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Net Income Per LP Unit | 3 Months Ended
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Mar. 31, 2023
Net Income Per LP Unit [Abstract] |
Net Income Per LP Unit | 12. 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,
​ |  | 2023 |  | 2022
​ | ​ | ​ | ​ | ​ | ​ | ​
Net (loss) income attributable to Icahn Enterprises | ​ | $ | (270) |  | $ | 323
Net (loss) income attributable to Icahn Enterprises allocated to limited partners (98.01% allocation) | ​ | $ | (265) | ​ | $ | 317
​ | ​ | ​ | ​ | ​ | ​ | ​
Basic (loss) income per LP unit: | ​ | $ | (0.75) | ​ | $ | 1.08
Basic weighted average LP units outstanding | ​ | ​ | 354 | ​ | ​ | 294
​ | ​ | ​ | ​ | ​ | ​ | ​
Diluted (loss) income per LP unit: | ​ | $ | (0.75) | ​ | $ | 1.06
Diluted weighted average LP units outstanding (1) | ​ |  | 354 | ​ |  | 299
​ | ​ | ​ | ​ | ​ | ​ | ​
| (1) | Excludes the weighted average potential dividend distribution of 5,741,711 units as of March 31, 2023 because their effect was antidilutive.
​ LP Unit Transactions Unit Distributions On February 22, 2023, 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 depository unitholders had the election to receive the distribution either in cash or additional depository units, we recorded a unit distribution liability of $724 million as the unit distribution had not been made as of March 31, 2023. 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 depository units distributed and cash paid would be charged to equity. In April 2023, we distributed an aggregate 12,224,701 depositary units to unitholders who did not elect to receive cash, of which an aggregate of 11,480,036 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 $70 million. At-The-Market Offerings During the three months ended March 31, 2023, we sold 3,395,353 depositary units pursuant to our Open Market Sale Agreement, resulting in gross proceeds of $175 million. As of March 31, 2023, we continue to have an active Open Market Sale Agreement and Icahn Enterprises may sell its depositary units for up to an additional $149 million in aggregate gross sale proceeds pursuant to this agreement.

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