Segment Reporting.

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. 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.

Condensed Statements of Operations

Icahn Enterprises' condensed statements of operations by reporting segment are presented below. Icahn Enterprises Holdings' condensed statements of operations are substantially the same, with immaterial differences relating to our Holding Company's interest expense.



	Three Months Ended September 30, 2018
	Investment			Automotive			Energy			Railcar			Metals		Mining			Food Packaging			Real Estate			Home Fashion			Holding Company			Consolidated
	(in millions)
Revenues:
Net sales	$	—		$	600		$	1,935		$	40		$	120	$	26		$	98		$	7		$	38		$	—		$	2,864
Other revenues from operations	—			135			—			60			—		—			—			22			—			—			217
Net (loss) gain from investment activities	(549		)	—			—			—			—		—			—			—			—			35			(514		)
Interest and dividend income	27			—			—			—			—		1			1			5			—			2			36
(Loss) gain on disposition of assets, net	—			—			—			—			—		(2		)	—			67			—			—			65
Other (loss) income, net	—			(2		)	8			11			1		2			(2		)	—			—			(1		)	17
	(522		)	733			1,943			111			121		27			97			101			38			36			2,685
Expenses:
Cost of goods sold	—			373			1,742			42			115		18			77			6			33			—			2,406
Other expenses from operations	—			123			—			36			—		—			—			14			—			—			173
Selling, general and administrative	4			253			31			11			5		6			14			2			8			6			340
Restructuring, net	—			4			4			—			—		—			10			—			(1		)	—			17
Impairment	—			—			—			—			—		—			—			—			—			—			—
Interest expense	6			4			26			5			—		—			5			—			—			84			130
	10			757			1,803			94			120		24			106			22			40			90			3,066
(Loss) income from continuing operations before income tax benefit (expense)	(532		)	(24		)	140			17			1		3			(9		)	79			(2		)	(54		)	(381		)
Income tax benefit (expense)	—			11			(31		)	(4		)	—		—			(2		)	(6		)	—			103			71
Net (loss) income from continuing operations	(532		)	(13		)	109			13			1		3			(11		)	73			(2		)	49			(310		)
Less: net (loss) income from continuing operations attributable to non-controlling interests	(326		)	—			43			5			—		—			(2		)	—			—			(1		)	(281		)
Net (loss) income from continuing operations attributable to Icahn Enterprises	$	(206	)	$	(13	)	$	66		$	8		$	1	$	3		$	(9	)	$	73		$	(2	)	$	50		$	(29	)

Supplemental information:
Capital expenditures	$	—		$	16		$	26		$	57		$	8	$	9		$	8		$	2		$	1		$	—		$	127
Depreciation and amortization⁽¹⁾	$	—		$	23		$	67		$	15		$	4	$	2		$	6		$	5		$	2		$	—		$	124



	Three Months Ended September 30, 2017
	Investment			Automotive			Energy			Railcar			Metals			Mining			Food Packaging			Real Estate		Home Fashion			Holding Company			Consolidated
	(in millions)
Revenues:
Net sales	$	—		$	604		$	1,454		$	68		$	110		$	21		$	99		$	2	$	46		$	—		$	2,404
Other revenues from operations	—			96			—			66			—			—			—			19		—			—			181
Net gain from investment activities	386			—			—			—			—			—			—			—		—			34			420
Interest and dividend income	27			—			1			1			—			—			—			2		—			3			34
Gain (loss) on disposition of assets, net	—			1			(1		)	(10		)	—			—			—			456		—			—			446
Other (loss) income, net	(9		)	(1		)	(16		)	1			(1		)	(2		)	3			39		—			5			19
	404			700			1,438			126			109			19			102			518		46			42			3,504
Expenses:
Cost of goods sold	—			396			1,357			65			105			15			75			2		39			—			2,054
Other expenses from operations	—			107			—			25			—			—			—			12		—			—			144
Selling, general and administrative	3			229			35			9			5			4			13			6		11			8			323
Restructuring, net	—			—			—			—			—			—			1			—		—			—			1
Impairment	—			(1		)	—			1			—			—			—			—		—			—			—
Interest expense	42			2			28			5			—			2			3			—		—			82			164
	45			733			1,420			105			110			21			92			20		50			90			2,686
Income (loss) from continuing operations before income tax benefit (expense)	359			(33		)	18			21			(1		)	(2		)	10			498		(4		)	(48		)	818
Income tax benefit (expense)	—			17			(2		)	(6		)	2			—			(4		)	—		—			(25		)	(18		)
Net income (loss) from continuing operations	359			(16		)	16			15			1			(2		)	6			498		(4		)	(73		)	800
Less: net income (loss) from continuing operations attributable to non-controlling interests	221			—			(2		)	3			—			—			1			—		—			—			223
Net income (loss) from continuing operations attributable to Icahn Enterprises	$	138		$	(16	)	$	18		$	12		$	1		$	(2	)	$	5		$	498	$	(4	)	$	(73	)	$	577

