Segment and Geographic Reporting.

As of December 31, 2014, our nine operating segments, which also constitute our reporting segments, are: (1) Investment; (2) Automotive; (3) Energy; (4) Metals; (5) Railcar; (6) Gaming; (7) Food Packaging; (8) Real Estate and (9) Home Fashion. 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 3, “Operating Units,” for a detailed description of each of our reporting segments.

In addition to our nine reporting 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.

Icahn Enterprises' condensed statements of operations by reporting segment for the years ended December 31, 2014, 2013 and 2012 are presented below:



	Year Ended December 31, 2014
	Investment			Automotive			Energy			Metals			Railcar			Gaming			Food Packaging			Real Estate		Home Fashion			Holding Company			Consolidated
	(in millions)
Revenues:
Net sales	$	—		$	7,317		$	9,109		$	711		$	379		$	—		$	365		$	15	$	176		$	—		$	18,072
Other revenues from operations	—			—			—			—			411			759			—			80		—			—			1,250
Net (loss) gain from investment activities	(421		)	—			(6		)	—			—			—			—			—		—			(137		)	(564		)
Interest and dividend income	202			5			3			—			3			2			—			—		—			2			217
Other income (loss), net	1			2			186			—			16			88			(19		)	6		5			(103		)	182
	(218		)	7,324			9,292			711			809			849			346			101		181			(238		)	19,157
Expenses:
Cost of goods sold	—			6,260			8,774			728			288			—			275			8		152			—			16,485
Other expenses from operations	—			—			—			—			175			387			—			51		—			—			613
Selling, general and administrative	167			825			136			23			42			327			45			12		29			19			1,625
Restructuring	—			86			—			—			—			—			—			—		(2		)	—			84
Impairment	—			24			103			3			—			—			—			5		—			—			135
Interest expense	299			128			38			—			60			13			14			3		—			292			847
	466			7,323			9,051			754			565			727			334			79		179			311			19,789
Income (loss) before income tax benefit (expense) benefit	(684		)	1			241			(43		)	244			122			12			22		2			(549		)	(632		)
Income tax (expense) benefit	—			(91		)	(73		)	18			(56		)	147			(3		)	—		—			161			103
Net (loss) income	(684		)	(90		)	168			(25		)	188			269			9			22		2			(388		)	(529		)
Less: net loss (income) attributable to non-controlling interests	379			3			(73		)	—			(66		)	(84		)	(3		)	—		—			—			156
Net income (loss) attributable to Icahn Enterprises	$	(305	)	$	(87	)	$	95		$	(25	)	$	122		$	185		$	6		$	22	$	2		$	(388	)	$	(373	)

Supplemental information:
Capital expenditures	$	—		$	418		$	218		$	41		$	626		$	81		$	23		$	1	$	3		$	—		$	1,411
Depreciation and amortization⁽¹⁾	$	—		$	335		$	219		$	26		$	106		$	50		$	22		$	22	$	7		$	—		$	787



	Year Ended December 31, 2013
	Investment			Automotive			Energy			Metals			Railcar			Gaming			Food Packaging			Real Estate		Home Fashion			Holding Company			Consolidated
	(in millions)
Revenues:
Net sales	$	—		$	6,905		$	8,986		$	929		$	408		$	—		$	371		$	2	$	184		$	—		$	17,785
Other revenues from operations	—			—			—			—			331			575			—			82		—			—			988
Net gain (loss) from investment activities	1,850			—			—			—			2			—			—			—		—			(158		)	1,694
Interest and dividend income	178			3			1			—			9			1			—			—		—			2			194
Other income (loss), net	3			(32		)	76			—			(6		)	(5		)	(25		)	1		3			6			21
	2,031			6,876			9,063			929			744			571			346			85		187			(150		)	20,682
Expenses:
Cost of goods sold	—			5,885			8,204			948			326			—			285			—		161			—			15,809
Other expenses from operations	—			—			—			—			160			294			—			50		—			—			504
Selling, general and administrative	119			749			137			27			39			238			47			12		31			18			1,417
Restructuring	—			40			—			—			—			—			—			—		10			—			50
Impairment	—			8			—			2			—			3			—			2		1			—			16
Interest expense	10			111			48			—			49			14			22			4		—			302			560
	129			6,793			8,389			977			574			549			354			68		203			320			18,356
Income (loss) before income tax benefit (expense)	1,902			83			674			(48		)	170			22			(8		)	17		(16		)	(470		)	2,326
Income tax benefit (expense)	—			180			(195		)	20			(31		)	(3		)	51			—		—			96			118
Net income (loss)	1,902			263			479			(28		)	139			19			43			17		(16		)	(374		)	2,444
Less: net income attributable to non-controlling interests	(1,090		)	(13		)	(190		)	—			(109		)	(6		)	(11		)	—		—			—			(1,419		)
Net income (loss) attributable to Icahn Enterprises	$	812		$	250		$	289		$	(28	)	$	30		$	13		$	32		$	17	$	(16	)	$	(374	)	$	1,025

