Segment Reporting.

As of June 30, 2011, our eight reportable segments are: (1) Investment Management; (2) Automotive; (3) Gaming; (4) Railcar; (5) Food Packaging; (6) Metals; (7) Real Estate and (8) Home Fashion. Our Investment Management segment provides investment advisory and certain administrative and back office services to the Private Funds, but does not provide such services to any other entities, individuals or accounts. Our Automotive segment consists of Federal-Mogul. Our Gaming segment consists of Tropicana. Our Railcar segment consists of ARI. Our Food Packaging segment consists of Viskase. Our Metals segment consists of PSC Metals. Our Real Estate segment consists of rental real estate, property development and the operation of resort properties. Our Home Fashion segment consists of WPI. In addition to our eight reportable 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 operating businesses.

We assess and measure segment operating results based on net income attributable to Icahn Enterprises 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.

As described in Note 2, “Operating Units-Gaming,” we consolidated the results of Tropicana effective November 15, 2010. Our management evaluates the aggregate performance of the Investment Management segment with all of its investments stated on a fair value basis, including its investment in Tropicana. Accordingly, although we are required to consolidate the results of Tropicana effective November 15, 2010 and separately report their results as part of our Gaming segment, the column representing our Investment Management segment's results include the investment in Tropicana on a fair value basis with changes in fair value reflected in earnings for the three and six months ended June 30, 2011. We eliminate the fair value effects of Tropicana in the column labeled “Eliminations.”

As further described in Note 2, "Operating Units-Gaming," through distribution-in-kind transactions from our Investment Management segment directly to us, we currently directly own the investment in Tropicana's common stock, including its Exit Facility as of June 30, 2011.



	Three Months Ended June 30, 2011
	Investment Management			Automotive			Gaming			Railcar			Food Packaging			Metals		Real Estate		Home Fashion			Holding Company			Eliminations			Consolidated
	(in millions)
Revenues:
Net sales	$	—		$	1,800		$	—		$	94		$	89		$	288	$	12	$	82		$	—		$	—		$	2,365
Other revenues from operations	—			—			145			18			—			—		12		—			—			—			175
Net gain from investment activities	575			—			—			—			—			—		—		—			15			—			590
Interest and dividend income	26			2			—			1			—			—		1		—			—			(2		)	28
Other (loss) income, net	—			3			—			(3		)	—			—		—		2			1			—			3
	601			1,805			145			110			89			288		25		84			16			(2		)	3,161
Expenses:
Cost of goods sold	—			1,501			—			86			66			278		4		75			—			—			2,010
Other expenses from operations	—			—			75			13			—			—		5		—			—			—			93
Selling, general and administrative	28			185			65			5			11			7		10		15			7			—			333
Restructuring	—			—			—			—			—			—		—		1			—			—			1
Impairment	—			3			—			—			—			—		—		—			—			—			3
Interest expense	6			35			3			6			5			—		2		1			55			—			113
	34			1,724			143			110			82			285		21		92			62			—			2,553
Income (loss) before income tax (expense) benefit	567			81			2			—			7			3		4		(8		)	(46		)	(2		)	608
Income tax (expense) benefit	—			(17		)	1			—			(2		)	—		—		—			(6		)	—			(24		)
Net income (loss)	567			64			3			—			5			3		4		(8		)	(52		)	(2		)	584
Less: net (income) loss attributable to non-controlling interests	(278		)	(18		)	(2		)	—			(1		)	—		—		3			—			1			(295		)
Net income (loss) attributable to Icahn Enterprises	$	289		$	46		$	1		$	—		$	4		$	3	$	4	$	(5	)	$	(52	)	$	(1	)	$	289



	Three Months Ended June 30, 2010
	Investment Management			Automotive			Railcar			Food Packaging			Metals			Real Estate		Home Fashion			Holding Company			Consolidated
	(in millions)
Revenues:
Net sales	$	—		$	1,598		$	43		$	81		$	207		$	11	$	107		$	—		$	2,047
Other revenues from operations	—			—			19			—			—			13		—			—			32
Net loss from investment activities	(243		)	—			—			—			—			—		—			(9		)	(252		)
Interest and dividend income	49			2			1			—			—			1		—			1			54
Other income (loss), net	—			12			(2		)	(1		)	—			—		2			(1		)	10
	(194		)	1,612			61			80			207			25		109			(9		)	1,891
Expenses:
Cost of goods sold	—			1,324			45			58			198			3		95			—			1,723
Other expenses from operations	—			—			14			—			—			5		—			—			19
Selling, general and administrative	12			177			6			11			5			11		19			4			245
Restructuring	—			5			—			—			—			—		2			—			7
Impairment	—			4			—			—			—			—		1			—			5
Interest expense	1			34			6			5			—			2		1			46			95
	13			1,544			71			74			203			21		118			50			2,094
(Loss) income before income tax (expense) benefit	(207		)	68			(10		)	6			4			4		(9		)	(59		)	(203		)
Income tax benefit (expense)	1			(18		)	4			(1		)	(2		)	—		—			(3		)	(19		)
Net (loss) income	(206		)	50			(6		)	5			2			4		(9		)	(62		)	(222		)
Less: net loss (income) attributable to non-controlling interests	116			(14		)	3			(2		)	—			—		3			—			106
Net (loss) income attributable to Icahn Enterprises	$	(90	)	$	36		$	(3	)	$	3		$	2		$	4	$	(6	)	$	(62	)	$	(116	)



