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Net Income Per LP Unit | 9 Months Ended
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Sep. 30, 2011
Net Income Per LP Unit [Abstract] |
Earnings Per Share [Text Block] | Net Income Per LP Unit. Basic income (loss) per LP unit is based on net income or loss attributable to Icahn Enterprises allocable to limited partners after deducting preferred pay-in-kind distributions to preferred unitholders. Net income or loss allocable to limited partners is divided by the weighted-average number of LP units outstanding. Diluted income (loss) per LP unit is based on basic income (loss) adjusted for interest charges applicable to the variable rate notes and earnings before the preferred pay-in-kind distributions as well as the weighted-average number of units and equivalent units outstanding. Prior to their redemption on March 31, 2010, the preferred units were considered to be equivalent units for the purpose of calculating income or loss per LP unit. On April 29, 2011, the board of directors declared a quarterly distribution of $0.50 per depositary unit, comprised of a combination of $0.10 payable in cash and $0.40 payable in depositary units. The distribution was paid on May 31, 2011 to depositary unitholders of record at the close of business on May 16, 2011. We calculated the depositary units to be distributed based on the 20-trading day volume weighted average price of our depositary units ending on May 3, 2011, resulting in .009985 of a unit being distributed per depositary unit. To the extent that the aggregate units distributed to any holder included a fraction of a unit, that fractional unit was settled in cash. As a result, we distributed 843,295 depositary units on May 31, 2011 in connection with this distribution. We have retroactively adjusted our prior period net income per LP unit to reflect the revised LP units outstanding in accordance with U.S. GAAP. The following table sets forth the allocation of net (loss) income attributable to Icahn Enterprises allocable to limited partners and the computation of basic and diluted (loss) income per LP unit for the periods indicated:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2011 |  | 2010 |  | 2011 |  | 2010
| (in millions, except per unit data)
Net (loss) income attributable to Icahn Enterprises | $ | (39 | ) |  | $ | 298 |  |  | $ | 490 |  |  | $ | 117 |
Basic (loss) income attributable to Icahn Enterprises allocable to limited partners (98.01% share of net income or loss attributable to Icahn Enterprises) | $ | (38 | ) |  | $ | 292 |  |  | $ | 480 |  |  | $ | 115 |
Basic (loss) income per LP unit | $ | (0.44 | ) |  | $ | 3.44 |  |  | $ | 5.58 |  |  | $ | 1.37 |
Basic weighted average LP units outstanding | 86 |  |  | 85 |  |  | 86 |  |  | 84 |
Diluted (loss) income per LP unit | $ | (0.44 | ) |  | $ | 3.31 |  |  | $ | 5.46 |  |  | $ | 1.37 |
Diluted weighted average LP units outstanding | 86 |  |  | 90 |  |  | 91 |  |  | 84 |
The effect of dilutive securities in computing diluted income (loss) per LP unit for the three and nine months ended September 30, 2011 and 2010 is presented below.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2011 |  | 2010 |  | 2011 |  | 2010
| (in millions)
Variable rate convertible notes: |  |  |  |  |  |  |
Income | $ | — |  |  | $ | 6 |  |  | $ | 17 |  |  | $ | — |
Units | — |  |  | 5 |  |  | 5 |  |  | — |
As their effect would have been anti-dilutive, the following equivalent units have been excluded from the diluted weighted average LP units outstanding for the periods indicated:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2011 |  | 2010 |  | 2011 |  | 2010
| (in millions)
Redemption of preferred LP units | — |  |  | — |  |  | — |  |  | 1 |
Variable rate convertible notes | 5 |  |  | — |  |  | — |  |  | 5 |

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1252-109256 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 55 -Paragraph 52 -URI http://asc.fasb.org/extlink&oid=6945512&loc=d3e4984-109258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 40 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1278-109256 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.21) -URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688 + Details
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