ÐÇ¿Õ´«Ã½

Quarterly report pursuant to Section 13 or 15(d)

VARIABLE INTEREST ENTITIES

v3.24.2
VARIABLE INTEREST ENTITIES
6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract] Ìý
VARIABLE INTEREST ENTITIES
NOTE 15 - VARIABLE INTEREST ENTITIES
SUNCOKE MIDDLETOWN
We purchase all the coke and electrical power generated from SunCoke Middletown’s plant under long-term supply agreements and have committed to purchase all the expected production from the facility through 2032. We consolidate SunCoke Middletown as a VIE because we are the primary beneficiary despite having no ownership interest in SunCoke Middletown. SunCoke Middletown had income before income taxes of $9Ìýmillion and $24Ìýmillion for the three and six months ended JuneÌý30, 2024, respectively, compared to $10Ìýmillion and $27Ìýmillion for the three and six months ended JuneÌý30, 2023, respectively, that was included in our consolidated income before income taxes. Additionally, SunCoke Middletown had cash used for capital expenditures of $8 million and $12 million for the three and six months ended JuneÌý30, 2024, respectively, compared to $7 million and $12 million for the three and six months ended JuneÌý30, 2023, respectively. Cash used for capital expenditures are included in our consolidated Purchase of property, plant and equipment on the Statements of Unaudited Condensed Consolidated Cash Flows.
The assets of the consolidated VIE can only be used to settle the obligations of the consolidated VIE and not obligations of the Company. The creditors of SunCoke Middletown do not have recourse to the assets or general credit of the Company to satisfy liabilities of the VIE. The Statements of Unaudited Condensed Consolidated Financial Position includes the following amounts for SunCoke Middletown:
(In millions) June 30,
2024
December 31,
2023
Inventories $ 33Ìý $ 29Ìý
Property, plant and equipment, net 291Ìý 288Ìý
Accounts payable (21) (26)
Other assets (liabilities), net (24) (39)
Noncontrolling interests (279) (252)