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Segment Reporting | 3 Months Ended
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Mar. 31, 2016
Segment Reporting [Abstract] |
Segment Reporting | Segment Reporting. We are a diversified holding company owning subsidiaries currently engaged in the following continuing operating businesses: Investment, Automotive, Energy, Metals, Railcar, Gaming, Mining, Food Packaging, Real Estate and Home Fashion. We also report the results of our Holding Company, which includes the results of certain subsidiaries of Icahn Enterprises and Icahn Enterprises Holdings, and investment activity and expenses associated with the Holding Company. 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 2, “Operating Units,” for a detailed description of each of our reporting segments. Icahn Enterprises' condensed statements of operations by reporting segment for the three months ended March 31, 2016 and 2015 are presented below:
| Three Months Ended March 31, 2016
| Investment |  | Automotive |  | Energy |  | Metals |  | Railcar |  | Gaming |  | Mining |  | Food Packaging |  | Real Estate |  | Home Fashion |  | Holding Company |  | Consolidated
| (in millions)
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales | $ | — |  |  | $ | 2,321 |  |  | $ | 906 |  |  | $ | 58 |  |  | $ | 124 |  |  | $ | — |  |  | $ | 10 |  |  | $ | 77 |  |  | $ | 2 |  |  | $ | 50 |  |  | $ | — |  |  | $ | 3,548 |
Other revenues from operations | — |  |  | 80 |  |  | — |  |  | — |  |  | 132 |  |  | 218 |  |  | — |  |  | — |  |  | 16 |  |  | — |  |  | — |  |  | 446 |
Net (loss) income from investment activities | (945 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9 |  |  | (936 | )
Interest and dividend income | 38 |  |  | 1 |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | 42 |
Other income (loss), net | (1 | ) |  | 24 |  |  | (1 | ) |  | — |  |  | 2 |  |  | — |  |  | (3 | ) |  | 4 |  |  | 1 |  |  | 1 |  |  | — |  |  | 27 |
| (908 | ) |  | 2,426 |  |  | 905 |  |  | 58 |  |  | 259 |  |  | 218 |  |  | 7 |  |  | 81 |  |  | 19 |  |  | 51 |  |  | 11 |  |  | 3,127 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of goods sold | — |  |  | 1,912 |  |  | 927 |  |  | 64 |  |  | 102 |  |  | — |  |  | 14 |  |  | 61 |  |  | 1 |  |  | 42 |  |  | — |  |  | 3,123 |
Other expenses from operations | — |  |  | 76 |  |  | — |  |  | — |  |  | 54 |  |  | 106 |  |  | — |  |  | — |  |  | 10 |  |  | — |  |  | — |  |  | 246 |
Selling, general and administrative | (12 | ) |  | 350 |  |  | 35 |  |  | 4 |  |  | 12 |  |  | 97 |  |  | 4 |  |  | 12 |  |  | 3 |  |  | 9 |  |  | 4 |  |  | 518 |
Restructuring | — |  |  | 15 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 15 |
Impairment | — |  |  | 3 |  |  | 574 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 577 |
Interest expense | 87 |  |  | 39 |  |  | 11 |  |  | — |  |  | 23 |  |  | 3 |  |  | 1 |  |  | 3 |  |  | 1 |  |  | — |  |  | 73 |  |  | 241 |
