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 months ended March 31, 2016 and 2015 are presented below:



	Three Months Ended March 31, 2016
	Investment			Automotive			Energy			Metals			Railcar			Gaming			Mining			Food Packaging			Real Estate		Home Fashion		Holding Company			Consolidated
	(in millions)
Revenues:
Net sales	$	—		$	2,321		$	906		$	58		$	124		$	—		$	10		$	77		$	2	$	50	$	—		$	3,548
Other revenues from operations	—			80			—			—			132			218			—			—			16		—		—			446
Net (loss) income from investment activities	(945		)	—			—			—			—			—			—			—			—		—		9			(936		)
Interest and dividend income	38			1			—			—			1			—			—			—			—		—		2			42
Other income (loss), net	(1		)	24			(1		)	—			2			—			(3		)	4			1		1		—			27
	(908		)	2,426			905			58			259			218			7			81			19		51		11			3,127
Expenses:
Cost of goods sold	—			1,912			927			64			102			—			14			61			1		42		—			3,123
Other expenses from operations	—			76			—			—			54			106			—			—			10		—		—			246
Selling, general and administrative	(12		)	350			35			4			12			97			4			12			3		9		4			518
Restructuring	—			15			—			—			—			—			—			—			—		—		—			15
Impairment	—			3			574			—			—			—			—			—			—		—		—			577
Interest expense	87			39			11			—			23			3			1			3			1		—		73			241
	75			2,395			1,547			68			191			206			19			76			15		51		77			4,720
(Loss) income before income tax (expense) benefit	(983		)	31			(642		)	(10		)	68			12			(12		)	5			4		—		(66		)	(1,593		)
Income tax (expense) benefit	—			(3		)	28			4			(18		)	(6		)	(1		)	(1		)	—		—		(19		)	(16		)
Net (loss) income	(983		)	28			(614		)	(6		)	50			6			(13		)	4			4		—		(85		)	(1,609		)
Less: net loss (income) attributable to non-controlling interests	533			(7		)	261			—			(14		)	(3		)	3			(1		)	—		—		—			772
Net (loss) income attributable to Icahn Enterprises	$	(450	)	$	21		$	(353	)	$	(6	)	$	36		$	3		$	(10	)	$	3		$	4	$	—	$	(85	)	$	(837	)

Supplemental information:
Capital expenditures	$	—		$	99		$	48		$	1		$	39		$	16		$	2		$	3		$	—	$	2	$	—		$	210
Depreciation and amortization⁽¹⁾	$	—		$	104		$	56		$	6		$	34		$	17		$	1		$	5		$	5	$	2	$	—		$	230



	Three Months Ended March 31, 2015
	Investment			Automotive			Energy			Metals			Railcar			Gaming			Mining		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 gain (loss) 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


⁽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 March 31, 2016 and 2015, respectively.

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



	March 31, 2016
	Investment		Automotive		Energy		Metals		Railcar		Gaming		Mining		Food Packaging		Real Estate		Home Fashion		Holding Company			Consolidated
	(in millions)
ASSETS
Cash and cash equivalents	$	12	$	309	$	682	$	6	$	346	$	251	$	5	$	37	$	11	$	5	$	212		$	1,876
Cash held at consolidated affiliated partnerships and restricted cash	663		4		—		5		52		11		—		2		2		9		3			751
Investments	9,271		313		5		—		27		42		—		—		—		—		368			10,026
Accounts receivable, net	—		1,546		110		27		34		12		3		62		3		42		—			1,839
Inventories, net	—		2,342		259		39		76		—		29		80		—		71		—			2,896
Property, plant and equipment, net	—		3,281		2,692		112		2,772		886		135		152		467		72		3			10,572
Goodwill and intangible assets, net	—		1,915		332		4		7		91		—		8		46		3		—			2,406
Other assets	630		576		103		13		88		221		20		85		161		6		13			1,916
Total assets	$	10,576	$	10,286	$	4,183	$	206	$	3,402	$	1,514	$	192	$	426	$	690	$	208	$	599		$	32,282
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	924	$	3,000	$	1,327	$	30	$	297	$	143	$	32	$	64	$	14	$	33	$	388		$	6,252
Securities sold, not yet purchased, at fair value	1,052		—		—		—		—		—		—		—		—		—		—			1,052
Due to brokers	2,710		—		—		—		—		—		—		—		—		—		—			2,710
Post-employment benefit liability	—		1,169		—		2		8		—		—		51		—		—		—			1,230
Debt	—		3,282		668		—		2,461		288		50		267		27		—		5,487			12,530
Total liabilities	4,686		7,451		1,995		32		2,766		431		82		382		41		33		5,875			23,774

Equity attributable to Icahn Enterprises	1,820		2,502		1,119		174		423		816		85		29		649		175		(5,276		)	2,516
Equity attributable to non-controlling interests	4,070		333		1,069		—		213		267		25		15		—		—		—			5,992
Total equity	5,890		2,835		2,188		174		636		1,083		110		44		649		175		(5,276		)	8,508
Total liabilities and equity	$	10,576	$	10,286	$	4,183	$	206	$	3,402	$	1,514	$	192	$	426	$	690	$	208	$	599		$	32,282



	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 March 31,																March 31,		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	$	87	$	(983	)	$	(450	)	$	123	$	396		$	184		$	10,576	$	16,140
Automotive	39		28			21			36		(20		)	(18		)	10,286		7,943
Energy	11		(614		)	(353		)	12		75			43			4,183		4,888
Metals	—		(6		)	(6		)	—		(9		)	(9		)	206		215
Railcar	23		50			36			20		44			27			3,402		3,681
Gaming	3		6			3			3		7			5			1,514		1,281
Mining	1		(13		)	(10		)	—		—			—			192		203
Food Packaging	3		4			3			3		—			—			426		416
Real Estate	1		4			4			1		23			23			690		701
Home Fashion	—		—			—			—		(1		)	(1		)	208		206
Holding Company	73		(85		)	(85		)	72		(93		)	(93		)	623		753
Consolidated	$	241	$	(1,609	)	$	(837	)	$	270	$	422		$	161		$	32,306	$	36,427

Amounts related to the amortization of debt discounts and premiums included in interest expense for the consolidated results of Icahn Enterprises Holdings were $4 million and $3 million for the three months ended March 31, 2016 and 2015, respectively.