Supplemental information:
Capital expenditures	$	—		$	22		$	23		$	30		$	2		$	10		$	6		$	7	$	2		$	—		$	102
Depreciation and amortization⁽¹⁾	$	—		$	26		$	70		$	15		$	5		$	2		$	5		$	5	$	2		$	—		$	130



	Nine Months Ended September 30, 2018
	Investment			Automotive			Energy			Railcar			Metals		Mining			Food Packaging			Real Estate			Home Fashion			Holding Company			Consolidated
	(in millions)
Revenues:
Net sales	$	—		$	1,760		$	5,386		$	194		$	370	$	72		$	299		$	14		$	125		$	—		$	8,220
Other revenues from operations	—			398			—			169			—		—			—			65			—			—			632
Net gain from investment activities	233			—			—			—			—		—			—			—			—			95			328
Interest and dividend income	73			—			1			1			—		1			1			15			—			7			99
(Loss) gain on disposition of assets, net	—			—			(5		)	5			—		(2		)	—			67			—			—			65
Other (loss) income, net	(1		)	(2		)	81			13			1		7			(15		)	—			1			(2		)	83
	305			2,156			5,463			382			371		78			285			161			126			100			9,427
Expenses:
Cost of goods sold	—			1,119			4,948			184			349		54			234			11			108			—			7,007
Other expenses from operations	—			352			—			97			—		—			—			41			—			—			490
Selling, general and administrative	6			769			102			31			14		18			44			15			26			17			1,042
Restructuring, net	—			4			4			—			—		—			10			—			2			—			20
Impairment	—			3			—			4			—		—			—			—			—			—			7
Interest expense	33			12			80			16			—		2			12			1			—			251			407
	39			2,259			5,134			332			363		74			300			68			136			268			8,973
Income (loss) from continuing operations before income tax benefit (expense)	266			(103		)	329			50			8		4			(15		)	93			(10		)	(168		)	454
Income tax benefit (expense)	—			38			(60		)	(14		)	—		(2		)	—			(6		)	—			101			57
Net income (loss) from continuing operations	266			(65		)	269			36			8		2			(15		)	87			(10		)	(67		)	511
Less: net income (loss) from continuing operations attributable to non-controlling interests	154			—			106			13			—		(1		)	(3		)	—			—			(1		)	268
Net income (loss) from continuing operations attributable to Icahn Enterprises	$	112		$	(65	)	$	163		$	23		$	8	$	3		$	(12	)	$	87		$	(10	)	$	(66	)	$	243

Supplemental information:
Capital expenditures	$	—		$	53		$	68		$	81		$	10	$	32		$	19		$	9		$	4		$	—		$	276
Depreciation and amortization⁽¹⁾	$	—		$	72		$	207		$	46		$	13	$	6		$	19		$	15		$	6		$	—		$	384