Supplemental information:
Capital expenditures	$	—		$	380		$	256		$	15		$	424		$	57		$	20		$	2	$	7		$	—		$	1,161
Depreciation and amortization⁽¹⁾	$	—		$	296		$	208		$	26		$	92		$	34		$	21		$	23	$	8		$	—		$	708



	Year Ended December 31, 2012
	Investment			Automotive			Energy⁽²⁾			Metals			Railcar			Gaming			Food Packaging			Real Estate		Home Fashion			Holding Company			Consolidated
	(in millions)
Revenues:
Net sales	$	—		$	6,664		$	5,703		$	1,102		$	530		$	—		$	343		$	4	$	228		$	—		$	14,574
Other revenues from operations	—			—			—			—			256			613			—			82		—			—			951
Net gain from investment activities	314			—			—			—			2			—			—			—		—			27			343
Interest and dividend income	85			5			1			—			11			1			—			—		—			—			103
Other (loss) income, net	(1		)	8			(185		)	1			—			(3		)	(2		)	2		3			2			(175		)
	398			6,677			5,519			1,103			799			611			341			88		231			29			15,796
Expenses:
Cost of goods sold	—			5,753			4,848			1,116			419			—			263			1		206			—			12,606
Other expenses from operations	—			—			—			—			141			312			—			49		—			—			502
Selling, general and administrative	24			710			112			28			37			250			45			14		37			18			1,275
Restructuring	—			26			—			—			—			—			1			—		4			—			31
Impairment	—			98			—			18			—			2			—			—		11			—			129
Interest expense	2			141			39			—			68			13			21			5		—			283			572
	26			6,728			4,999			1,162			665			577			330			69		258			301			15,115
Income (loss) before income tax benefit (expense)	372			(51		)	520			(59		)	134			34			11			19		(27		)	(272		)	681
Income tax benefit (expense)	—			29			(182		)	1			(42		)	(4		)	(5		)	—		—			284			81
Net income (loss)	372			(22		)	338			(58		)	92			30			6			19		(27		)	12			762
Less: net (income) loss attributable to non-controlling interests	(215		)	(2		)	(75		)	—			(63		)	(9		)	(2		)	—		—			—			(366		)
Net income (loss) attributable to Icahn Enterprises	$	157		$	(24	)	$	263		$	(58	)	$	29		$	21		$	4		$	19	$	(27	)	$	12		$	396

Supplemental information:
Capital expenditures	$	—		$	387		$	138		$	24		$	302		$	44		$	39		$	2	$	—		$	—		$	936
Depreciation and amortization⁽¹⁾	$	—		$	289		$	128		$	26		$	83		$	32		$	18		$	23	$	8		$	—		$	607


⁽¹⁾	Excludes amounts related to the amortization of debt discounts and premiums included in interest expense in the amounts of $22 million, $34 million and $28 million for the years ended December 31, 2014, 2013 and 2012, respectively.


⁽²⁾	We consolidated CVR effective May 4, 2012.

Icahn Enterprises' condensed balance sheets by reporting segment as of December 31, 2014 and 2013 are presented below:



	December 31, 2014
	Investment		Automotive		Energy		Metals		Railcar			Gaming		Food Packaging		Real Estate		Home Fashion		Holding Company			Consolidated
	(in millions)
ASSETS
Cash and cash equivalents	$	2	$	332	$	754	$	19	$	412		$	196	$	39	$	24	$	11	$	1,123		$	2,912
Cash held at consolidated affiliated partnerships and restricted cash	1,366		—		—		4		35			16		1		2		8		3			1,435
Investments	13,961		269		77		—		29			33		—		—		—		131			14,500
Accounts receivable, net	—		1,356		137		51		41			9		63		4		30		—			1,691
Inventories, net	—		1,215		330		67		117			—		77		—		73		—			1,879
Property, plant and equipment, net	—		2,160		2,692		144		2,376			719		154		633		74		3			8,955
Goodwill and intangible assets, net	—		1,744		1,184		8		7			75		9		58		3		—			3,088
Other assets	131		453		160		22		103			212		93		24		9		113			1,320
Total assets	$	15,460	$	7,529	$	5,334	$	315	$	3,120		$	1,260	$	436	$	745	$	208	$	1,373		$	35,780
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	864	$	1,933	$	1,471	$	60	$	294		$	130	$	64	$	20	$	28	$	13		$	4,877
Securities sold, not yet purchased, at fair value	337		—		—		—		—			—		—		—		—		—			337
Due to brokers	5,197		—		—		—		—			—		—		—		—		—			5,197
Post-employment benefit liability	—		1,328		—		2		9			—		52		—		—		—			1,391
Debt	—		2,690		675		3		2,133			295		274		32		—		5,486			11,588
Total liabilities	6,398		5,951		2,146		65		2,436			425		390		52		28		5,499			23,390

