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Segment and Geographic Reporting
 6 Months Ended 12 Months Ended
Jun. 30, 2012
Dec. 31, 2011
Segment Reporting [Abstract]    
Segment Reporting
Segment Reporting.
As of June 30, 2012, our nine reporting segments are: (1) Investment; (2) Automotive; (3) Energy; (4) Gaming; (5) Railcar; (6) Food Packaging; (7) Metals; (8) Real Estate and (9) Home Fashion. In addition to our nine reporting segments, we present the results of Icahn Enterprises Holdings, on an unconsolidated basis, and investment activity and expenses associated therewith. See Note 3, “Operating Units,” for a detailed description of each of our reporting segments.
We assess and measure segment operating results based on net income attributable to 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.
As described in Note 3, 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 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 directly owned 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 during the three months ended March 31, 2011. For such period, we eliminate the fair value effects of Tropicana in the column labeled “Eliminations.”
Condensed statements of operations by reporting segment for the three and six months ended June 30, 2012 and 2011 are presented below:
 
Three Months Ended June 30, 2012
 
Investment
 
Automotive
 
Energy(1)
 
Gaming
 
Railcar
 
Food Packaging
 
Metals
 
Real Estate
 
Home Fashion
 
Icahn Enterprises Holdings
 
Consolidated
 
(in millions)
Revenues:
  

 
  

 
 
 
  

 
  

 
  

 
  

 
  

 
 
 
 
 
  

Net sales
$
—

 
$
1,704

 
$
1,412

 
$
—

 
$
135

 
$
86

 
$
303

 
$
3

 
$
64

 
$
—

 
$
3,707

Other revenues from operations
—

 
—

 
—

 
164

 
20

 
—

 
—

 
20

 
—

 
—

 
204

Net gain from investment activities
280

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(2
)
 
278

Interest and dividend income
14

 
1

 
—

 
—

 
1

 
—

 
—

 
—

 
—

 
1

 
17

Other (loss) income, net
1

 
4

 
(2
)
 
(6
)
 
—

 
(2
)
 
1

 
1

 
1

 
1

 
(1
)
 
295

 
1,709

 
1,410

 
158

 
156

 
84

 
304

 
24

 
65

 
—

 
4,205

Expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cost of goods sold
—

 
1,450

 
1,238

 
—

 
107

 
67

 
311

 
1

 
55

 
—

 
3,229

Other expenses from operations
—

 
—

 
—

 
82

 
14

 
—

 
—

 
12

 
—

 
—

 
108

Selling, general and administrative
8

 
186

 
36

 
64

 
8

 
11

 
7

 
4

 
9

 
4

 
337

Restructuring
—

 
8

 
—

 
—

 
—

 
—

 
—

 
—

 
1

 
—

 
9

Impairment
—

 
28

 
—

 
2

 
—

 
—

 
—

 
—

 
2

 
—

 
32

Interest expense
—

 
35

 
9

 
4

 
5

 
5

 
—

 
1

 
—

 
69

 
128

 
8

 
1,707

 
1,283

 
152

 
134

 
83

 
318

 
18

 
67

 
73

 
3,843

Income (loss) before income tax (expense) benefit
287

 
2

 
127

 
6

 
22

 
1

 
(14
)
 
6

 
(2
)
 
(73
)
 
362

Income tax (expense) benefit
—

 
29

 
(48
)
 
(2
)
 
(9
)
 
—

 
—

 
—

 
—

 
118

 
88

Net income (loss)
287

 
31

 
79

 
4

 
13

 
1

 
(14
)
 
6

 
(2
)
 
45

 
450

Less: net income attributable to non-controlling interests
(171
)
 
(9
)
 
(22
)
 
(2
)
 
(6
)
 
—

 
—

 
—

 
—

 
—

 
(210
)
Net income (loss) attributable to Icahn Enterprises Holdings
$
116

 
$
22

 
$
57

 
$
2

 
$
7

 
$
1

 
$
(14
)
 
$
6

 
$
(2
)
 
$
45

 
$
240

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Supplemental information:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capital expenditures
$
—

 
$
93

 
$
31

 
$
11

 
$
78

 
$
11

 
$
7

 
$
1

 
$
—

 
$
—

 
$
232

Depreciation and amortization(2)
$
—

 
$
71

 
$
30

 
$
7

 
$
6

 
$
5

 
$
6

 
$
6

 
$
2

 
$
—

 
$
133


 
Three Months Ended June 30, 2011
 
Investment
 
Automotive
 
Gaming
 
Railcar
 
Food Packaging
 
Metals
 
Real Estate
 
Home Fashion
 
Icahn Enterprises Holdings
 
Eliminations
 
Consolidated
 
(in millions)
Revenues:
  

