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Variable Interest Entities | 6 Months Ended
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Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
VARIABLE INTEREST ENTITIES |
7. | VARIABLE INTEREST ENTITIES
Overview In the normal course of business, we have financial interests in certain entities that have been determined to be VIEs. We consolidate a VIE when we have a variable interest in an entity for which we are the primary beneficiary such that we have (a) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (b) the obligation to absorb losses of or the right to receive benefits from the VIE that could potentially be significant to the VIE. In order to make this determination, we evaluated our contractual arrangements with the VIEs, including arrangements for the use of assets, purchases of products and services, debt, equity, or management of operating activities. Our significant VIE’s include:
• | VLP, a publicly traded master limited partnership formed to own, operate, develop, and acquire crude oil and refined petroleum products pipelines, terminals, and other transportation and logistics assets; and
• | Diamond Green Diesel Holdings LLC (DGD), a joint venture formed to construct and operate a biodiesel plant that processes animal fats, used cooking oils, and other vegetable oils into renewable green diesel.
The VIEs’ assets can only be used to settle their own obligations and the VIEs’ creditors have no recourse to our assets. We do not provide financial guarantees to our VIEs. Although we have provided credit facilities to the VIEs in support of their construction or acquisition activities, these transactions are eliminated in consolidation. Our financial position, results of operations, and cash flows are impacted by our consolidated VIEs’ performance, net of intercompany eliminations, to the extent of our ownership interest in each VIE. The following tables present summarized balance sheet information for the significant assets and liabilities of our VIEs, which are included in our balance sheets (in millions).
| June 30, 2017
| VLP |  | DGD |  | Other |  | Total
Assets |  |  |  |  |  |  |
Cash and temporary cash investments | $ | 88 |  |  | $ | 155 |  |  | $ | 12 |  |  | $ | 255 |
Other current assets | 1 |  |  | 55 |  |  | — |  |  | 56 |
Property, plant, and equipment, net | 945 |  |  | 371 |  |  | 130 |  |  | 1,446 |
Liabilities |  |  |  |  |  |  |
Current liabilities | $ | 14 |  |  | $ | 17 |  |  | $ | 6 |  |  | $ | 37 |
Debt and capital lease obligations, less current portion | 525 |  |  | — |  |  | 45 |  |  | 570 |
| December 31, 2016
| VLP |  | DGD |  | Other |  | Total
Assets |  |  |  |  |  |  |
Cash and temporary cash investments | $ | 71 |  |  | $ | 167 |  |  | $ | 15 |  |  | $ | 253 |
Other current assets | 3 |  |  | 87 |  |  | — |  |  | 90 |
Property, plant, and equipment, net | 865 |  |  | 355 |  |  | 133 |  |  | 1,353 |
Liabilities |  |  |  |  |  |  |
Current liabilities | $ | 15 |  |  | $ | 17 |  |  | $ | 7 |  |  | $ | 39 |
Debt and capital lease obligations, less current portion | 525 |  |  | — |  |  | 46 |  |  | 571 |

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -URI http://asc.fasb.org/topic&trid=2197479 + Details
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