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Net Income Per LP Unit
 9 Months Ended
Sep. 30, 2019
Earnings Per Unit [Abstract]  
Net Income Per LP Unit
Net Income Per LP Unit.
The components of the computation of basic and diluted income (loss) per LP unit from continuing and discontinued operations of Icahn Enterprises are as follows:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
  
2019
 
2018
 
2019
 
2018
 
(in millions, except per unit amounts)
Net (loss) income attributable to Icahn Enterprises from continuing operations
$
(49
)
 
$
(45
)
 
$
(917
)
 
$
201

Net (loss) income attributable to Icahn Enterprises from continuing operations allocated to limited partners (98.01% allocation)
$
(48
)
 
$
(44
)
 
$
(899
)
 
$
197

Net income (loss) attributable to Icahn Enterprises from discontinued operations allocated to limited partners (98.01% allocation)
$
—

 
$
160

 
$
(23
)
 
$
344

 
 
 
 
 
 
 
 
Basic and diluted (loss) income per LP unit:
 
 
 
 
 
 
 
Continuing operations
$
(0.24
)
 
$
(0.24
)
 
$
(4.56
)
 
$
1.11

Discontinued operations
—

 
0.88

 
(0.12
)
 
1.93

 
$
(0.24
)
 
$
0.64

 
$
(4.68
)
 
$
3.04

Basic and diluted weighted average LP units outstanding
202

 
183

 
197

 
178


LP Unit Distributions
During 2019, Icahn Enterprises declared three quarterly distributions in which each depositary unitholder had the option to make an election to receive either cash or additional depositary units. As a result of these distributions declared, during the three and nine months ended September 30, 2019, Icahn Enterprises distributed an aggregate 5,583,252 and 15,617,442, respectively, depositary units to unitholders electing to receive depositary units. In connection with these distributions, aggregate cash distributions to all depositary unitholders was $27 million and $81 million during the three and nine months ended September 30, 2019, respectively.
Mr. Icahn and his affiliates received an aggregate 15,406,011 depositary units during the nine months ended September 30, 2019 with respect to these three quarterly distributions.
2019 At-The-Market Offering
On May 2, 2019, Icahn Enterprises announced the commencement of its “at-the-market” offering pursuant to its Open Market Sale Agreement, pursuant to which Icahn Enterprises may sell its depositary units, from time to time, for up to $400 million in aggregate sale proceeds. During the three and nine months ended September 30, 2019, Icahn Enterprises sold
349,699 and 487,223, respectively, depositary units pursuant to the Open Market Sale Agreement, resulting in gross proceeds of $24 million and $34 million, respectively.
2017 Incentive Plan
During the three months ended September 30, 2019 and 2018, Icahn Enterprises distributed 4,817 and 1,329 depositary units, respectively, and 18,304 and 19,487 depositary units during the nine months ended September 30, 2019 and 2018, respectively, net of payroll withholdings, with respect to certain restricted depositary units and deferred unit awards that vested during the period in connection with the Icahn Enterprises L.P. 2017 Long Term Incentive Plan (the “2017 Incentive Plan”). The aggregate impact of the 2017 Incentive Plan is not material with respect to our condensed consolidated financial statements, including the calculation of potentially dilutive units and diluted income per LP unit.