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Subsidiary Bankruptcy and Deconsolidation | 3 Months Ended
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Mar. 31, 2023
Subsidiary Bankruptcy and Deconsolidation [Abstract] |
Subsidiary Bankruptcy and Deconsolidation | 3. Subsidiary Bankruptcy and Deconsolidation ​ On January 31, 2023, a subsidiary of Icahn Automotive, IEH Auto Parts Holding LLC and its subsidiaries, (collectively, “Auto Plus”), an aftermarket parts distributor held within our Automotive segment, filed voluntary petitions (the “Chapter 11 Cases”) in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”) seeking relief under Chapter 11 of Title 11 of the United States Code. In the course of the Chapter 11 Cases, Auto Plus will seek to sell substantially all of its assets pursuant to Section 363 of the Bankruptcy Code, with the proceeds of such sale used to satisfy obligations to its creditors, and to settle or discharge all of its obligations, in each case subject to approval by the Bankruptcy Court. Auto Plus has agreed to a global settlement in the Chapter 11 Cases with its non-Auto Plus affiliates and the Official Committee of Unsecured Creditors appointed in the Chapter 11 Cases (the "Committee”) that provides for a guaranteed recovery to unsecured creditors, the payment of all administrative and priority claims in the Chapter 11 Cases, and the resolution of all disputes between Auto Plus, its non-Auto Plus affiliates, and the Committee. ​ As a result of the filing of the Chapter 11 Cases, the Company has determined that it no longer controls Auto Plus under the criteria set out in Statement of Financial Accounting Standards (“FASB”) ASC Topic 810, “Consolidation” and has deconsolidated its investment effective January 31, 2023. In order to deconsolidate Auto Plus, we removed the carrying values of the assets and liabilities of Auto Plus as of January 31, 2023, and we recorded our investment in Auto Plus at its estimated fair value of $0 resulting in a non-cash charge of $226 million recorded in the three months ended March 31, 2023, related to the deconsolidation of Auto Plus, net of a $188 million note receivable. Subsequent to deconsolidation, we no longer had the ability to exercise significant influence over Auto Plus and concluded the retained equity investment should be accounted for utilizing FASB ASC Topic 321 “Investments-Equity Securities” (“ASC 321”) measurement alternative, whereby the investment was measured at a fair value of $0 and will continue to be monitored for observable price changes that would indicate a remeasurement of its fair value. ​

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