	Six Months Ended June 30, 2011
	Investment Management			Automotive			Gaming			Railcar			Food Packaging			Metals			Real Estate		Home Fashion			Holding Company			Eliminations			Consolidated
	(in millions)
Revenues:
Net sales	$	—		$	3,524		$	—		$	163		$	169		$	567		$	19	$	180		$	—		$	—		$	4,622
Other revenues from operations	—			—			302			34			—			—			25		—			—			—			361
Net gain from investment activities	1,191			—			—			—			—			—			—		—			25			(9		)	1,207
Interest and dividend income	60			3			—			2			—			—			2		—			1			(5		)	63
Other (loss) income, net	(3		)	12			—			(5		)	—			—			—		3			5			—			12
	1,248			3,539			302			194			169			567			46		183			31			(14		)	6,265
Expenses:
Cost of goods sold	—			2,946			—			153			127			539			5		165			—			—			3,935
Other expenses from operations	—			—			154			26			—			—			11		—			—			—			191
Selling, general and administrative	67			374			138			12			22			13			19		31			12			—			688
Restructuring	—			1			—			—			—			—			—		3			—			—			4
Impairment	—			3			—			—			—			—			—		—			—			—			3
Interest expense	9			70			5			11			10			—			4		1			112			—			222
	76			3,394			297			202			159			552			39		200			124			—			5,043
Income (loss) before income tax (expense) benefit	1,172			145			5			(8		)	10			15			7		(17		)	(93		)	(14		)	1,222
Income tax (expense) benefit	—			(31		)	3			3			(3		)	(4		)	—		—			(10		)	—			(42		)
Net income (loss)	1,172			114			8			(5		)	7			11			7		(17		)	(103		)	(14		)	1,180
Less: net (income) loss attributable to non-controlling interests	(630		)	(31		)	(5		)	2			(2		)	—			—		6			—			9			(651		)
Net income (loss) attributable to Icahn Enterprises	$	542		$	83		$	3		$	(3	)	$	5		$	11		$	7	$	(11	)	$	(103	)	$	(5	)	$	529



	Six Months Ended June 30, 2010
	Investment Management			Automotive			Railcar			Food Packaging			Metals			Real Estate		Home Fashion			Holding Company			Consolidated
	(in millions)
Revenues:
Net sales	$	—		$	3,087		$	79		$	161		$	381		$	19	$	190		$	—		$	3,917
Other revenues from operations	—			—			35			—			—			25		—			—			60
Net (loss) gain from investment activities	(253		)	—			—			—			—			—		—			—			(253		)
Interest and dividend income	113			3			2			—			—			2		—			2			122
Other income (loss), net	—			2			(4		)	(1		)	—			—		3			(40		)	(40		)
	(140		)	3,092			112			160			381			46		193			(38		)	3,806
Expenses:
Cost of goods sold	—			2,559			82			118			363			4		172			—			3,298
Other expenses from operations	—			—			28			—			—			11		—			—			39
Selling, general and administrative	34			373			12			22			10			22		36			10			519
Restructuring	—			6			—			—			—			—		5			—			11
Impairment	—			8			—			—			—			—		1			—			9
Interest expense	1			71			11			10			—			4		1			92			190
	35			3,017			133			150			373			41		215			102			4,066
(Loss) income before income tax (expense) benefit	(175		)	75			(21		)	10			8			5		(22		)	(140		)	(260		)
Income tax (expense) benefit	—			(11		)	8			(1		)	(3		)	—		—			(5		)	(12		)
Net (loss) income	(175		)	64			(13		)	9			5			5		(22		)	(145		)	(272		)
Less: net loss (income) attributable to non-controlling interests	100			(19		)	6			(3		)	—			—		7			—			91
Net (loss) income attributable to Icahn Enterprises	$	(75	)	$	45		$	(7	)	$	6		$	5		$	5	$	(15	)	$	(145	)	$	(181	)

