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Net Income Per LP Unit | 12 Months Ended
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Dec. 31, 2020
Earnings Per Unit [Abstract] |
Net Income Per LP Unit | 12. 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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2020 |  | 2019 |  | 2018
​ | ​ | (in millions, except per unit amounts)
Net loss attributable to Icahn Enterprises from continuing operations | ​ | $ | (1,653) |  | $ | (1,066) |  | $ | (238)
Net loss attributable to Icahn Enterprises from continuing operations allocated to limited partners (98.01% allocation) | ​ | $ | (1,620) | ​ | $ | (1,045) | ​ | $ | (233)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net (loss) income attributable to Icahn Enterprises from discontinued operations | ​ | $ | — | ​ | $ | (32) | ​ | $ | 1,720
Less: net loss attributable to Icahn Enterprises from discontinued operations allocated 100% to general partner | ​ |  | — | ​ |  | — | ​ |  | 598
Net (loss) income attributable to Icahn Enterprises from discontinued operations allocable to limited partners | ​ | $ | — | ​ | $ | (32) | ​ | $ | 2,318
Net loss (income) attributable to Icahn Enterprises from discontinued operations allocated to limited partners (98.01% allocation) | ​ | $ | — | ​ | $ | (31) | ​ | $ | 2,272
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic and diluted (loss) income per LP unit: | ​ |  |  | ​ |  |  | ​ |  |
Continuing operations | ​ | $ | (7.33) | ​ | $ | (5.23) | ​ | $ | (1.29)
Discontinued operations | ​ |  | — | ​ |  | (0.15) | ​ |  | 12.62
Basic and diluted (loss) income per LP unit | ​ | $ | (7.33) | ​ | $ | (5.38) | ​ | $ | 11.33
Basic and diluted weighted average LP units outstanding | ​ |  | 221 | ​ |  | 200 | ​ |  | 180
​ GP Allocation As disclosed in Note 2, “Basis of Presentation and Summary of Significant Accounting Policies - Acquisition, Investments and Disposition of Entities under Common Control,” upon the sale of common control entities, such as Federal-Mogul and ARI, a portion of the gain or loss on the sale is first allocated to the general partner in order to restore the general partners’ capital account for cumulative charges or credits relating to periods prior to our obtaining a controlling interest in such entities from Mr. Icahn and his affiliates. After such general partner allocation, the remaining gain is allocated among our general partner and limited partners, in accordance with their respective ownership percentages. LP Unit Transactions The following table summarizes the changes in Icahn Enterprises outstanding depositary units during each of the years ended December 31, 2020, 2019 and 2018. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Mr. Icahn and | ​ | Public | ​ | ​
​ |  | Affiliates |  | Unitholders |  | Total
December 31, 2017 | ​ | 157,898,582 |  | 15,665,725 | ​ | 173,564,307
Unit distributions |  | 17,543,006 |  | 235,944 |  | 17,778,950
2017 Incentive Plan |  | — |  | 22,840 |  | 22,840
December 31, 2018 |  | 175,441,588 |  | 15,924,509 |  | 191,366,097
Unit distributions |  | 21,608,064 |  | 290,789 |  | 21,898,853
2017 Incentive Plan |  | — |  | 19,259 |  | 19,259
2019 at-the-market offering |  | — |  | 794,349 |  | 794,349
December 31, 2019 |  | 197,049,652 |  | 17,028,906 |  | 214,078,558
Unit distributions |  | 24,902,568 |  | 449,610 |  | 25,352,178
2019 at-the-market offering |  | — |  | 1,908,099 |  | 1,908,099
Sale to Brett Icahn | ​ | (202,758) | ​ | 202,758 | ​ | —
December 31, 2020 |  | 221,749,462 |  | 19,589,373 |  | 241,338,835
​ Unit Distributions During each of the years ended December 31, 2020, 2019 and 2018, we declared four quarterly distributions. 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. In connection with these distributions, during 2020, aggregate cash distributions to all depositary unitholders was $516 million, of which $422 million relates to the distribution declared in the first quarter of 2020. Mr. Icahn and his affiliates have historically elected to receive their distributions in additional units; however, in the first quarter of 2020, they received their distribution in cash. For the distributions declared in the second, third and fourth quarters of 2020, Mr. Icahn and his affiliates elected to receive their distributions in additional units and cash distributions paid to other depositary unitholders was $30 million, $31 million and $33 million, respectively. Mr. Icahn and his affiliates may in the future elect to receive all or a portion of their distributions in cash or in additional 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, for up to $400 million in aggregate sale proceeds. During the years ended December 31, 2020 and 2019, we received gross proceeds of $101 million and $55 million, respectively, in connection with this offering. As of December 31, 2020, Icahn Enterprises may sell its depositary units for up to an additional $244 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 years ended December 31, 2020, 2019 and 2018, Icahn Enterprises distributed depositary units, net of payroll withholdings, with respect to certain restricted depositary units and deferred unit awards that vested during the respective periods 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 consolidated financial statements, including the calculation of potentially dilutive units and diluted income per LP unit.

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