	Nine Months Ended September 30, 2017
	Investment			Automotive			Energy			Railcar			Metals			Mining			Food Packaging			Real Estate		Home Fashion			Holding Company			Consolidated
	(in millions)
Revenues:
Net sales	$	—		$	1,702		$	4,395		$	184		$	315		$	76		$	288		$	9	$	138		$	—		$	7,107
Other revenues from operations	—			329			—			320			—			—			—			56		—			—			705
Net gain from investment activities	552			—			—			2			—			—			—			—		—			50			604
Interest and dividend income	80			—			1			2			—			1			—			2		—			8			94
Gain (loss) on disposition of assets, net	—			4			(2		)	1,511			—			—			—			456		—			—			1,969
Other (loss) income, net	(50		)	—			(3		)	2			(1		)	(3		)	—			39		—			5			(11		)
	582			2,035			4,391			2,021			314			74			288			562		138			63			10,468
Expenses:
Cost of goods sold	—			1,125			4,191			170			299			45			218			7		119			—			6,174
Other expenses from operations	—			326			—			107			—			—			—			36		—			—			469
Selling, general and administrative	8			657			105			38			14			12			44			16		30			21			945
Restructuring, net	—			—			—			—			—			—			3			—		—			—			3
Impairment	—			6			—			68			—			—			—			2		—			—			76
Interest expense	134			10			82			39			—			5			10			1		—			244			525
	142			2,124			4,378			422			313			62			275			62		149			265			8,192
Income (loss) from continuing operations before income tax benefit (expense)	440			(89		)	13			1,599			1			12			13			500		(11		)	(202		)	2,276
Income tax benefit (expense)	—			53			2			(525		)	3			(2		)	(5		)	—		—			461			(13		)
Net income (loss) from continuing operations	440			(36		)	15			1,074			4			10			8			500		(11		)	259			2,263
Less: net income (loss) from continuing operations attributable to non-controlling interests	228			—			(7		)	11			—			2			2			—		—			—			236
Net income (loss) from continuing operations attributable to Icahn Enterprises	$	212		$	(36	)	$	22		$	1,063		$	4		$	8		$	6		$	500	$	(11	)	$	259		$	2,027

Supplemental information:
Capital expenditures	$	—		$	57		$	80		$	139		$	4		$	27		$	15		$	7	$	4		$	—		$	333
Depreciation and amortization⁽¹⁾	$	—		$	81		$	208		$	51		$	15		$	4		$	18		$	15	$	6		$	—		$	398


⁽¹⁾	Excludes amounts related to the amortization of deferred financing costs and debt discounts and premiums included in interest expense in the amounts of $3 million and $2 million for the three months ended September 30, 2018 and 2017, respectively, and $5 million and $8 million for the nine months ended September 30, 2018 and 2017, respectively.

Disaggregation of Revenue

In addition to the condensed statements of operations by reporting segment above, we provide additional disaggregated revenue information for certain reportable segments below. Refer to Note 2, "Basis of Presentation and Summary of Significant Accounting Policies," for certain revenue recognition policies with respect to the following reporting segments.

Automotive

Disaggregated revenue for our Automotive segment net sales and other revenues from operations is presented below:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2018		2017		2018		2017
	(in millions)
Automotive services	$	341	$	311	$	992	$	873
Commercial sales	258		246		758		740
Retail sales	136		143		408		418
	$	735	$	700	$	2,158	$	2,031

As discussed in Note 1, "Description of Business," we adopted FASB ASC Topic 606 effective January 1, 2018 which affected the revenue recognized on the of sale of goods on a drop ship basis. Beginning in 2018, revenue from drop ship sales is recorded on a net basis and for prior periods was recorded on a gross basis. Prior periods were not adjusted for the adoption of FASB ASC Topic 606 in our condensed consolidated financial statements. Therefore, for the three months ended September 30, 2017, our Automotive segment's commercial sales and costs of goods sold would each have been lower by $14 million under current accounting principles. For the nine months ended September 30, 2017, commercial sales and cost of goods sold would each have been lower by $50 million.

Energy

Disaggregated revenue for our Energy segment net sales is presented below:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2018		2017		2018		2017
	(in millions)
Petroleum products	$	1,855	$	1,384	$	5,133	$	4,142
Nitrogen fertilizer products	80		70		253		253
	$	1,935	$	1,454	$	5,386	$	4,395

Condensed Balance Sheets

Icahn Enterprises' condensed balance sheets by reporting segment are presented below. Icahn Enterprises Holdings' condensed balance sheets are substantially the same, with immaterial differences relating to our Holding Company's other assets, debt and equity attributable to Icahn Enterprises Holdings.



