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Net Income Per LP Unit
 12 Months Ended
Dec. 31, 2016
Net Income Per LP Unit [Abstract]  
Net Income Per LP Unit
Net Income Per LP Unit.
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 of Icahn Enterprises for the periods indicated:
 
Year Ended December 31,
  
2016
 
2015
 
2014
 
(in millions, except per unit data)
Net loss attributable to Icahn Enterprises
$
(1,128
)
 
$
(1,194
)
 
$
(373
)
Net loss attributable to Icahn Enterprises allocable to limited partners (98.01% allocation)
$
(1,106
)
 
$
(1,170
)
 
$
(366
)
 
 
 
 
 
 
Basic and diluted loss per LP unit
$
(8.07
)
 
$
(9.29
)
 
$
(3.08
)
Basic and diluted weighted average LP units outstanding
137

 
126

 
119


Unit Distributions
During 2016, we declared four quarterly distributions aggregating $6.00 per depositary unit. Depositary unitholders were given the option to make an election to receive the distributions in either cash or additional depositary units; if a holder did not make an election, it was automatically deemed to have elected to receive the distributions in cash.
Icahn Enterprises depositary units outstanding during 2016 increased as a result of the four quarterly distributions in which we distributed an aggregate 12,574,723 of Icahn Enterprises' depositary units to those depositary unitholders who elected to receive such distributions in additional depositary units. Additionally, as described in Note 4, "Related Party Transactions," on February 29, 2016, Icahn Enterprises entered into a contribution agreement with an affiliate of Mr. Icahn, to acquire the remaining 25% economic interest in ARL not already owned by us. Pursuant to this contribution agreement, we contributed 685,367 newly issued depositary units of Icahn Enterprises to IRL in exchange for the remaining 25% economic interest in ARL.
Mr. Icahn and his affiliates elected to receive a majority of their proportionate share of these distributions in depositary units. As of December 31, 2016, Mr. Icahn and his affiliates owned approximately 89.8% of Icahn Enterprises outstanding depositary units.