 
  

 
  

 
  

 
  

 
  

 
  

 
 
 
 
 
  

 
  

Net sales
$
—

 
$
1,800

 
$
—

 
$
94

 
$
89

 
$
288

 
$
4

 
$
82

 
$
—

 
$
—

 
$
2,357

Other revenues from operations
—

 
—

 
145

 
18

 
—

 
—

 
20

 
—

 
—

 
—

 
183

Net gain from investment activities
575

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
15

 
—

 
590

Interest and dividend income
26

 
2

 
—

 
1

 
—

 
—

 
—

 
—

 
—

 
(2
)
 
27

Other (loss) income, net
(19
)
 
3

 
—

 
(3
)
 
—

 
—

 
1

 
2

 
1

 
—

 
(15
)
 
582

 
1,805

 
145

 
110

 
89

 
288

 
25

 
84

 
16

 
(2
)
 
3,142

Expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cost of goods sold
—

 
1,501

 
—

 
86

 
66

 
278

 
3

 
75

 
—

 
—

 
2,009

Other expenses from operations
—

 
—

 
79

 
13

 
—

 
—

 
12

 
—

 
—

 
—

 
104

Selling, general and administrative
9

 
185

 
61

 
5

 
11

 
7

 
4

 
15

 
7

 
—

 
304

Restructuring
—

 
—

 
—

 
—

 
—

 
—

 
—

 
1

 
—

 
—

 
1

Impairment
—

 
3

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
3

Interest expense
6

 
35

 
3

 
6

 
5

 
—

 
2

 
1

 
55

 
—

 
113

 
15

 
1,724

 
143

 
110

 
82

 
285

 
21

 
92

 
62

 
—

 
2,534

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 Holdings
$
289

 
$
46

 
$
1

 
$
—

 
$
4

 
$
3

 
$
4

 
$
(5
)
 
$
(52
)
 
$
(1
)
 
$
289

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Supplemental information:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capital expenditures
$
—

 
$
77

 
$
10

 
$
1

 
$
9

 
$
6

 
$
—

 
$
—

 
$
—

 
$
—

 
$
103

Depreciation and amortization(2)
$
—

 
$
71

 
$
8

 
$
6

 
$
4

 
$
5

 
$
6

 
$
2

 
$
—

 
$
—

 
$
102

 
Six Months Ended June 30, 2012
 
Investment
 
Automotive
 
Energy(1)
 
Gaming
 
Railcar
 
Food Packaging
 
Metals
 
Real Estate
 
Home Fashion
 
Icahn Enterprises Holdings
 
Consolidated
 
(in millions)
Revenues:
  

 
  

 
 
 
  

 
  

 
  

 
  

 
  

 
 
 
 
 
  

Net sales
$
—

 
$
3,468

 
$
1,412

 
$
—

 
$
299

 
$
169

 
$
635

 
$
3

 
$
120

 
$
—

 
$
6,106

Other revenues from operations
—

 
—

 
—

 
319

 
37

 
—

 
—

 
40

 
—

 
—

 
396

Net gain from investment activities
330

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
6

 
336

Interest and dividend income
37

 
2

 
—

 
—

 
2

 
—

 
—

 
—

 
—

 
1

 
42

Other (loss) income, net
(1
)
 
13

 
(2
)
 
(8
)
 
—

 
(2
)
 
1

 
2

 
2

 
4

 
9

 
366

 
3,483

 
1,410

 
311

 
338

 
167

 
636

 
45

 
122

 
11

 
6,889

Expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cost of goods sold
—

 
2,937

 
1,238

 
—

 
244

 
130

 
642

 
1

 
109

 
—

 
5,301

Other expenses from operations
—

 
—

 
—

 
162

 
28

 
—

 
—

 
24

 
—

 
—

 
214

Selling, general and administrative
11

 
387

 
36

 
126

 
14

 
24

 
14

 
7

 
19

 
8

 
646

Restructuring
—

 
14

 
—

 
—

 
—

 
—

 
—

 
—

 
2

 
—

 
16

Impairment
—

 
29

 
—

 
2

 
—

 
—

 
—

 
—

 
3

 
—

 
34

Interest expense
2

 
71

 
9

 
6

 
10

 
10

 
—

 
2

 
—

 
135

 
245

 
13

 
3,438

 
1,283

 
296

 
296

 
164

 
656

 
34

 
133

 
143

 
6,456

Income (loss) before income tax (expense) benefit
353

 
45

 
127

 
15

 
42

 
3

 
(20
)
 