Condensed balance sheets by reportable segment as of June 30, 2011 and December 31, 2010 are presented below:



	June 30, 2011
	Investment Management		Automotive		Gaming		Railcar		Food Packaging		Metals		Real Estate		Home Fashion		Holding Company			Consolidated
	(in millions)
ASSETS
Cash and cash equivalents	$	8	$	1,042	$	152	$	301	$	78	$	20	$	45	$	32	$	929		$	2,607
Cash held at consolidated affiliated partnerships and restricted cash	3,680		—		16		—		2		3		2		—		57			3,760
Investments	7,314		243		33		45		—		—		—		14		168			7,817
Accounts receivable, net	—		1,189		18		41		60		107		5		61		—			1,481
Inventories, net	—		1,022		—		70		58		114		—		111		—			1,375
Property, plant and equipment, net	—		1,933		417		171		119		129		688		118		3			3,578
Goodwill and intangible assets, net	—		1,886		78		7		16		18		92		5		—			2,102
Other assets	287		381		67		27		32		29		15		33		134			1,005
Total assets	$	11,289	$	7,696	$	781	$	662	$	365	$	420	$	847	$	374	$	1,291		$	23,725
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	192	$	2,031	$	142	$	77	$	77	$	71	$	26	$	41	$	360		$	3,017
Securities sold, not yet purchased, at fair value	3,333		—		—		—		—		—		—		—		—			3,333
Due to brokers	1,485		—		—		—		—		—		—		—		—			1,485
Post-employment benefit liability	—		1,230		—		6		42		2		—		—		—			1,280
Debt	392		2,797		61		275		216		2		78		—		3,056			6,877
Total liabilities	5,402		6,058		203		358		335		75		104		41		3,416			15,992

Equity attributable to Icahn Enterprises	2,841		1,176		335		165		19		345		743		303		(2,125		)	3,802
Equity attributable to non-controlling interests	3,046		462		243		139		11		—		—		30		—			3,931
Total equity	5,887		1,638		578		304		30		345		743		333		(2,125		)	7,733
Total liabilities and equity	$	11,289	$	7,696	$	781	$	662	$	365	$	420	$	847	$	374	$	1,291		$	23,725



	December 31, 2010
	Investment Management		Automotive		Gaming		Railcar		Food Packaging		Metals		Real Estate		Home Fashion		Holding Company			Eliminations			Consolidated
	(in millions)
ASSETS
Cash and cash equivalents	$	8	$	1,105	$	154	$	319	$	88	$	17	$	86	$	32	$	1,154		$	—		$	2,963
Cash held at consolidated affiliated partnerships and restricted cash	2,029		—		18		—		2		4		4		—		117			—			2,174
Investments	7,426		210		33		48		—		3		—		13		16			(279		)	7,470
Accounts receivable, net	—		1,053		18		21		48		61		6		78		—			—			1,285
Inventories, net	—		847		—		50		55		87		—		124		—			—			1,163
Property, plant and equipment, net	—		1,802		421		181		109		115		700		124		3			—			3,455
Goodwill and intangible assets, net	—		1915		79		7		17		8		97		5		—			—			2,128
Other assets	66		364		70		28		30		31		14		32		65			—			700
Total assets	$	9,529	$	7,296	$	793	$	654	$	349	$	326	$	907	$	408	$	1,355		$	(279	)	$	21,338
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	574	$	1,887	$	154	$	64	$	72	$	58	$	27	$	58	$	227		$	—		$	3,121
Securities sold, not yet purchased, at fair value	1,219		—		—		—		—		—		—		—		—			—			1,219
Due to brokers	1,323		—		—		—		—		—		—		—		—			—			1,323
Post-employment benefit liability	—		1,219		—		7		44		2		—		—		—			—			1,272
Debt	—		2,787		62		275		216		2		111		—		3,056			—			6,509
Total liabilities	3,116		5,893		216		346		332		62		138		58		3,283			—			13,444

Equity attributable to Icahn Enterprises	2,576		1,010		122		167		10		264		769		313		(1,948		)	(100		)	3,183
Equity attributable to non-controlling interests	3,837		393		455		141		7		—		—		37		20			(179		)	4,711
Total equity	6,413		1,403		577		308		17		264		769		350		(1,928		)	(279		)	7,894
Total liabilities and equity	$	9,529	$	7,296	$	793	$	654	$	349	$	326	$	907	$	408	$	1,355		$	(279	)	$	21,338