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 nine months ended September 30, 2016 and 2015 are presented below:



	Three Months Ended September 30, 2016
	Investment			Automotive			Energy			Metals			Railcar			Gaming			Mining			Food Packaging			Real Estate		Home Fashion			Holding Company			Consolidated
	(in millions)
Revenues:
Net sales	$	—		$	2,346		$	1,240		$	72		$	94		$	—		$	18		$	81		$	5	$	48		$	—		$	3,904
Other revenues from operations	—			116			—			—			133			268			—			—			20		—			—			537
Net gain from investment activities	412			—			5			—			—			—			—			—			—		—			1			418
Interest and dividend income	24			—			1			—			—			—			—			—			—		—			2			27
Other (loss) income, net	(1		)	14			(2		)	—			1			3			(1		)	(1		)	—		—			—			13
	435			2,476			1,244			72			228			271			17			80			25		48			3			4,899
Expenses:
Cost of goods sold	—			1,899			1,195			78			86			—			13			61			4		42			—			3,378
Other expenses from operations	—			122			—			—			80			127			—			—			13		—			—			342
Selling, general and administrative	21			382			35			4			10			118			4			12			4		10			3			603
Restructuring	—			7			—			1			—			—			—			—			—		—			—			8
Impairment	—			1			—			—			—			92			—			—			—		—			—			93
Interest expense	52			41			26			—			22			3			2			4			—		—			72			222
	73			2,452			1,256			83			198			340			19			77			21		52			75			4,646
Income (loss) before income tax (expense) benefit	362			24			(12		)	(11		)	30			(69		)	(2		)	3			4		(4		)	(72		)	253
Income tax (expense) benefit	—			9			4			5			(9		)	(14		)	(1		)	(1		)	—		—			(8		)	(15		)
Net income (loss)	362			33			(8		)	(6		)	21			(83		)	(3		)	2			4		(4		)	(80		)	238
Less: net (income) loss attributable to non-controlling interests	(251		)	(4		)	10			—			(3		)	(6		)	1			(1		)	—		—			—			(254		)
Net income (loss) attributable to Icahn Enterprises	$	111		$	29		$	2		$	(6	)	$	18		$	(89	)	$	(2	)	$	1		$	4	$	(4	)	$	(80	)	$	(16	)

Supplemental information:
Capital expenditures	$	—		$	98		$	23		$	1		$	42		$	15		$	7		$	5		$	—	$	3		$	—		$	194
Depreciation and amortization⁽¹⁾	$	—		$	115		$	68		$	6		$	35		$	18		$	2		$	4		$	4	$	1		$	—		$	253



	Three Months Ended September 30, 2015
	Investment			Automotive			Energy			Metals			Railcar			Gaming			Mining			Food Packaging			Real Estate		Home Fashion			Holding Company			Consolidated
	(in millions)
Revenues:
Net sales	$	—		$	1,980		$	1,409		$	92		$	92		$	—		$	12		$	86		$	1	$	48		$	—		$	3,720
Other revenues from operations	—			—			—			—			126			219			—			—			21		—			—			366
Net gain (loss) from investment activities	(948		)	—			—			—			—			—			—			—			—		—			1			(947		)
Interest and dividend income	32			1			—			—			1			1			1			—			—		—			—			36
Other (loss) income, net	(1		)	6			13			—			3			—			(2		)	(5		)	20		1			2			37
	(917		)	1,987			1,422			92			222			220			11			81			42		49			3			3,212
Expenses:
Cost of goods sold	—			1,660			1,270			102			69			—			14			68			—		41			—			3,224
Other expenses from operations	—			—			—			—			51			104			—			—			13		—			—			168
Selling, general and administrative	(24		)	269			34			5			12			84			5			14			4		9			6			418
Restructuring	—			18			—			—			—			—			—			—			—		—			—			18
Impairment	—			6			—			—			—			—			—			—			—		—			—			6
Interest expense	148			37			12			—			20			3			—			3			1		—			72			296
	124			1,990			1,316			107			152			191			19			85			18		50			78			4,130
(Loss) income before income tax (expense) benefit	(1,041		)	(3		)	106			(15		)	70			29			(8		)	(4		)	24		(1		)	(75		)	(918		)
Income tax (expense) benefit	—			(7		)	(17		)	7			(16		)	(12		)	1			—			—		—			22			(22		)
Net (loss) income	(1,041		)	(10		)	89			(8		)	54			17			(7		)	(4		)	24		(1		)	(53		)	(940		)
Less: net loss (income) attributable to non-controlling interests	562			(1		)	(39		)	—			(19		)	(5		)	1			1			—		—			—			500
Net (loss) income attributable to Icahn Enterprises	$	(479	)	$	(11	)	$	50		$	(8	)	$	35		$	12		$	(6	)	$	(3	)	$	24	$	(1	)	$	(53	)	$	(440	)

