Segment and Geographic Reporting.

As of December 31, 2011, our eight reportable segments are: (1) Investment; (2) Automotive; (3) Gaming; (4) Railcar; (5) Food Packaging; (6) Metals; (7) Real Estate and (8) Home Fashion. Our Investment segment provides investment advisory and certain administrative and back office services to the Investment 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 3, “Operating Units,” for a detailed description of each of our segments.

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 3, “Operating Units-Gaming,” our Investment segment acquired a controlling interest in Tropicana on November 15, 2010 and, therefore, we consolidated the results of Tropicana effective November 15, 2010. As further described in Note 3, through a distribution-in-kind transaction from our Investment segment directly to us, we currently directly own the investment in Tropicana's common stock effective April 29, 2011. Through an additional distribution-in-kind transaction from our Investment segment directly to us, we currently directly own the investment in Tropicana's Exit Facility effective June 30, 2011. Our management evaluates the aggregate performance of the Investment 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 segment's results include the investment in Tropicana on a fair value basis covering the period November 15, 2010 through April 29, 2011. For such periods, we eliminate the fair value effects of Tropicana in the column labeled “Eliminations.”

Condensed statements of operations by reportable segment for the years ended December 31, 2011, 2010 and 2009 are presented below:



	Year Ended December 31, 2011
	Investment			Automotive			Gaming			Railcar			Food Packaging			Metals		Real Estate		Home Fashion			Holding Company			Eliminations			Consolidated
	(in millions)
Revenues:
Net sales	$	—		$	6,910		$	—		$	454		$	339		$	1,095	$	8	$	322		$	—		$	—		$	9,128
Other revenues from operations	—			—			624			65			—			—		81		—			—			—			770
Net gain from investment activities	1,887			—			—			—			—			—		—		—			27			(9		)	1,905
Interest and dividend income	110			6			1			3			—			—		—		—			2			(5		)	117
Other (loss) income, net	(88		)	21			(1		)	(8		)	(1		)	1		1		3			7			—			(65		)
	1,909			6,937			624			514			338			1,096		90		325			36			(14		)	11,855
Expenses:
Cost of goods sold	—			5,822			—			411			263			1,068		3		305			—			—			7,872
Other expenses from operations	—			—			329			50			—			—		47		—			—			—			426
Selling, general and administrative	50			736			254			25			43			25		16		61			31			—			1,241
Restructuring	—			5			—			—			—			—		—		6			—			—			11
Impairment	—			48			5			—			—			—		—		18			—			—			71
Interest expense	15			141			9			20			21			—		6		1			223			—			436
	65			6,752			597			506			327			1,093		72		391			254			—			10,057
Income (loss) before income tax expense	1,844			185			27			8			11			3		18		(66		)	(218		)	(14		)	1,798
Income tax (expense) benefit	—			(17		)	(3		)	(4		)	(5		)	3		—		—			(8		)	—			(34		)
Net income (loss)	1,844			168			24			4			6			6		18		(66		)	(226		)	(14		)	1,764
Less: net (income) loss attributable to non-controlling interests	(971		)	(47		)	(11		)	(2		)	(2		)	—		—		10			—			9			(1,014		)
Net income (loss) attributable to Icahn Enterprises	$	873		$	121		$	13		$	2		$	4		$	6	$	18	$	(56	)	$	(226	)	$	(5	)	$	750



	Year Ended December 31, 2010
	Investment			Automotive			Gaming			Railcar			Food Packaging			Metals			Real Estate		Home Fashion			Holding Company			Eliminations			Consolidated
	(in millions)
Revenues:
Net sales	$	—		$	6,219		$	—		$	206		$	316		$	725		$	9	$	429		$	—		$	—		$	7,904
Other revenues from operations	—			—			78			68			—			—			81		—			—			—			227
Net gain from investment activities	756			—			—			—			—			—			—		—			79			(21		)	814
Interest and dividend income	178			5			—			4			—			—			—		—			5			(1		)	191
Other income (loss), net	(29		)	15			—			(8		)	1			—			—		2			(27		)	—			(46		)
	905			6,239			78			270			317			725			90		431			57			(22		)	9,090
Expenses:
Cost of goods sold	—			5,212			—			210			234			697			6		400			—			—			6,759
Other expenses from operations	—			—			41			55			—			—			48		—			—			—			144
Selling, general and administrative	59			704			37			26			46			23			19		75			28			—			1,017
Restructuring	—			8			—			—			—			—			—		8			—			—			16
Impairment	—			2			—			—			—			—			1		9			—			—			12
Interest expense	4			141			1			21			21			—			8		1			192			—			389
	63			6,067			79			312			301			720			82		493			220			—			8,337
Income (loss) before income tax (expense) benefit	842			172			(1		)	(42		)	16			5			8		(62		)	(163		)	(22		)	753
Income tax (expense) benefit	(2		)	(12		)	—			15			(2		)	(1		)	—		—			(7		)	—			(9		)
Net income (loss) from continuing operations	840			160			(1		)	(27		)	14			4			8		(62		)	(170		)	(22		)	744
Less: net (income) loss attributable to non-controlling interests from continuing operations	(492		)	(44		)	2			12			(4		)	—			—		20			(52		)	14			(544		)
Net income (loss) attributable to Icahn Enterprises from continuing operations	$	348		$	116		$	1		$	(15	)	$	10		$	4		$	8	$	(42	)	$	(222	)	$	(8	)	$	200



