Net Income (Loss) Per LP Unit

6 Months Ended

Jun. 30, 2024

Net Income (Loss) Per LP Unit

Net Income (Loss) Per LP Unit

13.  Net Income (Loss) 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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(in millions, except per unit amounts)
Net loss attributable to Icahn Enterprises	$	(331)	$	(269)	$	(369)	$	(539)
Net loss income attributable to Icahn Enterprises allocated to limited partners (98.01% allocation)	$	(325)	$	(264)	$	(362)	$	(528)
Basic and diluted loss per LP unit:	$	(0.72)	$	(0.72)	$	(0.82)	$	(1.46)
Basic and diluted weighted average LP units outstanding (1)		450		367		440		361

(1) Excludes an immaterial amount of unvested RSU awards during the three and six months ended June 30, 2024 and 2023.

LP Unit Transactions

Unit Distributions

On February 26, 2024, 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, payable April 18, 2024. In April 2024, we distributed 19,186,659 depositary units to unitholders who did not elect to receive cash, of which 18,016,077 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 $97 million, of which $55 million was distributed to Mr. Icahn and his affiliates in April 2024.

On May 6, 2024, we declared a quarterly dividend 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, payable on June 25, 2024. In June 2024, we distributed 21,669,076 depositary units to unitholders who did not elect to receive cash, of which 20,418,007 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 $106 million, of which $60 million was distributed to Mr. Icahn and his affiliates in June 2024.

At-The-Market Offerings

During the three months ended June 30, 2024, we sold 2,798,377 depositary units pursuant to the Open Market Sale Agreement, resulting in gross proceeds of $49 million. During the six months ended June 30, 2024, we sold 5,573,986 depositary units pursuant to the Open Market Sale Agreement, resulting in gross proceeds of $99 million. As of June 30, 2024, we continue to have an Open Market Sale Agreement and Icahn Enterprises may sell its depositary units for up to an additional $51 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 June 30, 2024, the Company has not repurchased any of the Company’s depositary units and the Company has repurchased $92 million worth of senior notes in aggregate under the Repurchase Program.