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Net Income (Loss) Per LP Unit

12 Months Ended

Dec. 31, 2022

Earnings Per Unit [Abstract]

Net Income (Loss) Per LP Unit

12. Net Income (Loss) Per LP Unit

The components of the computation of basic and diluted income (loss) per LP unit from continuing and discontinued operations are as follows:


	Year Ended December 31,
	2022			2021			2020

	(in millions, except per unit amounts)
Net loss attributable to Icahn Enterprises from continuing operations	$	(183)		$	(518)		$	(1,653)
Less: net loss attributable to Icahn Enterprises from continuing operations allocated 100% to general partner		(4)			(98)			—
Net loss attributable to Icahn Enterprises from continuing operations allocable to limited partners	$	(187)		$	(616)		$	(1,653)
Net loss attributable to Icahn Enterprises from continuing operations allocated to limited partners (98.01% allocation)	$	(179)		$	(604)		$	1,620

Basic and diluted loss per LP unit	$	(0.57)		$	(2.32)		$	(7.33)
Basic and diluted weighted average LP units outstanding		316			260			221

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 PSC Metals, 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 our outstanding depositary units during each of the years ended December 31, 2022, 2021 and 2020.


		Mr. Icahn and		Public
		Affiliates		Unitholders		Total
December 31, 2019		197,049,652		17,028,906		214,078,558
Unit distributions		24,902,568		449,610		25,352,178
At-the-market offerings		—		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		35,297,798		1,577,600		36,875,398
2017 Incentive Plan		—		18,491		18,491
At-the-market offerings		—		15,170,519		15,170,519
December 31, 2021		257,047,260		36,355,983		293,403,243
Unit distributions		42,950,364		2,569,961		45,520,325
2017 Incentive Plan		—		29,342		29,342
At-the-market offerings		—		14,619,272		14,619,272
December 31, 2022		299,997,624		53,574,558		353,572,182

Unit Distributions

During each of the years ended December 31, 2022, 2021 and 2020, 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 a timely election, it was automatically deemed to have elected to receive the distributions in additional depositary units.

At-The-Market-Offerings

In May 2019, Icahn Enterprises entered into a new Open Market Sale Agreement, pursuant to which Icahn Enterprises was able to sell its depositary units, from time to time, for up to $400 million in aggregate sale proceeds, under its ongoing “at-the-market” offering. This agreement has been subsequently terminated and superseded by subsequent agreements with substantially the same terms. During the year ended December 31, 2022, Icahn Enterprises sold depositary units pursuant to these agreements, resulting in gross proceeds of $759 million. As of December 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 $325 million in aggregate gross sale proceeds pursuant to this agreement entered into on November 21, 2022.

2017 Incentive Plan

During the years ended December 31, 2022, 2021 and 2020, we 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.