	Year Ended December 31, 2009
	Investment			Automotive			Railcar			Food Packaging			Metals			Real Estate		Home Fashion			Holding Company			Consolidated
	(in millions)
Revenues:
Net sales	$	—		$	5,330		$	365		$	299		$	382		$	15	$	369		$	—		$	6,760
Other revenues from operations	—			—			58			—			—			81		—			—			139
Net gain from investment activities	1,379			—			24			—			—			—		—			3			1,406
Interest and dividend income	217			8			7			—			—			—		—			7			239
Other income (loss), net	(62		)	59			(10		)	(3		)	2			—		13			—			(1		)
	1,534			5,397			444			296			384			96		382			10			8,543
Expenses:
Cost of goods sold	—			4,538			329			220			403			14		338			—			5,842
Other expenses from operations	—			—			47			—			—			51		—			—			98
Selling, general and administrative	80			742			25			42			17			9		75			22			1,012
Restructuring	—			32			—			—			—			—		19			—			51
Impairment	—			17			—			1			13			2		8			—			41
Interest expense	4			135			21			16			—			9		1			133			319
	84			5,464			422			279			433			85		441			155			7,363
Income (loss) before income tax (expense) benefit	1,450			(67		)	22			17			(49		)	11		(59		)	(145		)	1,180
Income tax (expense) benefit	(2		)	39			(7		)	(2		)	19			—		—			(3		)	44
Net income (loss) from continuing operations	1,448			(28		)	15			15			(30		)	11		(59		)	(148		)	1,224
Less: net (income) loss attributable to non-controlling interests from continuing operations	(979		)	(1		)	(7		)	(4		)	—			—		19			—			(972		)
Net income (loss) attributable to Icahn Enterprises from continuing operations	$	469		$	(29	)	$	8		$	11		$	(30	)	$	11	$	(40	)	$	(148	)	$	252

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



	December 31, 2011
	Investment		Automotive		Gaming		Railcar		Food Packaging			Metals		Real Estate		Home Fashion		Holding Company			Consolidated
	(in millions)
ASSETS
Cash and cash equivalents	$	7	$	953	$	150	$	307	$	66		$	7	$	216	$	55	$	517		$	2,278
Cash held at consolidated affiliated partnerships and restricted cash	4,941		—		16		—		2			2		2		—		16			4,979
Investments	8,448		228		34		45		—			—		—		13		170			8,938
Accounts receivable, net	—		1,169		19		34		53			98		5		46		—			1,424
Inventories, net	—		956		—		96		53			163		—		76		—			1,344
Property, plant and equipment, net	—		1,855		416		194		131			134		679		93		3			3,505
Goodwill and intangible assets, net	—		1,808		77		7		14			30		87		3		—			2,026
Other assets	81		319		58		21		31			42		15		33		42			642
Total assets	$	13,477	$	7,288	$	770	$	704	$	350		$	476	$	1,004	$	319	$	748		$	25,136
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	162	$	1,875	$	145	$	110	$	75		$	85	$	23	$	36	$	332		$	2,843
Securities sold, not yet purchased, at fair value	4,476		—		—		—		—			—		—		—		—			4,476
Due to brokers	2,171		—		—		—		—			—		—		—		—			2,171
Post-employment benefit liability	—		1,272		—		9		56			3		—		—		—			1,340
Debt	—		2,798		49		275		216			4		75		—		3,056			6,473
Total liabilities	6,809		5,945		194		394		347			92		98		36		3,388			17,303

Equity attributable to Icahn Enterprises	3,282		967		402		172		(1		)	384		906		283		(2,640		)	3,755
Equity attributable to non-controlling interests	3,386		376		174		138		4			—		—		—		—			4,078
Total equity	6,668		1,343		576		310		3			384		906		283		(2,640		)	7,833
Total liabilities and equity	$	13,477	$	7,288	$	770	$	704	$	350		$	476	$	1,004	$	319	$	748		$	25,136



	December 31, 2010
	Investment		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

Total capital expenditures and depreciation and amortization by reportable segment were as follows for the periods indicated:



	Capital Expenditures						Depreciation and Amortization⁽¹⁾
	Year Ended December 31,						Year Ended December 31,
	2011		2010⁽²⁾		2009		2011		2010⁽²⁾		2009
	(in millions)
Automotive	$	348	$	251	$	176	$	314	$	333	$	327
Gaming	34		6		—		34		5		—
Railcar	36		6		15		23		23		22
Food Packaging	37		20		24		17		14		15
Metals	25		21		12		23		18		13
Real Estate	1		1		1		23		23		25
Home Fashion	—		2		2		11		11		10
Holding Company	—		115		—		2		—		—
	$	481	$	422	$	230	$	447	$	427	$	412


(1)	Depreciation and amortization includes amortization expense related to debt of $37 million, $36 million and $24 million for the years ended December 31, 2011, 2010 and 2009, respectively, which is included in interest expense in our consolidated statements of operations.


(2)	Gaming results are for the period November 15, 2010 through December 31, 2010.

The following table presents our segments' geographic net sales from external customers, other revenues from operations and property, plant and equipment, net for the periods indicated:



	Net Sales						Other Revenues From Operations						Property, Plant and Equipment, Net
	Year Ended December 31,						Year Ended December 31,						December 31,
	2011		2010		2009		2011		2010		2009		2011		2010
	(in millions)
United States	$	4,453	$	3,850	$	3,325	$	759	$	221	$	136	$	1,997	$	1,992
Germany	1,302		1,068		893		—		—		—		388		384
Other	3,373		2,986		2,542		11		6		3		1,120		1,079
	$	9,128	$	7,904	$	6,760	$	770	$	227	$	139	$	3,505	$	3,455