| 75 |  |  | 2,395 |  |  | 1,547 |  |  | 68 |  |  | 191 |  |  | 206 |  |  | 19 |  |  | 76 |  |  | 15 |  |  | 51 |  |  | 77 |  |  | 4,720 |
(Loss) income before income tax (expense) benefit | (983 | ) |  | 31 |  |  | (642 | ) |  | (10 | ) |  | 68 |  |  | 12 |  |  | (12 | ) |  | 5 |  |  | 4 |  |  | — |  |  | (66 | ) |  | (1,593 | )
Income tax (expense) benefit | — |  |  | (3 | ) |  | 28 |  |  | 4 |  |  | (18 | ) |  | (6 | ) |  | (1 | ) |  | (1 | ) |  | — |  |  | — |  |  | (19 | ) |  | (16 | )
Net (loss) income | (983 | ) |  | 28 |  |  | (614 | ) |  | (6 | ) |  | 50 |  |  | 6 |  |  | (13 | ) |  | 4 |  |  | 4 |  |  | — |  |  | (85 | ) |  | (1,609 | )
Less: net loss (income) attributable to non-controlling interests | 533 |  |  | (7 | ) |  | 261 |  |  | — |  |  | (14 | ) |  | (3 | ) |  | 3 |  |  | (1 | ) |  | — |  |  | — |  |  | — |  |  | 772 |
Net (loss) income attributable to Icahn Enterprises | $ | (450 | ) |  | $ | 21 |  |  | $ | (353 | ) |  | $ | (6 | ) |  | $ | 36 |  |  | $ | 3 |  |  | $ | (10 | ) |  | $ | 3 |  |  | $ | 4 |  |  | $ | — |  |  | $ | (85 | ) |  | $ | (837 | )
Supplemental information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures | $ | — |  |  | $ | 99 |  |  | $ | 48 |  |  | $ | 1 |  |  | $ | 39 |  |  | $ | 16 |  |  | $ | 2 |  |  | $ | 3 |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | 210 |
Depreciation and amortization(1) | $ | — |  |  | $ | 104 |  |  | $ | 56 |  |  | $ | 6 |  |  | $ | 34 |  |  | $ | 17 |  |  | $ | 1 |  |  | $ | 5 |  |  | $ | 5 |  |  | $ | 2 |  |  | $ | — |  |  | $ | 230 |
| Three Months Ended March 31, 2015
| Investment |  | Automotive |  | Energy |  | Metals |  | Railcar |  | Gaming |  | Mining |  | Food Packaging |  | Real Estate |  | Home Fashion |  | Holding Company |  | Consolidated
| (in millions)
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales | $ | — |  |  | $ | 1,835 |  |  | $ | 1,389 |  |  | $ | 106 |  |  | $ | 103 |  |  | $ | — |  |  | $ | — |  |  | $ | 85 |  |  | $ | — |  |  | $ | 47 |  |  | $ | — |  |  | $ | 3,565 |
Other revenues from operations | — |  |  | — |  |  | — |  |  | — |  |  | 117 |  |  | 193 |  |  | — |  |  | — |  |  | 19 |  |  | — |  |  | — |  |  | 329 |
Net gain (loss) from investment activities | 570 |  |  | — |  |  | 35 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (14 | ) |  | 591 |
Interest and dividend income | 49 |  |  | 1 |  |  | 1 |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 53 |
Other income (loss), net | — |  |  | 9 |  |  | (51 | ) |  | — |  |  | — |  |  | (1 | ) |  | — |  |  | (3 | ) |  | 19 |  |  | — |  |  | — |  |  | (27 | )
| 619 |  |  | 1,845 |  |  | 1,374 |  |  | 106 |  |  | 221 |  |  | 192 |  |  | — |  |  | 82 |  |  | 38 |  |  | 47 |  |  | (13 | ) |  | 4,511 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of goods sold | — |  |  | 1,584 |  |  | 1,237 |  |  | 116 |  |  | 82 |  |  | — |  |  | — |  |  | 66 |  |  | — |  |  | 40 |  |  | — |  |  | 3,125 |
