Segment Reporting.

As of September 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 nine months ended September 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 September 30, 2011.

Condensed statements of operations by reportable segment for the three and nine months ended September 30, 2011 and 2010 are presented below:



	Three Months Ended September 30, 2011
	Investment Management			Automotive			Gaming			Railcar			Food Packaging			Metals			Real Estate		Home Fashion			Holding Company			Eliminations		Consolidated
	(in millions)
Revenues:
Net sales	$	—		$	1,732		$	—		$	109		$	87		$	272		$	1	$	79		$	—		$	—	$	2,280
Other revenues from operations	—			—			176			17			—			—			22		—			—			—		215
Net loss from investment activities	(40		)	—			—			—			—			—			—		—			(9		)	—		(49		)
Interest and dividend income	20			1			—			1			—			—			—		—			—			—		22
Other (loss) income, net	(1		)	1			—			(2		)	(1		)	—			5		1			(1		)	—		2
	(21		)	1,734			176			125			86			272			28		80			(10		)	—		2,470
Expenses:
Cost of goods sold	—			1,469			—			98			66			267			1		76			—			—		1,977
Other expenses from operations	—			—			80			13			—			—			13		—			—			—		106
Selling, general and administrative	23			184			69			3			11			6			5		14			1			—		316
Restructuring	—			3			—			—			—			—			—		2			—			—		5
Impairment	—			—			—			—			—			—			—		—			—			—		—
Interest expense	2			35			2			4			6			—			1		—			55			—		105
	25			1,691			151			118			83			273			20		92			56			—		2,509
(Loss) income before income tax (expense) benefit	(46		)	43			25			7			3			(1		)	8		(12		)	(66		)	—		(39		)
Income tax (expense) benefit	—			(9		)	(4		)	(3		)	(1		)	1			—		—			3			—		(13		)
Net (loss) income	(46		)	34			21			4			2			—			8		(12		)	(63		)	—		(52		)
Less: net loss (income) attributable to non-controlling interests	31			(9		)	(9		)	(2		)	(1		)	—			—		3			—			—		13
Net (loss) income attributable to Icahn Enterprises	$	(15	)	$	25		$	12		$	2		$	1		$	—		$	8	$	(9	)	$	(63	)	$	—	$	(39	)



	Three Months Ended September 30, 2010
	Investment Management			Automotive			Railcar			Food Packaging			Metals			Real Estate		Home Fashion			Holding Company			Consolidated
	(in millions)
Revenues:
Net sales	$	—		$	1,544		$	48		$	79		$	169		$	—	$	116		$	—		$	1,956
Other revenues from operations	—			—			16			—			—			22		—			—			38
Net gain (loss) from investment activities	799			—			—			—			—			—		—			(6		)	793
Interest and dividend income	29			1			1			—			—			—		—			1			32
Other income (loss), net	—			7			(2		)	1			—			1		(1		)	—			6
	828			1,552			63			80			169			23		115			(5		)	2,825
Expenses:
Cost of goods sold	—			1,306			49			59			166			—		110			—			1,690
Other expenses from operations	—			—			13			—			—			14		—			—			27
Selling, general and administrative	30			152			6			12			5			5		19			5			234
Restructuring	—			1			—			—			—			—		1			—			2
Impairment	—			(1		)	—			—			—			—		5			—			4
Interest expense	1			36			5			5			—			2		—			47			96
	31			1,494			73			76			171			21		135			52			2,053
Income (loss) before income tax (expense) benefit	797			58			(10		)	4			(2		)	2		(20		)	(57		)	772
Income tax (expense) benefit	(2		)	(7		)	4			(2		)	1			—		—			(1		)	(7		)
Net income (loss)	795			51			(6		)	2			(1		)	2		(20		)	(58		)	765
Less: net (income) loss attributable to non-controlling interests	(463		)	(13		)	3			—			—			—		6			—			(467		)
Net income (loss) attributable to Icahn Enterprises	$	332		$	38		$	(3	)	$	2		$	(1	)	$	2	$	(14	)	$	(58	)	$	298



