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Net Income Per LP Unit | 6 Months Ended
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Jun. 30, 2020
Earnings Per Unit [Abstract] |
Net Income Per LP Unit | 11. Net Income Per LP Unit. The components of the computation of basic and diluted income (loss) per LP unit of Icahn Enterprises are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30,
​ |  | 2020 |  | 2019 |  | 2020 |  | 2019
​ | ​ | (in millions, except per unit amounts)
Net income (loss) attributable to Icahn Enterprises from continuing operations | ​ | $ | 299 |  | $ | (474) | ​ | $ | (1,085) |  | $ | (868)
Net income (loss) attributable to Icahn Enterprises from continuing operations allocated to limited partners (98.01% allocation) | ​ | $ | 293 | ​ | $ | (465) | ​ | $ | (1,063) | ​ | $ | (851)
Net loss attributable to Icahn Enterprises from discontinued operations allocated to limited partners (98.01% allocation) | ​ | $ | — | ​ | $ | (23) | ​ | $ | — | ​ | $ | (23)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic and diluted income (loss) per LP unit: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Continuing operations | ​ | $ | 1.36 | ​ | $ | (2.37) | ​ | $ | (4.97) | ​ | $ | (4.39)
Discontinued operations | ​ |  | — | ​ |  | (0.12) | ​ |  | — | ​ |  | (0.12)
Basic and diluted income (loss) per LP unit | ​ | $ | 1.36 | ​ | $ | (2.49) | ​ | $ | (4.97) | ​ | $ | (4.51)
Basic and diluted weighted average LP units outstanding | ​ |  | 215 | ​ |  | 196 | ​ |  | 214 | ​ |  | 194
​ LP Unit Transactions Unit Distributions On February 26, 2020, Icahn Enterprises declared a quarterly distribution in the amount of $2.00 per depositary unit in which each depositary unitholder had the option to make an election to receive either cash or additional depositary units. On May 7, 2020, Icahn Enterprises declared a quarterly distribution in the amount of $2.00 per depositary unit in which each depositary unitholder had the option to make an election to receive either cash or additional depositary units. As a result of the above distributions declared, during the six months ended June 30, 2020, Icahn Enterprises distributed an aggregate 8,245,131 depositary units to unitholders electing to receive depositary units, of which an aggregate of 8,013,676 depository units were distributed to Mr. Icahn and his affiliates. In connection with these distributions, during the three and six months ended June 30, 2020, aggregate cash distributions to all depositary unitholders was $452 million, primarily due to Mr. Icahn and his affiliates’ significant ownership of Icahn Enterprises’ depositary units. 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, during the term of the program ending on March 31, 2021, for up to $400 million in aggregate sale proceeds. During the three and six months ended June 30, 2020, Icahn Enterprises sold 374,113 and 481,244 depositary units, respectively, pursuant to this agreement, resulting in gross proceeds of $19 million and $26 million, respectively. For the three months ended June 30, 2019, Icahn Enterprises sold 137,524 depository units resulting in gross proceeds of $10 million. As of June 30, 2020, Icahn Enterprises may sell its depositary units for up to an additional $320 million in aggregate sale proceeds pursuant to this agreement. No assurance can be made that any or all amounts will be sold during the term of the program. 2017 Incentive Plan During the three and six months ended June 30, 2019, Icahn Enterprises distributed 2,831 and 13,487 depositary units, 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”). There were no distributions during the three and six months ended June 30, 2020. 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.

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