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Variable Interest Entities | 9 Months Ended
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Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Variable Interest Entities | Variable Interest Entities Consolidated VIE We control MPLX through our ownership of its general partner. MPLX is a VIE because the limited partners do not have substantive kick-out or 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 its own obligations and its creditors have no recourse to our assets, except as noted earlier. The following table presents balance sheet information for the assets and liabilities of MPLX, which are included in our consolidated balance sheets.
(Millions of dollars) | September 30, 2024 |  | December 31, 2023
Assets |  |  |
Cash and cash equivalents | $ | 2,426 |  |  | $ | 1,048 |
Receivables, less allowance for doubtful accounts | 757 |  |  | 836 |
Inventories | 171 |  |  | 159 |
Other current assets | 37 |  |  | 33 |
Equity method investments | 4,558 |  |  | 3,743 |
Property, plant and equipment, net | 19,153 |  |  | 19,264 |
Goodwill | 7,645 |  |  | 7,645 |
Right of use assets | 271 |  |  | 264 |
Other noncurrent assets | 1,536 |  |  | 1,644 |
Liabilities |  |  |
Accounts payable | $ | 648 |  |  | $ | 723 |
Accrued taxes | 105 |  |  | 79 |
Debt due within one year | 2,836 |  |  | 1,135 |
Operating lease liabilities | 49 |  |  | 45 |
Other current liabilities | 343 |  |  | 336 |
Long-term debt | 19,250 |  |  | 19,296 |
Deferred income taxes | 16 |  |  | 16 |
Long-term operating lease liabilities | 217 |  |  | 211 |
Deferred credits and other liabilities | 467 |  |  | 476 |

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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 -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/810/tableOfContent + Details
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