Variable Interest Entities (Tables)

9 Months Ended

Jun. 30, 2023

Consolidated Variable Interest Entities Disclosure [Abstract]

The table below summarizes balances associated with NGHC as reflected on our consolidated balance sheets. For additional information on this joint venture, refer to the "NEOM Green Hydrogen Project" section that follows.


	30 June	30 September
	2023	2022
Assets
Cash and cash items	$87.8	$274.7

Trade receivables, net	—	1.3

Prepaid expenses	5.0	0.1
Other receivables and current assets	108.5	23.3
Total current assets	$201.3	$299.4



Plant and equipment, net	1,031.4	218.8


Operating lease right-of-use assets, net	226.8	—


Other noncurrent assets	161.7	1.5
Total noncurrent assets	$1,419.9	$220.3
Total assets	$1,621.2	$519.7

Liabilities
Payables and accrued liabilities	$474.7	$58.1
Accrued income taxes	0.1	—


Total current liabilities	$474.8	$58.1

Long-term debt – related party(A)	—	447.3
Noncurrent operating lease liabilities	17.9	—
Other noncurrent liabilities	2.6	1.4
Deferred income taxes	1.3	—
Total noncurrent liabilities	$21.8	$448.7
Total liabilities	$496.6	$506.8

Accumulated other comprehensive income	$4.0	$—
Noncontrolling interests(A)	605.1	30.0

(A)During the third quarter of fiscal year 2023, outstanding shareholder loans to NGHC were converted to equity in the entity. Accordingly, related party debt outstanding was reclassified to investments attributable to the noncontrolling partner of NGHC. This noncash activity is presented within “Investments by noncontrolling interests” on our consolidated statements of equity for the three and nine months ended 30 June 2023.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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