11

 
(11
)
 
(132
)
 
433

Income tax (expense) benefit
—

 
20

 
(48
)
 
(1
)
 
(17
)
 
(1
)
 
4

 
—

 
—

 
161

 
118

Net income (loss)
353

 
65

 
79

 
14

 
25

 
2

 
(16
)
 
11

 
(11
)
 
29

 
551

Less: net income attributable to non-controlling interests
(205
)
 
(19
)
 
(22
)
 
(4
)
 
(11
)
 
(1
)
 
—

 
—

 
—

 
—

 
(262
)
Net income (loss) attributable to Icahn Enterprises Holdings
$
148

 
$
46

 
$
57

 
$
10

 
$
14

 
$
1

 
$
(16
)
 
$
11

 
$
(11
)
 
$
29

 
$
289

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Supplemental information:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capital expenditures
$
—

 
$
223

 
$
31

 
$
23

 
$
119

 
$
23

 
$
9

 
$
1

 
$
—

 
$
—

 
$
429

Depreciation and amortization(2)
$
—

 
$
140

 
$
30

 
$
16

 
$
11

 
$
9

 
$
12

 
$
11

 
$
4

 
$
—

 
$
233

 
Six Months Ended June 30, 2011
 
Investment
 
Automotive
 
Gaming
 
Railcar
 
Food Packaging
 
Metals
 
Real Estate
 
Home Fashion
 
Icahn Enterprises Holdings
 
Eliminations
 
Consolidated
 
(in millions)
Revenues:
  

 
  

 
  

 
  

 
  

 
  

 
  

 
 
 
 
 
  

 
  

Net sales
$
—

 
$
3,524

 
$
—

 
$
163

 
$
169

 
$
567

 
$
5

 
$
180

 
$
—

 
$
—

 
$
4,608

Other revenues from operations
—

 
—

 
302

 
34

 
—

 
—

 
40

 
—

 
—

 
—

 
376

Net gain from investment activities
1,191

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
25

 
(9
)
 
1,207

Interest and dividend income
60

 
3

 
—

 
2

 
—

 
—

 
—

 
—

 
1

 
(5
)
 
61

Other (loss) income, net
(48
)
 
12

 
—

 
(5
)
 
—

 
—

 
1

 
3

 
5

 
—

 
(32
)
 
1,203

 
3,539

 
302

 
194

 
169

 
567

 
46

 
183

 
31

 
(14
)
 
6,220

Expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cost of goods sold
—

 
2,946

 
—

 
153

 
127

 
539

 
4

 
165

 
—

 
—

 
3,934

Other expenses from operations
—

 
—

 
163

 
26

 
—

 
—

 
23

 
—

 
—

 
—

 
212

Selling, general and administrative
22

 
374

 
129

 
12

 
22

 
13

 
8

 
31

 
12

 
—

 
623

Restructuring
—

 
1

 
—

 
—

 
—

 
—

 
—

 
3

 
—

 
—

 
4

Impairment
—

 
3

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
3

Interest expense
9

 
70

 
5

 
11

 
10

 
—

 
4

 
1

 
112

 
—

 
222

 
31

 
3,394

 
297

 
202

 
159

 
552

 
39

 
200

 
124

 
—

 
4,998

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 Holdings
$
542

 
$
83

 
$
3

 
$
(3
)
 
$
5

 
$
11

 
$
7

 
$
(11
)
 
$
(103
)
 
$
(5
)
 
$
529

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Supplemental information:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capital expenditures
$
—

 
$
177

 
$
13

 
$
2

 
$
14

 
$
12

 
$
—

 
$
—

 
$
—

 
$
—

 
$
218

Depreciation and amortization(2)
$
—

 
$
139

 
$
18

 
$
12

 
$
8

 
$
10

 
$
11

 
$
5

 
$
—

 
$
—

 
$
203

(1) We consolidated CVR effective May 4, 2012.
(2) Excludes amounts related to the amortization of debt discounts and premiums.
Condensed balance sheets by reporting segment as of June 30, 2012 and December 31, 2011 are presented below:
 