Other expenses from operations | — |  |  | — |  |  | — |  |  | — |  |  | 48 |  |  | 96 |  |  | — |  |  | — |  |  | 11 |  |  | — |  |  | — |  |  | 155 |
Selling, general and administrative | 100 |  |  | 217 |  |  | 32 |  |  | 5 |  |  | 11 |  |  | 82 |  |  | — |  |  | 12 |  |  | 3 |  |  | 8 |  |  | 7 |  |  | 477 |
Restructuring | — |  |  | 12 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 12 |
Impairment | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |
Interest expense | 123 |  |  | 36 |  |  | 12 |  |  | — |  |  | 20 |  |  | 3 |  |  | — |  |  | 3 |  |  | 1 |  |  | — |  |  | 72 |  |  | 270 |
| 223 |  |  | 1,850 |  |  | 1,281 |  |  | 121 |  |  | 161 |  |  | 181 |  |  | — |  |  | 81 |  |  | 15 |  |  | 48 |  |  | 79 |  |  | 4,040 |
Income (loss) before income tax (expense) benefit | 396 |  |  | (5 | ) |  | 93 |  |  | (15 | ) |  | 60 |  |  | 11 |  |  | — |  |  | 1 |  |  | 23 |  |  | (1 | ) |  | (92 | ) |  | 471 |
Income tax (expense) benefit | — |  |  | (15 | ) |  | (18 | ) |  | 6 |  |  | (16 | ) |  | (4 | ) |  | — |  |  | (1 | ) |  | — |  |  | — |  |  | (1 | ) |  | (49 | )
Net income (loss) | 396 |  |  | (20 | ) |  | 75 |  |  | (9 | ) |  | 44 |  |  | 7 |  |  | — |  |  | — |  |  | 23 |  |  | (1 | ) |  | (93 | ) |  | 422 |
Less: net (income) loss attributable to non-controlling interests | (212 | ) |  | 2 |  |  | (32 | ) |  | — |  |  | (17 | ) |  | (2 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (261 | )
Net income (loss) attributable to Icahn Enterprises | $ | 184 |  |  | $ | (18 | ) |  | $ | 43 |  |  | $ | (9 | ) |  | $ | 27 |  |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |  | $ | 23 |  |  | $ | (1 | ) |  | $ | (93 | ) |  | $ | 161 |
Supplemental information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures | $ | — |  |  | $ | 108 |  |  | $ | 46 |  |  | $ | 15 |  |  | $ | 162 |  |  | $ | 26 |  |  | $ | — |  |  | $ | 4 |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | 363 |
Depreciation and amortization(1) | $ | — |  |  | $ | 83 |  |  | $ | 58 |  |  | $ | 7 |  |  | $ | 29 |  |  | $ | 15 |  |  | $ | — |  |  | $ | 5 |  |  | $ | 5 |  |  | $ | 2 |  |  | $ | — |  |  | $ | 204 |
(1) | Excludes amounts related to the amortization of deferred financing costs and debt discounts and premiums included in interest expense in the amounts of $4 million and $3 million for the three months ended March 31, 2016 and 2015, respectively.
Icahn Enterprises' condensed balance sheets by reporting segment as of March 31, 2016 and December 31, 2015 are presented below:
| March 31, 2016
| Investment |  | Automotive |  | Energy |  | Metals |  | Railcar |  | Gaming |  | Mining |  | Food Packaging |  | Real Estate |  | Home Fashion |  | Holding Company |  | Consolidated
| (in millions)
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 12 |  |  | $ | 309 |  |  | $ | 682 |  |  | $ | 6 |  |  | $ | 346 |  |  | $ | 251 |  |  | $ | 5 |  |  | $ | 37 |  |  | $ | 11 |  |  | $ | 5 |  |  | $ | 212 |  |  | $ | 1,876 |
