Segment and Geographic Reporting.

We are a diversified holding company owning subsidiaries currently engaged in the following continuing operating businesses: Investment, Automotive, Energy, Railcar, Gaming, Metals, 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. We report segment information based on the various industries in which our businesses operate and how we manage those businesses in accordance with our investment strategies, which may include: identifying and acquiring undervalued assets and businesses, often through the purchase of distressed securities; increasing value through management, financial or other operational changes; and managing complex legal, regulatory or financial issues, which may include bankruptcy or insolvency, environmental, zoning, permitting and licensing issues. Therefore, although many of our businesses are operated under separate local management, certain of our businesses are grouped together when they operate within a similar industry, comprising similarities in products, customers, production processes and regulatory environments, and when such businesses, when considered together, may be managed in accordance with one or more investment strategies specific to those businesses. Among other measures, we assess and measure segment operating results based on net income from continuing operations attributable to Icahn Enterprises and Icahn Enterprises Holdings, as presented below. Certain terms of financings for certain of our businesses impose restrictions on the business' 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 segments.

Icahn Enterprises' condensed statements of operations by reporting segment for the years ended December 31, 2016, 2015 and 2014 are presented below:



	Year Ended December 31, 2016
	Investment			Automotive			Energy			Railcar			Gaming			Metals			Mining			Food Packaging			Real Estate		Home Fashion			Holding Company			Consolidated
	(in millions)
Revenues:
Net sales	$	—		$	9,420		$	4,782		$	430		$	—		$	267		$	71		$	329		$	17	$	195		$	—		$	15,511
Other revenues from operations	—			422			—			522			944			—			—			—			70		—			—			1,958
Net (loss) income from investment activities	(1,388		)	—			5			—			—			—			—			—			—		—			10			(1,373		)
Interest and dividend income	112			4			1			2			1			—			2			—			—		—			9			131
Other (loss) income, net	53			82			(24		)	8			3			2			(10		)	3			1		1			2			121
	(1,223		)	9,928			4,764			962			948			269			63			332			88		196			21			16,348
Expenses:
Cost of goods sold	—			7,658			4,618			366			—			284			56			249			13		168			—			13,412
Other expenses from operations	—			430			—			223			460			—			—			—			46		—			—			1,159
Selling, general and administrative	34			1,521			138			48			440			18			22			52			10		38			21			2,342
Restructuring	—			27			—			—			—			2			—			3			—		—			—			32
Impairment	—			18			574			—			106			1			—			—			5		2			3			709
Interest expense	230			157			83			85			13			—			7			12			2		—			289			878
	264			9,811			5,413			722			1,019			305			85			316			76		208			313			18,532
(Loss) income before income tax (expense) benefit	(1,487		)	117			(649		)	240			(71		)	(36		)	(22		)	16			12		(12		)	(292		)	(2,184		)
Income tax (expense) benefit	—			(40		)	45			(57		)	(24		)	16			(2		)	(8		)	—		—			34			(36		)
Net (loss) income	(1,487		)	77			(604		)	183			(95		)	(20		)	(24		)	8			12		(12		)	(258		)	(2,220		)
Less: net loss (income) attributable to non-controlling interests	883			(24		)	277			(33		)	(14		)	—			5			(2		)	—		—			—			1,092
Net (loss) income attributable to Icahn Enterprises	$	(604	)	$	53		$	(327	)	$	150		$	(109	)	$	(20	)	$	(19	)	$	6		$	12	$	(12	)	$	(258	)	$	(1,128	)

Supplemental information:
Capital expenditures	$	—		$	418		$	133		$	133		$	85		$	5		$	22		$	18		$	1	$	11		$	—		$	826
Depreciation and amortization⁽¹⁾	$	—		$	473		$	258		$	134		$	71		$	22		$	3		$	20		$	22	$	8		$	—		$	1,011



