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Net Income Per LP Unit | 6 Months Ended
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Jun. 30, 2021
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,
​ |  | 2021 |  | 2020 |  | 2021 |  | 2020
​ | ​ | (in millions, except per unit amounts)
Net (loss) income attributable to Icahn Enterprises | ​ | $ | (136) |  | $ | 299 | ​ | $ | 26 |  | $ | (1,085)
Net (loss) income attributable to Icahn Enterprises allocated to limited partners (98.01% allocation) | ​ | $ | (134) | ​ | $ | 293 | ​ | $ | 25 | ​ | $ | (1,063)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic and diluted (loss) income per LP unit | ​ | $ | (0.53) | ​ | $ | 1.36 | ​ | $ | 0.10 | ​ | $ | (4.97)
Basic and diluted weighted average LP units outstanding | ​ |  | 251 | ​ |  | 215 | ​ |  | 247 | ​ |  | 214
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ LP Unit Transactions Unit Distributions On February 24, 2021, 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 5, 2021, 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, 2021, Icahn Enterprises distributed an aggregate 16,573,498 depositary units to unitholders electing to receive depositary units, of which an aggregate of 15,896,308 depositary units were distributed to Mr. Icahn and his affiliates. In connection with these distributions, aggregate cash distributions to all depositary unitholders that made a timely election to receive cash was $56 million for the three and six months ended June 30, 2021. 2019 and 2021 At-The-Market Offerings 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 months ended June 30, 2020, Icahn Enterprises sold 374,113 depositary units pursuant to this agreement, resulting in gross proceeds of $19 million. During the six months ended June 30, 2020, Icahn Enterprises sold 481,244 depositary units pursuant to this agreement, resulting in gross proceeds of $26 million. This agreement was terminated on February 26, 2021. On February 26, 2021, 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 December 31, 2023, for up to $400 million in aggregate sale proceeds. During the three months ended June 30, 2021, Icahn Enterprises sold 3,509,574 depositary units pursuant to this agreement, resulting in gross proceeds of $200 million. During the six months ended June 30, 2021, Icahn Enterprises sold 6,618,919 depositary units pursuant to this agreement, resulting in gross proceeds of $384 million. As of June 30, 2021, Icahn Enterprises may sell its depositary units for up to an additional $16 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.

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