Cash held at consolidated affiliated partnerships and restricted cash | 663 |  |  | 4 |  |  | — |  |  | 5 |  |  | 52 |  |  | 11 |  |  | — |  |  | 2 |  |  | 2 |  |  | 9 |  |  | 3 |  |  | 751 |
Investments | 9,271 |  |  | 313 |  |  | 5 |  |  | — |  |  | 27 |  |  | 42 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 368 |  |  | 10,026 |
Accounts receivable, net | — |  |  | 1,546 |  |  | 110 |  |  | 27 |  |  | 34 |  |  | 12 |  |  | 3 |  |  | 62 |  |  | 3 |  |  | 42 |  |  | — |  |  | 1,839 |
Inventories, net | — |  |  | 2,342 |  |  | 259 |  |  | 39 |  |  | 76 |  |  | — |  |  | 29 |  |  | 80 |  |  | — |  |  | 71 |  |  | — |  |  | 2,896 |
Property, plant and equipment, net | — |  |  | 3,281 |  |  | 2,692 |  |  | 112 |  |  | 2,772 |  |  | 886 |  |  | 135 |  |  | 152 |  |  | 467 |  |  | 72 |  |  | 3 |  |  | 10,572 |
Goodwill and intangible assets, net | — |  |  | 1,915 |  |  | 332 |  |  | 4 |  |  | 7 |  |  | 91 |  |  | — |  |  | 8 |  |  | 46 |  |  | 3 |  |  | — |  |  | 2,406 |
Other assets | 630 |  |  | 576 |  |  | 103 |  |  | 13 |  |  | 88 |  |  | 221 |  |  | 20 |  |  | 85 |  |  | 161 |  |  | 6 |  |  | 13 |  |  | 1,916 |
Total assets | $ | 10,576 |  |  | $ | 10,286 |  |  | $ | 4,183 |  |  | $ | 206 |  |  | $ | 3,402 |  |  | $ | 1,514 |  |  | $ | 192 |  |  | $ | 426 |  |  | $ | 690 |  |  | $ | 208 |  |  | $ | 599 |  |  | $ | 32,282 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable, accrued expenses and other liabilities | $ | 924 |  |  | $ | 3,000 |  |  | $ | 1,327 |  |  | $ | 30 |  |  | $ | 297 |  |  | $ | 143 |  |  | $ | 32 |  |  | $ | 64 |  |  | $ | 14 |  |  | $ | 33 |  |  | $ | 388 |  |  | $ | 6,252 |
Securities sold, not yet purchased, at fair value | 1,052 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,052 |
Due to brokers | 2,710 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,710 |
Post-employment benefit liability | — |  |  | 1,169 |  |  | — |  |  | 2 |  |  | 8 |  |  | — |  |  | — |  |  | 51 |  |  | — |  |  | — |  |  | — |  |  | 1,230 |
Debt | — |  |  | 3,282 |  |  | 668 |  |  | — |  |  | 2,461 |  |  | 288 |  |  | 50 |  |  | 267 |  |  | 27 |  |  | — |  |  | 5,487 |  |  | 12,530 |
Total liabilities | 4,686 |  |  | 7,451 |  |  | 1,995 |  |  | 32 |  |  | 2,766 |  |  | 431 |  |  | 82 |  |  | 382 |  |  | 41 |  |  | 33 |  |  | 5,875 |  |  | 23,774 |
Equity attributable to Icahn Enterprises | 1,820 |  |  | 2,502 |  |  | 1,119 |  |  | 174 |  |  | 423 |  |  | 816 |  |  | 85 |  |  | 29 |  |  | 649 |  |  | 175 |  |  | (5,276 | ) |  | 2,516 |
Equity attributable to non-controlling interests | 4,070 |  |  | 333 |  |  | 1,069 |  |  | — |  |  | 213 |  |  | 267 |  |  | 25 |  |  | 15 |  |  | — |  |  | — |  |  | — |  |  | 5,992 |
Total equity | 5,890 |  |  | 2,835 |  |  | 2,188 |  |  | 174 |  |  | 636 |  |  | 1,083 |  |  | 110 |  |  | 44 |  |  | 649 |  |  | 175 |  |  | (5,276 | ) |  | 8,508 |