	Nine Months Ended September 30, 2011
	Investment Management			Automotive			Gaming			Railcar			Food Packaging			Metals			Real Estate		Home Fashion			Holding Company			Eliminations			Consolidated
	(in millions)
Revenues:
Net sales	$	—		$	5,256		$	—		$	272		$	256		$	839		$	6	$	259		$	—		$	—		$	6,888
Other revenues from operations	—			—			478			51			—			—			62		—			—			—			591
Net gain from investment activities	1,151			—			—			—			—			—			—		—			16			(9		)	1,158
Interest and dividend income	80			4			—			3			—			—			—		—			1			(5		)	83
Other (loss) income, net	(4		)	13			—			(7		)	(1		)	—			5		4			5			—			15
	1,227			5,273			478			319			255			839			73		263			22			(14		)	8,735
Expenses:
Cost of goods sold	—			4,415			—			251			193			806			5		241			—			—			5,911
Other expenses from operations	—			—			234			39			—			—			36		—			—			—			309
Selling, general and administrative	90			558			207			15			33			19			12		45			14			—			993
Restructuring	—			4			—			—			—			—			—		5			—			—			9
Impairment	—			3			—			—			—			—			—		—			—			—			3
Interest expense	11			105			7			15			16			—			5		1			167			—			327
	101			5,085			448			320			242			825			58		292			181			—			7,552
Income (loss) before income tax expense	1,126			188			30			(1		)	13			14			15		(29		)	(159		)	(14		)	1,183
Income tax expense	—			(40		)	(1		)	—			(4		)	(3		)	—		—			(7		)	—			(55		)
Net income (loss)	1,126			148			29			(1		)	9			11			15		(29		)	(166		)	(14		)	1,128
Less: net (income) loss attributable to non-controlling interests	(599		)	(40		)	(14		)	—			(3		)	—			—		9			—			9			(638		)
Net income (loss) attributable to Icahn Enterprises	$	527		$	108		$	15		$	(1	)	$	6		$	11		$	15	$	(20	)	$	(166	)	$	(5	)	$	490



	Nine Months Ended September 30, 2010
	Investment Management			Automotive			Railcar			Food Packaging			Metals			Real Estate		Home Fashion			Holding Company			Consolidated
	(in millions)
Revenues:
Net sales	$	—		$	4,631		$	127		$	240		$	550		$	6	$	306		$	—		$	5,860
Other revenues from operations	—			—			51			—			—			62		—			—			113
Net gain (loss) from investment activities	546			—			—			—			—			—		—			(6		)	540
Interest and dividend income	142			4			3			—			—			—		—			3			152
Other income (loss), net	—			9			(6		)	—			—			1		2			(40		)	(34		)
	688			4,644			175			240			550			69		308			(43		)	6,631
Expenses:
Cost of goods sold	—			3,865			131			177			529			4		282			—			4,988
Other expenses from operations	—			—			41			—			—			37		—			—			78
Selling, general and administrative	64			525			18			34			15			15		55			15			741
Restructuring	—			7			—			—			—			—		6			—			13
Impairment	—			7			—			—			—			—		6			—			13
Interest expense	2			107			16			15			—			6		1			139			286
	66			4,511			206			226			544			62		350			154			6,119
Income (loss) before income tax (expense) benefit	622			133			(31		)	14			6			7		(42		)	(197		)	512
Income tax (expense) benefit	(2		)	(18		)	12			(3		)	(2		)	—		—			(6		)	(19		)
Net income (loss)	620			115			(19		)	11			4			7		(42		)	(203		)	493
Less: net (income) loss attributable to non-controlling interests	(363		)	(32		)	9			(3		)	—			—		13			—			(376		)
Net income (loss) attributable to Icahn Enterprises	$	257		$	83		$	(10	)	$	8		$	4		$	7	$	(29	)	$	(203	)	$	117

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



	September 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	$	931	$	176	$	284	$	65	$	18	$	206	$	44	$	439		$	2,171
Cash held at consolidated affiliated partnerships and restricted cash	2,631		—		16		—		2		2		2		—		81			2,734
Investments	7,827		227		34		45		—		—		—		14		164			8,311
Accounts receivable, net	—		1,172		20		32		57		102		9		54		—			1,446
Inventories, net	—		1,003		—		115		54		137		—		93		—			1,402
Property, plant and equipment, net	—		1,885		418		176		124		134		683		112		3			3,535
Goodwill and intangible assets, net	—		1,871		77		7		15		32		90		5		—			2,097
Other assets	139		344		60		28		31		31		15		36		98			782
Total assets	$	10,605	$	7,433	$	801	$	687	$	348	$	456	$	1,005	$	358	$	785		$	22,478
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	272	$	1,967	$	142	$	99	$	66	$	78	$	26	$	38	$	175		$	2,863
Securities sold, not yet purchased, at fair value	2,142		—		—		—		—		—		—		—		—			2,142
Due to brokers	2,351		—		—		—		—		—		—		—		—			2,351
Post-employment benefit liability	—		1,184		—		6		39		2		—		—		—			1,231
Debt	—		2,801		61		275		216		3		77		—		3,056			6,489
Total liabilities	4,765		5,952		203		380		321		83		103		38		3,231			15,076

Equity attributable to Icahn Enterprises	2,825		1,069		405		170		16		373		902		317		(2,446		)	3,631
Equity attributable to non-controlling interests	3,015		412		193		137		11		—		—		3		—			3,771
Total equity	5,840		1,481		598		307		27		373		902		320		(2,446		)	7,402
Total liabilities and equity	$	10,605	$	7,433	$	801	$	687	$	348	$	456	$	1,005	$	358	$	785		$	22,478



	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	—		1,915		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