193	$	10,103	$	5,036	$	213	$	3,392	$	1,533	$	208	$	425	$	691	$	208	$	548		$	32,550



	December 31, 2015
	Investment		Automotive		Energy		Metals		Railcar			Gaming		Mining		Food Packaging		Real Estate		Home Fashion		Holding Company			Consolidated
	(in millions)
ASSETS
Cash and cash equivalents	$	10	$	201	$	765	$	12	$	623		$	217	$	14	$	37	$	19	$	14	$	166		$	2,078
Cash held at consolidated affiliated partnerships and restricted cash	1,199		—		—		4		53			14		—		1		2		6		3			1,282
Investments	14,553		296		—		—		27			26		—		—		—		—		449			15,351
Accounts receivable, net	—		1,418		96		26		36			9		4		60		2		34		—			1,685
Inventories, net	—		1,656		290		39		97			—		32		77		—		68		—			2,259
Property, plant and equipment, net	—		2,386		2,698		116		2,767			740		134		152		467		72		3			9,535
Goodwill and intangible assets, net	—		1,556		911		5		7			74		—		8		48		3		—			2,612
Other assets	378		430		128		13		71			201		19		81		163		9		108			1,601
Total assets	$	16,140	$	7,943	$	4,888	$	215	$	3,681		$	1,281	$	203	$	416	$	701	$	206	$	729		$	36,403
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	488	$	2,061	$	1,366	$	30	$	299		$	118	$	30	$	62	$	17	$	30	$	(60	)	$	4,441
Securities sold, not yet purchased, at fair value	794		—		—		—		—			—		—		—		—		—		—			794
Due to brokers	7,317		—		—		—		—			—		—		—		—		—		—			7,317
Post-employment benefit liability	—		1,163		—		2		8			—		—		51		—		—		—			1,224
Debt	—		3,135		667		1		2,671			289		50		267		28		—		5,486			12,594
Total liabilities	8,599		6,359		2,033		33		2,978			407		80		380		45		30		5,426			26,370

Equity attributable to Icahn Enterprises	3,428		1,270		1,508		182		742			604		95		23		656		176		(4,697		)	3,987
Equity attributable to non-controlling interests	4,113		314		1,347		—		(39		)	270		28		13		—		—		—			6,046
Total equity	7,541		1,584		2,855		182		703			874		123		36		656		176		(4,697		)	10,033
Total liabilities and equity	$	16,140	$	7,943	$	4,888	$	215	$	3,681		$	1,281	$	203	$	416	$	701	$	206	$	729		$	36,403

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 as well as due to/due from balances between Icahn Enterprises and Icahn Enterprises Holdings and are only reflected in the results of operations for the Holding Company. 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,
	2016								2015								2016		2015
	Interest Expense		Net (Loss) Income			Net (Loss) Income 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	$	45	$	(351	)	$	(107	)	$	141	$	382		$	176		$	10,193	$	16,140
Automotive	38		42			35			34		30			25			10,103		7,943
Energy	19		34			22			12		183			88			5,036		4,888
Metals	—		(1		)	(1		)	—		(5		)	(5		)	213		215
Railcar	21		52			44			21		56			36			3,392		3,681
Gaming	3		8			6			3		9			6			1,533		1,281
Mining	2		(5		)	(4		)	1		(6		)	(4		)	208		203
Food Packaging	3		2			2			3		6			4			425		416
Real Estate	—		5			5			—		8			8			691		701
Home Fashion	—		(2		)	(2		)	—		(1		)	(1		)	208		206
Holding Company	70		(68		)	(68		)	71		(120		)	(120		)	573		753
Consolidated	$	201	$	(284	)	$	(68	)	$	286	$	542		$	213		$	32,575	$	36,427



	Six Months Ended June 30,
	2016								2015
	Interest Expense		Net (Loss) Income			Net (Loss) Income Attributable to Icahn Enterprises Holdings			Interest Expense		Net Income (Loss)			Net Income (Loss) Attributable to Icahn Enterprises Holdings
	(in millions)
Investment	$	132	$	(1,334	)	$	(557	)	$	264	$	778		$	360
Automotive	77		70			56			70		10			7
Energy	30		(580		)	(331		)	24		258			131
Metals	—		(7		)	(7		)	—		(14		)	(14		)
Railcar	44		102			80			41		100			63
Gaming	6		14			9			6		16			11
Mining	3		(18		)	(14		)	1		(6		)	(4		)
Food Packaging	6		6			5			6		6			4
Real Estate	1		9			9			1		31			31
Home Fashion	—		(2		)	(2		)	—		(2		)	(2		)
Holding Company	143		(153		)	(153		)	143		(213		)	(213		)
Consolidated	$	442	$	(1,893	)	$	(905	)	$	556	$	964		$	374

Amounts related to the amortization of deferred financing costs and debt discounts and premiums included in interest expense for the consolidated results of Icahn Enterprises Holdings were $4 million and $2 million for the three months ended June 30, 2016 and 2015, respectively, and $8 million and $5 million for the six months ended June 30, 2016 and 2015, respectively.