Total liabilities and equity | $ | 10,576 |  |  | $ | 10,286 |  |  | $ | 4,183 |  |  | $ | 206 |  |  | $ | 3,402 |  |  | $ | 1,514 |  |  | $ | 192 |  |  | $ | 426 |  |  | $ | 690 |  |  | $ | 208 |  |  | $ | 599 |  |  | $ | 32,282 |
| December 31, 2015
| Investment |  | Automotive |  | Energy |  | Metals |  | Railcar |  | Gaming |  | Mining |  | Food Packaging |  | Real Estate |  | Home Fashion |  | Holding Company |  | Consolidated
| (in millions)
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 10 |  |  | $ | 201 |  |  | $ | 765 |  |  | $ | 12 |  |  | $ | 623 |  |  | $ | 217 |  |  | $ | 14 |  |  | $ | 37 |  |  | $ | 19 |  |  | $ | 14 |  |  | $ | 166 |  |  | $ | 2,078 |
Cash held at consolidated affiliated partnerships and restricted cash | 1,199 |  |  | — |  |  | — |  |  | 4 |  |  | 53 |  |  | 14 |  |  | — |  |  | 1 |  |  | 2 |  |  | 6 |  |  | 3 |  |  | 1,282 |
Investments | 14,553 |  |  | 296 |  |  | — |  |  | — |  |  | 27 |  |  | 26 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 449 |  |  | 15,351 |
Accounts receivable, net | — |  |  | 1,418 |  |  | 96 |  |  | 26 |  |  | 36 |  |  | 9 |  |  | 4 |  |  | 60 |  |  | 2 |  |  | 34 |  |  | — |  |  | 1,685 |
Inventories, net | — |  |  | 1,656 |  |  | 290 |  |  | 39 |  |  | 97 |  |  | — |  |  | 32 |  |  | 77 |  |  | — |  |  | 68 |  |  | — |  |  | 2,259 |
Property, plant and equipment, net | — |  |  | 2,386 |  |  | 2,698 |  |  | 116 |  |  | 2,767 |  |  | 740 |  |  | 134 |  |  | 152 |  |  | 467 |  |  | 72 |  |  | 3 |  |  | 9,535 |
Goodwill and intangible assets, net | — |  |  | 1,556 |  |  | 911 |  |  | 5 |  |  | 7 |  |  | 74 |  |  | — |  |  | 8 |  |  | 48 |  |  | 3 |  |  | — |  |  | 2,612 |
Other assets | 378 |  |  | 430 |  |  | 128 |  |  | 13 |  |  | 71 |  |  | 201 |  |  | 19 |  |  | 81 |  |  | 163 |  |  | 9 |  |  | 108 |  |  | 1,601 |
Total assets | $ | 16,140 |  |  | $ | 7,943 |  |  | $ | 4,888 |  |  | $ | 215 |  |  | $ | 3,681 |  |  | $ | 1,281 |  |  | $ | 203 |  |  | $ | 416 |  |  | $ | 701 |  |  | $ | 206 |  |  | $ | 729 |  |  | $ | 36,403 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable, accrued expenses and other liabilities | $ | 488 |  |  | $ | 2,061 |  |  | $ | 1,366 |  |  | $ | 30 |  |  | $ | 299 |  |  | $ | 118 |  |  | $ | 30 |  |  | $ | 62 |  |  | $ | 17 |  |  | $ | 30 |  |  | $ | (60 | ) |  | $ | 4,441 |
Securities sold, not yet purchased, at fair value | 794 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 794 |
Due to brokers | 7,317 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7,317 |
Post-employment benefit liability | — |  |  | 1,163 |  |  | — |  |  | 2 |  |  | 8 |  |  | — |  |  | — |  |  | 51 |  |  | — |  |  | — |  |  | — |  |  | 1,224 |
Debt | — |  |  | 3,135 |  |  | 667 |  |  | 1 |  |  | 2,671 |  |  | 289 |  |  | 50 |  |  | 267 |  |  | 28 |  |  | — |  |  | 5,486 |  |  | 12,594 |
Total liabilities | 8,599 |  |  | 6,359 |  |  | 2,033 |  |  | 33 |  |  | 2,978 |  |  | 407 |  |  | 80 |  |  | 380 |  |  | 45 |  |  | 30 |  |  | 5,426 |  |  | 26,370 |