	September 30, 2018
	Investment		Automotive		Energy		Railcar		Metals		Mining		Food Packaging		Real Estate		Home Fashion		Holding Company			Discontinued Operations		Consolidated
	(in millions)
ASSETS
Cash and cash equivalents	$	5	$	46	$	702	$	74	$	20	$	19	$	49	$	40	$	1	$	97		$	—	$	1,053
Cash held at consolidated affiliated partnerships and restricted cash	637		—		—		19		1		—		1		141		2		—			—		801
Investments	8,711		24		83		20		—		—		—		15		—		479			—		9,332
Accounts receivable, net	—		259		214		40		62		8		78		8		31		—			—		700
Inventories, net	—		1,234		427		80		30		26		98		—		66		—			—		1,961
Property, plant and equipment, net	—		947		3,049		1,231		108		215		167		392		70		—			—		6,179
Goodwill and intangible assets, net	—		497		283		7		3		—		34		25		—		—			—		849
Assets held for sale	—		—		33		—		1		—		—				—		—			8,857		8,891
Other assets	395		157		61		27		8		22		88		405		5		41			—		1,209
Total assets	$	9,748	$	3,164	$	4,852	$	1,498	$	233	$	290	$	515	$	1,026	$	175	$	617		$	8,857	$	30,975
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	1,078	$	914	$	1,147	$	295	$	53	$	48	$	168	$	61	$	37	$	65		$	—	$	3,866
Securities sold, not yet purchased, at fair value	625		—		—		—		—		—		—		—		—		—			—		625
Due to brokers	243		—		—		—		—		—		—		—		—		—			—		243
Liabilities held for sale	—		—		—		—		—		—		—		—		—		—			5,998		5,998
Debt	—		359		1,168		527		1		53		271		19		4		5,505			—		7,907
Total liabilities	1,946		1,273		2,315		822		54		101		439		80		41		5,570			5,998		18,639

Equity attributable to Icahn Enterprises	3,003		1,891		1,231		421		179		166		56		941		134		(4,960		)	2,550		5,612
Equity attributable to non-controlling interests	4,799		—		1,306		255		—		23		20		5		—		7			309		6,724
Total equity	7,802		1,891		2,537		676		179		189		76		946		134		(4,953		)	2,859		12,336
Total liabilities and equity	$	9,748	$	3,164	$	4,852	$	1,498	$	233	$	290	$	515	$	1,026	$	175	$	617		$	8,857	$	30,975



	December 31, 2017
	Investment		Automotive		Energy		Railcar		Metals		Mining		Food Packaging		Real Estate		Home Fashion		Holding Company			Discontinued Operations		Consolidated
	(in millions)
ASSETS
Cash and cash equivalents	$	17	$	52	$	482	$	100	$	24	$	15	$	16	$	32	$	—	$	526		$	—	$	1,264
Cash held at consolidated affiliated partnerships and restricted cash	734		—		—		19		5		—		2		2		4		—			—		766
Investments	9,532		—		83		23		—		—		—		16		—		384			—		10,038
Accounts receivable, net	—		224		178		44		40		10		78		3		35		—			—		612
Inventories, net	—		1,145		385		54		33		30		92		—		66		—			—		1,805
Property, plant and equipment, net	—		958		3,213		1,199		110		188		170		454		72		—			—		6,364
Goodwill and intangible assets, net	—		505		298		7		3		—		36		29		—		—			—		878
Assets held for sale	—		—		—		14		2		—		—		—		—		—			8,774		8,790
Other assets	516		127		61		27		9		22		93		395		6		28			—		1,284
Total assets	$	10,799	$	3,011	$	4,700	$	1,487	$	226	$	265	$	487	$	931	$	183	$	938		$	8,774	$	31,801
LIABILITIES AND EQUITY
Accounts payable, accrued expenses and other liabilities	$	1,302	$	944	$	1,125	$	262	$	43	$	45	$	172	$	63	$	34	$	243		$	—	$	4,233
Securities sold, not yet purchased, at fair value	1,023		—		—		—		—		—		—		—		—		—			—		1,023
Due to brokers	1,057		—		—		—		—		—		—		—		—		—			—		1,057
Liabilities held for sale	—		—		—		—		—		—		—		—		—		—			6,202		6,202
Debt	—		340		1,166		546		1		58		273		22		5		5,507			—		7,918
Total liabilities	3,382		1,284		2,291		808		44		103		445		85		39		5,750			6,202		20,433

Equity attributable to Icahn Enterprises	3,052		1,727		1,098		428		182		138		28		846		144		(4,821		)	2,284		5,106
Equity attributable to non-controlling interests	4,365		—		1,311		251		—		24		14		—		—		9			288		6,262
Total equity	7,417		1,727		2,409		679		182		162		42		846		144		(4,812		)	2,572		11,368
Total liabilities and equity	$	10,799	$	3,011	$	4,700	$	1,487	$	226	$	265	$	487	$	931	$	183	$	938		$	8,774	$	31,801