Equity attributable to Icahn Enterprises	4,284		1,231		1,612		250		711			578		30		693		180		(4,126		)	5,443
Equity attributable to non-controlling interests	4,778		347		1,576		—		(27		)	257		16		—		—		—			6,947
Total equity	9,062		1,578		3,188		250		684			835		46		693		180		(4,126		)	12,390
Total liabilities and equity	$	15,460	$	7,529	$	5,334	$	315	$	3,120		$	1,260	$	436	$	745	$	208	$	1,373		$	35,780



	December 31, 2013
	Investment		Automotive		Energy		Metals		Railcar		Gaming		Food Packaging		Real Estate		Home Fashion		Holding Company			Consolidated
	(in millions)
ASSETS
Cash and cash equivalents	$	3	$	761	$	842	$	31	$	417	$	359	$	19	$	32	$	16	$	782		$	3,262
Cash held at consolidated affiliated partnerships and restricted cash	321		—		—		4		27		31		1		3		6		3			396
Investments	11,826		253		—		—		31		34		—		—		—		117			12,261
Accounts receivable, net	—		1,297		242		62		34		10		67		3		35		—			1,750
Inventories, net	—		1,068		527		85		90		—		72		—		60		—			1,902
Property, plant and equipment, net	—		2,038		2,684		129		1,889		444		156		656		78		3			8,077
Goodwill and intangible assets, net	—		1,715		1,307		9		7		67		11		68		3		—			3,187
Other assets	47		413		146		14		52		51		79		18		24		66			910
Total assets	$	12,197	$	7,545	$	5,748	$	334	$	2,547	$	996	$	405	$	780	$	222	$	971		$	31,745
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	757	$	1,763	$	1,550	$	57	$	204	$	132	$	80	$	18	$	31	$	351		$	4,943
Securities sold, not yet purchased, at fair value	884		—		—		—		—		—		—		—		—		—			884
Due to brokers	2,203		—		—		—		—		—		—		—		—		—			2,203
Post-employment benefit liability	—		1,072		—		1		5		—		33		—		—		—			1,111
Debt	—		2,586		676		3		1,448		298		217		51		—		4,016			9,295
Total liabilities	3,844		5,421		2,226		61		1,657		430		330		69		31		4,367			18,436

Equity attributable to Icahn Enterprises	3,696		1,660		1,926		273		591		392		55		711		191		(3,403		)	6,092
Equity attributable to non-controlling interests	4,657		464		1,596		—		299		174		20		—		—		7			7,217
Total equity	8,353		2,124		3,522		273		890		566		75		711		191		(3,396		)	13,309
Total liabilities and equity	$	12,197	$	7,545	$	5,748	$	334	$	2,547	$	996	$	405	$	780	$	222	$	971		$	31,745

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,
	2014		2013		2012		2014		2013		2012		2014		2013
	(in millions)
United States	$	13,086	$	13,171	$	10,202	$	1,169	$	937	$	914	$	6,903	$	6,207
Germany	1,507		1,339		1,175		—		—		—		423		425
Other	3,479		3,275		3,197		81		51		37		1,629		1,445
	$	18,072	$	17,785	$	14,574	$	1,250	$	988	$	951	$	8,955	$	8,077

Geographic location is based on location of the customer and location of the asset.

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, and are only reflected in the results of operations for our Holding Company. See Note 10, "Debt," for additional information. Segment information for Icahn Enterprises Holdings is presented below for significant financial statement line items affected by these differences.



	Year Ended December 31,																								December 31,
	2014								2013								2012								2014		2013
	Interest Expense		Net (Loss) Income			Net (Loss) Income Attributable to Icahn Enterprises Holdings			Interest Expense		Net Income (Loss)			Net Income (Loss) Attributable to Icahn Enterprises Holdings			Interest Expense		Net Income (Loss)			Net Income (Loss) Attributable to Icahn Enterprises Holdings			Total Assets		Total Assets
	(in millions)																								(in millions)
Investment	$	299	$	(684	)	$	(305	)	$	10	$	1,902		$	812		$	2	$	372		$	157		$	15,460	$	12,197
Automotive	128		(90		)	(87		)	111		263			250			141		(22		)	(24		)	7,529		7,545
Energy	38		168			95			48		479			289			39		338			263			5,334		5,748
Metals	—		(25		)	(25		)	—		(28		)	(28		)	—		(58		)	(58		)	315		334
Railcar	60		188			122			49		139			30			68		92			29			3,120		2,547
Gaming	13		269			185			14		19			13			13		30			21			1,260		996
Food Packaging	14		9			6			22		43			32			21		6			4			436		405
Real Estate	3		22			22			4		17			17			5		19			19			745		780
Home Fashion	—		2			2			—		(16		)	(16		)	—		(27		)	(27		)	208		222
Holding Company	291		(387		)	(387		)	302		(374		)	(374		)	282		13			13			1,396		987
Consolidated	$	846	$	(528	)	$	(372	)	$	560	$	2,444		$	1,025		$	571	$	763		$	397		$	35,803	$	31,761

Amounts related to the amortization of debt discounts and premiums included in interest expense for the consolidated results of Icahn Enterprises Holdings were $21 million, $34 million and $27 million for the years ended December 31, 2014, 2013 and 2012, respectively.