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Variable Interest Entities | 9 Months Ended
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Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
VARIABLE INTEREST ENTITIES | 6. 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, 2023, the significant consolidated VIEs included: •DGD, a joint venture with a subsidiary of Darling Ingredients Inc. that owns and operates two plants that process waste and renewable feedstocks (predominately animal fats, used cooking oils, and inedible distillers corn oils) into renewable diesel and renewable naphtha; and •Central Mexico Terminals, a collective group of three subsidiaries of Infraestructura Energetica Nova, S.A.P.I. de C.V. (IEnova), which is a Mexican company and indirect 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 assets of the consolidated VIEs can only be used to settle their own obligations and the creditors of the consolidated VIEs have no recourse to our other assets. We generally do not provide financial guarantees to the VIEs. Although we have provided credit facilities to some of 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 the performance of the consolidated VIEs, 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 the consolidated VIEs, which are included in our balance sheets (in millions):
| DGD |  | Central Mexico Terminals |  | Other |  | Total
September 30, 2023 |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 198 |  |  | $ | — |  |  | $ | 25 |  |  | $ | 223 |
Other current assets | 1,387 |  |  | 8 |  |  | 30 |  |  | 1,425 |
Property, plant, and equipment, net | 3,764 |  |  | 668 |  |  | 71 |  |  | 4,503 |
Liabilities |  |  |  |  |  |  |
Current liabilities, including current portion of debt and finance lease obligations | $ | 549 |  |  | $ | 799 |  |  | $ | 18 |  |  | $ | 1,366 |
Debt and finance lease obligations, less current portion | 676 |  |  | — |  |  | — |  |  | 676 |
| DGD |  | Central Mexico Terminals |  | Other |  | Total
December 31, 2022 |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 133 |  |  | $ | — |  |  | $ | 16 |  |  | $ | 149 |
Other current assets | 1,106 |  |  | 7 |  |  | 32 |  |  | 1,145 |
Property, plant, and equipment, net | 3,785 |  |  | 681 |  |  | 79 |  |  | 4,545 |
Liabilities |  |  |  |  |  |  |
Current liabilities, including current portion of debt and finance lease obligations | $ | 626 |  |  | $ | 737 |  |  | $ | 21 |  |  | $ | 1,384 |
Debt and finance lease obligations, less current portion | 693 |  |  | — |  |  | — |  |  | 693 |
Nonconsolidated VIEs We hold variable interests in VIEs that have not been consolidated because we are not considered the primary beneficiary. These nonconsolidated 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 -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//810/tableOfContent + Details
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