Equity attributable to Icahn Enterprises | 3,428 |  |  | 1,270 |  |  | 1,508 |  |  | 182 |  |  | 742 |  |  | 604 |  |  | 95 |  |  | 23 |  |  | 656 |  |  | 176 |  |  | (4,697 | ) |  | 3,987 |
Equity attributable to non-controlling interests | 4,113 |  |  | 314 |  |  | 1,347 |  |  | — |  |  | (39 | ) |  | 270 |  |  | 28 |  |  | 13 |  |  | — |  |  | — |  |  | — |  |  | 6,046 |
Total equity | 7,541 |  |  | 1,584 |  |  | 2,855 |  |  | 182 |  |  | 703 |  |  | 874 |  |  | 123 |  |  | 36 |  |  | 656 |  |  | 176 |  |  | (4,697 | ) |  | 10,033 |
Total liabilities and equity | $ | 16,140 |  |  | $ | 7,943 |  |  | $ | 4,888 |  |  | $ | 215 |  |  | $ | 3,681 |  |  | $ | 1,281 |  |  | $ | 203 |  |  | $ | 416 |  |  | $ | 701 |  |  | $ | 206 |  |  | $ | 729 |  |  | $ | 36,403 |
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 as well as due to/due from balances between Icahn Enterprises and Icahn Enterprises Holdings and are only reflected in the results of operations for the Holding Company. Segment information for Icahn Enterprises Holdings is presented below for significant financial statement line items affected by these differences.
| Three Months Ended March 31, |  | March 31, |  | December 31,
| 2016 |  | 2015 |  | 2016 |  | 2015
| 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 |  | Total Assets |  | Total Assets
| (in millions) |  | (in millions)
Investment | $ | 87 |  |  | $ | (983 | ) |  | $ | (450 | ) |  | $ | 123 |  |  | $ | 396 |  |  | $ | 184 |  |  | $ | 10,576 |  |  | $ | 16,140 |
Automotive | 39 |  |  | 28 |  |  | 21 |  |  | 36 |  |  | (20 | ) |  | (18 | ) |  | 10,286 |  |  | 7,943 |
Energy | 11 |  |  | (614 | ) |  | (353 | ) |  | 12 |  |  | 75 |  |  | 43 |  |  | 4,183 |  |  | 4,888 |
Metals | — |  |  | (6 | ) |  | (6 | ) |  | — |  |  | (9 | ) |  | (9 | ) |  | 206 |  |  | 215 |
Railcar | 23 |  |  | 50 |  |  | 36 |  |  | 20 |  |  | 44 |  |  | 27 |  |  | 3,402 |  |  | 3,681 |
Gaming | 3 |  |  | 6 |  |  | 3 |  |  | 3 |  |  | 7 |  |  | 5 |  |  | 1,514 |  |  | 1,281 |
Mining | 1 |  |  | (13 | ) |  | (10 | ) |  | — |  |  | — |  |  | — |  |  | 192 |  |  | 203 |
Food Packaging | 3 |  |  | 4 |  |  | 3 |  |  | 3 |  |  | — |  |  | — |  |  | 426 |  |  | 416 |
Real Estate | 1 |  |  | 4 |  |  | 4 |  |  | 1 |  |  | 23 |  |  | 23 |  |  | 690 |  |  | 701 |
Home Fashion | — |  |  | — |  |  | — |  |  | — |  |  | (1 | ) |  | (1 | ) |  | 208 |  |  | 206 |
Holding Company | 73 |  |  | (85 | ) |  | (85 | ) |  | 72 |  |  | (93 | ) |  | (93 | ) |  | 623 |  |  | 753 |
Consolidated | $ | 241 |  |  | $ | (1,609 | ) |  | $ | (837 | ) |  | $ | 270 |  |  | $ | 422 |  |  | $ | 161 |  |  | $ | 32,306 |  |  | $ | 36,427 |
Amounts related to the amortization of debt discounts and premiums included in interest expense for the consolidated results of Icahn Enterprises Holdings were $4 million and $3 million for the three months ended March 31, 2016 and 2015, respectively.

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