June 30, 2012
 
Investment
 
Automotive
 
Energy
 
Gaming
 
Railcar
 
Food Packaging
Metals
 
Real Estate
 
Home Fashion
 
Icahn Enterprises Holdings
 
Consolidated
 
(in millions)
ASSETS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
13

 
$
716

 
$
693

 
$
225

 
$
250

 
$
38

$
29

 
$
54

 
$
63

 
$
1,128

 
$
3,209

Cash held at consolidated affiliated partnerships and restricted cash
1,346

 
—

 
—

 
18

 
—

 
1

3

 
2

 
—

 
2

 
1,372

Investments
4,982

 
248

 
—

 
35

 
46

 
—

—

 
—

 
14

 
61

 
5,386

Accounts receivable, net
—

 
1,379

 
214

 
17

 
20

 
58

121

 
7

 
49

 
—

 
1,865

Inventories, net
—

 
988

 
514

 
—

 
110

 
59

128

 
—

 
63

 
—

 
1,862

Property, plant and equipment, net
—

 
1,862

 
2,588

 
422

 
302

 
145

138

 
673

 
87

 
3

 
6,220

Goodwill and intangible assets, net
—

 
1,779

 
1,249

 
69

 
7

 
13

28

 
83

 
3

 
—

 
3,231

Other assets
133

 
320

 
104

 
58

 
30

 
30

44

 
16

 
30

 
116

 
881

   Total assets
$
6,474

 
$
7,292

 
$
5,362

 
$
844

 
$
765

 
$
344

$
491

 
$
835

 
$
309

 
$
1,310

 
$
24,026

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accounts payable, accrued expenses and other liabilities
$
334

 
$
1,855

 
$
1,442

 
$
142

 
$
146

 
$
68

$
74

 
$
20

 
$
38

 
$
133

 
$
4,252

Securities sold, not yet purchased, at fair value
548

 
—

 
—

 
—

 
—

 
—

—

 
—

 
—

 
—

 
548

Due to brokers
4

 
—

 
—

 
—

 
—

 
—

—

 
—

 
—

 
—

 
4

Post-employment benefit liability
—

 
1,237

 
—

 
—

 
9

 
54

3

 
—

 
—

 
—

 
1,303

Debt
—

 
2,788

 
907

 
171

 
275

 
216

4

 
74

 
—

 
3,761

 
8,196

   Total liabilities
886

 
5,880

 
2,349

 
313

 
430

 
338

81

 
94

 
38

 
3,894

 
14,303

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity attributable to Icahn Enterprises Holdings
2,076

 
1,019

 
2,081

 
355

 
186

 
1

410

 
741

 
271

 
(2,584
)
 
4,556

Equity attributable to non-controlling interests
3,512

 
393

 
932

 
176

 
149

 
5

—

 
—

 
—

 
—

 
5,167

   Total equity
5,588

 
1,412

 
3,013

 
531

 
335

 
6

410

 
741

 
271

 
(2,584
)
 
9,723

   Total liabilities and equity
$
6,474

 
$
7,292

 
$
5,362

 
$
844

 
$
765

 
$
344

$
491

 
$
835

 
$
309

 
$
1,310

 
$
24,026

 
December 31, 2011
 
Investment
 
Automotive
 
Gaming
 
Railcar
 
Food Packaging
 
Metals
 
Real Estate
 
Home Fashion
 
Icahn Enterprises Holdings
 
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

 
53

 
653

   Total assets
$
13,477

 
$
7,288

 
$
770

 
$
704

 
$
350

 
$
476

 
$
1,004

 
$
319

 
$
759

 
$
25,147

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

 
—

 
3,046

 
6,463

   Total liabilities
6,809

 
5,945

 
194

 
394

 
347

 
92

 
98

 
36

 
3,378

 
17,293

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity attributable to Icahn Enterprises Holdings
3,282

 
967

 
402

 
172

 
(1
)
 
384

 
906

 
283

 
(2,619
)
 
3,776

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

 
(2,619
)
 
7,854

   Total liabilities and equity
$
13,477

 
$
7,288

 
$
770

 
$
704

 
$
350

 
$
476

 
$
1,004

 
$
319

 
$
759

 
$
25,147
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 Icahn Enterprises Holdings which includes the unconsolidated results of Icahn Enterprises and Icahn Enterprises Holdings, and investment activity and expenses associated with the activities of Icahn Enterprises Holdings. 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 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.
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
 
Icahn Enterprises Holdings
 
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

 
222

 
—

 
435

 
65

 
6,752

 
597

 
506

 
327

 
1,093

 
72

 
391

 
253

 
—

 
10,056

Income (loss) before income tax expense
1,844

 
185

 
27

 
8

 
11

 
3

 
18

 
(66
)
 
(217
)
 
(14
)
 
1,799

Income tax (expense) benefit
—

 
(17
)
 
