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Net Income Per LP Unit
 3 Months Ended
Mar. 31, 2015
Net Income Per LP Unit [Abstract]  
Net Income Per LP Unit
Net Income Per LP Unit.
The following table sets forth the allocation of net income attributable to Icahn Enterprises allocable to limited partners and the computation of basic and diluted income per LP unit of Icahn Enterprises for the periods indicated:
 
Three Months Ended March 31,
  
2015
 
2014
 
(in millions, except per unit data)
Net income (loss) attributable to Icahn Enterprises
$
161

 
$
(29
)
Net income (loss) attributable to Icahn Enterprises allocable to limited partners (98.01% allocation)
$
158

 
$
(28
)
 
 
 
 
Basic income (loss) per LP unit
$
1.28

 
$
(0.24
)
Basic weighted average LP units outstanding
123

 
117

 
 
 
 
Dilutive effect of unit distribution declared:
 
 
 
   Income
$
—

 
 
   Units
1

 
 
 
 
 
 
Diluted income (loss) per LP unit
$
1.27

 
$
(0.24
)
Diluted weighted average LP units outstanding
124

 
117

Unit Distribution
On February 20, 2015, Icahn Enterprises declared a quarterly distribution in the amount of $1.50 per depositary unit in which each depositary unit holder had the option to make an election to receive either cash or additional depositary units. As a result, on April 22, 2015, Icahn Enterprises distributed an aggregate 1,713,935 depositary units to unit holders electing to receive depositary units in connection with this distribution.
Mr. Icahn and his affiliates elected to receive a majority of their proportionate share of these distributions in depositary units. As of May 6, 2015, Mr. Icahn and his affiliates owned 88.5% of Icahn Enterprises outstanding depositary units.
Because the depositary unit holder has the election to receive the distribution either in cash or additional depositary units, we recorded a unit distribution liability of $188 million on our condensed consolidated balance sheets as the unit distribution had not been made as of March 31, 2015. 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.