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Net Income Per LP Unit

9 Months Ended

Sep. 30, 2023

Net Income Per LP Unit

Net Income Per LP Unit

13. 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 September 30,						Nine Months Ended September 30,
		2023			2022			2023			2022

		(in millions, except per unit amounts)
Net (loss) income attributable to Icahn Enterprises		$	(6)		$	(123)		$	(545)		$	72
Net (loss) income attributable to Icahn Enterprises allocated to limited partners (98.01% allocation)		$	(6)		$	(121)		$	(534)		$	71

Basic (loss) income per LP unit:		$	(0.01)		$	(0.37)		$	(1.47)		$	0.23
Basic weighted average LP units outstanding			394			324			364			308

Diluted (loss) income per LP unit:		$	(0.01)		$	(0.37)		$	(1.47)		$	0.23
Diluted weighted average LP units outstanding			394			324			364			308

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.

On May 9, 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.

On August 2, 2023, we declared a quarterly distribution in the amount of $1.00 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 nine months ended September 30, 2023, we distributed an aggregate 53,830,451 depositary units to unitholders who did not elect to receive cash, of which an aggregate of 50,821,480 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 $190 million for the nine months ended September 30, 2023.

At-The-Market Offerings

During the three months ended September 30, 2023, we did not sell depositary units pursuant to our Open Market Sale Agreement. During the nine months ended September 30, 2023, we sold 3,395,353 depositary units pursuant to the Open Market Sale Agreement, resulting in gross proceeds of $175 million. As of September 30, 2023, we continue to have an 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.

Repurchase Authorization

On May 9, 2023, the Board of Directors of the General Partner approved a repurchase program which authorizes Icahn Enterprises or affiliates of Icahn Enterprises to repurchase up to an aggregate of $500 million worth of any of our outstanding fixed-rate senior unsecured notes issued by Icahn Enterprises and Icahn Enterprises Finance Corp. and up to an aggregate of $500 million worth of the depositary units issued by Icahn Enterprises (the “Repurchase Program”). The repurchases of senior notes or depositary units may be done for cash from time to time in the open market, through tender offers or in privately negotiated transactions upon such terms and at such prices as management may determine. The authorization of the Repurchase Program is for an indefinite term and does not expire until later terminated by the Board of Directors of Icahn Enterprises GP. As of September 30, 2023, the Company has not repurchased any of the Company’s depositary units or senior notes under the Repurchase Program.

2017 Incentive Plan

On September 30, 2023, Icahn Enterprises distributed 4,973 depositary units, net of payroll withholdings, to Brett Icahn 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 units distributed pursuant to 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.