(3
)
 
(4
)
 
(5
)
 
3

 
—

 
—

 
(8
)
 
—

 
(34
)
Net income (loss)
1,844

 
168

 
24

 
4

 
6

 
6

 
18

 
(66
)
 
(225
)
 
(14
)
 
1,765

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 Holdings
$
873

 
$
121

 
$
13

 
$
2

 
$
4

 
$
6

 
$
18

 
$
(56
)
 
$
(225
)
 
$
(5
)
 
$
751

 
Year Ended December 31, 2010
 
Investment
 
Automotive
 
Gaming
 
Railcar
 
Food Packaging
 
Metals
 
Real Estate
 
Home Fashion
 
Icahn Enterprises Holdings
 
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

 
(26
)
 
—

 
(45
)
 
905

 
6,239

 
78

 
270

 
317

 
725

 
90

 
431

 
58

 
(22
)
 
9,091

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

 
190

 
—

 
387

 
63

 
6,067

 
79

 
312

 
301

 
720

 
82

 
493

 
218

 
—

 
8,335

Income (loss) before income tax (expense) benefit
842

 
172

 
(1
)
 
(42
)
 
16

 
5

 
8

 
(62
)
 
(160
)
 
(22
)
 
756

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
)
 
(167
)
 
(22
)
 
747

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 Holdings from continuing operations
$
348

 
$
116

 
$
1

 
$
(15
)
 
$
10

 
$
4

 
$
8

 
$
(42
)
 
$
(219
)
 
$
(8
)
 
$
203


 
Year Ended December 31, 2009
 
Investment
 
Automotive
 
Railcar
 
Food Packaging
 
Metals
 
Real Estate
 
Home Fashion
 
Icahn Enterprises Holdings
 
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

 
126

 
312

 
84

 
5,464

 
422

 
279

 
433

 
85

 
441

 
148

 
7,356

Income (loss) before income tax (expense) benefit
1,450

 
(67
)
 
22

 
17

 
(49
)
 
11

 
(59
)
 
(138
)
 
1,187

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
)
 
(141
)
 
1,231

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 Holdings from continuing operations
$
469

 
$
(29
)
 
$
8

 
$
11

 
$
(30
)
 
$
11

 
$
(40
)
 
$
(141
)
 
$
259


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
 
Icahn Enterprises Holdings
 
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

 
53

 
653

   Total assets
$
13,477

 
$
7,288

 
$
770

 
$
704

 
$
350

 
$
476

 
$
1,004

 
$
319

 
$
759

 
$
25,147

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

 
—

 
3,046

 
6,463

   Total liabilities
6,809

 
5,945

 
194

 
394

 
347

 
92

 
98

 
36

 
3,378

 
17,293

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity attributable to Icahn Enterprises Holdings
3,282

 
967

 
402

 
172

 
(1
)
 
384

 
906

 
283

 
(2,619
)
 
3,776

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

 
(2,619
)
 
7,854

   Total liabilities and equity
$
13,477

 
$
7,288

 
$
770

 
$
704

 
$
350

 
$
476

 
$
1,004

 
$
319

 
$
759

 
$
25,147


 
December 31, 2010
 
Investment
 
Automotive
 
Gaming
 
Railcar
 
Food Packaging
 
Metals
 
Real Estate
 
Home Fashion
 
Icahn Enterprises Holdings
 
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

 
74

 
—

 
709

   Total assets
$
9,529

 
$
7,296

 
$
793

 
$
654

 
$
349

 
$
326

 
$
907

 
$
408

 
$
1,364

 
$
(279
)
 
$
21,347

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

 
—

 
3,045

 
—

 
6,498

   Total liabilities
3,116

 
5,893

 
216

 
346

 
332

 
62

 
138

 
58

 
3,272

 
—

 
13,433

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity attributable to Icahn Enterprises Holdings
2,576

 
1,010

 
122

 
167

 
10

 
264

 
769

 
313

 
(1,928
)
 
(100
)
 
3,203

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

 
(1,908
)
 
(279
)
 
7,914

   Total liabilities and equity
$
9,529

 
$
7,296

 
$
793

 
$
654

 
$
349

 
$
326

 
$
907

 
$
408

 
$
1,364

 
$
(279
)
 
$
21,347



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

Icahn Enterprises Holdings
—

 
115

 
—

 
1

 
—

 
—

 
$
481

 
$
422

 
$
230

 
$
446

 
$
427

 
$
412


(1)
Depreciation and amortization includes amortization expense related to debt of $36 million, $35 million and $23 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