	Year Ended December 31, 2015
	Investment			Automotive			Energy			Railcar			Gaming			Metals			Mining			Food Packaging			Real Estate		Home Fashion			Holding Company			Consolidated
	(in millions)
Revenues:
Net sales	$	—		$	7,789		$	5,433		$	440		$	—		$	361		$	30		$	344		$	14	$	193		$	—		$	14,604
Other revenues from operations	—			—			—			499			811			—			—			—			76		—			—			1,386
Net gain (loss) from investment activities	(1,041		)	—			36			—			—			—			—			—			—		—			18			(987		)
Interest and dividend income	178			6			2			2			1			—			1			—			—		—			4			194
Other (loss) income, net	(2		)	58			(29		)	7			(1		)	4			(3		)	(7		)	41		1			6			75
	(865		)	7,853			5,442			948			811			365			28			337			131		194			28			15,272
Expenses:
Cost of goods sold	—			6,577			4,949			338			—			406			38			263			7		163			—			12,741
Other expenses from operations	—			—			—			201			396			—			—			—			46		—			—			643
Selling, general and administrative	237			1,001			127			45			338			20			12			50			13		34			31			1,908
Restructuring	—			89			—			—			—			2			—			5			—		1			—			97
Impairment	—			344			253			—			—			20			169			—			2		—			—			788
Interest expense	563			144			47			82			12			—			3			12			2		—			289			1,154
	800			8,155			5,376			666			746			448			222			330			70		198			320			17,331
(Loss) income before income tax (expense) benefit	(1,665		)	(302		)	66			282			65			(83		)	(194		)	7			61		(4		)	(292		)	(2,059		)
Income tax (expense) benefit	—			(50		)	(59		)	(69		)	(27		)	32			(1		)	(10		)	—		—			116			(68		)
Net (loss) income	(1,665		)	(352		)	7			213			38			(51		)	(195		)	(3		)	61		(4		)	(176		)	(2,127		)
Less: net loss (income) attributable to non-controlling interests	905			53			18			(76		)	(12		)	—			45			—			—		—			—			933
Net (loss) income attributable to Icahn Enterprises	$	(760	)	$	(299	)	$	25		$	137		$	26		$	(51	)	$	(150	)	$	(3	)	$	61	$	(4	)	$	(176	)	$	(1,194	)

Supplemental information:
Capital expenditures	$	—		$	449		$	219		$	522		$	94		$	24		$	20		$	22		$	3	$	6		$	—		$	1,359
Depreciation and amortization⁽¹⁾	$	—		$	346		$	229		$	127		$	63		$	29		$	8		$	19		$	21	$	7		$	—		$	849



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

Supplemental information:
Capital expenditures	$	—		$	418		$	218		$	626		$	81		$	41		$	23		$	1	$	3		$	—		$	1,411
Depreciation and amortization⁽²⁾	$	—		$	336		$	219		$	106		$	50		$	26		$	22		$	22	$	7		$	—		$	788


⁽¹⁾	Excludes amounts related to the amortization of deferred financing costs and debt discounts and premiums included in interest expense in the consolidated amounts of $23 million, $14 million and $22 million for the years ended December 31, 2016, 2015 and 2014, respectively.

Icahn Enterprises' condensed balance sheets by reporting segment as of December 31, 2016 and 2015 are presented below:



	December 31, 2016
	Investment		Automotive		Energy		Railcar		Gaming		Metals		Mining		Food Packaging		Real Estate		Home Fashion		Holding Company			Consolidated
	(in millions)
ASSETS
Cash and cash equivalents	$	13	$	353	$	736	$	179	$	244	$	4	$	14	$	39	$	24	$	2	$	225		$	1,833
Cash held at consolidated affiliated partnerships and restricted cash	752		2		—		19		15		5		—		2		2		4		3			804
Investments	9,213		270		6		35		33		—		—		—		—		—		324			9,881
Accounts receivable, net	—		1,270		152		40		12		29		5		63		3		35		—			1,609
Inventories, net	—		2,353		349		75		—		38		25		72		—		71		—			2,983
Property, plant and equipment, net	—		3,302		3,358		1,567		814		100		152		152		602		75		—			10,122
Goodwill and intangible assets, net	—		1,765		318		7		75		4		—		8		38		1		—			2,216
Other assets	1,518		504		94		1,410		209		13		23		92		18		5		1			3,887
Total assets	$	11,496	$	9,819	$	5,013	$	3,332	$	1,402	$	193	$	219	$	428	$	687	$	193	$	553		$	33,335
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	1,236	$	2,834	$	1,474	$	2,100	$	153	$	34	$	38	$	69	$	20	$	29	$	168		$	8,155
Securities sold, not yet purchased, at fair value	1,139		—		—		—		—		—		—		—		—		—		—			1,139
Due to brokers	3,725		—		—		—		—		—		—		—		—		—		—			3,725
Post-employment benefit liability	—		1,113		—		9		—		2		—		56		—		—		—			1,180
Debt	—		3,259		1,165		571		287		2		55		265		25		—		5,490			11,119
Total liabilities	6,100		7,206		2,639		2,680		440		38		93		390		45		29		5,658			25,318

Equity attributable to Icahn Enterprises	1,669		2,292		1,034		444		730		155		104		25		642		164		(5,105		)	2,154
Equity attributable to non-controlling interests	3,727		321		1,340		208		232		—		22		13		—		—		—			5,863
Total equity	5,396		2,613		2,374		652		962		155		126		38		642		164		(5,105		)	8,017
Total liabilities and equity	$	11,496	$	9,819	$	5,013	$	3,332	$	1,402	$	193	$	219	$	428	$	687	$	193	$	553		$	33,335