Supplemental information:
Capital expenditures	$	—		$	111		$	55		$	4		$	133		$	16		$	12		$	6		$	—	$	1		$	—		$	338
Depreciation and amortization⁽¹⁾	$	—		$	89		$	56		$	8		$	32		$	17		$	3		$	6		$	5	$	1		$	—		$	217



	Nine Months Ended September 30, 2016
	Investment			Automotive			Energy			Metals			Railcar			Gaming			Mining			Food Packaging			Real Estate		Home Fashion			Holding Company			Consolidated
	(in millions)
Revenues:
Net sales	$	—		$	7,140		$	3,429		$	206		$	315		$	—		$	49		$	243		$	13	$	151		$	—		$	11,546
Other revenues from operations	—			314			—			—			398			740			—			—			54		—			—			1,506
Net (loss) income from investment activities	(841		)	—			5			—			—			—			—			—			—		—			10			(826		)
Interest and dividend income	84			2			1			—			2			—			1			—			—		—			7			97
Other (loss) income, net	(3		)	60			(10		)	1			4			3			(9		)	4			1		1			1			53
	(760		)	7,516			3,425			207			719			743			41			247			68		152			18			12,376
Expenses:
Cost of goods sold	—			5,797			3,297			217			270			—			43			185			10		130			—			9,949
Other expenses from operations	—			323			—			—			186			358			—			—			35		—			—			902
Selling, general and administrative	28			1,131			103			14			32			329			12			39			9		28			11			1,736
Restructuring	—			28			—			1			—			—			—			—			—		—			—			29
Impairment	—			4			574			—			—			92			—			—			—		—			—			670
Interest expense	184			118			56			—			66			9			5			10			1		—			216			665
	212			7,401			4,030			232			554			788			60			234			55		158			227			13,951
(Loss) income before income tax (expense) benefit	(972		)	115			(605		)	(25		)	165			(45		)	(19		)	13			13		(6		)	(209		)	(1,575		)
Income tax (expense) benefit	—			(12		)	17			12			(42		)	(24		)	(2		)	(5		)	—		—			(25		)	(81		)
Net (loss) income	(972		)	103			(588		)	(13		)	123			(69		)	(21		)	8			13		(6		)	(234		)	(1,656		)
Less: net loss (income) attributable to non-controlling interests	526			(18		)	259			—			(25		)	(11		)	5			(2		)	—		—			—			734
Net (loss) income attributable to Icahn Enterprises	$	(446	)	$	85		$	(329	)	$	(13	)	$	98		$	(80	)	$	(16	)	$	6		$	13	$	(6	)	$	(234	)	$	(922	)

Supplemental information:
Capital expenditures	$	—		$	306		$	106		$	3		$	104		$	63		$	12		$	11		$	—	$	10		$	—		$	615
Depreciation and amortization⁽¹⁾	$	—		$	332		$	191		$	17		$	103		$	53		$	3		$	15		$	15	$	5		$	—		$	734



