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Net Income Per LP Unit
 3 Months Ended
Mar. 31, 2019
Earnings Per Unit [Abstract]  
Net Income Per LP Unit Net Income Per LP Unit.
The components of the computation of basic and diluted income (loss) per LP unit from continuing and discontinued operations of Icahn Enterprises are as follows:
 
Three Months Ended March 31,
  
2019
 
2018
 
(in millions, except per unit data)
Net (loss) income attributable to Icahn Enterprises from continuing operations
$
(394
)
 
$
98

Net (loss) income attributable to Icahn Enterprises from continuing operations allocated to limited partners (98.01% allocation)
$
(386
)
 
$
96

Net income attributable to Icahn Enterprises from discontinued operations allocated to limited partners (98.01% allocation)
$
—

 
$
33

 
 
 
 
Basic (loss) income per LP unit:
 
 
 
Continuing operations
$
(2.02
)
 
$
0.55

Discontinued operations
0.00

 
0.19

 
$
(2.02
)
 
$
0.74

Basic weighted average LP units outstanding
191

 
174

 
 
 
 
Diluted (loss) income per LP unit:
 
 
 
Continuing operations
$
(2.02
)
 
$
0.55

Discontinued operations
0.00

 
0.19

 
$
(2.02
)
 
$
0.74

Diluted weighted average LP units outstanding
191

 
175

As their effect would have been anti-dilutive, two million weighted average units have been excluded from the calculation of diluted income per LP unit for the three months ended March 31, 2019. One million weighted average units are dilutive for the three months ended March 31, 2018 relating to potentially dilutive units as discussed below, with no income effect.
LP Unit Distribution
On February 26, 2019, Icahn Enterprises 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 depositary unitholder has the election to receive the distribution either in cash or additional depositary units, we recorded a unit distribution liability of $391 million as the unit distribution had not been made as of March 31, 2019. 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. Mr. Icahn and his affiliates elected to receive their proportionate share of the quarterly distribution in depositary units.
On April 17, 2019, Icahn Enterprises distributed an aggregate 4,859,461 depositary units to unitholders electing to receive depositary units, of which an aggregate of 4,784,706 depositary units were distributed to Mr. Icahn and his affiliates. In connection with this distribution, aggregate cash distributions to all depositary unitholders was $26 million in April 2019.
2017 Incentive Plan
During the three months ended March 31, 2019 and 2018, Icahn Enterprises distributed 10,656 and 15,071 depositary units, respectively, net of payroll withholdings, with respect to certain restricted depositary units and deferred unit awards 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.