	December 31, 2015
	Investment		Automotive		Energy		Railcar			Gaming		Metals		Mining		Food Packaging		Real Estate		Home Fashion		Holding Company			Consolidated
	(in millions)
ASSETS
Cash and cash equivalents	$	10	$	201	$	765	$	623		$	217	$	12	$	14	$	37	$	19	$	14	$	166		$	2,078
Cash held at consolidated affiliated partnerships and restricted cash	1,199		—		—		53			14		4		—		1		2		6		3			1,282
Investments	14,553		296		—		27			26		—		—		—		—		—		449			15,351
Accounts receivable, net	—		1,418		96		36			9		26		4		60		2		34		—			1,685
Inventories, net	—		1,656		290		97			—		39		32		77		—		68		—			2,259
Property, plant and equipment, net	—		2,386		2,698		2,767			740		116		134		152		467		72		3			9,535
Goodwill and intangible assets, net	—		1,556		911		7			74		5		—		8		48		3		—			2,612
Other assets	378		430		128		71			205		13		19		81		163		9		108			1,605
Total assets	$	16,140	$	7,943	$	4,888	$	3,681		$	1,285	$	215	$	203	$	416	$	701	$	206	$	729		$	36,407
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	488	$	2,061	$	1,366	$	299		$	122	$	30	$	30	$	62	$	17	$	30	$	(60	)	$	4,445
Securities sold, not yet purchased, at fair value	794		—		—		—			—		—		—		—		—		—		—			794
Due to brokers	7,317		—		—		—			—		—		—		—		—		—		—			7,317
Post-employment benefit liability	—		1,163		—		8			—		2		—		51		—		—		—			1,224
Debt	—		3,135		667		2,671			289		1		50		267		28		—		5,486			12,594
Total liabilities	8,599		6,359		2,033		2,978			411		33		80		380		45		30		5,426			26,374

Equity attributable to Icahn Enterprises	3,428		1,270		1,508		742			604		182		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		703			874		182		123		36		656		176		(4,697		)	10,033
Total liabilities and equity	$	16,140	$	7,943	$	4,888	$	3,681		$	1,285	$	215	$	203	$	416	$	701	$	206	$	729		$	36,407

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,
	2016		2015		2014		2016		2015		2014		2016		2015
	(in millions)
United States	$	10,489	$	9,672	$	13,086	$	1,886	$	1,304	$	1,169	$	8,063	$	7,221
Germany	1,455		1,480		1,507		—		—		—		458		464
Other	3,567		3,452		3,479		72		82		81		1,601		1,850
	$	15,511	$	14,604	$	18,072	$	1,958	$	1,386	$	1,250	$	10,122	$	9,535

Geographic locations for net sales and other revenues from operations are based on locations of the customers and geographic locations for property, plant, and equipment are based on the locations of the assets.

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,
	2016								2015								2014								2016		2015
	Interest Expense		Net (Loss) Income			Net (Loss) Income Attributable to Icahn Enterprises Holdings			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	$	230	$	(1,487	)	$	(604	)	$	563	$	(1,665	)	$	(760	)	$	299	$	(684	)	$	(305	)	$	11,496	$	16,140
Automotive	157		77			53			144		(352		)	(299		)	128		(90		)	(87		)	9,819		7,943
Energy	83		(604		)	(327		)	47		7			25			38		168			95			5,013		4,888
Railcar	85		183			150			82		213			137			60		188			122			3,332		3,681
Gaming	13		(95		)	(109		)	12		38			26			13		269			185			1,402		1,285
Metals	—		(20		)	(20		)	—		(51		)	(51		)	—		(25		)	(25		)	193		215
Mining	7		(24		)	(19		)	3		(195		)	(150		)	—		—			—			219		203
Food Packaging	12		8			6			12		(3		)	(3		)	14		9			6			428		416
Real Estate	2		12			12			2		61			61			3		22			22			687		701
Home Fashion	—		(12		)	(12		)	—		(4		)	(4		)	—		2			2			193		206
Holding Company	288		(257		)	(257		)	288		(175		)	(175		)	291		(387		)	(387		)	578		753
Consolidated	$	877	$	(2,219	)	$	(1,127	)	$	1,153	$	(2,126	)	$	(1,193	)	$	846	$	(528	)	$	(372	)	$	33,360	$	36,431

Amounts related to the amortization of deferred financing costs and debt discounts and premiums included in interest expense for the consolidated results of Icahn Enterprises Holdings were $22 million, $13 million and $21 million for the years ended December 31, 2016, 2015 and 2014, respectively.