	Nine Months Ended September 30, 2015
	Investment			Automotive			Energy			Metals			Railcar			Gaming			Mining			Food Packaging			Real Estate		Home Fashion			Holding Company			Consolidated
	(in millions)
Revenues:
Net sales	$	—		$	5,831		$	4,422		$	301		$	281		$	—		$	18		$	262		$	2	$	147		$	—		$	11,264
Other revenues from operations	—			—			—			—			367			615			—			—			60		—			—			1,042
Net gain (loss) from investment activities	231			—			36			—			—			—			—			—			—		—			(31		)	236
Interest and dividend income	125			4			1			—			2			1			1			—			—		—			2			136
Other (loss) income, net	(1		)	41			(51		)	3			5			(1		)	(3		)	(8		)	41		1			2			29
	355			5,876			4,408			304			655			615			16			254			103		148			(27		)	12,707
Expenses:
Cost of goods sold	—			4,950			3,839			328			208			—			20			201			1		126			—			9,673
Other expenses from operations	—			—			—			—			151			297			—			—			36		—			—			484
Selling, general and administrative	206			722			99			15			31			253			7			37			9		25			19			1,423
Restructuring	—			57			—			—			—			—			—			—			—		—			—			57
Impairment	—			10			—			—			—			—			—			—			—		—			—			10
Interest expense	412			107			36			—			61			9			1			9			2		—			216			853
	618			5,846			3,974			343			451			559			28			247			48		151			235			12,500
(Loss) income before income tax (expense) benefit	(263		)	30			434			(39		)	204			56			(12		)	7			55		(3		)	(262		)	207
Income tax (expense) benefit	—			(30		)	(87		)	17			(50		)	(23		)	(1		)	(5		)	—		—			(5		)	(184		)
Net (loss) income	(263		)	—			347			(22		)	154			33			(13		)	2			55		(3		)	(267		)	23
Less: net loss (income) attributable to non-controlling interests	144			(4		)	(166		)	—			(56		)	(10		)	3			(1		)	—		—			—			(90		)
Net (loss) income attributable to Icahn Enterprises	$	(119	)	$	(4	)	$	181		$	(22	)	$	98		$	23		$	(10	)	$	1		$	55	$	(3	)	$	(267	)	$	(67	)

Supplemental information:
Capital expenditures	$	—		$	328		$	142		$	23		$	463		$	77		$	14		$	15		$	1	$	4		$	—		$	1,067
Depreciation and amortization⁽¹⁾	$	—		$	257		$	172		$	22		$	93		$	46		$	4		$	15		$	16	$	5		$	—		$	630


⁽¹⁾	Excludes amounts related to the amortization of deferred financing costs and debt discounts and premiums included in interest expense in the amounts of $6 million and $5 million for the three months ended September 30, 2016 and 2015, respectively, and $14 million and $11 million for the nine months ended September 30, 2016 and 2015, respectively.

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



	September 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	$	14	$	375	$	763	$	5	$	299	$	290	$	2	$	47	$	13	$	2	$	192		$	2,002
Cash held at consolidated affiliated partnerships and restricted cash	615		4		—		5		44		13		—		2		2		5		2			692
Investments	9,317		275		—		—		36		36		—		—		—		—		323			9,987
Accounts receivable, net	—		1,405		140		32		33		12		2		57		3		41		—			1,725
Inventories, net	—		2,335		323		39		85		—		25		78		—		72		—			2,957
Property, plant and equipment, net	—		3,383		3,392		103		2,767		821		144		150		607		76		3			11,446
Goodwill and intangible assets, net	—		1,790		322		4		7		74		—		7		41		3		—			2,248
Other assets	977		503		91		14		77		230		23		85		18		6		4			2,028
Total assets	$	10,923	$	10,070	$	5,031	$	202	$	3,348	$	1,476	$	196	$	426	$	684	$	205	$	524		$	33,085
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	774	$	2,795	$	1,445	$	31	$	360	$	167	$	38	$	63	$	15	$	35	$	149		$	5,872
Securities sold, not yet purchased, at fair value	1,210		—		—		—		—		—		—		—		—		—		—			1,210
Due to brokers	3,030		—		—		—		—		—		—		—		—		—		—			3,030
Post-employment benefit liability	—		1,142		—		2		8		—		—		52		—		—		—			1,204
Debt	—		3,338		1,167		—		2,343		287		56		265		25		1		5,489			12,971
Total liabilities	5,014		7,275		2,612		33		2,711		454		94		380		40		36		5,638			24,287

