Quarterly report pursuant to Section 13 or 15(d)

VARIABLE INTEREST ENTITIES

v3.21.1
VARIABLE INTEREST ENTITIES
 3 Months Ended
Mar. 31, 2021
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 $17 million and $4 million for the three months ended March 31, 2021 and 2020, 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)
March 31,
2021		 December 31,
2020
Cash and cash equivalents $ 4  $ 5 
Inventories 22  21 
Property, plant and equipment, net 304  308 
Accounts payable (12) (15)
Other assets (liabilities), net 1  (10)
Noncontrolling interests (319) (309)