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Variable Interest Entities | 9 Months Ended
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Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
VARIABLE INTEREST ENTITIES | 8. VARIABLE INTEREST ENTITIES Consolidated VIEs We consolidate a VIE when we have a variable interest in an entity for which we are the primary beneficiary. As of September 30, 2019, our significant consolidated VIEs included:
• | DGD, a joint venture with a subsidiary of Darling Ingredients Inc., which owns and operates a plant that processes animal fats, used cooking oils, and other vegetable oils into renewable diesel; and
• | Central Mexico Terminals, which is a collective group of three subsidiaries of Infraestructura Energetica Nova, S.A.B. de C.V. (IEnova), a Mexican company and subsidiary of Sempra Energy, a U.S. public company. We have terminaling agreements with Central Mexico Terminals that represent variable interests. We do not have an ownership interest in Central Mexico Terminals.
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 some of our 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).
| September 30, 2019
| DGD |  | Central Mexico Terminals |  | Other |  | Total
Assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 74 |  |  | $ | — |  |  | $ | 23 |  |  | $ | 97 |
Other current assets | 110 |  |  | 26 |  |  | 94 |  |  | 230 |
Property, plant, and equipment, net | 646 |  |  | 284 |  |  | 107 |  |  | 1,037 |
Liabilities |  |  |  |  |  |  |
Current liabilities, including current portion of debt and finance lease obligations | $ | 40 |  |  | $ | 307 |  |  | $ | 19 |  |  | $ | 366 |
Debt and finance lease obligations, less current portion | 1 |  |  | — |  |  | 31 |  |  | 32 |
| December 31, 2018
| VLP (a) |  | DGD |  | Central Mexico Terminals |  | Other |  | Total
Assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 152 |  |  | $ | 65 |  |  | $ | — |  |  | $ | 18 |  |  | $ | 235 |
Other current assets | 2 |  |  | 112 |  |  | 20 |  |  | 64 |  |  | 198 |
Property, plant, and equipment, net | 1,409 |  |  | 576 |  |  | 156 |  |  | 113 |  |  | 2,254 |
Liabilities |  |  |  |  |  |  |  |  |
Current liabilities, including current portion of debt and finance lease obligations | $ | 27 |  |  | $ | 28 |  |  | $ | 118 |  |  | $ | 9 |  |  | $ | 182 |
Debt and finance lease obligations, less current portion | 990 |  |  | — |  |  | — |  |  | 34 |  |  | 1,024 |
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(a) | Prior to the completion of the Merger Transaction with VLP on January 10, 2019 as discussed in Note 2, VLP was a publicly traded master limited partnership that we had determined was a VIE. VLP was formed by us to own, operate, develop, and acquire crude oil and refined petroleum products pipelines, terminals, and other transportation and logistics assets. As of December 31, 2018, we owned a 66.2 percent limited partner interest and a 2.0 percent general partner interest in VLP, and public unitholders owned a 31.8 percent limited partner interest. Upon completion of the Merger Transaction, VLP became our indirect wholly owned subsidiary and, as a result, was no longer a VIE.
Non-Consolidated VIEs We hold variable interests in VIEs that have not been consolidated because we are not considered the primary beneficiary. These non-consolidated VIEs are not material to our financial position or results of operations and are accounted for as equity investments.

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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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