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Variable Interest Entities | 9 Months Ended
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Sep. 30, 2019
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] |
Variable Interest Entities | VARIABLE INTEREST ENTITIES Consolidated VIE We control MPLX through our ownership of the general partner. MPLX is a VIE because the limited partners do not have substantive kick-out or substantive participating rights over the general partner. We are the primary beneficiary of MPLX because in addition to our significant economic interest, we also have the ability, through our ownership of the general partner, to control the decisions that most significantly impact MPLX. We therefore consolidate MPLX and record a noncontrolling interest for the interest owned by the public. We also record a redeemable noncontrolling interest related to MPLX’s Series A preferred units. The creditors of MPLX do not have recourse to MPC’s general credit through guarantees or other financial arrangements, except as noted. MPC has effectively guaranteed certain indebtedness of LOOP LLC (“LOOP”) and LOCAP LLC (“LOCAP”), in which MPLX holds an interest. See Note 23 for more information. The assets of MPLX can only be used to settle their own obligations and their creditors have no recourse to our assets, except as noted earlier. We have consolidated ANDX since October 1, 2018 in accordance with ASC 810. The ANDX balances at December 31, 2018 reflected in the table below are ANDX’s historical balances as the preliminary purchase accounting adjustments related to ANDX’s assets and liabilities in connection with the Andeavor acquisition had not yet been pushed down to ANDX. On July 30, 2019, MPLX acquired ANDX. The MPLX balances at September 30, 2019 reflect the inclusion of ANDX’s balances at the fair values determined in connection with MPC’s acquisition of Andeavor on October 1, 2018. See Notes 3 and 4 for additional information. The following table presents balance sheet information for the assets and liabilities of MPLX and ANDX, which are included in our balance sheets.
| September 30, 2019 |  | December 31, 2018
(In millions) | MPLX |  | MPLX |  | ANDX
Assets |  |  |  |  |
Cash and cash equivalents | $ | 41 |  |  | $ | 68 |  |  | $ | 10 |
Receivables, less allowance for doubtful accounts | 592 |  |  | 425 |  |  | 199 |
Inventories | 104 |  |  | 77 |  |  | 22 |
Other current assets | 71 |  |  | 45 |  |  | 57 |
Equity method investments | 5,182 |  |  | 4,174 |  |  | 602 |
Property, plant and equipment, net | 21,921 |  |  | 14,639 |  |  | 6,845 |
Goodwill | 10,735 |  |  | 2,586 |  |  | 1,051 |
Right of use assets | 366 |  |  | — |  |  | — |
Other noncurrent assets | 1,364 |  |  | 458 |  |  | 1,242 |
Liabilities |  |  |  |  |
Accounts payable | $ | 756 |  |  | $ | 776 |  |  | $ | 215 |
Payroll and benefits payable | 5 |  |  | 2 |  |  | 10 |
Accrued taxes | 96 |  |  | 48 |  |  | 23 |
Debt due within one year | 510 |  |  | 1 |  |  | 504 |
Operating lease liabilities | 61 |  |  | — |  |  | — |
Other current liabilities | 276 |  |  | 177 |  |  | 77 |
Long-term debt | 19,190 |  |  | 13,392 |  |  | 4,469 |
Deferred income taxes | 15 |  |  | 13 |  |  | 1 |
Long-term operating lease liabilities | 309 |  |  | — |  |  | — |
Deferred credits and other liabilities | 383 |  |  | 276 |  |  | 68 |

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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -URI http://asc.fasb.org/topic&trid=2197479 + Details
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