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Net Income (Loss) Per LP Unit | 3 Months Ended
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Mar. 31, 2022
Earnings Per Unit [Abstract] |
Net Income (Loss) Per LP Unit | 11. Net Income Per LP Unit The components of the computation of basic and diluted income per LP unit of Icahn Enterprises are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31,
​ |  | 2022 |  | 2021
​ | ​ | ​ | (in millions, except per unit amounts)
Net income attributable to Icahn Enterprises | ​ | $ | 323 |  | $ | 162
Net income attributable to Icahn Enterprises allocated to limited partners (98.01% allocation) | ​ | $ | 317 | ​ | $ | 159
​ | ​ | ​ | ​ | ​ | ​ | ​
Basic income per LP unit: | ​ | $ | 1.08 | ​ | $ | 0.66
Basic weighted average LP units outstanding | ​ | ​ | 294 | ​ | ​ | 242
​ | ​ | ​ | ​ | ​ | ​ | ​
Diluted income per LP unit: | ​ | $ | 1.06 | ​ | $ | 0.65
Diluted weighted average LP units outstanding | ​ |  | 299 | ​ |  | 245
​ | ​ | ​ | ​ | ​ | ​ | ​
​ LP Unit Transactions Unit Distributions On February 23, 2022, we 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. Because the depositary unitholders had the election to receive the distribution either in cash or additional depositary units, we recorded a unit distribution liability of $603 million as the unit distribution had not been made as of March 31, 2022. In addition, the unit distribution liability, which is included in accrued expenses and other liabilities in the condensed consolidated balance sheets, is considered a potentially dilutive security and is considered in the calculation of diluted income per LP unit as disclosed above. Any difference between the liability recorded and the amount representing the aggregate value of the number of depositary units distributed and cash paid would be charged to equity. In April 2022, we distributed an aggregate 10,115,441 depositary units to unitholders who did not elect to receive cash, of which an aggregate of 9,585,515 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 $48 million. At-The-Market Offerings During the three months ended March 31, 2022, Icahn Enterprises sold 3,436,553 depositary units pursuant to its Open Market Sale Agreement entered into on December 3, 2021, resulting in gross proceeds of $182 million. As of March 31, 2022, we continue to have an active Open Market Sale Agreement and Icahn Enterprises may sell its depositary units for up to an additional $145 million in aggregate gross sale proceeds pursuant to this agreement. 2017 Incentive Plan During the three months ended March 31, 2022, Icahn Enterprises distributed 13,083 depositary units, net of payroll withholdings, with respect to certain restricted depositary units 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.

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