Net Income (Loss) Per LP Unit

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	(in millions, except per unit amounts)
Net (loss) income attributable to Icahn Enterprises	$	(123)	$	(148)	$	72	$	(122)
Net (loss) income attributable to Icahn Enterprises allocated to limited partners (98.01% allocation)	$	(121)	$	(145)	$	71	$	(120)
Basic (loss) income per LP unit:	$	(0.37)	$	(0.55)	$	0.23	$	(0.47)
Basic weighted average LP units outstanding		324		266		308		253
Diluted (loss) income per LP unit:	$	(0.37)	$	(0.55)	$	0.23	$	(0.47)
Diluted weighted average LP units outstanding		324		266		308		253

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.

On May 6, 2022, we declared a quarterly dividend distribution in the amount of $2.00 per depository unit in which each depository unitholder had the option to make an election to receive either cash or additional depository units.

On August 3, 2022, we declared a quarterly dividend distribution in the amount of $2.00 per depository unit in which each depository unitholder had the option to make an election to receive either cash or additional depository units.

As a result of the above distributions declared, during the nine months ended September 30, 2022, we distributed an aggregate 33,364,320 depositary units to unitholders who did not elect to receive cash, of which an aggregate of 31,508,966 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 $158 million for the nine months ended September 30, 2022.

At-The-Market Offerings

During the three months ended September 30, 2022, we sold 3,130,267 depositary units pursuant to our Open Market Sale Agreement, resulting in gross proceeds of $163 million. During the nine months ended September 30, 2022, we sold 10,677,046 depository units pursuant to the Open Market Sale Agreement, resulting in gross proceeds of $557 million. As of September 30, 2022, we continue to have an active Open Market Sale Agreement and Icahn Enterprises may sell its depositary units for up to an additional $128 million in aggregate gross sale proceeds pursuant to this agreement.

2017 Incentive Plan

During the nine months ended September 30, 2022, Icahn Enterprises distributed 29,342 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.