Equity attributable to Icahn Enterprises	1,825		2,457		1,054		169		424		750		79		31		644		169		(5,114		)	2,488
Equity attributable to non-controlling interests	4,084		338		1,365		—		213		272		23		15		—		—		—			6,310
Total equity	5,909		2,795		2,419		169		637		1,022		102		46		644		169		(5,114		)	8,798
Total liabilities and equity	$	10,923	$	10,070	$	5,031	$	202	$	3,348	$	1,476	$	196	$	426	$	684	$	205	$	524		$	33,085



	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		610		72		3			9,678
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		20		9		108			1,458
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 September 30,																September 30,		December 31,
	2016								2015								2016		2015
	Interest Expense		Net Income (Loss)			Net Income (Loss) Attributable to Icahn Enterprises Holdings			Interest Expense		Net (Loss) Income			Net (Loss) Income Attributable to Icahn Enterprises Holdings			Total Assets		Total Assets
	(in millions)																(in millions)
Investment	$	52	$	362		$	111		$	148	$	(1,041	)	$	(479	)	$	10,923	$	16,140
Automotive	41		33			29			37		(10		)	(11		)	10,070		7,943
Energy	26		(8		)	2			12		89			50			5,031		4,888
Metals	—		(6		)	(6		)	—		(8		)	(8		)	202		215
Railcar	22		21			18			20		54			35			3,348		3,681
Gaming	3		(83		)	(89		)	3		17			12			1,476		1,281
Mining	2		(3		)	(2		)	—		(7		)	(6		)	196		203
Food Packaging	4		2			1			3		(4		)	(3		)	426		416
Real Estate	—		4			4			1		24			24			684		701
Home Fashion	—		(4		)	(4		)	—		(1		)	(1		)	205		206
Holding Company	72		(80		)	(80		)	72		(53		)	(53		)	549		753
Consolidated	$	222	$	238		$	(16	)	$	296	$	(940	)	$	(440	)	$	33,110	$	36,427



	Nine Months Ended September 30,
	2016								2015
	Interest Expense		Net (Loss) Income			Net (Loss) Income Attributable to Icahn Enterprises Holdings			Interest Expense		Net (Loss) Income			Net (Loss) Income Attributable to Icahn Enterprises Holdings
	(in millions)
Investment	$	184	$	(972	)	$	(446	)	$	412	$	(263	)	$	(119	)
Automotive	118		103			85			107		—			(4		)
Energy	56		(588		)	(329		)	36		347			181
Metals	—		(13		)	(13		)	—		(22		)	(22		)
Railcar	66		123			98			61		154			98
Gaming	9		(69		)	(80		)	9		33			23
Mining	5		(21		)	(16		)	1		(13		)	(10		)
Food Packaging	10		8			6			9		2			1
Real Estate	1		13			13			2		55			55
Home Fashion	—		(6		)	(6		)	—		(3		)	(3		)
Holding Company	215		(233		)	(233		)	215		(266		)	(266		)
Consolidated	$	664	$	(1,655	)	$	(921	)	$	852	$	24		$	(66	)

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 $6 million and $5 million for the three months ended September 30, 2016 and 2015, respectively, and $14 million and $10 million for the nine months ended September 30, 2016 and 2015, respectively.