Quarterly report pursuant to Section 13 or 15(d)

VARIABLE INTEREST ENTITIES

v3.22.2.2
VARIABLE INTEREST ENTITIES
9 Months Ended
Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
VARIABLE INTEREST ENTITIES
NOTE 16 - VARIABLE INTEREST ENTITIES
SunCoke Middletown
We purchase all the coke and electrical power generated from SunCoke Middletown’s plant under long-term supply agreements and have committed to purchase all the expected production from the facility through 2032. We consolidate SunCoke Middletown as a VIE because we are the primary beneficiary despite having no ownership interest in SunCoke Middletown. SunCoke Middletown had income before income taxes of $14 million and $36 million for the three and nine months ended September 30, 2022, respectively, compared to $11 million and $43 million for the three and nine months ended September 30, 2021, respectively, that was included in our consolidated income before income taxes.
The assets of the consolidated VIE can only be used to settle the obligations of the consolidated VIE and not obligations of the Company. The creditors of SunCoke Middletown do not have recourse to the assets or general credit of the Company to satisfy liabilities of the VIE. The Statements of Unaudited Condensed Consolidated Financial Position includes the following amounts for SunCoke Middletown:
(In Millions)
September 30,
2022
December 31,
2021
Cash and cash equivalents $   $ — 
Inventories 34  20 
Property, plant and equipment, net 292  300 
Accounts payable (24) (12)
Other assets (liabilities), net (22) (12)
Noncontrolling interests (280) (296)